Exponential Moving Average with ADR bandIndicator: Exponential Moving Average with ADR Band
This TradingView script calculates and displays an Exponential Moving Average (EMA) along with an Average Daily Range (ADR) band around it. The indicator helps traders identify potential dynamic support and resistance levels adjusted for market volatility. Especially significant moves that originate from the ZONE and reach outside should be taken seriously.
Key Features:
EMA Calculation: The script computes the Exponential Moving Average (EMA) of the closing prices over a user-defined period.
ADR Band: It calculates the Average Daily Range (ADR) using a Simple Moving Average (SMA) of the daily high-low range over the same period.
Adjustable Parameters:
Length: The period for both the EMA and the ADR calculation, which can be set by the user (default is 20).
Multiple: A multiplier for the ADR to adjust the width of the bands around the EMA (default is 1).
Plotting: The EMA is plotted as an orange line. The upper and lower ADR bands are plotted around the EMA, and the area between these bands is filled with a translucent orange color to highlight the channel.
How It Works:
EMA Calculation: The script computes the EMA of the closing prices using the specified length.
ADR Calculation: The daily range (high-low) is averaged over the same length to get the ADR.
Band Creation: The upper band is created by adding the ADR (multiplied by the user-defined multiple) to the EMA. The lower band is created by subtracting the ADR (multiplied by the user-defined multiple) from the EMA.
Visualization: The EMA and ADR bands are plotted, and the area between the bands is filled to create a clear visual representation of the ADR channel.
Usage:
This indicator can be used to gauge market volatility and potential support/resistance zones.
The ADR band provides a dynamic range that adjusts with market conditions, helping traders identify potential breakout and reversal points.
To customize the indicator, adjust the 'Length' and 'ADR multiple' parameters to suit your trading style and the specific characteristics of the asset you are analyzing.
Cerca negli script per "support resistance"
Futures Auto Levels [NariCapitalTrading]Futures Auto Levels Indicator
Introduction
The "Futures Auto Levels" (FAL) indicator shows the previous day's levels, weekly open, high, low, and the Initial Balance Range (IBR).
Indicator Components
The FAL indicator comprises the following components:
Previous Day's Levels: These include the open, high, low, and close of the previous trading day. They are represented on the chart by lines and labels, helping to identify significant price levels from the prior session.
Weekly Open, High, Low: These levels represent the open, high, and low prices of the current trading week.
Initial Balance Range (IBR): The IBR is calculated based on the price range during the first 60 minutes of the trading day. It helps identify initial trading range and potential breakout levels.
How to Use the Indicator
1. Previous Day's Levels:
Monitor the previous day's open, high, low, and close to identify key support and resistance levels.
Use these levels to gauge market sentiment and potential price reversals.
2. Weekly Open, High, Low:
Pay attention to the weekly open, high, and low to understand the market's behavior within the weekly timeframe.
These levels can act as reference points for setting profit targets and stop-loss orders.
3. Initial Balance Range (IBR):
Watch for price movements within the IBR to identify potential trading opportunities.
Breakouts above or below the IBR may signal the beginning of a new trend or continuation of the current trend.
Suggested/Potential Strategies
Reversal Trading: Look for price reversals around previous day's levels, especially when they coincide with other technical indicators or significant support/resistance zones.
Trend Following: Follow the trend by trading breakouts above/below the IBR or weekly high/low levels. Use trailing stops to capture profits while the trend remains intact.
Range Trading: Trade within the IBR when the market is consolidating. Buy near the IBR low and sell near the IBR high, with tight stop-loss orders to manage risk.
Conclusion
The Futures Auto Levels indicator is designed to help incorporate levels into trading analysis and trading strategies to improve profitability and consistency.
Monte Carlo Shuffled Projection [LuxAlgo]The Monte Carlo Shuffled Projection tool randomly simulates future price points based on historical bar movements made within a user-selected window.
The tool shows potential paths price might take in the future, as well as highlighting potential support/resistance levels.
Note that simulations and their resulting elements are subject to slight changes over time.
