This indicator plots trade entry and exit signals on the price chart by combining Bollinger Bands with optional filter conditions. It calculates standard Bollinger Bands along with RSI, Aroon, and moving average filters. Reversal signals trigger when price bre
Indicator · Pine Script v5 · On the chart
The Pirate Compass
An overlay for crypto, stocks and commodities that runs two parallel sets of the same staged logic, each with its own RSI length and 21, 50, 100 and 300-period simple moving averages.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code349
Settings10inputs
LicenceNone stated
Last update2 years ago2 Apr 2024
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
The logic flags bearish candles with RSI below 20, tracks crosses above the moving averages and records reference prices, then marks the stages on the price chart. All ten length inputs are adjustable. The README and code give no further description of how to read the marks.
- Two parallel RSI and SMA rule sets
- Oversold bearish candle detection
- Moving average crossover stages
- Markers drawn on the price chart
- Ten adjustable length settings
Details
Published by
yankeexlr on GitHub
Type
Draws
On the price chart
Category
Timeframes
Any timeframe
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSI Length 1 | int | 14 | rsi_length1 |
| MA 50 Length 1 | int | 50 | ma50_length1 |
| MA 21 Length 1 | int | 21 | ma21_length1 |
| MA 100 Length 1 | int | 100 | ma100_length1 |
| MA 300 Length 1 | int | 300 | ma300_length1 |
| RSI Length 2 | int | 14 | rsi_length2 |
| MA 50 Length 2 | int | 50 | ma50_length2 |
| MA 21 Length 2 | int | 21 | ma21_length2 |
| MA 100 Length 2 | int | 100 | ma100_length2 |
| MA 300 Length 2 | int | 300 | ma300_length2 |
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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