OPEN-SOURCE SCRIPT
Updated Noro's Trend Ribbon Strategy
One moving average ( SMA ) is used. The channel is convened at a moving average rather than prices. Blue is a uptrend. Red is a downtrend.
If the candle has closed above the ribbon - open long (and close short)
If the candle has closed below the ribbon - open short (and close long)
If the candle has closed above the ribbon - open long (and close short)
If the candle has closed below the ribbon - open short (and close long)
Release Notes
+ ohlc4Release Notes
+ Signal SourceRelease Notes
+ MA Type (sma, ema, vwma)Release Notes
+ MA Type (rma)Release Notes
+ checkbox (long, short, etc)
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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