OPEN-SOURCE SCRIPT
Updated Bjorgum SuperScript
Bjorgum Reversal
- Bj Reversal uses Tilson moving averages to identify trend changes
Bars change to yellow as bar close crosses the Tilson moving averages. Blue or red is confirmed as the two Tilson averages themselves cross.
Reversal is great for pinpointing trend change often giving the absolute best entry or exit
Its sensitive nature can mean more false signals on some assets
Be sure to use other indicators from the Bjorgum Collection to confirm signals, or use another strategy that fits the asset or time frame being viewed
Bjorgum HEMA Strategy
- Hema uses HA smoothed EMAs to identify trend direction
Default EMA lengths are 5,9, and 21 period
Bar Color will change Malibu or Ruby on a cross of BOTH 5 and 9 EMA
The lengths are customizable to whatever lengths the user desires
Rolando Santos True Relative Movement (TRM)
*This underrated momentum strategy conceptualized by Rolando Santos uses 2 indicators to give a 3 color scheme
A leading indicator (RSI) is combined with a lagging indicator (TSI) to produce bar colors based on the condition of each indicator
Both indicators in positive territory produce blue bars
Both indicators in negative bias produce yellow bars
If signals are mixed (one up one down) bars become grey
Speed Selection
*The Bjorgum speed selector optimizes the strategy based on the users desires or trading style at the touch of a button
Fast setting is better for swing trades - more timely signals, more whipsaw
Slow setting is better for longer holds or more volatile assets - slower signals, smooths out whipsaw
RSI Bar Color
- RSI color changes bar color based on user defined RSI values
Buy/ sell signals are typically given on a cross of the 50 level
Speed selector (fast/Slow) automatically changes lengths between Bj RSI (5 period) and a standard RSI (14 period)
Additional capabilities can be mixed and matched from strategies in the "Strategy Override" section
Add-ons include:
*Tilson - The moving average system from Bjorgum Reversal can be toggled to couple with another bar color strategy by clicking this button
PSAR - Parabolic Stop and Reverse indicator can help with trend direction, volatility, and stop losses
HEMA - The 3 moving average system from the HEMA strategy can be coupled with any of the other strategies by clicking "Show HEMA"
Bj Arrows - These arrows plot at the bar level to draw attention to when the BJ TSI is "curling" (See profile for Bjorgum TSI and download today)
-Optional "Plotbar Overlay" plots bars with Heikin-Ashi Inputs when toggled
-This allows for the benefits of price smoothing without sacrificing moving average and indicator performance as real close value is still used
-This can also help on short time frames and improve results with crypto! The user must "mute" the main series candles when in use to avoid candle overlap.
-Optional price line as muting main bars will disable the TradingView default price line. The horizontal plot will track the real closing price while in HA mode!
Release Notes
** ALL NEW **Alert functions have been REVAMPED for your pleasure and ease
Classic alert conditions are now directional!
example : Trm buy signals only on the cross up of the indicators, or RSI cross down occurs only on the cross down of the 50 level
Alert() function call enabled on all alerts. User must select the check boxes in the bottom of the settings menu for the alerts desired to be set, and one alert will trigger them all!
When setting alerts for this use the "any alert() function call" in the alert menu
Any settings at time the alert is set will be saved to the TradingVIew server in one shot. There is an alert frequency drop down menu here as well.
Release Notes
Simple update to incorporate BJ HA overlay to allow for different HA overlay choices.Now instead of just HA bars, you can also choose from HA candles or even hollow candles!
Release Notes
Just a quick update to correct an oversight for HA candle overlay. If "candle" was selected it would plot a HA bar without the overlay boolean selected. Oops! Release Notes
ALL NEW UPDATE - Improved and updated code to version 5
- Added Bjorgum Buy Rating table to breakdown a number of signals at once to give a technical rating
- New menu features
Release Notes
Small bug fix in table display Release Notes
Was missing SAR from Buy Rating table Release Notes
Added overbought and oversold indication for RSI on ratings table Removed barstate call from table function and added var declaration
Release Notes
Update to color menu eliminating transparency input boxes Release Notes
ALL NEW UPDATES- HEMA strategy can now be altered to a variety of other MA's. Each is individually selectable from the menu.
- An input source for the MAs or for the Reversal strategy can now be altered from the menu.
- The alpha value used in the Tilson moving averages can be selected from the menu to alter its responsiveness.
- Bj buy rating table now displays the MA type chosen.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.