This is the Revised Version of Bar Color Long / Short Indicator With Advised SL with some extra features
Overview This script is a trading indicator named "Bar Color Long / Short Indicator With Advised SL" designed for the TradingView platform. The indicator's primary purpose is to provide entry signals for long and short positions, based on various technical analysis methods. Additionally, the indicator suggests stop-loss levels for both long and short positions.
User Inputs The indicator has several user inputs, such as:
Length Smoothing Multiplier Show bar colors (ON/OFF) When the bar colors are turned off, the alert signals for long and short positions will be displayed instead.
Custom Risk Calculation The script calculates a custom risk level based on a modified version of the RSI (Relative Strength Index) formula. The custom risk level is divided into three categories: low, medium, and high.
Sentiment Score Calculation The indicator calculates a sentiment score based on a combination of methods resembling EMA (Exponential Moving Average), MACD (Moving Average Convergence Divergence), and ROC (Rate of Change). The sentiment score is used to determine if the sentiment is positive or negative.
Bollinger Bands Percent and Combined Signal The Bollinger Bands Percent is calculated, and the custom risk, sentiment score, and Bollinger Bands Percent are combined to generate a new signal. This signal is used in conjunction with EMA10 to determine the bar colors and provide entry signals.
Bar Colors Based on the combined signal and EMA10, the script determines the bar colors as follows:
Orange: Positive sentiment Blue: Negative sentiment Gray: Neutral Entry Signals and Alerts When the bar colors are turned off, the indicator displays large green arrow signals for long (buy) positions and red arrow signals for short (sell) positions based on the sentiment and EMA10 conditions. The script also includes alert conditions for long and short signals, which can be used to set up notifications when these signals are triggered in the TradingView platform.
Advised Stop-Loss Levels The indicator plots stop-loss lines for both long and short positions at the last candle, accompanied by labels showing the advised stop-loss levels in numeric values
Rev 1
added / changed :
SMA50 slope check EMA20 higher or lower than EMA10 color ON/OFF changed Signal once Buy and Sell
Release Notes
Changed a little part in the Long and Short Part
Release Notes
Added some more cosmetic stuff what can be turned ON and OFF at settings / input And cleaned up the script a bit Hope you like it
Release Notes
Changed Color Switch Settings and added a General Long & Short condition
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.