Ninja Trend v2

28 Feb

Ninja Trend V2 is best for swing, day trading and scalping using higher timeframe bias and executing in the lower timeframes. Uses MACD for the overall bias and paints a Heikin-Ashi chart.

Settings:
Firstly, go to chart settings, check (tick) the body, uncheck borders and wicks.
Secondly, go to the script settings and input the following;
Source close

Fast moving average 7
Slow moving average 13
Signal length 4

For day trading and scalping, change the script settings timeframe to 15 minutes and use a smaller chart timeframe (M5 or M1)

For swinging change the script settings timeframe to Daily and use H4 chart timeframe.

Behind the code:
When the higher timeframe MACD histogram crosses and closes above zero line, script goes to neutral and paints grey bars waiting for the signal line to cross and close above the zero line and then paints green bars and a buy signal is generated.
When the higher timeframe MACD histogram crosses and closes below zero line, script goes to neutral and paints grey bars waiting for the signal line to cross and close below the zero line and then paints red bars.

Advantage of this is to filter out the chart noise by painting Heikin Ashi charts.


Signals:
Grey means neutral. No entries should be made.

Red means sells only. And then hold until the trend changes to green or use your desired TP and SL.

Green means buys only. And then hold until the trend changes to red or use your desired TP and SL.