🔶 USAGE
By randomly simulating bar movements, a range is developed of potential price action which could be utilized to locate future price development as well as potential support/resistance levels.
Performing a large number of simulations and taking the average at each step will converge toward the result highlighted by the "Average Line", and can point out where the price might develop assuming the trend and amount of volatility persist.
Current closing price + Sum of changes in the calculation window)
This constraint will cause the simulations to always display an endpoint consistent with the current lookback's slope.
While this may be helpful to some traders, this indicator includes an option to produce a less biased range as seen below:
🔶 DETAILS
The Monte Carlo Shuffled Projection tool creates simulations based on the most recent prices within a user-set window. Simulations are done as follows:
Collect each bar's price changes in the user-set window.
Randomize the order of each change in the window.
Project the cumulative sum of the shuffled changes from the current closing price.
Collect data on each point along the way.
This is the process for the Default calculation, for the 'Randomize Direction' calculation, when added onto the front for every other change, the value is inverted, creating the randomized endpoints for each simulation.
The script contains each simulation's data for that bar with a maximum of 1000 simulations.
To get a glimpse behind the scenes each simulation (up to 99) can be viewed using the 'Visualize Simulations' Options as seen below.
Because the script holds the full simulation data, the script can also do calculations on this data, such as calculating standard deviations.
In this script the Standard deviation lines are the average of all standard deviations across the vertical data groups, this provides a singular value that can be displayed a distance away from the simulation center line.
🔶 SETTINGS
Color and Toggle Options are Provided throughout.
Lookback: Sets the number of Bars to include in calculations.
Simulation Count: Sets the number of randomized simulations to calculate. (Max 1000)
Randomize Direction: See Details Above. Creates a more 'Normalized' Distribution
Visualize Simulations: See Details Above. Turns on Visualizations, and colors are randomly generated. Visualized max does not cap the calculated max. If 1000 simulations are used, the data will be from 1000 simulations, however only the last 99 simulations will be visualized.
Standard Deviation Multiplier: Sets the multiplier to use for the Standard Deviation distance away from the center line.
Mxwll Price Action Suite [Mxwll]Introducing the Mxwll Price Action Suite!
The Mxwll Price Action Suite is an all-in-one analysis indicator incorporating elements of SMC and also ideas extending beyond the trading methodology!
Features
Internal structures
External structures
Customizable Sensitivities
BoS/CHoCH
Order Blocks
HH/LH/LL/LH Areas
Rolling TF highs/lows
Rolling Volume Comparisons
Auto Fibs
And more!
The image above shows the indicator's market structure identification capabilities. Internal BoS and CHoCH structures in addition to overarching market structures are available with customizable sensitivities.
The image above shows the indicator identifying order blocks! Additionally, HH/LH/LL/LH areas are also identified.
The image above shows a rolling area of interest. These areas can be compared to supply/demand zones, where traders might consider a bargain long/short/sell area.
The indicator displays a rolling 4hr high/low and 1D high/low, alongside auto fibonacci levels with a customizable sensitivity.
Finally, the Mxwll Price Action Suite shows relevant session information.
Table information
Current Session
Countdown to session close
Next Session
Countdown to next session open
Rolling 4-Hr volume intensity
Rolling 24-Hr volume intensity
Introducing the Mxwll SMC Suite!
The Mxwll SMC Suite is an all-in-one analysis indicator incorporating elements of SMC and also ideas extending beyond the trading methodology!
Features
Internal structures
External structures
Customizable Sensitivities
BoS/CHoCH
Order Blocks
HH/LH/LL/LH Areas
Rolling TF highs/lows
Rolling Volume Comparisons
Auto Fibs
And more!
The image above shows the indicator's market structure identification capabilities. Internal BoS and CHoCH structures in addition to overarching market structures are available with customizable sensitivities.
The image above shows the indicator identifying order blocks! Additionally, HH/LH/LL/LH areas are also identified.
The image above shows a rolling area of interest. These areas can be compared to supply/demand zones, where traders might consider a bargain long/short/sell area.
