OPEN-SOURCE SCRIPT
Dynamic Reactor [CHE]
Updated
This simple Pine script is an implementation of the Dynamic Reactor indicator. The indicator is designed to dynamically adjust to market conditions and identify trend reversals.
The indicator takes one input parameter: the length of the Dynamic Reactor. The script calculates the high, low, and midpoint values of the Dynamic Reactor using a simple moving average (SMA) function. The plot colors are determined by the current price in relation to the high and low values. If the price is above the high value, the plot is colored green. If the price is below the low value, the plot is colored red. Otherwise, the plot is colored gray. The area between the high and low values is filled with a transparent color to help visualize the range of the indicator.
The indicator takes one input parameter: the length of the Dynamic Reactor. The script calculates the high, low, and midpoint values of the Dynamic Reactor using a simple moving average (SMA) function. The plot colors are determined by the current price in relation to the high and low values. If the price is above the high value, the plot is colored green. If the price is below the low value, the plot is colored red. Otherwise, the plot is colored gray. The area between the high and low values is filled with a transparent color to help visualize the range of the indicator.
Release Notes
Dynamic Reactor Indicator [CHE] - Version 2.0This is the enhanced version 2.0 of the Dynamic Reactor Indicator [CHE]. This update introduces several key improvements and features aimed at making the indicator more adaptable and user-friendly, especially for traders looking for refined alert conditions and customization. Below is a summary of the updates and changes compared to the original version.
Changes from the Original Version:
1. Waiting Period for Alerts:
A configurable waiting period has been added, allowing users to specify the number of candles (`waitCandles`) before an alert is activated. This enhancement filters out minor fluctuations, ensuring that alerts are only triggered after sustained movements, improving the reliability of signal detection.
2. Separate Counters for Each Condition:
Three intelligent counters have been introduced for tracking conditions separately—crossing above resistance, crossing below support, and consolidation within a range. Each condition now has an independent counter, which ensures that alerts for each scenario respect the specified waiting period without interference from the others.
3. Enhanced Variable Names:
Variable names have been improved to be more descriptive, making the code easier to understand and maintain. This also ensures that traders can easily identify and modify parts of the script as needed.
4. Tooltips for Inputs:
Tooltips have been added to each input parameter, providing descriptions that clarify the purpose and effect of each setting. This enhancement makes the indicator more accessible, especially for new users or those unfamiliar with the specific configuration of the Dynamic Reactor.
5. Alert Messages:
Customizable alert messages have been refined to specify when a price crosses above the resistance, falls below the support, or enters the consolidation zone. These messages indicate that the alert has been triggered after the waiting period, ensuring that traders receive timely, accurate notifications for these key market conditions.
Summary:
Version 2.0 of the Dynamic Reactor [CHE] significantly improves the usability, clarity, and functionality of the indicator. With the addition of customizable waiting periods, intelligent counters, and clear tooltip descriptions, this version is designed to give traders more control over alert conditions and provide more precise signals in their trading strategy.
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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