MA Ribbon R2 by JustUncleL

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.

Release Notes:

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.

Release Notes:

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.
  

Release Notes:

... 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.
  

Release Notes:

... 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.

Release Notes:

... 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.
  

Release Notes:

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.
  
  

Release Notes:

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.
  
  

Release Notes:

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.