Pi - Intraday High-Low Predictor
Pi - Intraday High-Low Predictor
This is not my Strategy/Research , I've just coded it into a indicator.
I found it interesting & useful so I'm sharing it here.
This Strategy/Research is by Kshirod Chandra Mohanty ( y-o-u-t-u-b-e : Trade with IITIAN )
You can watch his video on y-o-u-t-u-b-e for more info on this one.
the video has following title :
"1Cr Paid Strategy For Free || 10000 Subscribers Special Giveaway || How to find Day High or Low"
This will not tell you which is day high or day low, but it will help you to predict the day high from a day low and day low from a day high.
It will give you a possible range to which the prices could move to.
He has explained/used this on Banknifty.
How to Find out Day High from Day Low & Day Low from Day High :-
He uses the value of Pi (3.14) and the Range of 1st 5minute candle to find out the possible highs from day low and the possible lows from day high.
Range = value of Pi * 1st 5minutes Range
Small range = Range / 2
Large range = Range + Small range
so to find out the possible lows from day high we do following calculations
Small range low = day high - Small range
Range low = day high - Range
Large range low = day high - Large range
and to find out the possible highs from day low we do following calculations
Small range high = day low + Small range
Range high = day low + Range
Large range high = day low + Large range
Note :- This Indicator does Repaint in following ways,
As the script uses the Day High to predict the possible lows ,
so if it's an up-trending day and price keeps on making new High's then the ranges for lows will keep on changing.
similarly the script uses the Day Low to predict the possible high's ,
so if it's an down-trending day and price keeps on making new Low's then the ranges for highs will keep on changing.
My observations / thoughts about this :-
This script does not provide buy/sell recommendations. it just provides possible ranges to where prices can go from Day-High & Day-Low.
It's better to avoid trading when the price is trading between the Small range high & Small range low levels.
As it has high probability that it will be a range bound day and price will stay in between those two levels.
There is a high probability that it will be a trending day if price breaks either the Small range high/low ,
then the price could move to Range low/high.
If price breaks from Range High/Low then there is a high probability that it will be a trending day and the price could move to Large Range low/high.
Note :- If you want to use this on instruments/scripts/indexes which are active for large session such as forex/cryptos , then i suggest that you use the Opening Range period of 4Hours i.e 240minutes, to get better results.
using the default setting of 5minutes will not give good results on them.
play around with this value to find out which one suits that instrument/script/index the best.
Don't trust these levels blindly, do backtest or live testing of this then use for real trade if you want.
Use Price action near these levels to make any trading decision's.
The script provides following options :
1. Option to display Ranges in a Table (which you can enable/hide as you wish)
You can set the Table's location, size , background color & text color according to your preference.
2. Option to enable/hide Predicted-Highs from Day-Low on chart.
3. Option to enable/hide Predicted-Lows from Day-High on chart.
4. Option to set the Opening range period - here you can select your preferred opening range for calculation purpose.
5. Option to enable/hide historical levels on chart.
6. Options to customize the colors & line styles for lines.
7. Options to customize the colors , position & size for labels.
Cerca negli script per "the script"
EMA CO AlertEMAs play an important role in identifying the mood of the market.
Frequently used short term EMA is 5 and long term EMA is 50.
This script detects the crossover (+ve and -ve) and generates alerts accordingly.
Steps to apply:
1) Open the script on a desired timeframe.
2) Add this indicator on the chart
3) Choose the values of the 2 EMAs from settings
4) Go to the alert window.
5) Select this indicator from the 'Condition' dropdown
6) Create the alert.
This alert will then run in the background and notify you.
Need to apply a one time alert on the scripts.
In addition to above, you can also add this indicator on the chart and it will show green/red lines on the chart for signals.
Market Sessions - By LeviathanA simple indicator to help you keep track of 4 market sessions (default: Tokyo, London, New York, Sydney) in 4 different visual forms (boxes, timeline, zones, colored candles) with many other useful tools.
You can choose between 4 different market sessions. The default ones are Tokyo, London, New York and Sydney but you can easily customize the times, names and colors to make the script plot any session you need. Sessions can be viewed in 4 different ways: boxes, zones, timelines, or just colored candles, all with customizable appearances. You can make your chart cleaner by merging sessions overlaps, choosing a custom lookback period and also picking between various additional settings such as viewing session High/Low or Open/Close change in % or pips, hiding weekends, viewing the Open/Close Line to identify session’s direction and 0.5 level to see session’s “Equilibrium” and much more. More updates with interesting tools will be added in the future.
