Fibonacci Ranges (Real-Time) [LuxAlgo]The "Fibonacci Ranges" indicator combines Fibonacci ratio-derived ranges (channels), together with a Fibonacci pattern of the latest swing high/low.
🔶 USAGE
The indicator draws real-time ranges based on Fibonacci ratios as well as retracements. Breakouts from a Fibonacci Channel are also indicated by labels, indicating a potential reversal.
Each range extremity/area can also be used as support/resistance.
🔶 CONCEPTS
Fibonacci Channels
Latest Fibonacci
Both, Latest Fibonacci and Fibonacci Channels , display different Fibonacci levels (labels not included in the code):
However, the 2 react in a totally different way.
🔹 Fibonacci Channels
2 conditions must be fulfilled until a Fibonacci Channel is displayed:
New swing high/low
close has to be between chosen limits/levels ( Break level )
As visual guidance, chosen Break levels are accentuated by 2 small gray blocks:
Once the channel is displayed, it will remain visible until x consecutive bars break out of the chosen Break level at closing time.
• x consecutive bars is set by Break count .
The amount of breaks is counted in the code. When the price, without breaking the user-set limit, closes back between the 2 levels, the count is reset to 0.
By enabling Channels and Shadows you can see previous channels (" Shadows ", which is always delayed with 1 bar)
Previous channels can be helpful in finding potential support/resistance areas, especially from large channel blocks
The more narrow Break levels are set the less chance the price closes between these 2 levels, and the quicker close breaks out.
In other words, narrow levels give fewer & smaller channels, broader levels give more & larger channels.
Note:
• swing settings: L & R
• Break count (x consecutive bars that close outside chosen levels to invalidate the Fibonacci Channel )
will also be of influence in displaying the channels.
• Show breaks enable you to visualize signals when there is a break:
• Alerts can also be set ( Break Down / Break Up )
🔹 Latest Fibonacci
This displays the Fibonacci levels between the latest swing high and swing low, independently from the Fibonacci Channel .
The Lastest Fibonacci can be helpful in detecting the current trend against the larger Fibonacci Channel .
🔶 SETTINGS
🔹 Swing Settings
L: set left of pivothigh / pivotlow
R: set right of pivothigh / pivotlow
🔹 Fibonacci Channels
Channel : Channel / Channels + Shadows / None
Break level
-0.382 - 1.382
0.000 - 1.000
0.236 - 0.764
0.382 - 0.618
Break count
🔹 Fibonacci
Toggle
Colours: [ -0.382 - 0 ], [ 0.236 - 0.382 ], [ 0.5 ], [ 0.618 - 0.764 ], [ 1 - 1.382 ]
Range
blackOrb PriceblackOrb's Aspiration: Enhancing the Functionality of Area Charts
At its core, an area chart analysis serves as the foundational structure for blackOrb Price. Area charts can be seen as an addition to conventional price charts. Unlike price line charts, which connect closing prices with lines, an area chart fills the space between high and low prices, creating a visual representation of price ranges. This approach can offer several advantages, particularly in assessing price volatility and price dynamics.
A wider area between high and low suggests high volatility, while a narrower area indicates lower volatility. The orientation of the closing price concerning the high-low range provides insights into whether buyers or sellers are exerting influence on the market.
Combined with the following elements, this chart tool can support comprehensive data-driven trading analysis:
- Integrated moving averages for price dynamic insights
- Zigzag pivot identification for price level insights
- Stochastic lookback analysis for turning point insights
- Ghost mode for comparative insights
Technical Methodology
I. Integrated Moving Averages for Price Dynamic Insights
Incorporating various MA alternatives allows traders to gain insights into not only price dynamics but also their underlying strength, which is reflected in trading activity. This strength is visually depicted by the derived price line within blackOrb's Price Area Chart.
Among the array of MA alternatives, VWMA stands out as a suitable implementation choice for integrating volume data. It goes beyond the scope of a simple moving average, considering both price and volume in its calculation, as shown in the following formula:
(C1 x V1 + C2 x V2 + ... + CN x Vn) / (V1 + V2 + ... + Vn)
II. Zigzag Pivot Identification for Price Level Insights
Zigzag Pivot Identification can be a valuable tool for recognizing possible price movements and potential turning points. It operates by pinpointing pivotal moments where prices alter their course. Essential components of this method involve comparing time units both to the left and right within a designated price dynamic phase, effectively defining the search range for pivotal points.
For instance, in the analysis below, the search is for the highest price point that hasn't been surpassed in the last 10 time units to the left and 10 time units to the right:
ta.pivothigh(10, 10)
The lookback variables analyze price points by simultaneously examining a specified number of time units before and after a potential pivot point as the central reference. A pivot is identified when a price point remains unbreached throughout this period.
Note: This method retroactively validates structures, implying that this tool may redraw or adjust its values as price data evolves. This leads to inconsistency and a lack of predictability.
III. Stochastic Lookback Analysis for Turning Point Insights
The stochastic calculation methodology of this feature centers around the following formula:
100 * (close - lowest(low, length)) / (highest(high, length) - lowest(low, length))
This key formula employs a stochastic calculation methodology that assesses the percentage deviation of the closing price from the lowest low over a specified timeframe (length), relative to the span between the highest high and the lowest low. The outcome is normalized within a range of 0 to 100, providing insights into the relative position of the closing price within the high-low range. Traders can define the specific periods over which the stochastic calculation is performed.
Based on this stochastic analysis, the indicator integrates area chart coloring, affording users the flexibility to adjust the sensitivity of area chart coloring according to customized stochastic look-back evaluation phases. Consequently, the coloration by length evaluation can mirror a comprehension of market dynamics.
Note: However, it's important to recognize that the efficacy of evaluation coloring might be compromised during periods of lateral price movement, characterized by less prominent market trends.
IV. Ghost Mode for Comparative Insights
Unveiling convergences and divergences, the Ghost Mode overlays two price charts, which can reveal price trajectories and reactions (e.g. Apple stock's potential response to the NASDAQ 100 Technology Sector Index).
Note: This approach may not capture nuanced correlations during intricate market scenarios.
Note on Usability
This tool is an intricately designed area chart, meticulously created to serve as a fundamental canvas for the seamless integration of other more granular trading indicators.
blackOrb Price can have synergies with blackOrb Candle as both indicators combined can give a bigger picture for supporting comprehensive and multifaceted data-driven trading analysis.
This indicator isn't intended for standalone trading application. Instead, it offers an alternative approach to traditional area charts, serving as a supplementary tool for orientation within broader trading strategies. Irrespective of market conditions, it can harmonize with a wider range of trading styles and instruments/trading pairs/indices like Stocks, Gold, EURUSDSPX500, GBPUSD, BTCUSD and Oil.
Inspiration and Publishing
Taking genesis from the inspirations amongst others provided by TradingView Pine Script Wizard Kodify, blackOrb Price is a multi-encompassing script meticulously forged from scratch. It aspires to furnish a comprehensive area chart approach, borne out of personal experiences and a strong dedication in supporting the trading community. We eagerly await valuable feedback to refine and further enhance this tool.
Auto Range [lovealgotrading]
OVERVIEW:
An indicator that automatically draws a range and generates signals according to changing market conditions. ( This indicator does not REPAINT )
ALGORITHM OF THE INDICATOR:
> When we examine the price, it generally moves in trend only 30 percent of the time and in consolidation 70 percent of the time.
> While the price is consolidating, it creates a range and continues to move within the range until this range is broken, BUT the market conditions are constantly changing and our range levels are expected to change with each new bar. I developed an indicator considering this situation.
> When Range Trading, we determine the high and low levels and we can open trades according to the price's reactions at these levels.
> However, after we draw a range, market conditions constantly change, and opening a transaction without taking into account the changing market conditions is an obstacle to our success.
IMPLEMENTATION DETAILS WITH EXAMPLE:
What kind of algorithm do I use to draw a range automatically?
For example, let's set the Number of line value to 4 and set our Period to 14.
1- Let our highest 4 values be = 100, 110, 120, 130, the average of these values is
2- (100+110+120+130)/4 = 115, in this case our Range High Value becomes 115.
