OPEN-SOURCE SCRIPT
Community MoneyLine
Overview
The Community MoneyLine is a advanced volatility-based trend-following indicator, refined for precision entries and exits. It is designed to capture macro market shifts while providing tools to mitigate the "sideways meat grinder." This version features built-in smoothing and optional filters to help traders avoid false signals during low-volatility periods.
How it Works
The core engine uses a modified trailing-stop mechanism that generates a unique "Staircase Support/Resistance."
In an Uptrend (Bullish): The green support line only moves UP with the price, locking in profits. It will never move down until the trend officially flips.
In a Downtrend (Bearish): The red resistance line only moves DOWN, tracking the descent. It will never move up until momentum shifts back.
The indicator is designed to wait for a decisive price action (such as a low touching the line in a bullish trend) before triggering a "Flip."
Key Features
"Clean Break" Signals: To maintain visual clarity, the script features a gap between trend shifts. This removes confusing vertical connecting lines and highlights the exact moment a pivot occurs.
Heikin Ashi Price Smoothing: The script internally utilizes Heikin Ashi candle calculations for its trailing-stop logic. This significantly reduces whipsaws caused by single-candle wicks or "fake" price spikes, ensuring you stick with the dominant trend longer.
Pinpointed Labeling: "Bullish" and "Bearish" labels are pinned precisely to the MoneyLine itself rather than floating above the candles, ensuring constant visibility and a clean chart.
Momentum Filter (Noise Reduction): Features an EMA-based filter that requires price confirmation relative to a medium-term moving average before a trend flip is confirmed. This is designed specifically for range-bound or "choppy" market phases.
Settings Explained (Current Defaults)
ATR Sensitivity (Current: 7): Controls the lookback period for the Average True Range. A value of 7 provides a balance between rapid reaction and stability.
Trend Depth (Current: 3.5): This is the multiplier for the ATR. A 3.5 depth pushes the line further from the price action, capturing larger macro moves while avoiding premature stop-outs during normal volatility.
Use Heikin Ashi Smoothing: Use HA candles internally to smooth the trailing stop calculation.
Label Offset (Current: 0.6): Customizes the vertical gap between the signal text and the MoneyLine (higher values push the labels further away).
Enable Momentum Filter: If enabled, the system requires an additional confirmation before flipping to Bullish (must be > EMA) or Bearish (must be < EMA). Enable this to filter range chop.
The Community MoneyLine is a advanced volatility-based trend-following indicator, refined for precision entries and exits. It is designed to capture macro market shifts while providing tools to mitigate the "sideways meat grinder." This version features built-in smoothing and optional filters to help traders avoid false signals during low-volatility periods.
How it Works
The core engine uses a modified trailing-stop mechanism that generates a unique "Staircase Support/Resistance."
In an Uptrend (Bullish): The green support line only moves UP with the price, locking in profits. It will never move down until the trend officially flips.
In a Downtrend (Bearish): The red resistance line only moves DOWN, tracking the descent. It will never move up until momentum shifts back.
The indicator is designed to wait for a decisive price action (such as a low touching the line in a bullish trend) before triggering a "Flip."
Key Features
"Clean Break" Signals: To maintain visual clarity, the script features a gap between trend shifts. This removes confusing vertical connecting lines and highlights the exact moment a pivot occurs.
Heikin Ashi Price Smoothing: The script internally utilizes Heikin Ashi candle calculations for its trailing-stop logic. This significantly reduces whipsaws caused by single-candle wicks or "fake" price spikes, ensuring you stick with the dominant trend longer.
Pinpointed Labeling: "Bullish" and "Bearish" labels are pinned precisely to the MoneyLine itself rather than floating above the candles, ensuring constant visibility and a clean chart.
Momentum Filter (Noise Reduction): Features an EMA-based filter that requires price confirmation relative to a medium-term moving average before a trend flip is confirmed. This is designed specifically for range-bound or "choppy" market phases.
Settings Explained (Current Defaults)
ATR Sensitivity (Current: 7): Controls the lookback period for the Average True Range. A value of 7 provides a balance between rapid reaction and stability.
Trend Depth (Current: 3.5): This is the multiplier for the ATR. A 3.5 depth pushes the line further from the price action, capturing larger macro moves while avoiding premature stop-outs during normal volatility.
Use Heikin Ashi Smoothing: Use HA candles internally to smooth the trailing stop calculation.
Label Offset (Current: 0.6): Customizes the vertical gap between the signal text and the MoneyLine (higher values push the labels further away).
Enable Momentum Filter: If enabled, the system requires an additional confirmation before flipping to Bullish (must be > EMA) or Bearish (must be < EMA). Enable this to filter range chop.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.