TTP Teddy
The areaTH parameter acts like a quality filter. The highest this value the less signals you will get.
The RSI filters are there to prevent attempting to find bottoms in areas that are not oversold overbought.
The Teddy signal is the original but I also included Teddy 2 that waits for a divergence as confirmation.
In some cases this can be a better idea as an entry but in some others the original would be the perfect entry.
The indicator uses a combination of RSI, BB, and MA.
It supports alerts and its backtestable. Teddy and Teddy 2 signals are independent for alerts and for backtest stream.
No more need to provide a static limit for RSI to allow longs or shorts.
Let PNR pick the levels based on recent statistics from the market.
How does it work? instead of providing buy and sell RSI limits pick a percentile for buy and one for sell.
Decide the length of the look back. The longer you look back the more time you are considering and more picky.
Percentiles closer to 0 will rarely print any buy, percentiles too close to 100 rarely will print any sell signal.
If that wasn't enough we decided to also add the option to plot the RSI with the PNR selected levels in the chart, make sure to zoom the chart to focus it in the 0 to 100 values which is where the RSI normally moves.
Find a good balance for the parameters and have fun!
This version offers a lookback parameter.
Teddy uses RSI limits to filter out signals. Use the lookback parameter to relax these limits so that if the RSI used to be within the limits 2 candles ago and a signal triggers and you still this one to trigger, then use a lookback of 2.
Use lookback = 0 to disable this feature.
When using higher levels of lookback you should expect many more signals at the cost of potential lower quality ones.
The value 1 is for buy and 2 is for sell.
Remember to remove and add again to the chart and confirm using version 0.4
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Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
thetradingparrot.com
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact TheTradingParrot directly.
Note that this private, invite-only script has not been reviewed by script moderators, and its compliance with House Rules is undetermined. TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
thetradingparrot.com