3- Within the period we have determined (we have currently set 14, but you can change it), the price sees the highest level of 140.
4- In this case, our 4 largest levels = 110 120 130 140 and our average becomes (110 + 120 + 130 + 140) / 4 = 125 and the range high Our level changes automatically and becomes 125.
5- Let's take the example below, where we determine our 4 highs within the 14 bars we set and average them, if our high changes, our range high goes up.
>> I tried to draw the change with the red arrow
How does this situation appear on the indicator?
>>> Classic Range Trade and Auto Range Trade <<<
Classical Range Trade:
Auto Range Trade:
SETTINGS PANEL:
Which Signals Are More Important (Example Study)
If you have any ideas what to add to my work to add more sources or make calculations cooler, suggest in DM .
ICT Killzones + Pivots [TFO]Designed with the help of TTrades and with inspiration from the ICT Everything indicator by coldbrewrosh, the purpose of this script is to identify ICT Killzones while also storing their highs and lows for future reference, until traded through.
There are 5 Killzones / sessions whose times and labels can all be changed to one's liking. Some prefer slight alterations to traditional ICT Killzones, or use different time windows altogether. Either way, the sessions are fully customizable. The sessions will auto fit to keep track of the highs and lows made during their respective times, and these pivots will be extended until they are invalidated.
There are also 4 optional Open Price lines and 4 vertical Timestamps, where the user can change the time and style of each one as well.
To help maintain a clean chart, we can implement a Cutoff Time where all drawings will stop extending past a certain point. The indicator will apply this logic by default, as it can get messy with multiple drawings starting and stopping throughout the day at different times.
Given the amount of interest I've received about this indicator, I intend to leave it open to suggestions for further improvements. Let me know what you think & what you want to see added!
[TTI] Closing Range Indicator📜 ––––HISTORY & CREDITS––––
This Pine Script Utility indicator, titled " Closing Range Indicator," is designed and developed by TintinTrading but inspired by the teaching of Investor's Business Daily (IBD) and William O'Neil. It aims to help traders identify the closing range of a given timeframe, either daily or weekly.
🦄 –––UNIQUENESS–––
The unique feature of this indicator lies in its ability to simulate a functionality of Closing Range calculation based on hovering of the mouse over the close. It employs a conditional display that allows the user to set the indicator as 'invisible' without removing it from the chart and hence provides a numerical closing range value when hovering over the indicator.
🛠️ ––––WHAT IT DOES––––
The Closing Range Indicator calculates the closing range of a trading bar in terms of percentages. It computes the difference between the closing price and the low price of the bar, and then divides it by the range of the bar.
A stock that closes on the high would display 100%
A stock that closes on the low would display 0%
Generally, the higher the percentage the more bullish the close but there are exceptions to this rule.
The indicator can operate on two timeframes:
Daily : Computes the closing range based on the daily high, low, and closing prices.
Weekly : Computes the closing range based on the weekly high, low, and closing prices. If you enable the weekly it will show the weekly close on all daily timeframes. Meaning that if the week Closing range is 54.15% on Friday, it will show the value 54.15% for all days prior to Friday from the same week.
The indicator places a label at the close of each bar, with the label's tooltip showing the calculated closing range percentage. I generally hide the label and just reference the tooltip calculation with a a hoover on top of the bar.
💡 ––––HOW TO USE IT––––
Installation: Add the indicator to your TradingView chart by searching for " Closing Range Indicator" in the indicator library.
Reorder: Reorder the indicator so that it sits as the first indicator (even above the price) on the Pane. This will make sure that you always trigger the tooltip functionality.
Go to Settings:
Timeframe: Choose between daily ('D') and weekly ('W') timeframes from the settings.
Visibility: Enable the 'Make Invisible' option if you want the indicator to be hidden.
Interpretation:
A higher percentage indicates that the closing price is closer to the high of the range, signaling bullish sentiment.
A lower percentage indicates bearish sentiment.
Tooltip: Hover over the label to view the closing range in percentage terms.
Smart Money Range [ChartPrime]The Smart Money Range indicator is designed to provide traders with a holistic view of market structure, emphasizing potential key support and resistance levels within a predefined range. This indicator is not just a visually pleasing, but also a comprehensive guide to understanding the market’s dynamics at a given level.
Key Features:
Defined Range: The indicator demarcates a clear range, highlighting support and resistance levels within it. This aids in identifying potential areas of buying and selling pressure. These are derived from highly significant areas that have been touched many times before.
Touches Counter: Underneath the support and resistance lines, there are numerical values that show the number of times price has interacted with these levels. This can provide insights into the strength or weakness of a particular level.
Zig-Zag Projections: Within the range, there's a zig-zag pattern indicating possible future touches, helping traders anticipate future price movements.
Double-Sided Profile: To the right of the range, a dual-profile is showcased. One side of the profile displays the volume traded at specific price levels, giving insights into where significant buying or selling has occurred. On the other side, it reflects the number of touches at that given price level, reinforcing the importance of particular price points.
Customizability: Users have the option to adjust the period setting, allowing them to cater the indicator to their specific trading style and configuration. Additionally, with volume levels settings, traders can adjust the number of bins in the profile for a tailored view.
HighLowBox+220MAs[libHTF]HighLowBox+220MAs
This is a sample script of libHTF to use HTF values without request.security().
import nazomobile/libHTFwoRS/1
HTF candles are calculated internally using 'GMT+3' from current TF candles by libHTF .
To calcurate Higher TF candles, please display many past bars at first.
The advantage and disadvantage is that the data can be generated at the current TF granularity.
Although the signal can be displayed more sensitively, plots such as MAs are not smooth.
In this script, assigned ➊,➋,➌,➍ for htf1,htf2,htf3,htf4.
HTF candles
Draw candles for HTF1-4 on the right edge of the chart. 2 candles for each HTF.
They are updated with every current TF bar update.
Left edge of HTF candles is located at the x-postion latest bar_index + offset.
DMI HTF
ADX/+DI/DI arrows(8lines) are shown each timeframes range.
Current TF's is located at left side of the HighLowBox.
HTF's are located at HighLowBox of HTF candles.
The top of HighLowBox is 100, The bottom of HighLowBox is 0.
HighLowBox HTF
Enclose in a square high and low range in each timeframe.
Shows price range and duration of each box.
In current timeframe, shows Fibonacci Scale inside(23.6%, 38.2%, 50.0%, 61.8%, 76.4%)/outside of each box.
Outside(161.8%,261.8,361.8%) would be shown as next target, if break top/bottom of each box.
In HTF, shows Fibonacci Level of the current price at latest box only.
Boxes:
1 for current timeframe.
4 for higher timeframes.(Steps of timeframe: 5, 15, 60, 240, D, W, M, 3M, 6M, Y)
HighLowBox TrendLine
Draw TrendLine for each HighLow Range. TrendLine is drawn between high and return high(or low and return low) of each HighLowBox.
Style of TrendLine is same as each HighLowBox.
HighLowBox RSI
RSI Signals are shown at the bottom(RSI<=30) or the top(RSI>=70) of HighLowBox in each timeframe.
RSI Signal is color coded by RSI9 and RSI14 in each timeframe.(current TF: ●, HTF1-4: ➊➋➌➍)
In case of RSI<=30, Location: bottom of the HighLowBox
white: only RSI9 is <=30
aqua: RSI9&RSI14; <=30 and RSI9RSI14
green: only RSI14 <=30
In case of RSI>=70, Location: top of the HighLowBox
white: only RSI9 is >=70
yellow: RSI9&RSI14; >=70 and RSI9>RSI14
orange: RSI9&RSI14; >=70 and RSI9=70
blue/green and orange/red could be a oversold/overbought sign.
20/200 MAs
Shows 20 and 200 MAs in each TFs(tfChart and 4 Higher).
TFs:
current TF
HTF1-4
MAs:
20SMA
20EMA
200SMA
200EMA
IND-Range Box [Salar Kamjoo]Hello to all dear traders,
One of the trading methods in financial markets is Range Box Trading. Ranges are specific price levels where the market reaches equilibrium, meaning the buying force is roughly equal to the selling force. Consequently, the market neither moves significantly upwards nor downwards; it oscillates within a particular range. The indicator I have designed for you is based on this concept. It utilizes the number of candles and their oscillations to identify specific ranges on the chart. These ranges are drawn based on the maximum and minimum of the box.
