MarketRangerThis indicator puts a selection of elements together providing traders with insights into price dynamics, trend changes, and potential trading opportunities within the specified timeframe.
Trading Range Defined by Support and Resistance :
Support and resistance levels are calculated using the lowest low and highest high over specified periods.
These
levels define the boundaries of the trading range within which the price moves.
WMA Color Changing based on Slope :
The script uses three Weighted Moving Averages (WMAs) with different lengths.
The color of the main WMA changes based on its slope.
When the slope of the WMA is positive (indicating an uptrend), it's displayed in blue. When it's
negative (indicating a downtrend), it's displayed in pink.
New High/Low Detection :
The script detects new highs and lows in the price action.
A new high is detected when the current high crosses under the previous resistance level, and a new low is detected when the current low crosses over the previous support level.
These
detections are marked by triangle shapes above or below the bars.
WMA Crosses :
The script calculates the difference between the two WMAs.
When the faster WMA crosses above the slower WMA, indicating a potential bullish signal, a blue cross shape is plotted below the bar.
When the faster WMA crosses below the slower WMA, indicating a potential bearish signal, a
pink cross shape is plotted above the bar.
Slope Changes :
The script calculates the slope of the main WMA and tracks changes in slope.
A positive slope indicates an upward trend, while a negative slope indicates a downward trend.
Slope changes from negative to positive indicate potential bullish momentum, and from
positive to negative indicate potential bearish momentum.
Customizable Pivot Levels :
Pivot levels are calculated based on user-defined percentages of the range between support and resistance.
Pivot Level 1 and Pivot Level 2 provide additional reference points for potential reversals or trend continuation.
Usage :
The indicator provides support and resistance levels, new high/low alerts, and WMA crosses.
The midpoint and customizable pivot levels offer potential trading zones.
Slope change points indicate potential shifts in market sentiment.
Customize the pivot levels according to your trading strategy.
Parameters :
Adjust the WMA lengths and support/resistance lengths to suit your trading style.
Modify the visibility settings to control how many periods of support and resistance are displayed.
Customize the pivot levels to fit your preferred trading strategy.
Alerts :
Alerts are triggered for new high/low points and WMA crosses.
Use alerts to stay informed about potential trading opportunities.
Interpretation :
Watch for new high/low points for potential trend reversals or continuations.
Monitor WMA crosses and slope changes for signals of market direction.
Consider trading near support/resistance levels and pivot points.
Additional Notes :
Experiment with different settings to find the configuration that best suits your trading preferences.
Backtest the indicator on historical data to validate its effectiveness before using it in live trading.
Cerca negli script per "high low"
Advanced MACD [CryptoSea]Advanced MACD (AMACD) enhances the traditional MACD indicator, integrating innovative features for traders aiming for deeper insights into market momentum and sentiment. It's crafted for those seeking to explore nuanced behaviors of the MACD histogram, thus offering a refined perspective on market dynamics.
Divergence moves can offer insight into continuation or potential reversals in structure, the example below is a clear continuation signal.
Key Features
Enhanced Histogram Analysis: Precisely tracks movements of the MACD histogram, identifying growth or decline periods, essential for understanding market momentum.
High/Low Markers: Marks the highest and lowest points of the histogram within a user-defined period, signaling potential shifts in the market.
Dynamic Averages Calculation: Computes average durations of histogram phases, providing a benchmark against historical performance.
Color-Coded Histogram: Dynamically adjusts the histogram's color intensity based on the current streak's duration relative to its average, offering a visual cue of momentum strength.
Customisable MACD Settings: Enables adjustments to MACD parameters, aligning with individual trading strategies.
Interactive Dashboard: Showcases an on-chart table with average durations for each phase, aiding swift decision-making.
Settings & Customisation
MACD Settings: Customise fast length, slow length, and signal smoothing to tailor the MACD calculations to your trading needs.
Reset Period: Determine the number of bars to identify the histogram's significant high and low points.
Histogram High/Lows: Option to display critical high and low levels of the histogram for easy referencing.
Candle Colours: Select between neutral or traditional candle colors to match your analytical preferences.
When in strong trends, you can use the average table to determine when to look to get into a position. This example we are in a strong downtrend, we then see the histogram growing above the average in these conditions which is where we should look to get into a shorting position.
Strategic Applications
The AMACD serves not just as an indicator but as a comprehensive analytical tool for spotting market trends, momentum shifts, and potential reversal points. It's particularly useful for traders to:
Spot Momentum Changes Utilise dynamic coloring and streak tracking to alert shifts in momentum, helping anticipate market movements.
Identify Market Extremes Use high and low markers to spot potential market turning points, aiding in risk management and decision-making.
Alert Conditions
Above Average Movement Alerts: Triggered when the duration of the MACD histogram's growth or decline is unusually long, these alerts signal sustained momentum:
Above Zero: Alerts for both growing and declining movements above zero, indicating either continued bullish trends or potential bearish reversals.
Below Zero: Alerts for growth and decline below zero, pointing to potential bullish reversals or confirmed bearish trends.
High/Low Break Alerts: Activated when the histogram reaches new highs or falls to new lows beyond the set thresholds, these alerts are crucial for identifying shifts in market dynamics:
Break Above Last High: Indicates a potential upward trend as the histogram surpasses recent highs.
Break Below Last Low: Warns of a possible downward trend as the histogram drops below recent lows.
These alert conditions enable traders to automate part of their market monitoring or potential to automate the signals to take action elsewhere.
ka66: Swing/Pivot Point LinesThis indicator draws swing-highs and swing-lows, also called pivot highs and lows.
A swing high is a bar which has a higher-high than its surrounding bars (to the left and the right).
A swing low is a bar which has a lower-low than its surrounding bars (to the left and the right).
A common example of a pivot is Bill Williams' Fractal, which specifies that the centre bar must have a higher high than 2 bars to its left, and 2 bars to its right for a swing high, taking into account 5 bars at a time. Similarly, for a swing low, the centre bar must have a lower low than the 2 bars to its left and right.
This indicator allows configurable adjacent bars as input. Entering 2, means it essentially picks out a Williams Fractal. But you can select 1 (say for higher timeframes), using one 1 bar to the left and right of the centre bar.
The indicator will draw Swing/Pivot High/Low as circles at the same price level as the centre bar, till the next one shows up. Drawing is offset so it starts at the centre bar (the swing bar), showing exactly where the pivot bar is.
There are 2 main uses of pivot points, in various strategies:
Market Structure: to objectively define higher-highs/lows and lower-highs/lows in Trend Analysis.
More generally, to then determine if a trend might reverse, or continue as pivot levels are broken.
Messy pivot structures easily point out ranging markets.
There are a few of these, some closed source, which I don't like, since I think people should generally know what they are trading with, and I want to make sure I understand the logic exactly.
Channels With Patterns [ChartPrime]The Channels With Patterns indicator is an attempt at minimizing the delay in forming a trend channel. This indicator uses a single pivot in conjunction with a smooth version of the price to estimate the direction of an emerging trend. Using ATR, this indicator estimates the volatility of the new trend by adjusting the channel size by a multiple of the current ATR.
One of the biggest complains for any trend indicator is that it takes too long to create a channel or trend line. This indicator estimates the trend channel by checking if the price is moving in the correct direction and then it projects the channel from a single pivot. To allow for some margin of error, this script uses an offset to help center the channel.
This offset is generated from the ATR at the time of formation. In conjunction with forming estimated trend channels, this indicator features select candle stick patterns. These candle stick patterns are filtered by location in the formed trend channel. If the price is within an extremity of the trend channel it will appear. Filtering classical vanilla candle stick patterns using this methodology can result in some interesting results and possible confluence points for traders. For example; a bearish hammer appearing when filtered in an upper zone might add an extra level of realtime unique confluence traders.
Traders can use this script as a general trend line indicator that is a bit more forward looking than others, or it can be used it as its full blown trend channel estimator. Due to the fact that this is an estimate using the minimum possible information to make the channel, its accuracy will not always be perfect and can suffer compared to alternative methods.
When configuring the indicator it is important to understand the role of each input. Here is a description of all of the settings provided:
Presets (`preset`): This input allows users to quickly configure the indicator based on the market they are trading in. Selecting "Stocks," "Forex," or "Crypto" automatically adjusts various parameters to settings deemed optimal for these markets. The "User" option lets traders manually configure settings for a more personalized approach.
Style (`style`): This setting determines how pivot points are calculated. "Wick" uses the high and low of candlesticks (including wicks), which can be more sensitive to market extremes. "Body" uses only the open and close prices (the body of the candlesticks), potentially offering a more stable pivot point calculation.
Break Style (`break_style`): This option defines what price is used to determine if a channel has been broken. "Close" uses the closing price of a candlestick, while "High/Low" uses the highest and lowest prices. This affects how channel breaks are identified and can influence trading signals.
Instant Mode (`instant`): When enabled, this feature allows the indicator to form channels more quickly by initiating them as soon as potential formations are detected. This can provide earlier signals but may increase the risk of false positives.
