NSDT Gap FinderThis script plots gaps between candles.
It uses the "round_to_mintick" feature in the Pinescript code, so it works on any instrument out to 3 decimal places.
If there is a Gap Up (open of current candle is greater than the close of previous candle) it will plot a green arrow under the current candle and plot a label above the current candle to show the Gap Amount.
If there is a Gap Down (open of current candle is less than the close of previous candle) it will plot a red arrow over the current candle and plot a label below the current candle to show the Gap Amount.
You can turn the label and/or the arrow on and off.
I created this indicator to more easily identify gaps in the market. The probability of a gap being filled is extremely high. Some are right away (intraday candle to candle), some take a while (gap from previous day close to current day open), and some make take a long time (close at end of previous week to open at beginning of current week).
This is published free to use and open source code.
Please see my other similar Gap Indicators.
Daily Gap Range
USA Session - Previous Day Close Gap to Current Day Open
Priceaction
Price Action CandlesThis simple script provides a visual aid for price action traders by coloring outside & inside candles, which in effect leaves the trader with 6 possible candle colors:
-Regular bullish candle
-Outside bullish candle
-Inside bullish candle
-Regular bearish candle
-Outside bearish candle
-Inside bearish candle
These candlesticks may provide powerful signals when used in conjunction with key levels, market structure and chart patterns.
Make sure to disable the regular candlesticks (body, borders and wicks) in the symbol tab inside the configuration menu!
Hope it can help someone!
Opens, Closes, Highs and Lows.Hello Traders, the script below is designed to display the monthly, weekly, previous days' and current days' open, close, high and low.
I designed it to assist in top down analysis by knowing the monthly and weekly opens and closes it makes it a lot easier to make trading decisions on the lower timeframes.
As the user you can choose which price values you'd like displayed on the chart by selecting them in the user inputs.
Enjoy!!
Inside Bar SetupScript Details
- This script plots Inside Bar for given day in selected time-frame (applicable only for Timeframes < Day)
- Basis plotted inside bar, relevant targets are marked on the chart
- Targets can be customised from script settings. Example, if range of mother candle is 10 points, then T1 is 10 * x above/below mother candle and T2 is 10 * y above/below mother candle. This x & y are configured via script settings
How to use this script ?
- This script works well on 10-15 mins timeframe for stocks, 15/30 mins timeframe for nifty index and 30/60 mins time frame for bank nifty index
- If mother candle high is broken, take long trade with SL of mother candle low and if low is broken, take short trade with SL of mother candle high
Remember:
1. Above logic is to be combined with support/resistances i.e. price action. This script is an add-on to price action analysis giving you more conviction.
2. If range of mother candle is very high, it is recommended to avoid the trade.
3. Basis inside bar formed on higher time frame, take trade on basis of lower time frame i.e if inside bar is formed on 60 mins, take trade on the basis of 10-15 mins time frame
Example:
1. As seen in the chart, Nifty is near it's resistance and we are seeing Inside Bar being formed, In such scenario, even if High of Mother Candle is broken, we should be more interested to short as we are near resistance and probability of getting our targets in long side is less.
2. So, if I see breakdown of mother candle i.e. price going below low of mother candle, we will short with SL of high of mother candle.
3. As seen in the chart, both the targets are achieved.
Additional Info:
1. Targets on Long/Short Side can be configured via settings. For indices 1 times/1.5 times the range works well.
2. This script plots targets basis the first inside bar formed in the day for selected time frame.
3. Inside bars formed through out the day are coloured separately but lines are plotted only on the basis of 1st formed inside bar as this strategy works well for the first formed inside bar)
4. Don't forget to check volume in case of breakout/breakdown.
Note:
1. Mother Candle - First Candle of Inside Bar
2. Child Candle - Candle formed inside Mother Candle (Second Candle of Inside Bar)
Happy Trading :)
Fibonacci + Support/Resistant + Trendline (Price action)This is opening source code version: Fibonacci + Support/Resistant + Trendline (One of Advanced Price action Analysis).
