# Balanced BB Breakout Indicator
# Free for use. Header credits must be included when any form of the code included in this package is used.
# User assumes all risk. Author not responsible for errors or use of tool.
# v1.2 - Assembled by Chuck Edwards
# v2.0 - Barbaros - cleanup
# v2.1 - Barbaros - added RSI IFT, NumberOfShares, BB crossing options
# v2.2 - Barbaros - fixed PnL issues and removed intraDay filter
# v2.3 - Barbaros - changed input and variable names, RSM is re-done
# v2.4 - Barbaros - removed PnL, added strategy signal arrows and alerts,
# added Fibonacci SuperTrend, added unified bar color selection
# v2.5 - Chuck - added divergence and squeeze label, added squeeze alert
# Barbaros - cleanup, changed divergance to text, show stoch labels all the time
# Barbaros - added trend squeeze label for BB, added alerts for Stoch Scalper
# Barbaros - added options to hide clouds and labels
# Barbaros - changed trend and divergence colors and text to match
# Barbaros - removed volume and keltner channel studies, unified squeeze
# BETA - Barbaros - optimizations, added hints and separated out BullBear options for combinations
declare lower;
input ShowMarketForecastLabel = yes; #hint ShowMarketForecastLabel: Show the intermediate Market Forecast label
input ShowMACDBBLabel = yes; #hint ShowMACDBBLabel: Show the MACDBB based Trend label
input ShowMACDBBCloud = yes; #hint ShowMACDBBCloud: Show the MACDBB cloud shaded between BB
input ShowRSMCloud = yes; #hint ShowRSMCloud: Show the vertical cloud based on RSM
input ShowHMALabel = yes; #hint ShowHMALabel: Show HUll Moving Average based Divergence label
input ShowSTOCHSCALPERSqueezeLabel = yes; #hint ShowSTOCHSCALPERSqueezeLabel: Show Stochastic Scalper based squeeze label
input ShowSTOCHSCALPERSqueezeCloud = yes; #hint ShowSTOCHSCALPERSqueezeCloud: Show Stochastic Scalper based squeeze cloud between BB
input ShowBullBearVerticalLines = yes; #hint ShowBullBearVerticalLines: Show vertical lines for bullish or bearish direction
### Market Forecast
def pIntermediate = MarketForecast().Intermediate;
AddLabel(ShowMarketForecastLabel,
"Market Forecast " +
if pIntermediate >= 80 then "Bullish" else
if pIntermediate <= 20 then "Bearish" else
if pIntermediate > pIntermediate[1] then "Rising" else
if pIntermediate < pIntermediate[1] then "Falling" else "Neutral",
if pIntermediate >= 80 then Color.GREEN else
if pIntermediate <= 20 then Color.RED else
if pIntermediate > pIntermediate[1] then Color.LIGHT_GREEN else
if pIntermediate < pIntermediate[1] then Color.LIGHT_RED else Color.GRAY
);
### MACDBB
input MACDBB_FastLength = 12;
input MACDBB_SlowLength = 26;
input MACDBB_BandLength = 15;
input MACDBB_NumDev = 1.0;
def MACDBB_Data = MACD(fastLength = MACDBB_FastLength, slowLength = MACDBB_SlowLength, MACDLength = 5);
plot MACDBB_Upper = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).UpperBand;
MACDBB_Upper.SetDefaultColor(Color.RED);
MACDBB_Upper.HideTitle();
MACDBB_Upper.HideBubble();
plot MACDBB_Lower = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).Lowerband;
MACDBB_Lower.SetDefaultColor(Color.GREEN);
MACDBB_Lower.HideTitle();
MACDBB_Lower.HideBubble();
plot MACDBB_Midline = reference BollingerBands(price = MACDBB_Data, length = MACDBB_BandLength,
Num_Dev_Dn = -MACDBB_NumDev, Num_Dev_Up = MACDBB_NumDev).MidLine;
MACDBB_Midline.SetDefaultColor(Color.LIGHT_RED);
MACDBB_Midline.SetStyle(Curve.FIRM);
MACDBB_MidLine.HideTitle();
MACDBB_MidLine.HideBubble();
plot MACDBB_Line = MACDBB_Data;
