yuthavithi bb scalper V2
This is a trend based BB scalper. I notice when the trend is fading and the price is going to leave the upper/lower band, the opposite band will stop expanding and turn back. This can serve as a good point for profit taking.
Like my previous force scalper, this scalper also use ATR to filter sideway period. It will provide buy/sell signal only when the price is trending.
sideway period is indicated by the silver upper/lower band, it does not trade during this period. but provide close signal instead.
Like my previous force scalper, this scalper also use ATR to filter sideway period. It will provide buy/sell signal only when the price is trending.
sideway period is indicated by the silver upper/lower band, it does not trade during this period. but provide close signal instead.
study(title="yuthavithi bb scalper V2", shorttitle="YUTHAVITHI BB Scalper V2", overlay=true) atrFast = input(20, minval = 1, title = "ATR Fast") atrSlow = input(50, minval = 1, title = "ATR Slow") bandSmooth = input(1, minval = 1, title = "BB Band Smooth") len = input(20, minval=1, title="Length") multiplier = input(2, minval=1, title="multiplier") src = input(close, title="Source") bbMid = sma(src, len) atrFastVal = atr(atrFast) atrSlowVal = atr(atrSlow) stdOut = stdev(close, len) bbUpper = bbMid + stdOut * multiplier bbLower = bbMid - stdOut * multiplier bbUpper2 = sma(bbUpper, bandSmooth) bbLower2 = sma(bbLower, bandSmooth) trending = atrFastVal > atrSlowVal buy = trending and (bbMid > bbMid[1]) and (bbUpper > bbUpper[1]) and (bbLower < bbLower[1]) sell = trending and (bbMid < bbMid[1]) and (bbUpper > bbUpper[1]) and (bbLower < bbLower[1]) closeBuy = (bbMid > bbMid[1]) and (bbLower2 > bbLower2[1]) closeSell = (bbMid < bbMid[1]) and (bbUpper2 < bbUpper2[1]) plot(bbMid, color=red) plot(bbUpper, color = (atrFastVal > atrSlowVal ? red : silver)) plot(bbLower, color = (atrFastVal > atrSlowVal ? red : silver)) plotshape((sell), color=red, style=shape.arrowdown, location=location.abovebar) plotshape((buy ), color=green, style=shape.arrowup, location=location.belowbar) plotshape(closeSell, color=purple, style=shape.arrowup, location=location.belowbar) plotshape(closeBuy, color=blue, style=shape.arrowdown, location=location.abovebar) plotshape((sell and sell[1] == false), color=red, style=shape.arrowdown, location=location.abovebar, text = "Sell") plotshape((buy and buy[1] == false ), color=green, style=shape.arrowup, location=location.belowbar, text = "Buy") plotshape(closeSell and closeSell[1] == false, color=purple, style=shape.arrowup, location=location.belowbar, text = "ClsSell") plotshape(closeBuy and closeBuy[1] == false, color=blue, style=shape.arrowdown, location=location.abovebar, text = "ClsBuy")