display_valueOVERVIEW
This script is a tinny library for creating and displaying formatted values in TradingView scripts. It provides a structured way to present key information like titles, percentages, currency values, decimals, and integers with clear formatting. This allows you to coordinate your strings in advance and hold one item to use for calling your string to a label, box, table.. Made for day to day use of most typical use cases, more advanced techniques should be used for complicated scenarios.
Building Blocks
User Defined Types (UDTs)
The script defines a UDT called `DisplayValue` to encapsulate the components of a display value:
* title : The title or label of the value.
* format_string : The string used to format the value (e.g., "{0} - 1,number,percent}").
* value : The actual value to be displayed.
* format : An enum value specifying the desired format (percent, currency, etc.).
Enums
The `DisplayFormat` enum provides predefined constants for various formatting options, making the code more readable and less prone to errors.
Functions
* create() : This function creates a new `DisplayValue` instance. It takes the title, value, and desired format as arguments and generates the appropriate format string.
* to_string() : This function converts a `DisplayValue` instance into a formatted string ready for display on the chart.
How to Use
1. Import the library:
import kaigouthro/display_value/1as dv
2. Create a DisplayValue instance:
myValue = dv.create("My Percentage", 0.5, dv.DisplayFormat.percent)
3. Convert it to a string:
formattedString = dv.to_string(myValue)
4. Display the formatted string:
label.new(bar_index, high, formattedString)
Example
//@version=5
import kaigouthro/display_value/1 as dv
myValue = dv.create("Profit", 0.15, dv.DisplayFormat.percent)
formattedString = dv.to_string(myValue)
label.new(bar_index, high, formattedString)
This will display a label on the chart with the text "Profit - 15%".
### Notes
* The library handles the formatting details, making it easier to display values consistently in your scripts.
* The use of enums and UDTs improves code organization and readability.
--------
Library "display_value"
create(display_name, display_value, display_format)
Gets the appropriate format string based on the display format.
Parameters:
display_name (string) : (string) The name of the display value. Default is na.
display_value (float)
display_format (series DisplayFormat)
Returns: (DisplayValue) A new DisplayValue instance with the formatted value.
to_string(item)
Converts the display value to a string with the specified format.
Parameters:
item (DisplayValue) : (DisplayValue) The display value to convert to a string.
Returns: (string) The string representation of the display value.
DisplayValue
Structure representing a display value.
Fields:
title (series string) : (string) The title of the display value.
format_string (series string) : (string) The format string to use for display.
value (series float) : (float) The value to display.
format (series DisplayFormat) : (DisplayFormat) The format to use.
Cerca negli script per "the script"
Precision Cloud by Dr ABIRAM SIVPRASAD
Precision Cloud by Dr. Abhiram Sivprasad"
The " Precision Cloud" script, created by Dr. Abhiram Sivprasad, is a multi-purpose technical analysis tool designed for Forex, Bitcoin, Commodities, Stocks, and Options trading. It focuses on identifying key levels of support and resistance, combined with moving averages (EMAs) and central pivot ranges (CPR), to help traders make informed trading decisions. The script also provides a visual "light system" to highlight potential long or short positions, aiding traders in entering trades with a clear strategy.
Key Features of the Script:
Central Pivot Range (CPR):
The CPR is calculated as the average of the high, low, and close of the price, while the top and bottom pivots are derived from it. These act as dynamic support and resistance zones.
The script can plot daily CPR, support, and resistance levels (S1/R1, S2/R2, S3/R3) as well as optional weekly and monthly pivot points.
The CPR helps identify whether the price is in a bullish, bearish, or neutral zone.
Support and Resistance Levels:
Three daily support (S1, S2, S3) and resistance (R1, R2, R3) levels are plotted based on the CPR.
These levels act as potential reversal or breakout points, allowing traders to make decisions around key price points.
EMA (Exponential Moving Averages):
The script includes two customizable EMAs (default periods of 9 and 21). You can choose the source for these EMAs (open, high, low, or close).
The crossovers between EMA1 and EMA2 help identify potential trend reversals or momentum shifts.
Lagging Span:
The Lagging Span is plotted with a customizable displacement (default 26), which helps identify overall trend direction by comparing past price with the current price.
Light System:
A color-coded table provides a visual representation of market conditions:
Green indicates bullish signals (e.g., price above CPR, EMAs aligning positively).
Red indicates bearish signals (e.g., price below CPR, EMAs aligning negatively).
Yellow indicates neutral conditions, where there is no clear trend direction.
The system includes lights for CPR, EMA, Long Position, and Short Position, helping traders quickly assess whether the market is in a buying or selling opportunity.
Trading Strategies Using the Script
1. Forex Trading:
Trend-Following with EMAs: Use the EMA crossovers to capture trending markets in Forex. A green light for the EMA combined with a price above the daily or weekly pivot levels suggests a buying opportunity. Conversely, if the EMA light turns red and price falls below the CPR levels, look for shorting opportunities.
Reversal Strategy: Watch for price action near the daily S1/R1 levels. If price holds above S1 and the EMA is green, this could signal a reversal from support. The same applies to resistance levels.
2. Bitcoin Trading:
Momentum Breakouts: Bitcoin is known for its sharp moves. The script helps to identify breakouts from the CPR range. If the price breaks above the TC (Top Central Pivot) with bullish EMA alignment (green light), it could signal a strong uptrend.
Lagging Span Confirmation: Use the Lagging Span to confirm the trend direction. For Bitcoin's volatility, when the lagging span shows consistent alignment with the price and CPR, it often indicates continuation of the trend.
3. Commodities Trading:
Support/Resistance Bounce: Commodities such as gold and oil often react well to pivot levels. Look for price bouncing off S1 or R1 for potential entry points. A green CPR light along with price above the pivot range supports a bullish bias.
EMA Pullback Strategy: If price moves in a strong trend and pulls back to one of the EMAs, a green EMA light suggests re-entry on a pullback. If the EMA light is red and price breaks below the BC (Bottom Central Pivot), short positions could be considered.
4. Stocks Trading:
Long Position Strategy: For stocks, use the combination of the long position light turning green (price above TC and EMA alignment) as a signal to buy. This could be especially useful for riding bullish trends in growth stocks or during earnings seasons when volatility is high.
