Mastering Market Structure"Market structure first, always" - Mr. Anderson aka TrueCrypto28 right before he went on to master Kung-Fu
Understanding and identifying market structure is essential for successful and consistent profitability. No system is perfect, but trading in the direction of the prevailing market structure can reduce the likelihood of being caught severely offsides and can yield trades with tighter invalidations and greater risk-to-reward potential.
This script will automatically identify and plot the following:
Market Structure
Pivot highs and lows using the lookback left and right lengths are analyzed to identify major swing highs and lows to identify the current trading range.
Bullish structure is characterized by a series of higher highs and higher lows.
Bearish Structure is characterized by lower highs and lower lows.
Structure breaks when a bar closes outside the current trading range. Major swing highs and lows will update following these breaks to continue following the current price action
Current market structure bias, bullish or bearish, can be displayed in a table in the location of your choosing.
Structure is fractal, so seeing low time frame structure shift against the high time frame structure can identify the beginning of a pullback. When it realigns with the high timeframe structure, it can identify the beginning of the high time frame trend continuation. You can choose to analyze structure on any timeframe with this script and even add multiple copies of it to your chart each analyzing different a timeframes to easily find high quality trade opportunities.
Fibonacci Levels of the current trading range
These are included to help identify areas of interest for trade execution and profit levels.
We want to buy at a discount and sell at a premium. The "Wholesale Zone" can be considered below the 50% retracement level in bullish structure, or above it in a bearish structure.
When in a bullish structure, "discount" buy opportunities can be found below the 50% retracement level with the expectation of trend continuation.
In a bearish structure, more ideal "premium' sell opportunities can be found above the 50% retracement with the expectation of trend continuation.
Optimal trade entry (OTE) zone, between the 61.8% and 78.6% retracement can offer a great risk-to-reward ratio for execution of a new position in trending environments.
When trading sideways in a range, opening new buy positions near the bottom of the range or new sell positions from the top of the range are preferred. Midrange 50% level commonly sees some reaction and can be used as a primary target with further targets either being the opposite end of the range or lower support levels (see order block section).
Order Blocks
New Bullish and bearish order blocks are created and plotted with every respective market structure break. They identify the price level from which the most recent leg of price action that yielded the structure break began.
In strong trending environments, these levels should continue to support or resist price. They are great areas to look to enter new positions.
Order blocks can also be used as targets for your trades to avoid giving back unrealized profits as price tends to react off of these levels.
To keep your chart clean and the order blocks relevant, an order block will be automatically deleted if price trades through and closes beyond it. Otherwise, printed order blocks will remain on your chart until either it's origin bar is out of TradingView's maximum bar history allowance or their maximum box count allowance.
Pairing these with fibonacci levels, retracements into order blocks that are in the Wholesale Zone or even the OTE zone offer higher probability trades with more favorable risk-to-reward potential.
Swing Failure
Swing failure patterns (SFPs) arise when a candle takes out a swing high or low, but fails to close beyond it.
Again, pairing these with other features of this script like range boundaries, wholesale zones, OTE zones, and order blocks can help traders identify the best times to actually execute their trade as SFPs are commonly seen at points of inflection in price action.
Moving Averages
Up to 4 moving averages from the current time frame are available. MA type and lengths can be adjusted to your preference.
Up to 4 MTF MAs. By Default this is an EMA 200 as it is commonly used for trend identification and support/resistance.
These are included for confluence of trend direction and strength.
They can also act as dynamic support and resistance and so can be useful for trade execution if price bounces or rejects off of them or targets as price may do so when it reaches them.
Additionally, alerts have been coded for the following scenarios:
MS Break alerts will trigger on bar close when a break in market structure has been confirmed.
SFP alerts will trigger on bar close when the swing failure pattern has been confirmed.
Entering OB alerts will trigger as soon as price touches the closest order block.
Entering Wholesale Zone alerts will trigger as soon as price cross the 50% retracement level. This can be used as an early alert to identify assets that have undergone a significant pullback before potential continuation in the direction of the main trend.
Entering OTE Zone alerts will trigger as soon as price crosses into the Optimal Trade Entry zone between the 61.8% and 78.6% retracement.