MACDBB_Line.AssignValueColor(
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line >= MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.RED else
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line <= MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
MACDBB_Line.SetLineWeight(1);
plot MACDBB_Dots = MACDBB_Data;
MACDBB_Dots.AssignValueColor(
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
MACDBB_Dots.SetPaintingStrategy(PaintingStrategy.LINE_VS_POINTS);
MACDBB_Dots.SetLineWeight(1);
MACDBB_Dots.HideTitle();
MACDBB_Dots.HideBubble();
input MACDBB_CrossFromAboveAlert = {default "Zero", "Lower", "Middle", "Upper"};
input MACDBB_CrossFromBelowAlert = {default "Zero", "Lower", "Middle", "Upper"};
def MACDBB_CrossFromAboveVal = if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Lower then MACDBB_Lower
else if MACDBB_CrossFromAboveAlert == MACDBB_CrossFromAboveAlert.Upper then MACDBB_Upper
else 0;
def MACDBB_CrossFromBelowVal = if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Lower then MACDBB_Lower
else if MACDBB_CrossFromBelowAlert == MACDBB_CrossFromBelowAlert.Upper then MACDBB_Upper
else 0;
def MACDBB_Buy = MACDBB_Data > MACDBB_Upper;
def MACDBB_Sell = MACDBB_Data <= MACDBB_Lower;
AddLabel(ShowMACDBBLabel,
"Trend " +
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Bullish"
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then "Bullish (decreasing)"
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Bearish"
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then "Bearish (increasing)"
else "Neutral",
if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line > MACDBB_Upper then Color.DARK_GREEN
else if MACDBB_Line < MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.RED
else if MACDBB_Line > MACDBB_Line[1] and MACDBB_Line < MACDBB_Lower then Color.DARK_RED
else Color.GRAY
);
AddCloud(if ShowMACDBBCloud then MACDBB_Upper else MACDBB_Lower, MACDBB_Lower, Color.LIGHT_RED);
### RSI/STOCASTIC/MACD CONFLUENCE COMBO
plot RSM_MACD_Diff = reference MACD("fast length" = 12, "slow length" = 26, "macd length" = 9).Diff;
RSM_MACD_Diff.SetDefaultColor(GetColor(5));
RSM_MACD_Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RSM_MACD_Diff.SetLineWeight(4);
RSM_MACD_Diff.DefineColor("Positive and Up", Color.GREEN);
RSM_MACD_Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
RSM_MACD_Diff.DefineColor("Negative and Down", Color.RED);
RSM_MACD_Diff.DefineColor("Negative and Up", Color.DARK_RED);
RSM_MACD_Diff.AssignValueColor(
if RSM_MACD_Diff >= 0 then
if RSM_MACD_Diff > RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Positive and Up") else RSM_MACD_Diff.Color("Positive and Down")
else
if RSM_MACD_Diff < RSM_MACD_Diff[1] then RSM_MACD_Diff.Color("Negative and Down") else RSM_MACD_Diff.Color("Negative and Up")
);
plot RSM_MACD_ZeroLine = 0;
RSM_MACD_ZeroLine.SetDefaultColor(Color.RED);
RSM_MACD_ZeroLine.HideTitle();
RSM_MACD_ZeroLine.HideBubble();
def RSM_RSI = reference RSI(length = 7).RSI;
def RSM_Stoch_Val = 100 * (close - lowest(low, 14)) / (highest(high, 14) - lowest(low, 14));
def RSM_StochSlowK = SimpleMovingAvg(SimpleMovingAvg(RSM_Stoch_Val,3),3);
def RSM_rsiGreen = RSM_RSI >= 50;
def RSM_rsiRed = RSM_RSI < 50;
def RSM_stochGreen = RSM_StochSlowK >= 50;
def RSM_stochRed = RSM_StochSlowK < 50;
def RSM_macdGreen = RSM_MACD_Diff >= 0;
def RSM_macdRed = RSM_MACD_Diff < 0;
def RSM_Buy = RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen;
