Bias Finder [UAlgo]

7 ago

The "Bias Finder [UAlgo]" indicator is a tool designed to help traders identify market bias and trends effectively. This indicator leverages smoothed Heikin Ashi candles and oscillators to provide a clear visual representation of market trends and potential reversals. By utilizing higher timeframes and smoothing techniques, the indicator aims to filter out market noise and offer a more reliable signal for trading decisions.



🔶 Key Features

Heikin Ashi Candles: The indicator uses Heikin Ashi candles, a special type of candlestick that incorporates information from the previous candle to potentially provide smoother visuals and highlight potential trend direction.



Oscillator: The indicator calculates an oscillator based on the difference between the smoothed opening and closing prices of a higher timeframe. This oscillator helps visualize the strength of the bias.

Light Teal: Strong bullish trend.

Dark Teal: Weakening bullish trend.



Light Red: Strong bearish trend.

Dark Red: Weakening bearish trend.



Standard Deviation: The indicator can optionally display upper and lower standard deviation bands based on the Heikin Ashi high and low prices. These bands can help identify potential breakout areas.



Oscillator Period: Adjust the sensitivity of the oscillator.

Higher Timeframe: Select a timeframe for the Heikin Ashi candles and oscillator calculations (must be equal to or greater than the chart's timeframe).

Display Options: Choose whether to display Heikin Ashi candles, market bias fill, standard deviation bands, and HA candle colors based on the bias.

Alerts: Enable/disable specific alerts and customize their messages.

🔶 Disclaimer

Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.

Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.

Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.

Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.

No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.

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Pinescript version update.