Rainbow Drift Beta

14 mag 2023

Rainbow Drift Beta is an indicator that detects the triggers of long and short positions at any TF.

It's based on two different type of approaches to the EMAs periods:

- Classic EMAs periods: 10 and 50
- Cycle EMAs perdios: 16, 64 and 256

The 256 period EMA (Annual Cycle) detects the trend: if the EMA 64 (Three-Weekly Cycle) is above, it shows an uptrend; while the EMA 64 is below, it means that the price action is in downtrend.

10 and 16 periods EMAs are working together as well as the 50 and the 64. The first couple reacts faster than the second one and as soon as the 10 is above the 16, the band shows the first attempt of the price action to go in the uptrend direction. The same concept is applied to the second couple (50, 64): when EMA 50 > EMA 64 it's a confirmation of the faster EMAs long direction. Viceverca happens for the downtrend but with the same concept.

As the EMA periods taken in consideration are quite often a sensitive level of reaction of the price, the indicator detects when there is trigger of a long or a short set up and plots a label on the chart. It's possibile to set up an alert as well.

Quite important, the indicator is looking for sideways patterns as the breakout of them shows a clear direction of the price.

Moreover, in order to privide the first and the best entry possibile, the indicator has a function that is triggering only one time as the trend reverted: for example, a long entry on the EMA 10-16 happens only one time since they crossover the EMA 64.

As included in the name, this is a beta version and new improvements will be added in the near future like suggested price entry, SL and TP, and the focus of the development is to avoid as much as possibile the false triggers.

Of course the best way to improve the code is to receive the users' feedbacks, so please feel free to post your comments and questions.

27 giu 2023

Note di rilascio

This is the first update of the previous script with the following changes:

- I have prefered to emphasize the cycle periods for the EMAs instead of the classic ones
- The long and short signals are provided now with a suggested entry and a suggested stop loss
- The aspect of the indicator now more clean as it's showing just the long trend EMA that change the color following the trend of the price action
- A kind remind is important as I want to stress that this is a trend-following indicator that works very well when a new trend starts but provides some fake signals when the price action is sideway
- The next update will be focused on how to find out a good solution to remove the noise: your feedbacks will be very usefull in order to achieve this goal
- Last but not least, you are able to set up different alerts based on different TF

27 giu 2023

Note di rilascio

From Beta to just "Rainbow Drift".

Thank to all the Trading View community.

28 giu 2023

Note di rilascio

Version 1.01: same script of the latest update but with the alerts name issue sorted out.

PS: As the first publication, the name remains "Rainbow Drift Beta".

21 ago 2023

Note di rilascio

Rainbow Drift Beta 1.02

Bug solved.

6 nov 2023

Note di rilascio

Hey Traders, this latest updete has been studied for the developing of the following features:

- Customized Menu
- Scalping, Intraday or Middle Range trading option (the indicator works only with specific TF)
- 2 type of Market: Crypto or Stocks & Forex
- Adaptive EMA's period based on the TF chart and Market
- A new definition of Trend and Flow of the price action
- Sideway detection option
- Higher TF OHLC and 5 period EMA
- Trading information table
- 3 type of different alerts

Please continue to provide your feedbacks in order to continue to improve this indicator for a better trading.

18 nov 2023

Note di rilascio

This latest update provide a cleaner view of the price action and provides long/short triggers only on M5 and H1 timeframes as these 2 TF offer a better control of the trading positions.

2 dic 2023

Note di rilascio

Bug fixed.
Custum HT EMA period.
Support and resistance levels on long/short triggers.
Pivot points added.
H4 timeframe available.
BNF triggers on daily chart added.
Buy the dip levels on daily chart added.
Close to ATH/ATL on weekly chart added.

17 dic 2023

Note di rilascio

Bug fixed.
Bright colors.
Larger size of the font used for the table.

17 dic 2023

Note di rilascio

Text Size Option included.

14 gen 2024

Note di rilascio

The plot of S and L labels now refers to the trigger bar.

Best case use: enter your trade on the open price of the following trigger bar and place your stop loss on the wick belonging to the trigger bar.

3 mar 2024

Note di rilascio

Bug Fixed.

10 gen

Note di rilascio

Hey Traders, welcome to the latest update of Rainbow Drift trading indicator!

Here below the details of this update:

- The period of the moving averages has been changed in order to represent in the best way possible the daily, weekly, monthly and yearly price formation (e.g. 288 M5 = 1 day of crypto trading; 16 H1 = 2 days of stock trading, etc.)
- Removed Pivot points but kept the Support/Resistance levels
- Now M1 "Sniping" mode is available!
- H4 timeframe is represented as 3 months EMA in order to have a better view of the status of the asset during the yearly quarter
- SL is clearly indicated on the entry labels
- BNF level has been removed and the Buy The Dip has been adjusted to be triggered with monthly RSI < 30
- Weekly moving averages has been removed but possible ATH/ATL kept
- A new feature regarding the Volume has been included in order to highlight the bars with higher Volume
- Trading Info table has been updated, including the live change of BTC and BTC:D for Crypto Market and SPX and VIX for Stock Market

Don't hesitate to contact me for any question or suggestions.

Keeping backtesting and improving!

5 feb

Note di rilascio

Welcome back trader, here below the last two updates

- Trigger alert delay bug fixed
- Added the % of SL calculated as following: once a short/long trigger has been detected the entry should be placed on the opening of the following candle, so the SL is placed on the previous high. The SL is calculated as the % distance from the opening to the spike.