2-Minute Trend and Power Scanner# 2-Minute Trend and Power Scanner: Functionality and Entry Signals
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The TradingView script "2-Minute Trend and Power Scanner" is based on the concept of PowerBar signals on 2-minute charts with 20 and 200 period SMAs, as explained in the video on Youtube ("How To Master the 2-min Chart" from
Oliver Velez Trading).
Here is a detailed description of how it works:
## Basics of the Script
The script uses two essential moving averages:
- 20-period simple moving average (SMA)
- 200-period simple moving average (SMA)
These two SMAs form the basis for trend identification, exactly as described in the video. The 20 SMA is considered the "child," while the 200 SMA functions as the "parent."
## Market Phase Detection
The script identifies three essential market phases:
- **Narrow**: When the distance between the 20 and 200 SMA is small
- **Trending**: When the 20 SMA separates from the 200 SMA and forms a trend
- **Wide**: When the distance between the two SMAs is particularly large
This phase detection corresponds exactly to the concept of three states (flat/narrow, trending, and wide) described in the video.
## PowerBar Definition
A key element for signals are "PowerBars":
- **Bullish PowerBar**: A green candle bar with above-average size (factor definable via powerFactor) that forms near the 20 SMA
- **Bearish PowerBar**: A red candle bar with above-average size that forms near the 20 SMA
The proximity to the 20 SMA is defined by the parameter "nearPerc," which sets the maximum percentage distance.
## Trend Determination
The trend is defined as follows:
- **Bull Trend**: When price > SMA20 > SMA200, and both SMAs have the correct angle which you can set in the input field
- **Bear Trend**: When price SMA20 > SMA200)
- The 20 SMA has the right angle (default: 45-90 degrees)
- The 200 SMA has the right angle (default: 2-90 degrees)
- A bullish PowerBar occurs near the 20 SMA
**Short Signal (Sell signal)**:
- A bear trend exists (price < SMA20 < SMA200), and both SMAs have the correct angle which you can set in the input field
- The 20 SMA has the right angle (default: -90 to -45 degrees)
- The 200 SMA has the right angle (default: -90 to -2 degrees)
- A bearish PowerBar occurs near the 20 SMA
## Trade Management
After a signal:
- Stop-Loss is automatically set based on a percentage
- Take-Profit is also set as a percentage
- Trades are automatically closed before US market close (15:55-16:00 ET)
## Visual Representation
The script offers extensive visual elements:
- Arrow symbols for long and short signals
- Color-coded marking of market phases in the background
- Display of stop-loss and take-profit levels
- Statistics tables for trading results
- Overview of the last 10 trades
## Conceptual Alignment with the Video
The implementation in the script exactly matches the concept presented in the video:
- Using the 2-minute chart as the ideal timeframe for trading experience
- Focus on the "Pictures of Power" when the 20 SMA begins to separate from the 200 SMA
- Buying strength bars (PowerBars) near the 20 SMA
- Trading in alignment with institutional money flow
The script automates the manual process described in the video through precise parameters and mathematical calculations for angles, proximity to SMA, and candle body size.
Daytrading
Destroyer LifeDestroyer Life Strategy - High-Frequency Long & Short Trading
Overview:
The Destroyer Life strategy is an advanced cryptocurrency trading algorithm designed for high-frequency execution on the 15-second timeframe. It combines CRT (Candle Range Trend) and Turtle Soup trading logic with multi-timeframe analysis to optimize entries and exits for both long and short trades. This strategy is specifically optimized for high-volatility crypto pairs, such as SOL/USD on MEXC, ensuring precise execution with minimal drawdown.
Key Features:
15-Second Timeframe Execution: Optimized for ultra-short-term trading.
Long & Short Strategy: Simultaneously identifies profitable buy and sell opportunities.
CRT & Turtle Soup Logic: Leverages price action patterns for enhanced trade accuracy.
Higher Timeframe Analysis (HTF): Incorporates liquidity zones, fair value gaps (FVG), and breaker blocks for context-aware trading.
Dynamic Position Sizing: Uses an adjustable leverage multiplier for risk-controlled trade sizing.
Commission Optimization: Ensures profitability even with trading fees.
Strict Risk Management: Implements exit conditions based on liquidity structure and trend reversals.
Strategy Performance (Backtested on SOL/USD - MEXC):
Overall Profitability: ~80% win rate in backtesting.
Net Profit: $3,151.12 (6.30% ROI).
Gross Profit: $3,795.68 (7.59%).
Gross Loss: $644.56 (1.29%).
Long Trades Profit: $1,459.05 (2.92%).
Short Trades Profit: $1,692.07 (3.38%).
Commission Paid: $924.82.
Minimum Trade Holding Period: 1-minute cooldown between trades.
Trading Logic:
Entry Conditions:
Long Trades: Triggered when the price enters a liquidity void and aligns with higher timeframe bullish bias.
Short Trades: Triggered when price approaches a resistance level with bearish higher timeframe confluence.
CRT & Turtle Soup Patterns: Identifies reversals by analyzing breakout and fake-out structures.
Exit Conditions:
Long Positions Close: Upon price exceeding a 3.88% profit threshold or reversing below an HTF structure.
Short Positions Close: Upon reaching a similar 3.88% threshold or showing strong bullish signals.
Dynamic Position Sizing:
Uses a leverage-based calculation that adapts trade size based on volatility.
Liquidity Awareness:
Tracks Mitigation Blocks (MB), Fair Value Gaps (FVG), Buy/Sell-Side Liquidity (BSL/SSL) to determine optimal execution.
Best Use Cases:
Scalpers & High-Frequency Traders: Those looking for rapid trade execution with short holding periods.
Crypto Traders Focused on Low Timeframes: Optimized for 15-second price action.
Traders Utilizing Liquidity Concepts: Built to exploit liquidity traps and inefficiencies.
Risks & Considerations:
High-Frequency Execution Requires Low Latency: Ensure your broker or exchange supports fast order execution.
Backtested Results May Vary: Real-time performance depends on market conditions.
Commission & Fees Impact Profits: Consider exchanges with low fees to maximize strategy efficiency.
Final Thoughts:
The Destroyer Life Strategy is designed for serious traders looking to take advantage of high-volatility markets with a structured, liquidity-based approach. By combining price action, liquidity concepts, and adaptive risk management, it provides a solid framework for executing high-probability trades on crypto markets.