Note: The script will plot the correct default Tokyo, London, New York and Sydney sessions automatically, your chart/Tradingview app timezone does not matter! If you wish to tweak the open/close times of sessions, just make sure you input them in UTC (but even this can be changed later in the settings)
Settings Overview
SESSIONS
- You can show/hide Tokyo Session, rename it, change the color and set up start/end time.
- You can show/hide London Session, rename it, change the color and set up start/end time.
- You can show/hide New York Session, rename it, change the color and set up start/end time.
- You can show/hide Sydney Session, rename it, change the color and set up start/end time.
* Keep in mind that you can fully change and customize these sessions and therefore create any other sessions or a zone you wish to display.
ADDITIONAL TOOLS AND SETTINGS
1. “Change (Pips)” - this will add the pip distance between Session High and Session Low or the pip distance between Session Open and Session Close to the session label.
2. “Change (%)” - this will add the percentage distance between Session High and Session Low or the percentage distance between Session Open and Session Close to the session label.
3. “Merge Overlaps” - this will merge the overlapping sessions and show only one at a time (end of Tokyo is moved to start of London, the end of London is moved to the start of New York, end of New York is moved to start of Sydney and end of Sydney is moved to start of Tokyo).
4. “Hide Weekends” - this will prevent the script from plotting sessions over the weekend when the markets are closed.
5. “Open/Close Line” - this will draw a line from the session open to the session close (or current price, if session is ongoing).
6. “Session 0.5 Level” - this will draw a horizontal line halfway between the session’s high and the session’s low.
7. “Color Candles” - this will color the bars/candlesticks with the color of the session in which they occurred.
8. Display Type” - Choose between three different ways of session visualization (Boxes, Zones and Candles).
9. “Lookback (Days)” - this input tells the script to only draw sessions for X days back (1 = one day).
10. “Change (%/Pips) Source) - this is where you choose the source of “Change (Pips)” and ”Change (%) ” labels. Picking “Session High/Low” will show you the change between Session High and Session Low and picking “Session Open/Close” will show you the change between Session Open and Session Close.
11. “Input Timezone” - this defines the timezone of the session start/end inputs (you don’t have to change this unless you know what you’re doing)
Make sure to read future update logs to keep track of the most recent additions and settings of this script.
Box generation code inspired by Jos(TradingCode), session box visuals inspired by @boitoki's FX Market Sessions
TPO Profile with Day StatFirst of all I want to Thank @noop42 for creating this wonderful Market Profile chart in Pine script
I have made some changes to this scripts
This Script can auto calculate the TPO Size for NSE Symbols and MCX Crude oil.
This Script Will only calculate the TPO's for visible range only so that the script use less heap size.
I have added some of the day Statistics to enhance your visualization.
Limitations of this Script
Currently This Script can Plot Market Profile Chart only for Historical Data.
It Can only Plot Market Profile Charts in 30-Mins Time Frame only so that you can't use it for Composite Profile Analysis.
To plot Market Profile Chart in Real Time and Historical please use "Market Profile With TPO by Drother"
[ChasinAlts] Best Volatility Indicator I hope you all enjoy this one as it does a great job at finding runners I did try to search for an example script to reference for quite a while when i first dreamt up this idea bc needed assistance implementing it. This script in particular was one that I began long ago but got put on the back-burner because I couldn't figure out how to implement the flow of logic until I came across a library titled 'Conditional Averages' and published by the “Pinecoders" account. Thus, the logic in this code is partially derived from that () . To understand what the functions/logic do in the beginning of the 'Functions'' section, you must understand how TV presents it's data through the charts.
Wether on the 1sec TF or the 1day (or ANY other), the only time TV prints a bar/candle is when a trade occurs for that asset (i.e. a change in volume). Even if Open=Close on the same candle, the candle will print with the updated price. The % of candles printed out of the TOTAL possible amount that COULD HAVE been printed is the ultimate output that’s calculated in the script. So, if the lookback setting=10min on the 1min TF and only 7 out of the last 10 candles have printed then the value will appear as 70(%). There are MANY benefits to using this method to measure volatility but its vital to recall that the indicator does nothing to provide the direction of future price movement. One thing I’ve noticed is that when a coin is just beginning it’s ascent and its move is considerably larger/longer than all the other coins OR the plots angle is very steep, it is usually the end of a move and the direction is about to abruptly reverse, continuing with it’s volatility. As volatility increases more and more the plot gets brighter and brighter…and also vise versa.
The settings are as follows:
1) which set of Kucoin’s Margin Coins to use (8 possible sets with 32 coins in each set).