How it works:
It find entry Long/Short by combining: Fibonacci + Support/Resistant + Trendline
1. Find Impulse wave:
To findind Impulse wave, It uses Pivot High/Low to find Impulse wave. In case find entry Long, If having Pivot High higher Pivot High before, it will draw an Impulse wave.
2. Find entry at Fibonacci levels:
Draw Fibonacci fibonacci retracement from Pivot Low to Pivot High. A Fibonacci retracement forecast is created by taking two extreme points on a chart and dividing the vertical distance by important Fibonacci ratios. 0% is considered to be the start of the retracement, while 100% is a complete reversal to the original price before the move. Horizontal lines are drawn in the chart for these price levels to provide support and resistance levels. Common levels are 23.6%, 38.2%, 50%, and 61.8%
3. Find entry at Support/Resistant Zone:
Support/Resistant Zone drawed from Pivot High before, which price just breaken and return to retest.
4. Find entry at Trendline:
Trendline drawed from Pivot High/Low before, which price just breaken and return to retest.
How do use it:
+ You can customize the thickness of the lines.
+ You can set up an alert when the price touchs important areas.
Impactful pattern and candles pattern AlertThe Alertion indicator!
impactful pattern:
pattern that happen near the zone or in the zone at lower timeframe and give us entry and stop limit price.
It is helpful for price action traders and those who want to decrease their risk.
There are 3 IP patterns:
Quasimodo
Head and shoulder
whipsaw engulfing
These patterns may occur near the zone or may not occur but by them, you can decrease your trading risk for example you can
trade with half lot before IP pattern and enter with other half after pattern.
how to use?
for example:
you find zone at 1h timeframe for short position
when price enter to your zone
you run this indicator and choose your lower timeframe, for example 15m and click on short position.
Then make the alert by right-click on your chart and choose the add alert and at condition box choose the impactful pattern and then click on create
now wait for message :)
Candles pattern:
like reversal bar, key reversal bar, exhaustion bar, pin bar, two-bar reversal, tree-bar reversal, inside bar, outside bar
these occur when the trend turn, so it is usable when the price enter to your zone or near your zone.
This pattern can decrease your risk.
Inside bar and outside bar:
if this pattern engulf up, it is bullish pattern and if engulf down, it is bearish pattern.
what does this indicator do?
this indicator is for making alert
it helps you to decrease your risk and failure.
You optimize it to alert you when IP pattern happen or candle pattern happen or inside bar or outside bar engulfing or all of them.
For IP pattern, it will message you entry and stop limit price.
It works at 2 different timeframes, so you can make alert for example in 1h TF for candles pattern and 15m TF for IP pattern.
Indicator will alert you for candles pattern at your chart timeframe and for IP pattern at timeframe you've chosen when you run the indicator, and it is changeable
in setting.
setting options
TIMEFRAME
IP: select the timeframe for IP patterns it means when IP pattern happen at that timeframe the indicator will alert you
example = your TF is 1h, you found the supply zone and want to trade, note that IP pattern happen in lower TF, so you select 15m TF or TF lower than 1h.
Short position: select it if you want to make short position.
BUFFERING
indicator send you entry and stop limit price
you can change it by amount of percent
it is your strategy to change your entry and stop loss or not
example= in head and shoulder pattern at short position, the stop limit is high price of head in pattern
so the indicator will message you the exact price but if you want to put
your stop limit 5 percent upper than exact price you can enter 5 in front of stop loss
or you want to enter 5 percent lower than exact high price of shoulder, you can optimize it.
ALERTION
you choose what alert you want
IP alert or candle alert or inside and outside bar alert
type your text for alert
you can write additional text for your message
ADVANCE
IP alert frequency option:
1. Once per bar : indicator will alert you for IP pattern once at your chat timeframe bar, and you should wait til next bar for next alert.
2. Once per bar close : alert you when your chart timeframe bar closed and next alert will happen when next bar is closed.
3. All: alert you all the times IP pattern happen
pivot left and right bars: lower will find smaller pattern
at the END:
this indicator is not strategy
it is part of your strategy that help you to increase your winning rate.