The indicator displays a rolling 4hr high/low and 1D high/low, alongside auto fibonacci levels with a customizable sensitivity.
Finally, the Mxwll Price Action Suite shows relevant session information.
Table information
Current Session
Countdown to session close
Next Session
Countdown to next session open
Rolling 4-Hr volume intensity
Rolling 24-Hr volume intensity
Expanded Features of Mxwll Price Action Suite
Internal and External Structures
Internal Structures: These elements refer to the price formations and patterns that occur within a smaller scope or a specific trading session. The suite can detect intricate details like minor support/resistance levels or short-term trend reversals.
External Structures: These involve larger, more significant market patterns and trends spanning multiple sessions or time frames. This capability helps traders understand overarching market directions.
Customizable Sensitivities
Adjusting sensitivity settings allows users to tailor the indicator's responsiveness to market changes. Higher sensitivity can catch smaller fluctuations, while lower sensitivity might focus on more significant, reliable market moves.
Break of Structure (BoS) and Change of Character (CHoCH)
BoS: This feature identifies points where the price breaks a significant structure, potentially indicating a new trend or a trend reversal.
CHoCH: Detects subtle shifts in the market's behavior, which could suggest the early stages of a trend change before they become apparent to the broader market.
Order Blocks and Market Phases
Order Blocks: These are essentially price levels or zones where significant trading activities previously occurred, likely pointing to the positions of smart money.
HH/LH/LL/LH Areas: Identifying Higher Highs (HH), Lower Highs (LH), Lower Lows (LL), and Lower Highs (LH) helps in understanding the trend and market structure, aiding in predictive analysis.
Rolling Timeframe Highs/Lows and Volume Comparisons
Tracks highs and lows over specified rolling periods, providing dynamic support and resistance levels.
Compares volume data across different timeframes to assess the strength or weakness of the current price movements.
Auto Fibonacci Levels
Automatically calculates and plots Fibonacci retracement levels, a popular tool among traders to identify potential reversal points based on past movements.
Session Data and Volume Intensity
Session Information: Displays current and upcoming trading sessions along with countdown timers, which is crucial for day traders and those trading on session overlaps.
Volume Intensity: Measures and compares the volume within the last 4 hours and 24 hours to gauge market activity and potential breakout/breakdown movements.
Visualizations and Practical Use
Dynamic Visuals: The suite provides dynamic visual aids, such as real-time updating of high/low markers and Fibonacci levels, which adjust as new data comes in. This feature is critical in fast-paced markets.
Strategic Entry/Exit Points: By identifying order blocks and using Fibonacci levels, traders can pinpoint strategic entry and exit points, maximizing potential returns.
Risk Management: Enhanced features like session countdowns and volume intensity help in better risk management by providing traders with more data on market sentiment and potential volatility.
HT: Weekly LevelsIndicator draws several most important weekly levels on the lower timeframe: last week high/low, halfback, week close and current week open. These levels often act as support/resistance for price movements. Also, they can help to assess week character and control of power.
Indicator can be used on any timeframe, lower than weekly, for any type of instrument, including futures. It also provides an option to draw levels for any selected week back in time.
Important notes:
• Levels for the last week are drawn after the new week opens.
• Half-back is calculated as a middle line between week High and Low.
Parameters:
Date – user can select date, belonging to week, for which levels will be plotted. Works only if “Use” check box is on. Otherwise, levels will be plotted for the last week. (“time” value doesn’t matter; unfortunately, there is no way to hide the input box)
Time zone – your chart time zone (as UTC offset). Only needed if you use “Date” parameter.
Visuals – controls visibility and colors
Script is published as an open source. It uses two libraries: Levels Lib and Functions Lib. First one demonstrates how to work with pine-script object model and arrays. You can also reuse it in your custom scripts where there is need to construct any support/resistance levels. The second library contains some useful functions for working with time and dates.
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
Key Levels SetKey Levels Set allows to set key levels as comma separated values, and to detect breaks to the downside and/or upside, taking into account potential gaps between bars.