🚀 Ready to take your trading to the next level? Try Destroyer Life today and dominate the markets!
Ultimator's bottom finder 2.0This indicator is intended to find local bottoms on certain stocks like GME and SPY.
It is only designed to be effective on a few select stocks and will be useless on others.
The bottom finder attempts to find bottoms by using a unique algorithm I developed, which creates a baseline for what the stock "should" look like vs. what it actually looks like.
Since the algorithm was created to mimic GME price action, it will not work as intended on stocks that trade vastly differently. On stocks other than GME (and SPY) you need to test it for yourself to see if it has any functionality.
Large deviations in the actual price vs baseline price create a spike on the indicator with the magnitude of the spike being the guesstimated deviation. This is intended to show options and swap hedging, which coincidentally tend to coincide with local bottoms on the chart. The indicator creates a highlight when it believes it has found a local bottom. It also changes the color of the line based on the magnitude of the spike.
I added a second line, which performs a similar mechanic, so there are two separate baselines running concurrently. The deviation between the two is shown as a shaded area between the lines.
The indicator doesn't (yet) include after hours functionality, and simply zeroes out at close and before open. Because of this, only short timeframes and long timeframes result in any meaningful data.
Optimized for 1 min and 1 day timeframes.
Alerts are set for when the line turns red and when the indicator highlights. These can be toggled in the alerts menu.
Opening Range Breakout (ORB)This is an Opening Range Break indicator. Best if used on a 5 minute chart. It plots the opening 30 minutes high and low of a ticker. (meaning mostly for stocks, options, etfs) and then it alerts a buy signal upon break of opening high and a sell signal upon break of opening low. This is a day trading type of indicator and there is a new opening range everyday.
Ultimate Stochastics Strategy by NHBprod Use to Day Trade BTCHey All!
Here's a new script I worked on that's super simple but at the same time useful. Check out the backtest results. The backtest results include slippage and fees/commission, and is still quite profitable. Obviously the profitability magnitude depends on how much capital you begin with, and how much the user utilizes per order, but in any event it seems to be profitable according to backtests.
This is different because it allows you full functionality over the stochastics calculations which is designed for random datasets. This script allows you to:
Designate ANY period of time to analyze and study
Choose between Long trading, short trading, and Long & Short trading
It allows you to enter trades based on the stochastics calculations
It allows you to EXIT trades using the stochastics calculations or take profit, or stop loss, Or any combination of those, which is nice because then the user can see how one variable effects the overall performance.
As for the actual stochastics formula, you get control, and get to SEE the plot lines for slow K, slow D, and fast K, which is usually not considered.
You also get the chance to modify the smoothing method, which has not been done with regular stochastics indicators. You get to choose the standard simple moving average (SMA) method, but I also allow you to choose other MA's such as the HMA and WMA.
Lastly, the user gets the option of using a custom trade extender, which essentially allows a buy or sell signal to exist for X amount of candles after the initial signal. For example, you can use "max bars since signal" to 1, and this will allow the indicator to produce an extra sequential buy signal when a buy signal is generated. This can be useful because it is possible that you use a small take profit (TP) and quickly exit a profitable trade. With the max bars since signal variable, you're able to reenter on the next candle and allow for another opportunity.
Let me know if you have any questions! Please take a look at the performance report and let me know your thoughts! :)
Overnight vs Intra-day Performance█ STRATEGY OVERVIEW
The "Overnight vs Intra-day Performance" indicator quantifies price behaviour differences between trading hours and overnight periods. It calculates cumulative returns, compound growth rates, and visualizes performance components across user-defined time windows. Designed for analytical use, it helps identify whether returns are primarily generated during market hours or overnight sessions.
█ USAGE
Use this indicator on Stocks and ETFs to visualise and compare intra-day vs overnight performance
█ KEY FEATURES
Return Segmentation : Separates total returns into overnight (close-to-open) and intraday (open-to-close) components
Growth Tracking : Shows simple cumulative returns and compound annual growth rates (CAGR)
█ VISUALIZATION SYSTEM
1. Time-Series
Overnight Returns (Red)
Intraday Returns (Blue)
Total Returns (White)
2. Summary Table
Displays CAGR
3. Price Chart Labels
Floating annotations showing absolute returns and CAGR
Color-coded to match plot series
█ PURPOSE
Quantify market behaviour disparities between active trading sessions and overnight positioning
Provide institutional-grade attribution analysis for returns generation
Enable tactical adjustment of trading schedules based on historical performance patterns
Serve as foundational research for session-specific trading strategies
█ IDEAL USERS
1. Portfolio Managers
Analyse overnight risk exposure across holdings
Optimize execution timing based on return distributions
2. Quantitative Researchers
Study market microstructure through time-segmented returns
Develop alpha models leveraging session-specific anomalies
3. Market Microstructure Analysts
Identify liquidity patterns in overnight vs daytime sessions
Research ETF premium/discount mechanics
4. Day Traders
Align trading hours with highest probability return windows
Avoid overnight gaps through informed position sizing
Buy on 5 day low Strategy█ STRATEGY DESCRIPTION
The "Buy on 5 Day Low Strategy" is a mean-reversion strategy designed to identify potential buying opportunities when the price drops below the lowest low of the previous five days. It enters a long position when specific conditions are met and exits when the price exceeds the high of the previous day. This strategy is optimized for use on daily or higher timeframes.
█ WHAT IS THE 5-DAY LOW?
The 5-Day Low is the lowest price observed over the last five days. This level is used as a reference to identify potential oversold conditions and reversal points.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price is below the lowest low of the previous five days (`close < _lowest `).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous day (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for mean-reverting markets and performs best when the price frequently oscillates around key support levels.
It is sensitive to oversold conditions, as indicated by the 5-Day Low, and overbought conditions, as indicated by the previous day's high.
Backtesting results should be analyzed to optimize the strategy for specific instruments and market conditions.
3-Bar Low Strategy█ STRATEGY DESCRIPTION
The "3-Bar Low Strategy" is a mean-reversion strategy designed to identify potential buying opportunities when the price drops below the lowest low of the previous three bars. It enters a long position when specific conditions are met and exits when the price exceeds the highest high of the previous seven bars. This strategy is suitable for use on various timeframes.
█ WHAT IS THE 3-BAR LOW?
