mattzab

Mattzab Arrows

Mattzab Arrows


THE BASICS
  • Buy and Sell Signal Arrows
  • Tack Marks to show how close the next opposite arrow might be- showing possible trend reversals
  • Standard Bollinger Bands
  • 10-Day SMA Line
  • Configurable
  • Open Source



THE NITTY GRITTY
For starters, all values listed below can be changed in the settings. Length of time, as well as source, can be changed. For the Hidden EMA , this can be made visible by increasing its transparency.


ARROWS
The buy and sell signal arrows are based on price and MACD histogram.
The MACD settings are as follows: 10 day fast EMA , 20 day slow EMA , 5 day SMA signal smoothing. Instead of close price, we are using the average point of the day's high, low, and close.

For the arrows, current price and yesterday's price are using hl2 for high/low average.
A BUY arrow is created when:
Current Price IS GREATER THAN Previous Price _AND_ Current MACD Histogram IS GREATER THAN Previous MACD Histogram.
Important Note! Because the MACD Histogram repaints, the buy arrows may appear, then disappear later in the day, if the MACD changes. Check on the changelog to see if I've fixed it by the time you're reading this. (TradingView doesn't let you edit the description after it's been posted)

A SELL arrow is created when:
Current Price IS LESS THAN Previous Price _AND_ Current MACD Histogram IS LESS THAN Yesterday's MACD Histogram _AND_ Close Price is below _EITHER_ the Hidden EMA (default set to 4) _OR_ the Visible SMA (Default set to 10, which is the black line).
The hidden EMA can be made visible by increasing it's transparency in the Style tab.
Including the requirement to only sell if the standard conditions are met, PLUS being below one of those moving average lines, helps to prevent false sell arrows and repainting.


TACK MARKS
The Red Tack is the threshold, or barrier, for the next arrow. It will not move. It is based on previous High/Low/Close Price + MACD .

The Blue Tack is the current point in space for our average Price and MACD Delta Values. It will move throughout the day (or hour or minute depending on your resolution). The Blue Tack will give you an indication of how close or how far from the reversal threshold (Red Tack) the ticker is at that point.

While the Blue Tack is ABOVE Red, the most recent signal arrow will be a buy, and we are in a buy/hold period.
While the Blue Tack is BELOW Red, the most recent signal arrow will be a sell, and we are in a sell/wait period.
If the Blue Tack crosses above or below Red, you'll get the next arrow.


MOVING AVERAGE LINES
There are three moving average lines in this indicator.
The first is black, and is by default a 10-Day Simple Moving Average Line.
This black line is a good safeguard against selling too early. This is a good support line and that's how I use it.

The second is invisible, but can be made visible in the Styling, and is by default a 4-Day Exponential Moving Average Line

The third is the blue 20-Day Bollinger Band line.


BOLLINGER BANDS
The Bollinger Bands are unmodified and are just a background indicator for your use. If you prefer not to see the Bollinger Bands , change their transparency to 0% to hide them. I've cleaned up the Bollinger Bands to make the indicator as a whole- easier on the eyes.

Please leave feedback on how the script works for you, if you run into problems, if you have any changes you'd like to see, etc.

Note di rilascio: Added 50 Day SMA
Note di rilascio: Removed Tack Marks
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Great indicator! But because of the short period the signals appear the sell is most of the time with loss. Is it possible to place the signals wider, at a larger timeframe?
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mattzab dpanday
@dpanday, Could you explain further? If I can optimize the arrows so that they are better, I'm open to it.
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dpanday mattzab
@mattzab,
Yes ofcourse i will.
1. Now the sell indicator is displayed on the red candle and the price is going down. When there is a little difference in price between the buy and sell then the sell is with loss once really sold. So i don’t know of it is possible to have the sell arrow one candle earlier or pick a greater timeframe between them.(low/highs).
2. The indicator is working Great when the spike is high but it occurs a lot that there is not many activity on a chart for a long time. Also then explanation above is applicable but then would be nice of then there is no buy sell indication at all.
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What is the difference between this script and the other "Advanced Buy/Sell with BB" script? (https://www.tradingview.com/script/FyGo9GAO-Advanced-Buy-Sell-Signals-with-BB-by-mattzab/)
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mattzab navico
@navico, They are pretty similar, but this one will give you a few less sell arrows.

On Advanced Buy/Sell with BB script, you'll get a sell arrow _IF_ MACD is down _AND_ High/Low/Average Price is lower than yesterday.
On Mattzab Arrows, you'll get a sell arrow _IF_ MACD is down _AND_ High/Low/Average Price is lower than yesterday _AND_ _IF-EITHER_ Price is lower than the 3-day EMA _OR_ the 10-day SMA.

Other changes are, it's a little cleaner to look at visually, there's a 10D SMA line, any of the variables can be changed by clicking the little gear by the Indicator Title, and the code is open source.

Because variables can be changed now, you can actually change the numbers and sources and see where the arrows end up based on those changes, and customize your experience! Put the arrows where you want them!
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