Short Position Strategy: If the short position light turns green, indicating price below BC and EMAs turning bearish, this could be an ideal setup for shorting overvalued stocks or during market corrections.
5. Options Trading:
Directional Bias for Options: The light system is particularly helpful for options traders. A green long position light provides a clear signal to buy call options, while a green short position light supports buying puts.
Pivot Breakout Strategy: Buy options (calls or puts) when the price breaks above resistance or below support, with confirmation from the CPR and EMA lights. This helps capture the sharp moves required for profitable options trades.
Conclusion
The S&R Precision Cloud script is a versatile tool for traders across markets, including Forex, Bitcoin, Commodities, Stocks, and Options. It combines critical technical elements like pivot ranges, support and resistance levels, EMAs, and the Lagging Span to provide a clear picture of market conditions. The intuitive light system helps traders quickly assess whether to take a long or short position, making it an excellent tool for both new and experienced traders.
The S&R Precision Cloud by Dr. Abhiram Sivprasad script is a technical analysis tool designed to assist traders in making informed decisions. However, it should not be interpreted as financial or investment advice. The signals generated by the script are based on historical price data and technical indicators, which are inherently subject to market fluctuations and do not guarantee future performance.
Trading in Forex, Bitcoin, Commodities, Stocks, and Options carries a high level of risk and may not be suitable for all investors. You should be aware of the risks involved and be willing to accept them before engaging in such activities. Always conduct your own research and consult with a licensed financial advisor or professional before making any trading decisions.
The creators of this script are not responsible for any financial losses that may occur from its use. Past performance is not indicative of future results, and the use of this script is at your own risk.
FxASTLite [ALLDYN]This script, titled "FxASTLite " or "FxAST LX," is a Pine Script indicator designed for trading systems that use multiple technical analysis tools such as EMAs (Exponential Moving Averages) and PSAR (Parabolic Stop and Reverse). The script is overlaid on the price chart, providing insights into market trends and potential buy or sell signals.
### Key Features:
1. **EMA (Exponential Moving Averages)**
- The script plots several EMAs (5, 8, 13, 21, 50, and 200) based on the Heiken Ashi close price. EMAs are helpful in identifying trends, momentum, and potential entry/exit points.
- The script highlights key relationships between the EMAs, such as the crossover or crossunder of faster EMAs (like the 8 EMA) with slower ones (like the 21 EMA). These events often signal potential trend reversals or continuation.
2. **PSAR (Parabolic Stop and Reverse)**
- The script uses the PSAR indicator, which is a trend-following indicator that highlights potential points where the market might reverse direction.
- The script identifies bullish PSAR flips (when the PSAR value moves below the price, signaling a potential upward trend) and bearish PSAR flips (when the PSAR value moves above the price, signaling a downward trend).
- The PSAR flips are used to generate buy or sell signals.
3. **Heiken Ashi Candles**
- It uses Heiken Ashi candles to smooth out price action and better identify trends. Heiken Ashi candles help filter out market noise and make trends clearer compared to regular candlestick charts.
4. **Session Times**
- The script allows traders to track different market sessions (e.g., London, New York, Asia). It identifies and allows users to analyze price action during specific trading hours.
5. **Buy and Sell Signals**
- The script defines multiple conditions for buy and sell signals:
- **Buy Signals**: Generated when certain conditions are met, such as the price moving above key EMAs, bullish PSAR flips, and bullish Heiken Ashi candles.
- **Sell Signals**: Generated when conditions like bearish PSAR flips, bearish candles, and price moving below EMAs are met.
- These signals are designed to guide traders on when to enter or exit trades.
6. **Alerts**
- The script comes with alert conditions, which can be used to set automated alerts for when buy or sell signals occur. This allows the trader to stay informed without constantly monitoring the chart.
### How It Works:
1. **EMA-Based Trend Identification:**
- EMAs help identify the overall market trend. For example, if the 8-period EMA crosses above the 21-period EMA, it signals a potential bullish trend. Conversely, if the 8 EMA crosses below the 21 EMA, it may signal a bearish trend.
2. **PSAR for Trend Reversals:**
- PSAR values provide insight into potential trend reversals. When the PSAR flips (moving from above to below the price or vice versa), the script highlights these flips as potential buy/sell signals.
3. **Combining Signals:**
- The script combines multiple indicators (EMAs, PSAR, and Heiken Ashi candles) to provide stronger confirmations of potential entry and exit points. By using multiple indicators, the script reduces the likelihood of false signals.
4. **Visual Overlay:**
- The script overlays key information on the price chart, such as EMAs and PSAR dots, which makes it easy for traders to visualize market conditions in real-time.
### Benefits of Using This Script:
1. **Trend Identification:**
- The combination of EMAs and PSAR helps traders identify trends early. The visual display of these indicators directly on the chart makes it easier to detect shifts in market sentiment.
2. **Smoothed Candlesticks:**
- By using Heiken Ashi candles, the script smooths out noisy price action, making it easier to spot trends and reduce the likelihood of making impulsive decisions based on short-term volatility.
3. **Buy and Sell Signals:**
- The script generates clear buy and sell signals based on a combination of multiple technical factors (EMAs, PSAR, and Heiken Ashi). This can help traders time their entries and exits more effectively.
4. **Multi-Timeframe Alerts:**
- With the built-in alert functionality, traders can set up alerts for specific signals (like a PSAR flip or EMA crossover) across different timeframes. This helps traders stay informed without having to watch the chart constantly.
5. **Session Management:**
- The ability to track different market sessions allows traders to focus on times of high liquidity and volatility, which are often the best times to trade.
6. **Customizability:**
- The script allows traders to customize the settings for each indicator (e.g., EMA lengths, PSAR settings, session times) according to their trading preferences.
### Use Cases:
- **Trend Trading:**
- Traders who follow market trends can benefit from this script as it uses EMAs and PSAR to identify trending conditions and potential trend reversals.
- **Swing Trading:**
- Swing traders looking to capitalize on medium-term market moves can use the script to identify optimal entry and exit points based on momentum shifts.
- **Intraday Trading:**
- The inclusion of market sessions and real-time alerts makes the script useful for intraday traders who want to focus on specific trading hours, such as the opening of the London or New York sessions.