It is helpful for scalping and candle patterns finding.
After you make an alert, you can delete the indicator or change your timeframe or make another alert, your previous alert won’t change.
Thank you all.
Average Price LineThis was published in substitute of the original AVG price line that was already implemented into TradingVIew.
Get the average price in the desired range you want.
Extreme Bars"Extreme Bars" is a simple but useful indicator that marks overbought and oversold candles. This indicator paints candles that fall far above the average red, and the candles that rise above the average green. Of course, they can change these colors if they want. "Extreme Bars" can be interpreted in many different ways. The starting points of colored candles can often be good support or resistance. In addition, it would be wise to close the positions opposite the colored candles and to maintain the positions compatible with the colored candles. It is also possible that the gaps formed by the colored candles will be closed in the future. The sensitivity of the indicator can be changed in the settings section.
JPY PPLPsychological Price Levels for JPY Pairs (Price Action Institutional Levels 1, 0.200, 0.500, 0.800, 1)
Applicable for forex Yen Pairs.
Levels are configurable for color, style.
Comments, Suggestions and Feedback are appreciated.
MA cloud + divergence tensionI noticed how well BTC often bounces off the 200 Moving Averages on the 4HR so started investigating ways of visualising the ongoing relationship between price and MAs.
Firstly, this draws a cloud which is made up of the SMA and the EMA, and it colours the cloud based on how far the price is diverging from the middle of the cloud. If the price is the most extreme distance out of the set (by default, the past 200) the cloud will be coloured dark blue. If it's the closest, it will be transparent.
I then looked at plotting these extremes. If the price passes the sensitivity threshold (default 99 - I will look at adding more sensitivity in the future), and by that I mean the price is more divergent than that percentage of other prices inspected in the range, it plots a circle - green if it's oversold, red if it's overbought.
These signal maximum tension between the price and the moving averages. Though when I say maximum, I'm only referring to the historic range! As you can see, often price diverges even further and so more signals are placed. But usually, this tension is resolved, either by the MA cloud moving towards the price or the price moving towards the cloud. With confluence from other indicators, these could be good points to start taking dollar cost averaging, or start taking profits.
Once that tension is released, and the price and cloud converge closely again, we get a blue "relief signal", which could signal that the price action is about to rebound again.
Please be careful with this, it's only for fun. Not investment advice!
If you have any suggestions, comments, criticism, I'd love to hear them,
Thanks
Smart Money ConceptSmart Money Concept is being used to understand the Market Structure, Demand/Supply, and Risk Management.
- Lines represent BoS and CHoCH.
- X-cross and Diamond shapes represent Peak and Trough.
- Numbers represent the Spread Percentages.
Magnifying Glass (LTF Candles) by SiddWolf█ OVERVIEW
This indicator displays The Lower TimeFrame Candles in current chart, Like Zooming in on the Candle to see it's Lower TimeFrame Structure. It plots intrabar OHLC data inside a Label along with the volume structure of LTF candle in an eloquent format.
█ QUICK GUIDE
Just apply it to the chart, Hover the mouse on the Label and ta-da you have a Lower Timeframe OHLC candles on your screen. Move the indicator to the top and shrink it all the way up, because all the useful data is inside the label.
Inside the label: The OHLC ltf candles are pretty straightforward. Volume strength of ltf candles is shown at bottom and Volume Profile on the left. Read the Details below for more information.
In the settings, you will find the option to change the UI and can play around with Lower TimeFrame Settings.
█ DETAILS
First of all, I would like to thank the @TradingView team for providing the function to get access to the lower timeframe data. It is because of them that this magical indicator came into existence.
Magnifying Glass indicator displays a Candle's Lower TimeFrame data in Higher timeframe chart. It displays the LTF candles inside a label. It also shows the Volume structure of the lower timeframe candles. Range percentage shown at the bottom is the percentage change between high and low of the current timeframe candle. LTF candle's timeframe is also shown at the bottom on the label.
This indicator is gonna be most useful to the price action traders, which is like every profitable trader.
