AstroTrading_FlaGama

قبل ٣ أيام

Overview
This Pine Script™ indicator (version 5) is designed to detect a specific “flag formation” pattern based on aggressive price movements relative to the previous candle’s range. When the current candle’s closing price deviates significantly—by at least 50% of the previous candle’s range—above its high or below its low, the script marks the bar in orange. It then attempts to identify a confirmation pattern when a subsequent (second) orange candle appears, and based on the relationship between the closes of the two orange candles, it dynamically plots Fibonacci-based levels along with entry, stop, and target signals for potential long or short trades.

Key Components and Logic
Previous Candle Data Calculation:

prevHigh and prevLow:
The script captures the high and low of the previous bar (high[1] and low[1]).

prevRange:
The range of the previous candle is computed as the difference between prevHigh and prevLow. This range is later used to calculate the threshold for a significant move.

Defining Significant Price Movements (Orange Bars):

conditionUp:
This condition checks if the current candle’s close is greater than the previous candle’s high plus 50% of the previous range. When true, it indicates a strong bullish move (a “green” scenario, but the indicator colors the bar orange to highlight the extreme move).

conditionDown:
Similarly, this condition checks if the current candle’s close is lower than the previous candle’s low minus 50% of the previous range. When true, it signals a strong bearish move.

barcolor:
If either condition is met, the script colors the bar orange. This visual cue allows traders to easily identify candles that have moved beyond the typical range of the prior session.

Tracking “Orange” Candles:

The script uses persistent (var) variables to store data from the first detected orange candle:
prevOrangeClose, prevOrangeLow, prevOrangeHigh: These hold the closing, low, and high values of the first extreme (orange) candle.
secondOrangeExists: A Boolean flag that is set to true once an orange candle is recorded.
Confirmation and Fibonacci Level Calculation:

When a new (second) orange candle is detected (i.e., when the current candle meets the condition and the flag secondOrangeExists is true), the script differentiates between two scenarios:

Bullish Confirmation (Long Setup):

Condition: The current candle’s close is higher than the first orange candle’s close.
Fibonacci Calculation:
The script calculates a Fibonacci retracement level at 78.6% (0.786) of the range between the current high and low. This level is considered as a potential long entry level.
Visual Elements:
A green dotted line is drawn at the Fibonacci level.
A long target line is plotted above the current high by the distance between the current high and the first orange candle’s low.
Labels are added to indicate the “LONG TARGET,” “LONG STOP” (placed at the first orange candle’s low), and “LONG Entry Level” (the Fibonacci level).
Bearish Confirmation (Short Setup):

Condition: The current candle’s close is lower than the first orange candle’s close.
Fibonacci Calculation:
In this case, the Fibonacci level is calculated in a mirrored manner (using –0.786), suggesting a short entry level.
Visual Elements:
A red dotted line is drawn at the calculated Fibonacci level.
A short target line is plotted below the current low by the distance between the first orange candle’s high and the current low.
Labels are added for “SHORT TARGET,” “SHORT STOP” (placed at the first orange candle’s high), and “SHORT Entry Level.”
Resetting the Indicator State:

If a candle does not meet the extreme move criteria (i.e., not orange), the flag secondOrangeExists is reset. This ensures that the indicator only considers consecutive extreme moves for generating trade signals.
Trading Strategy Implications
This indicator is designed to capture extreme moves that may lead to sharp reversals (either a short squeeze in a bullish scenario or a long squeeze in a bearish one). By:

Highlighting Price Extremes:
The orange bar color quickly alerts traders to significant deviations from the previous candle’s range.

Confirming with Consecutive Moves:
The use of a second extreme candle as a confirmation helps filter out false signals.

Employing Fibonacci Levels:
The dynamic Fibonacci level serves as a logical entry point, while the first extreme candle’s high or low acts as a stop-loss reference. A target level is also plotted based on the measured move.

Traders can integrate this setup into a broader risk management and technical analysis framework to time entries and exits more effectively.

Compliance with TradingView Script Publishing Rules
This explanation adheres to TradingView’s guidelines by clearly stating the functionality, describing each component and its purpose, and ensuring that the explanation is objective, detailed, and does not include promotional language. The script itself is annotated with comments (in both English and Turkish) and uses standard Pine Script™ functions (e.g., indicator(), line.new(), label.new(), etc.) to maintain clarity and reproducibility.

This detailed explanation should help traders understand how the “AstroTrading_FlaGama” indicator works, how it generates signals, and how it might be integrated into a comprehensive trading strategy.