The 3-Bar Low is the lowest price observed over the last three bars. This level is used as a reference to identify potential oversold conditions and reversal points.
█ WHAT IS THE 7-BAR HIGH?
The 7-Bar High is the highest price observed over the last seven bars. This level is used as a reference to identify potential overbought conditions and exit points.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price is below the lowest low of the previous three bars (`close < _lowest `).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
If the EMA Filter is enabled, the close price must also be above the 200-period Exponential Moving Average (EMA).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the highest high of the previous seven bars (`close > _highest `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
MA Period: The lookback period for the 200-period EMA used in the EMA Filter. Default is 200.
Use EMA Filter: Enables or disables the EMA Filter for long entries. Default is disabled.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for mean-reverting markets and performs best when the price frequently oscillates around key support and resistance levels.
It is sensitive to oversold conditions, as indicated by the 3-Bar Low, and overbought conditions, as indicated by the 7-Bar High.
Backtesting results should be analyzed to optimize the MA Period and EMA Filter settings for specific instruments.
Bollinger Bands Reversal + IBS Strategy█ STRATEGY DESCRIPTION
The "Bollinger Bands Reversal Strategy" is a mean-reversion strategy designed to identify potential buying opportunities when the price deviates below the lower Bollinger Band and the Internal Bar Strength (IBS) indicates oversold conditions. It enters a long position when specific conditions are met and exits when the IBS indicates overbought conditions. This strategy is suitable for use on various timeframes.
█ WHAT ARE BOLLINGER BANDS?
Bollinger Bands consist of three lines:
- **Basis**: A Simple Moving Average (SMA) of the price over a specified period.
- **Upper Band**: The basis plus a multiple of the standard deviation of the price.
- **Lower Band**: The basis minus a multiple of the standard deviation of the price.
Bollinger Bands help identify periods of high volatility and potential reversal points.
█ WHAT IS INTERNAL BAR STRENGTH (IBS)?
Internal Bar Strength (IBS) is a measure of where the closing price is relative to the high and low of the bar. It is calculated as:
IBS = (Close - Low) / (High - Low)
A low IBS value (e.g., below 0.2) indicates that the close is near the low of the bar, suggesting oversold conditions. A high IBS value (e.g., above 0.8) indicates that the close is near the high of the bar, suggesting overbought conditions.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The IBS value is below 0.2, indicating oversold conditions.
The close price is below the lower Bollinger Band.
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the IBS value exceeds 0.8, indicating overbought conditions. This prompts the strategy to exit the position.
█ ADDITIONAL SETTINGS
Length: The lookback period for calculating the Bollinger Bands. Default is 20.
Multiplier: The number of standard deviations used to calculate the upper and lower Bollinger Bands. Default is 2.0.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for mean-reverting markets and performs best when the price frequently deviates from the Bollinger Bands.
It is sensitive to oversold and overbought conditions, as indicated by the IBS, which helps to identify potential reversals.
Backtesting results should be analyzed to optimize the Length and Multiplier parameters for specific instruments.
Average High-Low Range + IBS Reversal Strategy█ STRATEGY DESCRIPTION
The "Average High-Low Range + IBS Reversal Strategy" is a mean-reversion strategy designed to identify potential buying opportunities when the price deviates significantly from its average high-low range and the Internal Bar Strength (IBS) indicates oversold conditions. It enters a long position when specific conditions are met and exits when the price shows strength by exceeding the previous bar's high. This strategy is suitable for use on various timeframes.
█ WHAT IS THE AVERAGE HIGH-LOW RANGE?
The Average High-Low Range is calculated as the Simple Moving Average (SMA) of the difference between the high and low prices over a specified period. It helps identify periods of increased volatility and potential reversal points.
█ WHAT IS INTERNAL BAR STRENGTH (IBS)?
Internal Bar Strength (IBS) is a measure of where the closing price is relative to the high and low of the bar. It is calculated as:
IBS = (Close - Low) / (High - Low)
A low IBS value (e.g., below 0.2) indicates that the close is near the low of the bar, suggesting oversold conditions.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price has been below the buy threshold (calculated as `upper - (2.5 * hl_avg)`) for a specified number of consecutive bars (`bars_below_threshold`).
The IBS value is below the specified buy threshold (`ibs_buy_treshold`).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous bar (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Length: The lookback period for calculating the average high-low range. Default is 20.
Bars Below Threshold: The number of consecutive bars the price must remain below the buy threshold to trigger a Buy Signal. Default is 2.
IBS Buy Threshold: The IBS value below which a Buy Signal is triggered. Default is 0.2.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for mean-reverting markets and performs best when the price frequently deviates from its average high-low range.
It is sensitive to oversold conditions, as indicated by the IBS, which helps to identify potential reversals.
Backtesting results should be analyzed to optimize the Length, Bars Below Threshold, and IBS Buy Threshold parameters for specific instruments.
Turn of the Month Strategy on Steroids█ STRATEGY DESCRIPTION
The "Turn of the Month Strategy on Steroids" is a seasonal mean-reversion strategy designed to capitalize on price movements around the end of the month. It enters a long position when specific conditions are met and exits when the Relative Strength Index (RSI) indicates overbought conditions. This strategy is optimized for use on daily or higher timeframes.
█ WHAT IS THE TURN OF THE MONTH EFFECT?
The Turn of the Month effect refers to the observed tendency of stock prices to rise around the end of the month. This strategy leverages this phenomenon by entering long positions when the price shows signs of a reversal during this period.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The current day of the month is greater than or equal to the specified `dayOfMonth` threshold (default is 25).
The close price is lower than the previous day's close (`close < close `).
The previous day's close is also lower than the close two days ago (`close < close `).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
There is no existing open position (`strategy.position_size == 0`).
2. EXIT CONDITION
A Sell Signal is generated when the 2-period RSI exceeds 65, indicating overbought conditions. This prompts the strategy to exit the position.
█ ADDITIONAL SETTINGS
Day of Month: The day of the month threshold for triggering a Buy Signal. Default is 25.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed to exploit seasonal price patterns around the end of the month.
It performs best in markets where the Turn of the Month effect is pronounced.
Backtesting results should be analyzed to optimize the `dayOfMonth` threshold and RSI parameters for specific instruments.