How this indicator works:
I didn't find any better way to display ltf candles other than labels. Labels are not build for such a complex behaviour, it's a workaround to display this important information.
It gets the lower timeframe information of the candle and uses emojis to display information. The area that is shown, is the range of the current timeframe candle. Range is a difference between high and low of the candle. Range percentage is also shown at the bottom in the label.
I've divided the range area into 20 parts because there are limitation to display data in the labels. Then the code checks out, in what area does the ltf candle body or wick lies, then displays the information using emojis.
The code uses matrix elements for each block and relies heavily on string manipulation. But what I've found most difficult, is managing to fit everything correctly and beautifully so that the view doesn't break.
Volume Structure:
Strength of the Lower TimeFrame Candles is shown at the bottom inside the label. The Higher Volume is shown with the dark shade color and Lower Volume is shown with the light shade. The volume of candles are also ranked, with 1 being the highest volume, so you can see which candle have the maximum to minimum volume. This is pretty important to make a price action analysis of the lower timeframe candles.
Inside the label on the left side you will see the volume profile. As the volume on the bottom shows the strength of each ltf candles, Volume profile on the left shows strength in a particular zone. The Darker the color, the higher the volume in the zone. The Highest volume on the left represents Point of Control (Volume Profile POC) of the candle.
Lower TimeFrame Settings:
There is a limitation for the lowest timeframe you can show for a chart, because there is only so much data you can fit inside a label. A label can show upto 20 blocks of emojis (candle blocks) per row. Magnifying Glass utilizes this behaviour of labels. 16 blocks are used to display ltf candles, 1 for volume profile and two for Open and Close Highlighter.
So for any chart timeframe, ltf candles can be 16th part of htf candle. So 4 hours chart can show as low as 15 minutes of ltf data. I didn't provide the open settings for changing the lower timeframe, as it would give errors in a lot of ways. You can change the timeframe for each chart time from the settings provided.
Limitations:
Like I mentioned earlier, this indicator is a workaround to display ltf candles inside a label. This indicator does not work well on smaller screens. So if you are not able to see the label, zoom out on your browser a bit. Move the indicator to either top or bottom of all indicators and shrink it's space because all details are inside the label.
█ How I use MAGNIFYING GLASS:
This indicator provides you an edge, on top of your existing trading strategy. How you use Magnifying Glass is entirely dependent on your strategy.
I use this indicator to get a broad picture, before getting into a trade. For example I see a Doji or Engulfing or any other famous candlestick pattern on important levels, I hover the mouse on Magnifying Glass, to look for the price action the ltf candles have been through, to make that pattern. I also use it with my "Wick Pressure" indicator, to check price action at wick zones. Whenever I see price touching important supply and demand zones, I check last few candles to read chart like a beautiful price action story.
Also volume is pretty important too. This is what makes Magnifying Glass even better than actual lower timeframe candles. The increasing volume along with up/down trend price shows upward/downward momentum. The sudden burst (peak) in the volume suggests volume climax.
Volume profile on the left can be interpreted as the strength/weakness zones inside a candle. The low volume in a price zone suggests weakness and High volume suggests strength. The Highest volume on the left act as POC for that candle.
Before making any trade, I read the structure of last three or four candles to get the complete price action picture.
█ Conclusion
Magnifying Glass is a well crafted indicator that can be used to track lower timeframe price action. This indicator gives you an edge with the Multi Timeframe Analysis, which I believe is the most important aspect of profitable trading.
~ @SiddWolf
Bobbin DetectorENGLISH
BOBBINS (cluster)
BOBBINs can also be called clusters. In the region where the price sees an up and down
similar to side-by-side BOBBINs formed by clustering. The decision is the region.
In the BOBBIN formation, the bars are not taken into account much at first. with BOBBINs
When using other formations, attention should be paid to the needles.
through
Sellers dominate from above, price falls; price with more buyers below
comes out again. Until either side gives up or one side of a buy or sell order
This go-and-go movement continues until it ends. When finished, the BOBBIN dissolves and destroys
The movement towards the shadow continues.
