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OPEN-SOURCE SCRIPT

Peterbolic SAR - Colorbar

By SwiggitySwerve
Updated
Indicator with buy/sell alerts for setup/trigger conditions

Built upon Peterbolic SAR current version as of publishing
Release Notes
Forgot you have to manually calculate the Heiken Ashi candle values to get the proper signals on normal candles for this one
Release Notes
Improved the way the script calculates the plot and what colors to use

Fixed the alerts to use the original signals that the plot is draw from so no mishaps occur (Pine script and/or Tradingview can get touchy about how you set your alert conditions)

Added a blue indicator line for if we're considered in an uptrend or not based on the current indicator levels
You can usually tell based on the previous values/colors but it's easier to spot immediately at any point when viewing a chart
Release Notes
Add option to use Heiken Ashi values (or not) instead of hard setting them, results can vary depending on different time frames and this should help with more strategies
Release Notes
Added Bolinger Band Normalizer value to increase/reduce the offset of order placement based on the volatility at that point in time.
Changed the blue line to purple and multiplied it with the BBand Average value to give a visual representation of how much volatility is going on inside the indicator.
The spikes on the orange line will also be larger when the volatility is higher in the same way the purple line does
Release Notes
Offset was not calculating as needed due to round() going to 0 for all values <0.5
Setup so 0.5 should be the default offset from a setup that hits a trigger, because trigger candles have to EXCEED the setup candles in the direction of the trend
colorbarOscillatorspeterbolicSARTrend Analysis

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.

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SwiggitySwerve

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