Indicator · Pine Script v5 · On the chart

Snag - Makson

by dearvn· code credited to thinhdangho

The script is a price chart overlay indicator.

View on GitHub

Repaints

GitHub stars4on the repository
Pine versionv5runs as is
Lines of code46
Settings0inputs
LicenceNone statedfile: MPL-2.0
Last update4 years ago25 Jul 2022

Add It to Your TradingView Chart

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

Source Code

46 lines of Pine Script v5 from markson.txt, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

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

//@version=5
indicator("Snag - Makson", overlay=true)

Ema5 = ta.wma(close, 5)

long = close > Ema5 and close[1] < Ema5[1] and close > close[1]
profit_c = close < close[1] and close > Ema5
keepup = close > Ema5 and close > close[1] and close [1] < close[2]

short = close < Ema5 and close[1] > Ema5[1] and close < close[1]
profit_p = close > close[1] and close < Ema5
keepdown = close < Ema5 and close < close[1] and close [1] > close[2]


var time_long_arr = array.new_int()
var time_short_arr = array.new_int()

is_long = long or profit_c or keepup
is_short = short or profit_p or keepdown
if is_long
    time_short_arr := array.new_int()
    if array.size(time_long_arr) == 0
        array.push(time_long_arr, time)
else if is_short
    time_long_arr := array.new_int()
    if array.size(time_short_arr) == 0
        array.push(time_short_arr, time)
        
is_alert_long = false
is_alert_short = false

if array.size(time_long_arr) > 0
    if time == array.get(time_long_arr, array.size(time_long_arr)-1)
        is_alert_long := true
else if array.size(time_short_arr) > 0
    if time == array.get(time_short_arr, array.size(time_short_arr)-1)
        is_alert_short := true

plotshape(is_long, title="Long", style=shape.xcross, location=location.abovebar, color=color.yellow, size=size.tiny)
plotshape(is_short, title="Short", style=shape.xcross, location=location.belowbar, color=color.red, size=size.tiny)

alertcondition(is_alert_long, title='Buy Call', message='{ {{ticker}} @ {{close}} - StopLoss 5%"}')
alertcondition(is_alert_short, title='sell Short', message='{ {{ticker}} @ {{close}} - StopLoss 5%"}')

Overview

Snag - Makson calculates a five period weighted moving average of close prices. Long signals trigger on crossovers from below the EMA combined with upward price action and trend continuation. Short signals trigger on crossovers from above the EMA combined with downward price action and trend continuation. Shapes mark entries on the chart. Alert conditions fire buy calls and sell shorts with a fixed five percent stop loss. No user settings exist to change behavior. Signals depend on live bar data and can repaint.

Details

Published by

dearvn on GitHub

Code credit

thinhdangho, as written in the script's header

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

  • Signals can change on the live bar or after it closes (repainting)

Topics

futurestrading-strategiestradingview

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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