blackcat1402

[blackcat] L2 Guppy Color Band

Level: 2

Background

The Guppy Multiple Moving Average (GMMA) is a technical indicator that identifies changing trends, breakouts, and trading opportunities in the price of an asset by combining two sets of moving averages (MA) with different time periods. There is a short term group of MAs and a long term group of MAs.

Function

This script incoporates GMMA as a mid-term support/resistance levels which can indicates re-entry or entry signal. Short-term fast line and slow line are used to provide short term entries. Above GMMA, one can long and xlong, while under GMMA one can short or xshort.

Key Signal

a1~a7 ---> Guppy color band
fastline --> short term fast line
shortline --> slow term slow line
safeline --> bull bear boundary

Pros and Cons

Pros:

1. easy observe price trend
2. it provides entry signal
3. it provides bull bear boundary


Cons:

Your feedbacks are welcome


Remarks

Courtesy of @LunaOwl " Rainbow Color Gradient" for GMMA color band in this script


Readme

In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.

The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.

Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.

Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.

Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.

Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.

Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Open-source script

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.

Want to use this script on a chart?
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EOS: blackcatjust

Comments

First thing I thought of when I saw this was Luna's color band. That thing is gorgeous
+3 Reply
Great job indeed. The buy signal is fantastic. The sell signal in some circumstances come rather late.
Does the chart repaint?
+1 Reply
Check out the WIlliams%R. It may help to provide conditions that would prevent some of the riskier washes and squeezes.
+1 Reply
blackcat1402 DeNileMonitor
@DeNileMonitor, good suggestion, let me try
Reply
blackcat1402 DeNileMonitor
@DeNileMonitor, it tried to add wr or rsi, but they will elminate meaningful long or short entries, causing buying at top price but sell signal being missing or selling at bottom but buying being missing. Let me know if you have any script with this code works better. I will keep this version till better performance is observed.
Reply
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