GainzAlgo V2 Alpha

// © GainzAlgo

//@version=5

indicator('GainzAlgo V2 [Alpha]', overlay=true, max_labels_count=500)

show_tp_sl = input.bool(true, 'Display TP & SL', group='Techical', tooltip='Display the exact TP & SL price levels for BUY & SELL signals.')

rrr = input.string('1:2', 'Risk to Reward Ratio', group='Techical', options=['1:1', '2:3', '1:2', '1:4'], tooltip='Set a risk to reward ratio (RRR).')

tp_sl_multi = input.float(1, 'TP & SL Multiplier', 1, group='Techical', tooltip='Multiplies both TP and SL by a chosen index. Higher - higher risk.')

tp_sl_prec = input.int(2, 'TP & SL Precision', 0, group='Techical')

candle_stability_index_param = 0.7

rsi_index_param = 80

candle_delta_length_param = 10

disable_repeating_signals_param = input.bool(true, 'Disable Repeating Signals', group='Techical', tooltip='Removes repeating signals. Useful for removing clusters of signals and general clarity.')

GREEN = color.rgb(29, 255, 40)

RED = color.rgb(255, 0, 0)

TRANSPARENT = color.rgb(0, 0, 0, 100)

label_size = input.string('huge', 'Label Size', options=['huge', 'large', 'normal', 'small', 'tiny'], group='Cosmetic')

label_style = input.string('text bubble', 'Label Style', ['text bubble', 'triangle', 'arrow'], group='Cosmetic')

buy_label_color = input(GREEN, 'BUY Label Color', inline='Highlight', group='Cosmetic')

sell_label_color = input(RED, 'SELL Label Color', inline='Highlight', group='Cosmetic')

label_text_color = input(color.white, 'Label Text Color', inline='Highlight', group='Cosmetic')

stable_candle = math.abs(close - open) / ta.tr > candle_stability_index_param

rsi = ta.rsi(close, 14)

atr = ta.atr(14)

bullish_engulfing = close[1] < open[1] and close > open and close > open[1]

rsi_below = rsi < rsi_index_param

decrease_over = close < close[candle_delta_length_param]

var last_signal = ''

var tp = 0.

var sl = 0.

bull_state = bullish_engulfing and stable_candle and rsi_below and decrease_over and barstate.isconfirmed

bull = bull_state and (disable_repeating_signals_param ? (last_signal != 'buy' ? true : na) : true)

bearish_engulfing = close[1] > open[1] and close < open and close < open[1]

rsi_above = rsi > 100 - rsi_index_param

increase_over = close > close[candle_delta_length_param]

bear_state = bearish_engulfing and stable_candle and rsi_above and increase_over and barstate.isconfirmed

bear = bear_state and (disable_repeating_signals_param ? (last_signal != 'sell' ? true : na) : true)

round_up(number, decimals) =>

    factor = math.pow(10, decimals)

    math.ceil(number * factor) / factor

if bull

    last_signal := 'buy'

    dist = atr * tp_sl_multi

    tp_dist = rrr == '2:3' ? dist / 2 * 3 : rrr == '1:2' ? dist * 2 : rrr == '1:4' ? dist * 4 : dist

    tp := round_up(close + tp_dist, tp_sl_prec)

    sl := round_up(close - dist, tp_sl_prec)

    if label_style == 'text bubble'

        label.new(bar_index, low, 'BUY', color=buy_label_color, style=label.style_label_up, textcolor=label_text_color, size=label_size)

    else if label_style == 'triangle'

        label.new(bar_index, low, 'BUY', yloc=yloc.belowbar, color=buy_label_color, style=label.style_triangleup, textcolor=TRANSPARENT, size=label_size)

    else if label_style == 'arrow'

        label.new(bar_index, low, 'BUY', yloc=yloc.belowbar, color=buy_label_color, style=label.style_arrowup, textcolor=TRANSPARENT, size=label_size)

    label.new(show_tp_sl ? bar_index : na, low, 'TP: ' + str.tostring(tp) + '\nSL: ' + str.tostring(sl), yloc=yloc.price, color=color.gray, style=label.style_label_down, textcolor=label_text_color)

if bear

    last_signal := 'sell'

    dist = atr * tp_sl_multi

    tp_dist = rrr == '2:3' ? dist / 2 * 3 : rrr == '1:2' ? dist * 2 : rrr == '1:4' ? dist * 4 : dist

    tp := round_up(close - tp_dist, tp_sl_prec)

    sl := round_up(close + dist, tp_sl_prec)

    if label_style == 'text bubble'

        label.new(bear ? bar_index : na, high, 'SELL', color=sell_label_color, style=label.style_label_down, textcolor=label_text_color, size=label_size)

    else if label_style == 'triangle'

        label.new(bear ? bar_index : na, high, 'SELL', yloc=yloc.abovebar, color=sell_label_color, style=label.style_triangledown, textcolor=TRANSPARENT, size=label_size)

    else if label_style == 'arrow'

        label.new(bear ? bar_index : na, high, 'SELL', yloc=yloc.abovebar, color=sell_label_color, style=label.style_arrowdown, textcolor=TRANSPARENT, size=label_size)

    label.new(show_tp_sl ? bar_index : na, low, 'TP: ' + str.tostring(tp) + '\nSL: ' + str.tostring(sl), yloc=yloc.price, color=color.gray, style=label.style_label_up, textcolor=label_text_color)

alertcondition(bull or bear, 'BUY & SELL Signals', 'New signal!')

alertcondition(bull, 'BUY Signals (Only)', 'New signal: BUY')

alertcondition(bear, 'SELL Signals (Only)', 'New signal: SELL')