Long time lurker, first time poster.
*I came across this "EZ Trend" indicator a couple months back that was put together by @BenTen * I've turned your indicator into a strategy and I'm very grateful for your work!
- Let me start off by saying that I consider this an aggressive scalping strategy. It suits me very well, but maybe not others. I'm using this strategy on a 5-tick range bar chart, and sometimes it's even too aggressive for me as the bars can form faster than you can react, so you may have to switch to a 7-tick or 10-tick range chart depending on price action.
- I have slightly modified the original indicator. The original indicator plotted the difference of I believe an 8-period EMA and a 13-period EMA. I've experimented with many different types of MA's for this strategy, but eventually ended up back at the EMA, but using the difference of 13-EMA and the 21-EMA.
- There is NO REPAINTING. The only time you will see what could be considered repainting is when the Data line of the indicator is hovering on the zero line, and even then, you'll only have one or two candles at most that could flicker back and forth between green and red.
- It has alerts.
- The code and chart I'm sharing is catered towards Gold Futures (/GC). It may or may not backtest well on other commodities or equities. Play around. Experiment.
- Lastly: Open up the strategy settings and turn off the plots for it to display properly.
Strategy:
Lower indicator:
Chart link:
https://tos.mx/BxWTASl
*I came across this "EZ Trend" indicator a couple months back that was put together by @BenTen * I've turned your indicator into a strategy and I'm very grateful for your work!
- Let me start off by saying that I consider this an aggressive scalping strategy. It suits me very well, but maybe not others. I'm using this strategy on a 5-tick range bar chart, and sometimes it's even too aggressive for me as the bars can form faster than you can react, so you may have to switch to a 7-tick or 10-tick range chart depending on price action.
- I have slightly modified the original indicator. The original indicator plotted the difference of I believe an 8-period EMA and a 13-period EMA. I've experimented with many different types of MA's for this strategy, but eventually ended up back at the EMA, but using the difference of 13-EMA and the 21-EMA.
- There is NO REPAINTING. The only time you will see what could be considered repainting is when the Data line of the indicator is hovering on the zero line, and even then, you'll only have one or two candles at most that could flicker back and forth between green and red.
- It has alerts.
- The code and chart I'm sharing is catered towards Gold Futures (/GC). It may or may not backtest well on other commodities or equities. Play around. Experiment.
- Lastly: Open up the strategy settings and turn off the plots for it to display properly.
Strategy:
Code:
# EZ Trend & Momentum strategy
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/IzvxaVhB-ROMI2/
def s2 = MovAvgExponential(close, 13) - MovAvgExponential(close, 21);
plot line = s2;
plot ZeroLine = 0;
line.AssignValueColor(if s2 <= 0 then Color.RED else Color.GREEN);
AssignPriceColor(if s2 <= 0 then Color.RED else Color.GREEN);
Alert(s2 crosses above ZeroLine, "Cross above 0", Alert.BAR, Sound.Ring);
Alert(s2 crosses below ZeroLine, "Cross below 0", Alert.BAR, Sound.Bell);
AddOrder(OrderType.BUY_AUTO, s2 crosses above ZeroLine, tickcolor = GetColor(1), arrowcolor = GetColor(1), name = "LE");
AddOrder(OrderType.SELL_AUTO, s2 crosses below ZeroLine, tickcolor = GetColor(2), arrowcolor = GetColor(2), name = "SE");Lower indicator:
Code:
# EZ Trend & Momentum
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/IzvxaVhB-ROMI2/
declare lower;
def s2 = MovAvgExponential(close, 13) - MovAvgExponential(close, 21);
plot line = s2;
plot ZeroLine = 0;
line.AssignValueColor(if s2 <= 0 then Color.RED else Color.GREEN);
AssignPriceColor(if s2 <= 0 then Color.RED else Color.GREEN);Chart link:
https://tos.mx/BxWTASl
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