Triple Colored Least Squares Moving Average + Crossover Alerts

2021년 11월 3일

This script is forked from the ‘ Double Colored Least Squares Moving Average + Crossover Alerts ‘ from @IronKnightmare.

First release & notes : 2021-11-03.

Overview:

The Least Squares Moving Average is used mainly as a crossover signal to identify bullish or bearish trends. When a shorter duration line cross a longer one a trend can be identified. When multiple lines or the price action cross a longterm trend the confirmation can be further validated. Tradingview contains already some indicators with 1 or two LSMA trendlines that can be configured and toggled.

The original script that I forked had two LSMA lines that could be plotted with other valuable functions, I added a third for further confirmation as some trading systems will use three lines or some combination of those for validation.

Usage:

In inputs

- You will see LSMA 1, LSMA 2 & LSMA 3. The default values are 40, 100 & 400 representing the number of periods plotted by that line : fast, medium and slow changing trendlines will be plotted. The offset value and source are standard for most scripts.

In Style
- You can toggle LSMA 1, 2 or 3 and any combination of those. There are much more possibilities this way.
- For each LSMA, Color 0 & Color 1 are for coloring the slope of the trendline,

- Color 0 for rising slope,
- Color 1 for descending slope.
- The script will automatically color the rise or fall of the trendline accordingly. You can also set one identical color in both slopes for one unique color.


- The ‘Long Crossover 1 on 2’ is a signal for when the LSMA 1 cross over the LSMA 2, usually a shorter periods trendline, more volatile, climbing over the medium term one. A Signal will be traced on the chart at that crossing, you can configure this. The ‘Short Crossover 1 on 2’ is when the LSMA 1 cross under the LSMA 2, a signal will be traced on the chart accordingly.

- The Long Crossover 1 on 3 & Short Crossover 1 on 3 act on the same principle, although the crossing of the fast LSMA on the long / slow LSMA are used. Both can be toggled.

- The ‘Background Coloring Line 1 : 0-Neutral, 1-Up, 2-Down’ is an optional background coloring for the LSMA1 line. This can provide additional information at a quick glance, especially if you combine the two other lines backgrounds, the partial transparency will compound.

2021년 11월 7일

릴리즈 노트

Update 2021-11-07

- Added Symbol Description in Status line,

- Started working on customizable alerts -- commented out in the script, work in progress.

2022년 6월 10일

릴리즈 노트

Added 'timeframe="", timeframe_gape=true' so that the indicator can use different timeframes than the ticker's active timeframe. Thanks ebanat420 for the suggestion!