Market Direction Indicator (MDI), by Donald Lambert, is an extension of simple moving average cross over systems. Series of price cross over points are determined to derive MDI.
Note that the short/long lengths will differ between instruments. They need to be tuned properly.
I have added an option to specify a "cutoff" parameter. When MDI is in the cutoff zone...
Designed for shorted time frames.
Bollinger bands based off of TEMA as source.
Ribbon based off TEMA and hullMA divergence.
RMA used to signal Bollinger bands.
pinch -> reversal
blue -> sign of possible uptrend
red -> sign of possible downtrend
Bollinger bands background:
blue -> sign of continuing uptrend
red -> sign of continuing downtrend
Welcome to Pine Script Tutorial #4
This is more complex than the previous 3 tutorials. This one builds upon the first 3 tutorials.
What does this code do?: It plots on a histogram (at the bottom), the difference between closest round number and the close. So for example 84 -close = 16 pips. It shows the 16 pips on the histogram.
First off, it is actually Two...
This displays the "altcoin index" as a plot on your chart. Suggested use is coupled with the "altcoin index oscillator".
Add it as an indicator while looking at the chart you would like to assess. Click the settings button (cog) to select which coins you would like included in the index.
You can couple this tool with the "altcoin index oscillator"...