OPEN-SOURCE SCRIPT
Updated SMA 119
Sometimes simplicity is a key.
This is a Simple Moving Average of 119 period on daily timeframe.
When hl2 of price is above SMA it plot green candles (up trend), when below it plot red candles (down trend)
So it shows you a long term direction of BTC
It is very useful indicator to see in what stage BTC is now, Bear or Bull. Yes it seems to be very simple, but it works.
Sometimes to dig a hole, you dont need an excavator you just need an shovel. In this case shovel is a SMA =)
BackTest of indicator
https://www.tradingview.com/x/boR3okbF
This is a Simple Moving Average of 119 period on daily timeframe.
When hl2 of price is above SMA it plot green candles (up trend), when below it plot red candles (down trend)
So it shows you a long term direction of BTC
It is very useful indicator to see in what stage BTC is now, Bear or Bull. Yes it seems to be very simple, but it works.
Sometimes to dig a hole, you dont need an excavator you just need an shovel. In this case shovel is a SMA =)
BackTest of indicator
https://www.tradingview.com/x/boR3okbF
Release Notes
-Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.