This indicator can be very handy if you, like me, rely on some key levels that you identified as potential support/resistance from some technical analysis.
Features
+ It allows for key levels to be set as comma separated values.
+ It draws key levels on chart.
+ On close, it identifies highest key level that has been broken to the upside, if any.
+ On close, it identifies lowest key level that has been broken to the downside, if any.
+ In Cross mode, as bar is printing, it also detects highest/lowest key levels being broken to the upside/downside between bar high and low, if any.
+ It plots and labels breaks with current level and next level information.
+ It includes alerts from breaks on close.
+ It includes turn on/off functionality.
Settings
+ {Prices} checkbox: turns on/off entire functionality
+ {Prices} text field: comma separated values for key levels
+ {Breaks on} checkbox: turns on/off breaks detection functionality
+ {Breaks on} options: selects Close or Cross mode
Multi Pivot (S/R) & Previous Period (OHLC)█ Multi Pivot (Support/Resistance) & Previous Period (Open/High/Low/Close)
The previous script was deleted because of a copyrighted word.
From JayRogers description.
█ Multi Pivot Selector
Allows you to set up to 3 distinct sets of pivots, each with their own resolution settings and the ability to select how many support|resistance levels are shown.
The maximum amount of S|R levels available varies with different pivot types, the options available are:
Traditional
Fibonacci
Woodie
Classic
Copyrighted word
Camarilla
Fibonacci Extended
█ Previous Period Levels
A simple but highly customisable display of previous higher time-frame OHLC values.
Customised resolution input which excludes time frames lower than 1 hour while extending the common higher reference inputs.
This script is based on JayRogers script, I only added some features so please check out his script.
I added the timeframe in the labels, in order to make it easier to differentiate when using multiple pivot set.
As well as making it possible to change the lines color of each pivot set separately.
Labels can now be displayed on each side (right, left and both) or just disabled.
The type of pivot can be shown on the right side.
Lines extension can be disabled and lines width value can be changed.
I also added another one of his script to display OHLC levels, I made similar changes.
Converted to Pine Script v5.
Previous Period Levels - X Alerts
Pivotal - Multi Pivot Selector (which was also deleted because of the copyrighted word)
HT: Intraday LevelsIndicator draws several most important intraday levels: last day RTH high/low, ETH high/low, Half Back, Day Close and current day RTH Day Open. These levels often act as support/resistance for intraday price movements. Also, they can help to assess day character and control of power.
Indicator can be used for ETH + RTH sessions.
Important notes:
• User must specify RTH session time, appropriate for his time zone and exchange
• Half-back is calculated as a middle line between RTH High and Low.
• Day Close is always equal to close of the last bar of the previous day
• RTH Day Open will be redrawn for the current day as soon as it is known (after RTH session opens and at least one bar gets confirmed).
Known issues:
• Day open will not be shown if there is no bar, clearly corresponding to RTH open time (e.g. if 4h timeframe is selected)
• For some ETH sessions it is not possible to determine session’s last bar (this is pine script limitation) until next day trading starts. This means that daily levels will be also update with only then.
Parameters:
Date – user can select date, for which levels will be plotted. Works only if “Use” check box is on. Otherwise, levels will be plotted for the last day. (“time” value doesn’t matter; unfortunately, there is no way to hide the input box)
RTH Open/Close time – it is important to specify time, appropriate for your time zone.
Time zone – your chart time zone (as UTC offset)
Visuals – controls visibility and colors
Script is published as an open source. It uses two libraries: Levels Lib and Functions Lib. First one demonstrates how to work with pine-script object model and arrays. You can also reuse it in your custom scripts where there is need to construct any support/resistance levels. The second library contains some useful functions for working with time and dates.
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
Ichimoku OscillatorHello All,
This is Ichimoku Oscillator that creates different oscillator layers, calculates the trend and possible entry/exit levels by using Ichimoku Cloud features.
