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Save basnijholt/a78fe8deafe76bf3cc1f7e9817f9169e to your computer and use it in GitHub Desktop.
| //@version=4 | |
| study(title="CTO Line", shorttitle="CTO", overlay=true, resolution="") | |
| smma(src, length) => | |
| smma = 0.0 | |
| smma := na(smma[1]) ? sma(src, length) : (smma[1] * (length - 1) + src) / length | |
| smma | |
| v1 = smma(hl2, 15) | |
| m1 = smma(hl2, 19) | |
| m2 = smma(hl2, 25) | |
| v2 = smma(hl2, 29) | |
| p2 = v1<m1 != v1<v2 or m2<v2 != v1<v2 | |
| p3 = not p2 and v1<v2 | |
| p1 = not p2 and not p3 | |
| c = p1 ? color.orange : p2 ? color.silver : color.navy | |
| line1 = plot(v1, "Line 1", color=c) | |
| line2 = plot(v2, "Line 2", color=c) | |
| fill(line1, line2, color=c) |
Worked great!! Thanks.
Hi @BreWep its clear you have respect for Larsson. i do too.. his course price is just too steep for me.
do you have any content from his course fundamentals that you could share.
it would really help. and thanks for the help on the pine editor for the larsson line.
BTW he says that the indicator is free the course is paid so no need to feel guilty of using this source code
@RoscoeTheDog The indicator is just one tool in his tool belt and it needs to be used with all the other TA around a chart. I follow him for a long time and he is doing a very good job already with his videos on YouTube. Always very fact based and educating with a touch of his own style. The pice point is also very steep for me but I guess you pay it for the education/newsletter/community and tools so i think in total the price is fair IF you really want all of it.
Personally I just wanted to indicator as well because I just want it for my own trading strategy. Also for me it is just one piece of the strategy (not a buy/sell signal)
Because I am also able to program i took the pine script and build a little page around it applying the indicator to the top 5000 coins. Maybe its useful for some here as well. @f-gueguen @BreWep thanks for the script.
How is this supposed to be used? I know it's best on 4hr time frames. When I use it as an indicator for a strategy backtest it actually doesn't perform very well. Something like 46% over the course of 3 years.
I used logic such as:
Close and open long position when orange is triggered.
Close and open short when blue is triggered.
I even experimented with closing the position if it enters a greyzone and awaiting for a new color to occur to re-enter. This marginally improved the backtest.
Am I using this indicator wrong or something or is it not made for automated trading?
Alternatively I can reach a 260% gain on BTC since 2020 using tradingviews default "supertrend" indicator and fiddling around with the ATR params. I thought larson line would be better..!