OPEN-SOURCE SCRIPT
SMA + BB STATUES
1. Price Action: TDP 2 (Candlestick Body Ratios)
What it does: It looks for specific bullish and bearish candles based on a minimum body ratio (the body of the candle must make up at least 55% of the total high-to-low range).
How it works:
Bullish Candles: Marked with a Green Arrow pointing up. The script remembers the low of the most recent valid bullish candle.
Bearish Candles (Under Low): Marked with a Red Arrow pointing down if a valid bearish candle closes below the low of the last bullish candle.
Bearish Candles (Not Under Low): Marked with an Orange X if a valid bearish candle forms but fails to close below the low of the last bullish candle.
Behind the scenes: The script tracks the highs and lows of the last two bullish signals, allowing for potential future logic to compare them.
2. Trend Direction: Simple Moving Average (SMA)
What it does: Plots a traditional Simple Moving Average to help you identify the baseline trend direction.
How it works:
Defaults to a length of 9 (customizable).
You also have an advanced "SMA Smoothing" option where you can apply a secondary moving average (or even Bollinger Bands) to the SMA itself. This is useful if you want to look for momentum shifts within the moving average.
3. Volatility: Madrid Bollinger Bands
What it does: Plots a multi-layered channel around the price to show volatility and potential overextended areas.
How it works:
Instead of just one standard deviation line, it plots two. It calculates a standard deviation and plots one band at that level, and a second band at a multiplied level (e.g., 2.0x).
The bands are filled with color-coded gradients (Blue when the price is above the basis line, Orange when below) to give you an immediate visual cue of the trend state and the volatility expansion/contraction.
4. The Dashboard: Multi-Timeframe Status Table
What it does: A real-time data table in the top right corner that reads the trend and volatility states across three different timeframes simultaneously (Daily, Weekly, Monthly).
How it works:
SMA Status: Checks a 50-period Daily SMA, a 20-period Weekly SMA, and a 10-period Monthly SMA. If the current price is above the respective SMA, it reads "POSITIVE" (Green); if below, it reads "NEGATIVE" (Red).
Bollinger Bands Status: Analyzes a 20-period Bollinger Band across all three timeframes to tell you exactly where the price sits within the channel:
hi: Price is in the upper half of the channel (between 55% and 105% of the band width).
mid edge: Price is consolidating right around the moving average (between 45% and 55% of the band width).
in low: Price is in the lower half of the channel (between -5% and 45% of the band width).
What it does: It looks for specific bullish and bearish candles based on a minimum body ratio (the body of the candle must make up at least 55% of the total high-to-low range).
How it works:
Bullish Candles: Marked with a Green Arrow pointing up. The script remembers the low of the most recent valid bullish candle.
Bearish Candles (Under Low): Marked with a Red Arrow pointing down if a valid bearish candle closes below the low of the last bullish candle.
Bearish Candles (Not Under Low): Marked with an Orange X if a valid bearish candle forms but fails to close below the low of the last bullish candle.
Behind the scenes: The script tracks the highs and lows of the last two bullish signals, allowing for potential future logic to compare them.
2. Trend Direction: Simple Moving Average (SMA)
What it does: Plots a traditional Simple Moving Average to help you identify the baseline trend direction.
How it works:
Defaults to a length of 9 (customizable).
You also have an advanced "SMA Smoothing" option where you can apply a secondary moving average (or even Bollinger Bands) to the SMA itself. This is useful if you want to look for momentum shifts within the moving average.
3. Volatility: Madrid Bollinger Bands
What it does: Plots a multi-layered channel around the price to show volatility and potential overextended areas.
How it works:
Instead of just one standard deviation line, it plots two. It calculates a standard deviation and plots one band at that level, and a second band at a multiplied level (e.g., 2.0x).
The bands are filled with color-coded gradients (Blue when the price is above the basis line, Orange when below) to give you an immediate visual cue of the trend state and the volatility expansion/contraction.
4. The Dashboard: Multi-Timeframe Status Table
What it does: A real-time data table in the top right corner that reads the trend and volatility states across three different timeframes simultaneously (Daily, Weekly, Monthly).
How it works:
SMA Status: Checks a 50-period Daily SMA, a 20-period Weekly SMA, and a 10-period Monthly SMA. If the current price is above the respective SMA, it reads "POSITIVE" (Green); if below, it reads "NEGATIVE" (Red).
Bollinger Bands Status: Analyzes a 20-period Bollinger Band across all three timeframes to tell you exactly where the price sits within the channel:
hi: Price is in the upper half of the channel (between 55% and 105% of the band width).
mid edge: Price is consolidating right around the moving average (between 45% and 55% of the band width).
in low: Price is in the lower half of the channel (between -5% and 45% of the band width).
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.