No Wick Bull/Bear Candlesticks with Arrow premiumNo Wick Bull/Bear Candlesticks with Arrow premium
This script is for a custom trading indicator called "No Wick Bull/Bear Candlesticks with Arrow premium" developed by ClearTradingMind. It is designed for use with trading platforms that support scripting, such as TradingView. This indicator combines several technical analysis tools to help traders identify potential buy and sell signals in a financial market.
Key Components of the Indicator:
Moving Average (MA): The script allows users to select from various types of moving averages (SMA, EMA, HMA, etc.), which smooth out price data to identify trends. Users can set the length and type of the moving average.
Upper and Lower Bands: These bands are set at a specified deviation percentage above and below the chosen moving average. They help in identifying overbought and oversold conditions.
No Wick Bull/Bear Candlestick Identification:
Bullish Condition: A bullish candlestick is identified when the closing price is higher than the opening price, the low equals the open, and the close is above the moving average.
Bearish Condition: A bearish candlestick is identified when the closing price is lower than the opening price, the high equals the open, and the close is below the moving average.
No Wick: These conditions also imply that the candlesticks have no wicks, suggesting strong buying or selling pressure.
Arrows for Trading Signals:
No lower wick bull bar
No upper wick bear bar
When a bullish condition is met, a green upward-pointing triangle is plotted below the candlestick, indicating a potential buy signal.
When a bearish condition is met, a red downward-pointing triangle is plotted above the candlestick, indicating a potential sell signal.
EMA 20: An additional Exponential Moving Average with a length of 20 periods is plotted for further trend analysis.
Background Color Changes: The script changes the background color to blue if the EMA 20 is above the upper band, and to red if it is below the lower band, providing visual cues about the market trend.
How It Works:
Traders can input their preferences for the moving average type and length, source of the MA (like closing prices), and the deviation percentage for the bands.
The script then calculates the moving average, upper and lower bands, and checks for bullish or bearish candlestick conditions without wicks.
When such conditions are met, it plots arrows to suggest buy or sell signals.
The EMA 20 and background color changes offer additional trend information.
Usage:
This indicator is particularly useful in markets with clear trends. The no wick bull/bear candlesticks indicate strong buying or selling pressure, and the arrows provide clear visual signals for traders to consider entering or exiting positions. As with all trading indicators, it's recommended to use this tool in conjunction with other forms of analysis to confirm trading signals.
Candlestick analysis
NAS100 - 5 Minute Opening Range with EMAsThis indicator is designed for traders who focus on the opening range breakout strategy and use EMAs as part of their trading decisions. The script markes the first 5 min opening candle and generates Buy and Sell signals calculating EMA.
Basic features are :
User Inputs: Allows users to enable/disable alerts and choose to display Exponential Moving Averages (EMAs) for 5, 20, and 50 periods.
Opening Range Calculation: It calculates the first five minutes of the trading day, adjusting for different chart timeframes.
New Day Detection: Determines if the current bar is the first bar of a new day.
Data Storage: Utilizes arrays to store opening range highs, lows, start bars, and last bars for the last five days.
Daily Updates: Updates the stored data at the start of each new day, maintaining data for only the last five days.
Opening Range Plotting: Plots the opening ranges (high and low) for the past five days, with special plotting and filling for the current day.
EMA Calculation and Plotting: Calculates and plots EMAs (5, 20, and 50 periods) if enabled.
Alert Conditions: Sets up conditions for alerts when the price crosses above or below the current day's opening range.
Signal Generation: Generates buy and sell signals based on the relationship of the closing price to the opening range and the position of EMA5 relative to EMA50.
Signal Plotting: Plots buy and sell signals as triangles on the chart.
[F][IND] - Big Candle IdentifierDescription:
The size of a candle in trading offers a fundamental insight into market direction. Larger candles often indicate robust price movements, suggesting strength in either buying or selling activity. In an uptrend, substantial green (bullish) candles signify strong buying momentum, while in a downtrend, sizable red (bearish) candles indicate significant selling pressure. Traders frequently interpret these larger candles as potential signals for a shift in sentiment or the continuation of an existing trend.
