This indicator plots and colour codes a ribbon between two moving averages. The colour of the ribbon changes with trend direction: when price in uptrend ribbon colour is green; when price in downtrend ribbon colour is red.
Options Available:
1) You can select between 11 different types of moving averages, each MA line can be a different type.
2) Option to display coloured Candles around the Ribbon, the colouring uses the Grab candles colour scheme:
Lime = Bull candle closed above Ribbon.
Green = Bear candle closed above Ribbon.
Red = Bull candle closed below Ribbon.
DarkRed = Bear candle closed below Ribbon.
Aqua = Bull candle closed inside Ribbon.
Blue = Bear candle closed inside Ribbon.
3) Option to base the candles on a higher time frame (HFT), this performed by increasing the MA length to create equivalent lengths from the HFT. So no re-painting. NOTE: The script will time out if the MA lengths get too long after resizing.
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Now allow anchor option to be used for Days and Weeks. Added option to use standard 3-tone bar colouring, or 6-tone Grab candle Colouring Fixed bug on bar colouring with some displays. Changed Ribbon MAs to dotted lines. Added more documentation in header.
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Minor aesthetic updates:
Changed MA Type input to options selection list, for easier MA type choosing.
Change to Disable coloured bars by default, to allow already installed scripts to colour bars first.
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... Minor Bug Fixes, some new options.
Corrected Anchor calculation for non-intraday charts.
Added implied GPL copyright notice.
Added option for both open and close outside ribbon colouring, instead of just close.
Added Laguerre MA type.
Some tidy up.
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... R5 revision Alerts. Added Alert Buy/Sell Entry and exits option based on candle colour:
When candle changes to green or lime, then Buy signal
When candle changes to red or darkred, then Sell signal.
When candle changes to different color to Buy/Sell then exit signal.
Added associated alarms to the TradingView's Alarm Subsystem, for the above Alerts.
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... Alert Filter
Added optional Filter for Alerts to only allow signals in direction of main trend, ie Fast MA Directional Slope colour must be same as Ribbon colour.
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Minor update
Change Anchor calculation to be based on Minutes for trading period Daily (1440 = 1 Day), Weekly (7200 = 5Days), and Monthly (30240 = 21 Days). This change makes the Anchor more consistent across the Intraday/extraDaily time frame crossover.
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Revision R5.1
Added optional central medium moving average, however, it does not have an active role on the alerts nor candle colouring.
Changed ZeroLag EMA to an alternative formula to make it different from DEMA.
Remove some redundant code in the Anchor calc.
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R5.2 Release:
Added optional to show and alert MA Ribbon Cross Overs. Buy signal on first Bullish candle and Sell on first Bearish candle.
Renamed some variables to make code easier to read.
Added LINREG option to the moving average type list.
Minor Bug fixes.
Added option to disable Ribbon completely when changing Chart TF to a higher time frame than specified Anchor TF.
@JustUncleL Thank you for this great work. Just trying to understand what the gamma values do and why they're set to certain values for each MAs. Thank you
JustUncleL
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@dhman2012, Gamma only used with LAGMA (Laguerre Moving Average) type moving average selection.
@JustUncleL, Sorry to bug you again, but I see this code in your script [fastMA = variant(fastType,ma_src, LengthFast, fastGamma)] So if I'm using SMA or EMA, fastGamma = 0 and is only .33 if I'm selecting LAGMA?