Options Series - NonOverlay_Technical

٣٠ سبتمبر

⭐ 1. Purpose:
The script is designed to show technical indicators in a non-overlay form using candlestick representations. It combines multiple popular technical analysis tools to gauge the market's bullish or bearish conditions.

⭐ 2. Indicators:
The script uses several indicators across different timeframes:

• Exponential Moving Averages (EMA) for 5, 20, 50 periods.
• Simple Moving Average (SMA) for 200 periods.
• RSI (Relative Strength Index) for momentum.
• VWAP (Volume Weighted Average Price) for average price evaluation.
• PSAR (Parabolic SAR) for trend direction.
• Daily and multi-day (2-day and 3-day) data for broader market context.

⭐ 3. Candlestick Representation:
The script uses color-coded candlesticks to visually represent various indicators and their bullish/bearish states:

• Green candlesticks for bullish conditions.
• Red candlesticks for bearish conditions.
• Neutral/transparent for non-significant conditions.

⭐ 4. Important Conditions:
It calculates bullish and bearish conditions for each indicator:

• MA20: When the price is above or below the 20-period EMA.
• RSI: When RSI is above or below 50.
• VWAP: When the price is above or below the VWAP.
• PSAR: When the price is above or below the PSAR.
• 2-day and 3-day Moving Averages: Evaluating the broader trend.

⭐ 5. Bullish vs. Bearish Calculation:
The script sums up bullish and bearish signals to determine the overall market condition:

1. Current_logical_bull: Counts the number of bullish indicators.
2. Current_logical_bear: Counts the number of bearish indicators.
3. The script compares these values to conclude whether the market is more bullish or bearish.

⭐ 6. Visual Plotting:
The script uses plotcandle to display the non-overlay signals at different levels for each condition, stacked vertically from MA20 to PSAR. Additionally, a master candle combines all indicators to show an overall market trend.

⭐ 7. Neon Effect on MA20:
It adds a neon-like effect to the MA20 line, making it visually prominent:

• A standard plot line with the base color.
• Two additional neon layers with increasing transparency to enhance the effect.

⭐ 8. Daily Timeframes and Lookahead:
The script fetches daily data using the lookahead feature to get a broader view of the market trend. It tracks the previous day’s and two days' data for comparison.

⭐ 9. Labels and Customization:
The script dynamically adds labels to the chart for the different plotted indicators at the last bar, making it easier to identify which indicator is being represented.

🚀 Conclusion:

The script combines multiple technical indicators, such as EMA, RSI, VWAP, PSAR, and multi-day moving averages, to visually assess bullish and bearish market conditions. It uses color-coded candlesticks to represent each indicator and sums up the signals to determine the overall trend.

١٢ أكتوبر

ملاحظات الأخبار

• Added checkbox to enable or disable the overlay plot.
  
• Added Input for EMA1 and EMA2.
  
• Removed VWAP conditions for 2-day period.
  

٢٠ أكتوبر

ملاحظات الأخبار

• The Relative Strength Index (RSI) value added on overlay chart and is a technical indicator that measures the speed and size of price movements on a scale of 0 to 100. RSI values can help investors determine if an asset is overbought or oversold, and can provide signals to buy or sell:
  Overbought:
  An RSI value above 70 indicates that an asset may be overbought or overvalued.
  Oversold:
  An RSI value below 30 indicates that an asset may be oversold or undervalued.