Traffic Light
- Indicators
- Gevorg Hakobyan
- Version: 1.2
- Updated: 8 April 2020
- Activations: 10
Three moving averages with three timeframes and High/Low levels on one chart, individual period parameter for each of them. The indicator helps to determine the values of moving averages on the current, the next smaller and the next higher timeframes. The filtered vales are displayed in the top right corner of the chart according to the logic of traffic lights. If a buy or sell sign is green, then a long or short position can be opened in the specified timeframe. If the sign is red, it is time to close the position or at least to secure the profit with a stop order. If the sign is yellow, then it is necessary to wait for a confirmation signal to open. The indicator works on the timeframes from M5 to W1.
Inputs
- channel period - number of bars to calculate the Highs and Lows (minimum value is 2).
- smaller MA period - period for the moving average of the smaller timeframe (minimum value is 2).
- current MA period - period for the moving average of the current timeframe (minimum value is 2).
- higher MA period - period for the moving average of the higher timeframe (minimum value is 2).
- MA_Price - applied price for the moving averages.
- smaller MA line color - line color of the moving average on the smaller timeframe.
- current MA line color - line color of the moving average on the current timeframe.
- higher MA line color - line color of the moving average on the higher timeframe.
