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.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.