OPEN-SOURCE SCRIPT
Aggiornato Exhaustion Signal
Exhaustion Signal
The Exhaustion Signal involves monitoring a sequence of consecutive bars within a price chart. This analytical approach aims to identify instances where the price exhibits pronounced movement, potentially indicating an upcoming shift in the current trend. The methodology works by assigning values to bars based on their relationship with the closing price of a bar from four periods ago. If a subsequent bar's closing price surpasses the close of the bar from four periods ago, the count advances. However, if the closing price falls below the close of the bar from four periods ago, the count is reset. This counting process continues until a predetermined count value is reached. The appearance of this count value within the exhaustion signal framework signifies a market that has extended beyond typical levels, suggesting the possibility of a temporary pause or even a reversal in the existing trend.
It's important to note that, as per the principles of this approach, the exhaustion signal by itself is not designed to function as a standalone trading indicator. The broader market context and the application of additional analysis techniques influence its significance and potential trading implications.
The Exhaustion Signal involves monitoring a sequence of consecutive bars within a price chart. This analytical approach aims to identify instances where the price exhibits pronounced movement, potentially indicating an upcoming shift in the current trend. The methodology works by assigning values to bars based on their relationship with the closing price of a bar from four periods ago. If a subsequent bar's closing price surpasses the close of the bar from four periods ago, the count advances. However, if the closing price falls below the close of the bar from four periods ago, the count is reset. This counting process continues until a predetermined count value is reached. The appearance of this count value within the exhaustion signal framework signifies a market that has extended beyond typical levels, suggesting the possibility of a temporary pause or even a reversal in the existing trend.
It's important to note that, as per the principles of this approach, the exhaustion signal by itself is not designed to function as a standalone trading indicator. The broader market context and the application of additional analysis techniques influence its significance and potential trading implications.
Note di rilascio
Minor backend code change - no impact on user.Note di rilascio
Modified to allow users to change the number of candles counted (default is nine).Note di rilascio
Added a second exhaustion signal with a default value of 12.Note di rilascio
Updated the alert mechanismNote di rilascio
Minor clean-up of script.Note di rilascio
Minor clean-up and updated chart imageNote di rilascio
Improved the calculation so both exhaustion signal counts only reset after a successful 12 count (or failure beforehand), rather than having the 9 reset on a successful 9 count.Note di rilascio
Additional improvements to the calculation function.Candles after the first exhaustion signal (9 count) must now close above (or below) the candle 3 prior, rather than 4 prior. This ensures the second exhaustion signal candle closed above (or below) the first exhaustion signal.
Note di rilascio
- The script has been upgraded to Pine Script v6
- A 3rd level signal has been added with a count value of 14. Starting at count 13 (after the 2nd signal), the candles must close above (or below) the candle two periods prior to progress.
- Users can now toggle individual signal levels on or off
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Note di rilascio
Level 3 signals were triggering on incorrect candles. The logic for the calculation section has been overhauled and fixed.Note di rilascio
Bug fix on the new calculation - cycles were resetting to 0 instead of 1Note di rilascio
Another bug fix in the calculation logic.Note di rilascio
Found another issue with how the cycle was being calculated and reset after implementation of the level 3 signal. It should be resolved now.Note di rilascio
Minor formatting changesNote di rilascio
Minor formatting updatesNote di rilascio
Minor formatting updatesNote di rilascio
Adding the third level signal created a lot of unexpected complexities to the script. There are certain scenarios of price action that can throw it off and are hard to catch during development and testing.This update attempts to resolve any remaining bugs with the script since introducing the level 3 signal.
Script open-source
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