The optimal time for trading and using this indicator is when the market is less volatile, specifically outside of the overlapping London and New York sessions. Additionally, be cautious during news releases as they might lead to stop-hunting scenarios. Therefore, the best time to employ this indicator is when the market is relatively calm.
This indicator has 4 settings:
Setting Number 1: Number of Candles
This setting determines the number of candles involved in calculating the range boxes. A higher value indicates longer range boxes will be identified for you, while a lower value results in quicker recognition of range boxes. However, a smaller value may reduce the reliability of the identified range boxes. The recommended value for this setting may vary for each currency pair and time frame.
s3.tradingview.com
Setting Number 2: Range Percentage
This setting determines the maximum percentage difference between the high and low of the identified range box. (These settings are interconnected with Setting Number 3, as your choice in Setting Number 3—whether to base the range box calculation on the high or low, or on the candle close—will impact how this range percentage is applied.)
s3.tradingview.com
Setting Number 3: Calculation Basis
This setting determines whether the maximum width of the range box is based on the highest or lowest points, or if it is calculated based on the closing prices of the candles.
s3.tradingview.com
s3.tradingview.com
Setting Number 4: Number of Extended Candles
This visual setting determines the extension of your range box forward by a specified number of candles.
Another valuable feature of this indicator is the ability to configure alerts. By setting up alerts, you can promptly receive notifications whenever a range box is identified on the chart. This ensures that you are promptly informed about potential trading opportunities.
If you have any questions feel free to ask in the comments section.
be profitable :)
Implied Range from Options [SS]I have been promising to post this for a while, but I just needed to make sure that a) there were no similar indicators already available and b) make it a bit more user friendly.
So here it is, a basic indicator that will display the implied range from options.
In addition to displaying the implied range from options, it will provide some secondary information to help add context to the implied range. Those are shown in the chart below:
The indicator will list various precents at each point to the upside and to the downside. This is the percent move required, based on the current close price, to obtain any point in the implied move range.
In addition, the indicator will display the average move from open to high and open to low over a user defined period (default to 14 candle period) as well as the previous open to high and open to low move from the previous day.
This is to give you context of:
a) How much of a % increase or decrease is required to reach the implied ranges; and
b) How does the implied range compare to the ticker's average moves.
An increased implied range that exceeds the ticker's average move can alert you that the market is pricing in an above average move. This can be helpful and alert you to potential news releases or other fundamental things that have the potential to move the market.
How to Use the indicator:
So unfortunately, this indicator requires a bit of manual input. I was going to do an auto IV calculcation using Black-Scholes Model but just to be more rigorous in accuracy, I decided to, for now, leave it at a manual input. So when you launch the settings menu, this is what you will see:
You can collect all of this required information from your broker. Inversely, you can collect it online for free from various services such as Barchart or COBE's exchange website. The easiest way is to just pull it from your broker though.
Make sure, if you are doing weekly options to see the weekly range, you set the timeframe to 1 week. The timeframe function will calculate the average move over the desired timeframe length. So if you are doing a 0 dte for the next day, you want to see the intra-day range and will select the 1 day timeframe. It will then present to you the range averages and information on the daily timeframe for you to compare to the implied options range.
Same for the weekly, monthly, yearly, etc.
Additional options:
The indicator provides the midline average and midway points, to add static targets if you are trading the implied range.
These can be toggled on or off in the settings menu:
As well, as you can see, you can also toggle off the range labels.
There is also an offset option. This allows you to extend the range into the future:
Simply select how many candles you would like to plot the range in advance.
Closing remarks
That is the indicator. Its very simple, but it is handy. I was never one to pay attention to option pricing data, but I have been plotting it out daily and weekly these past few weeks and it does add a bit of context in terms of what the market is thinking. So I do recommend actually adding it to your repertoire of analyses going into the weeks and months, and really just paying attention to how the average ranges compare to what the market is pricing in.
One quick suggestion, select the strike price that aligns with the closing price of the ticker. This gives you a better representation of the range.
Safe trades everyone and leave your comments, questions and suggestions below!
Average Range LinesThis Average Range Lines indicator identifies high and low price levels based on a chosen time period (day, week, month, etc.) and then uses a simple moving average over the length of the lookback period chosen to project support and resistance levels, otherwise referred to as average range. The calculation of these levels are slightly different than Average True Range and I have found this to be more accurate for intraday price bounces.
Lines are plotted and labeled on the chart based on the following methodology:
+3.0: 3x the average high over the chosen timeframe and lookback period.
+2.5: 2.5x the average high over the chosen timeframe and lookback period.
+2.0: 2x the average high over the chosen timeframe and lookback period.
+1.5: 1.5x the average high over the chosen timeframe and lookback period.
+1.0: The average high over the chosen timeframe and lookback period.
+0.5: One-half the average high over the chosen timeframe and lookback period.
Open: Opening price for the chosen time period.
-0.5: One-half the average low over the chosen timeframe and lookback period.
-1.0: The average low over the chosen timeframe and lookback period.
-1.5: 1.5x the average low over the chosen timeframe and lookback period.
-2.0: 2x the average low over the chosen timeframe and lookback period.
-2.5: 2.5x the average low over the chosen timeframe and lookback period.
-3.0: 3x the average low over the chosen timeframe and lookback period.
Look for price to find support or resistance at these levels for either entries or to take profit. When price crosses the +/- 2.0 or beyond, the likelihood of a reversal is very high, especially if set to weekly and monthly levels.
This indicator can be used/viewed on any timeframe. For intraday trading and viewing on a 15 minute or less timeframe, I recommend using the 4 hour, 1 day, and/or 1 week levels. For swing trading and viewing on a 30 minute or higher timeframe, I recommend using the 1 week, 1 month, or longer timeframes. I don’t believe this would be useful on a 1 hour or less timeframe, but let me know if the comments if you find otherwise.
Based on my testing, recommended lookback periods by timeframe include:
Timeframe: 4 hour; Lookback period: 60 (recommend viewing on a 5 minute or less timeframe)
Timeframe: 1 day; Lookback period: 10 (also check out 25 if your chart doesn’t show good support/resistance at 10 days lookback – I have found 25 to be useful on charts like SPX)
Timeframe: 1 week; Lookback period: 14
Timeframe: 1 month; Lookback period: 10
The line style and colors are all editable. You can apply a global coloring scheme in the event you want to add this indicator to your chart multiple times with different time frames like I do for the weekly and monthly.
I appreciate your comments/feedback on this indicator to improve. Also let me know if you find this useful, and what settings/ticker you find it works best with!
Also check out my profile for more indicators!
DTR & ATR
Description
This ATR and DTR label is update of Existing Label provided by © ssksubam
Please See Notes on original Script Here :
Original Code is not mine but I have done few code changes which I believe will help everyone who are looking to add more labels together and save space on the chart
ATR & DTR Script is very helpful for Day Traders as I will explain in detail bellow
Following are changes I have incorporated
Previous Label took more space on the charts with Header and Footer.
I removed the Header and moved both DTR vs ATR descriptions on the same line, saving space on the chart.
I updated the code to remove => signs, which are self-explanatory as I will explain below.
I made the label in 1 single compact line for maximum space efficiency and aesthetics.
These changes improve the content's clarity and conciseness while optimizing space on the charts. If you have any further requests or need additional assistance, feel free to let me know!
What Does DTR Signify?
Stock ATR stands for Average True Range, which is a technical indicator used in trading and investment analysis. The Average True Range measures the volatility of a stock over a given period of time. It provides insights into the price movement and potential price ranges of the stock.
The ATR is calculated as the average of the true ranges over a specific number of periods. The true range is the greatest of the following three values:
The difference between the current high and the current low.
The absolute value of the difference between the current high and the previous close.
The absolute value of the difference between the current low and the previous close.