Overall, this script is designed for traders who rely on technical indicators to guide their trading decisions. The combination of EMAs, PSAR, and Heiken Ashi candles provides a well-rounded view of market trends and potential entry/exit points, making it a powerful tool for traders looking to improve their strategy.
Universal Algo [Coff3eG]Universal Algo By G
Overview:
Universal Algo By G is a comprehensive LONG-ONLY trading strategy specifically designed for medium to long-term use in cryptocurrency markets, particularly Bitcoin. This algorithm can be manually adjusted to fit the volatility of specific coins, ensuring the best possible results. While it does not generate a large number of trades due to the nature of bull and bear market cycles, it has been rigorously backtested and forward-tested to ensure the strategy is not overfitted.
Core Features:
Integrated Systems: Universal Algo is built around five core systems, each contributing unique analytical perspectives to enhance trade signal reliability. These systems are designed to identify clear trend opportunities for significant gains while also employing logic to navigate through ranging markets effectively.
Optional Ranging Market Filter: Helps filter out noise, potentially enhancing signal clarity.
Market State Detection: Identifies four distinct market states:
Trending
Ranging
Danger (Possible top)
Possible Bottom
Global Liquidity Indicator (GLI) Integration: Leverages GLI values to identify positive liquidity trends.
Volatility Bands: Provides insights into market volatility.
Top and Bottom Detection: Shows possible bottoms with green backgrounds and red backgrounds for possible top detection.
The Market State Detection, GLI, Volatility Bands, and Top and Bottom Detection feature all serve as an expectation management feature.
Additional Features:
Optional Metrics Table: Displays strategy metrics and statistics, providing detailed insights into performance.
Customization Options: The script offers a range of user inputs, allowing for customization of the backtesting starting date, the decision to display the strategy equity curve, among other settings. These inputs cater to diverse trading needs and preferences, offering users control over their strategy implementation.
Operational Parameters:
Customizable Inputs: Users can adjust thresholds to match the coin's volatility, enhancing strategy performance.
Transparency and Logic Insight: While specific calculation details and proprietary indicators are integral to maintaining the uniqueness of Universal Algo, the strategy is grounded on well-established financial analysis techniques. These include momentum analysis, volatility assessments, and adaptive thresholding, among others, to formulate its trade signals. Notably, no single indicator is used in isolation; each indicator is combined with another to enhance signal accuracy and robustness. Some of the indicators include customized versions of the TEMA, Supertrend, Augmented Dickey-Fuller (ADF), and Weekly Positive Directional Movement Index (WPDM), all integrated together to create a cohesive and effective trading strategy.
System Operation:
Universal Algo works by taking the average score of the five core systems used for the signals. Three of these systems have been lengthened out to function as longer-term systems, while the remaining two operate at a slightly faster speed. This combination and averaging of systems help to balance the overall strategy, ensuring it maintains the right amount of speed to remain effective for medium to long-term use with minimal noise. The average score is then compared against customizable thresholds. The strategy will go long if the average score is above the threshold and short if it is below the threshold. This averaging mechanism helps to smooth out individual system anomalies and provides a more robust signal for trading decisions.
Originality and Usefulness:
Universal Algo is an original strategy that combines multiple proprietary and customized indicators to deliver robust trading signals. The strategy integrates various advanced indicators and methodologies, including:
System Indicator: Calculates a cumulative score based on recent price movements, aiding in trend detection.
Median For Loop: Utilizes percentile rank calculations of price data to gauge market direction.
Volatility Stop: A modified volatility-based stop-loss indicator that adjusts based on market conditions.
Supertrend: A customized supertrend indicator that uses percentile ranks and ATR for trend detection.
RSI and DEMA: Combines a modified RSI and DEMA for overbought/oversold conditions.
TEMA: Uses 3 different types of MA for trend detection and standard deviation bands for additional confirmation.
Detailed Explanation of Components and Their Interaction:
RSI (Relative Strength Index): Used to identify overbought and oversold conditions. In Universal Algo, RSI is combined with DEMA (Double Exponential Moving Average) to smooth the price data and provide clearer signals.
ATR (Average True Range): Used to measure market volatility. ATR is incorporated into the Volatility Stop and Supertrend indicators to adjust stop-loss levels and trend detection based on current market conditions.
DEMA (Double Exponential Moving Average): Provides a smoother price trend compared to traditional moving averages, reducing lag and making it easier to identify trend changes.
Modified TEMA (Triple Exponential Moving Average): Similar to DEMA but provides even greater smoothing, reducing lag further and enhancing trend detection accuracy.
Volatility Stop: Utilizes ATR to dynamically set stop-loss levels that adapt to changing market volatility. This helps in protecting profits and minimizing losses.
Customized Supertrend: Uses ATR and percentile ranks to determine trend direction and strength. This indicator helps in capturing major trends while filtering out market noise.
Median For Loop: Calculates percentile ranks of price data over a specified period to assess market direction. This helps in identifying potential reversals and trend continuations.
HMA (Hull Moving Average): A fast-acting moving average that reduces lag while maintaining smoothness. It helps in quickly identifying trend changes.
SMA (Simple Moving Average): A traditional moving average that provides baseline trend information. Combined with HMA and other indicators, it forms a comprehensive trend detection system.
Universal Algo offers a sophisticated blend of advanced indicators and proprietary logic that is not available in free or open-source scripts. Here are some reasons why it is worth paying for:
Customization and Flexibility: The strategy provides a high degree of customization, allowing users to adjust various parameters to suit their trading style and market conditions. This flexibility is often not available in free scripts.
Proprietary Indicators: The use of proprietary and customized indicators such as the TEMA, Supertrend, ADF, and WPDM ensures that the strategy is unique and not replicable by free or open-source scripts.
Integrated Systems: The strategy combines multiple systems and indicators to provide a more comprehensive and reliable trading signal. This integration helps to smooth out anomalies and reduces noise, providing clearer trading opportunities.
Rigorous Testing: Universal Algo has undergone extensive backtesting and forward-testing to ensure its robustness and reliability. The results demonstrate its ability to perform well under various market conditions, offering users confidence in its effectiveness.
Detailed Metrics and Analysis: The optional metrics table provides users with detailed insights into the strategy's performance, including metrics like equity, drawdown, Sharpe ratio, and more. This level of detail helps traders make informed decisions.
