Link to TTM Reversion Band - http://www.tradethemarkets.com/products/...
Link to TTM Reversion Band Guide - http://kb.simplertrading.com/reversion-b...
John Carters Mastering the trade - http://www.amazon.com/Mastering-Trade-Se...
For the amount of information this has, the price tag is not hefty.
John's RTM Chapter Synopsis - http://www.tradethemarkets.com/public/ma...
What did I modify?
1. Automated the Daily + and Intraday settings. So Switching to intraday will change the setting automatically.
2. Added text callouts for RTM condition
a. John Carter's Indicator
b. Slope Based (my addition).
Future Improvement Planned.
1. Will Convert this into a system based on John's Indicator from TS .
2. Custom Options for Slope and MA setting for Trade filter.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.
// Created by UCSgears // Adopted from TTM Reversion Bands // Added a little touch study(title="UCS_TTM - Reversion Bands", shorttitle="UCS_TTM-RTM", overlay=true) // Defining Timeframe and Parameters a = isdwm ? 1 : 0 b = isintraday ? 1 : 0 // TTM - Revertion to the Mean Band - INPUTS z = input(0, title = "Offset") usesl = input(true, title = "RTM against Slope (UCSgears Addition)", type=bool) length = a == 1 ? 13 : 25 atrlen = a == 1 ? 13 : 25 mult = a == 1 ? 1.5 : 2.5 range = tr // Calculations ma = ema(close, length) rangema = ema(range, atrlen) upper = ma + rangema * mult lower = ma - rangema * mult // All Plots plot(upper, color=purple, title="Upper Channel", offset = z) plot(ma, color=red, title="Middle Line", offset = z) plot(lower, color=purple, title="Lower Channel", offset = z) //Slope Definition slope = (ma - ma)/5 sh = highest(slope, 250) sl = lowest(slope, 250) sm = 0 /////////////////////////////////////////////////////////////////////////////////////////////////(sh+sl)/2 pup = slope > sm ? 1 : 0 ndn = slope < sm ? 1 : 0 plotshape(usesl ? pup : na, style = shape.triangleup, color = green, location = location.bottom, title = "Positive Slope", transp = 0) plotshape(usesl ? ndn : na, style = shape.triangledown, color = red, location = location.top, title = "Negative Slope", transp = 0) // Condition for Dots dota = (high > upper) and (high < upper) ? upper : na dotb = (low < lower) and (low > lower) ? lower : na dotbsp = pup == 1 ? dotb : na dotasn = ndn == 1 ? dota : na plotshape(usesl ? dotasn : dota, style = shape.circle, location = location.abovebar, color = fuchsia, title = "RTM UP", text = "RTM - UP \n SHORT", textcolor = fuchsia, transp = 0) plotshape(usesl ? dotbsp : dotb, style = shape.circle, location = location.belowbar, color = blue, title = "RTM Down", text = "RTM - DOWN \n LONG", textcolor = blue, transp = 0)