Moving Distance trading oscillator (beta)
The basic rules of the indicator.
In principle, it works as a stop and reverses indicator.
Flipping to positive values and green color indicates a long position.
Let's say you are long a color flip indicates caution or profit-taking, telling you the price is below the set fastMA but still above the set slowMA.
Flipping to negative values and red color indicates a short position.
Let's say you are short a color flip indicates caution or profit-taking, telling you the price is above the set fastMA but still below the set slowMA.
The height of the oscillations between positive and negative is derived by creating two plotters tracking the percentages of
difference between price and fastMA,
and between fastMA and slowMA
It can get choppy when price goes flat or on lower timeframes but I found especially on 4h and up it gets pretty clean.
Still testing.
let me know what you think.
In principle, it works as a stop and reverses indicator.
Flipping to positive values and green color indicates a long position.
Let's say you are long a color flip indicates caution or profit-taking, telling you the price is below the set fastMA but still above the set slowMA.
Flipping to negative values and red color indicates a short position.
Let's say you are short a color flip indicates caution or profit-taking, telling you the price is above the set fastMA but still below the set slowMA.
The height of the oscillations between positive and negative is derived by creating two plotters tracking the percentages of
difference between price and fastMA,
and between fastMA and slowMA
It can get choppy when price goes flat or on lower timeframes but I found especially on 4h and up it gets pretty clean.
Still testing.
let me know what you think.