Value Addition: By providing a strategy that combines advanced indicators, customization options, and thorough testing, Universal Algo adds significant value to traders looking for a reliable and adaptable trading tool.
Realistic Trading Conditions:
Backtesting and Forward-Testing: Rigorous testing ensures performance and reliability, with a focus on prudent risk management. Default properties include an initial capital of $1000, 0 pyramiding, 20 slippage, 0.05% commission, and using 5% of equity for trades.
The strategy is designed and tested with a focus on achieving a balance between risk and reward, striving for robustness and reliability rather than unrealistic profitability promises. Realistic trading conditions are considered, including appropriate account size, commission, slippage, and sustainable risk levels per trade.
Concluding Thoughts:
Universal Algo By G is offered to the TradingView community as a robust tool for enhancing market analysis and trading strategies. It is designed with a commitment to quality, innovation, and adaptability, aiming to provide valuable insights and decision support across various market conditions. Potential users are encouraged to evaluate Universal Algo within the context of their overall trading approach and objectives.
Psychological Levels [UkutaLabs]█ OVERVIEW
The Psychological Levels Indicator provides real-time insight into key price levels within the market that can serve as powerful support and resistance levels. These levels are updated automatically in real time to display only the most relevant levels to the current price, facilitating your trading experience.
The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.
█ USAGE
On each tick, the nearest key price level is automatically identified by the script. The script will identify this level based on the price of the commodity you are applying it to:
• Commodities priced at $0 to $999.99 will identify the nearest whole dollar.
• Commodities priced at $1,000 to $9,999.99 will identify the nearest $10.
• Commodities priced at $10,000 to $99,999.99 will identify the nearest $100.
• Commodities priced over $100,000 will identify the nearest $1,000.
We refer to this rounding price as the gap price, and it is also used to determine the prices of the other lines drawn by this script.
After identifying the nearest key price level, the script then incrementally draws lines on either side of this level at an interval of the gap price. We refer to these as the Major Lines, and the user can control the number of these lines that get drawn, the style of these lines, and they can be disabled in the settings.
The script then draws lines at the half-way point between each of these Major Lines, and we refer to these as the Minor Lines. Like the Major Lines, the user has full control over the number of these lines that can be drawn, the style of these lines, and they can be disabled in the settings.
█ SETTINGS
Configuration
• Number of Lines: Determines the number of lines that are drawn on either side of the key price line. This controls both the number of Major Lines and Minor Lines.
Line Settings
• Major Lines: Determines whether or not the Major Lines will be displayed.
- Color: Determines the color of Major Lines.
- Style: Determines the style of Major Lines.
- Width: Determines the width of Major Lines
• Minor Lines: Determines whether or not the Minor Lines will be displayed.
- Color: Determines the color of Minor Lines
- Style: Determines the style of Minor Lines
- Width: Determines the width of Minor Lines
Century Levels [UkutaLabs]█ OVERVIEW
The Century Levels Indicator provides real-time insight into key price levels within the market that can serve as powerful support and resistance levels. These levels are updated automatically in real time to display only the most relevant levels to the current price, facilitating your trading experience.
The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.
█ USAGE
On each tick, the nearest key price level is automatically identified by the script. The script will identify this level based on the price of the commodity you are applying it to:
• Commodities priced at $0 to $999.99 will identify the nearest whole dollar.
• Commodities priced at $1'000 to $9'999.99 will identify the nearest $10.
• Commodities priced at $10'000 to $99'999.99 will identify the nearest $100.
• Commodities priced over $1'000'000 will identify the nearest $1000.
We refer to this rounding price as the gap price, and it is also used to determine the prices of the other lines drawn by this script.
After identifying the nearest key price level, the script then incrementally draws lines on either side of this level at an interval of the gap price. We refer to these as the Major Lines, and the user can control the number of these lines that get drawn, the style of these lines, and they can be disabled in the settings.
The script then draws lines at the half-way point between each of these Major Lines, and we refer to these as the Minor Lines. Like the Major Lines, the user has full control over the number of these lines that can be drawn, the style of these lines, and they can be disabled in the settings.
█ SETTINGS
Configuration
• Number of Lines: Determines the number of lines that are drawn on either side of the key price line. This controls both the number of Major Lines and Minor Lines.
Line Settings
• Major Lines: Determines whether or not the Major Lines will be displayed.
- Color: Determines the color of Major Lines.
- Style: Determines the style of Major Lines.
- Width: Determines the width of Major Lines
• Minor Lines: Determines whether or not the Minor Lines will be displayed.
- Color: Determines the color of Minor Lines
- Style: Determines the style of Minor Lines
- Width: Determines the width of Minor Lines
TSF 20What kind of traders/investors are we?
We are trend followers. We look for assets that are outperforming the market. Our scripts are designed to be used on the higher timeframes (weekly/daily) to catch the large moves/trends in the market.
Our scripts have been designed to help you follow the trend in an asset.
What does this script do?
This script is designed to colour candles on a chart based on their position relative to two sets of Bollinger Bands. Here's a breakdown of how it functions:
Bollinger Bands Setup:
The script uses two sets of Bollinger Bands, both with a length of 20 and based on the closing prices of candles.
The first set of Bollinger Bands uses a standard deviation (StdDev) of 1.
The second set uses a standard deviation of 2.
Neither set of bands is displayed on the chart.
Coloring Candles:
Green Candle: A candle is coloured green if its close is above the upper Bollinger Band with StdDev 1 but below the upper Bollinger Band with StdDev 2. This indicates a moderately bullish sentiment.
Dark Green Candle: A candle is colored dark green when its close is above the upper Bollinger Band with StdDev 2. This implies a stronger bullish sentiment.
Red Candle: A candle is coloured red if its close is below the lower Bollinger Band with StdDev 1 but above the lower Bollinger Band with StdDev 2. This indicates a moderately bearish sentiment.
Dark Red Candle: A candle is colored dark red if its close is below the lower Bollinger Band with StdDev 2, indicating a stronger bearish sentiment.
Grey Candle: A candle is coloured grey if it closes between the upper and lower Bollinger Bands with StdDev 1. This usually signifies a neutral market condition or periods of consolidation.