This indicator specifically identifies whether the candle body (the difference between Open and Close) is larger than the previous 5 candles. It serves as a simple yet effective tool for traders seeking recent notable candle movements as potential entry signals. It's crucial to emphasize that the indicator labels/alerts are initiated once the technical conditions are satisfied. However, it's imperative to wait for the candle to close to confirm that all technical conditions are met at the close of the candle.
It's important to note that while the candle body size provides valuable information, it's usually more effective when used in conjunction with other technical indicators and analysis methods. Traders often combine multiple tools to gain a comprehensive understanding of the market and make well-informed trading decisions.
Alerts:
You can enable alerts on this indicator to receive timely notifications.
Disclaimer:
This indicator is provided for educational purposes only. Trading involves risk, and users should consult with a financial professional before making any trading decisions.
Your Feedback Matters!
Please feel free to comment or reach out if you have any improvement suggestions or if you would like to request the development of a specific indicator. Your feedback is invaluable!
Candle size in pipsDescription
Enhance your trading strategy with precision using this script, designed to measure the range of a candle from wick to wick in pips. Whether you're implementing a specific pip requirement within a candle for your strategy, or simply seeking to better understand market dynamics, this tool provides valuable insights. The script is calculating the amount of pips between the high and the low then compares it to the minimal size you declared. If the amount of pips is more or equal to minimal size it will show the label.
Features
Alert Functionality: Opt to receive alerts by checking the checkbox (default: false).
Customizable Pip Threshold: Tailor the script to your needs by setting the minimum required pips to display on the screen (default: 12).
Different shape: circle, triangle up, triangle down, none
How to Use
Personalize your trading approach by integrating this script with your preferred strategy. For instance, in my strategy involving a 3M continuation, I leverage this tool to determine the pip count of the M15 candle before making entry decisions.
Note: Ensure you understand your strategy's requirements and adjust the script settings accordingly for optimal result s.
Feel free to reach out if you have any questions or require further assistance in maximizing the utility of this script.
Urika Relative PriceThe Urika Relative Price (URP) indicator is designed to compare the current price of an asset to an average of previous closing prices. It aims to show whether the current price is above or below the historical average and whether it's increasing or decreasing relative to that average. URP is more focused on the relationship between the current price and its historical context.
Calculation:
URP calculates the difference between the current price and the average of previous prices. It uses this difference to create a histogram that can be green (if the current price is higher than the historical average) or red (if it's lower). The color lightens if the current bar is shorter than the previous bar, providing additional visual information.
Blockunity Regime Monitoring (BRM)Efficiently analyze market conditions and detect overheating zones.
Regime Monitoring (BRM) is here to help you analyze the behavior of financial markets. The oscillator allows you to observe when an asset’s trend is likely to reverse. The trend is also given by the indicator, as is the phase the market is in (trending or congested). The BRM also provides the state of the Choppiness Index, indicating whether or not the asset is about to enter a more volatile phase.
The Idea
The goal is to provide the community with a comprehensive tool for tracking market conditions, with a visual approach to identifying overheating zones.
How to Use
This tool consists of 3 main components:
An oscillator, which we describe in detail below.
Bar color to transcribe oscillator information directly onto the graph. To activate Bar Color, make sure the first option is checked in the settings. You must also uncheck "Borders" and "Wick" in your Chart Settings.
A panel that summarizes the status of various indicator information.
Elements
The Regime Monitoring oscillator
The oscillator provides several information points. First, it gives the market trend of the asset:
Green: Bullish trend.
Red: Bearish trend.
Blue: Contested trend.
It then indicates areas of overheating, where it is considered statistically probable that we will see a change in trend dynamics. These moments are shown in yellow.
This market trend is also indicated in the table.
If you see that the oscillator is above or below these limits, but not yellow, this is because we use a Choppiness Index to filter this information.
The "Enable Choppiness Index Filter" is enabled by default in the settings. So, if the Chop is discharged (under 38.2), then the oscillator's overheating state is ignored.
You can see the difference in the images below, the first with the filter and the other without:
Market Phase
We use a Vertical Horizontal Filter (VHF) to define the market phase the asset is in. This phase can have two values:
Trending: Assets evolve within a trend.
Congestion: The asset is in a moment of congestion.