Traders and investors use ATR to assess the potential risk and reward of a stock. A higher ATR value indicates higher volatility and larger price swings, while a lower ATR value suggests lower volatility and smaller price movements. By understanding the ATR, traders can set appropriate stop-loss levels and make informed decisions about position sizing and risk management.
It's important to note that the ATR is not a directional indicator like moving averages or oscillators. Instead, it provides a measure of volatility, helping traders adapt their strategies to suit the current market conditions.
What Does ATR Signify?
The Average True Range (ATR) signifies the level of volatility or price variability in a particular financial asset, such as a stock, currency pair, or commodity, over a specific period of time. It provides valuable information to traders and investors regarding the potential risk and reward associated with the asset.
Here are the key significances of ATR:
Volatility Measurement: ATR measures the average price range between high and low prices over a specified timeframe. Higher ATR values indicate greater volatility, while lower values suggest lower volatility. Traders use this information to gauge the potential price movements and adjust their strategies accordingly.
Risk Assessment: A higher ATR value implies larger price swings, indicating increased market uncertainty and risk. Traders can use ATR to set appropriate stop-loss levels and manage risk by adjusting position sizes based on the current volatility.
Trend Strength: ATR can also be used to assess the strength of a trend. In an uptrend or downtrend, ATR tends to increase, indicating a more powerful price movement. Conversely, a declining ATR might signify a weakening trend or a consolidation period.
Range-Bound Market Identification: In a range-bound or sideways market, the ATR value tends to be relatively low, reflecting the lack of significant price movements. This information can be helpful for range-trading strategies.
Volatility Breakouts: Traders often use ATR to identify potential breakouts from consolidation patterns. When the ATR value expands significantly, it may indicate the beginning of a new trend or a breakout move.
Comparison between Assets: ATR allows traders to compare the volatility of different
How to use DTR & ATR for Trading
Using Average True Range (ATR) and Daily Trading Range (DTR) can be beneficial for day trading to assess potential price movements, manage risk, and identify trading opportunities. Here's how you can use both indicators effectively:
Calculate ATR and DTR: First, calculate the ATR and DTR values for the asset you are interested in trading. ATR is the average of true ranges over a specified period (e.g., 14 days), while DTR is the difference between the high and low prices of a single trading day.
Assess Volatility: Compare the ATR and DTR values to understand the current volatility of the asset. Higher values indicate increased volatility, while lower values suggest reduced volatility.
Setting Stop-Loss: Use ATR to set appropriate stop-loss levels. For example, you might decide to set your stop-loss a certain number of ATR points away from your entry point. This approach allows you to factor in market volatility when determining your risk tolerance.
Identify Trading Range: Analyze DTR to determine the typical daily price range of the asset. This information can help you identify potential support and resistance levels, which are essential for day trading strategies such as breakout or range trading.
Breakout Strategies: ATR can assist in identifying potential breakout opportunities. When ATR values increase significantly, it suggests an expansion in volatility, which may indicate an upcoming breakout from a trading range. Look for breakouts above resistance or below support levels with higher than usual ATR values.
Scalping Strategies: For scalping strategies, where traders aim to profit from small price movements within a single trading session, knowing the typical DTR can help set reasonable profit targets and stop-loss levels.
Confirming Trend Strength: In day trading, you may encounter short-term trends. Use ATR to assess the strength of these trends. If the ATR is rising, it suggests a strong trend, while a declining ATR may indicate a weakening trend or potential reversal.
Risk Management: Both ATR and DTR can aid in risk management. Determine your position size based on the current ATR value to align it with your risk tolerance. Additionally, understanding the DTR can help you avoid overtrading during periods of low volatility.
Combine with Other Indicators: ATR and DTR work well when used in conjunction with other technical indicators like moving averages, Bollinger Bands, or RSI. Combining multiple indicators can provide a mor
Average True Range Trailing Mean [Alifer]Upgrade of the Average True Range default indicator by TradingView. It adds and plots a trailing mean to show periods of increased volatility more clearly.
ATR TRAILING MEAN
A trailing mean, also known as a moving average, is a statistical calculation used to smooth out data over time and identify trends or patterns in a time series.
In our indicator, it clearly shows when the ATR value spikes outside of it's average range, making it easier to identify periods of increased volatility.
Here's how the ATR Trailing Mean (atr_mean) is calculated:
atr_mean = ta.cum(atr) / (bar_index + 1) * atr_mult
The ta.cum() function calculates the cumulative sum of the ATR over all bars up to the current bar.
(bar_index + 1) represents the number of bars processed up to the current bar, including the current one.
By dividing the cumulative ATR ta.cum(atr) by (bar_index + 1) and then multiplying it by atr_mult (Multiplier), we obtain the ATR Trailing Mean value.
If atr_mult is set to 1.0, the ATR Trailing Mean will be equal to the simple average of the ATR values, and it will follow the ATR's general trend.
However, if atr_mult is increased, the ATR Trailing Mean will react more strongly to the ATR's recent changes, making it more sensitive to short-term fluctuations.
On the other hand, reducing atr_mult will make the ATR Trailing Mean less responsive to recent changes in ATR, making it smoother and less prone to reacting to short-term volatility.
In summary, adjusting the atr_mult input allows traders to fine-tune the ATR Trailing Mean's responsiveness based on their preferred level of sensitivity to recent changes in market volatility.
IMPLEMENTATION IN A STRATEGY
You can easily implement this indicator in an existing strategy, to only enter positions when the ATR is above the ATR Trailing Mean (with Multiplier-adjusted sensitivity). To do so, add the following lines of codes.
Under Inputs:
length = input.int(title="Length", defval=20, minval=1)
atr_mult = input.float(defval=1.0, step = 0.1, title = "Multiplier", tooltip = "Adjust the sensitivity of the ATR Trailing Mean line.")
smoothing = input.string(title="Smoothing", defval="RMA", options= )
ma_function(source, length) =>
switch smoothing
"RMA" => ta.rma(source, length)
"SMA" => ta.sma(source, length)
"EMA" => ta.ema(source, length)
=> ta.wma(source, length)
This will allow you to define the Length of the ATR (lookback length over which the ATR is calculated), the Multiplier to adjust the Trailing Mean's sensitivity and the type of Smoothing to be used for the ATR.
Under Calculations:
atr= ma_function(ta.tr(true), length)
atr_mean = ta.cum(atr) / (bar_index+1) * atr_mult
This will calculate the ATR based on Length and Smoothing, and the resulting ATR Trailing Mean.
Under Entry Conditions, add the following to your existing conditions:
and atr > atr_mean
This will make it so that entries are only triggered when the ATR is above the ATR Trailing Mean (adjusted by the Multiplier value you defined earlier).
ATR - DEFINITION AND HISTORY
The Average True Range (ATR) is a technical indicator used to measure market volatility, regardless of the direction of the price. It was developed by J. Welles Wilder and introduced in his book "New Concepts in Technical Trading Systems" in 1978. ATR provides valuable insights into the degree of price movement or volatility experienced by a financial asset, such as a stock, currency pair, commodity, or cryptocurrency, over a specific period.
ATR - CALCULATION AND USAGE
The ATR calculation involves three components:
1 — True Range (TR): The True Range is a measure of the asset's price movement for a given period. It takes into account the following factors:
The difference between the high and low prices of the current period.
The absolute value of the difference between the high price of the current period and the closing price of the previous period.
The absolute value of the difference between the low price of the current period and the closing price of the previous period.
Mathematically, the True Range (TR) for the current period is calculated as follows:
TR = max(high - low, abs(high - previous_close), abs(low - previous_close))
2 — ATR Calculation: The ATR is calculated as a Moving Average (MA) of the True Range over a specified period.
The ATR is calculated as follows:
ATR = MA(TR, length)
3 — ATR Interpretation: The ATR value represents the average volatility of the asset over the chosen period. Higher ATR values indicate higher volatility, while lower ATR values suggest lower volatility.
Traders and investors can use ATR in various ways:
Setting Stop Loss and Take Profit Levels: ATR can help determine appropriate stop-loss and take-profit levels in trading strategies. A larger ATR value might require wider stop-loss levels to allow for the asset's natural price fluctuations, while a smaller ATR value might allow for tighter stop-loss levels.
