SMAs and Inside Bar strategy is very common as far as Technical analysis is concern. This script is a combination of 10-20-50-200 SMA and Inside Bar Candle Identification.
SMA Crossover:
4 SMAs (10, 20, 50 & 200) are combined here in one single indicator.
Crossover signal for Buy as "B" will be shown in the chart if SMA 10 is above 20 & 50 and SMA 20 is above 50. Crossover signal for Sell as "S" will be shown in the chart if SMA 10 is below 20 & 50 and SMA 20 is below 50.
Inside Bar Identification:
This is to simply identify if there is a inside bar candle. The logic is very simple - High of the previous candle should be higher than current candle and low of the previous candle should be lower than the current candle.
If the previous candle is red, the following candle would be Yellow - which may give some bullish view in most of the cases but not always If the previous candle is green, the following candle would be Black - which may give some bearish view in most of the cases but not always Be Cautious when you see alternate yellow and black candle, it may give move on the both side
Please comment if you have any interesting ideas to improve this indicator.
Sir, I found that after the price bullish trend [BUY signal] signal appears, if the price consolidates and the bullish trend appears again, the [BUY signal] signal will not be displayed at this time.
Is it because [BUY signal] appears, and I have to wait until [short signal] appears before [BUY signal] can be displayed again?
Thank you for creating such a great script.
milinkov
⋅
sir: i get confused easily. as simply as; when i look at sma length and then have to count the prices to establish color, and look at the chart, it messes me up is it possible to have at the line "SMA crossover with".... the length to be the same color as the ma, that is the #10 would be yellow and #20 was green Now when looking at a chart, if I see a green line, i then look at lengths and see a green 20 I know with time, a person learns what color each length is thanks for reading
Is it because [BUY signal] appears, and I have to wait until [short signal] appears before [BUY signal] can be displayed again?
Thank you for creating such a great script.