ATR Length (`atr_length`): This input sets the period for the Average True Range (ATR), a common volatility indicator. A longer ATR period may smooth out the channel but could delay responsiveness to market changes. A shorter period might make the channel more responsive but potentially more erratic.
Offset Center (`offset`): Adjusts the vertical positioning of the channel. This can help in aligning the channel more accurately with the price action, depending on market conditions and personal trading strategies.
Size (`atr_multiplier`): Alters the channel's size relative to the ATR. A higher multiplier makes a wider channel, which might be useful in more volatile markets. A lower multiplier tightens the channel, which could be better for less volatile conditions.
Padding % (`padding`): This setting adjusts the padding within the top and bottom quarters of the channel. It essentially fine-tunes the channel's sensitivity to price movements near its boundaries.
Pivot Length (`pivot_length`): Determines the number of bars used to calculate pivot points. A longer length may provide more significant pivot points but can reduce the number of channels formed.
Pivot Look Forward (`look_forward`): Sets the number of bars to look forward in the pivot calculation, affecting how quickly the channel adapts to new pivots.
Average H/L Length (`avg_length`): Controls the smoothing of the high and low prices used in the channel calculation. A longer average length can lead to smoother, more gradual channel slopes.
Enable Hammer (`enable_hammer`): When enabled, the indicator will highlight Hammer candlestick patterns, which are often considered bullish reversal indicators.
Enable Inverted Hammer (`enable_ihammer`): This toggles the display of Inverted Hammer patterns, typically viewed as potential bullish reversal signals.
Enable Bullish Engulfing (`enable_bullish_engulfing`): Enables the identification of Bullish Engulfing patterns, another type of bullish reversal indicator.
Enable Bearish Engulfing (`enable_bearish_engulfing`): When activated, this highlights Bearish Engulfing patterns, which are often interpreted as bearish reversal signals.
Extend Channel (`extend`): This option, when enabled, extends the drawn channels forward until they are either broken or a new channel is formed.
Show Break Label (`show_break_label`): Toggles the display of labels indicating where the channel has been broken, providing visual cues for potential trade entries or exits.
Channel History Length (`history_length`): Determines how many historical channels are displayed on the chart. This can be useful for analyzing past performance and patterns.
Channel Colors (`top_color`, `bottom_color`, `center_color`): These settings allow customization of the channel's appearance by setting the colors of the top, bottom, and center lines.
Line Transparency (`line_trans`): Adjusts the transparency of the channel lines, helping to balance visibility with chart readability.
Center Line Transparency (`center_trans`): Specifically sets the transparency level of the center line of the channel.
Channel Fill Transparency (`fill_trans`): Modifies the transparency of the filled areas between the channel lines, which can enhance chart clarity and focus on the price action.
Break Colors (`break_up_color`, `break_down_color`): Sets the colors for labels that appear when the channel is broken, either upwards or downwards.
Break Label Text Color (`text_color`): Determines the color of the text in the break labels, enhancing readability based on the chart's background and color scheme.
Candle Pattern Colors (`h_color`, `ih_color`, `bullish_engulfing_color`, `bearish_engulfing_color`): These inputs allow for the customization of the colors used to highlight various candle patterns on the chart.
Candle Pattern Text Color (`candle_text_color`): Sets the color of the text for labels associated with candle pattern indicators.
Alerts (`new_channel_alert`, `break_alert`, `hammer_alert`, `ihammer_alert`, `bullish_engulfing_alert`, `bearish_engulfing_alert`): These toggles enable or disable alerts for different events, such as the formation of new channels, channel breaks, or the appearance of specific candle patterns. This feature is crucial for traders who rely on timely notifications for potential trading opportunities.
We have provided a few presets to allow you to get a feeling for how the indicator works with different settings easily. Here is a description of the settings used in each preset:
Stocks Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Forex Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 100
Size (ATR Multiplier): 5
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Crypto Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
This script first starts by defining and collecting the relevant data for the main body of the code with data(). This generates the pivot data, the levels, the ranges, the averages, the deltas, and finally the candle sticks. Once there is a higher low, or lower high detected via the pivots and the current price it triggers the formation of the new channel. It takes the delta between the last pivot and the current average price and projects the trend channel using this delta. If the price exceeds the extremities of the channel it will classify this as a break from the estimated structure and begin looking for a new channel. The idea is that when trending, the price will oscillate between extremities as defined by a range and direction. If the price is inside of one of these extremities the script will look for candle stick patterns. This is how the script operates.
On a more technical level, this script is meant to showcase Pine Script's custom types and methods. We have made use of a properties pattern allows functions to use a minimal number of arguments. This allows you to add new inputs without modifying a string of functions. The use of methods and data structures allows the main body of the code to be easy to understand and for the script as a whole to be easily modified. We have made sure that the script is modular so that users can incorporate this into their own custom scripts. It should be easy to expand on this script as the main logic is fairly compact and open for easy modification. All features are packed into their own function for easy use elsewhere. This is particularly evident in the candle stick section. I have simplified the process of creating candle stick patterns by creating a type. All users have to do is make methods for this type.
candle()=>
polarity = open < close
body_top = math.max(open, close)
body_bottom = math.min(open, close)
body_range = body_top - body_bottom
top_wick = high - body_top
bottom_wick = body_bottom - low
average_body = ta.ema(body_range, 14)
average_top_wick = ta.ema(top_wick, 14)
average_bottom_wick = ta.ema(bottom_wick, 14)
has_body = body_range != 0
has_top_wick = top_wick != 0
has_bottom_wick = bottom_wick != 0
above_average_body = body_range > average_body
above_average_top_wick = top_wick > average_top_wick
above_average_bottom_wick = bottom_wick > average_bottom_wick
candle_data.new(
polarity
, body_top
, body_bottom
, body_range
, top_wick
, bottom_wick
, average_body
, average_top_wick
, average_bottom_wick
, has_body
, has_top_wick
, has_bottom_wick
, above_average_body
, above_average_top_wick
, above_average_bottom_wick
)
In conclusion, this script offers a blend of rapid trend channel formation and candlestick pattern recognition, making it a unique tool for traders looking for a more proactive approach to trend analysis.
Euclidean Distance Predictive Candles [SS]Finally releasing this, its been in the works for the past 2 weeks and has undergone many iterations.
I am not sure if I am 100% happy with it yet, but I guess its best to release and get feedback to make improvements.
So this is the Euclidean distance predictive candle indicator and what it does is exactly what it sounds like, it uses Euclidean distance to identify similar candles and then plot the candles and range that immediately proceeded like candles.
While this is using a general machine learning/data science approach (Euclidean distance), I do not employ the KNN (Nearest Neighbors) algo into this. The reason being is it simply offered no predictive advantage than isolating for the last case. I tried it, I didn't like it, the results were not improve and, at times, acutally hindered so I ditched it. Perhaps it was my approach but using some other KNN indicators, I just don't really find them all that more advantageous to simply relying on the Law of Large Numbers and collecting more data rather than less data (which we will get into later in this explanation).
So using this indicator:
There is a lot of customizability here. And the reason is, not all settings are going to work the same for all tickers. To help you narrow down your parameters, I have included various backtest results that show you how the model is performing. You see in the AMZN chart above, with the current settings, it is performing optimally, with a cumulative range pass of 99% (meaning that, of all the cases, the indicator accurately predicted the next day high OR low range 99% of the time), and the ability to predict the candle slightly over 52%.
The recommended settings, from me, are as follows:
So these are generally my recommended settings.
Euclidian Tolerance: This will determine the parameters to look for similar candles. In general, the lower the tolerance, the greater the precision. I recommend keeping it between 0.5, for tickers with larger prices (like ES1! futures or NQ1!) or 0.05 for tickers with lower TPs, like SPY or QQQ.
If the ED Tolerance is too extreme that the indicator cannot find identical setups, it will alert you:
But in general, the more precise you can get it, the better.
Anchor Type: You will see the option to anchor by "Predicted Open" or by "Previous Close". I suggest sticking with anchoring by predicted open. All this means is, it is going to anchor your range, candle, high and low targets by the predicted open price. Anchoring by previous close will anchor by the close of yesterday. Both work okay, but in general the results from anchoring to predicted open have higher pass rates and more accurately depict the candle.
Euclidean Distance Measurement Type: You can choose to measure by candle body or from high to low wicks. I haven't played around with measuring from high to low wicks all that much, because candle body tends to do the job. But remember, ED is a neutral measurement. Which means, its not going to distinguish between a red or green candle, just the formation of the candle. Thus, I tend to recommend, pragmatically, not to necessarily rely on the candle being red or green, but one the formation of the candle (where are the wicks going, are there more bearish wicks or bullish wicks) etc. Examples will follow.
Range Prediction Type: You can filter the range prediction type by last instance (in which, it will pull the previous identical candle and plot the next candle that followed it, adjusted for the current ranges) or "Average of All Cases". So this is where we need to talk a little bit about the law of large numbers.
In general, in statistics, when you have a huge amount of random data, the law of large numbers stipulates that, within this randomness should be repeated events. This is why sometimes chart patterns work, sometimes they don't. When we filter by the average of all cases, we are relying on the law of large numbers. In general, if you are getting good Backtest readings from Last Instance, then you don't need to use this function. But it provides an alternative insight into potential candle formations next day. Its not a bad idea to compare between the two and look for similarities and differences.