There are four layer:
First layer is the distance between closing price and cloud (min or max, depending on the main trend)
Second layer is the distance between Lagging and Cloud X bars ago (X: the displacement)
Third layer is the distance between Conversion and Base lines
Fourth layer is the distance between both Leadlines
If all layers are visible maning that positive according to the main trend, you can take long/short position and when main trend changed then you should close the position. so it doesn't mean you can take position when main trend changed, you need to wait for all other conditions met (all layers(
there is take profit partially option. if Conversion and base lines cross then you can take profit partially. Optionally you can take profit partially when EMA line crosses Fourth layer.
Optionally ATR (average true range) is used for Conversion and baseline for protection from whipsaws. you can use it to stay on the trend longer time.
I added options to enable/disable the alert and customize alert messages. You can change alert messages as you wish. if you use ' close ' in the alert message then you can get closing price in the alert message when the alert was triggered.
There is an option Bounce Off Support/Resistance , if there is trend and if the price bounce off Support/Resistance zone then a tiny triangle is shown.
There are many other options for coloring, alerts etc.
Some screenshots:
Main trend:
Taking/closing positions:
Example alert messages:
Bounce off:
Colors:
Colors:
Colors:
Non-colored background:
P.S. For a few months I haven't published any new script because of some health issues. hope to be healthy and create new scripts in 2024 :)
Enjoy!
Liquidity Sweeps [LuxAlgo]The Liquidity Sweeps indicator detects the presence of liquidity sweeps on the user's chart, while also providing potential areas of support/resistance or entry when Liquidity levels are taken.
In the event of a Liquidity Sweep a Sweep Area is created which may provide further areas of interest.
🔶 USAGE
A Liquidity Sweep occurs when the price breaks through a liquidity level (further referred to as LqL ), after which the price returns below/above the liquidity level , forming a wick.
The script provides 2 options when this can happen:
A wick passes a LqL after which the price quickly returns.
First the closing price breaks through a LqL . After a while, the price retests the LqL and forms a wick in the opposite direction.
The examples above show a bullish and bearish scenario of "a wick passing through an LqL where the price quickly comes back". This type of Liquidity Sweep is represented by a dotted line.
The following example shows a broken LqL , where the price retests the Liquidity zone and bounces back.
Instead of a dotted line, this type of Liquidity Sweep is represented by a dashed line.
When a Liquidity Sweep takes place, this is indicated by highlighting the "wick- LqL " distance. This distance is also the basis for the Sweep Area (see next sub-section). A small 3-bar long dotted line starts from the opposite wick as an extra aid to determine potential support/resistance/entry, ...
Colors can be set in the settings (here yellow and aqua blue instead of default colors for clarity).
🔹 Sweep Areas
The distance between the LqL and the maximum limit of the wick forms a Sweep Area , which can provide a potential support/resistance or entry zone.
These examples show both types of Liquidity Sweeps , followed by a box indicating the Sweep Area .
When the Sweep Area is mitigated or a certain amount of bars has passed (Settings - 'Max bars'), the boxes will no longer be updated.
In this case, the 'Trigger' label shows the bar where the high crossed a LqL , after which a red box starts between LqL and high.
The low of the 'Trigger' bar is the starting point of a short dotted line. Next to the 'Trigger bar' the high touches the Sweep Area before returning, providing a potential short entry. One bar further, another entry opportunity presents itself when the price breaks the small dotted line.
In the following bullish example, not only do we see opportunities when the LqL has been swept, but the following Sweep Area provides some potential entries.
The small green dotted lines also act as a guide where the price breaks above, then forms a small range, after which the price continues in an upward direction.
Here, the initial trigger on the left forms a Sweep Area that is quickly broken. However, the small green line provides a potential entry area later on. The price moves in a short channel before breaking above the LqL (green dashed line), providing more potential entries. Price retests this LqL , and goes below this level. The price remained around the previously formed channel, after which the price resumed its upward trend.
🔶 SETTINGS
🔹 Liquidity Sweeps
Swings: Period used for the swing detection, with higher values returning longer term Liquidity Levels .