In summary, this script is an analytical tool that visually represents the market's bullishness or bearishness relative to the Bollinger Bands, without displaying the bands themselves. It's designed to help investors quickly assess market conditions and sentiment based on the colour-coded representation of price action in relation to these volatility bands.
What makes this script unique?
Innovative Color-Coding System: Candles are colored in varying shades of green and red, providing an immediate visual cue about the market's bullish or bearish tendencies. A neutral grey is also used, offering a quick assessment of market indecision or consolidation phases.
Dual Bollinger Band Analysis: Utilizes two sets of Bollinger Bands (StdDev 1 and StdDev 2) to gauge market volatility and sentiment. This dual-band approach enhances the precision of sentiment analysis compared to using a single standard deviation.
Customizable and Non-Obtrusive: Designed to keep your charts clean and readable. The Bollinger Bands themselves are not displayed, reducing visual clutter and allowing for a focus on price action.
Versatile and Adaptable: Suitable for various trading styles and timeframes. Whether you are a short-term or long-term investor, this indicator can be seamlessly integrated into your analysis toolkit.
Valuable Addition to Market Analysis: Enhances traditional candlestick analysis and complements other technical indicators and strategies. It offers an additional layer of understanding market dynamics and can be used to confirm or question other signals.
How It Adds Value:
Enhanced Visual Analysis: By colour-coding candles based on Bollinger Band positioning, it simplifies the interpretation of market sentiment and volatility, making it easier to spot trends and reversals.
Strategic Decision Making: Helps traders make more informed decisions by clearly highlighting bullish and bearish strength, or lack thereof, in the market.
Time Efficiency: Reduces the time spent analyzing charts by providing an immediate visual representation of market conditions.
Originality: Offers a fresh perspective and an innovative approach to using Bollinger Bands, making it a unique addition to the community's toolbox.
Day/Week/Month Metrics (Zeiierman)█ Overview
The Day/Week/Month Metrics (Zeiierman) indicator is a powerful tool for traders looking to incorporate historical performance into their trading strategy. It computes statistical metrics related to the performance of a trading instrument on different time scales: daily, weekly, and monthly. Breaking down the performance into daily, weekly, and monthly metrics provides a granular view of the instrument's behavior.
The indicator requires the chart to be set on a daily timeframe.
█ Key Statistics
⚪ Day in month
The performance of financial markets can show variability across different days within a month. This phenomenon, often referred to as the "monthly effect" or "turn-of-the-month effect," suggests that certain days of the month, especially the first and last days, tend to exhibit higher than average returns in many stock markets around the world. This effect is attributed to various factors including payroll contributions, investment of monthly dividends, and psychological factors among traders and investors.
⚪ Edge
The Edge calculation identifies days within a month that consistently outperform the average monthly trading performance. It provides a statistical advantage by quantifying how often trading on these specific days yields better returns than the overall monthly average. This insight helps traders understand not just when returns might be higher, but also how reliable these patterns are over time. By focusing on days with a higher "Edge," traders can potentially increase their chances of success by aligning their strategies with historically more profitable days.
⚪ Month
Historically, the stock market has exhibited seasonal trends, with certain months showing distinct patterns of performance. One of the most well-documented patterns is the "Sell in May and go away" phenomenon, suggesting that the period from November to April has historically brought significantly stronger gains in many major stock indices compared to the period from May to October. This pattern highlights the potential impact of seasonal investor sentiment and activities on market performance.
⚪ Day in week
Various studies have identified the "day-of-the-week effect," where certain days of the week, particularly Monday and Friday, show different average returns compared to other weekdays. Historically, Mondays have been associated with lower or negative average returns in many markets, a phenomenon often linked to the settlement of trades from the previous week and negative news accumulation over the weekend. Fridays, on the other hand, might exhibit positive bias as investors adjust positions ahead of the weekend.
⚪ Week in month
The performance of markets can also vary within different weeks of the month, with some studies suggesting a "week of the month effect." Typically, the first and the last week of the month may show stronger performance compared to the middle weeks. This pattern can be influenced by factors such as the timing of economic reports, monthly investment flows, and options and futures expiration dates which tend to cluster around these periods, affecting investor behavior and market liquidity.
█ How It Works
⚪ Day in Month
For each day of the month (1-31), the script calculates the average percentage change between the opening and closing prices of a trading instrument. This metric helps identify which days have historically been more volatile or profitable.
It uses arrays to store the sum of percentage changes for each day and the total occurrences of each day to calculate the average percentage change.
⚪ Month
The script calculates the overall gain for each month (January-December) by comparing the closing price at the start of a month to the closing price at the end, expressed as a percentage. This metric offers insights into which months might offer better trading opportunities based on historical performance.
Monthly gains are tracked using arrays that store the sum of these gains for each month and the count of occurrences to calculate the average monthly gain.
⚪ Day in Week
Similar to the day in the month analysis, the script evaluates the average percentage change between the opening and closing prices for each day of the week (Monday-Sunday). This information can be used to assess which days of the week are typically more favorable for trading.
The script uses arrays to accumulate percentage changes and occurrences for each weekday, allowing for the calculation of average changes per day of the week.
⚪ Week in Month
The script assesses the performance of each week within a month, identifying the gain from the start to the end of each week, expressed as a percentage. This can help traders understand which weeks within a month may have historically presented better trading conditions.
It employs arrays to track the weekly gains and the number of weeks, using a counter to identify which week of the month it is (1-4), allowing for the calculation of average weekly gains.
█ How to Use
Traders can use this indicator to identify patterns or trends in the instrument's performance. For example, if a particular day of the week consistently shows a higher percentage of bullish closes, a trader might consider this in their strategy. Similarly, if certain months show stronger performance historically, this information could influence trading decisions.
Identifying High-Performance Days and Periods
Day in Month & Day in Week Analysis: By examining the average percentage change for each day of the month and week, traders can identify specific days that historically have shown higher volatility or profitability. This allows for targeted trading strategies, focusing on these high-performance days to maximize potential gains.
Month Analysis: Understanding which months have historically provided better returns enables traders to adjust their trading intensity or capital allocation in anticipation of seasonally stronger or weaker periods.
Week in Month Analysis: Identifying which weeks within a month have historically been more profitable can help traders plan their trades around these periods, potentially increasing their chances of success.
█ Settings
Enable or disable the types of statistics you want to display in the table.