So now that we have covered the boring details, let's get into how to use the indicator and some examples.
So the indicator is plotting the range and candle for the next day. As such, we are not looking at the current candle being plotted, but we are looking at the previous candle (see image below for example):
The green arrow shows the prediction for Friday, along with the corresponding result. The purple arrow shows the prediction for Monday which we have yet to realize.
So remember when you are using this, you need to look at the previous candle, and not the candle that it is currently plotting with realtime data, because it is plotting for the next candle.
If you are plotting by last instance, the indicator will tell you which day it is pulling its data from if you have opted to toggle on the demographic data:
You can see the green arrow pointing to the date where it is pulling from. This data serves as the example candle with the candle proceeding this date being the anchored candle (or the predicted candle).
Price Targets and Probability:
In the chart, you can see the green arrow pointing to the green portion of the table. In this table, it will give you the current TPs. These represent the current time target price, which means, the TPs shown here are for Friday. On Monday, the table will update with the TPs for Monday, etc. If you want to view the TPs in advance, you can view them from the actual candle itself.
Below the TPs, you see a bullish 7:6. It means, in a total of 13 cases, the next candle was bullish 7 times and bearish 6 times. Where do we see the number of cases? In the demographic table as well:
Auxiliary functions
Because you are using the previous candle, if you want to avoid confusion, you can have the indicator plot the price targets over the predicted candle, to anchor your attention so to speak. Simply select "Label" in the "Show Price Targets" section, which will look like this:
You can also ask the indicator to plot the demographic data of Higher High, Low, etc. information. What this does is simply looks at all the cases and plots how many times higher highs, lows, lower lows, highs etc. were made:
This will just count all of the cases identified and plot the number of times higher highs, lows, etc. were made.
Concluding Remarks
This is a kind of complex indicator and I can appreciate it may take some getting used to.
I will try to post a tutorial video at some point next week for it, so stay tuned for that.
But this isn't designed to make your life more complicated, just to help give you insights into potential outcomes for the next day or hour or 5 minute (it can be used on all timeframes).
If you find it helpful, great! If not, that's okay, too :-).
Please be aware, this is not my forte of indicators. I am not a data scientist or programmer. My background is in Epi and we don't use these types of data science approaches, so if you have any suggestions or critiques, feel free to share them below.
Otherwise, I hope you enjoy!
Take care everyone and safe trades!
Three Candle Rolling Pivot Range**Strategy Description: Three Previous Candle Rolling Pivot Range**
**Introduction:**
This trading strategy is based on the concept of the rolling pivot range calculated from the high, low, and close prices of the three previous candles. The rolling pivot range serves as a dynamic support and resistance level, and this strategy aims to capture potential trading opportunities based on the price relationship with this range.
**Strategy Components:**
**1. Rolling Pivot Range Calculation:**
- **Rolling Pivot:** Calculate the rolling pivot by averaging the high, low, and close prices of the three previous candles.
- **Second Number:** Find the midpoint between the high and low of the three previous candles.
- **Pivot Differential:** Measure the difference between the rolling pivot and the second number.
- **Rolling Pivot Range High:** Set as rolling pivot + pivot differential.
- **Rolling Pivot Range Low:** Set as rolling pivot - pivot differential.
**2. Entry Rules:**
- **Long Entry:**
- Initiate a long entry when the current close is above both the rolling pivot range high and the rolling pivot.
- Continue the long entry as long as both the rolling pivot range high and low are higher than the corresponding values of the previous candle.
- **Short Entry:**
- Start a short entry when the current close is below both the rolling pivot range high and the rolling pivot.
- Continue the short entry as long as both the rolling pivot range high and low are lower than the corresponding values of the previous candle.
**Visualization:**
- **Plotting:**
- The rolling pivot range high, rolling pivot, and rolling pivot range low are plotted on the chart for visual reference.
- Long entry points are marked with a green triangle below the corresponding candle.
- Short entry points are marked with a red triangle above the corresponding candle.
**Conclusion:**
This strategy leverages the rolling pivot range to identify potential reversal points in the market. By considering the relative position of the current price compared to the dynamic support and resistance levels, the strategy aims to capture favorable trading opportunities. However, like all trading strategies, it should be used cautiously and backtested thoroughly on historical data to ensure its effectiveness before implementation in a live trading environment. Additionally, risk management techniques should always be applied to safeguard trading capital.
Intraday Intensity Index [SyntaxGeek]Intraday Intensity Index
This is a volume-based technical indicator that integrates volume with a security’s price. Use this to follow how intraday highs and lows are moving with volume.
The Intraday Intensity Index was developed by Dave Bostian.
It is one of several indicators that can be used to follow how volume is influencing a security’s price. It provides a continuous volume-focused indicator by using a security’s most recent close, high and low in its calculation while also factoring in volume.
I've searched high and low for the correct implementation of this measure and I can only find it buried within old books or in PineScript's own ta.iii, but no one has provided it as a histogram indicator correctly.
The main difference I can find is that most are not restricting volumes influence to the denominator solely, which is how Dave designed it.
For illustration the correct implementation is:
(2 * close - high - low) / ((high - low) * volume)
Such a simple change but compare to many other indicators that claim to implement the measure and it's easy to see the difference.
I also provided a high/low mode that aims to ease comparison to Bollinger Bands which is something that John Bollinger references when utilizing III.
Setting III to 20 trend and high/low mode can present similar areas of extreme breaks to the high or low and may be great entries for trades but you must complete your own analysis.
Volume Delta Trailing Stop [LuxAlgo]The ' Volume Delta Trailing Stop ' indicator uses Lower Time Frame (LTF) volume delta data which can provide potential entries together with a Volume-Delta based Trailing Stop-line .
🔶 USAGE
Our 'Volume Delta Trailing Stop' script can show potential entries/Stop Loss lines
A trigger line needs to be broken before a position is taken, after which a Volume Delta-controlled Trailing Stop-line is created:
🔶 DETAILS
🔹 Volume rises when bought or sold
🔹 When the opening price appears on the chart, a buy/sell order has been executed.
If that order is less than the available supply of that particular price, volume will rise, without moving the price.
🔹 When the opening price is the same as the closing price, the volume of that bar can be seen as "neutral volume" (nV); nor "up", nor "down" volume.
Example
A buy order doesn't fill the first available supply in the order book. This price will be the opening price with a certain volume.
When at closing time, price still hasn't moved (the first available supply in the order book isn't filled, or no movement downwards),
the closing price will be equal to the opening price, but with volume. This can be seen as "neutral volume (nV)".
🔹 Delta Volume (ΔV): this is "up volume" minus "down volume"
🔹 Standard volume is colored red when closing price is lower than opening price ( = "down volume").
🔹 Standard volume is colored green when closing price is higher OR equal (nV) than opening price ( = "up volume").
🔹 Neutral Volume
The "Neutral-Volume" is considered "Up-Volume" - setting will dictate whether nV is considered as green 'buy' volume or not.
🔶 EXAMPLE
29 July 10:00 -> 10:05, chart timeframe 5 minutes, open 29311.28, close 29313.89
close > open, so the volume (39.55) is colored green ("up volume").
(The Volume script used in the following examples is the open-source publication Volume Columns w. Alerts (V) from LucF )
Let's zoom to the 1-minute TF:
The same period is now divided into more bars, volume direction (color) is dependable on the difference between open and close.
Counting up and down volume gives a more detailed result, it remains in an upward direction though):
(ΔV = +15.51)
Let's further zoom in to the 1-second TF:
The same period is now divided into even more bars (more possibility for changing direction on each bar)
Here we see several bars that haven't moved in price, but they have volume ("neutral" volume).
(neutral volume is coloured light green here, while up volume is coloured darker green)
When we count all green and red volume bars, the result is quite different:
(ΔV = -0.35)
In total more volume is found when price went downwards, yet price went up in these 5 minutes.
-> This is the heart of our publication, when this divergence occurs, you can see a barcolor changement:
• orange: when price went up, but LTF Volume was mainly in a downward direction.
• blue: when price went down, but LTF Volume was mainly in an upwards direction.
When we split the green "up volume" into "up" and "neutral", the difference is even higher
(here "neutral volume" is colored grey):
(ΔV = -12.76; "up" - "down")
🔶 CONCEPTS
bullishBear = current bar is red but LTF volume is in upward direction -> blue bar
bearishBull = current bar is green but LTF volume is in downward direction -> orange bar
🔹 Potential positioning - forming of Trigger-line
When not in position, the script will wait for a divergence between price and volume direction. When found, a Trigger-line will appear:
• at high when a blue bar appears ( bullishBear ).
• at low when an orange bar appears ( bearishBull ).