This script is unique in the way that it tracks market structure, automatically updates as price action continues to develop, presents high quality areas of interest, and SFPs for trend reversal and continuation. Traders will no longer need to constantly monitor their charts or exhaustively update their alerts to find good trade opportunities. This script takes care of all of it automatically. Collectively, all of the included features can be used to build a complete trading system.
Rangetrading
Range Detector Indicator [Misu]█ This indicator shows an upper and lower band based on Highs and Lows.
Depending on this, the indicator interprets a ranging market, an uptrend or a downtrend.
█ Usages:
The purpose of this indicator is to identify when the price is ranging.
It's also used to identify changes in trends, breaking points, and trend reversals.
But it can also be used to show resistance or support levels.
█ Features:
> Price Action Change Alerts
> Price Action Change Labels
> Color Bars
> Show Bands
█ Parameters:
Deviation: A parameter used to calculate pivots.
Depth: A parameter used to calculate pivots.
Activate Range Detection: Check the box to activate range detection.
Band% Offset: A factor that is used to vary the bands offset.
Range-AnalysisMarkets usually tend to stay within a range during a specific time frame (for example first hour of the regular trading session, the whole regular trading session). For traders before initiating a trade it can be helpful to determine the range potential left for the targeted time frame. So they can decide to either try to ride the current trend further or fade the current trend in the case there is no range potential left for the specific time frame. This could be especially helpful for example in the E-Mini S&P future during the first hour.
The script calculates the average range for the last x days of the session defined and plots a line at the expected range extremes based on that average (for example: RangeExtremeHigh would be currentSessionLow+average Range of the last x days.
Any feedback is appreciated.
Ultimate Grid Tool + Alerts (DCA & Limit Orders) [enzedengineer]Overview
The "Ultimate Grid Tool + Alerts" script works much like a grid bot from automated trading services such as 3Commas making it a good free alternative with some extra utility.
How it works
The user is prompted to set up a grid by manually defining a lower and upper range and then by selecting how many grid segments they want (max 20). The script will automatically create equally spaced grids within this defined range. The script has built in alerts which are intended to be used in conjunction with a third-party application to execute buy and sell orders on an exchange.
The script has two alert functionalities to choose between:
Limit orders (like traditional grid bots) or;
DCA zones (time-based)
DCA zones:
This is the default selection. Each zone has its own alert condition which is triggered if the price closes within that zone. The frequency of the alert is determined by the user's chart resolution, therefore you can have the alert trigger every day, or 4 hours, or 30 minutes and so on. This allows for flexibility, for example, you could go from DCA'ing at $20 per day at higher prices to $100 per day as the price drops into the lower end of your grid range.
Limit orders:
This mode is selected by checking the "Limit Order" box. As mentioned earlier, this mode works like traditional grid bots with each grid line representing a limit order. The alert condition is met when ta.cross(close, gridline) = true.
Buy and Sell:
This mode is selected by checking the "Buy and Sell" box. This is a visual modification only which changes the colour of the grids to help plan the user's trading. Please note, there is no buying or selling logic within the script itself - this should be built into the alert message to be used with a third-party application for exchange order execution.
Use case: The author of this script has been using it with the default settings to DCA into Bitcoin in the current bear market. Using a chart resolution of 15 minutes the script purchases x-amount of Bitcoin every 15 minutes (Alertatron executes the exchange orders). This method provides a well blended average price and takes away the internal conundrum of "should I buy some today". No matter what, the bot will make a purchase within at least 15 minutes of the ultimate Bitcoin bottom and arguably this gives a psychological edge and reduces FOMO (fear of missing out).
Impatient TS VWAP BandsImpatient VWAP bands are based of Traderskew's VWAP bands but are for more impatient traders.
Wicking or crossing down through the upper band indicates a good short trade entry for range-bound trading periods while wicking or crossing up through the lower band indicates a good long entry in range-bound conditions.
By default, impatience is disabled. If it is turned on, adjusting impatience determines how quickly the bands approach price: higher impatience approaches price faster. Rebound indicates how far from price the bands bounce after hitting price.
VWAP Band TrendThis indicator combines two features: VWAP bands for range trading and trends for trend-following.
The white bands offer support/resistance levels ideal for range trading: short when rejecting off the upper band, long when rejecting off the lower. Take profit either when hitting the (faint gray) midline and/or when hitting the band on the far side.