Table Size: Users can select the size of the table displayed on the chart, ranging from "Tiny" to "Auto," which adjusts based on screen size.
Table Position: Users can choose the location of the table on the chart
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
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.
Gap Statistics (Zeiierman)█ Overview
The Gap Statistics (Zeiierman) indicator is crafted to monitor, analyze, and visually present price gaps on a trading chart. Price gaps are areas on a chart where the price jumps up or down from the previous close to the next open, creating a "gap" in the normal price pattern. This script delivers an extensive range of statistics related to these gaps, encompassing their size, direction (whether bullish or bearish), frequency of getting filled, as well as the average number of bars it takes for a gap to be filled. The indicator also visually represents the gaps, making it easier for traders to spot and analyze them.
█ How It Works
Gap Identification: The script identifies gaps by comparing the open price of a bar to the close price of the previous bar. If there is a discrepancy between the two, it is recognized as a gap.
Gap Classification: Once a gap is identified, it is classified based on its size (as a percentage of the previous close price) and direction (bullish or bearish). The gap is then added to a specific category based on its size.
Gap Tracking: The script keeps track of all identified gaps using arrays and user-defined types, storing details like their size, direction, and whether they have been filled.
Gap Filling: The script continuously monitors the price to check if any previously identified gaps get filled. A gap is considered filled if the price moves back into the gap area.
Statistics and Alerts: The script calculates various statistics like the total number of gaps, the number of filled gaps, the average number of bars it takes for a gap to fill, and the percentage of gaps that get filled. It also generates alerts when a new gap is identified or an existing gap gets filled.
█ How to Use
Gaps are often classified into four main types:
Common Gaps: These are not associated with any major news and are likely to get filled quickly.
Breakaway Gaps: These occur at the end of a price pattern and signal the beginning of a new trend.
Runaway Gaps: Also known as continuation gaps, these occur in the middle of a trend and signal a surge in interest in the stock.
Exhaustion Gaps: These occur near the end of a price pattern and signal a final attempt to hit new highs or lows.
The Gap Statistics (Zeiierman) indicator enhances a trader's ability to use gaps in their trading strategy in several ways:
Statistical Analysis: Traders get comprehensive statistics on gaps, such as their size, direction, and how often they get filled.
Performance Tracking: The indicator tracks how many bars it typically takes for a gap to fill, providing traders with an average timeframe for gap closure.
█ Settings
Display Gaps: Choose to display "All Gaps," "Active Gaps," or "None."
Show Gap Size: Toggle on/off the display of the gap size.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Thunderbird PoCWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (daily/weekly/monthly) to catch significant moves/trends in the market. While many are aware of the power of trend following, not all have the tools to execute it effectively. Our scripts are tailored to pinpoint and capitalise on long-term market trends.
What does this script do?
The Thunderbird PoC is a tool for investors looking to capitalise on breakout opportunities. When a breakout of the Donchian occurs, the script produces a signal. This signal is then used to display the entry, stop, and compound levels in the data window. One of its standout features is its ability to show levels for the bar where the mouse is hovering. This allows investors to analyse entry levels from past signals retrospectively. All this information is also conveniently displayed in the data window.
How is the PoC produced?
The PoC is meticulously calculated using a formula the encapsulates ATR. Upon a breakout signal, an entry-level is determined. For a bullish breakout, the entry is set a fixed % leve above the high, and for a bearish breakout, at a fixed % level below. The stop loss level is then calculated by using the ATR formula below the entry for long positions and above for short positions. The compound level is also set using an ATR formula above the entry for long positions and below for short ones.
What is the best timeframe to use the script?
The Thunderbird PoC is optimised for the daily timeframe. This is where the breakout signals are most effective and reliable. By focusing on the daily timeframe, investors can capture significant market movements and avoid the noise of shorter timeframes.
What makes this script unique?
The Thunderbird PoC stands out in its ability to provide investors with a retrospective view of the market. By allowing users to see the levels for the bar where the mouse is, it offers a unique perspective on past signals, enabling investors to learn and adapt from historical data. This feature, combined with its detailed display in the data window, makes it an invaluable tool for those looking to use trend-following techniques.
This tool removes the need of manually having to calculate the entry, stop loss, compound and risk-free levels yourself.
This script has been coded specifically for the daily timeframe to:
Highlight the start of potential long-term trends.
Confirm entry points at the end of the trading day, absorbing intraday noise.
Reduce fake breakouts in a trend.
Continue to create entry points as the trend develops to allow for compounding.
Filter out breakouts in a sideways market.
This entry signal script helps investors focus on the quality of a potential position when investing in long-term market trends.
Sublime Trading | Donchian Breakout SignalsWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (weekly/daily) to catch the large moves/trends in the market.
Most have heard of long-term trend following. Few know how to execute the strategy.
Our scripts are designed specifically to identify and invest in long-term market trends.
What does this script do?
It produces entry signals in a confirmed bull and bear trend.
The logic is based on Donchian 20, which serves the following two purposes:
1. Confirms end-of-day entry points in a long-term trend
2. Filters out entry points in a sideways market
The signal is produced on a break and close of the Donchian 20 high in a bull trend and a break and close of the Donchian 20 low in a bear trend.
How is the entry price produced?
The entry is based on a percentage value of the range of the breakout bar added to the high of the bar in a bull trend.
In a bear trend, the percentage is subtracted from the low of the bar.
This gives an objective entry when placing a position once the OHLC of a bar is confirmed at the end of the trading day.
How is the stoploss price produced?
The script uses the formula ATR 15 x 4.
We use ATR as it produces a stoploss which is unique to the volatility of the asset. The more volatile the asset, the wider the stoploss.
We use ATR 15 as it brings an average reading across half a month, incorporating days of extreme volatility.
The multiplier 4 works well to avoid positions being stopped out prematurely on pullbacks.
When the stoploss is hit, there is when traders and investors may consider exiting positions.
What is the best timeframe to use the script?
We recommend the daily timeframe as this is where trader and investors identify and enter long-term market trends.
The higher timeframes are where traders and investors take fewer positions but hold for longer time periods.
As a result, trend followers place priority on the quality of the entry rather than quantity.
What makes this script unique?
This script has been coded specifically for the daily timeframe to:
Highlight the start of a potential long-term trends.
Confirm entry points at the end of the trading day, absorbing intraday noise.
