Madrid Profit Area

12104 obejrzeń
This study displays a ribbon made of two moving averages identified by a filled Area. This provides visual aids to determine the trend direction and pivot points . The moving average will be Red if its value is decreasing, and green if it is increasing. When both MA's are the same color we have a trend direction. If those are different then we have a trend reversal and a pivot point .
If combined with another ribbon then it can be configured so we have a pair of slow MA's and another pair of fast MA's , this can visually determine if the price is in bull or bear territory following the basic rules:
1. Fast MA pair above the slow MA Pair = Bullish
2. Fast MA pair below the slow MA Pair = Bearish
3. If the fast MA crosses over the slow MA it is a Bullish reversal
4. If the fast MA crosses below the the slow MA, it is a Bearish reversal.

The use of the ribbons without the price bars or line reduces the noise inherent to the price

Skrypt open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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// Madrid : 01/APR/2014 : Moving Profit Area : 2.0 PRO
// This plots two moving averages, either exponential or standard
// When it is declining it shows the MA in red, green when rising.
// This is a visual aid to make sure you're on the right side of the trade

study(title="Madrid Profit Area", shorttitle="MPA", overlay=true)
src = close
fastLen = input(8, minval=1, title="Fast MA Length")
slowLen = input(21, minval=1, title="Slow MA Length")
exponential = input(true)

fastMA = exponential ? ema(src, fastLen) : sma(src, fastLen)
slowMA = exponential ? ema(src, slowLen) : sma(src, slowLen)
colorFMA = change(fastMA)>0 ? green : red
colorSMA = change(slowMA)>0 ? green : red

p1=plot(fastMA, color=colorFMA, linewidth=3)
p2=plot(slowMA, color=colorSMA, linewidth=3)

fill(p1, p2, color=blue, transp=75)