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
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  • 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)
Hi Lazybear,

I have 2 questions for you if you might be so kind to answer! On charts that are less that one day periods the sell arrows show up as buy arrows, and why don't the buy or sell arrows show prior to dates in 2014? How could I correct these issues if possible? Thanks for you're time!
+1 Reply
What are the indicators values?
Reply
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
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
LazyBear is any way i can use this indicator on MT4? Thanks
Reply
This is really interesting and fantastic work! What purpose does the pip bands serve? How do we use them with this system?
Reply
I really enjoyed the its operating model, you could provide your template?
Reply
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
Hello, I can not do the work script, could help? thank you
Reply
@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
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