Consecutive Bars Above/Below EMA Buy the Dip Strategy█ STRATEGY DESCRIPTION
The "Consecutive Bars Above/Below EMA Buy the Dip Strategy" is a mean-reversion strategy designed to identify potential buying opportunities when the price dips below a moving average for a specified number of consecutive bars. It enters a long position when the dip condition is met and exits when the price shows strength by exceeding the previous bar's high. This strategy is suitable for use on various timeframes.
█ WHAT IS THE MOVING AVERAGE?
The strategy uses either a Simple Moving Average (SMA) or an Exponential Moving Average (EMA) as a reference for identifying dips. The type and length of the moving average can be customized in the settings.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price is below the selected moving average for a specified number of consecutive bars (`consecutiveBarsTreshold`).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous bar (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Consecutive Bars Threshold: The number of consecutive bars the price must remain below the moving average to trigger a Buy Signal. Default is 3.
MA Type: The type of moving average used (SMA or EMA). Default is SMA.
MA Length: The length of the moving average. Default is 5.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for mean-reverting markets and performs best when the price frequently oscillates around the moving average.
It is sensitive to the number of consecutive bars below the moving average, which helps to identify potential dips.
Backtesting results should be analysed to optimize the Consecutive Bars Threshold, MA Type, and MA Length for specific instruments.
Turn around Tuesday on Steroids Strategy█ STRATEGY DESCRIPTION
The "Turn around Tuesday on Steroids Strategy" is a mean-reversion strategy designed to identify potential price reversals at the start of the trading week. It enters a long position when specific conditions are met and exits when the price shows strength by exceeding the previous bar's high. This strategy is optimized for ETFs, stocks, and other instruments on the daily timeframe.
█ WHAT IS THE STARTING DAY?
The Starting Day determines the first day of the trading week for the strategy. It can be set to either Sunday or Monday, depending on the instrument being traded. For ETFs and stocks, Monday is recommended. For other instruments, Sunday is recommended.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The current day is the first day of the trading week (either Sunday or Monday, depending on the Starting Day setting).
The close price is lower than the previous day's close (`close < close `).
The previous day's close is also lower than the close two days ago (`close < close `).
The signal occurs within the specified time window (between `Start Time` and `End Time`).
If the MA Filter is enabled, the close price must also be above the 200-period Simple Moving Average (SMA).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous bar (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Starting Day: Determines the first day of the trading week. Options are Sunday or Monday. Default is Sunday.
Use MA Filter: Enables or disables the 200-period SMA filter for long entries. Default is disabled.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for markets with frequent weekly reversals.
It performs best in volatile conditions where price movements are significant at the start of the trading week.
Backtesting results should be analysed to optimize the Starting Day and MA Filter settings for specific instruments.
Consecutive Bearish Candle Strategy█ STRATEGY DESCRIPTION
The "Consecutive Bearish Candle Strategy" is a momentum-based strategy designed to identify potential reversals after a sustained bearish move. It enters a long position when a specific number of consecutive bearish candles occur and exits when the price shows strength by exceeding the previous bar's high. This strategy is optimized for use on various timeframes and instruments.
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price has been lower than the previous close for at least `Lookback` consecutive bars. This indicates a sustained bearish move, suggesting a potential reversal.
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous bar (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Lookback: The number of consecutive bearish bars required to trigger a Buy Signal. Default is 3.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for markets with frequent momentum shifts.
It performs best in volatile conditions where price movements are significant.
Backtesting results should be analysed to optimize the `Lookback` parameter for specific instruments.
4 Bar Momentum Reversal strategy█ STRATEGY DESCRIPTION
The "4 Bar Momentum Reversal Strategy" is a mean-reversion strategy designed to identify price reversals following a sustained downward move. It enters a long position when a reversal condition is met and exits when the price shows strength by exceeding the previous bar's high. This strategy is optimized for indices and stocks on the daily timeframe.
█ WHAT IS THE REFERENCE CLOSE?
The Reference Close is the closing price from X bars ago, where X is determined by the Lookback period. Think of it as a moving benchmark that helps the strategy assess whether prices are trending upwards or downwards relative to past performance. For example, if the Lookback is set to 4, the Reference Close is the closing price 4 bars ago (`close `).
█ SIGNAL GENERATION
1. LONG ENTRY
A Buy Signal is triggered when:
The close price has been lower than the Reference Close for at least `Buy Threshold` consecutive bars. This indicates a sustained downward move, suggesting a potential reversal.
The signal occurs within the specified time window (between `Start Time` and `End Time`).
2. EXIT CONDITION
A Sell Signal is generated when the current closing price exceeds the high of the previous bar (`close > high `). This indicates that the price has shown strength, potentially confirming the reversal and prompting the strategy to exit the position.
█ ADDITIONAL SETTINGS
Buy Threshold: The number of consecutive bearish bars needed to trigger a Buy Signal. Default is 4.
Lookback: The number of bars ago used to calculate the Reference Close. Default is 4.
Start Time and End Time: The time window during which the strategy is allowed to execute trades.
█ PERFORMANCE OVERVIEW
This strategy is designed for trending markets with frequent reversals.
It performs best in volatile conditions where price movements are significant.
Backtesting results should be analysed to optimize the Buy Threshold and Lookback parameters for specific instruments.
MTF Fractal Bias Confluence DetectorMTF Fractal Bias Confluence Detector
This indicator, the MTF Fractal Bias Confluence Detector, is based on the idea that the market exhibits fractal behaviour. The origin of the idea traces back to 1963, when Benoit Mandelbrot analyzed the fluctuations in cotton prices over a time series starting in 1900, discovering that price changes exhibited scale-invariant patterns. This means that the curve representing daily price changes mirrored the shape of monthly price changes, highlighting the fractal nature of market behaviour. When applied to swing points across multiple timeframes (MTF), this concept suggests that swing points demonstrate similar patterns regardless of the timeframe being analyzed. These self-similar fractal structures provide traders with insights into market reversals and trends, making them a powerful tool for multi-timeframe analysis.
A Swing Point is made up of three main parts: a move away from the last Break level; forming a peak (pivot point) with a Fakeout of the peak (explained through an example later); and a subsequent move away from it. These swing points recur across all timeframes as part of cyclical momentum patterns, meaning each swing point gives rise to a new cycle of market movement. Due to the fractal nature of the market, larger cycles encompass multiple smaller ones.
