Simple Market Metrics v5: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.

Overview

Simple Market Metrics v5 adds profit target lines at a tick distance, a profit wave band, background trend colouring and candle colouring. Built-in text describes trading rules, preferring Heikin Ashi candles and short timeframes on index futures. The code header restricts redistribution, and the author states small position sizing and practice on a simulator are advisable.

Buy and sell signals with chop filter
Moving average and time filters
Profit target lines and profit wave
Background and candle trend colouring

Details

Published by

turnupdigital on GitHub

Type

Indicator, Pine Script v5

Draws

Separate pane below the chart

Markets

Indices

Timeframes

M1-M5

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

BuySellIndicators/BUYSELLSIGNALS/SimpleMarketMetrics.pine

Repository

github.com/turnupdigital/riskmanager. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Please Read The Trading Rules ----->	`bool`	`false`	`rulesCheck`
Frequently Asked Questions ------->	`bool`	`false`	`faqCheck`
Final Notes & Contact Info --------->	`bool`	`false`	`notesCheck`
Enable Buy & Sell Signals	`bool`	`true`	`enableBuySellSignals`
Enable Buy & Sell Price	`bool`	`true`	`enableBuySellPrice`
Buy Signal Color	`color`	`color.new(#4caf50, 0)`	`buySignalColor`
Sell Signal Color	`color`	`color.new(#b22833, 0)`	`sellSignalColor`
Enable Chop Filter	`bool`	`true`	`enableChopFilter`
Enable MA Filter	`bool`	`true`	`enableMaFilter`
MA Filter Type	`string`	`EMA`	`maFilterType`
MA Filter Period	`int`	`200`	`maFilterLength`
MA Filter Color	`color`	`color.new(color.white, 0)`	`maFilterColor`

Show all 40 settings

Setting	Type	Default	Variable
Enable Time Filter	`bool`	`false`	`enableTimeFilter`
Your Timezone	`string`	`GMT-5`	`usersTimezone`
Start - End Time	`session`	`0930-1600`	`startEndTime`
Enable Profit Target Lines	`bool`	`true`	`enableProfitLines`
Profit Target (Ticks/Pips/Cents)	`int`	`20`	`profitTarget`
Max Profit Target Lines	`int`	`10`	`profitTargetMaxLines`
Profit Target Lines Color	`color`	`color.new(color.yellow, 0)`	`profitTargetColor`
Enable Profit Wave	`bool`	`true`	`enableProfitWave`
Profit Wave Bullish Top Color	`color`	`color.new(#00ff8480, 50)`	`profitWaveUpperBullishColor`
Profit Wave Bullish Bottom Color	`color`	`color.new(color.green, 50)`	`profitWaveLowerBullishColor`
Profit Wave Bearish Top Color	`color`	`color.new(#8c0000, 50)`	`profitWaveLowerBearishColor`
Profit Wave Bearish Bottom Color	`color`	`color.new(#ff0000, 50)`	`profitWaveUpperBearishColor`
Enable Background Trend Color	`bool`	`true`	`enableBgColor`
Bullish Background Color	`color`	`color.new(#66ff00, 70)`	`bgTrendBullishCol`
Bearish Background Color	`color`	`color.new(#ff0000, 70)`	`bgTrendBearishCol`
Bullish Candle Color	`color`	`color.new(#089981, 0)`	`bullishCandleColor`
Bearish Candle Color	`color`	`color.new(#f23645, 0)`	`bearishCandleColor`
Enable Candle Color Matching	`bool`	`true`	`enableTrendCandleColoring`
Match Candle Colors To	`string`	`Profit Wave`	`candleColoringType`
Enable Support & Resistance Lines	`bool`	`true`	`ensr`
Resistance Lines Color	`color`	`#ff0000`	`resistanceColor`
Support Lines Color	`color`	`#66ff00`	`supportColor`
Support & Resistance Lines Style	`string`	`Dotted`	`srStyle`
Support & Resistance Lines Width	`int`	`2`	`srLineWidth`
Extend Lines Until	`string`	`Close`	`extendLinesType`
Enable Real Price Line	`bool`	`false`	`showrealprice`
Extend Real Price Line	`bool`	`false`	`extendLine`
Real Price Line Color	`color`	`color.new(color.white, 0)`	`showrealpricelinecolor`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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