mod note:
The Fibline Cloud gives traders a simple way to read market conditions by watching how price behaves around the fast and slow volatility bands.
This is an indicator combines Bollinger Bands and an exponential moving average.
If the price is near the lower Bollinger Band (oversold) AND above the EMA (uptrend), that could be a good time to buy.
If it’s near the upper band (overbought) AND below the EMA (downtrend), that might be a good time to sell
Credits:
The Fibline Cloud gives traders a simple way to read market conditions by watching how price behaves around the fast and slow volatility bands.
This is an indicator combines Bollinger Bands and an exponential moving average.
If the price is near the lower Bollinger Band (oversold) AND above the EMA (uptrend), that could be a good time to buy.
If it’s near the upper band (overbought) AND below the EMA (downtrend), that might be a good time to sell
thinkScript Code
Rich (BB code):
# WalkingBallista & BenTen
# Source: https://www.tradingview.com/script/AcSV26QX-Fibline-Glance/
# https://usethinkscript.com/d/102-fibline-glance-bollinger-bands-and-ema-indicator-for-thinkorswim
# Fast Cloud
input price = close;
input displace = 0;
input length = 9;
input Num_Dev_Dn = -0.1;
input Num_Dev_up = 0.1;
input averageType = AverageType.Simple;
def sDev = stdev(data = price[-displace], length = length);
def MidLine = MovingAverage(averageType, data = price[-displace], length = length);
plot LowerBand = MidLine + num_Dev_Dn * sDev;
plot UpperBand = MidLine + num_Dev_Up * sDev;
# Slow Cloud
input slow_price = close;
input slow_displace = 0;
input slow_length = 40;
input slow_Num_Dev_Dn = -0.4;
input slow_Num_Dev_up = 0.4;
input slow_averageType = AverageType.Simple;
def slow_sDev = stdev(data = slow_price[-slow_displace], length = slow_length);
def slow_MidLine = MovingAverage(averageType, data = slow_price[-slow_displace], length = slow_length);
plot slow_LowerBand = slow_MidLine + slow_num_Dev_Dn * slow_sDev;
plot slow_UpperBand = slow_MidLine + slow_num_Dev_Up * slow_sDev;
LowerBand.SetDefaultColor(GetColor(2));
UpperBand.SetDefaultColor(GetColor(2));
slow_LowerBand.SetDefaultColor(GetColor(1));
slow_UpperBand.SetDefaultColor(GetColor(1));
DefineGlobalColor("Fast_Cloud", Color.Orange);
DefineGlobalColor("Slow_Cloud", Color.Cyan);
addCloud(LowerBand, UpperBand, GlobalColor("Fast_Cloud"), GlobalColor("Fast_Cloud"));
addCloud(slow_LowerBand, slow_UpperBand, GlobalColor("Slow_Cloud"), GlobalColor("Slow_Cloud"));Shareable Link
https://tos.mx/GUpdkQCredits:
Last edited by a moderator:
