This script uses the Average Direction Index, On Balance Volume, and Exponential Moving Average, Moving Average Cross, MACD, Donchian Channels and two Parabolic SARs for stop loss, a normal one and a line one. I tried to make the script as straightforward as possible, Buy when there is a buy signal and sell when there is a sell signal. I like using it on the smaller time-frames because I'm a scalper and I like going in and out quickly, but this indicator can be used on any timeframe and works on any instrument. The buy signal is triggered when the DI+ goes above the 30 level, the ADX is not increasing, on balance volume is at it's lowest, the price is above the lower Donchian Channel and last MACD hist bar is lower than the previous one. The sell signal is triggered when the DI- goes above the 30 level, the ADX is not increasing, on balance volume is at it's highest, the price is below the upper Donchian Channel and last MACD hist bar is upper than the previous one. If you have any suggestions feel free to leave them in the comments below or Message me directly.
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Improved Signals quality, also added a setting that allows the user to receive a signal after x bars
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Added some off/on booleans so you can see more or less indicators, also added ZigZag and Three Supertrend indicators, first one's period is 10 and atrmultiplier 1, 2nd 11 and 2, 3rd 12 and 3.
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Slight change that turns off the ma crosses from default
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Turned off the ADX, OBV and MACD and made signals based on ZigZag indicator, also added trailing stoploss and removed the old stoplosses based on Parabolic SAR
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Gave up on the ZigZag signals as they only work while backtesting, forward testing they give really bad results, you can still turn on the classic ADX signals by yourself.
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Added more EMAs and added the turned on the Donchian Channels again as default and changed the period from 6 to 14, be careful not to enter a sell if the Donchian Channels are going up or if the ADX goes up, nor enter a buy if the Donchian Channels are going down or if the ADX goes up.
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Turned off MA Cross and changed the colors for ATR Stoploss to blue for uptrend and yellow for downtrend, also turned off the ema ribbon so it is more clear whether to buy or sell.
@hangman_101, Thanks mate, I am close to finishing and posting the Auto Fib Indicator, my next project is a Multiple Oscillators Indicator, combining RSI, Stochastic, MACD, and maybe one or two more Oscillators. After that, I think using all three of my indicators will give great results. :)
dreamer0210
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I will soon release an Auto Fib Extension and Retracement indicator with multiple levels, I am trying to figure out how to make it not change the price scale of the chart.
stardomkr
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awesome signal ty
HAKA_Tom
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Awesome work mate ! Hats off, cheers a lot !
Btw is there an easy way for the long and short signals to alternate ? Like long - short - long - short ?
Thank you again
dreamer0210
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@SundancerH, I can add this feature in some hours, so you mean you want to see less Long-Long-Long-Short-Short-Long and something more like you mentioned above right?
HAKA_Tom
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@dreamer0210, Yes that would be perfect.
Thank you so much.