Chop State
Visualize the Choppiness Index, indicating whether an asset is gearing up to enter a phase of increased volatility. It can be:
Charged: Chop is considered to indicate to be entering a stable phase.
Neutral: Chop is neutral and does not provide any specific information.
Discharged: Chop is considered to indicate a continuation of the trend.
In addition, with the "Show Choppiness Index" option, you can plot the Chop on the oscillator:
Other Settings
You can also modify the standard Regime Monitoring parameters (Lookback, Smoothing, Limits), display or hide certain components, and change all the colors.
How it Works
Regime Monitoring's main oscillator is established as follows:
We calculate the percentage of times the closing price was higher than the opening price. This is then divided by a lookback period, which in this case defaults to 20. This calculation gives a probability of the current regime.
Renko Box Chart Overlay by BDThis is Renko chart overlay for Candles chart. You can use it to identify market direction and potential key points.
To use it simply select box size and any timeframe you want.
With this overlay you can be sure that you'll see every brick on a chart showing general market direction with all the details of a candles chart.
Alternatives Renko overlay charts:
If you don't have access to 1s timeframe or you don't want to use low TF here is the situation with built in Renko chart on 5m TF:
This Renko boxes are linked to chart by time(candle) and price. It will draw a box even if price didn't close above(or below) of box level:
But be careful when setting box size too small because it will produce bad results:
The issue is known and I'll work on fixing it in next update, for now use box size at least the size of a body of a candle, after all renko is for general market movement and not for marking up every tick.
Let me know if you want to see any additions.
Trend Finder A Trend Finder is a specialized indicator designed to analyze market trends by combining pivot points and candlestick patterns. This hybrid approach aims to provide more accurate signals for identifying potential market directions. Here's a refined description of its features and usage:
**Overview:**
A Trend Finder indicator utilizes a combination of pivot points and candlestick patterns to offer insights into the prevailing market trend. By incorporating both elements, it seeks to enhance the accuracy of trend analysis.
**How to Use Trend Finder:**
Using the Trend Finder is straightforward and involves interpreting the signals provided by different coloured boxes:
1. **Green Box (Bull Box):**
- Indicates a potential uptrend in the market.
- Highlights possible market direction and key points.
- Offers insights into bullish market conditions.
2. **Red Box (Downtrend Box):**
- Signals a potential downtrend in the market.
- Illustrates possible downward market direction and pivotal points.
- Provides an estimate of potential market decline using pivot point calculations.
**Customization Options:**
The Trend Finder comes with customization options to tailor the analysis based on candlestick patterns. Users can adjust these settings to refine the accuracy of trend identification.
**Additional Features:**
The indicator includes extra features to enhance its functionality:
- Displays the previous day's high, low, and close values.
- Utilizes this historical data to suggest potential trend directions.
- Enables users to make informed trading decisions based on past market behaviour.
**Usage Guidelines:**
Traders can use the Trend Finder by observing the signals within the coloured boxes, considering the pivot point calculations, and factoring in candlestick patterns. The indicator's flexibility allows users to adjust settings to better align with their preferred trading strategies.
In essence, the Trend Finder serves as a comprehensive tool for traders seeking a nuanced understanding of market trends. By combining pivotal technical indicators, it aims to provide a more accurate depiction of potential market movements, assisting traders in making informed decisions.
Modified Box Plots
Box Plot Concept: The script creates a modified box plot where the central box represents the range within 1 standard deviation from the midpoint (hl2), which is the average of the high and low prices. The whiskers extend to cover a range of 3 standard deviations, providing a visualization of the overall price distribution.
Color Scheme: The color of the modified box plot is determined based on comparisons between the current midpoint (g) and the +/- 1 SD values of the previous candle (i and j ). If g > i , the color is green; if g < j , it's red; otherwise, it's yellow. This color scheme allows users to quickly assess the relationship between the current market conditions and recent price movements. if the mid point price is above/below +/- 1 SD values of the previous candle the price movement is considered as significant.
Plotcandle Function: The plotcandle function is employed to visualize the modified box plot. The color of the box is dynamically determined by the candleColor variable, which reflects the current market state based on the color scheme. The wicks, represented by lines extending from the box, are colored in white.
