OPEN-SOURCE SCRIPT
Combined F&O Indicator BY SUPERSINGH
Explanation of the Code
Inputs and Settings: The script allows customization of the indicator lengths like RSI, EMA, Stochastic, ATR, etc. You can change these parameters directly from the indicator settings panel.
Moving Averages (EMA): We calculate three different EMAs (9, 20, and 50-period) to track the short, medium, and long-term trends.
RSI: Relative Strength Index (RSI) is calculated with a default period of 14.
Stochastic Oscillator: The Stochastic %K and %D lines are calculated to identify overbought or oversold conditions.
Bollinger Bands: Bollinger Bands with a period of 20 and a standard deviation of 2 are plotted to highlight overbought and oversold areas.
MACD: The Moving Average Convergence Divergence (MACD) is calculated with standard 12, 26, and 9 periods to identify bullish and bearish trends.
ATR: The Average True Range (ATR) is used to measure volatility. It is plotted as a reference to gauge price movement.
Buy and Sell Conditions:
Buy Condition: When the RSI is below 30 (indicating oversold), the Stochastic %K crosses above %D, and the price is above all three EMAs (indicating a bullish trend), and the MACD line is above the signal line.
Sell Condition: When the RSI is above 70 (indicating overbought), the Stochastic %K crosses below %D, and the price is below all three EMAs (indicating a bearish trend), and the MACD line is below the signal line.
Signals: The script plots buy signals when all conditions for a bullish trend are met and sell signals for a bearish trend. Buy and Sell signals are marked below and above the price bars, respectively.
Plots: The script plots the three EMAs, the Bollinger Bands, the RSI with overbought/oversold levels, and the MACD histogram.
Customizing Open Interest Data
Since Pine Script does not support Open Interest data directly, you would need to:
Use a data provider that includes Open Interest (if your broker or exchange offers this via TradingView).
Manually analyze Open Interest trends on external platforms and incorporate them into your decision-making.
If Open Interest is available on your chart, you can conditionally filter buy and sell signals based on rising or falling Open Interest to further refine your entry/exit strategy.
Next Steps
Copy and paste the code above into TradingView’s Pine Script editor.
Modify any settings or indicators as per your preferences.
Backtest the strategy to ensure that it works effectively on historical data.
Notes
Ensure that the buy and sell conditions align with your risk tolerance and trading style.
You might need to fine-tune the parameters based on the asset you're trading, as different instruments may behave differently.
Inputs and Settings: The script allows customization of the indicator lengths like RSI, EMA, Stochastic, ATR, etc. You can change these parameters directly from the indicator settings panel.
Moving Averages (EMA): We calculate three different EMAs (9, 20, and 50-period) to track the short, medium, and long-term trends.
RSI: Relative Strength Index (RSI) is calculated with a default period of 14.
Stochastic Oscillator: The Stochastic %K and %D lines are calculated to identify overbought or oversold conditions.
Bollinger Bands: Bollinger Bands with a period of 20 and a standard deviation of 2 are plotted to highlight overbought and oversold areas.
MACD: The Moving Average Convergence Divergence (MACD) is calculated with standard 12, 26, and 9 periods to identify bullish and bearish trends.
ATR: The Average True Range (ATR) is used to measure volatility. It is plotted as a reference to gauge price movement.
Buy and Sell Conditions:
Buy Condition: When the RSI is below 30 (indicating oversold), the Stochastic %K crosses above %D, and the price is above all three EMAs (indicating a bullish trend), and the MACD line is above the signal line.
Sell Condition: When the RSI is above 70 (indicating overbought), the Stochastic %K crosses below %D, and the price is below all three EMAs (indicating a bearish trend), and the MACD line is below the signal line.
Signals: The script plots buy signals when all conditions for a bullish trend are met and sell signals for a bearish trend. Buy and Sell signals are marked below and above the price bars, respectively.
Plots: The script plots the three EMAs, the Bollinger Bands, the RSI with overbought/oversold levels, and the MACD histogram.
Customizing Open Interest Data
Since Pine Script does not support Open Interest data directly, you would need to:
Use a data provider that includes Open Interest (if your broker or exchange offers this via TradingView).
Manually analyze Open Interest trends on external platforms and incorporate them into your decision-making.
If Open Interest is available on your chart, you can conditionally filter buy and sell signals based on rising or falling Open Interest to further refine your entry/exit strategy.
Next Steps
Copy and paste the code above into TradingView’s Pine Script editor.
Modify any settings or indicators as per your preferences.
Backtest the strategy to ensure that it works effectively on historical data.
Notes
Ensure that the buy and sell conditions align with your risk tolerance and trading style.
You might need to fine-tune the parameters based on the asset you're trading, as different instruments may behave differently.
Script de código aberto
No verdadeiro espírito do TradingView, o autor desse script o publicou como código aberto, para que os traders possam compreendê-lo e analisá-lo. Parabéns ao autor! Você pode usá-lo gratuitamente, mas a reutilização desse código em publicações é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.
Quer usar esse script no gráfico?
Aviso legal
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