OPEN-SOURCE SCRIPT
Madrid Bull/Bear Territory
This study displays a background in four colors, lime, green, red, maroon, lime = Bull Territory, red = Bear Territory, green = possible reversal to Bear Territory, maroon = possible reversal to Bull Territory.
Trading with the basic rule, go long on a Bull Market and short a Bear Market.
This study can be used inside the main window, or by unmerging/merging it can be used as a standalone or in combination with other indicators.
The parameters defined by default reduce choppiness and false signals, but just like any other indicator, there is a trade off between fast response and choppiness. The smaller the parameters the faster response, but the more choppiness.
This indicator is built using three EMA's, two (the bigger ones) are used to define the trend direction, and the fastest one is used as a signal, when the signal breaks out the trend indicators to the downside we're in Bear Market, when the signal breaks out to the upside, we're in Bull Market, any thing in between is either a trend reversal or trend continuation.
Momentum indicators and price pattern analysis are recommended to determine the direction of the trend.
Trading with the basic rule, go long on a Bull Market and short a Bear Market.
This study can be used inside the main window, or by unmerging/merging it can be used as a standalone or in combination with other indicators.
The parameters defined by default reduce choppiness and false signals, but just like any other indicator, there is a trade off between fast response and choppiness. The smaller the parameters the faster response, but the more choppiness.
This indicator is built using three EMA's, two (the bigger ones) are used to define the trend direction, and the fastest one is used as a signal, when the signal breaks out the trend indicators to the downside we're in Bear Market, when the signal breaks out to the upside, we're in Bull Market, any thing in between is either a trend reversal or trend continuation.
Momentum indicators and price pattern analysis are recommended to determine the direction of the trend.
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.