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This document is a TradingView Pine Script that defines a strategy for identifying consolidation zones and generating buy/sell signals based on the crossover of two exponential moving averages (EMA). It includes parameters for customization, calculates consolidation zones, and plots relevant indicators such as stop loss and target levels. Alerts are also set for breakout conditions and signals are visually represented on the chart.

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Diwankash Bedi
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21 views

indicator

This document is a TradingView Pine Script that defines a strategy for identifying consolidation zones and generating buy/sell signals based on the crossover of two exponential moving averages (EMA). It includes parameters for customization, calculates consolidation zones, and plots relevant indicators such as stop loss and target levels. Alerts are also set for breakout conditions and signals are visually represented on the chart.

Uploaded by

Diwankash Bedi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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//@version=4

study("Consolidation Zones - Live with EMA and Targets", overlay = true,


max_bars_back = 1100)

// Input parameters
prd = input(defval = 10, title="Loopback Period", minval = 2, maxval = 50)
conslen = input(defval = 5, title="Min Consolidation Length", minval = 2,
maxval = 20)
paintcons = input(defval = true, title = "Paint Consolidation Area ")
zonecol = input(defval = color.new(color.blue, 70), title = "Zone Color")

// Calculate Consolidation Zones


float hb_ = highestbars(prd) == 0 ? high : na
float lb_ = lowestbars(prd) == 0 ? low : na
var int dir = 0
float zz = na
float pp = na

dir := iff(hb_ and na(lb_), 1, iff(lb_ and na(hb_), -1, dir))


if hb_ and lb_
if dir == 1
zz := hb_
else
zz := lb_
else
zz := iff(hb_, hb_, iff(lb_, lb_, na))

for x = 0 to 1000
if na(close) or dir != dir[x]
break
if zz[x]
if na(pp)
pp := zz[x]
else
if dir[x] == 1 and zz[x] > pp
pp := zz[x]
if dir[x] == -1 and zz[x] < pp
pp := zz[x]

var int conscnt = 0


var float condhigh = na
var float condlow = na
float H_ = highest(conslen)
float L_ = lowest(conslen)
var line upline = na
var line dnline = na
bool breakoutup = false
bool breakoutdown = false

if change(pp)
if conscnt > conslen
if pp > condhigh
breakoutup := true
if pp < condlow
breakoutdown := true
if conscnt > 0 and pp <= condhigh and pp >= condlow
conscnt := conscnt + 1
else
conscnt := 0
else
conscnt := conscnt + 1

if conscnt >= conslen


if conscnt == conslen
condhigh := H_
condlow := L_
else
line.delete(upline)
line.delete(dnline)
condhigh := max(condhigh, high)
condlow := min(condlow, low)

upline := line.new(bar_index, condhigh, bar_index - conscnt, condhigh,


color = color.red, style = line.style_dashed)
dnline := line.new(bar_index, condlow , bar_index - conscnt, condlow,
color = color.lime, style = line.style_dashed)

fill(plot(condhigh, color = na, style = plot.style_stepline),


plot(condlow, color = na, style = plot.style_stepline),
color = paintcons and conscnt > conslen ? zonecol :
color.new(color.white, 100))

alertcondition(breakoutup and conscnt <= conslen, title='Breakout Up',


message='Breakout Up')
alertcondition(breakoutdown and conscnt <= conslen, title='Breakout Down',
message='Breakout Down')

// Calculate EMA 5 and EMA 9


ema5 = ema(close, 5)
ema9 = ema(close, 9)

// Plot EMAs
plot(ema5, color=color.blue, title="EMA 5")
plot(ema9, color=color.red, title="EMA 9")

// Buy and Sell Signals on crossover


buySignal = crossover(ema5, ema9) and conscnt <= conslen
sellSignal = crossunder(ema5, ema9) and conscnt <= conslen

// Plot Buy and Sell Arrows


plotshape(buySignal, style=shape.triangleup, location=location.belowbar,
color=color.green, size=size.small, title="Buy Signal")
plotshape(sellSignal, style=shape.triangledown, location=location.abovebar,
color=color.red, size=size.small, title="Sell Signal")

// Stop Loss and Targets


var float entryPrice = na
var float stopLoss = na
var float target1 = na
var float target2 = na
var float target3 = na

if buySignal
entryPrice := close
stopLoss := low
target1 := entryPrice + (entryPrice - stopLoss) * 2
target2 := entryPrice + (entryPrice - stopLoss) * 3
target3 := entryPrice + (entryPrice - stopLoss) * 5

if sellSignal
entryPrice := close
stopLoss := high
target1 := entryPrice - (stopLoss - entryPrice) * 2
target2 := entryPrice - (stopLoss - entryPrice) * 3
target3 := entryPrice - (stopLoss - entryPrice) * 5

// Plot Stop Loss and Targets


plot(stopLoss, color=color.red, title="Stop Loss")
plot(target1, color=color.green, title="Target 1")
plot(target2, color=color.blue, title="Target 2")
plot(target3, color=color.orange, title="Target 3")

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