This indicator calculates a modified MACD oscillator and signal line alongside a trend EMA filter, plotting the output as a stylized column histogram in a separate pane. Instead of plotting true MACD distance, it quantifies positive and negative histogram mome
Indicator · Pine Script v5 · Own pane
Weekend Trend Trader Ribbon
This indicator displays market trend filter information and momentum metrics in a separate pane based on the Weekend Trend Trader strategy.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code24
Settings4inputs
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 Ribbon evaluates a benchmark index, such as the NASDAQ 100, comparing its close price to a simple moving average to render a colored trend ribbon histogram. Simultaneously, it calculates the Rate of Change over a user-defined period and plots it alongside a customizable threshold line. Settings allow traders to adjust the benchmark symbol, moving average length, ROC period, and threshold value.
- Index trend filter ribbon using simple moving average
- Rate of Change indicator with dynamic threshold line
- External index benchmark selection via security call
Details
Published by
jpiedrafita on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Trend, Oscillators & momentum, Moving averages
Markets
Stocks, Indices
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 |
|---|---|---|---|
| Symbol | symbol | NASDAQ:NDX | index_sym |
| Length | int | 10 | index_len |
| ROC Lenght | int | 20 | roc_length |
| ROC Threshold | float | 30.0 | roc_threshold |
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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