OPEN-SOURCE SCRIPT
Buy and Sell Signal
Inputs:
lengthMA: Moving average length for trend detection.
lengthRSI: RSI period for momentum analysis.
volumeMultiplier: Multiplier for identifying volume spikes.
atrMultiplier: Multiplier for determining stop-loss levels using ATR.
Buy Conditions:
A bullish crossover is detected when:
The price is above the moving average.
RSI crosses above 50 (bullish momentum).
A volume spike is present.
Sell Conditions:
A bearish crossover is detected when:
The price is below the moving average.
RSI crosses below 50 (bearish momentum).
A volume spike is present.
Stop Loss Levels:
For buy signals, a stop loss is set at close - (ATR × ATR multiplier).
For sell signals, a stop loss is set at close + (ATR × ATR multiplier).
Visual Signals:
Buy signals are plotted as green triangles below bars.
Sell signals are plotted as red triangles above bars.
A moving average line is plotted for trend reference.
Alerts:
Alerts notify when buy or sell conditions are met.
lengthMA: Moving average length for trend detection.
lengthRSI: RSI period for momentum analysis.
volumeMultiplier: Multiplier for identifying volume spikes.
atrMultiplier: Multiplier for determining stop-loss levels using ATR.
Buy Conditions:
A bullish crossover is detected when:
The price is above the moving average.
RSI crosses above 50 (bullish momentum).
A volume spike is present.
Sell Conditions:
A bearish crossover is detected when:
The price is below the moving average.
RSI crosses below 50 (bearish momentum).
A volume spike is present.
Stop Loss Levels:
For buy signals, a stop loss is set at close - (ATR × ATR multiplier).
For sell signals, a stop loss is set at close + (ATR × ATR multiplier).
Visual Signals:
Buy signals are plotted as green triangles below bars.
Sell signals are plotted as red triangles above bars.
A moving average line is plotted for trend reference.
Alerts:
Alerts notify when buy or sell conditions are met.
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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