This script is a simple implementation of a QFL (Quickfingers Luc) base scanner.
This QFL base scanner uses a different approach to some other QFL base scanners that are on TradingView. Other TradingView scripts look for a candlestick pattern of two lower lows followed by two higher lows combined with an increase in volume. This can generate some unexpected results where some minor dips can meet the pattern and are marked as a base, but some major dips do not and are ignored.
This QFL base scanner instead looks for the lowest low in a given period and marks it as a base. The longer the period of the lowest low, the more significant the bases will be. Buys are marked when the price has bounced x% above the base and then fallen y% below the base. This approach seems to give more predictable (and tradable) results.
If looking at the past script results, you may think that the script is perfectly timing entry points at the bottom of market dips. This is NOT the case. The script is actually showing buy signals when the price falls y% below the PREVIOUS base. The current base is only retrospectively marked some periods later once the reversal is confirmed. New bases are not tradeable using this script, but a percentage fall from the previous base is.
Enjoy.
Note di rilascio
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Changed default variable values to identify more significant bases.
Note di rilascio
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Updated to Pine Script version 5.
Note di rilascio
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Minor updates to this script, including:
Default settings have been modified to give better signals.
Some variable names have changed to make them more descriptive, particularly bounce -> pump, reversal -> pumpPeriods
In the process of updating this script, I have found a better way to identify bases. The new script is currently in development and I may release it on Trading View in the future.
Enjoy.
Note di rilascio
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I have updated name of the script to make it more easily identifiable from my new QFL script. Unfortunately, I am unable to update the script name that is published in the Trading View archive because of the Trading View House Rules.
This QFL base scanner uses Pine Script’s built in ta.lowest and ta.highest functions to identify bases and peaks. This approach depended on the time period selected to find the lowest lows and highest highs. This approach can be problematic because significant bases may be formed outside the nominated time period, leading to the identification of minor bases within the time period. I have left the first version of my QFL base scanning script in the Trading View indicators because it uses a different approach to my new script that other people may still find useful.
My new QFL base scanner does not use the Pine Script ta.lowest and ta.highest functions, and therefore does not rely on nominating a time period to look back through data. It can be found in the Trading View script archive.
I have now published a new and improved version of my Quickfingers Luc base scanner. You can find it in the Trading View scripts.
monmart
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Hi, thank you for all your efforts with this script. It's actually my favorite right now. The only challenge I'm having is with the Alerts. If I set an alert to alarm when there is a BUY FLAG the alert will notify me of ANY Buy Flag that it's crossing, including older Buy Flags. The result ends up being false alarms. Is there a way to set an Alert so you are notified of only recent buy signals and ignore those that have already fired?
Here are my alert settings Condition: BTC Crossing QFL Indicator = Buy Flag Trigger = Only Once
Thanks in advance
rex_wolfe
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@monmart, View the chart you are wanting to set an alert on and then try these alert settings.
Condition: QFL -- Any alert() function call
The alert will first sound when the initial buy flag is identified in real time. The alert will then sound at the start of every new period when the buy condition continues to be met. If the condition is not met at the start of a new period, it does not sound. I trade on the hourly time period, so my alerts go off at the start of every hour.
You might also want to look at my new version 2 (Marvin) of this script -- you can find it in the Trading View scripts.
monmart
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@rex_wolfe, Thanks I'll try that. Yes! I just started using your new script V2 as well. It's excellent. I pulled 9 trades today using it. Thanks for your continued support, I think you really have something incredible here.
@joyfulPerson62562, I hope that it is useful. Keep an eye out for a new QFL script from me early in 2023. It will be separate to this one because I have totally re-written the base identification algorithm and it seems to be giving more reliable results.
thetrainman
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Is it confirmed that the alerting works? When I setup an alert, the alert option is "Any alert() function call". Now I'm waiting to see if it fires off.