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  • Best Indicator Script

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    Martin Balog
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    This document defines a trend trading system using the relative strength index (RSI) indicator and exponential moving averages (EMAs) to generate trading signals. Key aspects of the system include: 1) Calculating a 26-period EMA of the low prices and a 13-period EMA of the volume-weighted average price (VWAP). 2) Computing the RSI over 14 periods to identify overbought and oversold levels. 3) Plotting colored bars and symbols to signify buy, sell, and take profit signals based on crosses and divergences of the RSI, EMAs, and VWAP.

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    This document defines a trend trading system using the relative strength index (RSI) indicator and exponential moving averages (EMAs) to generate trading signals. Key aspects of the system include: 1) Calculating a 26-period EMA of the low prices and a 13-period EMA of the volume-weighted average price (VWAP). 2) Computing the RSI over 14 periods to identify overbought and oversold levels. 3) Plotting colored bars and symbols to signify buy, sell, and take profit signals based on crosses and divergences of the RSI, EMAs, and VWAP.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    2 views2 pages

    Best Indicator Script

    Uploaded by

    Martin Balog
    This document defines a trend trading system using the relative strength index (RSI) indicator and exponential moving averages (EMAs) to generate trading signals. Key aspects of the system include: 1) Calculating a 26-period EMA of the low prices and a 13-period EMA of the volume-weighted average price (VWAP). 2) Computing the RSI over 14 periods to identify overbought and oversold levels. 3) Plotting colored bars and symbols to signify buy, sell, and take profit signals based on crosses and divergences of the RSI, EMAs, and VWAP.

    Copyright:

    © All Rights Reserved
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    of 2

    //@version=3

    study(shorttitle = "TTS", title="Complete Trend Trading System [Fhenry0331]", overlay=false)

    myemalength = input(26)
    myema = ema(low, 26)

    mvwaplength = input(13)
    mvwap= ema(vwap, mvwaplength)

    price=close

    src = close, len = input(14, minval=1, title="Length")


    up = rma(max(change(src), 0), len)
    down = rma(-min(change(src), 0), len)
    rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))

    plot(rsi, color=white)

    change1 = rsi > 60 ? green :na


    change2= rsi < 40 ? red: na

    p1 = plot(rsi, style=linebr, linewidth=4, color=change1)


    p2 = plot(rsi, style=linebr, linewidth=4, color=change2)

    band1 = hline(70)
    band2 = hline(30)
    band3 = hline(55)
    band4 = hline (45)
    midline = hline (50)

    fill(band1, band3, color=green, transp=90)


    fill(band2, band4, color=red, transp=90)
    fill(band3, band4, color=black, transp=90)

    cond1 = rsi > 55 and close > myema ? 1 : 0


    barcolor(cond1 ? green : na)

    cond2 = rsi < 45 and close < myema ? 1 : 0


    barcolor(cond2 ? red : na)

    cond3 = rsi < 50 and close < myema ? 1 : 0


    barcolor(cond3 ? yellow : na)

    cond4 = rsi > 50 and close > myema ? 1 : 0


    barcolor(cond4 ? orange : na)

    cond5 = rsi < 50 and close > myema ? 1 : 0


    barcolor(cond5 ? black : na)
    cond6 = rsi > 50 and close < myema ? 1 : 0
    barcolor(cond6 ? black : na)

    cond7 = rsi > 50 and close < mvwap ? 1 : 0


    plotchar(cond7, title="Buy pullback", offset=0, char='BuyPB',color=lime, transp=0)

    cond8 = rsi < 50 and close > mvwap ? 1 : 0


    plotchar(cond8, title="Sell pullback", offset=0, char='SellPB', color=red, transp=0)

    cond9 = rsi > 50 and close < mvwap ? 1 : 0


    plotshape(cond9, style=shape.triangleup, location=location.bottom, color=lime, transp=0, offset=0)

    cond10 = rsi < 50 and close > mvwap ? 1 : 0


    plotshape(cond10, style=shape.triangledown, location=location.bottom, color=red, transp=0, offset=0)

    cond11 = rsi > 75 and close > myema ? 1 : 0


    plotchar(cond11, title="take some profits", offset=0, char='TP', color=blue, transp=0)

    cond12 = rsi < 25 and close < myema ? 1 : 0


    plotchar(cond12, title="take some profits", offset=0, char='TP', color=purple, transp=0)

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