OPEN-SOURCE SCRIPT
Aroon ForLoop [InvestorUnknown]
Overview
The Aroon ForLoop indicator is designed to calculate an array of Aroon values over a range of lengths, providing trend signals based on various moving averages. It offers flexibility with different signal modes and visual customizations.
User Input
Signal Calculation
Signal Mode (sigmode): Determines the type of signal generated by the indicator. Options are "Fast", "Slow", "Thresholds Crossing", and "Fast Threshold".
1. Slow: is a simple crossing of the midline (0).
2. Fast: positive signal depends if the current MA > MA[1] or MA is above 0.99, negative signals comes if MA < MA[1] or MA is below -0.99.
3. Thresholds Crossing: simple ta.crossover and ta.crossunder of the user defined threshold for Long and Short.
4. Fast Threshold: signal changes if the value of Aroon MA changes by more than user defined threshold against the current signal
Visualization Settings
Custom Function
Important Considerations
The Aroon ForLoop indicator is designed to calculate an array of Aroon values over a range of lengths, providing trend signals based on various moving averages. It offers flexibility with different signal modes and visual customizations.
User Input
- Start Length (a) and End Length (b): Defines the range for calculating Aroon values.
- MA Type (maType) and MA Length (c): Selects the moving average type (EMA, SMA, WMA, VWMA, TMA) and its length.
- Calculation Source (s): Specifies the data source for calculations.
- Signal Mode (sigmode): Offers options like Fast, Slow, Thresholds Crossing, and Fast Threshold to generate signals.
- Thresholds: Configures long and short thresholds for signal generation.
- Visualization Options: Customizes bull and bear colors, and enables/disables bar coloring.
- Alert Settings: Chooses whether to wait for bar close for alert confirmation.
Signal Calculation
Signal Mode (sigmode): Determines the type of signal generated by the indicator. Options are "Fast", "Slow", "Thresholds Crossing", and "Fast Threshold".
1. Slow: is a simple crossing of the midline (0).
2. Fast: positive signal depends if the current MA > MA[1] or MA is above 0.99, negative signals comes if MA < MA[1] or MA is below -0.99.
3. Thresholds Crossing: simple ta.crossover and ta.crossunder of the user defined threshold for Long and Short.
4. Fast Threshold: signal changes if the value of Aroon MA changes by more than user defined threshold against the current signal
Visualization Settings
- Bull Color (colup): The color used to indicate bullish signals.
- Bear Color (coldn): The color used to indicate bearish signals.
- Color Bars (barcol): Option to color the bars based on the signal.
Custom Function
Important Considerations
- Fast Responses: The Aroon ForLoop indicator is designed for quick identification of trend changes, making it ideal for fast-paced trading environments.
- Moving Average Types: Supports various MA types (EMA, SMA, WMA, VWMA, TMA) for adaptable smoothing of trend signals.
- Combination with Other Indicators: For more reliable signals, use this indicator in conjunction with other technical indicators.
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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