Reduce fake breakouts in a trend.
Continue to create entry points as the trend develops to allow for compounding.
Filter out breakouts in a sideways market.
This entry signal script helps traders and investors focus on the quality of a potential position when investing in long-term market trends.
Auto Fibonacci TP Levels [WJ]This script automatically draws Fibonacci levels on a trading chart which are popular tools for traders seeking to identify potential areas of support and resistance.
Here are the features and benefits of this script:
1. Versatility in Sourcing Trade Entries:
Trade source can be customized to either longs (buying trades) or shorts (selling trades). The user has the flexibility to adjust their entry points based on their trading strategy.
Up to 2 sources can be used, expand if you wish.
As it is coded now, the source you have to pick from has to have a 'plot' that sends a (long) or (short) and is equal to 1 and 2 respectively.
Example: In the script you want to use for Long and Shorts, make a plot like this:
plot(LONG ? 1 : SHORT ? 2 : 0, title = "⭐ Outbound signal", display = display.none, editable = false)
The variable name of the LONG and SHORT needs to be the same as the one your code is using to indicate those trades.
2. Flexible Fibonacci Start Points:
The starting points for drawing Fibonacci levels can be customized for both longs and shorts.
3. Configurable Historical Data Length:
Users can adjust the number of historical bars to analyze for calculating higher highs (HH) and lower lows (LL).
4. Informative Labels and Lines:
The script can be configured to show the distance from the entry point to the 0.618 Fibonacci level (the so-called "golden ratio"). This helps traders to visualize the risk-reward ratio of their trades.
It indicates when a Fibonacci level was crossed which could signal a potential reversal.
It allows users to display the golden pocket levels only (0.618 and 0.65) or all the Fibonacci levels.
5. Customizable Fibonacci Levels and Colors:
Users can define their preferred Fibonacci levels and assign specific colors to each of these levels. This helps in identifying different levels quickly and intuitively.
The script also includes functionality for setting stop loss levels for short and long positions, which helps in risk management.
6. Clear Visualization of Crossing Levels:
If a trade crosses a specific Fibonacci level, the script draws lines indicating the crossing. This can help traders to identify potential breakout or reversal points.
7. Calculation of Fibonacci Boxes:
For each Fibonacci level, the script creates a box that indicates the level's range on the chart. This visual aid can help traders to better understand the price movement within these levels.
8. Customizable Labels:
The script provides percentage difference labels at each Fibonacci level, displaying the difference between the price at that level and the price at the 0 Fibonacci level. This can help users quickly understand the price change in terms of percentage at each level.
9. Performance Efficiency:
The script uses arrays to store and manage the Fibonacci levels and their associated colors. This approach enhances the performance of the script, especially when processing a large amount of data.
10. Adaptability:
This script automatically adapts to market movements. When the price crosses a level, it identifies and records this event, aiding the trader's decision-making process.
Overall, this script is highly customizable, adaptable and provides a clear visual representation of important trading data, making it an effective tool for traders using Fibonacci levels in their strategies.
NOTE: If you can't see the fib lines, it is because they have already been triggered/touched by a candle and they are set to not continue after they are touched.
Reversal Signals [LuxAlgo]The Reversal Signals indicator is a technical analysis tool that aims to identify when a trend is fading and potentially starting to reverse.
As a counter-trend tool, the Reversal Signals indicator aims to solve the problem of several technical analysis indicators that perform well during trending markets but struggle in ranging markets. By understanding the key concepts and applications of the tool, traders can enhance their market timing and improve their trading strategies.
Note: It's important to explore the settings of the indicator to customize to your own usage & display as there are various options available as covered below.
🔶 USAGE
The Reversal Signals indicator is comprised of two main phases: Momentum Phase and Trend Exhaustion Phase . These phases help identify potential trend reversals in bullish, bearish, and ranging markets.
🔹The Momentum Phase
The momentum phase consists of a 9-candle count and in rare cases 8-candle count. In a bullish trend, a starting number ‘1’ is plotted if a candle closes higher than the close of a candle four periods ago. In a bearish trend, a starting number ‘1’ is plotted if a candle closes lower than the close of a candle four periods ago.
The following numbers are plotted when each successive candle satisfies the four-period rule. The potential reversal point comes when the Reversal Signals plot a label on top of a candle in a bullish trend or at the bottom of a candle in a bearish trend. The momentum phase is immediately canceled if, at any point, a candle fails to satisfy the four-period rule.
Based on the extremes of the momentum phase, the Reversal Signals generate support & resistance levels as well as risk/stop levels.
🔹 The Trend Exhaustion Phase
The trend exhaustion phase starts after completing the momentum phase and consists of a 13-candle count. In a bullish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be greater than the close two periods earlier. In a bearish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be lower than the close two periods earlier.
The trend exhaustion phase does not require a consecutive sequence of candles; if the order of candles is interrupted, the trend exhaustion phase is not canceled. The trend exhaustion phase generates stronger trading signals than the momentum phase, with the potential for longer-lasting price reversals.
🔹 Trading Signals
The Reversal Signals script presents an overall setup and some phase-specific trade setup options, where probable trades might be considered. All phase-specific trade setups, presented as options, are triggered once the selected phase is completed and followed by a price flip in the direction of the trade setup.
Please note that those setups are presented for educational purposes only and do not constitutes professional and/or financial advice
- Momentum: Enter a trade at momentum phase completion, and search for buy (sell) when the bullish (bearish) momentum phase pattern is complete. Ideally, the momentum phase completion should close near its support/resistance line but shall not be above them, which indicates continuation of the trend
- Exhaustion: Enter a trade on trend exhaustion phase completion, and search for buy (sell) when the bullish (bearish) trend exhaustion phase is complete
- Qualified: Buy (sell) when a bullish (bearish) trend exhaustion phase combined with another bullish (bearish) momentum phase sequence is complete
Long trade setups are presented with "L" label and short trade setups with "S" label, where the content of the label displays details related to the probable trade opportunity
Once a phase-specific trade setup is triggered then the Reversal Signals script keeps checking the status of the price action relative to the phase-specific trade setups and in case something goes wrong presents a caution label. Pay attention to the content of the caution labels as well as where they appear. A trade signal, followed immediately by a warning indication can be assumed as a continuation of the underlying trend and can be traded in the opposite direction of the suggested signal
It is strongly advised to confirm trading setups in conjunction with other forms of technical and fundamental analysis, including technical indicators, chart/candlestick pattern analysis, etc.
