OPEN-SOURCE SCRIPT
DragonBandzv0_
Hi All,
OK, the colored line is basically your macd (Moving average convergence/divergence) line. I took the coloring from the histogram and put it on the macd line, itself. That allows me to hide the signal and histogram lines.
White - increasing momentum up
Blue- decreasing momentum up
Red - increasing momentum down
Orange - decreasing momentum down
The volatility line is something I created. Basically....
Yellow - Bollinger bands are TIGHT showing low volatility before a breakout
Red - bands are WIDE showing high volatility before a pullback
Purple - somewhere in the middle, lol.
Top and bottom are the high and low of the previous 55 candles. It's controlled by the slowlength.
The period for the volatility and momentum zero line is the midlength.
The fastlength controls the period of the momentum wave, itself.
Smoothing is... smoothing, lol.
Everyone always gets stuck in money flow changing colors. That's NOT the basic strategy. The basic strategy is anticipating the PEAKS to trend before price starts trending. So, you kinda want to buy in the red, but when it makes higher lows. So, that's the anchor and trigger wave, and the smooth curving of the money flow curve.
So, I tried to give people the color changing thing on the momentum wave.
By Karatop420 (published on behalf of a friend)
OK, the colored line is basically your macd (Moving average convergence/divergence) line. I took the coloring from the histogram and put it on the macd line, itself. That allows me to hide the signal and histogram lines.
White - increasing momentum up
Blue- decreasing momentum up
Red - increasing momentum down
Orange - decreasing momentum down
The volatility line is something I created. Basically....
Yellow - Bollinger bands are TIGHT showing low volatility before a breakout
Red - bands are WIDE showing high volatility before a pullback
Purple - somewhere in the middle, lol.
Top and bottom are the high and low of the previous 55 candles. It's controlled by the slowlength.
The period for the volatility and momentum zero line is the midlength.
The fastlength controls the period of the momentum wave, itself.
Smoothing is... smoothing, lol.
Everyone always gets stuck in money flow changing colors. That's NOT the basic strategy. The basic strategy is anticipating the PEAKS to trend before price starts trending. So, you kinda want to buy in the red, but when it makes higher lows. So, that's the anchor and trigger wave, and the smooth curving of the money flow curve.
So, I tried to give people the color changing thing on the momentum wave.
By Karatop420 (published on behalf of a friend)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.