One of most well-known indicators! I've seen many variations of this on TradingView, however, none seem to be true to the original released by himself.
I've taken it upon myself to simply translate the into Pinescript, instead of re-writing like some others have done.
You can use it as a very effective & with other signals or
as a standalone signal.
In the case that you're going to use it for signals and not simple technical trading (non-quantitative),
I've also added a threshold parameter to filter out weak signals.
My indicator is different from others in very simple ways - I don't use the nz () command, which sets all "Not a Number" values to 0. In others' scripts, you immediately load the indicator with several 0 values,
causing a slight lag in future calculations since this code is recursive (refers to previous values it generated).
In my version, I simply wait until the script has access to all the bar data it needs, instead of instantly performing calculations and
setting erroneous values to 0. In this case, we start with the correct values (or closer to correct).
If you want to compare this indicator the current most popular by LazyBear, you'll notice it often gives buy and sell crosses one bar earlier than theirs.
- Source - the data series to perform calculations on. (Initially, himself favored hl/2, but conceded that there isn't empirical benefit over close.)
- Fast Limit - controls how quickly the will "ratchet up" fast price action. (Higher values are faster)
- Slow Limit - controls how closely the FAMA will follow the . (Again, higher is faster. You typically want the FAMA to be slower though.)
- Crossover Threshold - simple error thresholding to limit the number of weak trade signals. (Lower means lower tolerance)
- Show Crosses? - show/hide the arrows at moving average crosses
- You now have the option to fill the area between the moving averages (disabled by default)
-Default is red and blue, with a transparency of 90%
- Updated to Pinescript version 4.0
- Removed confusing settings
- Added Multi-timeframe plotting support (defaults to current chart timeframe)
- Bug fixes with logic
I use MESA extensively in my trading and I vastly prefer yours...however, the other ones have a "FILL" option and I've grown accustomed to utilizing that, is there any possible chance you could find it in your heart to make a version with the fill added?
Would be greatly appreciated by myself, and I'm sure many others that utilize this awesome tool.
Either way, thanks again for your contribution, it's a marked improvement on a great and undervalued indicator..and hey...lets keep it that way..can't let the algo's know we're using their stuff now can we ;P
Thanks again regardless