Explanation of Box and Wicks:
Box (Open and Close): In this modified box plot, the box does not represent traditional open and close prices. Instead, it signifies a range within 1 standard deviation of the midpoint (hl2), providing insight into the typical price variation around the average of the high and low.
Wicks (High and Low): The wicks extend from the box to cover a range of 3 standard deviations from the midpoint (hl2). They do not correspond to the actual high and low prices but serve as a visualization of potential outliers in the price distribution. The actual high and low prices are also plotted as green and red dots when the actual high and low prices fall outside the +/- 3SD wicks (whiskers) and also indicate the prices does not fit the distribution based on the recent price volatility.
In summary, this modified box plot offers a unique perspective on price distribution by considering standard deviations from the midpoint. The color scheme aids in quickly assessing market conditions, and the wicks provide insights into the potential presence of outliers. It's essential to understand that the box and wicks do not represent traditional open, close, high, and low prices but offer a different way to visualize and interpret intraday price movements.
Step by step explanation
Here's the step-by-step explanation:
a = ta.highest(high, 7): Calculates the highest high in the last 7 bars.
b = ta.lowest(low, 7): Calculates the lowest low in the last 7 bars.
c = ta.stdev(hl2, 7): Calculates the standard deviation of the average of high and low prices (hl2) over the last 7 bars.
d = (a - b) / c: Computes a scaling factor d based on the highest, lowest, and standard deviation. This factor is used to scale the intraday range in the next steps.
e = (high - low): Calculates the intraday range of the candle.
f = e / d: Estimates the standard deviation (f) of the intraday candle price using the scaling factor d.
g = hl2: Defines the intraday midpoint of the candle, which is the average of high and low prices.
i = g + 1 * f, j = g - 1 * f, k = g + 3 * f, l = g - 3 * f: Calculate values representing coverage of +1 SD, -1 SD, +3 SD, and -3 SD from the intraday midpoint.
The script utilizes historical high, low, and standard deviation values to dynamically estimate the standard deviation of the intraday candle, providing a measure of volatility for the current price range. This estimation is then used to construct a modified box plot around the intraday midpoint.
In addition I have included a 7 period hull moving average just to see the overall trend direction.
Conclusion:
The "Nasan Modified Box Plots" indicator on TradingView is a dynamic visualization tool that provides insights into the distribution of price ranges over a specified period. It adapts to changing market conditions by incorporating historical data in the calculation of a scaling factor (d). The indicator constructs a modified box plot, where the size of the box and the whiskers is determined by recent volatility
Protected Highs & Lows [TFO]This indicator presents an alternative approach to identify Market Structure. The logic used is derived from learning material created by @DaveTeaches
When quantifying Market Structure, it is common to use fractal highs and lows to identify "significant" swing pivots. When price closes through these pivots, we may identify a Market Structure Shift (MSS) for reversals or a Break of Structure (BOS) for continuations. The main difference with this "protected" logic is in how we determine the pivots/levels that are utilized to determine a valid MSS or BOS.
Nonetheless, the significance of our swing pivots is still governed by the input Pivot Strength parameter, which requires valid swing pivots to be compared to this many bars to the left and right of them. This is an optional parameter as it is traditionally set to 1 by default.
When identifying a BOS: When price closes below a valid swing low, we look back from the current bar to find the highest high that was made in that range. This becomes our protected high; similarly, when price closes above a valid swing high, we look back from the current bar to find the lowest low that was made in that range, which then becomes our protected low.
Note these valid highs and lows are the first swing pivots created after a MSS/BOS. For example, when price makes a bullish BOS/MSS and then trades away, a swing high is formed. This first swing high is what needs to be traded through to see a valid BOS.
When identifying a MSS: If the current trend is bearish and we're looking for a bullish reversal, we would need price to close above the most recent protected high. When this happens, we still look back to find the lowest low that was created in that range, and make that our new protected low. Likewise when looking for a bearish reversal, price would need to close below the most recent protected low, which would then give us a new protected high as a result (the highest point in that range).
The Trend Candles option allows users to easily visualize the current state of Market Structure with bullish and bearish colors. Users may also show BOS and MSS labels if desired.
Show Protected Highs & Lows will annotate the protected highs and lows, just note that the labels themselves are plotted in the past due to the lookback function required to identify them.
