OPEN-SOURCE SCRIPT
BB With Buy & Sell Signaling by mattzab
Updated
This is an unmodified Bollinger Band, with the addition of buy/sell arrows.
No arrow = hold the position (whether in or out)
Blue up = buy
Red down = sell
Arrows are produced by MACD histogram moving in the same direction as price.
MACD settings are:
Fast EMA = 10
Slow EMA = 20
Signal Smoothing SMA = 5
No arrow = hold the position (whether in or out)
Blue up = buy
Red down = sell
Arrows are produced by MACD histogram moving in the same direction as price.
MACD settings are:
Fast EMA = 10
Slow EMA = 20
Signal Smoothing SMA = 5
Release Notes
Cleaned up and commented code.Release Notes
Changed from Close Price to Average of High & Low Point.Release Notes
Removed more whiplash. Modified some stuff regarding close, hl2, and hlc3. The buy/sell points seem to be more accurate now.If someone can show me how to prevent multiple consecutive buy arrows and sell arrows I'd appreciate it. Fewer arrows would be nice. Just a single buy, followed by a single sell, followed by a single buy, single sell, etc.
Email me, my username at gmail. Thanks!
Release Notes
Cleaned up the arrows so there are fewer consecutive signals.Release Notes
Cleaned up the arrows more. Now you should almost always only get a buy signal if the last signal was a sell, and only get a sell if previous signal was a buy. Not sure fire, but should work in most cases.Release Notes
Added a blue and red line out in front of price to show how close the next signal is.Full Explanation:
This will overlay standard Bollinger Bands, with these additions:
Blue Up Arrow - Buy Signal
Red Down Arrow - Sell Signal
To the right of the current price:
Horizontal Blue and Red Lines - These show you how close you are to getting the opposite signal. When blue is above red, you are in buy/hold territory. When blue is below red, you are in sell/wait territory. The purpose of these red and blue horizontal lines out in front of price is to show you how close you are to getting an opposite buy/sell signal.
Release Notes
Removed previous changes: not functioning properly. Code commented. Fix if you can figure out how. Email me the fix. My username at gmail.Release Notes
This script now produces Standard Bollinger Bands, Buy/Sell arrows based on the 10,20,5 MACD Histogram (using high/low/close average) direction in relation to Price high/low average, and tack lines that indicate how close the next arrow is to coming around.The script isn't perfect, but I don't know what to do to get the tack lines to the right of price to be more accurate to the buy/sell arrows.
Email me if you have any ideas.
Release Notes
Minor Tweaks for accuracy on the tack marks. Still needs improvement for better accuracy, email me if you can figure out the math I'm missing.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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