def RSM_Sell = RSM_rsiRed and RSM_stochRed and RSM_macdRed;
# Shade areas based on criteria; adjust as needed
AddCloud(
if ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiGreen and RSM_stochGreen and RSM_macdGreen then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_GREEN
);
AddCloud(
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.POSITIVE_INFINITY else Double.NaN,
if ShowRSMCloud and RSM_rsiRed and RSM_stochRed and RSM_macdRed then Double.NEGATIVE_INFINITY else Double.NaN, Color.LIGHT_RED
);
### Divergance
input HMA_Length = 55;
input HMA_Lookback = 2;
def HMA = HullMovingAvg(price = HL2, length = HMA_Length);
def HMA_delta = HMA[1] - HMA[HMA_Lookback + 1];
def HMA_delta_per_bar = HMA_delta / HMA_Lookback;
def HMA_next_bar = HMA[1] + HMA_delta_per_bar;
def HMA_concavity = if HMA > HMA_next_bar then 1 else -1;
def HMA_MA_Max = if HMA[-1] < HMA and HMA > HMA[1] then HMA else Double.NaN;
def HMA_MA_Min = if HMA[-1] > HMA and HMA < HMA[1] then HMA else Double.NaN;
def HMA_divergence = HMA - HMA_next_bar;
AddLabel(ShowHMALabel,
"Divergence " +
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then "Bearish (increasing)"
else "Bearish"
else
if HMA_divergence[1] < HMA_divergence then "Bullish (decreasing)"
else "Bullish",
if HMA_concavity < 0 then
if HMA_divergence[1] > HMA_divergence then Color.DARK_RED
else Color.RED
else
if HMA_divergence[1] < HMA_divergence then Color.DARK_GREEN
else Color.GREEN
);
### Stocastic Scalper
def STOCHSCALPER_oSS = (open[1] + close[1]) / 2;
def STOCHSCALPER_hSS = Max(high, close[1]);
def STOCHSCALPER_lSS = Min(low, close[1]);
def STOCHSCALPER_cSS = (STOCHSCALPER_oSS + STOCHSCALPER_hSS + STOCHSCALPER_lSS + close) / 4;
def STOCHSCALPER_mean = Average(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_sd = StDev(STOCHSCALPER_cSS, 20);
def STOCHSCALPER_atr = Average(TrueRange(STOCHSCALPER_cSS, STOCHSCALPER_hSS, STOCHSCALPER_lSS), 20);
def STOCHSCALPER_squeeze = if (STOCHSCALPER_mean + (2 * STOCHSCALPER_sd)) < (STOCHSCALPER_mean + (1.5 * STOCHSCALPER_atr)) then yes else no;
def STOCHSCALPER_squeeze_signal = !STOCHSCALPER_squeeze[1] and STOCHSCALPER_squeeze;
AddCloud(if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then MACDBB_Upper else Double.NaN,
if ShowSTOCHSCALPERSqueezeCloud and STOCHSCALPER_squeeze then MACDBB_Lower else Double.NaN, Color.YELLOW);
AddLabel(ShowSTOCHSCALPERSqueezeLabel, "Scalper Squeeze", if STOCHSCALPER_squeeze then Color.WHITE else Color.GRAY);
### Balance of Power
input BOP_EMA_Length = 20;
input BOP_TEMA_Length = 20;
def BOP_THL = If(high != low, high - low, 0.01);
def BOP_BullOpen = (high - open) / BOP_THL;
def BOP_BearOpen = (open - low) / BOP_THL;
def BOP_BullClose = (close - low) / BOP_THL;
def BOP_BearClose = (high - close) / BOP_THL;
def BOP_BullOC = If(close > open, (close - open) / BOP_THL, 0);
def BOP_BearOC = If(open > close, (open - close) / BOP_THL, 0);
def BOP_BullReward = (BOP_BullOpen + BOP_BullClose + BOP_BullOC) / 1;
def BOP_BearReward = (BOP_BearOpen + BOP_BearClose + BOP_BearOC) / 1;
def BOP_BOP = BOP_BullReward - BOP_BearReward;
def BOP_SmoothBOP = ExpAverage(BOP_BOP, BOP_EMA_Length);
def BOP_xPrice = BOP_SmoothBOP;
def BOP_xEMA1 = ExpAverage(BOP_SmoothBOP, BOP_TEMA_Length);
def BOP_xEMA2 = ExpAverage(BOP_xEMA1, BOP_TEMA_Length);
def BOP_xEMA3 = ExpAverage(BOP_xEMA2, BOP_TEMA_Length);
def BOP_nRes = 3 * BOP_xEMA1 - 3 * BOP_xEMA2 + BOP_xEMA3;
def BOP_SmootherBOP = BOP_nRes;
def BOP_s1 = BOP_SmoothBOP;
def BOP_s2 = BOP_SmootherBOP;