Lastly, the Show Protected Trail option will draw a line to essentially indicate a trailing stop-like line to denote the most recent protected low (if bullish) or protected high (if bearish).
I am simply a student of Dave's concepts, so please feel free to leave feedback if you are familiar with his concepts and have suggestions/improvements.
CBC FlipThis is an indicator for the Candle By Candle (CBC) Flip strategy as created by @MapleStax
It’s useful to traders because it’s a simple approach to gauge if bulls or bears are in control for any particular candle. The logic is as follows:
If the most recent candle close is above the previous candle high, then bulls are in control.
If the most recent candle close is below the previous candle low, then bears are in control.
If neither of these 2 conditions are met, then whoever was already in control remains in force until one of the 2 conditions is met and the sentiment is flipped, hence the name CBC Flip.
My script is original because there are no other CBC Flip scripts available on TV. This is the first, which is why I created it, to help other traders benefit from the power of CBC Flips.
The indicator output is simply interpreted as follows:
Triangle up = bulls in control
Triangle down = bears in control
In my experience this script is best used on the 5 or 10 minute time frames, as it helps to keep you in the trade for the bigger moves once a trend is established, while not getting shaken out from the “noisy” up/down candle price action of lower time frames like the 1 minute.
I’ve also had more success with this indicator when only taking long trades once the green triangle appears and price is above VWAP, and only taking short trades once the red triangle appears and price is below VWAP.
Tick Volume Direction IndicatorTick Volume Direction Indicator
This indicator captures:
• tick volume
• tick direction
The settings are as follows:
• volume or base currency value selection.
• label distance (away from the low of the candle).
• Tick volume - on/off switch for tick volume.
• label size.
• Up tick move color.
• tick move absorbed - when the tick doesn't change position.
• Down tick move.
On the first initial load, it will have the existing volume data as "?" as tradingview doesn't have a history of each tick.
Be aware, any settings change you make will refresh the tick data from start.
This indicator is one of the best real-time ways of seeing buying and selling pressure.
Choose Symbol, Mode with Hull,Stochatic Mom,EMA,MACD,RSI,TableThis Pine Script code is a comprehensive indicator for the TradingView platform, offering a variety of technical analysis tools. Below is an English introduction to its features and purposes:
Introduction:
This indicator is designed for traders on TradingView and provides a multi-functional analysis toolset. It includes different charting modes (Heikin-Ashi, Linear, and Normal), a Hull Moving Average (Hull), Stochastic Momentum, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), EMA (Exponential Moving Average), Bollinger Bands, and a summary table displaying key metrics.
Key Features:
Charting Modes:
Users can choose between "Heikin-Ashi," "Linear," or "Normal" modes to visualize price data in different ways.
Hull Moving Average:
The script incorporates the Hull Moving Average for trend analysis, highlighting potential buy and sell signals.
Stochastic Momentum:
Stochastic Momentum, with customizable parameters (K, D, and Smooth), is included to identify overbought and oversold conditions.
RSI (Relative Strength Index):
RSI is calculated and displayed, aiding in identifying potential trend reversals or exhaustion points.
MACD (Moving Average Convergence Divergence):
The MACD indicator is included, along with a histogram, to highlight changes in momentum and potential crossovers.
RSI Momentum:
RSI Momentum is calculated, providing additional insights into momentum changes.
Exponential Moving Averages (EMA):
The script calculates and displays three EMAs (Exponential Moving Averages) with customizable periods.
Bollinger Bands:
Bollinger Bands are incorporated, offering insights into volatility and potential price reversals.
Summary Table:
A table is displayed on the chart summarizing key metrics, including Stochastic MoM, RSI, MACD, RSI EMA, Hull percentage change, and EMA values.
Customization:
Users have the option to customize various parameters, including chart modes, lengths of moving averages, Stochastic parameters, and more.
Usage:
The indicator aims to provide a comprehensive view of price action and potential trend changes. Traders can use it for technical analysis and decision-making.
Important Note:
This script is provided for educational purposes and does not constitute financial advice. Traders and investors should conduct their research and analysis before making any trading decisions.
Pipe tops & bottoms v1.0This indicator detects Pipe Tops and Pipe Bottoms chart patterns, using the concept described by Thomas Bulkowski: Tops , Bottoms .
