The script intends to eliminate noise from the chart. It uses a combination of multiple indicators into 1.
For long bias:
Close is greater than the ADX
15 Period EMA on close is greater than SMA on high
13 period RSI is greater than 25 periods RSI
MACD is greater than 0
For short bias:
Close is lower than the ADX
15 Period EMA on close is lower than SMA on high
13 period RSI is lower than 25 periods RSI
MACD is lower than 0
For every other combination, it is a range-bound bias.NSE:BANKNIFTY
A green background indicates long bias
A Red background indicates short bias
An Orange background indicates range-bound bias
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Transparency increased to improve chart visibility
Description updated to correct typos.
The script intends to eliminate noise from the chart. It uses a combination of multiple indicators into 1.
For long bias: Close is greater than the ADX 15 Period EMA on close is greater than 50 SMA on high 13 period RSI is greater than 25 periods RSI MACD is greater than 0
For short bias: Close is lower than the ADX 15 Period EMA on close is lower than 50 SMA on low 13 period RSI is lower than 25 periods RSI MACD is lower than 0
For every other combination, it is a range-bound bias. NSE:BANKNIFTY