2) input how many minutes ago to start counting the total printed candles from (i.e. if setting is input as 1440, count begins from exactly 24hrs(1440min) ago to present candle.
3) there are 3 different lines to choose from to be able to plot:
i. ‘Includes Open==Close’ = adds to count when bar prints but price does NOT change (=t1)
ii. ‘Does NOT include Open==Close’ = count ONLY updates upon price movement (=t2)
iii. ‘Difference’ = (( t1 - t2 ) / t1 ) *100
*** I’ve got some more great ones I will be uploading soon. Just have to create a description for them
Peace out,
- ChasinAlts
Wolfe Scanner (Multi - zigzag) [HeWhoMustNotBeNamed]Before getting into the script, I would like to explain bit of history around this project. Wolfe was in the back of my mind for some time and I had several attempts so far.
🎯Initial Attempt
When I first developed harmonic patterns, I got many requests from users to develop script to automatically detect Wolfe formation. I thought it would be easy and started boasting everywhere that I am going to attempt this next. However I miserably failed that time and started realising it is not as simple as I thought it would be. I started with Wolfe in mind. But, ran into issues with loops. Soon figured out that finding and drawing wedge is more trickier. I decided will explore trendline first so that it can help find wedge better. Soon, the project turned into something else and resulted in Auto-TrendLines-HeWhoMustNotBeNamed and Wolfe left forgotten.
🎯Using predefined ratios
Wolfe also has predefined fib ratios which we can use to calculate the formation. But, upon initial development, it did not convince me that it matches visual inspection of Wolfe all the time. Hence, I decided to fall back on finding wedge first.
🎯 Further exploration in finding wedge
This attempt was not too bad. I did not try to jump into Wolfe and nor I bragged anywhere about attempting anything of this sort. My target this time was to find how to derive wedge. I knew then that if I manage to calculate wedge in efficient way, it can help further in finding Wolfe. While doing that, ended up deriving Wedge-and-Flag-Finder-Multi-zigzag - which is not a bad outcome. I got few reminders on Wolfe after this both in comments and in PM.
🎯You never fail until you stop trying!!
After 2 back to back hectic 50hr work weeks + other commitments, I thought I will spend some time on this. Took less than half weekend and here we are. I was surprised how much little time it took in this attempt. But, the plan was running in my subconscious for several weeks or even months. Last two days were just putting these plans into an action.
Now, let's discuss about the script.
🎲 Wolfe Concept
Wolfe concept is simple. Whenever a wedge is formed, draw a line joining pivot 1 and 4 as shown in the chart below:
Converging trendline forms the stop loss whereas line joining pivots 1 and 4 form the profit taking points.
🎲 Settings
Settings are pretty straightforward. Explained in the chart below.
Market Bias (CEREBR)Hello Everyone. I hope you are all doing great. It's been a long time since I posted my first script here, and I got a lot of response from that.
So, I thought I should share this script also to everyone, and anyone that may find it useful. Personally, I use it to tell the general market conditions.
Here's how I works : The script tries to determine the overall direction of the market, using smoothed Heiken Ashi candles. The coloring system (using bright and dark colors) is an attempt to detect strong market and weak market conditions. There's also an oscillator within the script, but for now it isn't plotted. Credits to @jackvmk, I used part of his open-script code in this indicator.\
I have considered using the slope of the indicator plot as a filter for ranging market conditions. The plot goes relatively flat in 'flat' markets. However, I have not done anything about that yet. Maybe some other time.
I hope you find this useful. If you find a way to use this, please share it with the community in the comment section.
NOTE: THIS IS BY NO MEANS FINANCIAL ADVICE. You'll have to make your studies and come up with a way to apply this indicator to your trading style and strategy.
By the way, I would be going with the name 'CEREBR' for any subsequent scripts I release from now on.
Happy Trading, guys.
ICT Fair Value Gap [LM]Hello traders,
I would like to present you ICT Fair Value Gap script. The idea is the same as in my other script to look form imbalances. I have improved the previous script from teaching of ICT and created this script to train the eye to see those gaps. Shrinking option also shows if the gap has been already filled and also in case gap is filled you can get alert in case you will set it up .
The script has two settings:
general settings - definition of volatility condition for middle candle
box settings - setting for boxes, box colors, shrinking
I hope you enjoy it,
Lukas
The Rush
█ OVERVIEW
This script shows when buyers are in a rush to buy and when sellers are in a rush to sell
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█ CONCEPTS
Prophet Mohamed Peace be upon Him once said something similar to this "It is not advisable to trade if you do not know the
Volume".
