Triple Switch — Indicator by FXCloud

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Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study("Triple Switch", overlay=true)
BB=input(2, title="Bars Back", minval=1)
WTC=input(true,title="Wait Until Close",type=bool)
Pips=input(2,title="Close Past")
//ATRPeriod=input(title="ATR Period", type=integer, defval=21)
//Mult=input(0,title="ATR Multiplier", minval=0.0001)
OS=input(0,title="Offset",type=integer)
Longsource= WTC?close:low
Shortsource= WTC?close:high
Longstart= iff(high>=highest(high,BB),lowest(low,BB),Longstart[1])//+Mult*sum(high-low,ATRPeriod)/ATRPeriod
Shortstart= iff(low<=lowest(low,BB),highest(high,BB),Shortstart[1])//-Mult*sum(high-low,ATRPeriod)/ATRPeriod
Switchtolong=iff ((Shortsource-(Pips*syminfo.mintick))>=Shortstart and (Shortsource-(Pips*syminfo.mintick))[1]<Shortstart[1] , 1 ,  0)
Switchtoshort=iff ((Longsource+(Pips*syminfo.mintick))<=Longstart and (Longsource+(Pips*syminfo.mintick))[1]>Longstart[1] ,  1 ,  0)
direction= iff (na(direction[1]), 0, 
            iff (direction[1]<=0 and Switchtolong, 1, 
            iff (direction[1]>=0 and Switchtoshort, -1, direction[1])))
Tripleswitch= direction>0?Longstart:Shortstart
plot(Tripleswitch, color=direction>0?green:red, style=line, linewidth=2,offset=OS)