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[blackcat] L1 Tether Line

Level: 1

Background

Omega Research proposed Tether line in June 2000. I utilized it in fast-slow line form to follow trend.

Function

Due it can provides good support and resistance, using it as "moving average" fast-slow line form can provide very stable golden cross and dead cross signal.
You can adjust parameters to fit for your trading pair and use it and compare it with Supertrend indicator.

Key Signal

Tether_fast --> Tether Fast Line.
Tether_slow --> Tether Slow Line.

Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.

Notas de Lançamento

OVERVIEW
The [blackcat] L1 Tether Line indicator is designed to help traders visualize potential support and resistance levels using two moving averages based on price extremes over specified periods. It calculates and plots both fast and slow tether lines, which can be used to identify trends and generate trading signals. The script also includes visual cues like labels and fill areas to enhance clarity, along with alert conditions for automated notifications. 📈🔍

FEATURES
Customizable Fast and Slow Lengths: Adjustable input parameters allow users to set their preferred lengths for calculating the fast and slow tether lines.
Dynamic Tether Lines: Plots two tether lines representing average high-low values over defined periods.
Visual Indicators:
Colored fill area between the fast and slow tether lines.
Labels indicating "BUY" and "SELL" signals based on line crossovers.
Alert Conditions: Automated alerts for long and short signals to notify traders of potential entry points.
HOW TO USE
Add the Script to Chart:

Copy the script and paste it into the Pine Editor on TradingView.
Save and add the indicator to your chart.
Adjust Parameters:

Modify the fast_length and slow_length inputs according to your trading strategy.
Interpret Signals:

Look for "BUY" labels when the fast tether line crosses above the slow tether line.
Look for "SELL" labels when the fast tether line crosses below the slow tether line.
Set Alerts (Optional):

Enable alerts in the indicator settings to receive notifications for long and short signals.
LIMITATIONS
The effectiveness of this indicator depends on market conditions and should be used alongside other analysis tools.
Customization options are limited to the fast and slow lengths; further adjustments may require modifying the script.
NOTES
The script uses the highest and lowest prices over the specified periods to calculate the tether lines.
The fill area between the tether lines changes color based on the relative positions of the fast and slow lines.

Notas de Lançamento

█ OVERVIEW

blackcat L1 Tether Line plots two midline "tether" bands, each built from the midpoint of the highest high and lowest low over a fast (13) and a slow (55) lookback window. Green BUY and red SELL labels mark trend flips between the midlines, backed by a position state machine, a signal cooldown, and optional ATR-based take-profit and stop-loss exits.

█ CONCEPTS

The indicator treats the midpoint of the recent price range as a "tether" anchoring price action. Two tethers of different speed define the regime:

• Tether midlines: each line is the average of the highest high and lowest low over its window, a natural range midpoint
• Trend flip: when the fast tether crosses above the slow tether the regime turns bullish, and bearish on the cross below
• Signal governance: a position state machine plus a cooldown suppresses repeated and contradictory signals
• Volatility-based risk: stop-loss and take-profit levels = entry price plus an ATR multiple, adapting to each symbol's volatility

█ HOW TO USE

1 — Add the script to any chart; default settings work out of the box
2 — Tune Fast Length and Slow Length to match the symbol and timeframe (shorter windows react faster, longer windows smooth noise)
3 — Enable TP/SL and adjust the ATR multiples to your risk appetite
4 — Create alerts from the four provided alert conditions

Input Parameters
• Fast Length: lookback for the fast tether, default 13
• Slow Length: lookback for the slow tether, default 55
• Same-bar Entry/Exit Exclusivity: arbitration between flip entries and protective exits, default on
• Cooldown Bars: minimum bars between signals, 0 disables, default 3
• Enable TP/SL Exit and Levels: toggles ATR exits and level plots, default on
• ATR Length: period for the ATR used in risk levels, default 14
• Stop Loss (xATR): stop distance in ATR multiples, default 2.0
• Take Profit (xATR): target distance in ATR multiples, default 3.0
• Show Position Background: tints the chart by position state
• Show Dashboard: on-chart status table with position, entry, SL, TP and trend

█ FEATURES

• Dual tether midlines with a transparent regime fill (yellow bullish, fuchsia bearish)
• Clean flip labels anchored to the bar edges plus exit markers
• ATR-based stop-loss and take-profit reference lines that persist while a position is open
• Position state background and a compact dashboard table
• Four alert conditions plus dynamic close-confirmed alert messages

█ SIGNALS

Visual Elements
• BUY (green label below the bar): fast tether crossed above slow tether, long regime
• SELL (red label above the bar): fast tether crossed below slow tether, short regime
• XL / XS (orange cross above the bar): long or short position closed by a take-profit or stop-loss touch on close
• Yellow fill: fast tether above slow tether; fuchsia fill: fast tether below
• Green / red background: active long / short state; no background: flat
• Dashboard (top right): live position, entry price, stop-loss level, take-profit level and regime direction

█ IMPLEMENTATION NOTES

• Midlines use ta.highest and ta.lowest averaged over each window
• Entries use ta.crossover and ta.crosunder, so signals are edge-triggered by construction
• Risk levels use ta.atr(14) from the stored entry price
• Entries and TP/SL exits evaluate on confirmed bar close, so signals never repaint intrabar

█ LIMITATIONS

• A flip-following system: ranging markets can still whipsaw, the cooldown mitigates but does not remove this
• TP/SL exits confirm on close, so long intra-bar wicks through a level may not exit until the bar closes
• Best suited to trending conditions on timeframes of 5 minutes and above
• Exits are reference levels, not exchange-attached orders; pair them with broker-side stops if needed

█ NOTES

• Open source under Mozilla Public License 2.0
• V2 adds signal governance, ATR risk exits, position visualization, a dashboard and exit alerts, keeping the original tether logic and defaults unchanged

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For questions or feedback, use the comments section below.
Feel free to use and modify — attribution appreciated.

blackcat1402

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