In his book "The Day Trader's Bible - Or My Secret In Day trading Of Stocks", Richard D. Kickoff wrote in page 55
"This shows that there was only 100 shares for sale at 180 1/8, none at all at 180f^, and only 500 at 3/8. The jump from 1 to 8 to 3/8
Emphasizes both the absence of pressure and persistency on the part of the buyers. They are not content to wait patiently until they can
Secure the stock at 180^/4; they "reach" for it."
This script was inspired by these two great men.
Prophet Mohamed Peace be upon Him showed the importance of the volume and Richard D. Kickoff explained what Prophet
Mohamed Peace be upon Him meant.
So I created this script that gauge the movement of the stock and the sentiments of the traders.
═════════════════════════════════════════════════════════════════════════
• FEATURES: The script calculates The Percentage Difference of the price and The Percentage Difference of the volume between
two success bullish candles (or two success bearish candles) and then it creates a ratio between these two Percentage
Differences and in the end the ratio is compared to the previous one to see if there is an increase or a decrease.
═════════════════════════════════════════════════════════════════════════
• HOW TO USE: if you see 2 or more successive red bars that mean bears are in hurry to sell and you can expect a bearish trend soon
if the Market Maker allows it or later if the Market Maker wants to do some distribution.
if you see 2 or more successive green bars that mean bulls are in hurry to buy and you can expect a bullish trend soon if the Market
Maker allows it or later if the Market Maker wants to do some accumulation.
═════════════════════════════════════════════════════════════════════════
• LIMITATIONS:
1- Use only Heikin Ashi chart
2- Good only if volume data is correct , meaning good for a centralized Market. (You can use it for forex or
crypto but at your own risk because those markets are not centralized)
═════════════════════════════════════════════════════════════════════════
• THANKS: I pay homage to Prophet Mohamed Peace be upon Him and Richard D. Kickoff who inspired the creation of this
Script.
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The Strat Numbers & CombosThis indicator is an all-in-one " The Strat " script. This script displays the following:
The Strat candle numbers (1's, 2's, & 3's)
The Strat Combo labels along with trigger line
Pivot Machine Gun ( PMG ) dynamic labels
Hammer & Shooter candle labels
The Strat Candle Numbers label each candle, on any timeframe, either a 1, 2, or 3. 1's are inside bars of the previous candles. 2's take out only one side of the previous candle. And 3's go outside both sides of the previous candle.
The Strat Combo labels (which are made of the 1's, 2's, 3's outlined above) display labels when a Strat Combo occurs. The script displays a label, direction arrow, and trigger line for each Strat Combo. This indicator finds the following Strat Combos:
2-1-2 bullish reversal (BLR)
2-1-2 bullish continuation (BLC)
3-1-2 BLR
3-2-2 BLR
1-2-2 rev strat BLR
2-2 BLR
2-1-2 bearish reversal (BRR)
2-1-2 bearish continuation (BRC)
3-1-2 BRR
3-2-2 BRR
1-2-2 rev strat BRR
2-2 BRR
Double inside candles
The Pivot Machine Gun (PMG) labels any 5 or more consecutive candles that make higher lows or 5 or more consecutive candles that make lower highs. A PMG can continue going in its direction or it can reverse and come back through the range. The logic in this indicator dynamically finds each level in a PMG and draws a line for easy identification.
The script also identifies if the candle type is a Hammer, Inverted Hammer, Shooting Star, or Hanging Man. These candle types are highly likely reversal points in price action.The indicator will plot a shape with a color coded icon identifying the candle. The distance between the shape and the candles can be manually adjusted in the inputs section.
This indicator has many style options . The user can independently toggle on/off the Strat numbers, boxes around the Strat Combos, and Hammer and Shooter shapes. Also all of the colors used in this script can be changed from the inputs section, so a user can easily change colors to match their current color scheme.
Argo I (alerts for 3commas single bots)This script lets users create BUY/SELL alerts for 3commas single bots in a simple way, based on a built in set of indicators that can be tweaked to work together or separately through the study settings. Indicators include Bollinger Bands, Williams %R, RSI, EMA, SMA , Market Cipher, Inverse Fisher Transform.
If the user choses to create both BUY and SELL signals from the study settings, the alert created will send both BUY and SELL signals for the selected pair. Note the script will only send alerts for the pair selected in the study settings, not for the current chart (if different).
How to use:
- Add the script to the current chart
- Open the study settings , insert bot details. Pairs MUST be in capital letters or 3commas will not recognize them.
- Still in the study settings, tweak the deal start/close conditions from various indicators until happy. The study will plot the entry / exit points below the current chart (1 = buy, 2 = sell)
- Ideally, test the settings with a backtesting script. The present script is compatible with the Trading Parrot's backtester.
