OPEN-SOURCE SCRIPT
DR by Caco Maia
Created by Brazilian trader Caco Maia,this indicator signals an entry when the price breaks through both a slow and fast average while the TRIX and Stochastic are going in the same direction.
Must be used in conjunction with the market context,e.g. Trendlines,Fibonacci Retracements/Extensions or other indicators.
Filter 1 : The Fast Average must be going up/down.
Filter 2 : There`s a limit to the Slow Average inclination,only allowing entries if the Slow Average is "flat" or in the same direction of the signal.
Filter 3 : Uses both Filters.
Must be used in conjunction with the market context,e.g. Trendlines,Fibonacci Retracements/Extensions or other indicators.
Filter 1 : The Fast Average must be going up/down.
Filter 2 : There`s a limit to the Slow Average inclination,only allowing entries if the Slow Average is "flat" or in the same direction of the signal.
Filter 3 : Uses both Filters.
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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