🔶 DETAILS
The Reversal Signals script performs the detection of the phases by counting the candlestick meeting the specific conditions, which includes:
- Detection of the 8th and 9th candle perfection during the momentum phase
- In some cases, the 8th count will be assumed as momentum phase completion
- Trend exhaustion phase counting stops in case any type of momentum phase completion is detected during the counting process
- Postponing the last count of the trend exhaustion phase, the 13th candle must be below/above the 8th candle and if not the candles will be indicated with '+' sign under them and the script continues to search for a 13th candle at the next ones until the conditions are met
🔶 ALERTS
When an alert is configured, the user will have the ability to be notified in case;
Momentum / Trend Exhaustion phase completion
Support & Resistance level cross detection
Stop / Risk level cross detection
Long / Short Trade Setups are triggered
Please note, alerts are available with 'any alert() function call' and the alerts will be received only for the features that are enabled during alert configuration
🔶 SETTINGS
🔹 Momentum Phase
Display Phases: displays the momentum phases, where the Completed option allows the display of only completed momentum phases. The detailed option allows the display of the entire process of the momentum phase processes
Support & Resistance Levels: Toggles the visibility of the Support & Resistance Levels and Line Styling options
Momentum Phase Risk Levels: Toggles the visibility of the momentum phase Stop/Risk Levels and Line Styling options
For color options please refer to the options available under the style tab
🔹 Trend Exhaustion Phase
Display Phases: displays the trend exhaustion phases, where the Completed option allows the display of only completed trend exhaustion phases. The detailed option allows the display of the entire process of the trend exhaustion phase processes
Trend Exhaustion Phase Risk Levels: Toggles the visibility of the trend exhaustion phase Stop/Risk Levels
Trend Exhaustion Phase Target Levels: Toggles the visibility of the trend exhaustion phase Target Levels
For color options please refer to the options available under the style tab
🔹 Trade Setups
Overall Trend Direction & Trade Setup: displays the overall trend and probable trade setup levels, the users should search for a price flip and confirm with other means of technical and fundamental analysis for the trade setups once the label is plotted
Phase-Specific Trade Setup Options
Momentum: Searches for a trade setup after momentum phase completion
Exhaustion: Searches for a trade setup after trend exhaustion phase completion, stronger trend reversal possibility compared to momentum phase setup
Qualified: Searches for a trade setup after the trend exhaustion phase followed by a momentum phase completion
None: No trade setups are presented
Price Flips against the Phase Specific Trade Setups: enables checking the price action relative to the phase-specific trade setups
🔶 RELATED SCRIPTS
Here are the scripts that may add additional insight during potential trading decisions.
Buyside-Sellside-Liquidity
Support-Resistance-Classification
Engulfing and Doji Scanner with SLThe Bullish Engulfing pattern occurs when the close is higher than the open, and scripts will look for this pattern by checking the difference in the close and open prices sufficiently in pips. Likewise, the Bearish Engulfing pattern occurs when the close is lower than the open, and scripts will look for this pattern by checking for sufficient difference in the open and close in pips.
The Doji pattern occurs when the absolute difference between the open and close prices is very small compared to the price range for that period. The script will look for these patterns by comparing the difference between the open and close prices by a certain percentage of the price range.
After the patterns are detected, the script will calculate the Stop Loss (SL) and Take Profit (TP) levels based on the parameters set. The SL level will be determined based on the lowest price range with certain adjustments, while the TP level is calculated using a 1:1 ratio to the SL distance.
This script will display arrows and Stop Loss and Take Profit labels on the chart to assist traders in identifying relevant patterns and levels. However, it is important to remember that these scripts only assist in the analysis of patterns and levels, and a more complete trading strategy and decision-making remains the responsibility of the trader.
Cauchy Distribution Oscillator by c00l75ITALIANO: Questo script è un indicatore che non viene sovrapposto al grafico dei prezzi. Utilizza una finestra di lookback di 14 periodi (che può essere modificata dall’utente) per calcolare la distribuzione di Cauchy per ogni periodo.
La distribuzione di Cauchy è una distribuzione di probabilità continua che viene utilizzata in statistica. Ha una forma simile a quella della distribuzione normale, ma con code più pesanti. Questo significa che ha una maggiore probabilità di generare valori estremi rispetto alla distribuzione normale. E' una distribuzione di probabilità che descrive nel piano euclideo l'intersezione tra l'asse delle ascisse ed una retta passante per un punto fissato ed inclinata ad un angolo che segue la distribuzione continua uniforme.
Nello script, viene utilizzata una funzione che calcola il valore della distribuzione di Cauchy per un dato valore x, utilizzando altre 2 variabili per le quali ho impostato un valore fisso. Il risultato viene quindi memorizzato in un array e la media viene calcolata per tutti i valori nell’array.
E' un oscillatore un po' "estremo", che misura il momentum del prezzo in maniera decisa e per tanto, secondo la mia opinione, va utilizzato di concerto con altri indicatori per poter prendere decisioni consapevoli.
Ad ogni modo se vi piace mettete un "boost" e lasciate un commento se volete altre funzioni o modifiche su questo script.
ENGLISH: This script is an indicator that is not overlaid on the price chart. It uses a 14-period lookback window (which can be modified by the user) to calculate the Cauchy distribution for each period.
The Cauchy distribution is a continuous probability distribution that is used in statistics. It has a similar shape to the normal distribution, but with heavier tails. This means that it has a higher probability of generating extreme values than the normal distribution. It is a probability distribution that describes in the Euclidean plane the intersection of the x-axis and a line passing through a fixed point and inclined at an angle that follows the uniform continuous distribution.
In the script, a function is used that calculates the value of the Cauchy distribution for a given x value, using 2 other variables for which I set a fixed value. The result is then stored in an array and the mean is calculated for all the values in the array.
It is a somewhat "extreme" oscillator, measuring price momentum in a decisive way and therefore, in my opinion, should be used in concert with other indicators in order to make informed decisions.
Anyway if you like it put a "boost" and leave a comment if you want other functions or modifications on this script.