Pipe tops and bottoms patterns are marked on the chart. You can change the indicator sensitivity by using the main settings which define detected price variation boundaries. This will lead to more dense or sparse pattern detection.
Once the bar following each detected top or bottom pattern satisfies signal condition (the current close price must be higher than the high of the pipe bottom, or lower than the low of the pipe top), these bars are also marked on the chart and can be used to define potential long or short entry points.
You can optionally choose to show only signal marks on the chart (this is preferable to avoid visual cluttering), or both pattern and signal marks.
Script calculations are based on the 'Pipe Bottoms Indicator Based on Thomas Bulkowski's Theories' indicator developed by BoilderRoomColdCaller in 2020.
High Volume Engulfing Candle_bullHornThe "High Volume Engulfing Candle" indicator is a technical analysis tool used in trading to identify specific candlestick patterns that suggest potential reversals or significant price movements in a financial instrument. It focuses on two key criteria: the engulfing candlestick pattern and high trading volume. Here's a brief description of the indicator:
Engulfing Candlestick Pattern: The indicator looks for bullish and bearish engulfing candlestick patterns.
Bullish Engulfing: This pattern occurs when the current candlestick completely engulfs the previous one. In other words, the current candlestick's body (the open and close prices) is larger than the previous candlestick's body, and it closes higher than the previous candle's close. It suggests a potential bullish reversal.
Bearish Engulfing: This pattern occurs when the current candlestick's body completely engulfs the previous one, but in the opposite direction. The current candlestick's body is larger than the previous candlestick's body, and it closes lower than the previous candle's close. It suggests a potential bearish reversal.
High Volume Confirmation: In addition to the engulfing pattern, the indicator considers trading volume. It looks for instances where the volume accompanying the engulfing candle is significantly higher than a moving average of the volume. This indicates strong market participation and validates the importance of the engulfing candle pattern.
Arrows on the Chart: When a high volume engulfing candle pattern is detected, the indicator plots arrows on the price chart. A green triangle pointing up is used for bullish engulfing patterns, while a red triangle pointing down is used for bearish engulfing patterns. These arrows help traders quickly identify potential reversal points.
Overall, the "High Volume Engulfing Candle" indicator combines the visual recognition of candlestick patterns with volume analysis to provide traders with potential signals for trend reversals or significant price moves in the market. Traders can use these signals as part of their technical analysis and trading strategies.
Price-Action Candles (Lower)What is a swing high or swing low?
Swing highs and lows are price extremes. For example say we set our swing length to 5. A candle that is a swing high with a swing length of 5 will have 5 bars to the left that are lower and 5 bars to the right that are lower. A candle that is a swing low with a swing length of 5 will have 5 bars to the left that are higher and 5 bars to the right that are higher.
How is the trend coloring calculated?
The trend coloring is calculated the exact same way as our trend candles study... by storing and comparing historical swing lows and swing highs.
The pinescript code goes as follows:
The pinescript code goes as follows:
var int trend = na
trend := ((hh and high >= psh) or close > csh) ? 1 : ((ll and low <= psl) or close < csl) ? -1 : lh or hl ? 0 : trend
What does that gibberish mean?
-Trend can be GREEN IF
- We have a higher high (current swing high is greater than the previous swing high) and the high is greater than the previous swing high
- OR The current close is greater than the current swing high
-Trend can be RED IF
- We have a lower low (current swing low is less than the previous swing low) and the low is less than the previous swing low
- OR The current close is less than the current swing low
-Trend can be YELLOW IF
- We have a new swing high and the new swing high is less than the previous swing high
- OR We have a new swing low and the new swing low is greater than the previous swing low
If none of the conditions above are true then we continue with whatever color the previous bar was.
What is repainting?
Repainting is "script behavior causing historical vs realtime calculations or plots to behave differently." That definition comes directly from Tradingview. If you want to read the full explanation you can visit it here www.tradingview.com . The price-action candles use swing highs and swing lows which need bars to the left (past) and bars to the right ("future") in order to confirm the swing level. Because of the need to wait for confirmation for swing levels the plot style can be repainting. The Price-Action Candles (Lower) indicator, or this indicator, has no repainting anywhere. We opt to not shift back the candle coloring which causes the repainting, but it is relevant to discuss since this indicator's sibling (Price-Action Candles) can have repainting labels.