Often the BOBBINs are voluminous untied. A strong candle with momentum
bar is formed. This is where Supdems, that is, supply-demand drawings come into play.
TÜRKÇE
BOBİNLER
Bobinlere küme de denilebilir. Fiyatın bir yukarı bir aşağı doğru giderek aynı bölgede
kümelenmesiyle oluşur, yan yana dizilmiş bobinlere benzer. Karar bölgesidir.
Bobin oluşumunda barların iğneleri ilk başta çok dikkate alınmaz. Bobinler ile birlikte
başka formasyonlar kullanılırken iğnelere dikkat edilir.
Yukarıdan satıcılar baskın çıkar, fiyat düşer; aşağıda alıcıların fazla olmasıyla fiyat
tekrar çıkar. İki taraftan biri pes edinceye kadar ya da alış ya da satış emirlerinin bir tarafı
bitinceye kadar bu git-gel hareketi devam eder. Bittiği zaman bobin çözülür ve yok ettiği
gölgeye doğru hareket devam eder.
Çoğu zaman bobinler hacimli bir şekilde çözülür. Momentumlu, kuvvetli bir mum
çubuk oluşur. İşte burada da Supdem’ler yani arz-talep çizimleri devreye girer.
kaynak:
Price Action TR
HorseShoe - At NalıHorseShoe - At Nalı
English
HORSEHOE FORMATION
It is actually a kind of bobbin. As with the bobbin, the needles of the candles are not taken into account much.The difference is that there are only four candlesticks in this formation. There is no limit to this in the bobbin.In addition, it is important which of the bars forming the bobbin is longer or shorter than which.is not. This is very important in a horseshoe. There is a rule for the length and shortness of the bars.Candlesticks in a horseshoe showing the bearish sequentially rising, falling, rising and repeatingin the form of falling bars. Also the lengths of the first and fourth bars, i.e. price opening andThe differences between the closing must be longer than the second and third bar. So those on the sideshould be clearly larger than the middle ones. For the rise, the bars are falling-rising-falling in order.The rising candle should be in the form of a bar. Likewise the first and last barsshould be longer than the middle ones.Of the first and fourth bars, it is better if the fourth bar is longer than the first.was the signal. But the fact that they are equal or the first one is long does not mean this formation. Attentionthe first and last bars that need to be beat are clearly longer than the middle onesrequired. A millimeter long means a very weak signal.
It is valid for every price and parity. But this is not a magic wand, so every horseshoemay not be the correct signal. Trend, Supdem, Correlation and other similar components are alsois involved, a highly efficient signal is formed. Well reviewed onexperience must be gained. More like an indicator to show the direction of the price rather than a signalshould be used.
Turkish
AT NALI FORMASYONU
Aslında bir tür bobindir. Bobinde olduğu gibi mumların iğneleri çok dikkate alınmaz. Farkı, bu oluşumda sadece dört mum çubuk vardır. Bobinde bunun sınırı yoktur. Ayrıca bobini oluşturan barların hangisinin hangisinden uzun ya da kısa olduğu önemli değildir. At nalında bu çok önemlidir. Barların uzunluğu kısalığı ve sırasında bir kural vardır. Düşüşü gösteren at nalında mum çubuklar sırayla yükselen düşen yükselen ve tekrar düşen barlar şeklindedir. Ayrıca birinci ve dördüncü barların uzunlukları, yani fiyat açılış ve kapanışı arasındaki farkları, ikinci ve üçüncü bardan daha uzun olmalıdır. Yani kenardakiler ortadakilerden net bir şekilde büyük olmalı. Yükseliş için ise barlar sırayla düşen-yükselen düşen-yükselen mum çubuk şeklinde olmalıdır. Aynı şekilde ilk ve son barlar ortadakilerden uzun olmalıdır. Birinci ve dördüncü barlardan dördüncü barın birinciden uzun olması daha güze bir sinyaldi. Fakat eşit olmaları ya da birincinin uzun olması da bu oluşumu bozmaz. Dikkat edilmesi gereken ilk ve son barların açık bir şekilde ortadakilerden uzun olması gerekmektedir. Milim farkla uzun olması çok zayıf bir sinyal olması anlamına gelir.
kaynak:
Price Action TR
Pullback Candles (Candlestick Analysis) Guaranteed Winners!!!!Pullback Candle will signal when price is at the end of a pullback and entering a balance phase in the market (works on all markets)
Also we can expect a Pullback Candle during flash crashes as the theory of this script is when there is a turning point in momentum - this candle will appear and we can look long from this signal.
