After I had few comments with B-S on charts, I changed them to Arrows.
I use this to trade Oversold/Overbought Conditions from the UCS_Momentum Oscillator. I have not back tested this system yet.
Link to UCS_Momentum Oscillator -
Link to CM_UCS_Slingshot Modified
//Created us usgears on 10-7-2014 //ChrisMoody contributed a few cosmetic options. study("UCS_Momentum Oscillator Upper", overlay=true) sae = input(true, title="Show Aggressive Entry?, Or Use as Alert To Potential Conservative Entry?") sce = input(true, title="Show Conservative Entry?") st = input(true, title="Show Trend Arrows at Top and Bottom of Screen?") def = input(false, title="Only Choose 1 - Either Conservative Entry Arrows or 'B'-'S' Letters") pa = input(true, title="Show Conservative Entry Arrows?") sl = input(false, title="Show '↑'-'↓' Letters?") ma1 = ema(close, 13) ma2 = ema(close, 21) ma3 = ema(close, 34) ma = ema(close, 89) range = tr rangema = ema(range, 89) upper = ma + rangema * 0.5 lower = ma - rangema * 0.5 midChan = (upper + lower)/2 //Trend Definition tr_up = ma1 > upper and ma2 > upper and ma3 > upper tr_down = ma1 < lower and ma2 < lower and ma3 < lower //Aggressive Entry pullbackUpT() => tr_up and close < upper pullbackDnT() => tr_down and close > lower //Conservative Entry entryUpT() => tr_up and close < upper and close > upper entryDnT() => tr_down and close > lower and close < lower //Conservative Entry True/False Condition entryUpTrend = ma1 > upper and ma2 > upper and ma3 > upper and close < upper and close > upper ? 1 : 0 entryDnTrend = ma1 < lower and ma2 < lower and ma3 < lower and close > lower and close < lower ? 1 : 0 //Define Up and Down Trend for Trend Arrows at Top and Bottom of Screen upTrend = ma1 > upper and ma2 > upper and ma3 > upper downTrend = ma1 < lower and ma2 < lower and ma3 < lower //Definition for Conseervative Entry Up and Down PlotArrows codiff = entryUpTrend == 1 ? entryUpTrend : 0 codiff2 = entryDnTrend == 1 ? entryDnTrend : 0 //Trend Color Definition for Moving Averages and Channel scolor = tr_up ? green : tr_down ? red : blue barcolor(sae and pullbackUpT() ? yellow : sae and pullbackDnT() ? yellow : na) barcolor(sce and entryUpT() ? aqua : sce and entryDnT() ? aqua : na) //Plot 3 MA's plot(ma1, title="Fast MA", color=scolor, style=circles, linewidth=1) plot(ma2, title="Medium MA",color=scolor, style=circles, linewidth=2) plot(ma3, title="Slow MA", color=scolor, style=circles, linewidth=3) //Channel Plots p1 = plot(upper, title="Upper Channel", color=scolor, style=line, linewidth=3) p2 = plot(midChan, title="Upper Channel", color=silver, style=line, linewidth=1) p3 = plot(lower, title="Lower Channel", color=scolor, style=line, linewidth=3) fill(p1, p2, color=lime, transp=70) fill(p2, p3, color=red, transp=70) //Trend Triangles at Top and Bottom of Screen plotshape(st and upTrend ? upTrend : na, title="Conservative Buy Entry Triangle",style=shape.triangleup, location=location.bottom, color=lime, transp=0, offset=0) plotshape(st and downTrend ? downTrend : na, title="Conservative Short Entry Triangle",style=shape.triangledown, location=location.top, color=red, transp=0, offset=0) //Plot Arrows OR Letters ↑ and ↓ for Buy Sell Signals plotarrow(pa and codiff ? codiff : na, title="Up Entry Arrow", colorup=lime, maxheight=60, minheight=50, transp=0) plotarrow(pa and codiff2*-1 ? codiff2*-1 : na, title="Down Entry Arrow", colordown=red, maxheight=60, minheight=50, transp=0) plotchar(sl and codiff ? low - tr : na, title="Buy Entry", offset=0, char='↑', location=location.absolute, color=lime, transp=0) plotchar(sl and codiff2 ? high + tr : na, title="Short Entry", offset=0, char='↓', location=location.absolute, color=red, transp=0)
here is the link to the code: https://www.tradingview.com/v/nF1FUwyW/#tc105680
A few questions, sorry to bug you..
1. The candles are multi-coloured.. what do they mean? Yellow + Blue candles?
2. I've got green UP arrows and red DOWN arrows.. I'm guessing this is entry signals. How reliable is this? I'm looking historically it looks good but is it repainting?