Identifying Market Volatility: A sharp increase in ATR might indicate heightened market uncertainty or the potential for significant price movements. Conversely, a decreasing ATR might suggest a period of low volatility and possible consolidation.
Comparing Volatility Between Assets: Since ATR uses absolute values, it shouldn't be used to compare volatility between different assets, as assets with higher prices will consistently have higher ATR values, while assets with lower prices will consistently have lower ATR values. However, the addition of a trailing mean makes such a comparison possible. An asset whose ATR is consistently close to its ATR Trailing Mean will have a lower volatility than an asset whose ATR continuously moves far above and below its ATR Trailing Mean. This can help traders and investors decide which markets to trade based on their risk tolerance and trading strategies.
Determining Position Size: ATR can be used to adjust position sizes, taking into account the asset's volatility. Smaller position sizes might be appropriate for more volatile assets to manage risk effectively.
CoinFxPro Range indicator V 1.0This indicator has a structure that combines daily and weekly pivot levels, moving averages, and strength index-linked oscillators. The purpose of the indicator is designed to analyze price movements and identify potential trend reversals. Daily pivot levels are helpful in identifying critical support and resistance zones, while moving averages and oscillators indicate overbought or oversold situations in the price.
It is very simple to use and simple in appearance.
Triangular Signals appearing on the chart screen come when the price touches the daily or weekly support and resistance levels.
If you want the signals to be received less or more healthy, I added the filtering feature. In this way, you can filter the incoming signals through the volume or volatility filter, so that less signals are received.
On the other hand, the 4 timeframe rsi values of the price for daily use of the indicator are also given in the table.
You can change the RSI timeframes as you wish.
In this way, it is seen more clearly whether the signal is healthy and provides convenience while trading.
Evaluation of incoming signals;
First of all, when the signal occurs, pay attention to whether the RSI values that occur in the timeframe you trade and in other timeframes are overbought (red) or oversold (green).
When the signal comes, I buy or sell, especially if the RSI values in the 5 minutes, 15 minutes and 1 hour time periods are overbought or oversold.
If you wish, you can try a different strategy for yourself.
After the healthiest of the signals on the chart comes, the RSI values are also at overbought or oversold levels in 5-15 minutes and 1 hour timeframes and if there is a Trendline line above or below the price, it is out of that region.
A healthy buying or selling transaction can be made.
It should be noted that since risk = return, high risk means high return. High risk must be taken for high returns. Therefore, I recommend that you do not exceed 10% of your capital as margin when trading with leverage.
When trading, I always recommend trading with additional confirmation from a different indicator.
I also added a filtering feature to the indicator to block market structure related variables. Those who want to use can also use filtering.
I have added the automatic trendline for ease of trading. You can increase or decrease the number of trend lines as you wish.
I just published the indicator for daily use.
Mondays Range screener by B1rdIntroducing the long awaited Monday Range Screener by B1rd!
The Monday Range Screener is a powerful and intuitive indicator designed to help traders identify potential range trading opportunities based on Monday's price ranges. With user-friendly features and real-time data, this screener empowers you to make informed trading decisions.
Key Features:
Ticker Flexibility: The screener allows you to easily swap tickers, giving you the freedom to monitor and analyze multiple assets of your choice.
Comprehensive Information: The indicator displays essential data in a clear and organized manner. The left column shows the ticker symbol, followed by the current price, Monday's high, Monday's low, and Monday's average in the subsequent columns.
Range Trading Highlighting: The Monday Range Screener highlights the current price when it falls within Monday's high and low range, helping you quickly identify potential range trading opportunities.
Alert System: With the built-in alert feature, you can receive timely notifications whenever the current price enters Monday's high or low range. Stay on top of market movements even when you're away from the screen.
Get ready to take your trading to the next level with the Monday Range Screener by B1rd. This reliable indicator helps you identify range trading opportunities and stay informed about Monday's price ranges. Enhance your trading approach and make confident decisions using this powerful tool.
Important note: Please be aware that there is a known bug in certain chart layouts that may cause an array error and prevent the table from being plotted. The cause of this issue is unclear at the moment. However, based on my experience, there are a few potential solutions that you can try:
Set all the sources to a single asset, such as BTCUSDT. If this workaround works, you can gradually introduce new sources one by one and observe if the issue persists.
Experiment with different chart layouts, timeframes, and assets. Sometimes, applying the Monday Range Screener to alternative settings can help resolve the problem.
I apologize for any inconvenience this bug may cause. Please consider these workarounds as temporary solutions until a more permanent resolution can be found.
Original indicator this screener is based on:
Buyers & Sellers / RangeBuyers & Sellers / Range
Volatility oscillator that measures the relationship of Buying & Selling Pressure to True Range.
In other words, how much % Buyers and Sellers separately occupy the Bar
BSP is a part of Bar Range. Entire bar metrics will always have bigger value than its composite elements (body and wicks).
Since there will be NO chance of BP or SP being more than ATR, their ratio would serve crucial Volatility details.
Hence, we can relate each of them to the overall range.
As a result we have simultaneous measurements of proportions buyers and sellers to the bar.
Default mode shows BP/ATR and SP/ATR mirrored. When one rises, the other falls to compensate.
Buying Pressure / True Range ⬆️🟢 ⬇️🔵
Selling Pressure / True Range ⬆️🔴 ⬇️🟠
They are being averaged in 2 different ways:
Pre-average first, then relate as ratio
Related first, then Averaged
Enable "Preaveraged" to use already averaged BSP and Ranges in ratio instead of averaging the ratio of BSP to individual bar. For example, we're looking BP/ATR, in calculation of buyers / Range it will use "MA(Buying Pressure) / MA(True Range)" instead of "MA(Buying Pressure / True Range)".
Due such calculation, it is going to be more lagging than in off mode. Nevertheless, it reduces noise from the impact of individual bar change.
Second way of noise reduction is enabling "Body / Range"
BSP Body / Range where Bullish & Bearish Body = Buying & Selling Pressure - Relevant Wick
Buying Body = Buying Pressure - Lower Wick
Selling Body = Selling Pressure - Upper Wick
And only then it is divided to ATR.
Note that Balance line differs because body is less than it used to be with wicks. So change in wicks won't play any role in computing the ratio anymore. Thus, signals of their crossings will be more reliable than in default mode.
20/200MAs+LTF+4HTF and HighLowBox+3HTF20/200MAs
Shows 20 and 200 MAs in each TFs(tfChart,1 Lower and 4 Higher).
TFs:
current TF
Lower TF (default: lower1)
Higher TF1 (default: higher1)
Higher TF2 (default: higher1)
Higher TF3 (default: higher1)
Higher TF4 (default: higher1)
MAs:
20MA (default: sma)
1st 200MA (default: sma)
2nd 200MA (default: ema)
VWAP (optional)
HighLowBox+3HTF
Enclose in a square high and low range in each timeframe.
Shows price range and duration of each box.
In current timeframe, shows Fibonacci Scale inside(23.6%, 38.2%, 50.0%, 61.8%, 76.4%)/outside of each box.
Outside(161.8%,261.8,361.8%) would be shown as next target, if break top/bottom of each box.
1st box for current timeframe.
2nd box for higher timeframe.(default: higher1)
3rd box for higher timeframe.(default: higher2)
4th box for higher timeframe.(default: higher3)
static timeframes can also be used.
RAINBOW AVERAGES - INDICATOR - (AS) - 1/3
-INTRODUCTION:
This is the first of three scripts I intend to publish using rainbow indicators. This script serves as a groundwork for the other two. It is a RAINBOW MOVING AVERAGES indicator primarily designed for trend detection. The upcoming script will also be an indicator but with overlay=false (below the chart, not on it) and will utilize RAINBOW BANDS and RAINBOW OSCILLATOR. The third script will be a strategy combining all of them.
RAINBOW moving averages can be used in various ways, but this script is mainly intended for trend analysis. It is meant to be used with overlay=true, but if the user wishes, it can be viewed below the chart. To achieve this, you need to change the code from overlay=true to false and turn off the first switch that plots the rainbow on the chart (or simply move the indicator to a new pane below). By doing this, you will be able to see how all four conditions used to detect trends work on the chart. But let's not get ahead of ourselves.
