Mikes 5 min HHLL Spotter
Attempts to find higher highs and lower lows in the 5 minute window. When the light blue graph line peaks , you should investigate selling , when the light blue graph line dips you should investigate buying.
This is good for identifying oversold and over bought positions
This is good for identifying oversold and over bought positions
//@version=2
study("Mikes HHLL Spotter")
fastMA = ema(close, 3)
slowMA = sma(close, 5)
fastMA2 = ema(close, 2)
slowMA2 = sma(close, 4)
//diff = (fastMA - slowMA) * 80000
diff = (fastMA2 - slowMA2) * 80000
smoother = ema(diff,12)
plot(smoother, color=red)
//double EMA shit
xEMA1 = sma(diff, 12)
xEMA2 = sma(xEMA1, 12)
xEMA3 = sma(xEMA2, 12)
nRes = 3 * xEMA1 - 3 * xEMA2 + xEMA3
//plot(nRes, color=yellow)
//buysell = (smoother < -7 ? -10 : smoother > 9 ? 10 : (smoother < 1 and smoother > -1) ? 10 : 0)
buy = -30
sell = 30
marketFlat = 0
buysell = (diff < -30 ? buy : diff > 30 ? sell : marketFlat)
smoothbuysell = (smoother < -15 ? buy : smoother > 15 ? sell : marketFlat)
smootherbuysell = (nRes < -17 ? buy : nRes > 17 ? sell : marketFlat)
//plot(buysell, color=green)
plot(smoothbuysell, color=aqua)
barcolor(smoother < -7 ? red : smoother > 9 ? green : (smoother < 1 and smoother > -1) ? yellow : blue)