Next step is when the Trigger-line is broken by close or high/low (settings: Trigger )
Here, the closing price went under the grey Trigger-line -> bearish position:
🔹 Trailing Stop-line
When the Trigger-line is broken, the Trailing Stop-line (TS-line) will start:
• low when bullish position
• high when bearish position
You can choose (settings -> Trigger -> Close or H/L ) whether close price or high/low should break the Trigger-line
When alerts are enabled ("Any alert() function call"), you'll get the following message:
• ' signal up ' when bullish position
• ' signal down' when bearish position
After that, the TS-line will be adjusted when:
• a blue bullishBear bar appears when in bullish position -> lowest of {low , previous blue bar's high or orange bar's low}
• an orange bearishBull bar appears when in bearish position -> highest of {high, previous blue bar's high or orange bar's low}
When alerts are enabled ("Any alert() function call"), and the TS-line is broken, you'll get the following message:
• ' TS-line broken down ' when out bullish position
• ' TS-line broken up ' when out bearish position
🔹 Reference Point
Default the direction of price will be evaluated by comparing closing price with opening price.
When open and close are the same, you'll get "neutral volume".
You can use "previous close" instead (as in built-in volume indicator) to include gaps.
If close equals open , but close is lower than previous close , it will be regarded as " down volume ",
similar, when close is higher than previous close , it will be regarded as " up volume "
Note, the setting applies for the current timeframe AND Lower timeframe:
Based on: " open " (close - open)
Based on: " previous close " (close - previous close)
🔹 Adjustment
When the TS-line changes, this can be adjusted with a percentage of price , or a multiple of " True Range "
Default (Δ line -> Adjustment - 0)
Δ line -> Adjustment 0.03% (of price)
Δ line -> Mult of TR (10)
🔶 SETTINGS
🔹 LTF: choose your Lower TimeFrame: 1S (seconds), 5S, 10S, 15S, 30S, 1 minute)
🔹 Trigger: Choose the trigger for breaking the Trigger-line ; close or H/L (high when bullish position, low when bearish position)
🔹 Δ line ( Trailing Stop-line ): add/subtract an adjustment when the TS-line changes ( default: Adjustment ):
• Adjustment ( default: 0 ): add/subtract an extra % of price
• Mult of TR : add/subtract a multiple of True Range
🔹 Based on: compare closing price against:
• open
• previous close
🔹 "Neutral-Volume" is considered "Up-Volume" : this setting will dictate whether nV is considered as green 'buy' volume or not.
🔶 CONSIDERATIONS
🔹 The lowest LTF (1S) will give you more detail and will get data close to tick data.
However, a maximum of 100,000 intrabars can be used in calculations .
This means on the daily chart you won't see anything since 1 day ~ 86400 seconds. (just over 1 bar)
-> choose a lower chart timeframe, or choose a higher LTF (5S, 10S, ... 1 minute)
🔹 Always choose a LTF lower than the current chart timeframe.
🔹 Pine Script™ code using this request.security_lower_tf() may calculate differently on historical and real-time bars, leading to repainting .
LIT - TimingIntroduction
This Script displays the Asia Session Range, the London Open Inducement Window, the NY Open Inducement Window, the Previous Week's high and low, the Previous Day's highs and lows, and the Day Open price in the cleanest way possible.
Description
The Indicator is based on UTC -7 timing but displays the Session Boxes automatically correct at your chart so you do not have to adjust any timings based on your Time Zone and don't have to do any calculations based on your UTC. It is already perfect.
You will see on default settings the purple Asia Box and 2 grey boxes, the first one is for the London Open Inducement Window (1 hour) and the second grey box is for the NY Open Inducement Window (also 1 hour)
Asia Range comes with default settings with the Asia Range high, low, and midline, you can remove these 3 lines in the settings "style" and untick the "Lines" box, that way you only will have the boxes displayed.
Special Feature
Most Timing-based Indicators have "bugged" boxes or don't show clean boxes at all and don't adjust at daylight savings times, we made sure that everything automatically gets adjusted so you don't have to! So the timings will always display at the correct time regarding the daylight savings times.
Combining Timing with Liquidity Zones the right way and in a clear, clean, and simple format.
Different than others this script also shows the "true" Asia range as it respects the "day open gap" which affects the Asia range in other scripts and it also covers the full 8 hours of Asia Session.
Additions
You can add in the settings menu the last week's high and low, the previous day's high and low, and also the day's open price by ticking the boxes in the settings menu
All colors of the boxes are fully adjustable and customizable for your personal preferences. Same for the previous weeks and day highs and lows. Just go to "Style" and you can adjust the Line types or colors to your preferred choice.
Recommended Use
The most beautiful display is on the M5 Timeframe as you have a clear overview of all sessions without losing the intraday view. You can also use it on the M1 for more details or the M15 for the bigger picture. The Template can hide on higher time frames starting from the H1 to not flood your chart with boxes.
How to use the Asia Session Range Box
Use the Asia Range Box as your intraday Guide, keep in mind that a Breakout of Asia high or low induces Liquidity and a common price behavior is a reversal after the fake breakout of that range.
How to use the London Open and NY Open Inducement Windows
Both grey boxes highlight the Open of either London Open or NY Open and you should keep an eye out for potential Liquditiy Graps or Mitigations during that times as this is when they introduce major Liquidity for the regarding Session.
How to use the Asia high, low and midline and day open price
After Asia Range got taken out in one direction, often price comes back to those levels to mitigate or bounce off, so you can imagine those zones as support and resistance on some occasions, recommended in combination with Imbalances.
How to use the previous day and week's highs and lows
Once added in the settings, you can display those price levels, you can use them either as Liquidity Targets or as Inducement Levels once they are taken out.
Enjoy!
Globex, Extended, Daily, Weekly, Monthly, Yearly Range* Adds Right Side Only Price Line & Labels for Tracking without Extending Both Sides
* Tracks Current, Previous, and Two Previous Globex Sessions/ Futures:
* Tracks Current, Previous, and Two Previous Extended Session/ Stocks:
* Tracks Current, Previous, Two, & Three Previous Day Session/ Equities:
* Tracks Current, Last, Two, Three, Four, & Five Week Session/ Equities:
* Tracks Current, Last, Two, Three, Four, & Five Month Session/ Equities:
* Tracks Current, Last, Two, Three, Four, & Five Year Session/ Equities:
* Allows Custom Range on Globex, Extended, & Daily Sessions
* Allows Custom Range on Weekly, Monthly, & Yearly Sessions
* Lines & Labels Are Not Visible on Chart Scales
* Reversible Text & Background Color
* Lines Extend Accordingly with Range
* Labels show Price & Percent Change
* Background Colors should match Chart Color to avoid Overlapping Text & Labels
* Lines have Offset Extension
* Labels have Offset Extension
* Globex Session is only visible on Futures & if Current Timeframe is Intraday
* Extended Session is only visible on Stocks & if Current Timeframe is Intraday
* Daily, Weekly, Monthly, & Yearly Sessions are visible on All Symbols & All Timeframes
* Globex, Extended, & Regular use their Default Time Sessions but allow Customization
* For Back Testing Default Sessions, switch over on the Menu to Style and Turn On/Off their Background Color; Any Area on the Chart Without Background Color is Regular Session
Double Trends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part double trends and should be used in conjunction as a visual aid to my Double Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend and continues until a new downtrend ends the trend.
• A multi-part downtrend begins with the formation of a new downtrend and continues until a new return line uptrend ends the trend.
• A multi-part uptrend begins with the formation of a new uptrend and continues until a new return line downtrend ends the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend and continues until a new uptrend ends the trend.
Double Trends
• A double uptrend is formed when the current trough price is higher than the preceding trough price and the current peak price is higher than the preceding peak price.
• A double downtrend is formed when the current peak price is lower than the preceding peak price and the current trough price is lower than the preceding trough price.
Muti-Part Double Trends
• A multi-part double uptrend begins with the formation of a new uptrend that proceeds a new return line uptrend, and continues until a new downtrend or return line downtrend ends the trend.
• A multi-part double downtrend begins with the formation of a new downtrend that proceeds a new return line downtrend, and continues until a new uptrend or return line uptrend ends the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the double trend part, denote double uptrends. Red down-arrows, with the number of the double trend part, denote double downtrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Double Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed double trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend and continues until a new downtrend ends the trend.
• A multi-part downtrend begins with the formation of a new downtrend and continues until a new return line uptrend ends the trend.
• A multi-part uptrend begins with the formation of a new uptrend and continues until a new return line downtrend ends the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend and continues until a new uptrend ends the trend.
Double Trends
• A double uptrend is formed when the current trough price is higher than the preceding trough price and the current peak price is higher than the preceding peak price.
• A double downtrend is formed when the current peak price is lower than the preceding peak price and the current trough price is lower than the preceding trough price.
Muti-Part Double Trends
• A multi-part double uptrend begins with the formation of a new uptrend that proceeds a new return line uptrend, and continues until a new downtrend or return line downtrend ends the trend.
• A multi-part double downtrend begins with the formation of a new downtrend that proceeds a new return line downtrend, and continues until a new uptrend or return line uptrend ends the trend.
█ FEATURES
Inputs
• Start Date
• End Date
• Position
• Text Size
Table
The table is colour coded, consists of seven columns and, as many as, fifteen rows. Blue cells denote the multi-part trend scenarios, green cells denote the corresponding double uptrend scenarios and red cells denote the corresponding double downtrend scenarios.
