Ashish indicator

//version=5
// Copyright (c) 2021-present, Alex Orekhov (everget)
indicator('Ashish indicator', overlay=true)

amplitude = input(title='Amplitude', defval=1)
channelDeviation = input(title='Channel Deviation', defval=2)
showArrows = input(title='Show Arrows', defval=true)
showChannels = input(title='Show Channels', defval=false)

var int trend = 0
var int nextTrend = 0
var float maxLowPrice = nz(low[1], low)
var float minHighPrice = nz(high[1], high)

var float up = 0.0
var float down = 0.0
float atrHigh = 0.0
float atrLow = 0.0
float arrowUp = na
float arrowDown = na

atr2 = ta.atr(100) / 2
dev = channelDeviation * atr2

highPrice = high[math.abs(ta.highestbars(amplitude))]
lowPrice = low[math.abs(ta.lowestbars(amplitude))]
highma = ta.sma(high, amplitude)
lowma = ta.sma(low, amplitude)

if nextTrend == 1
maxLowPrice := math.max(lowPrice, maxLowPrice)

if highma < maxLowPrice and close < nz(low[1], low)
trend := 1
nextTrend := 0
minHighPrice := highPrice
minHighPrice
else
minHighPrice := math.min(highPrice, minHighPrice)

if lowma > minHighPrice and close > nz(high[1], high)
trend := 0
nextTrend := 1
maxLowPrice := lowPrice
maxLowPrice

if trend == 0
if not na(trend[1]) and trend[1] != 0
up := na(down[1]) ? down : down[1]
arrowUp := up - atr2
arrowUp
else
up := na(up[1]) ? maxLowPrice : math.max(maxLowPrice, up[1])
up
atrHigh := up + dev
atrLow := up - dev
atrLow
else
if not na(trend[1]) and trend[1] != 1
down := na(up[1]) ? up : up[1]
arrowDown := down + atr2
arrowDown
else
down := na(down[1]) ? minHighPrice : math.min(minHighPrice, down[1])
down
atrHigh := down + dev
atrLow := down - dev
atrLow

ht = trend == 0 ? up : down

var color buyColor = color.purple
var color sellColor = color.red

htColor = trend == 0 ? buyColor : sellColor
htPlot = plot(ht, title='Ashish indicator', linewidth=2, color=htColor)

atrHighPlot = plot(showChannels ? atrHigh : na, title='ATR High', style=plot.style_circles, color=sellColor)
atrLowPlot = plot(showChannels ? atrLow : na, title='ATR Low', style=plot.style_circles, color=buyColor)

fill(htPlot, atrHighPlot, title='ATR High Ribbon', color=sellColor, transp=90)
fill(htPlot, atrLowPlot, title='ATR Low Ribbon', color=buyColor, transp=90)

buySignal = not na(arrowUp) and trend == 0 and trend[1] == 1
sellSignal = not na(arrowDown) and trend == 1 and trend[1] == 0

plotshape(showArrows and buySignal ? atrLow : na, title='Arrow Up', style=shape.triangleup, location=location.belowbar, size=size.tiny, color=buyColor)
plotshape(showArrows and sellSignal ? atrHigh : na, title='Arrow Down', style=shape.triangledown, location=location.abovebar, size=size.tiny, color=sellColor)

alertcondition(buySignal, title='Alert: Ashish indicator Buy', message='Ashish indicator Buy')
alertcondition(sellSignal, title='Alert: Ashish indicator Sell', message='Ashish indicator Sell')

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

gchaudhary56

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

gchaudhary56