Repaint
Here the labels are shifted back the price-action length. Repainting is not present in the Price-Candles (Lower) study, but can be found in this indicator's sibling (Price-Action Candles).
Non-Repaint
Here the labels are not shifted back or "repainted". Repainting is not present in the Price-Candles (Lower) study, but can be found in this indicator's sibling (Price-Action Candles).
Multi-timeframe Analysis
The users can view multi-timeframe historical price action trend via this lower study. Each timeframe is plotted as its own on the lower pane and you can determine what timeframe it is by the label next to the plot.
More examples
Pair the Price-Action Candles (Lower) indicator with our main price indicator that colors candles based on trend and can show price action labels.
Price-Action CandlesWhat is a swing high or swing low?
Swing highs and lows are price extremes. For example say we set our swing length to 5. A candle that is a swing high with a swing length of 5 will have 5 bars to the left that are lower and 5 bars to the right that are lower. A candle that is a swing low with a swing length of 5 will have 5 bars to the left that are higher and 5 bars to the right that are higher.
How are the trend candles calculated?
The trend candles are calculated by storing and comparing historical swing lows and swing highs.
The pinescript code goes as follows:
The pinescript code goes as follows:
var int trend = na
trend := ((hh and high >= psh) or close > csh) ? 1 : ((ll and low <= psl) or close < csl) ? -1 : lh or hl ? 0 : trend
What does that gibberish mean?
-Candle can be GREEN IF
- We have a higher high (current swing high is greater than the previous swing high) and the high is greater than the previous swing high
- OR The current close is greater than the current swing high
-Candle can be RED IF
- We have a lower low (current swing low is less than the previous swing low) and the low is less than the previous swing low
- OR The current close is less than the current swing low
-Candle can be YELLOW IF
- We have a new swing high and the new swing high is less than the previous swing high
- OR We have a new swing low and the new swing low is greater than the previous swing low
If none of the conditions above are true then we continue with whatever color the previous bar was.
What is repainting?
Repainting is "script behavior causing historical vs realtime calculations or plots to behave differently." That definition comes directly from Tradingview. If you want to read the full explanation you can visit it here www.tradingview.com . The price-action candles use swing highs and swing lows which need bars to the left (past) and bars to the right ("future") in order to confirm the swing level. Because of the need to wait for confirmation to for swing levels the plot style can be repainting. With the price-action candles indicator the only repainting part of the indicator is the labels. The price-action candles themselves WILL NOT REPAINT. The labels however can be set to repaint or not depending on the user preference. If the user opts to use repainting then the label location is shifted back by the length of the price-action. So if the "Price-Action Length" input is set to 10, and the user wants repainting, the swing high/low label will be shifted back 10 bars. If the user opts for no repainting, the label will not be shifted and instead show on the exact bar the swing level was confirmed.
Examples Below.
Repaint
Here the labels are shifted back the price-action length.
Non-Repaint
Here the labels are not shifted back because the input setting is set to not repaint.
Multi-timeframe Analysis
The users can view the trend from multiple different timeframes at once with a table displayed at the bottom of their charts. The timeframe can be lower or higher than the chart timeframe.
More examples
Be on the lookout for the Price Action Candles (Lower) indicator where you can view the multi-timeframe labels on a lower price grid in order to see the history over time!
Wickless Candle IndicatorIt is designed to identify and visually highlight wickless candles on trading charts. A wickless candle is defined as a candle where the high equals either the open or close, and the low equals either the open or close, indicating no wicks.
Key features of the script include:
Customizable Line Width: Users can adjust the width of the lines drawn over wickless candles.
Wickless Candle Detection: A function isWickless is used to determine whether a candle is wickless based on its open, close, high, and low values.
Line Drawing and Management: The script draws lines over wickless candles and extends these lines as long as consecutive wickless candles are detected. The lines are terminated when a candle with a wick is encountered or when the line extends beyond one bar.
Visual Indicators: Wickless candles are marked with a cross shape above them, and lines are colored black for clear visibility.
Efficient Line Handling: The script uses variables to store and update line information, ensuring efficient management of the drawn lines as new price data comes in.
