Mr.Snake Chanell — Indicator by Mr.Snake

Mr.Snake Chanell

Comment:

Channel. Automatically shows the highs and lows, both local and global.
Knowing the previous high and at least you can predict the future price, the script indicates that for you.
You can change the weight and length and cross of your choice in the settings

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?

study("Mr.Snake Chanell", overlay=true)
Mr_Snake_Chanell = input("D")
Range = input(1)

SELL = security(tickerid, Mr_Snake_Chanell, highest(Range))
BUY = security(tickerid, Mr_Snake_Chanell, lowest(Range))

HI = plot(SELL, color=SELL!=SELL[1]?na:black,linewidth=1 )
LO = plot(BUY, color=BUY!=BUY[1]?na:black,linewidth=1 )
fill(HI, LO, color=white, transp=80)
Hcon = high >= SELL
Lcon = low <= BUY

plotshape(Hcon, style=shape.xcross, color=black, location=location.abovebar)
plotshape(Lcon, style=shape.xcross, color=black, location=location.belowbar)
range = SELL-BUY

Mr_Snake_Chanelli = input('W')
M_HIGH = security(tickerid, Mr_Snake_Chanelli, high)
M_LOW = security(tickerid, Mr_Snake_Chanelli, low)
plot(M_HIGH, color=M_HIGH != M_HIGH[1] ?na:blue, style=line, linewidth=2)
plot(M_LOW, color=M_LOW != M_LOW[1] ?na:blue, style=line, linewidth=2)
length = input(2)
hls = rma(hl2, length)
isRising = hls >= hls[1]