OPEN-SOURCE SCRIPT
Multiple MAs + No Trend Zone + ATR Widget
Updated
This is my first Pine Script attempt. Nothing special, just an "all in one" for the most common things I use, and what I have found to be the most common in a lot of strategies.
Great for free and limited accounts as it combines 7 total indicators into one.
-- First 5 indicators are Independant Moving Averages:
-Each one can be set for length, as well as source and type (SMA, EMA, SMMA, WMA, VWMA) individually
-- Second type (6th) of indicator is one I find extremly useful for staying OUT of consolidation trading. It's called a "No Trend Zone" indicator I swipped from the Hoffman Startegy. Basically, its set for a small deviation (0.5) of a 35 EMA, which creates a "Band" around the 35 line. When you have this "Band" flat or with no discernable incline/decline, with price action OR some or multiple moving averages inside this banded zone, it typically indicates a zone of consolidation. This will help you identify when you may be in one of those zones, that way you don't get trapped "waiting for paint to dry" before the market starts to move again with your position, and keep you from entering should you be considering the market at that time.
The last indicator is my favorite, and one I will refine a little deeper soon.
-- The ATR widget finishes us out. This widget can be customized for colors, turned on or off, and automatically rounds the ATR (ATR period based on the chart timeframe) to a nice readable number for what you're trading. It has settings to show or not, the length, what rounding style to use (forex pip 0.0001, forex/stock/etf/indicies 0.01) where to show it on the pane, a Multiplier Factor (for stop loss calculations automatically) and the colors.
***NOTE ABOUT ATR WIDGET:
I am primarily a forex trader, so the defaults are for Forex 0.0001. If you see some odd numbers (like 55798 on a current chart), check the inputs tab on the settings, and change the "ATR Style" from "Forex 0.0001" to "Forex/Stock/ETF/Indicies 0.01", and you should arrive with the correct number.
Great for free and limited accounts as it combines 7 total indicators into one.
-- First 5 indicators are Independant Moving Averages:
-Each one can be set for length, as well as source and type (SMA, EMA, SMMA, WMA, VWMA) individually
-- Second type (6th) of indicator is one I find extremly useful for staying OUT of consolidation trading. It's called a "No Trend Zone" indicator I swipped from the Hoffman Startegy. Basically, its set for a small deviation (0.5) of a 35 EMA, which creates a "Band" around the 35 line. When you have this "Band" flat or with no discernable incline/decline, with price action OR some or multiple moving averages inside this banded zone, it typically indicates a zone of consolidation. This will help you identify when you may be in one of those zones, that way you don't get trapped "waiting for paint to dry" before the market starts to move again with your position, and keep you from entering should you be considering the market at that time.
The last indicator is my favorite, and one I will refine a little deeper soon.
-- The ATR widget finishes us out. This widget can be customized for colors, turned on or off, and automatically rounds the ATR (ATR period based on the chart timeframe) to a nice readable number for what you're trading. It has settings to show or not, the length, what rounding style to use (forex pip 0.0001, forex/stock/etf/indicies 0.01) where to show it on the pane, a Multiplier Factor (for stop loss calculations automatically) and the colors.
***NOTE ABOUT ATR WIDGET:
I am primarily a forex trader, so the defaults are for Forex 0.0001. If you see some odd numbers (like 55798 on a current chart), check the inputs tab on the settings, and change the "ATR Style" from "Forex 0.0001" to "Forex/Stock/ETF/Indicies 0.01", and you should arrive with the correct number.
Release Notes
Added multipliers for Stop loss and Take Profit Calculations for a quick ATR number to use for setting calculations into the widget, with options to turn on or off the SL & TP numbers.Release Notes
Added fixes to the code so it would display properly on mobileAdded more customizations for layout and size to make it as flexible as possible for your pane layout
Release Notes
**** Major Overhaul/Update! ****The Department of Redundancy Department was a little mad I was copying their proprietary style, so I had to fix that lol :)
*Refined & optimized the original code -- Eliminated multiple switch cases with a single function call.
*Reduced the code size with variables for long strings
*Added 7 more Moving averages
*Updated the ATR widget display to show the actual multiplier used and not just a number
*Added the "Hoffman Inventory Retracement" candle recognition with the script from @UCSGEARS
*Added "*All Candlestick Patterns*" source code to help with spotting candle patterns directly on the chart
*Renamed the "No Trend Zone" to "Trend/No-Trend Channel" - It is still used the same way as described above, but on occassion with a steady trend, price will tend to use this zone as a Channel and bounce around within it as it climbs or falls, like a "Dynamic" channel at times. Still the same with a Flat channel, this means the market is probably ranging.
*Rearranged the settings tab to be a little cleaner and more organized. Moved The "Trend/No-Trend Channel" to the bottom so it would be in the right order on the "Styles" tab.
- Set up with 8 moving averages on, the last 4 are off.
- Defaults with Engulfing, Hammer, & Inverted Hammer Candles "On"
- Hoffman Inventory Racement Candles "On" by default
- 8 initial Moving Averages set in the fashion of the Hoffman overlay, with 4 extra (IDK you could need more? But its there...) by default.
Any ideas for more to add, or improvements, drop a comment and I'll see what I can do ;) Hopefully this helps you reduce the number of "Indicators" listed by tradeview so you can use others on a light account.
Happy Trading/Scalping
Release Notes
Typos \_0_/ & Rename + Script creditsOpen-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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