This indicator is particularly useful for traders who consider wickless candles significant in their analysis, providing an automated and visually clear way to identify these candles on a chart.
FTFC (The Strat)This indicator provides the status (red="down/short", green="up/long") of the current and higher timeframes in conjunction with The Strat, created by Rob Smith. In The Strat, Rob states that one should trade in the direction of timeframe continuity. What this means is if the majority of higher time frames are trading to the upside, one should only take long positions on the current timeframe. The more timeframes trading in the same direction increases the likelihood that a trade will work out in the trader's favor. The purpose of this indicator is to provide a visual cue as to when the current symbol has reached Full Timeframe Continuity (FTFC). For example, M5, M15, M30, H1 all green, only take long trades on the M5 time frame.
TSCandleColor (The Strat)This indicator highlights 1 and 3 candles based on The Strat, created by Rob Smith. In The Strat, candles can only take one of 3 forms, an inside bar or a '1' where the high and low of the current candle are within the high and low of the previous candle, an outside bar or a '3' where the high and low of the current candle are outside of the previous bar, and a '2' bar where either the high or low of the current candle surpasses the previous candle but not both. Since '1' and '3' bars are key to many setups, this script highlights those candles. Highlighted colors are configurable by the user. This indicator further draws a line at the 50% mark of the previous candle for use in conjunction with the teachings of Sara Strat Sniper and her 50% rule. Her 50% rule states that when a '2' candle passes the 50% mark of the previous candle there is a high likelihood of that '2' candle becoming a '3'. Having this already drawn on the chart with each new candle makes it much easier to see this real-time. The color and style of the 50% line is also configurable.
Trend-based Price Action StrategyThis is a strategy script that combines trend-based price action analysis with the Relative Strength Index (RSI) and Exponential Moving Averages (EMA) as trend filters. Here's a summary of the key components and logic:
Price Action Candlestick Patterns:
Bullish patterns: Engulfing candle and Morning Star.
Bearish patterns: Engulfing candle and Evening Star.
RSI Integration:
RSI is used to identify overbought and oversold conditions.
EMA Trend Filter:
Three EMAs with different periods: Fast , Medium and Slow.
Long trend condition occur when the fast EMA is above the medium and the medium is above the slow EMA.
Short trend condition occur when the slow EMA is above the medium and the medium is above the fast EMA.
Long entry conditions: RSI is oversold, RSI is decreasing, bullish candlestick pattern, and EMA trend filter conditions are met.
Short entry conditions: RSI is overbought, RSI is decreasing, bearish candlestick pattern, and EMA trend filter conditions are met.
Exit conditions:
Take profit or stop loss is reached.
Plotting:
Signals are plotted on the chart when entry conditions are met.
EMAs are plotted when the EMA trend filter is enabled.
This script aims to capture potential trend reversal points based on a combination of candlestick patterns, RSI, and EMA trend analysis.
Traders can use this script as a starting point for further customization or as a reference for developing their own trading strategies. It's important to note that past performance is not indicative of future results, and thorough testing and validation are recommended before deploying any trading strategy.
Opening Range & Prior Day High/Low [Gorb]Introduction:
Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders.
Overview:
The Opening Range , draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges.
Prior Day High/Low , draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels.
The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you.
Features:
All skill-level friendly presets, easy to enable with one-click
Opening Range: Allows user to choose what time the range starts and ends to measure the high & low.
Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time.
Enable Opening Range Box: allows the user to choose to plot the opening range or not.
ORB Border Color: allows the user to change the box border color.
ORB Box Shade Color: allows the user to change the background of the opening range box.
ORB Line Width: allows users to chose the width of the opening range box lines.
Enable Previous Day High: allows users to enable the previous days high to be plotted.
Enable Previous Day Low: allows users to enable the previous days high to be plotted.
Previous Day High Color: allows users to choose the color for this line.
Previous Day Low Color: allows users to choose the color for this line.
All colors are changeable for the user to customize to their liking.
Usage Demonstration
In the image below, we can see a basic example of how these 3 features function.
As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled.
In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy.
This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups.
In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout.
The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well.
In the image below, we can see how previous days levels can act as resistance to use with the opening range.
Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again.
Conclusion:
We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style.
RISK DISCLAIMER
All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.