The double trend scenarios are listed in the first column with their corresponding total counts to the right, in the second and fifth columns. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third and sixth columns display the double trend scenarios as percentages of total 1-part double trends. And columns four and seven display the total double trend scenarios as percentages of the last, or preceding double trend part. For example, 4-part double trends as percentages of 3-part double trends and so on.
Plots
For a visual aid to this indicator please use in conjunction with my Double Trends indicator which can be found on my profile page under scripts, or in community scripts under the same name.
Green up-arrows, with the number of the double trend part, denote double uptrends. Red down-arrows, with the number of the double trend part, denote double downtrends.
█ HOW TO USE
This indicator is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the current double trend will continue or fail, based on the current double trend scenario and what has happened in the past under similar circumstances. Such information can be very useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Previous Levels With Custom TimeZoneThe Previous Levels With Custom TimeZone indicator shows to users specifics price area which can be liquidity to take.
Users can determine the desired time zone to retrieve the correct daily, weekly and monthly values.
Several price area are shown with with indicator which are :
Daily Open Price
Daily Low Price
Daily High Price
Previous Daily Low Price
Previous Daily High Price
Previous Weekly Low Price
Previous Weekly High Price
Previous Monthly Low Price
Previous Monthly High Price
All price area are configurable to let user have specific color or line style for each area.
Here's some example :
Daily Open / High / Low
Previous Daily High / Low
Previous Weekly High / Low
Previous Monthly High / Low
Flat Market and Low ADX Indicator [CHE]Why use the Flat Market and Low ADX Indicator ?
Flat markets, where prices remain within a narrow range for an extended period, can be both critical and dangerous for traders. In a flat market, the price action becomes less predictable, and traders may struggle to find profitable trading opportunities. As a result, many traders may decide to take a break from the market until a clear trend emerges.
However, flat markets can also be dangerous for traders who continue to trade despite the lack of clear trends. In the absence of a clear direction, traders may be tempted to take larger risks or make impulsive trades in an attempt to capture small profits. Such behavior can quickly lead to significant losses, especially if the market suddenly breaks out of its flat range, causing traders to experience large drawdowns.
Therefore, it is essential to approach flat markets with caution and to have a clear trading plan that incorporates strategies for both trending and flat markets. Traders may also use technical indicators, such as the Flat Market and Low ADX Indicator, to help identify flat markets and determine when it is appropriate to enter or exit a position.
The confluence between flat markets and low ADX readings can further increase the risk of trading during these periods. The ADX (Average Directional Index) is a technical indicator used to measure the strength of a trend. A low ADX reading indicates that the market is in a consolidation phase, which can coincide with a flat market. When a flat market occurs during a period of low ADX, traders should be even more cautious, as there is little to no directional bias in the market. In this situation, traders may want to consider waiting for a clear trend to emerge or using range-bound trading strategies to avoid taking excessive risks.
Introduction:
Pine Script is a programming language used for developing custom technical analysis indicators and trading strategies in TradingView. This particular script is an indicator designed to identify flat markets and low ADX conditions. In this description, we will delve deeper into the functionality of this script and how it can be used to improve trading decisions.
Description:
The first input in the script is the length of the moving average used for calculating the center line. This moving average is used to define the high and low range of the market. The script then calculates the middle value of the range by taking the double exponential moving average (EMA) of the high, low, and close prices.
The script then determines whether the market is flat by comparing the middle value of the range with the high and low values. If the middle value is greater than the high value or less than the low value, the market is not flat. If the middle value is within the high and low range, the script considers the market to be flat. The script also uses RSI filter settings to further confirm if the market is flat or not. If the RSI value is between the RSI min and max values, then the market is considered flat. If the RSI value is outside this range, the market is not considered flat.
The script also calculates the ADX (Average Directional Index) to determine whether it's in a low area. ADX is a technical indicator used to measure the strength of a trend. The script uses the ADX filter settings to define the ADX threshold value. If the ADX value is below the threshold value, the script considers the market to be in a low ADX area.
The script provides various input options to customize the display settings, including the option to show the flat market and low ADX areas. Users can choose their preferred colors for the flat market and low ADX areas and adjust the transparency levels to suit their needs.
Conclusion:
In conclusion, this Pine Script indicator is designed to identify flat market and low ADX conditions, which can help traders make informed trading decisions. The script uses a range of inputs and calculations to determine the market direction, RSI filter, and ADX filter. By customizing the display settings, users can adjust the indicator to suit their preferences and improve their trading strategies. Overall, this script can be a valuable tool for traders looking to gain an edge in the markets.
Acknowledgments:
Thanks to the Pine Script™ v5 User Manual www.tradingview.com
Fair value bands / quantifytools— Overview
Fair value bands, like other band tools, depict dynamic points in price where price behaviour is normal or abnormal, i.e. trading at/around mean (price at fair value) or deviating from mean (price outside fair value). Unlike constantly readjusting standard deviation based bands, fair value bands are designed to be smooth and constant, based on typical historical deviations. The script calculates pivots that take place above/below fair value basis and forms median deviation bands based on this information. These points are then multiplied up to 3, representing more extreme deviations.
By default, the script uses OHLC4 and SMA 20 as basis for the bands. Users can form their preferred fair value basis using following options:
Price source
- Standard OHLC values
- HL2 (High + low / 2)
- OHLC4 (Open + high + low + close / 4)
- HLC3 (High + low + close / 3)
- HLCC4 (High + low + close + close / 4)
Smoothing
- SMA
- EMA
- HMA
- RMA
- WMA
- VWMA
- Median
Once fair value basis is established, some additional customization options can be employed:
Trend mode
Direction based
Cross based
Trend modes affect fair value basis color that indicates trend direction. Direction based trend considers only the direction of the defined fair value basis, i.e. pointing up is considered an uptrend, vice versa for downtrend. Cross based trends activate when selected source (same options as price source) crosses fair value basis. These sources can be set individually for uptrend/downtrend cross conditions. By default, the script uses cross based trend mode with low and high as sources.
Cross based (downtrend not triggered) vs. direction based (downtrend triggered):
Threshold band
Threshold band is calculated using typical deviations when price is trading at fair value basis. In other words, a little bit of "wiggle room" is added around the mean based on expected deviation. This feature is useful for cross based trends, as it allows filtering insignificant crosses that are more likely just noise. By default, threshold band is calculated based on 1x median deviation from mean. Users can increase/decrease threshold band width via input menu for more/less noise filtering, e.g. 2x threshold band width would require price to cross wiggle room that is 2x wider than typical, 0x erases threshold band altogether.
Deviation bands
Width of deviation bands by default is based on 1x median deviations and can be increased/decreased in a similar manner to threshold bands.
Each combination of customization options produces varying behaviour in the bands. To measure the behaviour and finding fairest representation of fair and unfair value, some data is gathered.
— Fair value metrics
Space between each band is considered a lot, named +3, +2, +1, -1, -2, -3. For each lot, time spent and volume relative to volume moving average (SMA 20) is recorded each time price is trading in a given lot:
Depending on the asset, timeframe and chosen fair value basis, shape of the distributions vary. However, practically always time is distributed in a normal bell curve shape, being highest at lots +1 to -1, gradually decreasing the further price is from the mean. This is hardly surprising, but it allows accurately determining dynamic areas of normal and abnormal price behaviour (i.e. low risk area between +1 and -1, high risk area between +-2 to +-3). Volume on the other hand is typically distributed the other way around, being lowest at lots +1 to -1 and highest at +-2 to +-3. When time and volume are distributed like so, we can conclude that 1) price being outside fair value is a rare event and 2) the more price is outside fair value, the more anomaly behaviour in volume we tend to find.
Viewing metric calculations
Metric calculation highlights can be enabled from the input menu, resulting in a lot based coloring and visibility of each lot counter (time, cumulative relative volume and average relative volume) in data window:
— Alerts
Available alerts are the following:
Individual
- High crossing deviation band (bands +1 to +3 )
- Low crossing deviation band (bands -1 to -3 )
- Low at threshold band in an uptrend
- High at threshold band in a downtrend
- New uptrend
- New downtrend
Grouped
- New uptrend or downtrend
- Deviation band cross (+1 or -1)
- Deviation band cross (+2 or -2)
- Deviation band cross (+3 or -3)
— Practical guide
Example #1 : Risk on/risk off trend following
Ideal trend stays inside fair value and provides sufficient cool offs between the moves. When this is the case, fair value bands can be used for sensible entry/exit levels within the trend.
Example #2 : Mean reversions
When price shows exuberance into an extreme deviation, followed by a stall and signs of exhaustion (wicks), an opportunity for mean reversion emerges. The higher the deviation, the more volatility in the move, the more signalling of exhaustion, the better.
Example #3 : Tweaking bands for desired behaviour
The faster the length of fair value basis, the more momentum price needs to hit extreme deviation levels, as bands too are moving faster alongside price. Decreasing fair value basis length typically leads to more quick and aggressive deviations and less steady trends outside fair value.
Band-Zigzag - TrendFollower Strategy [Trendoscope]Strategy Time!!!
