This indicator analyzes short-term price action on index futures and options charts by applying Rational Quadratic kernel smoothing to detect sideways consolidation ranges and potential breakouts. It processes pivot highs and lows over customizable loopback pe
Indicator · Pine Script v5 · On the chart
Weekend Trend Trader Overlay
Weekend Trend Trader Overlay plots a 20-bar highest close as a resistance line and a ratcheting trailing stop on the price chart.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code32
Settings2inputs
LicenceNone stated
Last update2 years ago1 May 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
Weekend Trend Trader Overlay reads a chosen index, by default NASDAQ:NDX, on the chart timeframe and compares that close with a 10-bar simple moving average. After the user start date, the stop sits 40 percent below the high when the index is above its average and 10 percent below when it is not, and it only moves up. The line stops once price closes through it. It does not place orders.
- 20-bar highest close resistance line
- Index close versus 10-bar SMA filter
- Ratcheting stop from a chosen start date
- Wider bullish stop and tighter bearish stop
- Stop plot ends after a downside cross
Details
Published by
jpiedrafita on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Trend, Support & resistance, Moving averages
Markets
Stocks, Indices
Timeframes
H4 and above
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 |
|---|---|---|---|
| Index Symbol | symbol | NASDAQ:NDX | index_symbol |
| Start Date | time | timestamp("2024-01-01T00:00:00") | start_date |
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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