Daveatt

Triangular Moving Average (TMA) bands

What in the world is up folks ??!??

Here's the indicator of the day. Sharing a simple one today because I'm busy coding for a few clients (fun life of a top script author on TradingView)

The TMA bands is an indicator that I discovered on FXCM a few years ago FXCM TMA bands
From the screenshot above, we see that when the price hits the lower band, it's a possible reverse BUY signal. When it hits the upper band, it's a possible SELL signal

Methodology
1) The Take Profit 1 is the middle line, Take Profit 2 is the opposite band.
2) Once the TP1 is hit, set your Stop Loss to breakeven
3) Once the TP2 is hit, if you still want to stay in the trade, set your Stop Loss to the TP1
That's what we call a trailing stop loss which I offered in the Trade Manager : Trade-Manager-Open-Source-Version/

It will be a powerful tool in your arsenal for some scalp/intraday trades

After years of coding for traders, I worked with many brokers/API/languages so I'm very used to convert a script from a broker to another one (shameless self-advertising)

PS
Tomorrow I'll share the Signal version of my Algorithm Builder:
You'll be able to connect it in a single click to a very cool Backtest System made by the Pinescripters community
In other words, I'm selling the scripts to allow you to build your own signals in a few clicks AND to connect it easily to a kick-ass backtesting tool. More to come tomorrow

Hope you'll like it, like me, love it, love me, tip me :)

____________________________________________________________

Feel free to hit the thumbs up as it shows me that I'm not doing this for nothing and will motivate to deliver more quality content in the future. (Meaning... a few likes only = no indicators = Dave enjoying the beach)

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Dave
Founder of Best Trading Indicator
Nice and simple. Loving it!!!
I'm using it as a companion to my "PRISM Signals" (base on a scoring algorithm of pSAR-derived oscillator + pSAR-based RSI/Stochs & Momentum/Acceleration/Jerk analysis) to further reduce the chance of false-positives/negatives.

Here's an overlay of your TMA band, with my PRISM Signals' "B" and "S" signals.


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PRISM Signals


PRISM Oscillators
Antworten
thanks i use it a lot
+1 Antworten
Loving it sir:)
+1 Antworten
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