Snake Trend Premium

2021년 3월 14일

This is an improved version of my original open source snake trend script.

I made this script to reference the current market environment while working on the lower time frames. It combines 8 slow moving averages to calculate the strength of the market trend. It will color the center of the line based on those results. The purpose of it is to visualise a bunch of sma lines into 1 line, it will make it much more organised and gives visual clarity instead of chaos. Do not use this script.



How the snake calculates trend strength for color:
1. It will check for each SMA line if it increased or decreased in value compared to previous candle.
2. An increase means +1 a decrease means -1
3. It will count those numbers to get a strength value ranging from -8 to 8
4. Each specific number is color coded and it will plot that color into the center of the snake based on the color theme selected in config





Configuration:
Show MA Lines = Ability to show the hidden lines used for calculation

5 Color Themes = Includes 5 color themes for the snake of which one based on the original, this is so the user can decide which color theme is most clear.

Plot Snake on other timeframe ? = Ability to plot the visual snake on the timeframe you want instead of current, this will not change the calculation and is only visual.

Use Current Timeframe MACD ? = Chose if you want to use a custom timeframe for MACD (outer skin of the snake line), below that are the standard MACD settings

Use Current Timeframe rsiMFI ? = Chose if you want to use a custom timeframe for rsiMFI (inner skin of the snake line)

Static SMA Length ? = The amount of candles the SMA uses to calculates it's value, standard SMA settings

Timeframe in Minutes SMA 1 = The timeframe line 1 uses (these timeframes are very important as they decide the trend strength calculation which is the backbone of the script. Below that are settings for all the other SMA's

SMA length input changes all lines at once.






The script will get published in 2 ways:
A simple version that will display the trend strength indicator as bars (no overlay)
A version which displays the strength as colors and includes a skin to see if higher or lower TF MACD and rsiMFI are in the negative or positive


Disclaimer:
Never enter a trade purely based on the indicator as it is a trend visualisation but not a good entry trigger.