A CHANGE of background color indicates a trade opportunity :
Cyan background = BUY
Purple background = SELL

The bullish signals seem to be better than the bearish ones.

Based on the "Willy" indicator.
Don't change the parameters unless you fully understand the consequences.

Use with brains and caution :)
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study(title="MAGNUS™", shorttitle="MAGNUS™")

length = input(21, minval=1)
upper = highest(length)
lower = lowest(length)

out = 100 * (close - upper) / (upper - lower)
src = out, len = input(54, minval=1, title="MA Short Length")
lenm2 = input(13, minval=1, title="MA Long Length")
len0 = input(8, minval=1, title="Willy Smoothing")

m0 = ema(out, len0)
m1 = ema(out, len)
m2 = sma(out,lenm2)
col = m0>m1?aqua:fuchsia

plot(out, color = green)
plot(m0, color = white)
plot(m2, color = red)
plot(m1, title="EMA", color=orange)
band1 = hline(-20)
band0 = hline(-80)
fill(band1, band0)
bgcolor(col,transp=92)
What is this indicator based on? Thanks
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I'll check it out, looks cool mate.
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check out the MAGNUS® Cycles aswell :D It's the fine-tuned version :D (works good for bitstamp Daily & Weekly... check the source code)
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