Moving averages and bands
I coded this simple indicator based on multiple ideas shared by Tim West at his "Key Hidden Levels" chatroom.
Cheers,
Ivan Labrie
Time at Mode FX
- We have a moving average ribbon comprised of the average of the highs and lows in 10 periods. The colored space in between acts more or less like fair value and is often where price is when consolidating.
- Green and red triangles at the top and bottom of the screen.
The ones at the bottom, correspond to signals obtained from a 4 period moving average of the close's slope. It helps get excellent exits for trending moves by changing color with the moving average slope.
The ones at the top, are green while Bollinger Band Width increases, and red while it decreases, relative to the previous bar.
- Background color highlights when the close moves over the moving average of the highs or under the moving average of the lows, indicating a change of trend is possible, or at least a pause/consolidation.
Cheers,
Ivan Labrie
Time at Mode FX
study(title="Moving averages and bands", overlay=true) //10 period high and low sma's highma = sma(high, 10) lowma = sma(low, 10) bull=crossover(close,highma) bear=crossunder(close,lowma) //4 period MA slope avg = sma(close,4) avgup = avg >= avg[3] avgdown = avg < avg[3] //Bollinger Bands and Bollinger Bands' Width basis = sma(close, 21) dev = stdev(close, 21) upper = basis + (2*dev) lower = basis - (2*dev) bbw = (upper - lower)/basis bbwup = bbw >= bbw[3] bbwdown = bbw < bbw[3] //plots p1=plot(highma, color = green, linewidth=2, style=line, transp=50) p2=plot(lowma, color = maroon, linewidth=2, style=line, transp=50) fill(p1, p2, color=green) p3=plotshape(avgup, style=shape.triangleup, color=green,location=location.bottom) p4=plotshape(avgdown, style=shape.triangledown, color=red, location=location.bottom) p5=plot(upper, linewidth=2, style=line, transp=70, color=teal) p6=plot(lower, linewidth=2, style=line, transp=70, color=teal) fill(p5, p6, color=white) p7=bgcolor(bull ? green : na, transp=90) p8=bgcolor(bear ? red : na, transp=90) p9=plotshape(bbwup, style=shape.triangleup, color=green,location=location.top) p10=plotshape(bbwdown, style=shape.triangledown, color=red, location=location.top)