Kaly MTF ADX Rangoli Roller is a method/study for finding trending stocks, indexes and cryptocurrencies using two different data periods (10, 5) of ADX Overlap over different time-frames (10m, 1H, 4H, 1D, 1W, 1M). In the study, I used 5-Period ADX for all mentioned time-frames. You may use 10-Period ADX for lower time-frames especially 10m and 1H.
Sample Image of the pinescript code(at the end of this post) in Tradingview looks as follows:
Description: ---------------- In the study plot, the lowest row is 10m, row above is 1H, row above is 4H, then 1D, then 1W and highest row is 1M
Lime(Bright Green) dot implies Trending Uptrend for that time-frame (first phase)
Green dot implies Trending Uptrend for that time-frame (second phase near exhaustion)
Red dot implies Trending Downward for that time-frame (first phase)
Maroon dot implies Trending Downward for that time-frame (second phase near exhaustion)
Lime cross implies Strong Trending Uptrend for that time-frame (first phase)
Green cross implies Strong Trending Uptrend for that time-frame (second phase near exhaustion)
Red cross implies Trending Strong Downward for that time-frame (first phase)
Maroon cross implies Trending Strong Downward for that time-frame (second phase near exhaustion)
Yellow is ‘Squeeze On’ setting. During the squeeze period, the ADX signals are almost always ineffective. One may wait and watch over during this time. Once the Squeeze is released (i.e. no longer yellow), the trend corresponds to the color of the dots and crosses.
Black is CRSI Overbought condition for that time-frame. It’s best to wait and research for possibility of trend reversal because
1. Profit-booking/trimming happens after CRSI Overbought condition.
2. Large Short-sellers may take huge positions during this time pushing the stock prices up.
White is CRSI Oversold condition for that time-frame. It’s best to wait and research for possibility of trend reversal because
1. Profit-booking/trimming happens after CRSI Oversold conditions.
2. Large buyers may take huge positions during this time pushing the stock prices down.
I am a disabled man. Therefore, I am not able to write in detail here today. More Details will follow as time permits. Please let me know if I am missing anything…
Legal Disclaimer: I published here so I get replies from fellow viewers to educate myself and for my daily expenses. Hence, if anyone uses this script for making their decisions, I am not responsible for any failures incurred.
Safe Trading! Kal Gandikota
PS: If you found this script interesting and edifying please follow and upvote. PS2: Please kindly donate for my daily expenses (atleast as you would on streets) at the following addresses:
BTC Wallet: 1NeDC1GvpFa49DFLuT1v28ohFjqtoWXNQ5
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Question: Would it be possible to get one script combining your 2 scripts ADX Overlap with MACD Filter and MTF ADX Rangoli Roller?
Answer: Not required. ADX Overlap with MACD Filter is already incorporated into MTF ADX Rangoli Roller. ADX Rangoli Roller prints + and equivalent to ADX Overlap with MACD Filter. It is placed in picture to give an idea for reference. First you may understand ADX Overlap thing and then you'll understand MTF ADX Rangoli roller. It’s like you must know RSI to understand MFI
KalGandikota
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A mistake’s been made while answering the above question. MACD filter is not present in Kal's MTF ADX Rangoli Roller. Only ADX overlap is integrated. MACD Filter is not there in this script here because
1.doing so increases computations. (Too many computations slowdown language based automated trading systems built in Python, C++, R etc.running on PCs of small investors/traders).
2.In automated trading, one must only use best of the best signals and not try scalping.
Miscellaneous Kal’s Tip: After a trade is placed by an automated program, please always ensure that you get, via email/SMS/text etc., a personal trade confirmation besides one from an exchange.
Safe Trading,
Kal Gandikota
Legal Disclaimer: I published here so I get replies from fellow viewers to educate myself and for my daily expenses. Hence, if anyone uses this script for making their decisions, I am not responsible for any failures incurred.
KalGandikota
⋅
Disclaimer: As of today(Nov 09 2019), I have nothing to do with OTC ticker symbol 'KALY', I am not an investor or worker at that company. I am not responsible for any losses, any types of losses incurred by your decisions with companies having 'KALY' anywhere. (KALY happens to be one of my best nicknames. While writing this post, I had to change KALY to Kal's to avoid confusion and I forgot here in just one place.)
Answer: Not required. ADX Overlap with MACD Filter is already incorporated into MTF ADX Rangoli Roller. ADX Rangoli Roller prints + and equivalent to ADX Overlap with MACD Filter. It is placed in picture to give an idea for reference. First you may understand ADX Overlap thing and then you'll understand MTF ADX Rangoli roller. It’s like you must know RSI to understand MFI