Have built this on my earlier published indicator Band-Zigzag-Trend-Follower . This is just one possible implementation of strategy on Band-Based-Zigzag .
🎲 Notes
Experimental prototype. Not financial advise and strategy not guaranteed to make money despite backtest results
Not created or tested for any specific instrument or timeframe
Test and adopt with own risk
🎲 Strategy
This is trend following strategy built based on Bands and Zigzag. Traits of trend following strategies are
Lower win rate (Yes, thats right)
High risk reward (Compensates low win rate)
Higher drawdown
If market is choppy, trend following methods suffer.
The script implements few points to overcome the negatives such as lower win rate and higher drawdown by actively assessing pivots on the direction of trend along. This helps us take regular profits and exit on time during the end of trend. Most of the other concepts are defined and explained in indicator - Band-Zigzag-Trend-Follower and Band-Based-Zigzag
Defining a trend following method is simple. Basic rule of trend following is Buy High and Sell Low (Yes, you heard it right). To explain further - methodology involve finding an established trend which is flying high and join the trend with proper risk and optimal stop. Once you get into the trade, you will not exit unless there is change in the trend. Or in other words, the parameters which you used to define trend has reversed and the trend is not valid anymore.
🎯 Using bands
When price breaks out of upper bands (example, Bollinger Band , Keltener Channel, or Donchian Channel), with a pre determined length and multiplier, we can consider the trend to be bullish and similarly when price breaks down the lower band, we can consider the trend to be bearish .
🎯 Using Pivots
Simple logic using zigzag or pivot points is that when price starts making higher highs and higher lows, we can consider this as uptrend. And when price starts making lower highs and lower lows, we can consider this as downtrend. There are few supertrend implementations I have published in the past based on zigzags and pivot points .
Drawbacks of both of these methods is that there will be too many fluctuations in both cases unless we increase the reference length. And if we increase the reference length, we will have higher drawdown.
🎯 Band Based Zigzag Method
Here we use bands to define our pivot high and pivot low - this makes sure that we are identifying trend only on breakouts as pivots are only formed on breakouts
Our method also includes pivot ratio to cross over 1.0 to be able to consider it as trend. This means, we are waiting for price also to make new high high or lower low before making the decision on trend. But, this helps us ignore smaller pivot movements due to the usage of bands.
I have also implemented few tricks such as sticky bands (Bands will not contract unless there is breakout) and Adaptive Bands (Band will not expand unless price is moving in the direction of band). This makes the trend following method very robust.
To avoid fakeouts, we also use percentB of high/low in comparison with price retracement to define breakout.
🎲 Settings
Settings are fairly simpler and are explained as below. You will find most of the required information in tooltips.
Band-Zigzag Based Trend FollowerWe defined new method to derive zigzag last month - which is called Channel-Based-Zigzag . This script is an example of one of the use case of this method.
🎲 Trend Following
Defining a trend following method is simple. Basic rule of trend following is Buy High and Sell Low (Yes, you heard it right). To explain further - methodology involve finding an established trend which is flying high and join the trend with proper risk and optimal stop. Once you get into the trade, you will not exit unless there is change in the trend. Or in other words, the parameters which you used to define trend has reversed and the trend is not valid anymore.
Few examples are:
🎯 Using bands
When price breaks out of upper bands (example, Bollinger Band, Keltener Channel, or Donchian Channel), with a pre determined length and multiplier, we can consider the trend to be bullish and similarly when price breaks down the lower band, we can consider the trend to be bearish.
Here are few examples where I have used bands for identifying trend
Band-Based-Supertrend
Donchian-Channel-Trend-Filter
🎯 Using Pivots
Simple logic using zigzag or pivot points is that when price starts making higher highs and higher lows, we can consider this as uptrend. And when price starts making lower highs and lower lows, we can consider this as downtrend. There are few supertrend implementations I have published in the past based on zigzags and pivot points.
Adoptive-Supertrend-Pivots
Zigzag-Supertrend
Drawbacks of both of these methods is that there will be too many fluctuations in both cases unless we increase the reference length. And if we increase the reference length, we will have higher drawdown.
🎲 Band Based Zigzag Method
Band Based Zigzag will help overcome these issues by combining both the methods.
Here we use bands to define our pivot high and pivot low - this makes sure that we are identifying trend only on breakouts as pivots are only formed on breakouts.
Our method also includes pivot ratio to cross over 1.0 to be able to consider it as trend. This means, we are waiting for price also to make new high high or lower low before making the decision on trend. But, this helps us ignore smaller pivot movements due to the usage of bands.
I have also implemented few tricks such as sticky bands (Bands will not contract unless there is breakout) and Adaptive Bands (Band will not expand unless price is moving in the direction of band). This makes the trend following method very robust.
To avoid fakeouts, we also use percentB of high/low in comparison with price retracement to define breakout.
🎲 The indicator
The output of indicator is simple and intuitive to understand.
🎯 Trend Criteria
Uptrend when last confirmed pivot is pivot high and has higher retracement ratio than PercentB of High. Else, considered as downtrend.
Downtrend when last confirmed pivot is pivot low and has higher retracement ratio than PercentB of High. Else, considered as uptrend.
🎯 Settings
Settings allow you to select the band type and parameters used for calculating zigzag and then trend. Also has few options to hide the display.
Fair Value Gap [LuxAlgo]Fair value gaps (FVG) highlight imbalances areas between market participants and have become popular amongst technical analysts. The following script aims to display fair value gaps alongside the percentage of filled gaps and the average duration (in bars) before gaps are filled.
Users can be alerted when an FVG is filled using the alerts built into this script.
🔶 USAGE
In practice, FVG's highlight areas of support (bullish FVG) and resistances (bearish FVG). Once a gap is filled, suggesting the end of the imbalance, we can expect the price to reverse.
This approach is more contrarian in nature, users wishing to use a more trend-following approach can use the identification of FVG as direct signals, going long with the identification of a bullish FVG, and short with a bearish FVG.
🔹 Mitigation
By default, the script highlights the areas of only unmitigated FVG's. Users can however highlight the mitigation level of mitigated FVG's, that is the lower extremity of bullish FVG's and the upper extremity of bearish FVG's.
The user can track the evolution of a mitigated FVG's using the "Dynamic" setting.
🔹 Threshold
The gap height can be used to determine the degree of imbalance between buying and selling market participants. Users can filter fair value gaps based on the gap height using the "Threshold %" setting. Using the "Auto" will make use of an automatic threshold, only keeping more volatile FVG's.
🔶 DETAILS
We use the following rules for detecting FVG's in this script:
Bullish FVG
low > high(t-2)
close(t-1) > high(t-2)
(low - high(t-2)) / high(t-2) > threshold
Upper Bullish FVG = low
Lower Bullish FVG = high(t-2)
Bearish FVG
high < low(t-2)
close(t-1) < low(t-2)
(low(t-2) - high) / high < -threshold
Upper Bearish FVG = low(t-2)
Lower Bearish FVG = high
🔶 SETTINGS
Threshold %: Threshold percentage used to filter our FVG's based on their height.
Auto Threshold: Use the cumulative mean of relative FVG heights as threshold.
Unmitigatted Levels: Extent the mitigation level of the number of unmitigated FVG's set by the user.
Mitigation Levels: Show the mitigation levels of mitigated FVG's.
Timeframe : Timeframe of the price data used to detect FVG's.
NYSE New Highs vs New LowsNYSE New Highs vs New Lows is a simple market breadth indicator that compares HIGN, the number of new highs during that day, and LOWN, the number of new lows. The new highs are on top and lows are appropriately on bottom. Without averaging, it's a little chaotic so you can smooth them out as much as you want, and the top-right label shows how much you're smoothing.
Interpretation:
Essentially, we use $SPY or $QQQ as a proxy for what's going on in the market, but because the FAANG stocks are so heavily weighted, it's not always representative. If SPY is flat/down, but there are 200 new highs today, then one of the big boys is weighing down an otherwise very bullish market. It's like looking at one of those heatmap charts, but in a single number.
Bullish Trend
- Lots of new highs
- Very few new lows
Bearish Trend
- Lots of new lows
- Very few new highs
Potential Reversal
- Too high, 250+
- Too low, 150+
Critical Levels Mixing Price Action, Volatility and VolumeIntroduction
This indicator has the purpose of setting levels, automatically, basing its creation on three aspects of the market:
- price action
- volume
- volatility
Price Action Algorithm
I divided the candle into 3 parts:
- body => abs (close-open)
- lower tail => red candle (close-low) green candle (open-low)
- upper tail => red candle (high-open) green candle (high-close)
- total => high-low
to give the signal the following conditions must be respected
- the body must be smaller than a certain percentage ("MAX CORE SIZE%) and larger than a certain percentage (" MIN CORE SIZE%);
- furthermore, the shorter tail cannot be higher than a certain percentage ("MAXIMUM LENGTH FOR SHORTE TAIL%");
Volume Algorithm
The volume value must be greater than the volume EMA multiplied by a certain value ("Multiplier")
Volatility Algorithm
the True Range of the candle must be greater than the "ATR percentage" of the ATR
Trigger
If all these three conditions are met then and only then will the level be drawn that will include the prices of the longest tail of the candle (high/open or open/low or high/close or close/low).
