This script allows to change the background color of the main chart to green or red depending on the following factors:
Based on the QQQ graph whatever ticker you are watching - Price > EMA20 Da - Net New Highs > 0 - 10EMA Da > 20 EMA Da
When you are trading Break-Out, EP or other similar trades you will need the market at your back to improve both the winrate and the risk reward ratio. This is a very useful tool if you struggle with the FOMO biais. It will help you detect the trend at a glance. Remember that the top best trader are waiting for their trade to work and only after getting some traction, and only then will they take the next trade.
I also proceeded to find a formula that make the indicator be the smoother possible with the less possible amount of noise.
/!\ This indicator is intended for use on daily charts . /!\
リリースノート
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- Inputs have been arranged and cleaned - Now possible to modify reference ticker for calculation
リリースノート
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- Changed opacity from 70 to 85 - Changed the reference ticker from QQQ to SP:SPX for better historical results
Hi, this is quite amazing. Is there a way you can create a long/short based strategy based of this? If yes, can you please code it to show us the backtested results?
This would be phenomenal. A Coffee tip from my end if you can run us with those results!
Thanks, you're amazing!
Fred6724
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@DC354, Unfortunately, I don't know how to code a strategy :'( But I would be curious to see the results of it!
RihoKuraki
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Very helpful script, thanks for sharing! What changes need to be made if we want to use another country's index? Thanks!
Fred6724
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@RihoKuraki, You can copy/paste the code to create your own script and modify 'NASDAQ' & 'QQQ' to your contry's index :) In fact there are also two tickers used to mesure the number of Net New Highs and Net New Lows : "HIGQ" and "LOWQ", I can't help you to find the equivalent for Net New Highs and Lows of your country, good luck!
RihoKuraki
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@Fred6724, Thanks for the suggestion, I will try it. :)
This would be phenomenal. A Coffee tip from my end if you can run us with those results!
Thanks, you're amazing!