- When happy, right click on the "..." next to the study name, then "Add alert'".
- Under "Condition", on the second line, chose "Any alert () function call". Add the webhook from 3commas, give it a name, and "create".
Happy tweaking!
Run TimerThis is a simple utility which counts the number of bars and time elapsed after starting the script. This can be used in time or bars based conditions to modify script behavior.
This particular script does the following:
Starts timer when script is added to chart
Timer is green when starting and continues to be in green if the right Auth key is used in input (Which is hardcoded as 1234 here)
If right auth key is not provided in the input, timer background turns red after trial bars.
Script can be modified to use elapsed time instead.
Thanks to @Bjorgum on assisting on few calculations :)
QFL base scannerThis script is a simple implementation of a QFL (Quickfingers Luc) base scanner.
This QFL base scanner uses a different approach to some other QFL base scanners that are on TradingView. Other TradingView scripts look for a candlestick pattern of two lower lows followed by two higher lows combined with an increase in volume. This can generate some unexpected results where some minor dips can meet the pattern and are marked as a base, but some major dips do not and are ignored.
This QFL base scanner instead looks for the lowest low in a given period and marks it as a base. The longer the period of the lowest low, the more significant the bases will be. Buys are marked when the price has bounced x% above the base and then fallen y% below the base. This approach seems to give more predictable (and tradable) results.
If looking at the past script results, you may think that the script is perfectly timing entry points at the bottom of market dips. This is NOT the case. The script is actually showing buy signals when the price falls y% below the PREVIOUS base. The current base is only retrospectively marked some periods later once the reversal is confirmed. New bases are not tradeable using this script, but a percentage fall from the previous base is.
Enjoy.
Cup FinderHello All,
This script finds the Cups and you can use it while analysing the symbols. it creates circle and channel for the potential Cups and checks the number of bars included by the channel, if included bars is equal or greater than the value you set then it shows the cup.
The Options:
"Number for Bars to search" : Maximum length of a Cup
"Channel Width of the Cup" : Tate by the channel width of highest/lowest levels in last 300 bars, by default it's 5%
"Check for Breakout" : if there is Cup then it checks Close or High/Low is used a source for breaokuts, usuful while cheking historical bars
"Contained Bar Rate %" : after channel is created the script checks number of bars included by the channel of the Cup, you can set rate of included bars by this option
"S how Channels of Cups ": if you enable this option then you can see the channels around the Cups and set it as you wish
and there are some other options for labeling/removing old Cups and for coloring
Here you can see how channel looks like:
Cup with different colors:
P.S. This is an experimental work and sorry for no explanation in the script.
in the future if I have time I will try to write a script for Cup&Handle
This script is also an example to calculate and draw circles :)
Enjoy!
WatermarkLook in the lower-left corner of this chart. If you load the script on your chart, you will see how the watermark animates. You can personalize it in the script's "Settings/Inputs" tab to use it in your chart snapshots.
Do keep in mind that if you use it when publishing ideas, videos or scripts, House Rules prohibit advertising on your chart.
For Pine coders
This script uses our new table feature in Pine to position a watermark on the chart, and the new varip type of variable to animate it.
Look first. Then leap.
Quantumvest - Auto LevelsAuthor: Arthur Wayne
Description: This script automatically plots levels according to Primetime Trading Academy guidelines.
Directions:
On the monthly chart, you should select two significant monthly support/resistance levels and input them into the script. It is recommended to mark these levels with the price label tool.
The script will then automatically plot 2 monthly 'wings' or additional monthly support/resistance levels above and below the original monthly high and low that are the same distance apart. Located half way in between the monthly levels, there will be weekly support/resistance levels. None of the values will go below 0. These levels should then be used on lower time-frames for technical analysis.
There is the option to customize the number of monthly wings, the width of the box surrounds the monthly s/r levels, the x-position of the level labels, as well as the colors for everything.
The biggest drawback is that levels will not save in between charts. This is a limitation of Pine Script and how TradingView does not offer the ability to create custom drawing tools, only indicators and strategies. This is why it is recommended to use the price label tool to keep track in between charts for different assets. Regardless, this script should make the process of drawing levels manually far more efficient than it was before.
Join data and union of 2 hystorical markets
How to create a union from two contiguous Tradingview tickers (series)
Francesco Marzolo March 18, 2021
Go to the older ticker of the two, for example CME: SP1! and open it on Tradingview.
On the graph thus created, add this script.