The theory behind the Fractal Bias Confluence Detector utilizes the idea that the market movements are fractal in nature and illustrates how such swing points can be identified across MTFs. To do so, we examine the Peak Fakeouts within these cycles, as they form. It is not possible to know in advance how long each of these moves will last, but a Swing Point will often occur with a Peak Fakeout. Therefore, the most critical element is to identify the Peak Fakeout.
The snapshot below captures a Peak Fakeout, as discussed earlier.
Similarly, the following snapshot shows various possible breakdowns of Higher Time Frame (HTF) cycles into smaller Lower Time Frame (LTF) movements. The chart contains a white table(not part of the indicator and shown for illustration purposes only).
To further illustrate. Consider the combination of Time Frames (TF) from the 2nd row (from the above snapshot). Cycle TF (1M), Setup TF (1W), Momentum TF (1D) etc.
Price movements in the 1M TF highlight the direction in which HTF traders are pushing the market. Often, when markets have broken out of a level, they tend to form a peak and can then pull back towards the prior breakout level. Once the pullback is beyond the last breakout level, in the opposite direction, we may say the peak formation is created, and directional bias has changed. This is also called Peak Fakeout. Due to the fractal nature of the market, Swing Points on the HTF will often constitute multiple Swing Points on the LTF, though they are not always in sync. However, after such peak formation, there is a high probability that the price might move away from the peak for at least 1 candle (in the cycle TF). This theory illustrates that once a new cycle is in play, we can then look at 1W (Setup TF) to look for possible in-sync movements, at least within that 1 candle of the HTF. Repeating the same for further lower TFs, we may arrive at a confluence of Fractal Bias and see how the movements in LTF are driven by the HTF momentum.
Another example within the chart:
Note: The above examples are just for illustration purposes, and other permutations and combinations of movements across multiple TFs are also possible.
This indicator aims to help users identify such fractal-bias-confluences, so that they can leverage the fractal nature of the market to get a holistic view. To do so, the indicator displays how the market has moved across multiple time frames, with respect to different historical levels.
Features:
1. The bias summary table
The following snapshot depicts the bias summary table at the bottom right of the chart.
1.1. Workings: The table will display, for various TFs, in the first four (starting from "current" to Prev ) rows, one of the following.
"F/H" , " Acronym for the failed break of the previous high",
"F/L" , " Acronym for the failed break of the previous low",
"B/H" , " Acronym for the break of the previous high",
"B/L" , " Acronym for the break of the previous low",
"IN" , " Acronym for an inside candle (never broke high or low of perv candle)",
"OT" , " Acronym for an outside candle (broke both high and low of previous candle and closing price is in between previous high and low)".
Note: these acronyms are customizable according to the user's choice of terminology in any language, as shown in the snapshot below.
1.1.1 In the above snapshot, the 1st row, called "Current", shows how the current candle is evolving with respect to the previous one. The "previous" row shows how the previous candle closed with respect to the pre-previous one. The next two rows represent the bias of the pre-previous and pre-pre-previous in a similar manner. By default, the bias is updated in real-time, even for the already closed historical candles. For example, if the previous 4H candle closed as a B/H and the current price then comes below the pre-previous 4H candle high, then the bias of the previous candle will get updated to F/H. This informs the user that the break above the pre-previous high has failed. However, the user has the option to turn this off. The information in these four rows shows the user how the market is moving currently and how it evolved before reaching the current price levels.
Note: The calculation done by the indicator is to keep track of how the price is moving with respect to the last candle levels in real-time. This means if the price first goes above the previous high and then goes below the previous low, the indicator is equipped to display what happened in the most recent time. The snapshot below shows the option to turn on/off such updates in the bias summary table.
Note: While the bias summary table is turned on, the user also has the option to turn off Prev and Prev rows, as shown in the snapshot below.
1.1.2 The 2nd to last row, called CL/CS(Consecutive Long/Short), shows whether consecutive (2+) breaks of high/low happened or not in one direction without taking out the previous candle's range in the opposite direction. When conditions are met, it will show the number of times the price has been pushed in one direction (in the above manner), followed by "L" for long and "S" for short, for each TF, for example, "4L". It gets updated in real-time for each push in the same direction. Furthermore, a good analogy of "4L" on an HTF is 4 consecutive Break of Structure (BOS) (in the same direction) on LTF, without a Change of Character (CHoCH). Another example would be Stacey Burke's 3 consecutive rises that can be mapped in the indicator, if the conditions are met for "3L" for a given TF.
1.1.3 The last row, FRC/FGC, stands for the first red/green candle. It shows whether the last candle of a TF has closed as green (i.e., close>open) after posting two red candles (i.e., close<open). This helps understand possible short-term retracements in price movements.
1.2 Customizability
1.2.1 We provide a wide range of customizable options, including multiple time frames to choose from for each type of TFs. This is shown in the snapshot below.
1.2.2 All the acronyms on the summary table are customizable and can be user-defined, including text, background color and transparency. This is shown in the snapshot below.
2. High-low lines
2.1 We also show the high and low of various TFs, including the current high and low lines (which are updated in real-time. This can be observed in one of the previous snapshots.
2.2 Previous high, low and close lines can be extended (for Cycles, Setups and Momentum TFs). Their style and thickness are also customizable. This can be observed in one of the previous snapshots.
Note: The user has the option to turn all the lines off. Sub-options include turning off the current line only. Changing the color, thickness, and transparency of the lines. This can be observed in one of the previous snapshots.
3. Last known Break / Failed Break lines.
3.1 We also depict the last known Break and Failed break lines for the user to have all the important levels at their disposal. This can be observed in one of the previous snapshots.
Note: The user has the option to turn this on/off.
4. Magnifier Box
4.1 We have provided the user to look at thirty 1m candles inside a magnifier box while they are in a higher TF chart.
The user has the option to turn this on/off.
5. Moving Averages (MA)
We have also grouped some built-in MA options for the user to utilize along with other elements of the indicator to help them get another layer of confluence.
The user has the option to turn this on/off.
Disclaimer:
The indicator leverages pre-existing theories of market movements. These can be found in decades-old published materials (like books, journals, public lectures accessible over popular video-sharing websites, etc.). As such, we do not claim to have any exclusive rights over the underlying theories. There are many analogous theories and nomenclatures that users can map onto this indicator. Users may also use the indicator in combination with other indicators.
