I coded this simple indicator based on multiple ideas shared by Tim West at his "Key Hidden Levels" chatroom.
Time at Mode FX
- We have a ribbon comprised of the of the highs and lows in 10 periods. The colored space in between acts more or less like fair value and is often where price is when consolidating.
- Green and red triangles at the top and bottom of the screen.
The ones at the bottom, correspond to signals obtained from a 4 period of the close's slope. It helps get excellent exits for trending moves by changing color with the slope.
The ones at the top, are green while Width increases, and red while it decreases, relative to the previous bar.
- Background color highlights when the close moves over the of the highs or under the of the lows, indicating a change of trend is possible, or at least a pause/consolidation.
Time at Mode FX
study(title="Moving averages and bands", overlay=true) //10 period high and low sma's highma = sma(high, 10) lowma = sma(low, 10) bull=crossover(close,highma) bear=crossunder(close,lowma) //4 period MA slope avg = sma(close,4) avgup = avg >= avg avgdown = avg < avg //Bollinger Bands and Bollinger Bands' Width basis = sma(close, 21) dev = stdev(close, 21) upper = basis + (2*dev) lower = basis - (2*dev) bbw = (upper - lower)/basis bbwup = bbw >= bbw bbwdown = bbw < bbw //plots p1=plot(highma, color = green, linewidth=2, style=line, transp=50) p2=plot(lowma, color = maroon, linewidth=2, style=line, transp=50) fill(p1, p2, color=green) p3=plotshape(avgup, style=shape.triangleup, color=green,location=location.bottom) p4=plotshape(avgdown, style=shape.triangledown, color=red, location=location.bottom) p5=plot(upper, linewidth=2, style=line, transp=70, color=teal) p6=plot(lower, linewidth=2, style=line, transp=70, color=teal) fill(p5, p6, color=white) p7=bgcolor(bull ? green : na, transp=90) p8=bgcolor(bear ? red : na, transp=90) p9=plotshape(bbwup, style=shape.triangleup, color=green,location=location.top) p10=plotshape(bbwdown, style=shape.triangledown, color=red, location=location.top)
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