OPEN-SOURCE SCRIPT
Bull Club Bias
Updated
The script intends to eliminate noise from the chart. It uses a combination of multiple indicators into 1.
For long bias:
For short bias:
For every other combination, it is a range-bound bias.
BANKNIFTY
For long bias:
- Close is greater than the ADX
- 15 Period EMA on close is greater than SMA on high
- 13 period RSI is greater than 25 periods RSI
- MACD is greater than 0
For short bias:
- Close is lower than the ADX
- 15 Period EMA on close is lower than SMA on high
- 13 period RSI is lower than 25 periods RSI
- MACD is lower than 0
For every other combination, it is a range-bound bias.
BANKNIFTY- A green background indicates long bias
- A Red background indicates short bias
- An Orange background indicates range-bound bias
Release Notes
- Transparency increased to improve chart visibility
- Description updated to correct typos.
The script intends to eliminate noise from the chart. It uses a combination of multiple indicators into 1.
For long bias:
Close is greater than the ADX
15 Period EMA on close is greater than 50 SMA on high
13 period RSI is greater than 25 periods RSI
MACD is greater than 0
For short bias:
Close is lower than the ADX
15 Period EMA on close is lower than 50 SMA on low
13 period RSI is lower than 25 periods RSI
MACD is lower than 0
For every other combination, it is a range-bound bias. NSE:BANKNIFTY
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.
Disclaimer
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