IP Bounce — Indicator by kvande97

Bounces

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.

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study(title="IP Bounce", shorttitle="CBS", overlay=true)

// INDICATOR SETTINGS
ema50 = ema(close, 50)
ema20 = ema(close, 20)
ema7 = ema(close, 7)
ema3 = ema(close, 3)
atrs = (offset(atr(3), 1) / atr(3))
// chop = ()

// PLOT EMA LINES
plot(ema50, color=red, title="50 EMA")
plot(ema20, color=blue, title="20 EMA")
plot(ema7, color=white, title="7 EMA")
plot(ema3, color=yellow, title="3 EMA")

// CRITERIA FOR 20 EMA BOUNCE SETUPS
b20buy = (ema20 > ema50) and (open > ema20) and (close > ema20) and (low < ema20) and (atrs >= 1)
b20sell = (ema20 < ema50) and (open < ema20) and (close < ema20) and (high > ema20) and (atrs >= 1)

// CRITERIA FOR 50 EMA BOUNCE SETUPS
b50buy = (ema20 > ema50) and (open > ema50) and (close > ema50) and (low < ema50) and (atrs >= 1)
b50sell = (ema20 < ema50) and (open < ema50) and (close < ema50) and (high > ema50) and (atrs >= 1)

// PLOT CRITERIA FOR 20 EMA BOUCE SETUPS
B2B = iff(b20buy == 1 and b50buy == 0, 1, 0)
plotshape(B2B, style=shape.arrowup, color=green, location=location.belowbar, text="B2", textcolor=white, title="20 EMA Long")
B2S = iff(b20sell == 1 and b50sell == 0, 1, 0)
plotshape(B2S, style=shape.arrowdown, color=red, location=location.abovebar, text="B2", textcolor=white, title="20 EMA Short")

// PLOT CRITERIA FOR 50 EMA BOUNCE SETUPS
B5B = iff(b20buy == 0 and b50buy == 1, 1, 0)
plotshape(B5B, style=shape.arrowup, color=green, location=location.belowbar, text="B5", textcolor=white, title="50 EMA Long")
B5S = iff(b20sell == 0 and b50sell == 1, 1, 0)
plotshape(B5S, style=shape.arrowdown, color=red, location=location.abovebar, text="B5", textcolor=white, title="50 EMA Short")

// PLOT CRITERIA FOR 20 EMA BOUNCE AND 50 EMA BOUNCE SETUPS
B2B5B = iff(b20buy == 1 and b50buy == 1, 1, 0)
plotshape(B2B5B, style=shape.arrowup, color=green, location=location.belowbar, text="B2B5", textcolor=white, title="Both EMA Long")
B2B5S = iff(b20sell == 1 and b50sell == 1, 1, 0)
plotshape(B2B5S, style=shape.arrowdown, color=red, location=location.abovebar, text="B2B5", textcolor=white, title="Both EMA Short")