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Trending Ribbon for Amibroker (AFL)
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This uses the nifty ribbon function in Amibroker. I use this in most of my price charts because it reduces the clutter with too many indicators on the screen. So if the ribbon is green both the MACD and ADX have started trending up. If the ribbon is red both the MACD and ADX are trending down.
Indicator / Formula
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// Paste the code below to your price chart somewhere and green ribbon means both
// both MACD and ADX trending up so if the red ribbon shows up the MACD and the ADX
// are both trending down.
_SECTION_BEGIN("trending ribbon");
uptrend=PDI()>MDI()AND Signal()<MACD();
downtrend=MDI()>PDI()AND Signal()>MACD();
Plot( 2, /* defines the height of the ribbon in percent of pane width*/"ribbon",
IIf( uptrend, colorGreen, IIf( downtrend, colorRed, 0 )), /* choose color */styleOwnScale|styleArea|styleNoLabel, -0.5, 100 );
_SECTION_END();0 comments
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