Signals & Overlays [Jayadev Rana]
OVERVIEW
Signals & Overlays is a trend toolkit that combines buy/sell signals with five optional price overlays and ATR-based take-profit and stop-loss levels in one script. Every overlay band is measured in units of a long 200-bar ATR, so the overlays keep the same proportions on any symbol and timeframe.
SIGNALS
Bullish (▲) and bearish (▼) labels print when the signal engine changes direction.
- At the default sensitivity (12) and every value except 2, the engine is a SuperTrend with ATR length 11 and a factor of sensitivity / 4 (3.0 at the default). A signal prints on the bar the trend direction flips. Higher sensitivity values mean wider bands and fewer signals.
- At sensitivity 2 a separate recursive-band engine is used: an upper and a lower band follow the close with a gain of 0.98 when the last close change agrees with the state two bars earlier and 0 otherwise. The state turns bullish when the close reaches the previous upper band and bearish when it reaches the previous lower band. This setting reacts to much shorter swings.
- Signal Mode "None" hides the labels. The other two modes currently print the same signals.
OVERLAYS
All overlays can be switched on independently, each with a period from 1 to 5 and its own colours.
- Smart Trail (on by default): two recursive bands that follow the close with a gain equal to the correlation between price and its moving average divided by the length (5, 7, 14, 28 or 56 for periods 1 to 5). The trail flips when the close crosses the opposite band. The filled area between the trail and its extremity line shows how stretched the move is.
- Reversal Zones: three resistance bands above and three support bands below. Each close carries a bonus that grows with ATR over the bars since it printed; the outer envelope of these values is smoothed with an EMA, and the band spacing is a quarter of the smoothed envelope width. A grey average line runs through the middle.
- Trend Catcher: a stepping line built from price alone. It moves only when the close makes progress in the trend direction, with a weight that decays a little on every move, and flips when the midpoint between the close and the last anchor close crosses it.
- Trend Tracer: an ATR trailing line whose multiplier adapts to how far price has run from the line on the previous bar, so the line tightens on extended moves and loosens near the line.
- Neo Cloud: two cascaded range filters (the second filters the first) with a width of (period + 0.5) × ATR200. The cloud is coloured by which filter is on top, and its opacity grows the longer the current direction has lasted.
TAKE PROFITS / STOP LOSSES
With TP/SL Levels set to "Signals", each new signal anchors a take-profit and a stop-loss line on the signal bar's close. The first level sits at Distance / 2 × ATR200 from the anchor and the second at twice that. Once price passes the first take-profit (or stop) the line moves out to the second. When price reaches the second take-profit the set re-anchors on that bar. Only the "Signals" mode draws levels in this version.
HOW TO USE
Start with the defaults: signals at sensitivity 12 with the Smart Trail. Use the trail colour as the trend bias and take signals in its direction. Turn on Reversal Zones to see where a move is likely to stall, or Neo Cloud for a slower trend background. Raise the sensitivity for fewer, longer-term signals; lower it for faster ones.
NOTES
The settings panel also contains Presets/Filters, Signal Classifier, Candle Coloring, Autopilot Sensitivity, Exit Colors and Dashboard options. These are reserved for a later update and do not change the chart in this version. All calculations use confirmed price data; signals can still appear and disappear while the current bar is open. This is an educational tool, not financial advice.
Signals & Overlays is a trend toolkit that combines buy/sell signals with five optional price overlays and ATR-based take-profit and stop-loss levels in one script. Every overlay band is measured in units of a long 200-bar ATR, so the overlays keep the same proportions on any symbol and timeframe.
SIGNALS
Bullish (▲) and bearish (▼) labels print when the signal engine changes direction.
- At the default sensitivity (12) and every value except 2, the engine is a SuperTrend with ATR length 11 and a factor of sensitivity / 4 (3.0 at the default). A signal prints on the bar the trend direction flips. Higher sensitivity values mean wider bands and fewer signals.
- At sensitivity 2 a separate recursive-band engine is used: an upper and a lower band follow the close with a gain of 0.98 when the last close change agrees with the state two bars earlier and 0 otherwise. The state turns bullish when the close reaches the previous upper band and bearish when it reaches the previous lower band. This setting reacts to much shorter swings.
- Signal Mode "None" hides the labels. The other two modes currently print the same signals.
OVERLAYS
All overlays can be switched on independently, each with a period from 1 to 5 and its own colours.
- Smart Trail (on by default): two recursive bands that follow the close with a gain equal to the correlation between price and its moving average divided by the length (5, 7, 14, 28 or 56 for periods 1 to 5). The trail flips when the close crosses the opposite band. The filled area between the trail and its extremity line shows how stretched the move is.
- Reversal Zones: three resistance bands above and three support bands below. Each close carries a bonus that grows with ATR over the bars since it printed; the outer envelope of these values is smoothed with an EMA, and the band spacing is a quarter of the smoothed envelope width. A grey average line runs through the middle.
- Trend Catcher: a stepping line built from price alone. It moves only when the close makes progress in the trend direction, with a weight that decays a little on every move, and flips when the midpoint between the close and the last anchor close crosses it.
- Trend Tracer: an ATR trailing line whose multiplier adapts to how far price has run from the line on the previous bar, so the line tightens on extended moves and loosens near the line.
- Neo Cloud: two cascaded range filters (the second filters the first) with a width of (period + 0.5) × ATR200. The cloud is coloured by which filter is on top, and its opacity grows the longer the current direction has lasted.
TAKE PROFITS / STOP LOSSES
With TP/SL Levels set to "Signals", each new signal anchors a take-profit and a stop-loss line on the signal bar's close. The first level sits at Distance / 2 × ATR200 from the anchor and the second at twice that. Once price passes the first take-profit (or stop) the line moves out to the second. When price reaches the second take-profit the set re-anchors on that bar. Only the "Signals" mode draws levels in this version.
HOW TO USE
Start with the defaults: signals at sensitivity 12 with the Smart Trail. Use the trail colour as the trend bias and take signals in its direction. Turn on Reversal Zones to see where a move is likely to stall, or Neo Cloud for a slower trend background. Raise the sensitivity for fewer, longer-term signals; lower it for faster ones.
NOTES
The settings panel also contains Presets/Filters, Signal Classifier, Candle Coloring, Autopilot Sensitivity, Exit Colors and Dashboard options. These are reserved for a later update and do not change the chart in this version. All calculations use confirmed price data; signals can still appear and disappear while the current bar is open. This is an educational tool, not financial advice.
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.
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.