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.
開源腳本
秉持TradingView一貫精神，這個腳本的創作者將其設為開源，以便交易者檢視並驗證其功能。向作者致敬！您可以免費使用此腳本，但請注意，重新發佈代碼需遵守我們的社群規範。
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。
開源腳本
秉持TradingView一貫精神，這個腳本的創作者將其設為開源，以便交易者檢視並驗證其功能。向作者致敬！您可以免費使用此腳本，但請注意，重新發佈代碼需遵守我們的社群規範。
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。