[blackcat] L1 Tether Line

14 thg 8, 2021

Level: 1

Background

Omega Research proposed Tether line in June 2000. I utilized it in fast-slow line form to follow trend.


Function

Due it can provides good support and resistance, using it as "moving average" fast-slow line form can provide very stable golden cross and dead cross signal.
You can adjust parameters to fit for your trading pair and use it and compare it with Supertrend indicator.



Key Signal

Tether_fast --> Tether Fast Line.
Tether_slow --> Tether Slow Line.

Remarks

This is a Level 1 free and open source indicator.

Feedbacks are appreciated.

18 thg 4

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OVERVIEW
The [blackcat] L1 Tether Line indicator is designed to help traders visualize potential support and resistance levels using two moving averages based on price extremes over specified periods. It calculates and plots both fast and slow tether lines, which can be used to identify trends and generate trading signals. The script also includes visual cues like labels and fill areas to enhance clarity, along with alert conditions for automated notifications. 📈🔍

FEATURES
Customizable Fast and Slow Lengths: Adjustable input parameters allow users to set their preferred lengths for calculating the fast and slow tether lines.
Dynamic Tether Lines: Plots two tether lines representing average high-low values over defined periods.
Visual Indicators:
Colored fill area between the fast and slow tether lines.
Labels indicating "BUY" and "SELL" signals based on line crossovers.
Alert Conditions: Automated alerts for long and short signals to notify traders of potential entry points.
HOW TO USE
Add the Script to Chart:

Copy the script and paste it into the Pine Editor on TradingView.
Save and add the indicator to your chart.
Adjust Parameters:

Modify the fast_length and slow_length inputs according to your trading strategy.
Interpret Signals:

Look for "BUY" labels when the fast tether line crosses above the slow tether line.
Look for "SELL" labels when the fast tether line crosses below the slow tether line.
Set Alerts (Optional):

Enable alerts in the indicator settings to receive notifications for long and short signals.
LIMITATIONS
The effectiveness of this indicator depends on market conditions and should be used alongside other analysis tools.
Customization options are limited to the fast and slow lengths; further adjustments may require modifying the script.
NOTES
The script uses the highest and lowest prices over the specified periods to calculate the tether lines.
The fill area between the tether lines changes color based on the relative positions of the fast and slow lines.