How to use
Like any level, the situation in which the price is reached does not imply a market reaction, for this reason, the use together with moving averages or oscillators from which to extrapolate the divergences can be a valid tool.
Using this indicator alone you can enter the market by placing a pending order above the high or low of the candle touching the level.
Example:
a bearish candle touches a low level, we place a pending buy order above the high of the candle
a bullish candle touches a level located high, we place a pending sell order below the low of the candle
AG FX - Pivot PointsPivot Points High Low
Definition
The Pivot Points High Low indicator is used to determine and anticipate potential changes in market price and reversals. The Highs referred to in the title are created based on the number of bars that exhibit lower highs on either side of a Pivot Point High, whereas the Lows are created based on the number of bars that exhibit higher lows on either side of a Pivot Point Low.
Calculations
As mentioned above, Pivot Point Highs are calculated by the number of bars with lower highs on either side of a Pivot Point High calculation. Similarly, Pivot Point Lows are calculated by the number of bars with higher lows on either side of a Pivot Point Low calculation.
Takeaways and what to look for
A Pivot Point is more significant or noteworthy if the trend is extended or longer than average. This can mean if a trader selects a higher period for before and after the Pivot Point, the trend could be longer and therefore prove the Pivot Point itself more notable.
Additionally, Pivot Points can help a trader assess where would be best to draw. By analyzing price changes and reversals, a trader has more of an ability to determine and predict price patterns and general price trends.
Summary
The Pivot Points High Low indicator can predict and determine price changes and potential reversals in the market. Pivot Points can also help traders identify price patterns and trends, depending on the period and significance of the Pivot Point value.
Fibonacci-Trading-Indikator_3Daily (weekly, monthly) profits with the Fibonacci trading indicator_3
Quotes move in Fibonacci ratios in liquid markets. With this indicator you receive information for daily trades or for position trades based on a week or on a monthly basis, in which area you should ideally enter the market and where the minimum achievable price target is. This price target is 61.8% of yesterday's trading range, or the trading range of the previous week, or the trading range of the previous month, depending on the time frame for which the indicator should calculate the minimum achievable high / low. This is also where you realize your profit.
For this calculation, the following entries must be made in the properties window of the indicator:
• Preselection uptrend / downtrend.
• Time frame (day, week, ...) of the price bar for the possible high / low to be determined.
• Trading range of the previous day, or the previous week, or the previous month.
• Current lowest low of the selected time frame when trading has started and prices are rising.
• Current highest high of the selected time frame when trading has started and prices are falling.
Important areas for trading are:
• The entry range 0% - 23.6% for long or short.
• The target price level 61.8%.
Choose a suitable time frame to detect the direction of movement while the quotes are still moving in the entry area. The camelback indicator can be of great help. Also test the resolution setting of the camelback indicator. With a resolution of 1 hour in the 6 or 12 minute chart, you get a perspective for the broader direction. Movement patterns of corrections or consolidations, if they last more than a day or a week, also give clues to the coming direction of movement for the trade. So look back to see what happened yesterday, a week ago, or a month ago. Pay attention to the market anatomy, find out how the market works, count the price bars in consolidations and trends.
After entering the values the indicator will show the Fibonacci expansion price levels for the possible high or low for the selected time frame. Buy / sell within the entry range between 0% and 23.6% as the market moves towards the last long / or short entry point. This is the course range up to the 23.6% course level. The 61.8% price level is the minimum expected price target. We assume that the current bar will reach at least 61.8% of the trading range of the previous day, week or month. Depending on the set time frame. You should therefore realize the profits you have made with 50% of the position when the prices have reached the 61.8% level. With a suitable trailing stop you can be stopped with the rest of the position, but do not risk more than 50% of the profits.
With the quarter or year preselection and the corresponding entries, the minimum expected quarterly high / quarterly low or annual high / annual low can be determined.
The Fibonacci price levels can be shown and hidden. In the chart click on the gear wheel for “Chart Settings”. In the “Scaling” menu, the price levels can be displayed with the preselection “Label for indicator names” and “Label for last indicator value”. Slide the chart to the right to find possible support and resistance at the price levels that could provide confirmation of the target.
In the event of input errors or missing entries for a time frame, the indicator is hidden.
Pay attention to your trade management to avoid losses.
The new Fibonacci Trading Indicator_3 has the following additions and changes:
Area code for the quarter time frame has been added.
The entry area received a 23.6% and a 50% subdivision. Two envelope lines above the 23.6% entry level in the case of an upward trend and below the 23.6% entry level in the case of a downtrend, with a width of 23.6% and 14.6% of the entry level, are intended to indicate that the closing price is higher the quotations have broken out of the entry-level area.
A volatility stop for upward and downward trends can be activated.
A factor is added to the fluctuation range of each price bar for the stop. Then a moving average is calculated with an adjustable period. The period setting should be set between 5 and 10. The result can be smoothed adjustable.
Presetting:
Periods = 10
Factor = 1.4
Smoothing = 7
With the assumption that the market entry in an upward trend occurs when the prices break out above a bar high, the result of the stop calculation is subtracted from the bar high. In the case of a downward trend, the result of the stop calculation is added to the price bar low.
When entering the market, set the factor to 2.4. If inside bars follow a trend movement, the stop should be brought closer. Try the factor setting 0.4 or less. The smallest adjustable factor is 0.1.
For the entry into an established trend, as described in an idea contribution by me, there are two switchable moving averages. The application for the (MA_H) takes place on high and for the (MA_L) adjustable on high, low, shot, h + 1/2 etc. Period and offset (shift) are adjustable. With this idea, the entry into the market occurs between a 618% correction (the Fibonacci entry point) and the DEP (average entry point). The DEP in this case is the MA_H with period = 4 and an offset = 1 in the case of a downward trend, or the MA_L with the same setting and application to lows in an upward trend.
Also test the MA_L in trends with the settings (period, offset) 3.3 or 5, 3 or 7.5 and applying it to closing prices for a close encompassing of the highs / lows.
Tägliche (wöchentliche, monatliche) Gewinne mit dem Fibonacci-Trading Indikator_3
Kursnotierungen bewegen sich in liquiden Märkten in Fibonacci-Verhältnisse. Mit diesem Indikator erhalten Sie für Tagesgeschäfte, oder für Positionstrades auf Basis einer Woche, oder auf Basis eines Monats Informationen, in welchem Bereich Sie idealerweise in den Markt einsteigen sollten und wo das mindeste erreichbare Kursziel liegt. Dieses Kursziel liegt bei 61,8% der gestrigen Handelspanne, oder der Handelspanne der Vorwoche, oder der Handelspanne des Vormonats, also abhängig davon für welchen Zeitrahmen der Indikator das mindeste erreichbare Hoch/Tief berechnen soll. Dort realisieren Sie auch Ihren Gewinn.
Für diese Berechnung sind folgende Eingaben im Eigenschaftenfenster des Indikators einzustellen:
• Vorwahl Aufwärtstrend/ Abwärtstrend.
• Zeitrahmen (Tag, Woche, …) des Kursbalkens für das zu ermittelnde mögliche Hoch/ Tief.
• Handelspanne des vorherigen Tages, oder der vorherigen Woche, oder des vorherigen Monats.
• Aktuell tiefstes Tief des vorgewählten Zeitrahmens, wenn der Handel begonnen hat und die Notierungen steigen.
• Aktuell höchstes Hoch des vorgewählten Zeitrahmens, wenn der Handel begonnen hat und die Notierungen fallen.
Wichtige Bereiche für das Trading sind:
• Der Einstiegsbereich 0% - 23,6% für long oder short.
• Der Kursziellevel 61,8%.
Wählen Sie für die Erkennung der Bewegungsrichtung einen geeigneten Zeitrahmen, während sich die Notierungen noch im Einstiegsbereich bewegen. Der Camelback-Indikator kann eine gute Hilfe sein. Testen Sie auch die Auflösung-Einstellung des Camelback-Indikators. Mit der Auflösung 1 Stunde Im 6- oder 12 Minuten-Chart erhalten Sie einen Blickwinkel für die große Richtung. Auch Bewegungsmuster von Korrekturen oder Konsolidierungen, wenn sie mehr als einen Tag oder eine Woche andauern geben Hinweise auf die kommende Bewegungsrichtung für den Trade. Schauen Sie also zurück um zu prüfen, was sich gestern, vor einer Woche oder vor einem Monat abgespielt hat. Achten sie auf die Marktanatomie, finden Sie heraus wie der Markt funktioniert, zählen Sie Kursstäbe in Konsolidierungen und Trends.
