It generates very few signals with very nice profit potential ( around 100% this year ! ).
Perfect tool for longterm swing traders and new traders that need help figuring out the midterm trend.
Use it with these parameters only:
weekly: 13, 5, 12
daily: 92, 21, 96
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.
study(title="MAGNUS® Cycles", shorttitle="MAGNUS® Cycles") //try these parameters/timeframes: //weekly: 13, 5, 12 //daily: 92, 21, 96 length = input(92, minval=1, title="Williams %R Length") upper = highest(length) lower = lowest(length) out = 100 * (close - upper) / (upper - lower) len0 = input(21, minval=1, title="EMA Short Length") len1 = input(96, minval=1, title="SMA Long Length ") m0 = ema(out, len0) m1 = sma(out, len1) col = m0>m1?aqua:fuchsia plot(out, color = green) plot(m0, color = white) plot(m1, color=orange) band1 = hline(-20) band0 = hline(-80) fill(band1, band0) bgcolor(col,transp=90)
So let's look at the last signal: purple background color changed to cyan. this means we are in a bullish market now ... kindof :) look at all the signals in the past ... they are pretty good :D