-WHAT IS IT:
In its simplest form, this indicator uses 10 moving averages colored like a rainbow. The calculation is as follows:
MA0: This is the main moving average and can be defined with the type (SMA, EMA, RMA, WMA, SINE), length, and price source. However, the second moving average (MA1) is calculated using MA0 as its source, MA2 uses MA1 as the data source, and so on, until the last one, MA9. Hence, there are 10 moving averages. The first moving average is special as all the others derive from it. This indicator has many potential uses, such as entry/exit signals, volatility indication, and stop-loss placement, but for now, we will focus on trend detection.
-TREND DETECTION:
The indicator offers four different background color options based on the user's preference:
0-NONE: No background color is applied as no trend detection tools is being used (boring)
1-CHANGE: The background color is determined by summing the changes of all 10 moving averages (from two bars). If the sum is positive and not falling, the background color is GREEN. If the sum is negative and not rising, the background color is RED. From early testing, it works well for the beginning of a movement but not so much for a lasting trend.
2-RAINBW: The background color is green when all the moving averages are in ascending order, indicating a bullish trend. It is red when all the moving averages are in descending order, indicating a bearish trend. For example, if MA1>MA2>MA3>MA4..., the background color is green. If MA1 threshold, and red indicates width < -threshold.
4-DIRECT: The background color is determined by counting the number of moving averages that are either above or below the input source. If the specified number of moving averages is above the source, the background color is green. If the specified number of moving averages is below the source, the background color is red. If all ten MAs are below the price source, the indicator will show 10, and if all ten MAs are above, it will show -10. The specific value will be set later in the settings (same for 3-TSHOLD variant). This method works well for lasting trends.
Note: If the indicator is turned into a below-chart version, all four color options can be seen as separate indicators.
-PARAMETERS - SETTINGS:
The first line is an on/off switch to plot the skittles indicator (and some info in the tooltip). The second line has already been discussed, which is the background color and the selection of the source (only used for MA0!).
The line "MA1: TYP/LEN" is where we define the parameters of MA0 (important). We choose from the types of moving averages (SMA, EMA, RMA, WMA, SINE) and set the length.
Important Note: It says MA1, but it should be MA0!.
The next line defines whether we want to smooth MA1 (which is actually MA0) and the period for smoothing. When smoothing is turned on, MA0 will be smoothed using a 3-pole super smoother. It's worth noting that although this only applies to MA0, as the other MAs are derived from it, they will also be smoothed.
In the line below, we define the type and length of MAs for MA2 (and other MAs except MA0). The same type and length are used for MA1 to MA9. It's important to remember that these values should be smaller. For example, if we set 55, it means that MA1 is the average of 55 periods of MA0, MA2 will be 55 periods of MA1, and so on. I encourage trying different combinations of MA types as it can be easily adjusted for ur type of trading. RMA looks quirky.
Moving on to the last line, we define some inputs for the background color:
TSH: The threshold value when using 3-TSHOLD-BGC. It's a good idea to change the chart to a pane below for easier adjustment. The default values are based on EURUSD-5M.
BG_DIR: The value that must be crossed or equal to the MA score if using 4-DIRECT-BGC. There are 10 MAs, so the maximum value is also 10. For example, if you set it to 9, it means that at least 9 MAs must be below/above the price for the script to detect a trend. Higher values are recommended as most of the time, this indicator oscillates either around the maximum or minimum value.
-SUMMARY OF SETTINGS:
L1 - PLOT MAs and general info tooltip
L2 - Select the source for MA0 and type of trend detection.
L3 - Set the type and length of MA0 (important).
L4 - Turn smoothing on/off for MA0 and set the period for super smoothing.
L5 - Set the type and length for the rest of the MAs.
L6 - Set values if using 4-DIRECT or 3-TSHOLD for the trend detection.
-OTHERS:
To see trend indicators, you need to turn off the plotting of MAs (first line), and then choose the variant you want for the background color. This will plot it on the chart below.
Keep in mind that M1 int settings stands for MA0 and MA2 for all of the 9 MAs left.
Yes, it may seem more complicated than it actually is. In a nutshell, these are 10 MAs, and each one after MA0 uses the previous one as its source. Plus few conditions for range detection. rest is mainly plots and colors.
There are tooltips to help you with the parameters.
I hope this will be useful to someone. If you have any ideas, feedback, or spot errors in the code, LET ME KNOW.
Stay tuned for the remaining two scripts using skittles indicators and check out my other scripts.
-ALSO:
I'm always looking for ideas for interesting indicators and strategies that I could code, so if you don't know Pinescript, just message me, and I would be glad to write your own indicator/strategy for free, obviously.
-----May the force of the market be with you, and until we meet again,
Fixed Range Anchored VWAPFixed Range Anchored VWAP
Description:
This indicator expands upon the popular Anchored VWAP concept by introducing user-defined start and end dates, allowing traders to select and analyze specific zones of interest. The VWAP is a widely recognized benchmark utilized by traders to assess the average price paid for a security, factoring in both volume and price. By incorporating volume data, the VWAP offers a comprehensive view of market sentiment and provides significant insights into intraday price action.
The Fixed Range Anchored VWAP takes the VWAP concept a step further by enabling traders to define a custom start and end date. This feature allows them to zoom in on specific periods of interest, such as earnings announcements, major news events, or significant price swings. By narrowing the focus to a specific time range, traders can gain a more detailed understanding of how the VWAP interacts with price movements within that specific zone.
How to Use:
1. Set the Start and End Dates: Define the desired start and end dates for the analysis period.
2. Analyze Price Movements: Observe how the VWAP interacts with price action within the defined range.
HighLowBox 1+3TF Enclose in a square high and low range in each timeframe.
Shows price range and duration of each box.
In current timeframe, shows Fibonacci Scale inside(23.6%, 38.2%, 50.0%, 61.8%, 76.4%)/outside of each box.
Outside(161.8%,261.8,361.8%) would be shown as next target, if break top/bottom of each box.
1st box for current timeframe.(default: Chart)
2nd-4th box for higher timeframes.(default: higher1,higher2,higher3)
static timeframes can also be used.
Algo Targets [Premium]The Algo Targets indicator includes a suite of tools that attempt to identify market maker liquidity targets in advance.
These levels can be used by traders to determine:
1. future support/resistance
2. entries/exits
3. directional bias
4. potential reversal levels
5. pullback targets
The script uses a proprietary prediction model based on specific candle sequences, historical moves and volatility projections.
These tools have been live tested across a variety of instruments and timeframes, but should be backtested against your preferred ticker for best performance.
Primary Features:
1. Anchors
Anchors are derived from a simple, but powerful, three-candle breakout pattern. We have found that this pattern, when combined with the relative position to previous Anchor patterns on the chart, gives us clues to predicting future price structure.
Common use case: The simplest way to trade Anchors is to know that price *almost always* makes a return visit. This can be a useful tool for reversal traders. Additionally, Anchors often occur just before strong directional momentum. This can be useful for trend traders looking for entry signals.
Power User feature: Projected Ranges can be enabled in Settings. Each Anchor provides a Retracement leg (measured as the midpoint between the last two Anchors) and an Expansion leg (measured as twice the size of the Retracement leg, projected in the opposite direction). If Projected Ranges are enabled, the directional bias is also highlighted within the range, making it easy to spot at a glance.
Caveats: Expansion legs require patience and solid risk management. Additionally, the Expansion leg contains an additional Trigger level which price MUST cross before we consider the Expansion leg to be "in play" as a valid price target. This Trigger is marked on each Expansion legs as a dotted line.
Please note, Anchors require a 3 candle lookback before they are printed to the chart.
2. Target Zones
Target Zones are an advanced feature, and can be enabled in the Settings panel.
Each Target Zone consists of three levels:
Trigger — This the level closest to the current price. We expect it to act as a support/resistance level until price breaks through.
Target — This is the level farthest from the price. This is how far price is likely to move AFTER crossing the Trigger.
Midpoint — This is the level between the Trigger and Target. If price enters a Target Zone and wicks off of the Midpoint line, it’s usually a reversal signal. In this case we would cut our trade, consider the Target “filled” and potentially enter a reversal trade.
