jason5480

Template Signal Indicator

jason5480 Updated   
This script is an example on how to create a custom indicator that produce start/end long/short deal signals based on configurable conditions from internal and external indicators.
This indicator can be used as an external indicator to other strategies like "Template Trailing Strategy" that will execute the deals and enter the desired positions based on the signals produced by this script.
Combining this script with the aforementioned strategy (or any other compatible) has the advantage that you can backrest the results of your custom deal conditions. Also additional functionality that is provided by the strategy can be utilized (e.g. Take Profit Targets, Trailing Stop Loss etc.).
In this particular example I combined the RSI and Stoch RSI indicators (internal) with the "Trend Explorer" indicator (external) so it produces buy and sell signals based on the logic I defined in the input tab of this indicator. To combine "indicators on indicators" you need Pro+ TV subscription.
The convention I use to communicate the signals is the following (2 -> enter long, 1 -> exit long, -2 -> enter short, -1 ->exit short). However, this convention is also configurable in the consumer/strategy script "Template Trailing Strategy" so make sure that both script "speak the same language" before procced.
Release Notes:
  • Minor refactoring
Release Notes:
  • Minor visual improvements
Release Notes:
  • Update external_input_utils library
Release Notes:
  • Add alerts
  • Use the default TTS "two channel mod div" convention to easier use it as external input
  • Update external_input_utils
Release Notes:
  • Show the actual signal value in the status line and data window
Release Notes:
  • Minor refactoring
Release Notes:
Update internal libraries.
Release Notes:
Refactor and update internal libraries
Release Notes:
Update internal libraries

If you're interested in exploring and discovering other high quality free strategies come join us in Discord: discord.gg/2wkm9QqSuY
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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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