The trend analysis shows green or red ranges above or below the bands to indicate trend strength - larger swaths of green or red indicates strong trend while shorter swathes indicate weak. If the upper trend color doesn't match the lower trend color, the trend is undecided or transitioning.
Optionally, trend initiation indicators can be turned on to show above/below candles where a trend switch is taking place.
Oasis Trading Group Market Making Bot - Mean Reversion BandsThe OTG Market Making Bot was designed with mean reversion trading in mind. It uses advanced ATR and other volatility formulas to create a set of bands that price should stay within. If price is testing the upper or lower bands then it is "extended" and a mean reversion back to the midline is likely.
The indicator comes with two sets of reversion bands, by default they are set to two and three standard deviations away from the midline, these can be changed to your preference. The indicator will give you Buy and Sell arrows if the conditions are being met. The conditions can be as simple as price hitting the bands or with certain filters, the filters are as follows:
Volatility Filter: Based on your settings it will look at the Current ATR vs Historic ATR Average if the Current ATR is higher than the average it will not show the mean reversion Buy/Sell signals because the volatility is too high. This filter can be turned on and off in the settings.
Trend Filter: Based on your settings it will lookback a certain amount of candles to see if the current price action is ranging or trending. If the current price action is determined to be trending it will not show the mean reversion Buy/Sell signals because it wants to trade within a range. This filter cannot be turned off in the settings, but if you wish to see all the Mean Reversion Buy/Sell signals without any filters you can turn them on in the style settings.
Midline: The midline is color coded based on your Trend Lookback settings. If it determines that the market is ranging it will be colored Green, if it determines that the market is trending it will be colored Red. Green means you are safe to take Mean Reversion trades.
The indicator comes with multiple alerts for all the different Buy/Sell signals. These signals can come from the first set of bands, second set, or unfiltered.
This indicator is designed to be paired with the ATR Improved Indicator I have created which is open source, it can be found here.
Also, paired with the OTG Automated Trading Bot. The OTG Trading Bot is a trend following bot, it excels in trend trading but fails in range trading. This Mean Reversion bot was designed to compliment the OTG Bot perfectly.
The Oasis Trading Group Market Making Bot will be available as a free add-on to all OTG Trading Bot users.
If you have any questions feel free to let me know in the comments or DM me.
Trend Day IndentificationVolatility is cyclical, after a large move up or down the market typically "ranges" during the next session. Directional order flow that enters the market during this subsequent session tends not to persist, this non-persistency of transactions leads to a non-trend day which is when I trade intraday reversionary strategies.
This script finds trend days in BTC with the purpose of:
1) counting trend day frequency
2) predicting range contraction for the next 1-2 days so I can run intraday reversion strategies
Trend down is defined as daily bar opening within X% of high and closing within X% of low
Trend up is defined as daily bar opening within X% of low and closing within X% of high
default parameters are:
1) open range extreme = 15% (open is within 15% of high or low)
2) close range extreme = 15% (close is within 15% of high or low)
There is also an atr filter that checks that the trend day has a larger range than the previous 4 bars this is to make sure we find true range expansion vs recent ranges.
Notes:
If a trend day occurs after a prolonged sideways contraction it can signal a breakout - this is less common but is an exception to the rule. These types of occurrences can lead to the persistency of order flow and result in extended directional daily runs.
If a trend day occurs close to 20 days high or low (stopping just short OR pushing slightly through) then wait an additional day before trading intraday reversion strategies.
Multi-Timeframe ATR Levels█ OVERVIEW
This indicator plots the upside and downside ATR levels popularized by Trader Dante.
█ CONCEPTS
Beyond a level's boundary, a market is trading over its average volatility. The indicator adds confirmation to "reversal" setups located at likely mean reversion. Oppositely, it highlights trades with an increased risk where the price is over-extended and when the market is possibly exhausted.
Inside the levels’ boundaries, a market is trading within its average range. The indicator adds confluence to your target selection. Indeed, a target set at or nearby a level is at reasonable reach for the selected period. In addition, it can improve your stop placement. Tucking your stop-loss outside the boundary of a level adds an extra assurance that your stop is beyond reach.
█ FEATURES
Multi-Timeframe
By default, the indicator sets the timeframe to the daily for tracking how much price moves compared to its average volatility during a day. To the same extent, you can set it to any other timeframe. For example, you can use the weekly or the monthly timeframe for adjusting your trading during the week or when approaching the end of the month.