Common use case: When prices crosses a Trigger into a Target Zone, we consider that Target level to be “unlocked.” Our expectation is that price will gravitate toward the Target.
Power User feature: There are many strategies that a trader can build around Target Zones. One of our favorites is to use Targets strictly as reversal entries. On ranging days, price will often wick off of a Target level, before making a quick move in the opposite direction.
Caveats: After a Target is unlocked, it may be reached within the next few bars, or it may be saved by the market algorithms for later. Keep an eye on the Midpoint for potential reversals, and as always, proper risk management is key.
IMPORTANT: The presence of a Target Zone on the chart is neither bullish not bearish by itself. We consider the Target to be in play if, AND ONLY IF, price has crossed the Trigger level.
3. Pullback Levels
Pullback Levels are algorithmically detected return levels. They usually act as a strong draw on price, and often appear just before a pullback in price.
Common use case: The simplest way to use Pullbacks is to look for ones that have not been filled, either from a previous day or in after-hours/pre-market. We use them for confirmation bias along with Anchors and unlocked Targets.
Power User feature: For day trading, we set Alerts on our favorite tickers for any detected Pullbacks on the 5 min chart. This usually gives us plenty of time to review the chart for a possible day trade entry.
Settings:
All features are customizable, including color, line length and visibility. This lets you keep your chart as clean as you like, while only displaying additional data when it is needed.
Alerts:
Alerts can be set for all features, with the ability to set bearish and bullish alerts separately, depending on your trading preference. It is recommended to use "Once Per Bar Close" when you create an alert.
Predictive Ranges [LuxAlgo]The Predictive Ranges indicator aims to efficiently predict future trading ranges in real-time, providing multiple effective support & resistance levels as well as indications of the current trend direction.
Predictive Ranges was a premium feature originally released by LuxAlgo in 2020.
The feature was discontinued & made legacy, however, due to its popularity and reproduction attempts, we deemed it necessary to release it open source to the community.
🔶 USAGE
The primary purpose of this indicator is to provide potential support & resistance levels on the chart by estimating future trading ranges.
When the price reaches one of the upper/lower levels of the Predictive Ranges we can expect the price to reverse.
If the price exits the predicted range, new levels are given in real-time & they do not repaint. Higher "Factor" values allow returning longer term and wider ranges less susceptible to be exited.
🔹 Estimating Trend Directions
Users are able to easily estimate trend directions by looking at the central levels of the predictive ranges, which represent an estimate of the price central tendency.
If this central level increases it means the price is up-trending, if it is decreasing price is down-trending.
🔶 SETTINGS
Length: ATR Length used for the indicator calculation. Higher values will tend to return ranges of equal width.
Factor: Control the ranges width. Higher values will return less frequent ranges, each having a higher width.
Timeframe: Indicator timeframe output.
Source: Input source of the indicator. It is recommended to use input sources on the same scale as the price.
Simple Grid Lines VisualizerAbout Grid Bots
A grid bot is a type of trading bot or algorithm that is designed to automatically execute trades within a predefined price range or grid. It is commonly used in markets that exhibit ranging or sideways movement, where prices tend to fluctuate within a specific range without a clear trend.
The grid bot strategy involves placing a series of buy and sell orders at regular intervals within the predefined price range or grid. The bot essentially creates a grid of orders, hence the name. When the price reaches one of these levels, the bot will execute the corresponding trade. For example, if the price reaches a predefined lower level, the bot will buy, and if it reaches a predefined upper level, it will sell.
The purpose of the grid bot strategy is to take advantage of the price oscillations within the range. As the price moves up and down, the bot aims to generate profits by buying at the lower end of the range and selling at the higher end. By repeatedly buying and selling at these predetermined levels, the bot attempts to capture gains from the price fluctuations.
About this Script
Simple Grid Lines Visualizer is designed to assist traders in visualizing and implementing automated price grids on their charts. With just a few inputs, this script generates gridlines based on your specified top price, bottom price, and the number of grids or profit per grid.
How it Works:
Specify Top and Bottom Prices: Start by setting the top and bottom prices that define the range within which the gridlines will be generated. These prices can be based on support and resistance levels, historical data, or any other factors you consider relevant to your analysis.
Determine Grid Parameters: Choose either the number of grids or profit per grid, depending on your preference and trading strategy. If you select the number of grids, the script will evenly distribute the gridlines within the specified price range. Alternatively, if you opt for profit per grid, the script will calculate the price increment required to achieve your desired profit level per grid.
Note that when choosing Profit per Grid , an approximation usually is performed, as all grid lines must be evenly distributed. To achieve that, the script computes the grid distance using the mean price between top and bottom, then computes how many of those complete distances may enter the entire range, and lastly, creates a grid with evenly distributed distances as close as possible to the previously computed.
Customize Styling and Display: Adjust the line color, line style, transparency, and other visual aspects to ensure clear visibility on your charts.
Analyze and Trade: Once the gridlines are plotted on your chart, carefully observe how the market interacts with them. The gridlines can act as reference points for potential support and resistance levels, as well as simple buy/sell orders for a trading bot.
Try to find gridlines that intersect prices as frequently as possible from one to another.
A grid with too many lines will make lots of potential trades, but the amount traded will be minimal (as the total amount invested is divided over the number of grids).
A grid with too few lines will make lots of profits with each trade, but the trades will be less likely to occur (depending on the top/bottom distance).
This tool aims to help visually which grid parameters seem to optimize this problem.
Future versions may include automatic profit computation.
Moving Average - TREND POWER v1.1- (AS)0)NOTE:
This is first version of this indicator. It's way more complicated than it should be. Check out Moving Average-TREND POWER v2.1-(AS), its waaaaay less complicated and might be better.Enjoy...
1)INTRODUCTION/MAIN IDEA:
In simpliest form this script is a trend indicator that rises if Moving average if below price or falling if above and going back to zero if there is a crossover with a price. To use this indicator you will have to adjust settings of MAs and choose conditions for calculation.
While using the indicator we might have to define CROSS types or which MAs to use. List of what cross types are defined in the script and Conditiones to choose from.The list will be below.
2) COMPOSITION:
-MA1 can be defined by user in settings, possible types: SMA, EMA, RMA, HMA, TEMA, DEMA, LSMA, WMA.
-MA2 is always ALMA
3) OVERLAY:
Default is false but if you want to see MA1/2 on chart you can change code to true and then turn on overlay in settings. Most plot settings are avalible only in OV=false.
if OV=true possible plots ->MA1/2, plotshape when choosen cross type
if OV=false -> main indicator,TSHs,Cross counter
4)PRESETS :
Indicator has three modes that can be selected in settings. First two are presets and do not require selecting conditions as they set be default.
-SIMPLE - most basic
-ABSOLUTE - shows only positive values when market is trending or zero when in range
-CUSTOM - main and the most advanced form that will require setting conditions to use in calculating trend
4.1)SIMPLE – this is the most basic form of conditions that uses only First MA. If MA1 is below selected source (High/Low(High for Uptrend and Low for DNtrend or OHLC4) on every bar value rises by 0.02. if it above Low or OHLC4 it falls by 0.02 with every bar. If there is a cross of MA with price value is zero. This preset uses CROSS_1_ULT(list of all cross types below)
4.2) ABSOLUTE – does not show direction of the trend unlike others and uses both MA1 and MA2. Uses CROSS type 123_ULT
4.3) CUSTOM – here we define conditions manually. This mode is defined in parts (5-8 of description)
5)SETTINGS:
SOURCE/OVERLAY(line1) – select source of calculation form MA1/MA2, select for overlay true (look point 3)
TRESHOLDS(line2). – set upper and lower THS, turn TSHs on/off
MA1(line3) – Length/type of MA/Offset(only if MA type is LSM)
MA2(line4) – length/offset/sigma -(remember to set ma in the way that in Uptrend MA2MA1 in DNtrend)
Use faster MA types for short term trends and slower types / bigger periods for longer term trends, defval MA1/2 settings
are pretty much random so using them is not recomended.
