This script uses the gap in moving averages standardized to the average true range to determine entry and exit points. The red line represents the current percentage of ATR that is deemed "The Dead Zone" - a move that is too small to be reliable. The histogram represents the gap between moving averages. When the histogram is above the red line, it confirms a breakout move. The dashed line an be used as a secondary filter and is a moving average of the histogram. When Standard Deviation mode is on, a third line is displayed, which represents how many standard Deviations the current histogram bar represents, and can be also used as a filter.
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added option to color histogram based on bullish/bearish Gap of MAs
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Added Alerts
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bug fix for alert conditions to only fire on crossovers
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Added alerts when the histogram changes color (goes bullish from bearish or vice-versa) after two or more previous bars of the opposite color
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added price source as an input parameter
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Added alert conditions for Std Deviation/MA crossovers and crossunders
Fantastic concept. There is 1 flaw in my opinion. How do we know if the breakout is bullish or bearish? It seems that it will indicate breakouts both bearish and bullish ones, how do you distinguish them?
My suggestion is adding a colour coding wether or not if fastMA>slowMA
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io72signals
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love this! simple yet powerful. Thank you!
Lower_Fox
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I wanted to let you know that spot testing this indicator in my NNSFX inspired algo is extremely encouraging. Anyone who has attempted to create an algo knows that the volume/volatility component... that one thing that absolutely confirms... "Yes, Go" or "No, Dont".... is extremely hard to find. This indicator smokes the WAE in my opinion. I treat the pink-ish moving average line as the "explosion" line found on the WAE and I'm coming up with superior results. Many thanks, man! Hope you NNSFX people find this indi... I really do.
vinhthai23
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Amazing indicator, thanks!
bitcollectr
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exellent script many thanks
you just added alerts, is it also possible to show the entry and exits on the chart with a label for example ?