This candle will only work in Swing Low areas and appear when below an moving average which can be changed in the settings.
This candle will work on all timeframes - HTF provided very good rexpectancy whereas the LTF has a slightly less expectancy.
This candle can be alerted to signal the Pullback Candle when the bar is confirmed and not during.
The way i trade this candle is
1) Candle signal must be in probably area to increase efficiency.
2) Enter on the second candle after candle IS CONFIRMED
3) Set stop loss below Pullback Candle or use ATR value
4) Trade with the trend ie only bullish price action
5) This candle can catch falling knifes - we had one on LUNA before the rally to $7.50
6) Trading with a confluence along with the Pullback is better than solely trading this candle
Please leave a comment.
If we get to 100 likes i will publish the script.
Have a good weekend :)
Front Angler Percent CJA nice little gadget.
Can be used to visually hint on volatility.
Will show a leading vertical bar which shows percentage of price, both up and down, in relation to current price.
Supply and Demand - Order Block - Energy CandlesSupply and Demand - Order Block - Energy Candles
Description
An experimental script, designed as a visual aid, to highlight the last up or down candle before a fractal break. We can assume these candles where the point of origin that generated enough strength to break recent structure. By using them as reference points, traders are expected to follow their own set of rules and mark higher probability supply and demand zones in the area.
How to use:
Expect a potential retest in these areas, and if they fail, a potential retest in the opposite direction. The greater the number of times a zone is tested, the more likely it is to break. A fresh zone that has not yet been tested will have a higher probability of a bounce.
Fractal period and candle break type can be personalised in settings. Can be used on all timeframes (higher the better).
Indicator in use:
Extras:
An option to flip candle colours if current price is above or below them has been added.
Candle Colored by Volume Z-score [Morty]This indicator colors the candles according to the z-score of the trading volume. You can easily see the imbalance on the chart. You can use it at any timeframe.
In statistics, the standard score (Z-score) is the number of standard deviations by which the value of a raw score (i.e., an observed value or data point) is above or below the mean value of what is being observed or measured. Raw scores above the mean have positive standard scores, while those below the mean have negative standard scores.
This script uses trading volume as source of z-score by default.
Due to the lack of volume data for some index tickers, you can also choose candle body size as source of z-score.
features:
- custom source of z-score
- volume
- candle body size
- any of above two
- all of above two
- custom threshold of z-score
- custom color chemes
- custom chart type
- alerts
default color schemes:
- green -> excheme bullish imbalance
- blue -> large bullish imbalance
- red -> excheme bearish imbalance
- purple -> large bearish imbalance
- yellow -> low volume bars, indicates "balance", after which volatility usually increases and tends to continue the previous trend
Examples:
* Personally, I use dark theme and changed the candle colors to black/white for down/up.
Volume as Z-score source
Any as Z-score source, more imbalances are showed
Bogdan Ciocoiu - GreuceanuDescription
This indicator is an entry-level script that simplifies volume interpretation for beginning traders.
It is a handy tool that removes all the noise and focuses traders on identifying potential smart money injections.
Uniqueness
This indicator is unique because it introduces the principle of a moving average in the context of volume and then compares it with tick-based volume.
Its uniqueness is reflected in the ability to colour code each volume bar based on the intensity of each relevant (volume) unit whilst comparing it with the volume moving average.
Another benefit of this indicator is the colour coding scheme that removes volume below a particular threshold (default set to 1) under the volume moving average.
In addition to the above features, the indicator differentiates the colour of each bar by price direction.
Open source re-use
To achieve this functionality several open source indicators have been used an integrated within the current one.
Failed AuctionAs we know, buyers and sellers take part in the market auction.
