theIndicator v2: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
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

225 lines of Pine Script v5 from theindicator-v2.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.

theindicator-v2.pine

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

//@version=5
indicator("theIndicator-v2", overlay=true)


// Predefined variables
var longColor = color.green
var shortColor = color.red



st1_length = input.int(12, "ST1 ATR Period", minval=1)
st1_mult = input.float(3.0, "ST1 ATR Multiplier", step=0.1, minval=0.1)
st1_wicks = input(true, "Take supertrend1 wicks into account ?")

st2_length = input.int(10, "ST2 ATR Period", minval=1)
st2_mult = input.float(1.0, "ST2 ATR Multiplier", step=0.1, minval=0.1)
st2_wicks = input(true, "Take supertrend2 wicks into account ?")

st3_length = input.int(11, "ST3 ATR Period", minval=1)
st3_mult = input.float(2.0, "ST3 ATR Multiplier", step=0.1, minval=0.1)
st3_wicks = input(true, "Take supertrend3 wicks into account ?")

second_timeframe = input.int(60, "Second timeframe for analyze", step=10, minval=10)

src = input(hl2, "Super Trend source")


averageTrueRange(multiplier, atrPeriod) =>
    result = multiplier * ta.atr(atrPeriod)
    result

highPrice(wicks) =>
    result = wicks ? high : close
    result

lowPrice(wicks) => 
    result = wicks ? low : close
    result

dojiCandle() =>
    result = open == close and open == low and open == high
    result

longStop(src, averageTrueRange) =>
    result = src - averageTrueRange
    result

longStopPrev(longStop) =>
    result = nz(longStop[1], longStop)
    result

updateLongStop(src, wicks, multiplier, atrPeriod) =>
    atrValue = averageTrueRange(multiplier, atrPeriod)
    currentLongStop = longStop(src, atrValue)
    prevLongStop = longStopPrev(currentLongStop)
    if currentLongStop > 0
        if dojiCandle()
            prevLongStop
        else
            lowPrice1 = lowPrice(wicks)[1]
            result = (lowPrice1 > prevLongStop ? math.max(currentLongStop, prevLongStop) : currentLongStop)
            result
    else
        prevLongStop


shortStop(src, averageTrueRange) =>
    result = src + averageTrueRange
    result

shortStopPrev(shortStop) =>
    result = nz(shortStop[1], shortStop)
    result

updateShortStop(src, wicks, multiplier, atrPeriod) =>
    atrValue = averageTrueRange(multiplier, atrPeriod)
    currentShortStop = shortStop(src, atrValue)
    prevShortStop = shortStopPrev(currentShortStop)
    if currentShortStop > 0
        if dojiCandle()
            prevShortStop
        else
            highPrice1 = highPrice(wicks)[1]
            result = (highPrice1 < prevShortStop ? math.min(currentShortStop, prevShortStop) : currentShortStop)
            result
    else
        prevShortStop


// Function to calculate direction
calculateDirection(dir, highPrice, lowPrice, shortStopPrev, longStopPrev) =>
    dir_tmp = dir == -1 and highPrice > shortStopPrev ? 1 :
           dir == 1 and lowPrice < longStopPrev ? -1 :
           dir
    dir_tmp

// ============================================================== 1st ST indicator ===================================
var int dir1 = 1
at = averageTrueRange(st1_mult, st1_length)
hPrice = highPrice(st1_wicks)
lPrice = lowPrice(st1_wicks)
dCandle = dojiCandle()
lStop = updateLongStop(src,st1_wicks, st1_mult, st1_length)
shStop = updateShortStop(src,st1_wicks, st1_mult, st1_length)
lStopPrev = longStopPrev(lStop)
== 1 ? lStop : na, title="Long Stop", style=plot.style_linebr, linewidth=2, color=longColor)
shortStopPlot = plot(dir1 == 1 ? na : shStop, title="Short Stop", style=plot.style_linebr, linewidth=2, color=shortColor)
direction1 = dir1

// ============================================================== 2nd ST indicator ===================================
var int dir2 = 1
at := averageTrueRange(st2_mult, st2_length)
hPrice := highPrice(st2_wicks)
lPrice := lowPrice(st2_wicks)
dCandle := dojiCandle()
lStop := updateLongStop(src, st2_wicks, st2_mult, st2_length)
shStop := updateShortStop(src,st2_wicks, st2_mult, st2_length)
lStopPrev := longStopPrev(lStop)
shStopPrev := shortStopPrev(shStop)
dir2 := calculateDirection(dir2, hPrice, lPrice, shStopPrev, lStopPrev)

longStopPlot := plot(dir2 == 1 ? lStop : na, title="Long Stop", style=plot.style_linebr, linewidth=2, color=longColor)
shortStopPlot := plot(dir2 == 1 ? na : shStop, title="Short Stop", style=plot.style_linebr, linewidth=2, color=shortColor)
direction2 = dir2

