This script allows you to build your own customized ribbon/cloud out of a combination of up to 10 moving averages of various lengths/types. The maximum and minimum of all the moving averages considered simultaneously at each period define the envelope of the cloud. Each moving average can be plotted or invisible and selectable for inclusion in the construction of the cloud. The defaults provide an example of a simple cloud plus individual moving averages.
Available Moving Average Algorithms:
The cloud color defaults to green when price closes above the cloud, red when price closes below, and gray when price closes within the cloud. You can disable the coloring of the cloud so that the cloud is a uniform color if that is your preference. There is also an option to highlight the boundaries of the cloud (default: OFF).
I have spent many hours testing clouds build upon various combinations of moving averages with this script. I suspect that you will, too. Enjoy!
Available Moving Average Algorithms:
- SMA
- EMA
- SMMA (RMA)
- WMA
- VWMA
- LSMA
- T3
- TEMA
The cloud color defaults to green when price closes above the cloud, red when price closes below, and gray when price closes within the cloud. You can disable the coloring of the cloud so that the cloud is a uniform color if that is your preference. There is also an option to highlight the boundaries of the cloud (default: OFF).
I have spent many hours testing clouds build upon various combinations of moving averages with this script. I suspect that you will, too. Enjoy!