قبل ٣ أيام

ملاحظات الأخبار

Overview
This Pine Script™ indicator (version 5) is designed to detect a specific “flag formation” pattern based on aggressive price movements relative to the previous candle’s range. When the current candle’s closing price deviates significantly—by at least 50% of the previous candle’s range—above its high or below its low, the script marks the bar in orange. It then attempts to identify a confirmation pattern when a subsequent (second) orange candle appears, and based on the relationship between the closes of the two orange candles, it dynamically plots Fibonacci-based levels along with entry, stop, and target signals for potential long or short trades.

Key Components and Logic
Previous Candle Data Calculation:

prevHigh and prevLow:
The script captures the high and low of the previous bar (high[1] and low[1]).

prevRange:
The range of the previous candle is computed as the difference between prevHigh and prevLow. This range is later used to calculate the threshold for a significant move.

Defining Significant Price Movements (Orange Bars):

conditionUp:
This condition checks if the current candle’s close is greater than the previous candle’s high plus 50% of the previous range. When true, it indicates a strong bullish move (a “green” scenario, but the indicator colors the bar orange to highlight the extreme move).

conditionDown:
Similarly, this condition checks if the current candle’s close is lower than the previous candle’s low minus 50% of the previous range. When true, it signals a strong bearish move.

barcolor:
If either condition is met, the script colors the bar orange. This visual cue allows traders to easily identify candles that have moved beyond the typical range of the prior session.

Tracking “Orange” Candles:

The script uses persistent (var) variables to store data from the first detected orange candle:
prevOrangeClose, prevOrangeLow, prevOrangeHigh: These hold the closing, low, and high values of the first extreme (orange) candle.
secondOrangeExists: A Boolean flag that is set to true once an orange candle is recorded.
Confirmation and Fibonacci Level Calculation:

When a new (second) orange candle is detected (i.e., when the current candle meets the condition and the flag secondOrangeExists is true), the script differentiates between two scenarios:

Bullish Confirmation (Long Setup):

Condition: The current candle’s close is higher than the first orange candle’s close.
Fibonacci Calculation:
The script calculates a Fibonacci retracement level at 78.6% (0.786) of the range between the current high and low. This level is considered as a potential long entry level.
Visual Elements:
A green dotted line is drawn at the Fibonacci level.
A long target line is plotted above the current high by the distance between the current high and the first orange candle’s low.
Labels are added to indicate the “LONG TARGET,” “LONG STOP” (placed at the first orange candle’s low), and “LONG Entry Level” (the Fibonacci level).
Bearish Confirmation (Short Setup):

Condition: The current candle’s close is lower than the first orange candle’s close.
Fibonacci Calculation:
In this case, the Fibonacci level is calculated in a mirrored manner (using –0.786), suggesting a short entry level.
Visual Elements:
A red dotted line is drawn at the calculated Fibonacci level.
A short target line is plotted below the current low by the distance between the first orange candle’s high and the current low.
Labels are added for “SHORT TARGET,” “SHORT STOP” (placed at the first orange candle’s high), and “SHORT Entry Level.”
Resetting the Indicator State:

If a candle does not meet the extreme move criteria (i.e., not orange), the flag secondOrangeExists is reset. This ensures that the indicator only considers consecutive extreme moves for generating trade signals.
Trading Strategy Implications
This indicator is designed to capture extreme moves that may lead to sharp reversals (either a short squeeze in a bullish scenario or a long squeeze in a bearish one). By:

Highlighting Price Extremes:
The orange bar color quickly alerts traders to significant deviations from the previous candle’s range.

Confirming with Consecutive Moves:
The use of a second extreme candle as a confirmation helps filter out false signals.

Employing Fibonacci Levels:
The dynamic Fibonacci level serves as a logical entry point, while the first extreme candle’s high or low acts as a stop-loss reference. A target level is also plotted based on the measured move.

Traders can integrate this setup into a broader risk management and technical analysis framework to time entries and exits more effectively.

Compliance with TradingView Script Publishing Rules
This explanation adheres to TradingView’s guidelines by clearly stating the functionality, describing each component and its purpose, and ensuring that the explanation is objective, detailed, and does not include promotional language. The script itself is annotated with comments (in both English and Turkish) and uses standard Pine Script™ functions (e.g., indicator(), line.new(), label.new(), etc.) to maintain clarity and reproducibility.

This detailed explanation should help traders understand how the “AstroTrading_FlaGama” indicator works, how it generates signals, and how it might be integrated into a comprehensive trading strategy.