325 views
325

if the line is red mean the majority of the conditions are turning bull and a possible drop can happen so in a way this is a contrarian indicator
this works only into uptrend on down trend the line will be always yellow
use trend lines and channels to determine trends for example
to increase sensibility lower the "10" to 8 or 7
```study(title="bitcoin warning", shorttitle="read the scrypt", overlay=true)
toperino=(iff(close>close,1,-1))+ // past 3 bars needs to be all green
(iff(close>close,1,-1))+
(iff(close>close,1,-1))+
(iff(ema(close,5)>ema(close,5),1,-1))+// 5 bar ema need to have 3 days up slope to reduce some noise
(iff(ema(close,5)>ema(close,5),1,-1))+
(iff(ema(close,5)>ema(close,5),1,-1))+
(iff(ema(close,10)>ema(close,10),1,-1))+//the rest of ema's just need to have up slope
(iff(ema(close,15)>ema(close,15),1,-1))+
(iff(ema(close,20)>ema(close,20),1,-1))+
(iff(ema(close,25)>ema(close,25),1,-1))+
(iff(ema(close,30)>ema(close,30),1,-1))

istop=toperino > 10 ? red:yellow
sma1=sma(low,1)*0.95
plot(sma1, color=istop, style=circles,linewidth=3, join=true)

// if the line is red mean the majority of the conditions are turning bull and a possible drop can happen so in a way this is a contrarian indicator
//this works only into uptrend on down trend the line will be always yellow
//use trend lines and channels to determine trends for example
// to increase sensibility lower the "10" to 8 or 7```