This is an update for the previously published RedK_Ribbon v1 -- and it adds some (hopefully) useful improvements:
1 - the Zero-Lag line is color-coded, to provide an early visual alert that momentum is fading, and the trend direction may change soon 2 - better colors for the ribbon :) - for the visually-oriented folks like me :) 3 - i added two optional EMAs that can be utilized as filters for the longer sentiment - to help a trader take positions only in the direction of the prevailing trends. note that these 2 EMA lines will be hidden by default until selected in the settings - to avoid clutter. Set to 30 and 50 by default but these lengths can be changed as needed 4 - code is open and commented
If you need to learn how we create the zero-lag moving average, pls refer to the "TA Basics" series - and if you need to learn more about how the Ribbon works, pls read the Ribbon v1 post
hope this is useful in your trading - and good luck!
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Quick update for the RedK_Ribbon with Alerts enabled, for when the Zero Lag Moving Average (ZLMA) line changes direction up or down as requested.
Feel free to customize the alert message to your convenience.
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- Adjusted the Alert logic and brought back the detailed explanation chart.
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- A quick update of my Ribbon v2 trend tracker - with some minor visual enhancements
@worldtrip, i will publish a version with alert hopefully soon.. thanks for your interest.
GarethSA
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DOES THIS REPAINT?
RedKTrader
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@GarethSA, No - similar to any other MA, the active bar will calculate with every price change, once the bar is closed, no re-calculation happens for it. hope this answers your Q. you can set your chart TF to 1-min and observe it.
SugarTrader77
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@RedKTrader, I think that what you mean is that the MA points does change as the price change ....at any time. Do you know a wait to set the alert right at the end of the candle close? (instead of having alert triggered anytime as the price changes) . thanks
@RedKTrader, Maybe I am dumb, maybe just set the alert at bar close would solve this issue. In this case do you know a way to draw a signal on chart on bar close? thanks
RedKTrader
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@SugarTrader77, you're right. the alert can be adjusted in that way by adding barstate.isconfirmed to the alert condition
sorry that was a miss from my side. i rarely (=never) use alerts
SugarTrader77
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@RedKTrader, Thanks a lot.
I wasn't even using "Alert". Sorry for misleading. I meant "AlertCondition".
I poste here for everyone to know:
- if you define in script Alertcondition, you have then the choice to define your alert on chart using OncePerBat, AtBarClose,...etc
- if you define directly in script "Alert", then forcing with barstate.isconfirmed