Options:
- Only Wicks: Only detects a Liquidity Sweep when a wick sweeps a previous wick
- Only Outbreaks & Retest: Only detects a Liquidity Sweep when the price breaks a Liquidity Level , returns & retests the Liquidity Level , and forms a wick in the opposite direction.
- Wicks + Outbreaks & Retest: Both options can be detected.
🔹 Sweep Area
Extend: Enables/Disables extension of the Sweep Area boxes.
Max Bars: Limit the extension to a certain number of bars.
Color Sweep Area box.
Session Levels Predictor [LuxAlgo]The "Session Levels Predictor" indicator predicts the maximum/minimum levels that will be made within a user-specified session. Hit rate percentages are displayed to measure how often a specific level has been hit.
🔶 USAGE
The indicator can be used to estimate the expected maximum/minimum levels within a specified session, these are directly displayed at the start of a session. This operation can be useful to set take profits/stop losses levels when we expect to exit within a specific session.
Users can display up to 3 upper and lower extremities on their chart (by default only 2 upper and lower extremities are displayed), with their distance from the session opening price being determined by the user-set percentile setting, values closer to 100 will return levels farther away from the session opening price.
Predicting maximum/minimum levels effectively allows obtaining support/resistance levels for the user-defined session, with a breakout probability indicating how easy it can be for the price to reach the estimated levels. These levels can be extended outside the specified session, allowing to test their relevancy as support/resistance levels to prices outside the specified sessions.
🔶 DETAILS
To predict maximum/minimum levels made within a session we keep a record of the distance between a session's maximum/minimum value and the session opening price (opening price when the session starts).
By using the percentile_nearest_rank() on our recorded distances we draw levels from the session opening price. If a level is hit between 2 sessions, this is saved for further calculations.
Lastly, a % hit rate of these levels is shown at the sessions open, indicating the probability that these levels could be hit before the next session.
🔹 array.percentile_nearest_rank()
Returns the value for which the specified percentage of array values (percentile) is less than or equal to it, using the nearest-rank method.
For example, taking the 75th percentile from our recorded distances between the maximum session level and session opening price will return a new distance where 75% of the recorded distances are lower.
The same goes for the green session's open - low levels
🔶 SETTINGS
Session: User-defined session interval, uses the symbol timezone.
Percentile (1, 2, 3): K-th percentile used to estimate session max/min levels, higher values will return more distant levels.
Max Population: Maximum amount of recorded distance data for the calculation of percentiles.
🔹 Style
Extend Middle Line: Toggle to extend the blue Middle Line to the next session - Default disabled
AUTO STOP LEVELThis is a simple yet highly efficient code that calculates stop levels, taking into account the market trend and its volatility.
This script calculates and displays (as a white point in the chart) a stop-loss by considering both volatility and the nearest support/resistance point.
The stop level is determined as the average of three specific values: firstly, two distinct volatility indicators - ATR and Bollinger Bands, and finally, the nearest support/resistance provided by the Supertrend indicator.
Moreover, it analyzes the trend to determine whether the stop should be set for long or short positions, providing insights into the most probable path of future prices. For instance, if the calculated stop level is below the current market prices, it suggests taking long positions, and vice versa.
Customization options include fine-tuning the standard parameters for the three indicators used in averaging and selecting multiple time frames.
ICT Unicorn Model [LuxAlgo]The ICT Unicorn Model indicator highlights the presence of "unicorn" patterns on the user's chart which is derived from the lectures of "The Inner Circle Trader" (ICT) .
Detected patterns are followed by targets with a distance controlled by the user.
🔶 USAGE
At its core, the ICT Unicorn Model relies on two popular concepts, Fair Value Gaps and Breaker Blocks. This combination highlights a future area of support/resistance.
A Bullish Unicorn Pattern consists out of:
A Lower Low (LL), followed by a Higher High (HH)
A Fair Value Gap (FVG), overlapping the established Breaker Block
A successful re-test of the FVG which confirms the pattern.
A Bearish Unicorn Pattern consists of:
A Higher High (HH), followed by a Lower Low (LL)
A Fair Value Gap (FVG), overlapping the established Breaker Block
A successful re-test of the FVG which confirms the pattern
The pattern detection depends on detected swings, which can be controlled by the Swing setting. Using higher values of this setting will return longer-term breaker blocks.