Configurable ATR
• Pick your preferred smoothing between the Simple Moving Average (SMA) or the Relative Moving Average (RMA). The SMA is used in the original MT4 indicator, and the RMA is the default in TradingView.
• Set the length for getting the average price movement. For example, you can set it to 20 for the daily ATR (20 trading days in a month), 12 for the weekly ATR (3 months), or 6 for the monthly ATR. Also, you may set a shorter length when you want to emphasize the recent price volatility.
• Apply a custom multiplier on the ATR when you want to focus on a particular price movement.
• Select the reference between “previous” or “current” ATR value (default set on previous).
Customizable Labels
• Personalize what info to show in the labels located on the right side of the levels. You can compose the data for showing the price, the ATR, both the price and the ATR or none.
• On hovering a label, a smart tooltip displays the complementary data. The less info a label displays, the more its tooltip shows.
• Choose how to display the values. In addition to the labels, the indicator can display the last values on the price scale, the status line, and the data window.
Enhanced Coloring
At a glance, see which level the price is approaching with the "Cold & Warm" coloring or quickly glimpse when the price has reached or exceeded the ATR with the "Overflow" coloring.
Others
• Automatically hides levels when the chart’s timeframe is higher than the indicator’s one.
• Alerts setting.
█ NOTES
Calculation
Upper band = low* + ATR
Lower band = high* - ATR
*The previous close is used when a gap up/down occurs.
This is a PREMIUM indicator. I also have a free version of the Daily ATR Levels .
MM Chop Filter Range BoxesMatch with the MM Chop Filter
This draw Non repainting range boxes when the oscillator see a range.
-Breakout Buy/Sell Signals and Exit signals when prices enters a range just in case you did get into a trade. .
-Alarms to match the signals
How to use
Match with the oscillator and always trade the trend with your strategy confirmation and the breakout this indicator provides
Consolidation Zone Hunter NPR BasedThis script will search for zones where the range between the high and low is lower than avg % nearest rank of last X bars.
After X(=30) bars of consolidating range it will signal that the market is in a range and draw the top, bottom and middle of that range.
When price breaks the consolidating range the range is cleared, this is where you long/short the breakout. After this it will look for the next range and do the same.
Visual Explanation
TPRC - Time-based Price Range Channel [Free]You define a time range (hours and minutes) and based on this, the indicator draws the price range (high / low) as a channel in your chart - projected into the future and, if desired, also for past days. You are completely free to choose the time range and NOT limited to trading sessions.
In addition, further lines are drawn below / above the price range channel at a distance that you can define (based on the price range).
These lines can serve as target levels, support and resistance lines.
What functions does this free version of the indicator offer?
Selection of the time range for which a price range is to be determined and based on this a price range channel is to be created
Display of 3 additional lines above / below the price range channel
Distance between the lines: height of the price range
Display of the price range channels for the past 3 days as well as for the current day.
Lines are shown in gray
For the past days, only those lines are displayed that are required due to the distance to the price. This will make your chart cleaner.
(Details about the premium version can be found on TradingView: )
How can this indicator be used?
The time-based price range channel and the additional lines can serve as support and resistance lines.
Whether you are enthusiastic about scalping, swing trading or another type of trading,… “TPRC - Time-based Price Range Channel” could therefore support you. Try it out. I want to invite you to experiment and thereby adapt “TPRC” to your own way of trading.
Due to the free choice with regard to the time span, for example “opening range (break-out)” strategies and the like are conceivable. Much has been written or published as a video on the subjects of "Price Range Trading", "Range Trading", "Opening Range Breakout Trading" and the like. Research on this is recommended to every interested trader. I would be happy to provide a list of interesting articles on this topic - just send me a short message.
Due to the implementation and the functions, the focus is definitely on intraday trading strategies.
For which timeframe is this indicator intended?
This indicator was developed for Chart Time Intervals between 1 and 120 minutes, whereby the following Chart Time Intervals have proven themselves and successfully withstand tests: 1, 2, 5, 10, 15, 30, 60, 90
What do I need to consider?
It may be advisable to add further indicators and an analysis of the market structure in order to confirm the signals issued by the indicator. Please note that when you make adjustments to any strategy, you always carry out particularly detailed tests.