1. Educational Use Only
The "MTF Fractal Bias Confluence Detector" is provided for educational purposes only. It does not constitute an offer, or an obligation, or a guarantee, of profitable trades or loss prevention.
2. No Financial Advice
This tool should not be viewed as financial advice for either trading or investment(s).
3. User Responsibility
Users alone bear all risks associated with any decisions they make using this tool. Past performance does not guarantee future results.
By using the "MTF Fractal Bias Confluence Detector," you acknowledge that you have read, understood and accepted this disclaimer in its entirety.
JJ Open High and Open Low FinderThis script identifies candles where the open price matches the high price (Open High) and where the open price matches the low price (Open Low). It highlights these candles with labels directly on the chart, making it easy for traders to spot these conditions in real-time.
Features :
- Red "OH" label below candles for Open High.
- Green "OL" label above candles for Open Low.
Use this tool to enhance your trading insights.
** Disclaimer **: This script is for educational purposes only and should not be considered financial advice.
Intelligent Support & Resistance Lines (MTF)This script automatically detects and updates key Support & Resistance (S/R) levels using a higher timeframe (MTF) approach. By leveraging volume confirmation, levels are only identified when significant volume (relative to the SMA of volume) appears. Each level is drawn horizontally in real time, and whenever the market breaks above a resistance level (and retests it), the script automatically converts that resistance into support. The opposite occurs if the market breaks below a support level.
Key Features:
Multi-Timeframe (MTF) Data
Select a higher timeframe for more robust S/R calculations.
The script fetches High, Low, Volume, and SMA of Volume from the chosen timeframe.
Automatic Role Reversal
Resistance becomes Support if a breakout retest occurs.
Support becomes Resistance if a breakdown retest occurs.
Dynamic Line Width & Labeling
Each S/R line’s thickness increases with additional touches, making frequently tested levels easier to spot.
Labels automatically display the number of touches (e.g., “R 3” or “S 2”) and can have adjustable text size.
Volume Threshold
Only significant pivots (where volume exceeds a specified multiplier of average volume) are plotted, reducing noise.
Horizontal Offset for Clarity
Lines are drawn with timestamps instead of bar_index, ensuring that old levels remain visible without chart limitations.
Adjustable Maximum Levels
Maintain a clean chart by limiting how many S/R lines remain at once.
How It Works:
Pivot Detection: The script identifies swing highs and lows from the higher timeframe (timeframeSR).
Volume Check: Only pivots with volume ≥ (SMA Volume * volumeThreshold) qualify.
Line Creation & Updates: New lines are drawn at these pivots, labeled “R #” or “S #,” indicating how many times they’ve been touched.
Role Reversal: If price breaks above a resistance and retests it from above, that line is removed from the resistance array and re-created in the support array (and vice versa).
Inputs:
Timeframe for S/R: Choose the higher timeframe for S/R calculations.
Swing Length: Number of bars to consider in a pivot calculation.
Minimum Touches: Minimum required touches before drawing or updating a level.
Volume Threshold (Multiplier): Determines how much volume (relative to SMA) is needed to confirm a pivot.
Maximum Number of Levels: Caps how many S/R lines can be shown at once.
Color for Resistance & Color for Support: Customize your preferred colors for lines and labels.
Label Size: Select from "tiny", "small", "normal", "large", or "huge" to resize the labels.
Disclaimer:
This script is intended for educational purposes and should not be interpreted as financial or investment advice. Always conduct your own research or consult a qualified professional before making trading decisions.
DCA Alpha 1.0 Trading Tool for Dollar-Cost Averaging
Description:
DCA Alpha 1.0 is a precision-engineered trading tool designed to assist traders and investors in accumulating assets during market downturns. Using proprietary algorithms that combine momentum decay, extreme price deviation metrics, trend dynamics, divergence analysis, and mean regression, it identifies potential bottom extreme zones in various asset classes such as indices, stocks, crypto, and commodities.
This indicator highlights market conditions where assets are oversold, undervalued, or experiencing capitulation—providing disciplined, unleveraged dollar-cost averaging (DCA) opportunities. Ideal for long-term growth strategies, DCA Alpha 1.0 helps cut through market noise, pinpointing moments of peak fear and maximum reward potential.
Whether navigating volatile crypto markets, timing corrections in indices, or accumulating commodities, DCA Alpha 1.0 serves as a vital tool for mastering the art of buying low and building your assets up strategically.
Instructions:
Getting Started:
Add the Indicator:
Install DCA Alpha 1.0 on your TradingView chart.
Select your preferred asset class: stocks, indices, crypto, or commodities.
Choose an appropriate timeframe (e.g., daily or weekly for long-term DCA strategies).
Customize Inputs: Adjust the following settings to align with your strategy:
Percentage of Equity to Trade: Define the portion of your portfolio to allocate per signal (default: 1% equity).
Profit Target Percentages: Set thresholds for locking in gains (default: 50% on lower timeframes, 500% on higher timeframes).
Zones and Signals:
Extreme Negative Zones:
What It Represents:
These zones highlight conditions where prices are deeply oversold, indicating extreme bearish sentiment. The market is likely nearing a bottom, offering high-probability buying opportunities.
Entry Signals:
When the price enters these extreme negative zones, visual markers (e.g., green triangles or other indicators) will signal a potential buying opportunity. These moments are indicative of market exhaustion, signaling that a reversal could be imminent.
Momentum Decay & Divergence:
Momentum decay occurs when price movement slows over time. In extreme negative zones, if prices continue to fall but at a diminishing rate (e.g., decreased volume or a fading oscillator), it suggests weakening bearish momentum. This, coupled with bullish divergence (oscillator forming higher lows while price makes lower lows), signifies a reversal, making it an ideal point to consider dollar-cost averaging into the asset.
Neutral Zones:
What It Represents:
The neutral zone is a state of market equilibrium, where prices are neither overbought nor oversold. The market is in a balanced state, with no strong trend emerging.
Mean Regression:
In a neutral zone, the market is reverting to its mean or average price after overreacting in either direction. A price transition from extreme zones (overbought/oversold) to the neutral zone suggests a reversion to the market's long-term average, making this a period of reduced volatility and uncertainty.