🔹 Using Risk/Reward Targets
A confirmed Unicorn pattern will show a blue ( Target ) / grey ( Stop Loss) "Risk/Reward" areas (RR).
When the Stop Loss or Target is hit, a white line is shown on the concerned side.
The Risk/Reward ratio can be adjusted in the "Targets" settings.
🔹 Trailing Stop
As seen in the previous snapshots, besides the RR areas, this indicator also includes an optional Trailing Stop .
This can be helpful to lower your risk, by exiting earlier than if you would wait until the Stop Loss is hit.
This example shows a successful bullish and bearish Unicorn Pattern . In this scenario, the Trailing Stop could be used for partial Take Profit.
The goal of this publication is to show confirmed Unicorn Patterns . To increase the chance of success, it is important to evaluate the bigger picture & use this in confluence with your price action analysis. For example, look for potential areas of liquidity, consider this pattern only during certain market sessions, avoid trading during heavy impact news, &/or incorporate other aspects of technical analysis rather than just following this pattern blindly.
🔶 DETAILS
🔹 Combine
When disabled, all potential Unicorn Patterns will delete previous unconfirmed patterns:
Enabling Combine ensures the last Unicorn Patterns in the opposite direction will remain.
While the latter bullish pattern became invalid, another one formed.
The combination of the previous bearish pattern, and looking at the big picture, the bullish pattern did not have much chance to be successful.
While disabling 'combine' helps minimize clutter, enabling this feature can give a pattern more chance to hit the SL/Target level.
🔹 Mitigated FVG
Users can determine if a pattern becomes invalid due to a mitigated FVG, causing the pattern to be deleted.
🔹 New pattern detected
When a new pattern is detected, the previous unconfirmed pattern in the same direction (bullish - bullish or bearish - bearish) will be deleted. This will always be the case, whether "Combine' is enabled or disabled.
When the previous pattern was confirmed but no SL or Target level was hit, this pattern will stop updating.
🔶 SETTINGS
🔹 Unicorn
Swings: This sets the length of swings, used for the underlying ZigZag and Unicorn Patterns detection.
Bull: Enable/disable Bullish patterns, and set the color of FVG box and Trailing Stop .
Bear: Enable/disable Bearish patterns, and set the color of FVG box and Trailing Stop .
Combine: When enabled, patterns in opposite directions (bullish/bearish) can exist at the same time. disabling this feature tends to give less clutter. See the "Usage" section for more information.
🔹 Targets
Risk/Reward: Sets the Risk/Reward ratio.
Trailing Stop: Set the length of small swings, which is used for the Trailing Stop .
RSI-Divergence Goggles [Trendoscope®]🎲 Introducing the RSI-Divergence Goggle
🎯 Revolutionizing Divergence Analysis in Trading
While the concept of divergence plays a crucial role in technical analysis, existing indicators in the community library have faced limitations, particularly in simultaneously displaying divergence lines on both price and oscillator graphs. This challenge stems from the fact that RSI and other oscillators are typically plotted in a separate pane from the price chart. Traditional Pine Script® indicators are confined to a single pane, thus restricting comprehensive divergence analysis.
🎯 Our Innovative Solution: RSI on the Price Pane
The RSI-Divergence Goggle breaks through these limitations. Our innovative approach involves plotting the RSI directly onto the price pane within a movable and resizable widget. This groundbreaking feature allows for the simultaneous drawing of zigzag patterns on both price and the oscillator, enabling the effective calculation and visualization of divergence lines on both.
🎯 The Foundation: Our Divergence Research and Rules
Our journey into divergence research began three years ago with the launch of the "Zigzag Trend Divergence Detector." The foundational rules established with this script remain pertinent and form the basis of all our subsequent divergence-based indicators.
🎯 Understanding Divergence: Key Concepts
Divergence Varieties : We identify two main types - Bullish Divergence (and its hidden counterpart) occurs at pivot lows, while Bearish Divergence (and its hidden version) appears at pivot highs.
