Exit-Willy Alerts

The Exit-Willy Alerts indicator is a comprehensive trend-following tool that generates buy and sell signals by combining multi-layered moving average filters with the Williams Percent R oscillator. It aims to provide high-probability entries by aligning short-term momentum with broader baseline trends while offering an optional LSMA filter to reduce false signals.

Usage

The indicator generates labels on the chart to signify potential entry points. A Buy signal occurs when the Williams Percent R (Willy) crosses above its EMA, provided the price has also crossed over the Exit Baseline and the optional LSMA filter is either bullish or disabled. Conversely, a Sell signal is triggered when the Willy crosses below its EMA during a bearish crossover of the Exit Baseline.

Traders can use the various baseline types to define the primary trend. For instance, using a longer "SSL1 / Baseline" helps identify the overarching market direction, while the "EXIT" length can be fine-tuned to act as a more responsive trigger. The "Willy" settings control the oscillator's sensitivity; increasing the length can help filter out market noise in volatile conditions.

Details

The script utilizes a modular architecture for its moving averages, allowing users to choose from 14 different smoothing algorithms, including Jurik Moving Average (JMA), Hull Moving Average (HMA), and Ehler's Distance Coefficient Filter (EDSMA).

The logic is built on three primary pillars:

• Baselines (SSL): Multiple levels of moving average logic (SSL1, SSL2, and EXIT) are used to confirm price action and trend shifts.
• Williams Percent R (Willy): Acts as the momentum engine. The crossover between the Willy value and its EMA confirms that short-term momentum is aligning with the price action.
• LSMA Filter: An optional Least Squares Moving Average filter provides a slope-based confirmation, ensuring signals only fire when the linear regression trend is moving in the trade's direction.

Settings

General & ATR Settings

• ATR Period: Sets the lookback for the Average True Range used in volatility calculations.
• ATR Multi: Multiplier for the ATR-based bands.
• ATR Smoothing: Choose the smoothing method (RMA, SMA, EMA, WMA) for ATR.

Baseline & Exit Settings

• SSL1 / Baseline Type: The primary moving average type for the main trend (e.g., HMA, LSMA, McGinley).
• SSL1 / Baseline Length: The period for the primary baseline.
• SSL2 / Continuation Type: The MA type used for secondary trend confirmation.
• EXIT Type: The MA type used specifically for the exit/entry crossover logic.
• EXIT Length: The period for the exit crossover line.
• Kijun MOD Divider: Specific setting for the Kijun v2 baseline calculation.

Momentum & Filter Settings

• Willy Length: Lookback period for the Williams Percent R calculation.
• Willy EMA Length: The smoothing period for the Willy oscillator signal line.
• Use LSMA filter: Enables or disables the Least Squares Moving Average trend filter.
• LSMA Length: The period for the LSMA calculation.

FAQ

How do I access Exit-Willy Alerts?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

What is the "Exit" component of the name?

The "Exit" refers to the SSL3/Exit baseline logic. While it helps trigger entry signals, its original design philosophy is often used to determine when a trend has exhausted, aiding in exit timing.

Can I change the type of moving average used?

Yes, the indicator supports a wide range of types including JMA, HMA, DEMA, TEMA, and several others for all three SSL levels and the primary baseline.