[blackcat] L3 Bull Channel

Nov 20, 2022

Level 3
Background

This is a bullish channel with spikes for long entries. Optimized for 4H time frame.

Function

This indicator places a fast and smooth lines into a channel for 4H time frame. The channel can work as overbought and oversould threshold for judgement. Also, the fast and smooth (green , red lines) will cross together and you can judge short term momentum with their cross status as golden cross or dead cross status.
For the color definitions:
Output upper_rail = 21-day [2-day weight] moving average of the highest price*1.05, draw upper_rail
Output lower_rail = 21-day [2-day weight] moving average of the lowest price*0.95, painted yellow
Output smooth_trend = 5-day [1-day weight] moving average of the lowest price, painted red
Output fast_trend = 2-day [1-day weighted] moving average of the closing price, painted green
Output swing_long = If fast_trend wears smooth_trend, return upper_rail*1.05, otherwise return smooth_trend, draw red
Output leader_long = If fast_trend wears upper_rail, return upper_rail*1.10, otherwise return lower_rail, draw orange

Remarks
Feedbacks are appreciated.

Nov 20, 2022

Release Notes

correct short labels