A failed auction is where price could not tick above or below a specific price. This means that there were no buyers willing to buy or sellers willing to sell beyond that price. Price then moves away in the other direction.
The failed auction acts as a magnet and becomes a target to revisit sooner or later. The failed auction is a successful/finished auction once it has been satisfied.
On the indicator, two adjacent candles with the exact same high or low are marked. The icon will appear on the high or low of the 2nd candle. This notifies us that there was a failed auction.
If you are in a trade, you can use the failed auction to hold onto the trade longer. If you are not in a trade, you should be cautious if a failed auction rests above or below you limit order.
Icons and colours are customisable. An option to have plotted lines for the failed auction is included.
Works on all timeframes.
Nifty50 Participants - Top 25Nifty50 Index is calculated based on the movements of its participants. Every time you think of why is Index going up/down, who is actively dragging the index either ways, this Indicator gives you answer for the same in realtime!
This indicator will help you in pre-planning your trades based on the movements shown by different stocks of various sectors in Index calculation.
RSI column is an add-on to the participation table which will help you in getting RSI values of different stocks of Nifty 50 at a glance. You will see values getting updated in realtime in live market.
Checkout for customisations in indicator settings.
Note:
1. Participants present in this indicator and their participation percentage is taken from the official NSE website.
2. Table shows Top 25 participants by default. If you want to see less than 25 rows, you can update the input via indicator settings.
Feel free to contribute/comment changes if any! Comment in case of any suggestions :)
- Published by Soham Dixit
RVOL Relative Volume - IntradayHello All,
Relative Volume is one of the most important indicators and Traders should check it while trading/analyzing. it is used to identify whether the volume flows are increasing or decreasing. Relative volume measures current volume in relation to the “usual” volume for this time of the day. What is considered “usual"? For that, we have to use a historical baseline known as the average daily volume. That means how much volume a security does on a daily basis over a defined period. (This scripts runs on the time frames greater or equal 1 minute and less than 1 day)
The common definition for real-time relative volume is: Current volume for this time of day / Average volume for this time of day. It does not mean taking the volume (for example) from 10:30 am to 10:45 am and comparing it to what it does from 10:30 am to 10:45 am every day. What it truly means is to compare cumulative volumes. Therefore, this is the precise definition of real-time relative volume:
Current cumulative volume up to this time of day / Average cumulative volume up to this time of day
What should we understand while checking RVOL;
- Relative volume tell us if volume flows are increasing or decreasing
- A high relative volume tells us that there is increased trading activity in a security today
- Increased volume flows often accompany higher volatility i.e. a significant price move
Let see an example:
P.S. if you want to get more info about RVOL/Relative Volume then you can search it on the net. While developing the script this was used as reference, you can also check it for more info.
Enjoy!
Favorite Signals w/EMA FilterThe script combines my favorite signals then filters them with three EMAs.
Via the Style tab, you can choose to either have the signals color the bar and/or plot a shape above/below.
All signals can be turned off via the Inputs tab, which will remove the bar color and/or shape (if not already off in the Style tab) as well as remove the pattern from the alerts function.
Remember when using TV alerts, if you change the script settngs, you must create a new alert if you wish to be alerted for the changes you've made.
LONG/SHORT SIGNALS INCLUDED FOR:
- TD8s
- TD9s
- Hammer
- Shooting Star
- Bullish Harami
- Bearish Harami
- RSI Divergences
EMA FILTER LOGIC LONGS:
- Price < Fast EMA & Med EMA > Slow EMA = Possible Long Entry
- Price > Fast EMA & Med EMA > Slow EMA = Possible Reversal, Tighten Stop or Reduce Position
EMA FILTER LOGIC SHORTS:
- Price > Fast EMA & Med EMA < Slow EMA = Possible Short Entry
- Price < Fast EMA & Med EMA < Slow EMA = Possible Reversal, Tighten Stop/Reduce Position
Big up to @spdoinkal, @HPotter, @LonesomeTheBlue, for writing the originals scripts for the signals above.
Enjoy!
