https://www.tradingview.com/script/ONXv ... nal-Index/
The code is below:
Code: Select all
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © peacefulToucan67678
//@version=5
indicator("MADX")
length = input.int(100)
mahigh = ta.ema(high, length)
malow = ta.ema(low, length)
maclose = ta.ema(close, length)
bear = mahigh/maclose
bull = maclose/malow
plot(bear, color=#f44336, linewidth=2, title="MADX-")
plot(bull, color=#006064, linewidth=2, title="MADX+")I'm thinking this indicator could be expanded upon in numerous ways:
- Being able to add all averages to the indicator so we aren't limited to just the EMA
- Ability to edit which kind of moving average you use for "mahigh", "malow", and "maclose" for some interesting combinations
- Modifying the length of "mahigh", "malow", and "maclose" separately so you aren't stuck with one length for all 3 parameters
- Adding the ability to see the indicator in MTF/AHTF
- Arrows for an entry that is visually easier to see
- Coloring the candles to reflect when the indicator is in bullish/bearish mode
- Alerts so we don't have to sit at our computers all day for a viable trade signal
- A button for easier analysis and less CPU consumption
The code looks fairly easy to translate into MT4 language as it's only a few lines at most. Not sure if it is more appropriate to put it in the ADX thread or the Moving Averages thread.
I had the chance to do some very light backtesting on SPX500 1-minute charts using a length setting of 50 and it looks very promising. Losses are small enough that one winner can wipe a couple of them out.
Appreciate you guys and all that you do!
