Hey I just wanted to know if anyone know about this indicator I wanted to optimize the indicator for my market can anybody help me with it or pls tell me what does Range Multiplier and Sampling Period means in this Indicator
thank you.
//@version=4
//Original Script > @DonovanWall
// Actual Version > @guikroth
//////////////////////////////////////////////////////////////////////////
// Settings for 5min chart, BTCUSDC. For Other coin, change the paremeters
//////////////////////////////////////////////////////////////////////////
study(title=”Dashmeeet Script”, overlay=true)
// Source
src = input(defval=close, title=”Source”)
// Sampling Period
// Settings for 5min chart, BTCUSDC. For Other coin, change the paremeters
per = input(defval=100, minval=1, title=”Sampling Period”)
// Range Multiplier
mult = input(defval=3.0, minval=0.1, title=”Range Multiplier”)
// Smooth Average Range
smoothrng(x, t, m) =>
wper = t * 2 – 1
avrng = ema(abs(x – x[1]), t)
smoothrng = ema(avrng, wper) * m
smoothrng
smrng = smoothrng(src, per, mult)
// Range Filter
rngfilt(x, r) =>
rngfilt = x
rngfilt := x > nz(rngfilt[1]) ? x – r < nz(rngfilt[1]) ? nz(rngfilt[1]) : x – r :
x + r > nz(rngfilt[1]) ? nz(rngfilt[1]) : x + r
rngfilt
filt = rngfilt(src, smrng)
// Filter Direction
upward = 0.0
upward := filt > filt[1] ? nz(upward[1]) + 1 : filt < filt[1] ? 0 : nz(upward[1])
downward = 0.0
downward := filt < filt[1] ? nz(downward[1]) + 1 : filt > filt[1] ? 0 : nz(downward[1])
// Target Bands
hband = filt + smrng
lband = filt – smrng
// Colors
filtcolor = upward > 0 ? color.lime : downward > 0 ? color.red : color.orange
barcolor = src > filt and src > src[1] and upward > 0 ? color.lime :
src > filt and src < src[1] and upward > 0 ? color.green :
src < filt and src < src[1] and downward > 0 ? color.red :
src < filt and src > src[1] and downward > 0 ? color.maroon : color.orange
filtplot = plot(filt, color=filtcolor, linewidth=3, title=”Range Filter”)
// Target
hbandplot = plot(hband, color=color.aqua, transp=100, title=”High Target”)
lbandplot = plot(lband, color=color.fuchsia, transp=100, title=”Low Target”)
// Fills
fill(hbandplot, filtplot, color=color.aqua, title=”High Target Range”)
fill(lbandplot, filtplot, color=color.fuchsia, title=”Low Target Range”)
// Bar Color
barcolor(barcolor)
// Break Outs
longCond = bool(na)
shortCond = bool(na)
longCond := src > filt and src > src[1] and upward > 0 or
src > filt and src < src[1] and upward > 0
shortCond := src < filt and src < src[1] and downward > 0 or
src < filt and src > src[1] and downward > 0
CondIni = 0
CondIni := longCond ? 1 : shortCond ? -1 : CondIni[1]
longCondition = longCond and CondIni[1] == -1
shortCondition = shortCond and CondIni[1] == 1
//Alerts
plotshape(longCondition, title=”Buy Signal”, text=”BUY”, textcolor=color.white, style=shape.labelup, size=size.normal, location=location.belowbar, color=color.green, transp=0)
plotshape(shortCondition, title=”Sell Signal”, text=”SELL”, textcolor=color.white, style=shape.labeldown, size=size.normal, location=location.abovebar, color=color.red, transp=0)
alertcondition(longCondition, title=”Buy Alert”, message=”BUY. {{close}}”)
alertcondition(shortCondition, title=”Sell Alert”, message=”SELL.{{close}}”)
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