MicroQuant Trend

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © goodgains


//@version=5
indicator("MicroQuant Trend", overlay = true, max_labels_count = 500)

// @keywords: microquant-trend, custom-supertrend, atr-bands, ema-high-low, trend-direction, up-trend-plot, down-trend-plot, trend-flip-alert, buy-alert, sell-alert, background-flip, traders-post-signal, hull-atr-variant, band-ratcheting, direction-state, overlay-circles, trend-reversal, factor-multiplier, sma-true-range, position-change


price = input.source(close, title = 'Price')
length = input.int(21, title = 'Length')
atrPeriod = input.int(21, "ATR Length")
factor = input.float(4.0, "Factor", step = 0.1)

// The same on Pine Script™
pine_supertrend() =>
    atr = ta.sma(ta.tr, atrPeriod)
    lowerBand = ta.highest(ta.ema(high, length), length) - atr * factor
    upperBand = ta.lowest(ta.ema(low, length), length) + atr * factor
    prevLowerBand = nz(lowerBand[1])
    prevUpperBand = nz(upperBand[1])

    lowerBand := lowerBand > prevLowerBand or price[1] < prevLowerBand ? lowerBand : prevLowerBand
    upperBand := upperBand < prevUpperBand or price[1] > prevUpperBand ? upperBand : prevUpperBand
    int direction = na
    float superTrend = na
    prevSuperTrend = superTrend[1]
    if na(atr[1])
        direction := 1
    else if prevSuperTrend == prevUpperBand
        direction := price > upperBand ? -1 : 1
    else
        direction := price < lowerBand ? 1 : -1
    superTrend := direction == -1 ? lowerBand : upperBand
    [superTrend, direction]

[pineSupertrend, pineDirection] = pine_supertrend()
plot(pineDirection < 0 ? pineSupertrend : na, "Up direction", color = color.green, style=plot.style_circles)
plot(pineDirection > 0 ? pineSupertrend : na, "Down direction", color = color.red, style=plot.style_circles)


var bool tradersPostBuy = na
var bool tradersPostSell = na
tradersPostBuy := pineDirection < 0 and pineDirection[1] >= 0
tradersPostSell := pineDirection > 0 and pineDirection[1] <= 0

alertcondition(tradersPostBuy, title="MicroQuant Trend Buy")
alertcondition(tradersPostSell, title="MicroQuant Trend Sell")



bgcolor(tradersPostBuy ? color.green : tradersPostSell ? color.red : na)