OPEN-SOURCE SCRIPT
follower
Follower Indicator
This custom Follower Indicator is designed to track market trends and generate buy/sell signals based on price movements and adaptive moving averages. The indicator adjusts dynamically to market conditions using an Exponential Moving Average (EMA) and a smoothed average of the high-low range over the last 20 bars.
Key Features:
Adaptive Trend Following: The indicator uses an EMA of the close price along with a dynamically adjusted range (high-low) to create an adaptive trend-following line.
Buy and Sell Signals: Buy signals are generated when the EMA crosses above the follower line, while sell signals occur when the follower line crosses above the EMA.
Dynamic Color Coding: The indicator line changes color based on the relationship between the price and the follower line. It turns blue when the price is above the follower line and red when the price is below.
Customizable Parameters: Users can adjust the range multiplier (oran) and the EMA period (uzunluk) to fine-tune the indicator to different market conditions.
How to Use:
Buy Signal: A buy signal is triggered when the EMA crosses above the follower line.
Sell Signal: A sell signal is triggered when the follower line crosses above the EMA.
Notes:
This indicator is intended to help identify market trends and potential entry/exit points based on price behavior and momentum.
It is recommended to use this indicator in conjunction with other technical analysis tools and risk management strategies.
Feel free to adjust the parameters based on your trading style and preferences. Happy trading!
This custom Follower Indicator is designed to track market trends and generate buy/sell signals based on price movements and adaptive moving averages. The indicator adjusts dynamically to market conditions using an Exponential Moving Average (EMA) and a smoothed average of the high-low range over the last 20 bars.
Key Features:
Adaptive Trend Following: The indicator uses an EMA of the close price along with a dynamically adjusted range (high-low) to create an adaptive trend-following line.
Buy and Sell Signals: Buy signals are generated when the EMA crosses above the follower line, while sell signals occur when the follower line crosses above the EMA.
Dynamic Color Coding: The indicator line changes color based on the relationship between the price and the follower line. It turns blue when the price is above the follower line and red when the price is below.
Customizable Parameters: Users can adjust the range multiplier (oran) and the EMA period (uzunluk) to fine-tune the indicator to different market conditions.
How to Use:
Buy Signal: A buy signal is triggered when the EMA crosses above the follower line.
Sell Signal: A sell signal is triggered when the follower line crosses above the EMA.
Notes:
This indicator is intended to help identify market trends and potential entry/exit points based on price behavior and momentum.
It is recommended to use this indicator in conjunction with other technical analysis tools and risk management strategies.
Feel free to adjust the parameters based on your trading style and preferences. Happy trading!
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.
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
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.
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.