LazyBear

Pip collector [LazyBear]

A simple but effective Forex strategy requested by user @pipcollector.

Suggested chart timeframe is 5mins.

Indicator marks potential long/short entries based on the following conditions:

LONG
------
  • Price above pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
  • Background color is set to GREEN (if option is enabled).
  • As soon as price touches or crosses the median ema, a GREEN arrow is shown to mark potential long.

SHORT
------
  • Price below pip median ema on daily, 4 hour and 1 hour timeframe. These 3 timeframes and median EMA lengths are configurable.
  • Background color is set to RED (if option is enabled).
  • As soon as price touches or crosses the median ema, a RED arrow is shown to mark potential short.

NO SETUP
-----------
  • Moving averages do not align on the 3 timeframes.
  • Background color is set to GRAY (if option is enabled)

I have noticed that this works well on other instruments too (anything trending), also on higher time frames. Feel free to leave any questions/comments on this below.

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
Remove from Favorite Scripts Add to Favorite Scripts
//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study("Pip collector [LazyBear]", shorttitle="PIPCOLL_LB", overlay=true, precision=6)
src=input(close, title="Source")
tf1=input("D", title="Timeframe 1"), tf2=input("240", title="Timeframe 2"), tf3=input("60", title="Timeframe 3")
lengthCenter=input(50, title="Center EMA Length")
lengthLower=input(20, title="Distance of lower line from center (pips)")
lengthUpper=input(20, title="Distance of upper line from center (pips)")
showBGColor=input(false, title="Background color on all EMA synch?")
pip=syminfo.mintick 
ltfsrc=ema(src, lengthCenter) < src
stfsrc=ema(src, lengthCenter) > src
ltf1=security(tickerid, tf1, ltfsrc), stf1=security(tickerid, tf1, stfsrc)
ltf2=security(tickerid, tf2, ltfsrc), stf2=security(tickerid, tf2, stfsrc)
ltf3=security(tickerid, tf3, ltfsrc), stf3=security(tickerid, tf3, stfsrc)
ctfsrc=ema(src,lengthCenter), ctfsrcl=ctfsrc-lengthLower*pip, ctfsrcu=ctfsrc+lengthLower*pip
long=ltf1 and ltf2 and ltf3 
short=stf1 and stf2 and stf3 
plot(ctfsrc, color=blue, linewidth=2, title="Center EMA")
plot(ctfsrcl, color=red, linewidth=2, title="Lower")
plot(ctfsrcu, color=green, linewidth=2, title="Upper")
inrange(x)=>(x>=low and x<=high)
plotarrow(long and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?low:na, maxheight=30, title="Buy Arrow",  colorup=lime)
plotarrow(short and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?-high:na, maxheight=30, title="Buy Arrow",  colordown=red)
bgcolor(showBGColor?(ltf1 and ltf2 and ltf3)?green:(stf1 and stf2 and stf3)?red:black:na, transp=85)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

As usual, nice work LB!
Reply
LazyBear PRO tradearcher
2 years ago
Thanks :)
Reply
LazyBear PRO
2 years ago
Chart got squished while publishing, dont know why. This is how it looks.
snapshot
Reply
dani_4x PRO LazyBear
2 years ago
This is amazing. Thank you for sharing. Please can you explain what the arrows mean?
Reply
LazyBear PRO dani_4x
2 years ago
Arrows mark the potential entry points. Better to filter this using your favorite indicator.
Reply
dani_4x PRO LazyBear
2 years ago
thank u :)
Reply
BaliShag PRO
2 years ago
Wow! Just tried in on WTI daily chart.. Prette impressing win/lose ratio so far, but only did a quick test. Definitely gonna tried it out. Good job LB :D
Reply
LazyBear PRO BaliShag
2 years ago
Thanks.
Reply
Seleme
2 years ago
Looks amazing if it doesn't repaint. Will surely test it out, thanks :)
Reply
Seleme
2 years ago
LB, one question. What would be parameters to set to trigger buy and sell arrow alarms?
Reply
LazyBear PRO Seleme
2 years ago
I just noticed there is a small typo in the name I used (I am calling both buy/sell arrows as buy arrows :) ).

You need to change line 28 in the script to below

plotarrow(short and ((src==ctfsrc) or cross(src, ctfsrc) or (inrange(ctfsrc)))?-high:na, maxheight=30, title="Sell Arrow", colordown=red)

After this, alerts can be set this way:

SHORT:: PIPCOLL_LB , Sell Arrow, Less Than, Value, 0
LONG:: PIPCOLL_LB , Buy Arrow, Greater Than, Value, 0
+3 Reply
Seleme LazyBear
2 years ago
Thanks mate, you're the boss
Reply
lleland LazyBear
a month ago
@LazyBear, How do you change the script? It's locked. Thanks
Reply
i used to trade the same idea, putting all the charts next to each other. this will make me relieved. well done mate!
Reply
LazyBear PRO AbdullahAljohani
2 years ago
Thanks
Reply
Costa78
2 years ago
I really enjoyed the its operating model, you could provide your template?
Reply
LazyBear PRO Costa78
2 years ago
Not sure what you mean by template.

If you want to use this indicator, you can click on "Add to favorite scripts" and it will show up in your collection. Another way to add this is, from with in your chart, click on "Indicators" button (top toolbar) and type "pipcollector" in the search box. This will show up in the results. Click on it to add to ur chart.

If you want that chart layout, click on the "Share" icon (left side on the chart) and click on "Make mine" button to take a copy of this chart.
Reply
Costa78 LazyBear
2 years ago
Hello, I can not do the work script, could help? thank you
Reply
LazyBear PRO Costa78
2 years ago
@Costa78 Open your chart, click on "Indicators" button and search for "pipcoll". It will show this indicator. You can click on that search result to add it to your chart.
Reply
This is really interesting and fantastic work! What purpose does the pip bands serve? How do we use them with this system?
Reply
kayakwar
8 months ago
LazyBear is any way i can use this indicator on MT4? Thanks
Reply
P.I.P.B.O.Y.
6 months ago
This is a great idea. However, I think it might be better served with a channel breakout focus instead. Perhaps 3 TF tiers of a MA of fractals or some kind of support/resis breakout measurement based on recent candles.
Reply
Henroy PRO
4 days ago
Hi Lazybear,
Are you aware that this indicator is repainting really badly. I tried to test it live and it's not a pretty Picture when Applied to real market. The background colors are shifting constantly back in time. Impossible to back test.
Do you have any idea of how to fix the problem?
Reply
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