OPEN-SOURCE SCRIPT

Johnny's Moving Average Ribbon

Props to Madrid for creating the original script: Madrid Moving Average Ribbon.
All I did was upgrade it to pinescript v5 and added a few changes to the script.


Features and Functionality


Moving Average Types: The indicator offers a choice between exponential moving averages (EMAs) and simple moving averages (SMAs), allowing users to select the type that best fits their trading strategy.

Dynamic Color Coding: Each moving average line within the ribbon changes color based on its direction and position relative to a reference moving average, providing visual cues for market sentiment and trend strength.
  • Lime Green: Indicates an uptrend and potential long positions, shown when a moving average is rising and above the longer-term reference MA.
  • Maroon: Suggests caution for long positions or potential short reentry points, displayed when a moving average is rising but below the reference MA.
  • Ruby Red: Represents a downtrend, suitable for short positions, shown when a moving average is falling and below the reference MA.
  • Green: Signals potential reentry points for downtrends or warnings for uptrend reversals, displayed when a moving average is falling but above the reference MA.


Usage and Application

Trend Identification: Traders can quickly ascertain the market's direction at a glance by observing the predominant color of the ribbon and its orientation.

Trade Entry and Exit Points: The color transitions within the ribbon can signal potential entry or exit points, with changes from green to lime or red to maroon indicating shifts in market momentum.

Customization: Users have the flexibility to toggle between exponential and simple moving averages, allowing for a tailored analytical approach that aligns with their individual trading preferences.

Technical Specifications

The ribbon consists of multiple moving averages calculated over different periods, typically ranging from shorter to longer-term intervals to capture various aspects of market behavior.

The color dynamics are determined by comparing each moving average to a reference point, often a longer-term moving average within the ribbon, to assess the relative trend strength and direction.
entrysignalexitsignalmoving_averageMoving AveragesribbonTrend AnalysistrendtradingWave Analysis

Skrip open-source

Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart

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