CROSSshape(line5) – choose which cross type you want to plot on chart(only in OV=true) or what type you want to use in counting via for loops,
CROSScount(line6) – set lookback for type of cross choosen above
BOOLs in lines 5 and 6 - plotshape if OV=true/plot CROSScount histogram (if OV=false)
Lines 7 and 8 – PRESET we want to use /SRC for calculation of indicator/are conditions described below/which MAs to use/Condition for
reducing value t 0 - (if PRESET is ABSOLUTE or SIMPLE only SRC should be set(Line 8 does not matter if not CUSTOM))
5)SOURCE for CONDS:
Here you can choose between H/L and OHLC. If H/L value grow when MAlow. If OHLC MAOHLC. H/L is set by default and recommended. This can be selected for all presets not only CUSTOM
6)CROSS types LIST:
“1 means MA1, 2 is MA2 and 3 I cross of MA1/MA2. L stands for low and H for high so for example 2H means cross of MA2 and high”
NAME -DEFINITION Number of possible crosses
1L - cross of MA1 and low 1
1H - cross of MA1 and high 1
1HL - cross of MA1 and low or MA1 and high 2 -1L/1H
2L - cross of MA2 and low 1
2H - cross of MA2 and high 1
2HL - cross of MA2 and low or MA1 and high 2 -2L/2H
12L - cross of MA1 and low or MA2 and low 2 -1L/2L
12H - cross of MA1 and high or MA2 and high 2 -1H/2H
12HL - MA1/2 and high/low 4 -1H/1L/2H/2L
3 -cross of MA1 and MA2 1
123HL -crosses from 12HL or 3 5 -12HL/3
1_ULT - cross of MA1 with any of price sources(close,low,high,ohlc4 etc…)
2_ULT - cross of MA2 with any of price sources(close,low,high,ohlc4 etc…)
123_ULT – all crosses possible of MA1/2 (all of the above so a lot)
7)CRS CONDS:
“conditions to reduce value back to zero”
>/< - 0 if indicator shows Uptrend and there’s a cross with high of selected MA or 0 if in DNtrend and cross with low. Better for UP/DN trend detection
ALL – 0 if cross of MA with high or low no matter the trend, better for detecting consolidation
ULT – if any cross of selected MA, most crosses so goes to 0 most often
8)MA selection and CONDS:
-MA1: only MA1 is used,if MA1 below price value grows and the other way around
MA1price =-0.02
-MA2 – only MA2 is used, same conditions as MA1 but using MA2
MA2price =-0.02
-BOTH – MA1 and MA2 used, grows when MA1 if below, grows faster if MA1 and MA2 are below and fastest when MA1 and MA2 are below and MA2price=-0.02
-MA1 and MA2 >price=-0.03
-MA1 and MA2 ?price and MA2>MA1=-0.04
9)CONDITIONS SELECTION SUMMARRY:
So when CUSTOM we choose :
1)SOURCE – H/L or OHLC
2)MAs – MA1/MA2/BOTH
3)CRS CONDS (>/<,ALL,ULT)
So for example...
if we take MA1 and ALL value will go to zero if 1HL
if MA1 and >/< - 0 if 1L or 1H (depending if value is positive or negative).(1L or 1H)
If ALL and BOTH zero when 12HL
If BOTH and ULT value goes back to zero if Theres any cross of MA1/MA2 with price or cross of MA1 and MA2.(123_ULT)
If >/< and BOTH – 0 if 12L in DNtrend or 12H if UPtrend
10) OTHERS
-script was created on EURUSD 5M and wasn't tested on different markets
-default values of MA1/MA2 aren't optimalized so do not
-There might be a logical error in the script so let me know if you find it (most probably in 'BOTH')
-thanks to @AlifeToMake for help
-if you have any ideas to improve let me know
-there are also tooltips to help
REVE Cohorts - Range Extension Volume Expansion CohortsREVE Cohorts stands for Range Extensions Volume Expansions Cohorts.
Volume is divided in four cohorts, these are depicted in the middle band with colors and histogram spikes.
0-80 percent i.e. low volumes; these get a green color and a narrow histogram bar
80-120 percent, normal volumes, these get a blue color and a narrow histogram bar
120-200 percent, high volume, these get an orange color and a wide histogram bar
200 and more percent is extreme volume, maroon color and wide bar.
All histogram bars have the same length. They point to the exact candle where the volume occurs.
Range is divided in two cohorts, these are depicted as candles above and below the middle band.
0-120 percent: small and normal range, depicted as single size, square candles
120 percent and more, wide range depicted as double size, rectangular candles.
The range candles are placed and colored according to the Advanced Price Algorithm (published script). If the trend is up, the candles are in the uptrend area, which is above the volume band, , downtrend candles below in the downtrend area. Dark blue candles depict a price movement which confirms the uptrend, these are of course in the uptrend area. In this area are also light red candles with a blue border, these depict a faltering price movement countering the uptrend. In the downtrend area, which is below the volume band, are red candles which depict a price movement confirming the downtrend and light blue candles with a red border depicting price movement countering the downtrend. A trend in the Advanced Price Algorithm is in equal to the direction of a simple moving average with the same lookback. The indicator has the same lagging.as this SMA.
Signals are placed in the vacated spaces, e.g. during an uptrend the downtrend area is vacated.
There are six signals, which arise as follows:
1 Two blue triangles up on top of each other: high or extreme volume in combination with wide range confirming uptrend. This indicates strong and effective up pressure in uptrend
2 Two pink tringles down on top of each other: high or extreme volume in combination with wide range down confirming downtrend. This indicates strong and effective down pressure in downtrend
3 Blue square above pink down triangle down: extreme volume in combination with wide range countering uptrend. This indicates a change of heart, down trend is imminent, e.g. during a reversal pattern. Down Pressure in uptrend
4 Pink square below blue triangle up: extreme volume in combination with wide range countering downtrend. This indicates a change of heart, reversal to uptrend is imminent. Up Pressure in downtrend
5 single blue square: a. extreme volume in combination with small range confirming uptrend, b. extreme volume in combination with small range countering downtrend, c. high volume in combination with wide range countering uptrend. This indicates halting upward price movement, occurs often at tops or during distribution periods. Unresolved pressure in uptrend
6 Single pink square: a extreme volume in combination with small range confirming downtrend, b extreme volume in combination with small range countering uptrend, c high volume in combination with wide range countering downtrend. This indicated halting downward price movement. Occurs often at bottoms or during accumulation periods. Unresolved pressure in downtrend.
The signals 5 and 6 are introduced to prevent flipping of signals into their opposite when the lookback is changed. Now signals may only change from unresolved in directional or vice versa. Signals 3 and 4 were introduced to make sure that all occurrences of extreme volume will result in a signal. Occurrences of wide volume only partly lead to a signal.
Use of REVE Cohorts.
This is the indicator for volume-range analyses that I always wanted to have. Now that I managed to create it, I put it in all my charts, it is often the first part I look at, In my momentum investment system I use it primarily in the layout for following open positions. It helps me a lot to decide whether to close or hold a position. The advantage over my previous attempts to create a REVE indicator (published scripts), is that this version is concise because it reports and classifies all possible volumes and ranges, you see periods of drying out of volume, sequences of falter candles, occurrences of high morning volume, warning and confirming signals.. The assessment by script whether some volume should be considered low, normal, high or extreme gives an edge over using the standard volume bars.
Settings of REVE Cohorts
The default setting for lookback is ‘script sets lookback’ I put this in my indicators because I want them harmonized, the script sets lookback according to timeframe. The tooltip informs which lookback will be set at which timeframe, you can enable a feedback label to show the current lookback. If you switch ‘script sets lookback’ off, you can set your own preferred user lookback. The script self-adapts its settings in such a way that it will show up from the very first bar of historical chart data, it adds volume starting at the fourth bar.
You can switch off volume cohorts, only range candles will show while the middle band disappears. Signals will remain if volume is present in the data. Some Instruments have no volume data, e.g. SPX-S&P 500 Index,, then only range candles will be shown.
Colors can be adapted in the inputs. Because the script calculates matching colors with more transparency it is advised to use 100 percent opacity in these settings.
Take care, Eykpunter