Entering or Exiting Neutral Zones:
Traders should avoid entering or exiting positions during neutral zone conditions unless transitioning from an extreme zone (negative or positive). Transitioning from an extreme negative zone to neutral may suggest an opportunity to accumulate assets gradually, while a shift from neutral to an extreme negative zone may indicate a deeper correction and warrant caution.
Momentum Decay & Divergence (Exiting Neutral Zone):
If prices are rising but the oscillator shows lower highs (bearish divergence), and momentum is fading, this could signal a pullback. A transition out of the neutral zone in this context may prompt traders to hold off on new positions or consider profit-taking.
Extreme Positive Zones:
What It Represents:
Markets can also become overbought or overvalued. When price enters extreme positive zones, the asset may be overvalued, suggesting potential selling or a waiting period.
Exit Signals:
Red triangle indicators signal potential exit points when prices reach overbought conditions, signaling a time to lock in profits and reduce exposure.
Momentum Decay & Divergence (Exiting Positive Zone):
When prices are making new highs but momentum is weakening (momentum decay) and the oscillator is showing lower highs (bearish divergence), this could indicate a faltering rally. Such conditions represent an ideal time to reduce exposure or exit positions.
Key Inputs for Customization:
Percentage of Equity to Trade:
This setting allows you to allocate a portion of your total portfolio per buy signal. By default, 1% of equity is used per signal, but this can be adjusted based on your risk tolerance and strategy.
Profit Target Percentages:
These thresholds help lock in gains once the price moves a set percentage in your favor.
Lower Timeframes: Default profit target of 50%.
Higher Timeframes: Default profit target of 500%.
These settings can be customized for specific risk/reward preferences.
Warning!!! : Aggressive Mode
Aggressive Mode is an advanced feature designed for traders who want to increase the frequency of signals during periods of market volatility. This mode will trigger more frequent entries, even into slightly less extreme zones, capturing short-term reversals.
What Aggressive Mode Does:
It amplifies signals by allowing the tool to identify more frequent price reversals, including brief market corrections, increasing trade frequency. While this can offer more trading opportunities, it also exposes you to higher risk.
Warning:
Aggressive Mode should be used only by experienced traders familiar with short-term volatility. The increased frequency of signals could lead to higher risk exposure. Ensure robust risk management practices, such as stop-loss orders and profit-taking strategies, are in place before activating this mode.
Default Setting:
Aggressive Mode is disabled by default. It can be activated at your discretion based on your experience level and risk appetite.
Best Practices:
Focus on High-Quality Assets: Prioritize assets with strong recovery potential (e.g., major indices, blue-chip cryptocurrencies).
Use Longer Timeframes: Minimize market noise and optimize your DCA strategy by focusing on higher timeframes (e.g., daily or weekly charts).
Review Trading Inputs: Regularly adjust your inputs to ensure they align with your financial goals and risk tolerance.
Implement Risk Management: Use stop-loss orders and profit targets to manage risk, especially when using Aggressive Mode.
Disclaimer:
DCA Alpha 1.0 is designed specifically for unleveraged, long-term dollar-cost averaging strategies. It is not intended for day trading or leveraged positions. The tool excels at identifying market dips but cannot guarantee success. Users are fully responsible for their own risk management, including the use of stop-losses, profit targets, and position sizing.
Aggressive Mode increases trade frequency and may lead to higher exposure and potential losses. Only experienced traders should consider using this mode. Always understand the risks involved before incorporating this tool into your trading strategy.
Resistance & SupportThis indicator combines multiple analytical methods to calculate potential support and resistance levels for the upcoming trading day, leveraging historical price data. The calculations are based on three key areas:
Pivot Points: These are calculated using the previous day's high, low, and close values to provide central price levels, along with first and second-level support and resistance (S1, S2, R1, R2). These levels are commonly used in technical analysis and can serve as reference points for market entries and exits.
3-Day Price Average (3DBP): This value provides a short-term trend signal by averaging the high, low, and close prices over the past three days. The indicator helps identify whether the market has been trading at higher or lower levels recently, which can signal bullish or bearish trends.
Trend Detection: The script also includes a short-term and long-term trend analysis:
Short-Term Trend: The prior day’s 3DBP is compared to the previous day’s 3DBP to gauge the market's short-term direction.
Long-Term Trend: The prior close is compared to the open from 50 days ago, offering an indication of the overall market trend.
These components work together to provide actionable insights on potential entry points. For example:
In a bullish market, support levels may act as potential entry points for long trades when the price retraces.
In a bearish market, resistance levels may act as potential entry points for short trades upon price rejection.
The Trend Table at the top right of the chart displays the short-term and long-term trend information for quick reference. It shows whether the trends are bullish or bearish based on the calculations above.
While originally optimized for the EUR/USD currency pair, this indicator can be applied to other forex pairs. However, results may vary depending on the instrument, and further testing is recommended for non-EUR/USD pairs.
Usage Notes:
Pivot points can often act as both support and resistance. While they provide useful reference levels, in volatile markets, these levels may not always hold. Tight stop-losses are recommended if trading near these levels.
The 3DBP offers insight into past market behavior, and although it’s not guaranteed to act as support or resistance, it can help identify zones of interest in the short term.
This indicator is designed to provide a structured approach to price action analysis, incorporating widely-recognized methods like pivot points and trend detection, while adding unique elements like the 3DBP to enhance its utility.
Ultra Market StructureThe Ultra Market Structure indicator detects key market structure breaks, such as Break of Structure (BoS) and Change of Character (CHoCH), to help identify trend reversals. It plots lines and labels on the chart to visualize these breakpoints with alerts for important signals.
Introduction
This script is designed to help traders visualize important market structure events, such as trend breaks and reversals, using concepts like Break of Structure (BoS) and Change of Character (CHoCH). The indicator highlights internal and external price levels where the market shifts direction. It offers clear visual signals and alerts to keep traders informed of potential changes in the market trend.
Detailed Description
The indicator focuses on detecting "market structure breaks," which occur when the price moves past significant support or resistance levels, suggesting a potential reversal or continuation of the trend.
.........
Type of structure
Internal Structure: Focuses on smaller, shorter-term price levels within the current market trend.
External Structure: Focuses on larger, longer-term price levels that may indicate more significant shifts in the market.
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Key events
Break of Structure (BoS): A market structure break where the price surpasses a previous high (bullish BoS) or low (bearish BoS).
Change of Character (CHoCH): A shift in market behavior when the price fails to continue in the same direction, indicating a possible trend reversal.