Will this indicator be further developed and will I receive free updates?
All my indicators are of course constantly updated and, if possible and with the aim of the indicator justifiable, supplemented by user requests.
An example of the use of this indicator (here with the premium version)
#revision: dv699
Precision Price Channel [AstrideUnicorn]Precision Price Channel (PPC) is a channel indicator based on advanced Kalman filtering. As one can see, the PPC channel is very narrow, but the price stays inside it with a very high probability. It is a precise model that shows the bounds for price swings in trending or ranging markets.
The indicator helps to determine optimal prices to enter a long or short trade. One can also use it for mean reversion trading when the market is in a range regime, just like other channel indicators.
How to use
The trader can use PPC in pair with their trading system to find the best price to enter a long or short trade suggested by their strategy.
For example, if you feel bullish about a market, you can enter a long position at the moment when the price crosses the bottom PPC line and leaves the channel. A green circle arrives below this candle, indicating the best price for a long trade. Such entry points ensure that you “buy very low” if the market will surge eventually.
If the trader thinks that the price of an asset is to decrease, they can wait for the indicator to show the best price for a short trade. The best moment to enter a sell position is when a candle breaks out of the PPC channel through the upper line. A red circle will show above such a candle.
In this use case, one should look at the red and green circles not as at signals that forecast the market will go up or down but real-time signals showing that now it is the best price to enter a long or short trade.
One can also use the PPC indicator to get entry signals. If the market is in a range regime, the red and green circles give mean-reversion signals for short-term trades inside the range.
The price crossing the blue middle line can serve as a signal to enter a trend.
The PPC indicator is auto-adjustable and does not have any user settings.
Session's First Bar RangeFirst Bar is crucial when there is gap up or gap down opening. It is recommended to use 15m Timeframe for better use.
Crossing this range signifies the absorption of existing buyers/sellers in the opening session and sometimes decide the trend onwards.
Fear Of Missing Out grid of forex tradingAbstract
This script finds potential safe grids placing limit orders without fear of missing out.
This script computes grids according to power of 1.0025 .
You can reference those price levels for your trading.
Introduction
Grid trading is a popular trading method.
Traders plan several price levels as grids and repeat buying at lower grids and selling at higher grids.
Grids can be round number like multiple of 100 pips.
Grids can also be support and resistance according to price history.
Some traders may think they need to adjust grids to trade.
However, there are several problems in choosing grids.
One problem is rate of change is related and therefore exponential. 20 to 30 is different from 30 to 40.
Another interesting point is there are some special impressing reversal price levels.
Several months ago, I had a question why usdjpy bounced near 108.3 .
After using a calculator, I found that 108.3 = 100 * 1.083 ≒ 100 * pow(1.0025,31) .
1.0025 , as known as 0.25% of change, is a potential stop out zone.
Therefore, we can compute grids and one grid is a little more than 1.0025 times than an another one.
After we finished computing grids, we can consider buy and sell near those grids.
Note that different traders may obtain different grid values.
For example, from 1.0 to 2.0 , it can be splited as 270 grids or 277 grids because pow(1.0025,277)<2 .
Those grids cannot always imply potential reversal points but they can be useful for traders looking for 0.25% profit targets with reducing fearing of buying or selling too early.
Computing grids
This script split from 1.0 to 10.0 into three segments.
One is 1.0 to 2.0 .
The second segment is from 2.0 to 5.0 .
The third segment is from 5.0 to 10.0 .
This script does the same thing for 0.1 to 1.0 , 10.0 to 100.0 , and so on.
For 1.0 to 2.0 and 5.0 to 10.0 , this script split a segment as 270 grids.
For 2.0 to 5.0 , this script split a segment as 360 grids.
The last step is display the next grids to the daily low and daily high.
Maybe also display the grids behind grids shown.
Parameters
x1,x2,x3,x4 : display the next x1,x2,x3,x4 grids to daily high and daily low. 1 means the next grid to daily high and daily low. 2 means the next grid to 1.
x_seg : default 2.0 . This script split from 1.0 to 10.0 into three segments. One is 1.0 to x_seg. The second segment is from x_seg to 10.0/x_seg . The third segment is from 10.0/x_seg to 10.0 .
x_grid1 : how many grids in the first segment
x_grid2 : how many grids in the second segment
x_lowprice : add this number for bigger grid distance. Generally, you don't need this number when trading forex but you may need it in stock trading. For stocks with price between 50 to 100, I recommend you use x_lowprice=100.