Nach Eingabe der Werte zeigt der Indikator die Fibonacci-Ausweitungskurslevels für das mögliche Hoch oder Tief für den ausgewählten Zeitrahmen. Kaufen/ verkaufen Sie innerhalb des Einstiegsbereichs zwischen 0% und 23,6%, während sich der Markt in Richtung des letzten long-/ oder short-Einstiegspunktes bewegt. Das ist der Kursbereich bis zum 23,6%- Kurslevel. Der 61,8%-Kurslevel ist das mindeste erwartbare Kursziel. Wir gehen davon aus, dass der aktuelle Kursbalken mindestens 61,8% der Handelsspanne des vorherigen Tages, der vorherigen Woche oder des vorherigen Monats erreichen wird. Abhängig vom eingestellten Zeitrahmen. Realisieren Sie deshalb die angelaufenen Gewinne mit 50% der Position, wenn die Notierungen den 61,8% - Level erreicht haben. Mit einem geeigneten Trailing-Stopp lassen Sie sich mit der restlichen Position ausstoppen, riskieren Sie dafür aber nicht mehr als 50 % der angelaufenen Gewinne.
Mit der Vorwahl Quartal oder Jahr und den entsprechenden Eingaben kann auch das mindeste erwartbare Quartalshoch/ Quartalstief bzw. Jahreshoch/ Jahrestief ermittelt werden.
Die Fibonacci-Kurslevels lassen sich ein- und ausblenden. Klicken Sie im Chart auf das Zahnrad für „Chart Einstellungen“. Im Menü „Skalierungen“ kann mit der Vorwahl „Label für Indikatornahmen“ und „Label für letzten Indikatorwert“ die Kurslevels angezeigt werden. Schieben Sie den Chart nach rechts um mögliche Unterstützungen und Widerstände an den Kurslevels zu finden, die Bestätigung für das Ziel geben könnten.
Bei Eingabefehlern oder fehlenden Eingaben zu einem Zeitrahmen wird der Indikator ausgeblendet.
Achten Sie zur Vermeidung von Verlusten auf ihr Handelsmanagement.
Der neue Fibonacci-Trading-Indikator_3 besitz folgende Zusätze und Änderungen:
Vorwahl für den Zeitrahmen Quartal wurde hinzugefügt.
Der Einstiegsbereich erhielt eine 23,6% und eine 50% Unterteilung. Zwei Umschlagslinien über dem 23,6%-Einstiegslevel bei einem Aufwärtstrend, bzw. unter dem 23,6%-Einstiegslevel bei einem Abwärtstrend, mit der Breite 23,6% und 14,6% vom Einstiegsbereich, sollen bei höherem Schlusskurs signalisieren, dass die Notierungen aus dem Einstiegsbereich ausgebrochen sind.
Ein Volatilitätsstopp jeweils für Aufwärts- und Abwärtstrend kann zugeschaltet werden.
Für den Stopp wird die Schwankungsbreite jedes Kursbalkens wird mit einem Faktor beaufschlagt. Danach erfolgt die Berechnung eines gleitenden Durchschnitts mit einstellbarer Periode. Die Periodeneinstellung sollte zwischen 5 und 10 eingestellt werden. Das Ergebnis kann einstellbar geglättet werden.
Voreinstellung:
Perioden = 10
Faktor = 1,4
Glättung = 7
Mit der Annahme, dass der Markteinstieg in einem Aufwärtstrend bei Ausbruch der Notierungen über ein Kursbalkenhoch erfolgt, wird das Ergebnis der Stoppberechnung vom Kursbalkenhoch subtrahiert. Bei einem Abwärtstrend wird das Ergebnis der Stoppberechnung zum Kursbalkentief addiert.
Stellen Sie bei Markteintritt den Faktor auf 2,4. Folgen nach einer Trendbewegung Innenstäbe sollte der Stopp näher herangeführt werden. Probieren Sie die Faktoreinstellung 0,4 oder kleiner. Der kleinste einstellbare Faktor ist 0,1.
Für den Einstieg in einen etablierten Trend, wie in einem Ideenbeitrag von mir beschrieben, gibt es zwei zuschaltbare gleitende Durchschnitte. Die Anwendung für den (MA_H) erfolgt auf Hochs und für den (MA_L) einstellbar auf Hoch, Tief, Schuss, h+l/2 usw.. Periode und Offset (Verschiebung) sind einstellbar. Bei dieser Idee erfolgt der Einstieg in den Markt zwischen einer 618%-Korrektur (dem Fibonacci-Einstiegspunkt) und dem DEP (Durchschnittlicher Einstiegspunkt). Der DEP ist in diesem Fall der MA_H mit Periode = 4 und einem Offset = 1, bei einem Abwärtstrend, oder der MA_L mit identischer Einstellung und Anwendung auf Tiefs in einem Aufwärtstrend.
Testen Sie den MA_L auch in Trends mit den Einstellungen (Periode, Offset) 3,3 oder 5, 3 oder 7,5 und Anwendung auf Schlusskurse für eine enge Umfassung der Hochs/ Tiefs.
Volume Profile [Makit0]VOLUME PROFILE INDICATOR v0.5 beta
Volume Profile is suitable for day and swing trading on stock and futures markets, is a volume based indicator that gives you 6 key values for each session: POC, VAH, VAL, profile HIGH, LOW and MID levels. This project was born on the idea of plotting the RTH sessions Value Areas for /ES in an automated way, but you can select between 3 different sessions: RTH, GLOBEX and FULL sessions.
Some basic concepts:
- Volume Profile calculates the total volume for the session at each price level and give us market generated information about what price and range of prices are the most traded (where the value is)
- Value Area (VA): range of prices where 70% of the session volume is traded
- Value Area High (VAH): highest price within VA
- Value Area Low (VAL): lowest price within VA
- Point of Control (POC): the most traded price of the session (with the most volume)
- Session HIGH, LOW and MID levels are also important
There are a huge amount of things to know of Market Profile and Auction Theory like types of days, types of openings, relationships between value areas and openings... for those interested Jim Dalton's work is the way to come
I'm in my 2nd trading year and my goal for this year is learning to daytrade the futures markets thru the lens of Market Profile
For info on Volume Profile: TV Volume Profile wiki page at www.tradingview.com
For info on Market Profile and Market Auction Theory: Jim Dalton's book Mind over markets (this is a MUST)
BE AWARE: this indicator is based on the current chart's time interval and it only plots on 1, 2, 3, 5, 10, 15 and 30 minutes charts.
This is the correlation table TV uses in the Volume Profile Session Volume indicator (from the wiki above)
Chart Indicator
1 - 5 1
6 - 15 5
16 - 30 10
31 - 60 15
61 - 120 30
121 - 1D 60
This indicator doesn't follow that correlation, it doesn't get the volume data from a lower timeframe, it gets the data from the current chart resolution.
FEATURES
- 6 key values for each session: POC (solid yellow), VAH (solid red), VAL (solid green), profile HIGH (dashed silver), LOW (dashed silver) and MID (dotted silver) levels
- 3 sessions to choose for: RTH, GLOBEX and FULL
- select the numbers of sessions to plot by adding 12 hours periods back in time
- show/hide POC
- show/hide VAH & VAL
- show/hide session HIGH, LOW & MID levels
- highlight the periods of time out of the session (silver)
- extend the plotted lines all the way to the right, be careful this can turn the chart unreadable if there are a lot of sessions and lines plotted
SETTINGS
- Session: select between RTH (8:30 to 15:15 CT), GLOBEX (17:00 to 8:30 CT) and FULL (17:00 to 15:15 CT) sessions. RTH by default
- Last 12 hour periods to show: select the deph of the study by adding periods, for example, 60 periods are 30 natural days and around 22 trading days. 1 period by default
- Show POC (Point of Control): show/hide POC line. true by default
- Show VA (Value Area High & Low): show/hide VAH & VAL lines. true by default
- Show Range (Session High, Low & Mid): show/hide session HIGH, LOW & MID lines. true by default
- Highlight out of session: show/hide a silver shadow over the non session periods. true by default
- Extension: Extend all the plotted lines to the right. false by default
HOW TO SETUP
BE AWARE THIS INDICATOR PLOTS ONLY IN THE FOLLOWING CHART RESOLUTIONS: 1, 2, 3, 5, 10, 15 AND 30 MINUTES CHARTS. YOU MUST SELECT ONE OF THIS RESOLUTIONS TO THE INDICATOR BE ABLE TO PLOT
- By default this indicator plots all the levels for the last RTH session within the last 12 hours, if there is no plot try to adjust the 12 hours periods until the seesion and the periods match
- For Globex/Full sessions just select what you want from the dropdown menu and adjust the periods to plot the values
- Show or hide the levels you want with the 3 groups: POC line, VA lines and Session Range lines
- The highlight and extension options are for a better visibility of the levels as POC or VAH/VAL
THANKS TO
@watsonexchange for all the help, ideas and insights on this and the last two indicators (Market Delta & Market Internals) I'm working on my way to a 'clean chart' but for me it's not an easy path
@PineCoders for all the amazing stuff they do and all the help and tools they provide, in special the Script-Stopwatch at that was key in lowering this indicator's execution time
All the TV and Pine community, open source and shared knowledge are indeed the best way to help each other
IF YOU REALLY LIKE THIS WORK, please send me a comment or a private message and TELL ME WHAT you trade, HOW you trade it and your FAVOURITE SETUP for pulling out money from the market in a consistent basis, I'm learning to trade (this is my 2nd year) and I need all the help I can get
GOOD LUCK AND HAPPY TRADING