// ============================================================== 3nd ST indicator ===================================
var int dir3 = 1
at := averageTrueRange(st3_mult, st3_length)
hPrice := highPrice(st3_wicks)
lPrice := lowPrice(st3_wicks)
dCandle := dojiCandle()
lStop := updateLongStop(src, st3_wicks, st3_mult, st3_length)
shStop := updateShortStop(src, st3_wicks, st3_mult, st3_length)
lStopPrev := longStopPrev(lStop)
shStopPrev := shortStopPrev(shStop)
dir3 := calculateDirection(dir3, hPrice, lPrice, shStopPrev, lStopPrev)

longStopPlot := plot(dir3 == 1 ? lStop : na, title="Long Stop", style=plot.style_linebr, linewidth=2, color=longColor)
shortStopPlot := plot(dir3 == 1 ? na : shStop, title="Short Stop", style=plot.style_linebr, linewidth=2, color=shortColor)
direction3 = dir3

// ================================================  EMA 200 =========================================================
longest = ta.ema(close, 200)
var color emaColor = color.yellow
plot(longest, color = emaColor)


// ================================================ Analizes =========================================================

// Analize main timeframe 
var activePosition = false
var activeColor = color.white
var activeColorPrevState = color.white
var isOpenPosition = false
var isPositionLong = false

activeColorPrevState := activeColor
if direction1 > 0 and direction2 > 0 and direction3 > 0
    activeColor := color.red
    activePosition := true
else if direction1 < 0 and direction2 < 0 and direction3 < 0
    activeColor := color.green
    activePosition := true
else
    activeColor := color.white
    activePosition := false


// Analyze second timeframe 
// second_timeframe
[trend1_second, direction1_second] = request.security(syminfo.tickerid, str.tostring(second_timeframe), ta.supertrend(st1_mult, st1_length))
[trend2_second, direction2_second] = request.security(syminfo.tickerid, str.tostring(second_timeframe), ta.supertrend(st2_mult, st2_length))
[trend3_second, direction3_second] = request.security(syminfo.tickerid, str.tostring(second_timeframe), ta.supertrend(st3_mult, st3_length))

var underlyingLong = false
var activePositionSecond = false


if direction1_second > 0 and direction2_second > 0 and direction3_second > 0
    underlyingLong := false
    activePositionSecond := true
else if direction1_second < 0 and direction2_second < 0 and direction3_second < 0
    underlyingLong := true
    activePositionSecond := true
else
    activePositionSecond := false
    underlyingLong := false


// ================================================ ALERTS =========================================================

// Open and Close positions
if activePosition == false and isOpenPosition == true and isPositionLong == false
    isOpenPosition := false
    alert("Close SHORT position on MAIN timeframe", alert.freq_once_per_bar)

if activePosition == false and isOpenPosition == true and isPositionLong == true
    isOpenPosition := false
    alert("Close LONG position on MAIN timeframe", alert.freq_once_per_bar)

if activePosition == true and activePositionSecond == true and activeColor == color.red and underlyingLong == false and isOpenPosition == false
    isOpenPosition := true
    isPositionLong := false
    alert("Open SHORT position on MAIN timeframe", alert.freq_once_per_bar)

if activePosition == true and activePositionSecond == true and activeColor == color.green and underlyingLong == true and isOpenPosition == false
    isOpenPosition := true
    isPositionLong := true
    alert("Open LONG position on MAIN timeframe", alert.freq_once_per_bar)


// Underlying deviations from active position
if isOpenPosition
    if isPositionLong == false and direction1_second <= 0 and direction2_second <= 0 and direction3_second > 0
        alert("Light underlying indication to close opned SHORT position")
    else if isPositionLong == false and direction1_second <= 0 and direction2_second <= 0 and direction3_second <= 0
        alert("Stronger underlying indication to close SHORT position")

    if isPositionLong == true and direction1_second >= 0 and direction2_second >= 0 and direction3_second < 0
        alert("Light underlying indication to close opned LONG position")
    else if isPositionLong == true and direction1_second >= 0 and direction2_second >= 0 and direction3_second >= 0
        alert("Stronger underlying indication to close LONG position")

Overview

Each of three lines is calculated through helper functions from an ATR period, multiplier and a shared price source, with an option to use wicks or closing prices. Long stops plot in green and short stops in red, switching when price crosses the trailing stop. A second timeframe input is included. It draws on the price chart and has no order or alert logic in the visible code.

Three SuperTrend lines through helper functions
ATR period and multiplier per line
Wicks or close option per line
Shared source input and second timeframe setting

Details

Published by

darkshloser on GitHub

Code credit

Author: dkovache, as written in the script's header

Type

Indicator, Pine Script v5

Draws

On the price chart

Markets

Any symbol

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.

File

theindicator-v2.pine

Repository

github.com/darkshloser/Trading-Indicators. 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
ST1 ATR Period	`int`	`12`	`st1_length`
ST1 ATR Multiplier	`float`	`3.0`	`st1_mult`
Take supertrend1 wicks into account ?	`bool`	`true`	`st1_wicks`
ST2 ATR Period	`int`	`10`	`st2_length`
ST2 ATR Multiplier	`float`	`1.0`	`st2_mult`
Take supertrend2 wicks into account ?	`bool`	`true`	`st2_wicks`
ST3 ATR Period	`int`	`11`	`st3_length`
ST3 ATR Multiplier	`float`	`2.0`	`st3_mult`
Take supertrend3 wicks into account ?	`bool`	`true`	`st3_wicks`
Second timeframe for analyze	`int`	`60`	`second_timeframe`
Super Trend source	`source`	`hl2`	`src`

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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