Conclusion and suggestions
This script can find potential grids for trading.
If price touches grids usually, we can consider buy and sell after price touches grids.
If price reverses before touching grids usually, we may consider buy and sell before price touches grids.
Those grids can remind us don't buy too much unless the price touches the next grid.
For instruments with less volatility, maybe we need more grids.
For traders with more money, they may also consider more grids for more dedicated range trading to collect more profit.
Reference
Sorry, I forgot them.
Trading Range FinderWhat is it?
This indicator is a visual representation of the ADX indicator that shows where the areas of weak trends are. Anything shaded in a gray background implicates that the chosen market is experiencing a weak trend.
These areas of weak trends are seen typically when ADX drops below 20-25 but this script is customizable to change where you want that threshold.
Why did I make it?
I made this indicator to be used in combination with other trading indicators to eventually be used to identify when a market is range-bound/sideways.
Since momentum-based indicators can be "thrown off" in sideways market conditions, I will be using this visual indicator to identify when it is best to filter out a trade signal in a momentum-based strategy.
Michigandolf's 30min Opening RangeThis script plots the 30min Opening Range as well as the previous day's high & low.
Description:
Blue Line = Top of the 30min Opening Range for the session
Pink Line = Bottom of the 30min Opening Range for the session
White Line = Mid-Point of the 30min Opening Range for the session
White Transparent Area = The full range of the 30min Opening Range
Green Line = Yesterday's High for the session
Red Line = Yesterday's Low for the session
Use:
The Opening Range will continue to expand until the first 30minutes of trading has passed, at which point the range will lock in place for the remainder of the trading session. Many traders use these important levels to gauge trade entries and exits (e.g. Mark Fisher's ACD strategy).
This script does not work currently work for futures (e.g. ES, NQ, RTY) due to the session start time. Will configure for futures trading in a future update.
Support and Resistance V1 This script is based on Range Support and Resistance .
It works by taking the range of the day,week and month calculating them and plotting 3 layers of Support and Resistance , as soon as it gets non directional /range bound , bar color turns GRAY if its in Bullish Trend and Pink if its in Bearish Trend .. As soon as bar turns Aqua it defines BULLISH Trend and RED bar color defines Bearish Trend . This way you can easily visualize the areas of support and resistance .
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Disclaimer
Copyright by FaizanNawazz.
The information contained in my scripts/indicators/strategies/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators are only for educational purposes!
Happy Trading!
RedK_9/30 Trader_v1: aka The MusicianThis is my implementation of a simple trading system inspired by the 9/30 trading strategy, which i came across few years ago. i hope some traders are still using it :)
(please google "9/30 trading strategy" if you're not sure what it is)
- the improvements i added focus on: faster (long/short) signals, discovery of best entry "zone", ride the trend
- no exit option, trader can use a pre-set target, a trailing stop, or any other mechanisms
- i tried to explain some of the definitions and rules on the below chart
- in spite if its simplicity, the 9/30 has a lot to offer - different traders will also use it differently and add their own "do's and don't's"
default settings should be adjusted to suit timeframe, type of trader and what is being traded (Stocks, FOREX,..etc) - the concept itself is very flexible and well-tested for mechanical trading.
code-named "The Musician" due to the 5-line plot :)
i will continue to improve this work whenever i find time - i liked it a lot.. (please tag the idea to receive the updates)
Extras and improvements (compared to the classic 9/30 concept)
---------------------------------------------------------------------------------
* signal line is a smoothed zero-lag WMA of a shorter length (responds faster to trend change = faster signal)
* instead of a single longer MA line, we utilize an "average range" -based channel (not ATR, but provides the same concept) to provide the ideal "entry zones" in both directions - an adjustable multiplier is included in the settings to adjust the channel width
* adds an optional long EMA as additional filter (take longs only above, take shorts only below)
* clearer visualization
What's next:
==============
* clean-up code
* add signals (arrow-up & arrow-dn) for entry and for exit
* tri-color signal line (green on long, red on short, gray on no trade)
* other options for the channel (ATR-based, DC center-line..etc)
* other MA-type options for the Filter MA (SMA, WMA ?)