def BOP_s3 = BOP_SmootherBOP[2];
def BOP_Direction = if BarNumber() == 1 then 0
else if BOP_s2 < BOP_s3 and BOP_s2[1] > BOP_s3[1] then -1
else if BOP_s2 > BOP_s3 and BOP_s2[1] < BOP_s3[1] then 1
else BOP_Direction[1];
### RSI IFT
def RSI_IFT_R = reference RSI(5, close) - 50;
def RSI_IFT_AvgRSI = MovingAverage(AverageType.Exponential,RSI_IFT_R,9);
def RSI_IFT_InverseRSI = (Power(Double.E, 2 * RSI_IFT_AvgRSI) - 1) / (Power(Double.E, 2 * RSI_IFT_AvgRSI) + 1);
def RSI_IFT_Direction = if BarNumber() == 0 then 0
else if (RSI_IFT_InverseRSI[1] > 0) and (RSI_IFT_InverseRSI < 0) then -1
else if (RSI_IFT_InverseRSI > 0) and (RSI_IFT_InverseRSI[1] < 0) then 1
else RSI_IFT_Direction[1];
### Fibonacci SuperTrend
input FST_Length = 11;
input FST_Retrace = 23.6;
input FST_UseHighLow = yes;
def FST_h = if FST_UseHighLow then high else close;
def FST_l = if FST_UseHighLow then low else close;
def FST_minL = Lowest(FST_l, FST_Length);
def FST_maxH = Highest(FST_h, FST_Length);
def FST_hh = if FST_h > FST_maxH[1] then FST_h else FST_hh[1];
def FST_ll = if FST_l < FST_minL[1] then FST_l else FST_ll[1];
def FST_trend = if FST_h > FST_maxH[1] then 1 else if FST_l < FST_minL[1] then -1 else FST_trend[1];
def FST_Direction = if BarNumber() == 0 then 0
else if FST_trend != 1 then -1
else if FST_trend == 1 then 1
else FST_Direction[1];
### Bar Color
input BarColor = { "None", default "RSM", "FibonacciSuperTrend" };
AssignPriceColor(
if BarColor == BarColor.FibonacciSuperTrend then
if FST_trend == 1 then Color.GREEN else Color.RED
else if BarColor == BarColor.RSM then
if RSM_Buy then Color.GREEN
else if RSM_Sell then Color.RED
else Color.DARK_GRAY
else Color.CURRENT
);
### Strategy
input BullBear_Include_BOP = no;
input BullBear_Include_FST = no;
input BullBear_Include_RSI_IFT = yes;
def BullBear_Buy = (!BullBear_Include_BOP or BOP_Direction == 1) and
(!BullBear_Include_FST or FST_Direction == 1) and
(!BullBear_Include_RSI_IFT or RSI_IFT_Direction == 1);
def BullBear_Sell = (!BullBear_Include_BOP or BOP_Direction == -1) and
(!BullBear_Include_FST or FST_Direction == -1) and
(!BullBear_Include_RSI_IFT or RSI_IFT_Direction == -1);
AddVerticalLine(ShowBullBearVerticalLines and BullBear_Buy and !BullBear_Buy[1],
AsDollars(close),
Color.GREEN, Curve.SHORT_DASH);
AddVerticalLine(ShowBullBearVerticalLines and BullBear_Sell and !BullBear_Sell[1],
AsDollars(close),
Color.RED, Curve.SHORT_DASH);
def Strategy_Buy = BullBear_Buy and MACDBB_Buy and RSM_Buy;
def Strategy_Sell = BullBear_Sell and MACDBB_Sell and RSM_Sell;
def Strategy_BuySignal = Strategy_Buy and !Strategy_Buy[1];
def Strategy_SellSignal = Strategy_Sell and !Strategy_Sell[1];
plot BuyArrow = if Strategy_BuySignal then 0 else Double.NaN;
BuyArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
BuyArrow.SetDefaultColor(Color.WHITE);
BuyArrow.HideTitle();
BuyArrow.HideBubble();
plot SellArrow = if Strategy_SellSignal then 0 else Double.NaN;
SellArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SellArrow.SetDefaultColor(Color.WHITE);
SellArrow.HideTitle();
SellArrow.HideBubble();
### Alerts
Alert(Strategy_BuySignal, "Long Entry", Alert.BAR, Sound.DING);
Alert(Strategy_SellSignal, "Short Entry", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses above MACDBB_CrossFromAboveVal, "MACDBB Crossed Up", Alert.BAR, Sound.DING);
Alert(MACDBB_Line crosses below MACDBB_CrossFromBelowVal, "MACDBB Crossed Down", Alert.BAR, Sound.DING);
Alert(STOCHSCALPER_squeeze_signal, "Scalper Squeeze", Alert.BAR, Sound.DING);