In the indicator settings select the same ticker as the chart in Symbol1
while in Symbol2 the ticker from which to retrieve the most recent data, for example: SPX500
The operation this script does is examine each bar of the two tickers, where there is a value for the second it holds this one, where it does not exist in second ticker it keeps the value of the first one. This new series is called Merge. So now in the chart there will be 4 series:
- that of the original chart without script
- the same series loaded via script (Symbol1)
- series 2 of "new" data (Symbol2)
- the Merge series that "prefers" the Symbol2 data if present, otherwise it shows Symbol1
So now you have to change the visibility of the 4 series to see the differences:
- turn off the visibility of the chart indicator
- turn off the Symbol1 series in the script properties (old data only)
- switch off the Symbol2 series as well (only new data)
- switch on the Merge series (new data if existing, old if not present in the new ticker)
EMA CrossoversUseful for identifying and receiving alerts about uptrends and downtrends.
This script uses two Exponential Moving Averages (EMAs) to find price uptrends and downtrends. An Exponential Moving Average (EMA) is a type of moving average that places a greater weight and significance on the most recent data points. The script produces uptrend and downtrend signals based on crossovers and divergences between the two EMAs, the user will be able to spot a trend change (when the EMAs crossover) and to determine the strength of the current trend (when the EMAs diverge). It is also posible to get alerts for uptrends and downtrends on the web and mobile app with sound and pop-ups as well as via email. The optimal time to enter and exit the market can be concluded from this trend changes.
The user can set their own EMAs, by default they are set to 21 and 55 periods for medium and long term respectively. When the medium term EMA crosses below the long term EMA the asset is in a downtrend and the price will decline, and when the medium term EMA crosses above the long term EMA the asset is in an uptrend and price will increase.
This scripts plots the following indicators and signals on the chart to help the user to identify trends:
1.- Medium and long term EMAs as lines overlaid on the price chart.
2.- Up green triangles above bars when the price is on an uptrend and down red triangles below bars when the price is on a downtrend.
3.- Arrows with text to indicate the start of an uptrend or downtrend.
The user can enable and disable the indicators and signals as well as set colors and shapes to their liking.
This script also lets the user create alerts for uptrends and downtrends. To create a new alert using this script follow this instructions:
1.- Once you added this script to your chart, go to the alerts panel (right on web or bottom tool bar on the mobile app) and add a new alert (alarm clock icon with a plus sign).
2.- A modal window will open. On the “Condition” dropdown menu select “EMA Crossovers”.
3.- On the next dropdown menu (right below the “Condition” one) you can select from two types of alerts “Uptrend started” and “Downtrend started”.
4.- Lastly you can set all the normal alert options and create the alert.
Efficient Work [LucF]█ OVERVIEW
Efficient Work measures the ratio of price movement from close to close ( resulting work ) over the distance traveled to the high and low before settling down at the close ( total work ). The closer the two values are, the more Efficient Work approaches its maximum value of +1 for an up move or -1 for a down move. When price does not change, Efficient Work is zero.
Higher values of Efficient Work indicate more efficient price travel between the close of two successive bars, which I interpret to be more significant, regardless of the move's amplitude. Because it measures the direction and strength of price changes rather than their amplitude, Efficient Work may be thought of as a sentiment indicator.
█ CONCEPTS
This oscillator's design stems from a few key concepts.
Relative Levels
Other than the centerline, relative rather than absolute levels are used to identify levels of interest. Accordingly, no fixed levels correspond to overbought/oversold conditions. Relative levels of interest are identified using:
• A Donchian channel (historical highs/lows).
• The oscillator's position relative to higher timeframe values.
• Oscillator levels following points in time where a divergence is identified.
Higher timeframes
Two progressively higher timeframes are used to calculate larger-context values for the oscillator. The rationale underlying the use of timeframes higher than the chart's is that, while they change less frequently than the values calculated at the chart's resolution, they are more meaningful because more work (trader activity) is required to calculate them. Combining the immediacy of values calculated at the chart's resolution to higher timeframe values achieves a compromise between responsiveness and reliability.
Divergences as points of interest rather than directional clues
A very simple interpretation of what constitutes a divergence is used. A divergence is defined as a discrepancy between any bar's direction and the direction of the signal line on that same bar. No attempt is made to attribute a directional bias to divergences when they occur. Instead, the oscillator's level is saved and subsequent movement of the oscillator relative to the saved level is what determines the bullish/bearish state of the oscillator.
Conservative coloring scheme
Several additive coloring conditions allow the bull/bear coloring of the oscillator's main line to be restricted to specific areas meeting all the selected conditions. The concept is built on the premise that most of the time, an oscillator's value should be viewed as mere noise, and that somewhat like price, it only occasionally conveys actionable information.
