sheganinans

Daily Play Ace Spectrum

So the idea of the Daily Play Ace Spectrum is to extend the Ace Spectrum.
By exposing more parameters, making a variation of the Ace Spectrum which is more configurable.

The idea is this makes the Daily Play Ace Spectrum more suitable for use on shorter (hourly and minute) time scales.

These specific parameters exposed still maintain the original form of the original Ace Spectrum, but loosen up the hard coded assumptions of the original indicator.
By exposing more parameters this now makes the Daily Ace Spectrum more sensitive to input.
Meaning the parameters you choose are important and will set the characteristic reaction of the indicator to the series you give it.

This presents a trade-off, the simplicity of the original indicator is sacrificed.
But what's gained is a more comprehensive indicator that now needs more careful parameter adjustment.

Related to the Ace Spectrum:
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?

Comments

500coins
+3 Reply
For a video explaining the idea behind this indicator see:
+4 Reply
The beauty of such an indicator is the idea and also short code. Nice job
+2 Reply
This publication is now featured in our Editors' Picks. In the name of all TradingView traders, thank you for your valuable contribution to the TradingView community, and congrats!
+2 Reply
sheganinans PineCoders
@PineCoders, Thanks!
Reply
Awesome job. Thanks a lot for your hard work.
Reply
It’s a good work keep it up
Reply
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