[RS]Murrey's Math Lines Channel V1
EXPERIMENTAL:MML using a absolute deviation average oscilator, i think this gives better results then donchian channels.
color scheme for the bar color was ripped from UCS's MML oscilator :p thx.
color scheme for the bar color was ripped from UCS's MML oscilator :p thx.
study("[RS]Murrey's Math Lines Channel Adaptation V1", overlay=true)
useHA = input(false, title="Use Heikken Ashi Candles Source:")
price_src = input(close, title="Price Source:")
price = useHA ? security(heikenashi(tickerid), period, price_src) : price_src
l1 = input(1, title="Deviation Factor:")
// ||----------------------------------------------------------------------------------------------------------------------------||
// ||--- Utility Functions:
// ||----------------------------------------------------------------------------------------------------------------------------||
capdev()=> cum(stdev(close, 4))/(n+1)
oscdev(src, multiplier)=>
pre = nz(output[1], src)
output = src-capdev()*multiplier > pre ? pre + capdev() : src+capdev()*multiplier < pre ? pre - capdev() : pre
// ||----------------------------------------------------------------------------------------------------------------------------||
// ||--- Channel Calculation:
// ||----------------------------------------------------------------------------------------------------------------------------||
ML = oscdev(price, l1)
// ||--- Upper Band Lines:
UML1 = ML + capdev() * l1
UML2 = ML + (capdev() * (l1*2))
UML3 = ML + (capdev() * (l1*3))
UML4 = ML + (capdev() * (l1*4))
UML5 = ML + (capdev() * (l1*5))
UML6 = ML + (capdev() * (l1*6))
// ||--- Lower Band Lines:
LML1 = ML - capdev() * l1
LML2 = ML - (capdev() * (l1*2))
LML3 = ML - (capdev() * (l1*3))
LML4 = ML - (capdev() * (l1*4))
LML5 = ML - (capdev() * (l1*5))
LML6 = ML - (capdev() * (l1*6))
// ||--- Output Lines:
plot(ML, color=black, linewidth=2, title="ML")
// ||--- Output Upper Band Lines:
plot(UML1, color=black, linewidth=1, title="UML 1")
plot(UML2, color=gray, linewidth=1, title="UML 2")
plot(UML3, color=silver, linewidth=1, title="UML 3")
plot(UML4, color=blue, linewidth=2, title="UML 4")
plot(UML5, color=navy, linewidth=1, title="UML 5")
plot(UML6, color=black, linewidth=1, title="UML 6")
// ||--- Output Lower Band Lines:
plot(LML1, color=black, linewidth=1, title="LML 1")
plot(LML2, color=gray, linewidth=1, title="LML 2")
plot(LML3, color=silver, linewidth=1, title="LML 3")
plot(LML4, color=blue, linewidth=2, title="LML 4")
plot(LML5, color=navy, linewidth=1, title="LML 5")
plot(LML6, color=black, linewidth=1, title="LML 6")
// ||----------------------------------------------------------------------------------------------------------------------------||
// ||--- Buy and Sell Signals:
// ||----------------------------------------------------------------------------------------------------------------------------||
sell0 = price[1] >= ML[1] and price < ML ? true : false
buy0 = price[1] <= ML[1] and price > ML ? true : false
plotshape(sell0, style=shape.triangledown, location=location.abovebar, color=maroon)
plotshape(buy0, style=shape.triangleup, location=location.belowbar, color=green)
showBG = input(false)
bgcolor(not showBG ? na : sell0 ? maroon : na, 70)
bgcolor(not showBG ? na : buy0 ? green : na, 70)
// ||----------------------------------------------------------------------------------------------------------------------------||
// ||--- UCS's MMLO Bar Color Scheme: --------------------------------------------------------------------------------------||
// ||----------------------------------------------------------------------------------------------------------------------------||
a = price > ML and price < UML1
b = price > ML and price < UML2
c = price > ML and price < UML3
d = price > ML and price < UML4
z = price < ML and price > LML1
y = price < ML and price > LML2
x = price < ML and price > LML3
w = price < ML and price > LML4
showBarColor = input(true, title="Display Candle Colors:")
colordef = a ? #ADFF2F : b ? #32CD32 : c ? #3CB371 : d ? #008000 : z ? #CD5C5C : y ? #FA8072 : x ? #FFA07A : w ? #FF0000 : blue
barcolor(not showBarColor ? na : colordef)
// ||----------------------------------------------------------------------------------------------------------------------------||
// ||----------------------------------------------------------------------------------------------------------------------------||