█ FEATURES
Plots
• Three lines can be plotted. They are named Main line , Line 2 and Line 3 . You decide which calculation to use for each line:
• The oscillator's value at the chart's resolution.
• The oscillator's value at a medium timeframe higher than the chart's resolution.
• The oscillator's value at the highest timeframe.
• An aggregate line calculated using a weighed average of the three previous lines (see the Aggregate Weights section of Inputs to configure the weights).
• The coloring conditions, divergence levels and the Hi/Lo channel always apply to the Main line, whichever calculation you decide to use for it.
• The color of lines 2 and 3 are fixed but can be set in the "Colors" section of Inputs.
• You can change the thickness of each line.
• When the aggregate line is displayed, higher timeframe values are only used in its calculation when they become available in the chart's history,
otherwise the aggregate line would appear much later on the chart. To indicate when each higher timeframe value becomes available,
a small label appears near the centerline.
• Divergences can be shown as small dots on the centerline.
• Divergence levels can be shown. The level and fill are determined by the oscillator's position relative to the last saved divergence level.
• Bull/bear markers can be displayed. They occur whenever a new bull/bear state is determined by the "Main Line Coloring Conditions".
• The Hi/Lo (Donchian) channel can be displayed, and its period defined.
• The background can display the state of any one of 11 different conditions.
• The resolutions used for the higher timeframes can be displayed to the right of the last bar's value.
• Four key values are always displayed in the Data Window (fourth icon down to the right of your chart):
oscillator values for the chart, medium and highest timeframes, and the oscillator's instant value before it is averaged.
Main Line Coloring Conditions
• Nine different conditions can be selected to determine the bull/bear coloring of the main line. All conditions set to "ON" must be met to determine the bull/bear state.
• A volatility state can also be used to filter the conditions.
• When the coloring conditions and the filter do not allow for a bull/bear state to be determined, the neutral color is used.
Signal
• Seven different averages can be used to calculate the average of the oscillator's value.
• The average's period can be set. A period of one will show the instant value of the oscillator,
provided you don't use linear regression or the Hull MA as they do not work with a period of one.
• An external signal can be used as the oscillator's instant value. If an already averaged external value is used, set the period to one in this indicator.
• For the cases where an external signal is used, a centerline value can be set.
Higher Timeframes
• The two higher timeframes are named Medium timeframe and Highest timeframe . They can be determined using one of three methods:
• Auto-steps: the higher timeframes are determined using the chart's resolution. If the chart uses a seconds resolution, for example,
the medium and highest resolutions will be 15 and 60 minutes.
• Multiples: the timeframes are calculated using a multiple of the chart's resolution, which you can set.
• Fixed: the set timeframes do not change with the chart's resolution.
Repainting
• Repainting can be controlled separately for the chart's value and the higher timeframe values.
• The default is a repainting chart value and non-repainting higher timeframe values. The Aggregate line will thus repaint by default,
as it uses the chart's value along with the higher timeframes values.
Aggregate Weights
• The weight of each component of the Aggregate line can be set.
• The default is equal weights for the three components, meaning that the chart's value accounts for one third of the weight in the Aggregate.
High Volatility
• This provides control over the volatility filter used in the Main line's coloring conditions and the background display.
• Volatility is determined to be high when the short-term ATR is greater than the long-term ATR.
Colors
• You can define your own colors for all of the oscillator's plots.
• The default colors will perform well on both white and black chart backgrounds.
Alerts
• An alert can be defined for the script. The alert will trigger whenever a bull/bear marker appears in the indicator's display.
The particular combination of coloring conditions and the display of bull/bear markers when you create the alert will thus determine when the alert triggers.
Once the alerts are created, subsequent changes to the conditions controlling the display of markers will not affect the existing alert(s).
• You can create multiple alerts from this script, each triggering on different conditions.
Backtesting & Trading Engine Signal Line
• An invisible plot named "BTE Signal" is provided. It can be used as an entry signal when connected to the PineCoders Backtesting & Trading Engine as an external input.
It will generate an entry whenever a marker is displayed.
█ NOTES
• I do not know for sure if the calculations in Efficient Work are original. I apologize if they are not.
• Because this version of Efficient Work only has access to OHLC information, it cannot measure the total distance traveled through all of a bar's ticks, but the indicator nonetheless behaves in a manner consistent with the intentions underlying its design.
For Pine coders
This code was written using the following standards:
• The PineCoders Coding Conventions for Pine .
• A modified version of the PineCoders MTF Oscillator Framework and MTF Selection Framework .
