This is a port of a famous MT4 indicator, as requested by user @maximus71. This indicator uses MACD/BB to track trend direction and strength. Author suggests using this indicator on 30mins.
Explanation from the indicator developer:
"Various components of the indicator are:
Dead Zone Line: Works as a filter for weak signals. Do not trade when the red or green histogram is below it.
Histograms:
- Red histogram shows the current down trend.
- Green histogram shows the current up trend.
- Sienna line shows the explosion in price up or down.
Signal for ENTER_BUY: All the following conditions must be met.
- Green histo is raising.
- Green histo above Explosion line.
- Explosion line raising.
- Both green histo and Explosion line above DeadZone line.
Signal for EXIT_BUY: Exit when green histo crosses below Explosion line.
Signal for ENTER_SELL: All the following conditions must be met.
- Red histo is raising.
- Red histo above Explosion line.
- Explosion line raising.
- Both red histo and Explosion line above DeadZone line.
Signal for EXIT_SELL: Exit when red histo crosses below Explosion line. "
All of the parameters are configurable via options page. You may have to tune it for your instrument.
More info:
Author note: www.forex-tsd.com/me...ion-indicator-2.html
Video (French): www.youtube.com/watch?v=oLxa-Xce...
List of my other indicators:
- GDoc: docs.google.com...ByMEvm5MLo/edit?usp=sharin...
- Chart:
Explanation from the indicator developer:
"Various components of the indicator are:
Dead Zone Line: Works as a filter for weak signals. Do not trade when the red or green histogram is below it.
Histograms:
- Red histogram shows the current down trend.
- Green histogram shows the current up trend.
- Sienna line shows the explosion in price up or down.
Signal for ENTER_BUY: All the following conditions must be met.
- Green histo is raising.
- Green histo above Explosion line.
- Explosion line raising.
- Both green histo and Explosion line above DeadZone line.
Signal for EXIT_BUY: Exit when green histo crosses below Explosion line.
Signal for ENTER_SELL: All the following conditions must be met.
- Red histo is raising.
- Red histo above Explosion line.
- Explosion line raising.
- Both red histo and Explosion line above DeadZone line.
Signal for EXIT_SELL: Exit when red histo crosses below Explosion line. "
All of the parameters are configurable via options page. You may have to tune it for your instrument.
More info:
Author note: www.forex-tsd.com/me...ion-indicator-2.html
Video (French): www.youtube.com/watch?v=oLxa-Xce...
List of my other indicators:
- GDoc: docs.google.com...ByMEvm5MLo/edit?usp=sharin...
- Chart:
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("Waddah Attar Explosion [LazyBear]", shorttitle="WAE_LB") sensitivity = input(150, title="Sensitivity") fastLength=input(20, title="FastEMA Length") slowLength=input(40, title="SlowEMA Length") channelLength=input(20, title="BB Channel Length") mult=input(2.0, title="BB Stdev Multiplier") deadZone=input(20, title="No trade zone threshold") calc_macd(source, fastLength, slowLength) => fastMA = ema(source, fastLength) slowMA = ema(source, slowLength) fastMA - slowMA calc_BBUpper(source, length, mult) => basis = sma(source, length) dev = mult * stdev(source, length) basis + dev calc_BBLower(source, length, mult) => basis = sma(source, length) dev = mult * stdev(source, length) basis - dev t1 = (calc_macd(close, fastLength, slowLength) - calc_macd(close[1], fastLength, slowLength))*sensitivity t2 = (calc_macd(close[2], fastLength, slowLength) - calc_macd(close[3], fastLength, slowLength))*sensitivity e1 = (calc_BBUpper(close, channelLength, mult) - calc_BBLower(close, channelLength, mult)) //e2 = (calc_BBUpper(close[1], channelLength, mult) - calc_BBLower(close[1], channelLength, mult)) trendUp = (t1 >= 0) ? t1 : 0 trendDown = (t1 < 0) ? (-1*t1) : 0 plot(trendUp, style=columns, linewidth=1, color=(trendUp<trendUp[1])?lime:green, transp=45, title="UpTrend") plot(trendDown, style=columns, linewidth=1, color=(trendDown<trendDown[1])?orange:red, transp=45, title="DownTrend") plot(e1, style=line, linewidth=2, color=#A0522D, title="ExplosionLine") hline(deadZone, color=blue, linewidth=2, title="DeadZoneLine")