VDUB_RejectionSpike_v1 — Indicator by vdubus

rejection spike parallelchannel support supportandresistance vdub vdubus

this indicator is for use with the Rejection Spike Strategy I recently publish
Have't had chance to test it yet so feel free to try.
Details of the strategy are listed in the link below

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(title="VDUB_RejectionSpike_v1", shorttitle="VDUB_RejectionSpike_v1", overlay=true)
//==============================inside channel===============================================//
len = input(20, minval=1, title="Length")
src = input(close, title="Source")
out = ema(src, len)
plot(out, title="EMA", color=red)
last8h = highest(close,13)
lastl8 = lowest(close, 13)

plot(last8h, color=black,style=line, linewidth=3)
plot(lastl8, color=black,style=line, linewidth=3)

bearish = cross(close,out) == 1 and close[1] > close 
bullish = cross(close,out) == 1 and close[1] < close 

plotshape(bearish, color=red, style=shape.triangledown, text="", location=location.abovebar)
plotshape(bullish, color=green, style=shape.triangleup, text="", location=location.belowbar)
//-------------LB Range---------------------------
channel=input(false, title="channel")
up = close<nz(up[1]) and close>down[1] ? nz(up[1]) : high
down = close<nz(up[1]) and close>down[1] ? nz(down[1]) : low
ul=plot(channel?up:up==nz(up[1])?up:na, color=navy, linewidth=4, style=linebr, title="Up")
ll=plot(channel?down:down==nz(down[1])?down:na, color=navy, linewidth=4, style=linebr, title="Down")
//==============================Outside channel===============================================//
length1 = input(13, minval=1, title="Upper Channel")
length2 = input(13, minval=1, title="Lower Channel")

upper = highest(length1)
lower = lowest(length2)

basis = avg(upper, lower)

l = plot(lower, style=circles, linewidth=2, color=lime)
u = plot(upper, style=circles, linewidth=2, color=lime)

fill(u, l, color=white, transp=75, title="Fill")
//============================zigzag======//
length = input(5)
showBasis = input(false)
hls = ema(hl2, length)

plot(not showBasis ? na : hls, color=black)
isRising = hls >= hls[1]

zigzag = isRising and not isRising[1] ? lowest(length) :  not isRising and isRising[1] ? highest(length) : na
plot(zigzag, color=black)
//============================Ichomku cloud
show_cloud = input(true, title="Display Ichimoku Cloud:")
conversionPeriods = input(34, minval=1)
basePeriods = input(26, minval=1)
laggingSpan2Periods = input(52, minval=1)
displacement = input(26, minval=1)

donchian(len) => avg(lowest(len), highest(len))

conversionLine = donchian(conversionPeriods)
baseLine = donchian(basePeriods)
leadLine1 = avg(conversionLine, baseLine)
leadLine2 = donchian(laggingSpan2Periods)

plot(not show_cloud ? na : conversionLine, color=blue,linewidth=3, style=line, title="Mid line resistance levels")
//plot(baseLine, color=red, title="Base Line")
//plot(close, offset = -displacement, color=green, title="Lagging Span")

p1 = plot(not show_cloud ? na : leadLine1, offset = displacement, color=green, title="Lead 1")
p2 = plot(not show_cloud ? na : leadLine2, offset = displacement, color=red, title="Lead 2")
fill(p1, p2)
//-------------------------------------------------------------