A CHANGE of background color indicates a trade opportunity :
Cyan background = BUY
Purple background = SELL

The bullish signals seem to be better than the bearish ones.

Based on the "Willy" indicator.
Don't change the parameters unless you fully understand the consequences.

Use with brains and caution :)
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study(title="MAGNUS™", shorttitle="MAGNUS™")

length = input(21, minval=1)
upper = highest(length)
lower = lowest(length)

out = 100 * (close - upper) / (upper - lower)
src = out, len = input(54, minval=1, title="MA Short Length")
lenm2 = input(13, minval=1, title="MA Long Length")
len0 = input(8, minval=1, title="Willy Smoothing")

m0 = ema(out, len0)
m1 = ema(out, len)
m2 = sma(out,lenm2)
col = m0>m1?aqua:fuchsia

plot(out, color = green)
plot(m0, color = white)
plot(m2, color = red)
plot(m1, title="EMA", color=orange)
band1 = hline(-20)
band0 = hline(-80)
fill(band1, band0)
bgcolor(col,transp=92)

Kommentarer

What is this indicator based on? Thanks
Svara
I'll check it out, looks cool mate.
Svara
check out the MAGNUS® Cycles aswell :D It's the fine-tuned version :D (works good for bitstamp Daily & Weekly... check the source code)
Svara
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