* maybe: convert to strategy and back-test
Please feel free to explore and test - Comments and feedback are welcome.
Good Luck!
Williams %RHi! WPR is the Williams percentage range indicator in my design. The main idea is that the intersection of the indicator and the moving average in the overbought and oversold zones + color highlighting gives more clear visual signals for making trading decisions based on this indicator.
Trend Type Indicator by BobRivera990Usage:
The purpose of this indicator is to programmatically determine the type of price trend using technical analysis tools.
You can do a quick check on the asset’s higher and lower time frames. For example, if you are trading on an H1 chart, you can check the m5 chart to ensure that the trend is in the same direction and similarly check the H4 chart to ensure that the higher time frame price is also moving in the same direction.
If multiple time frame charts confirm a similar trend, then it is considered a very strong trend and ideal for Trend trading.
Remarks:
By default, the last status is related to 8 periods before the latest closing price.
Related definitions:
The three basic types of trends are up, down, and sideways.
1. Uptrend
An uptrend describes the price movement of a financial asset when the overall direction is upward. The uptrend is composed of higher swing lows and higher swing highs.
Some market participants ("long" trend traders) only choose to trade during uptrends.
2. Downtrend
A downtrend refers to the price action of a security that moves lower in price as it fluctuates over time.
The downtrend is composed of lower swing lows and lower swing highs.
3. Sideways
A sideways trend is the horizontal price movement that occurs when the forces of supply and demand are nearly equal. This typically occurs during a period of consolidation before the price continues a prior trend or reverses into a new trend.
How it works:
Step 1: Sideways Trend Detection
In this step we want to distinguish the sideways trend from uptrend and downtrend. For this purpose, we use two common technical analysis tools: ATR and ADX
1. Average True Range (ATR)
The average true range (ATR) is a technical analysis indicator that measures market volatility.
We also use a 20-period moving average of the ATR.
When the ATR is below the average of its last 20-periods, it means that the rate of price volatility has decreased and we conclude that the current trend is sideways
2. Average Directional Index (ADX)
The average directional index (ADX) is a technical analysis indicator used by some traders to determine the strength of a trend.
The trend has strength when ADX is above 25.
So when the ADX is less than or equal to 25, there is no strong trend, and we conclude that the current type of trend is sideways.
Step 2: Detect uptrend from downtrend
If it turns out that the current price trend is not sideways, then it is either uptrend or downtrend.
For this purpose, we use plus and minus directional Indicators (+ DI & -DI).
A general interpretation would be that during a strong trend, when +DI is higher than -DI, it is an uptrend. When -DI is higher than +DI, it is a downtrend.
Parameters:
"Use ATR …" ________________________// Use Average True Range (ATR) to detect Sideways Movements
"ATR Length"_______________________ // length of the Average True Range (ATR) used to detect Sideways Movements
"ATR Moving Average Type" ___________// Type of the moving average of the ATR used to detect Sideways Movements
"ATR MA Length" ____________________// length of the moving average of the ATR used to detect Sideways Movements
"Use ADX ..."_______________________ // Use Average Directional Index (ADX) to detect Sideways Movements
"ADX Smoothing”____________________// length of the Average Directional Index (ADX) used to detect Sideways Movements
"DI Length"_________________________// length of the Plus and Minus Directional Indicators (+DI & -DI) used to determine the direction of the trend
"ADX Limit" ________________________// A level of ADX used as the boundary between Trend Market and Sideways Market
"Smoothing Factor"__________________// Factor used for smoothing the oscillator
"Lag"______________________________// lag used to match indicator and chart
Resources:
www.investopedia.com
Cuban's Range Reversal OverlayBeen a minute since a public script!
This one looks at the range and recommends potential reversal depending on degree of overextension.
Originally intended for low timeframe short time horizon reversals but works well on higher timeframes as well.
Oscillator included in the image so you can see under the skirt and check what's happening.
Box Range AlertSimple Script for getting alerts on the crossing of Upper & Lower levels either way.
Good for Free users as they can only use 1 alert at a time. So this indicator will be useful to get alerts on both Breakout Or Breakdowns.
Just add input Price manually and set alerts.
