// Downloaded From https://www.WiseStockTrader.com // Formula Name: Modified Triple Screen Trading System // Author/Uploader: Buvanes // E-mail: buvanes1989@gmail.com // Date/Time Added: 2010-06-21 13:32:18 // Origin: Translated from the "Triple Screen Trading System" by Dennis Skoblar // Keywords: trading system trend //------------------------------------------------------------------------------------------------------------------ //This is a modified elder impulse system.the original triple screen system is further filtered by 200 day ema. non trending stocks is filtered //using ADX directional system. Usually stocks above 20 are said to be stongly trending. I hav used 15 for ADX system. However u can //tweak as per ur wish. Also The coloring system use by ELDER is used here. For long only stocks which are blue and green are selected and vice //versa. Also for long the daily trend is confirmed by the slope of 22period EMA. Here you can modify any settings //as per ur wish for //-------------------------------------------------------------------------------------------------------------------- //-----------------------------Modified Triple Screen Trading System-------------------------------------------------- //--------------------------------------For GOING LONG---------------------------------------------------------------- //Stock is above its 200day EMA //ADX is greater than 15. By this stocks in trading range are ignored //DAILY MACD HISTOGRAM RISING //WEEKLY MACD HISTOGRAM RISING //RSI is greater than 20 and should be less than 90. overbought issues are filtered //5period EMA is above the 13 period EMA(Both are fibonacci numbers) //22 period DAILY EMA is rising //------------------------------------------------------------------------------------------------------------ //-----------------------------------------FOR GOING SHORT--------------------------------------------------- //Stock is below its 200day EMA //ADX greater than 15 //DAILY MACD HISTOGRAM IS FALLING //WEEKLY MACD HISTOGRAM is FALLING //RSI is greater than 50 //5 period EMA is below the 13period EMA //22 period dailyEMA is falling //------------------------------------------------------------------------------------------------------------------ //GOING LONG //The Close Price of the current bar is GREATER than the EMA (Long) of 1 bar ago */ LongEMA = Param( "LONG EMA LOOKBAVK", 50, 30, 200, 1 ); Buy1 = Close > EMA( C, LongEMA ); //The ADX of the current bar is greater than 15 */ a1=Param("ADX VALUE",20,5,100,1,0); a2=Param("ADX LOOKBACK PERIOD", 14, 10, 100, 1, 0); Buy2 = ADX( a2 ) > a1; //The RSI of the current bar is greater than 20 */ Buy3 = RSIa( Close, 14 ) > 20; //The RSI of the current bar is less than 90 */ Buy4 = RSIa( Close, 14 ) < 90; //The Exponential MA (Short) of the current bar is greater than the Exponential MA (Medium) of the current bar */ Buy5 = EMA( Close, 5 ) > EMA( Close, 13 ); //22 PERIOD DAILY EMA IS RISING */ Buy9 = EMA( Close, 22 ) > Ref( EMA( Close, 22 ), -1 ); TimeFrameSet( inWeekly ); WeeklyMACD = MACD(12,26) - Signal(12,26,9); WeekHistRising = Ref(WeeklyMACD, -1) < Ref(WeeklyMACD, 0); WeekHistFalling = Ref(WeeklyMACD, -1) > Ref(WeeklyMACD, 0); TimeFrameRestore(); // Weekly criteria MACDLongW = WeekHistRising; MACDShortW= WeekHistFalling; TimeFrameSet( inDaily ); DailyMACD = MACD(12,26) - Signal(12,26,9); DHistRising = Ref(DailyMACD, -1) < Ref(DailyMACD, 0); DHistFalling = Ref(DailyMACD, -1) > Ref(DailyMACD, 0); TimeFrameRestore(); // DAILY criteria FOR HISTOGRAM MACDLongD = DHistRising; MACDShortD= DHistFalling; // Daily criteria FIDaily = EMA(V*(C-Ref(C,-1)),2); FILongD = FIDaily < 0; FIShortD = FIDaily > 0; TimeFrameSet( inDaily) ; //MACD r1 = Param( "Impulse Fast avg", 12, 2, 200, 1 ); r2 = Param( "Impulse Slow avg", 26, 2, 200, 1 ); r3 = Param( "Impulse Signal avg", 9, 2, 200, 1 ); ml = MACD(r1, r2); sl = Signal(r1,r2,r3); Hist = ml-sl; MACUP = Hist > Ref(Hist,-1); MACDN = Hist < Ref(Hist,-1); MA1 = Param( "Impluse MA", 21, 21, 200, 1 ); MAUP = EMA(C,MA1) > Ref(EMA(C,MA1),-1); MADN = EMA(C,MA1) < Ref(EMA(C,MA1),-1); BarColor = IIf(Close == Open, colorBlack,IIf(Close>Open,colorGreen,colorRed)); BarColor = IIf(MACUP AND MAUP,colorGreen,IIf(MACDN AND MADN,colorRed,colorBlue)); Sell8 = MACDN AND MADN; Buy6 = MACUP AND MAUP; Buy7 = MACUP AND MADN; Buy8 = MACDN AND MAUP; // Scan criteria ElderLong = Buy1 AND Buy2 AND MACDLongW AND MACDLongD AND Buy3 AND Buy4 AND Buy5 AND (Buy6 OR Buy7 OR Buy8) AND Buy9; //====================================================================================================================== // FOR GOING SHORT //The Close Price of the current bar is LESSER than the 200 PERIOD EMA */ ShortEMA = Param( "SHORT EMA LOOKBAVK", 50, 30, 200, 1 ); Sell1 = BarsSince( Close >= EMA( C,ShortEMA ) ) >= 1; /*The RSI has been greater than 70 within the last 5 bars */ s1=Param("SHORT RSI Value", 50, 10, 100, 1, 0); Sell5 = Ref( HHV( RSIa( Close, 14 ), 5 ), 0 ) > s1; //5 PERIOD EMA IS LESS THAN 13 PERIOD EMA Sell6 = EMA( Close, 5 ) < EMA( Close, 13 ); //22 PERIOD DAILY EMA IS FALLING */ Sell7= EMA( Close, 22 ) < Ref( EMA( Close, 22 ), -1 ); // Scan criteria ElderShort = Sell1 AND Buy2 AND MACDShortD AND MACDShortW AND Sell5 AND Sell7 AND (Buy7 OR Buy8 OR Sell8); Buy = ElderLong; Sell = 0; Short = ElderShort; Cover = 0;