This entry indicator was inspired by John Ehle'rs "Fractal Adaptive Moving Average"
It's a very sensitive entry indicator that must be paired with a long-term trend detector in order to filter false positives.
Warning I have not backtested this indicator and will not make any claims to its performance. Visually, it looks promising, however, backtesting and statistical analysis takes time.
Happy trading <3
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Now with signal dampening setting -> ignore false positives during sideways motion with a tunable setting.
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Removed plotting of FRAMA line and changed shape colors. Added multi-timeframe support
Signaldampening seems to remove every signal on GBPJPY whatever timeframe is as long as it is above 0.00, it kills signals.
DasanC
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@greenmask9, It's a percentage-based filter. I set it to 0.005 (0.5%) on GBPJPY and removed some false positives. It also references the Average True Range of an asset. So if there's very low volatility, the filter may remove all signals.
OrcChieftain
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@EmpiricalFX, I imagine this function will be very useful for beginners. I hope they find your script :)