OPEN-SOURCE SCRIPT
Reaction
//version=4
study("My Script",overlay=true)
SELL=((2*hlc3-low))
BUY=((2*hlc3-high))
HBOP=((2*hlc3)-(2*low)+high)
LBOP=((2*hlc3)-(2*high)+low)
SELLEMA=ema(SELL,3)
BUYEMA=ema(BUY,3)
HBOPSMA=ema(HBOP,3)
LBOPSMA=ema(LBOP,3)
plot(HBOPSMA[1],color=green)
plot(LBOPSMA[1],color=red)
plot(SELLEMA[1])
plot(BUYEMA[1])
plot(vwap,color=white)
BC= hlc3>BUYEMA and hlc3>hlc3[1] and low>BUYEMA
SC= hlc3<SELLEMA and hlc3<hlc3[1] and high<SELLEMA
DN= not BC and not SC
barcolor(BC? green: na)
barcolor(SC? red: na)
barcolor(DN? yellow: na)
study("My Script",overlay=true)
SELL=((2*hlc3-low))
BUY=((2*hlc3-high))
HBOP=((2*hlc3)-(2*low)+high)
LBOP=((2*hlc3)-(2*high)+low)
SELLEMA=ema(SELL,3)
BUYEMA=ema(BUY,3)
HBOPSMA=ema(HBOP,3)
LBOPSMA=ema(LBOP,3)
plot(HBOPSMA[1],color=green)
plot(LBOPSMA[1],color=red)
plot(SELLEMA[1])
plot(BUYEMA[1])
plot(vwap,color=white)
BC= hlc3>BUYEMA and hlc3>hlc3[1] and low>BUYEMA
SC= hlc3<SELLEMA and hlc3<hlc3[1] and high<SELLEMA
DN= not BC and not SC
barcolor(BC? green: na)
barcolor(SC? red: na)
barcolor(DN? yellow: na)
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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