OPEN-SOURCE SCRIPT
Updated TMA + OSMA Scalping System
System is based on TMA Bands + OSMA + EMA Zone. Signal is generated when:
- price recently touched lower or upper band
- price is crossing EMA Zone
- OSMA is aligned in direction of trade to be taken
Natural Target would be opposite band set by TMA.
- price recently touched lower or upper band
- price is crossing EMA Zone
- OSMA is aligned in direction of trade to be taken
Natural Target would be opposite band set by TMA.
Release Notes
Corrected accuracy of signals - now signal is valid only when OSMA very recently moved from opposite value (in case of Long from negative to positive and in case of Short from positive to negative)Release Notes
Modified calculations of TMA and BandsRelease Notes
- Added 2 modes possible to be enabled of coloring chart based on OSMA values - either colour bars or add backgrounf
- Added switcher to calculate different MA Types for signals - currently possible are EMA (default) and VWMA
Release Notes
- Fixed signals occurence
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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