A simple arrow signal indicator based on the intersection of four moving averages with different calculation data.
There are thirteen input parameters (three parameters for each of the four moving averages):
- First MA period - first MA calculation period
- First MA applied price - price used for the calculation of the first MA
- First MA method - first MA calculation method
- ... Similar parameters are used for the second, third and fourth MA
- Use swing signals - use only the direction change signals (Yes/No) (*)
Calculation:
Up Arrow:
MA1 > MA2 and MA3 > MA4
Down Arrow:
MA1 < MA2 and MA3 < MA4
where:
MA N - MA(MA N applied price, MA N period, MA N method)
* If you set Use swing signals = Yes, the arrows will only appear when the signal direction changes,
if Use swing signals = No, the indicator will show a color line of three dots (similar to that of Parabolic SAR) based on the largest-period MA prices, and only if the signal condition is met.
Fig. 1. Use swing signals = Yes
Fig. 2. Use swing signals = No