Contextual Occurrence : Bullish divergence is a phenomenon of downtrends, whereas bearish divergence is unique to uptrend. Conversely, hidden bullish divergence arises in uptrends, and hidden bearish divergence in downtrends.
Oscillator Behavior : In standard divergence scenarios, the oscillator lags behind price, signaling potential reversals. In hidden divergence cases, the oscillator leads, suggesting trend continuation.
🎯 Visual Insights: Divergence and Hidden Divergence
For a clearer understanding, refer to our visual guides:
🎯 A Word of Caution
While divergence is a powerful tool, it's not a standalone guarantee of trend reversals or continuations. We recommend using these patterns in conjunction with support and resistance levels, as demonstrated in our "Divergence Based Support Resistance" implementation.
🎯 Using the RSI-Divergence Goggles
Upon applying the indicator to your chart, you'll be prompted to select two corner points, defining the widget's placement and size. This widget is the stage for your RSI plotting and divergence calculations. Choose these points carefully to ensure they encompass your area of interest without overlapping important price bars.
An example as below.
🎯 Innovative Features:
Plotting RSI: RSI values are scaled from 0 to 100 within the widget. This unique plotting may not align with individual bar values, but pivot labels and tooltips provide detailed RSI and retracement ratio information.
Zigzag and Pivots: Our adjusted RSI plots determine the zigzag pivot highs and lows, which may not always correspond with visible price pivots. However, calculations based on close prices ensure minimal deviation.
Divergence Display: Divergence types are identified following our established rules, with a simple moving average employed to discern the prevailing trend.
🎯 Trend Detection Mechanism
A simple moving average is used as base for determining the trend. If the difference between moving averages of the alternate pivots is positive, then the sentiment is considered to be uptrend. Else, we consider the sentiment to be in downtrend.
This is a simple method to identify trend, implemented via this indicator. The indicator does not provide alternative methods to identify trend. This is something that we can explore in the future.
🎯 Interactive and Customizable
The RSI-Divergence Goggle isn't just a static tool; it's an interactive feature on your chart. You can move or resize the widget, allowing for dynamic analysis and focused study on different chart segments.
Logarithmic Bollinger Bands [MisterMoTA]The script plot the normal top and bottom Bollinger Bands and from them and SMA 20 it finds fibonacci logarithmic levels where price can find temporary support/resistance.
To get the best results need to change the standard deviation to your simbol value, like current for BTC the Standards Deviation is 2.61, current Standard Deviation for ETH is 2.55.. etc.. find the right current standard deviation of your simbol with a search online.
The lines ploted by indicators are:
Main line is a 20 SMA
2 retracement Logarithmic Fibonacci 0.382 levels above and bellow 20 sma
2 retracement Logarithmic Fibonacci 0.618 levels above and bellow 20 sma
Top and Bottom Bollindger bands (ticker than the rest of the lines)
2 expansion Logarithmic Fibonacci 0.382 levels above Top BB and bellow Bottom BB
2 expansion Logarithmic Fibonacci 0.618 levels above Top BB and bellow Bottom BB
2 expansion Logarithmic Fibonacci level 1 above Top BB and bellow Bottom BB
2 expansion Logarithmic Fibonacci 1.618 levels above Top BB and bellow Bottom BB
Let me know If you find the indicator useful or PM if you need any custom changes to it.
VIX based LevelsSupport and resistance levels for the day based on the volatility index.
Major - The Major support line where the day low, high or close can occur at that level
Minor - The second level of the Support/Resistance line , where we can expect some rejections or breakouts/breakdowns
Mild - The mid level between the Major and minor levels. The market may consolidate around that area.
The script will automatically get the previous day close value of the current scrip and the India vix.
India vix is calculated based on the annual percentage and hence the previous day close value of the scrip is divided by 19.1 ( square root of 365 )
The PDC values can be manually overridden for backtesting purposes.
Please note, there will be some slippages involved on the trend lines.
