This is a combination of all my old indicators, with an added feature for trend lines (inspiration for this came from Wedge Maker script thanks to veryfid, I hope he doesn't mind).
This script looks for a period with increased volatility , as measured by ATR ( Average True Range ), then it looks for a high or a low in that area. When price is above EMA (400 is default, can be changed), it looks for the highs and adds multiples of ATR to the high. Default values for multipliers are 3,9 and 27, meaning that the script will show 3xATR level above the high, 9xATR above the high and 27xATR above the high. When price is below EMA it looks for the lows and subtracts multiples of ATR from the low.The script will show 3xATR level below the low, 9xATR below the low and 27xATR below the low. Multipliers values can be changed as well, making it a versatile tool that shows potential levels of suppport/resistance based on the volatility . Possible use cases: Breakout trading, when price crosses a certain level, it may show potential profit targets for trades opened at a breakout. Stoploss helper. Many traders use ATR for their stoplosses, 1 ATR below the swing low for long trades and 1 ATR above the swing high for short trades are common values used by many traders. In this case, the Lookback value comes handy, if we want to look maybe at a more recent value for swing high/low point. It highlights ATR peaks, it also displays Bollinger bands of SMA400 (or Ema), breakouts for upper/lower bands.
Another thing you get is Parabolic SAR and Zigzag based on SAR.
เอกสารเผยแพร่
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*Added more moving average types. Remember, SWMA doesn't have a period by default, it may not be suitable as a base for Bollinger bands * Added options to display more Bollinger bands.
Hi. I use your indicator Jeges Jigs and a few weeks ago everything worked well. Now when I activate it, the whole scale in the chart changes and is displayed very, very flat. Do you have any idea what setting might be incorrect?
sburiek
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Can you leave directions on how to change the settings correctly for the indicator? It shows up as extremely small on my screen.
Troptrap
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@sburiek, I don't know what you mean by small. Text, lines, shapes? Or the chart is stretched?
Karthi056
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Thanks for your efforts and helping us 👍👍
paintingmatthew
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I don't see the low and high values you show on the y axis of your example. Do I need to turn on a setting to see that?
Troptrap
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@paintingmatthew, that's not part of the indicator. You have to go at Symbol>Settings and check the box for High and low price lines
paintingmatthew
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@mildSnail31034, I have that checked but it isn't working. Maybe because it isn't an active trading session now.
Is the atr 1,2,3 the same as the markdown/up 1,2,3? I set those to draw lines in your chart setting and that works
Troptrap
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@paintingmatthew, for me it works all the time, regardless of session, recheck, it must be something in the chart settings. Atr 1,2,3 are the 3 multipliers for ATR. Default ones are 3,9,27. That means when a relevant low is found, the script automatically calculates potential new lows at ThisLow-3xATR, ThisLow-9xATR, ThisLow-27xATR. Those are markdown levels. The same logic applies to highs for markup levels, This high+3xATR ... and so on