Slippage Calculator Hello everyone,
This is the first script I publish, also my English is not the best my apologies.
This simple study script is an attempt to estimate the slippage during a trade. By no means it is a precise calculation, it is just an approach that can be improved.
You are welcome to take this simple script and use it and change it at your convenience just ask your acknowledge.
My approach considers the total fluctuation the price gets as a consequence for the total volume on that specific bar.
The volume on each bar is given in BTC, thus you get that by using the formula.
vol = volume * vwap
The total variation in price is considered as twice the size of the bar plus the gap between to consecutive bars. that is the
total fluctuation of price on each bar = (2 * (high - low) + abs(open - close )) which is not totally true since inside each bar price can fluctuate a lot more.
The script considers you are trading your total equity (eq_BTC ) each time. The fraction of your equity of the volume bar is eq_BTC / vol
Then eq_BTC / vol is the portion or the total fluctuation in price that is due to your entry or exit from the market.
(2 * (high - low) + abs(open - close )) * eq_BTC / vol
is the average change in price due you enter o exit a position.
** the 2 factor accounts for the two directions in the market buying and selling. There is more behind this formula I can explain you in more detail if you like.
I haven't seen anywhere a formula like this one, so it is intended to be a first attempt to get a better approach.
Finally the output of the scripts is how many ticks the price might change due to your trade on each bar
round(slippage/syminfo.mintick)
The script is focused in crypto but it can be used as well on forex markets.
Take care,
@yvponce
Weis Pip Wave jayyWhat you see here is the Weis pip wave. The Weis pip wave shows how far in price a Weis wave has traveled through the duration of a Weis wave. The Weis pip wave is used in combination with the Weis cumulative volume wave. The two waves must be set to the same "wave size" and using the same method as described by Weis.
Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size". In the example shown, it is set to 5 points. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle of selecting a wave size for every chart. Once the Weis wave size is set then the pip wave will be shown.
I have put a zigzag of a 5 point Weis wave on the above bar chart. I have added it to allow your eye to get a better appreciation for Weis wave pivot points. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. I will elaborate on the Weis pip zigzag script.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle/bar closes to define all wave action.
David Weis did a futures.io video which is a popular source of information about his method.
Cheers jayy
PS This script was published a day ago, however, I had included some links to the website of a person that uses Weis pip waves and also a dropbox link that contains the Weis wave chart for May 27, 2020, published by David Weis. Providing those links is against TV policy and so the script was hidden by TV. This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. I have absolutely no affiliation. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf. Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my chart () from the same period to the Weis chart. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
Pivot Point SupertrendHello All,
There are many types of SuperTrend around. Recently I thought about a Supertrend based on Pivot Points then I wrote "Pivot Point SuperTrend" script. It looks it has better performance on keeping you in the trend more.
The idea is behind this script is finding pivot point, calculating average of them and like in supertrend creating higher/lower bands by ATR. As you can see in the algorithm the script gives weigth to past pivot points, this is done for smoothing it a bit.
As I wrote above it may keep you in the trend more, lets see an example:
As an option the script can show main center line and I realized that when you are in a position, this line can be used as early exit points. (maybe half of the position size)
While using Pivot Points, I added support resistance lines by using Pivot Point, as an option the script can show S/R lines:
And also it can show Pivot Points:
When you changed Pivot Point Period you can see its reaction, in following example PP period is 4 (default value is 2). Smaller PP periods more sensitive trendlines.
Alerts added for Buy/Sell entries and Trend Reversals. (when you set alerts use the option " Once Per Bar Close ")
ENJOY!
Linear Regression - Auto Adjust To Ideal Pearson's R (Min & Max)This is meant as a partner to my linear regression strategy script. This one however is just the indicator only so you can overlay the technique over other strategies.
To use this script you need to understand what Pearson's R is; which is how correlated a set of data is to a line within a given deviation (+ or -).
If the Pearson's R is negative (-) then the trend is going upwards. If the value is positive (+) then the trend is going downwards.
There is a lot of debate as to what the ideal negative and positive values are for the Pearson's R, so you can change these in the settings. What the script will do is attempt to automatically find (and draw the trend lines) based on a given minimum period and a maximum period (both set in the settings) that match the ideal Pearson's R settings selected.
Ideally the data is MOST correlated the closest it is to -1 or 1. This means the pattern is very reliable.
This script was designed and works very well with the bar replay mode. You may need a more professional version of TradingView to use this correctly. This mode allows you to see the script in action as it mutates and changes according to the new data being introduced.
I've pre-set the Pearson's R (+) and (-) ranges to what I think is ideal.