Once a break or shift is detected, the script plots lines and labels on the chart to visually mark the breakpoints.
It also provides alerts when a BoS or CHoCH occurs, keeping traders informed in real-time.
The indicator can color the background and candles based on the market structure, making it easy to identify the current trend.
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Special feature
At news events or other momentum pushes most structure indicators will go into "sleep mode" because of too far away structure highs/lows. This indicator has a structure reset feature to solve this issue.
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Detects Break of Structure (BoS) and Change of Character (CHoCH) signals.
Marks internal and external support/resistance levels where market trends change.
Provides visual cues (lines, labels) and real-time alerts for structure breaks.
Offers background and candle color customization to highlight market direction.
Forex Heatmap█ OVERVIEW
This indicator creates a dynamic grid display of currency pair cross rates (exchange rates) and percentage changes, emulating the Cross Rates and Heat Map widgets available on our Forex page. It provides a view of realtime exchange rates for all possible pairs derived from a user-specified list of currencies, allowing users to monitor the relative performance of several currencies directly on a TradingView chart.
█ CONCEPTS
Foreign exchange
The Foreign Exchange (Forex/FX) market is the largest, most liquid financial market globally, with an average daily trading volume of over 5 trillion USD. Open 24 hours a day, five days a week, it operates through a decentralized network of financial hubs in various major cities worldwide. In this market, participants trade currencies in pairs , where the listed price of a currency pair represents the exchange rate from a given base currency to a specific quote currency . For example, the "EURUSD" pair's price represents the amount of USD (quote currency) that equals one unit of EUR (base currency). Globally, the most traded currencies include the U.S. dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), and Australian dollar (AUD), with USD involved in over 87% of all trades.
Understanding the Forex market is essential for traders and investors, even those who do not trade currency pairs directly, because exchange rates profoundly affect global markets. For instance, fluctuations in the value of USD can impact the demand for U.S. exports or the earnings of companies that handle multinational transactions, either of which can affect the prices of stocks, indices, and commodities. Additionally, since many factors influence exchange rates, including economic policies and interest rate changes, analyzing the exchange rates across currencies can provide insight into global economic health.
█ FEATURES
Requesting a list of currencies
This indicator requests data for every valid currency pair combination from the list of currencies defined by the "Currency list" input in the "Settings/Inputs" tab. The list can contain up to six unique currency codes separated by commas, resulting in a maximum of 30 requested currency pairs.
For example, if the specified "Currency list" input is "CAD, USD, EUR", the indicator requests and displays relevant data for six currency pair combinations: "CADUSD", "USDCAD", "CADEUR", "EURCAD", "USDEUR", "EURUSD". See the "Grid display" section below to understand how the script organizes the requested information.
Each item in the comma-separated list must represent a valid currency code. If the "Currency list" input contains an invalid currency code, the corresponding cells for that currency in the "Cross rates" or "Heat map" grid show "NaN" values. If the list contains empty items, e.g., "CAD, ,EUR, ", the indicator ignores them in its data requests and calculations.
NOTE: Some uncommon currency pair combinations might not have data feeds available. If no available symbols provide the exchange rates between two specified currencies, the corresponding table cells show "NaN" results.
Realtime data
The indicator retrieves realtime market prices, daily price changes, and minimum tick sizes for all the currency pairs derived from the "Currency list" input. It updates the retrieved information shown in its grid display after new ticks become available to reflect the latest known values.
NOTE: Pine scripts execute on realtime bars only when new ticks are available in the chart's data feed. If no new updates are available from the chart's realtime feed, it may cause a delay in the data the indicator receives.
Grid display
This indicator displays the requested data for each currency pair in a table with cells organized as a grid. Each row name corresponds to a pair's base currency , and each column name corresponds to a quote currency . The cell at the intersection of a specific row and column shows the value requested from the corresponding currency pair.
For example, the cell at the intersection of a "EUR" row and "USD" column shows the data retrieved for the "EURUSD" currency pair, and the cell at the "USD" row and "EUR" column shows data for the inverse pair ("USDEUR").
Note that the main diagonal cells in the table, where rows and columns with the same names intersect, are blank. The exchange rate from one currency to itself is always 1, and no Forex symbols such as "EUREUR" exist.
The dropdown input at the top of the "Settings/Inputs" tab determines the type of information displayed in the table. Two options are available: "Cross rates" and "Heat map" . Both modes color their cells for light and dark themes separately based on the inputs in the "Colors" section.
Cross rates
When a user selects the "Cross rates" display mode, the table's cells show the latest available exchange rate for each currency pair, emulating the behavior of the Cross Rates widget. Each cell's value represents the amount of the quote currency (column name) that equals one unit of the base currency (row name). This display allows users to compare cross rates across currency pairs, and their inverses.
The background color of each cell changes based on the most recent update to the exchange rate, allowing users to monitor the direction of short-term fluctuations as they occur. By default, the background turns green (positive cell color) when the cross rate increases from the last recorded update and red (negative cell color) when the rate decreases. The cell's color reverts to the chart's background color after no new updates are available for 200 milliseconds.
Heat map
When a user selects the "Heat map" display mode, the table's cells show the latest daily percentage change of each currency pair, emulating the behavior of the Heat Map widget.
In this mode, the background color of each cell depends on the corresponding currency pair's daily performance. Heat maps typically use colors that vary in intensity based on the calculated values. This indicator uses the following color coding by default:
• Green (Positive cell color): Percentage change > +0.1%
• No color: Percentage change between 0.0% and +0.1%
• Bright red (Negative cell color): Percentage change < -0.1%
• Lighter/darker red (Minor negative cell color): Percentage change between 0.0% and -0.1%
█ FOR Pine Script™ CODERS
• This script utilizes dynamic requests to iteratively fetch information from multiple contexts using a single request.security() instance in the code. Previously, `request.*()` functions were not allowed within the local scopes of loops or conditional structures, and most `request.*()` function parameters, excluding `expression`, required arguments of a simple or weaker qualified type. The new `dynamic_requests` parameter in script declaration statements enables more flexibility in how scripts can use `request.*()` calls. When its value is `true`, all `request.*()` functions can accept series arguments for the parameters that define their requested contexts, and `request.*()` functions can execute within local scopes. See the Dynamic requests section of the Pine Script™ User Manual to learn more.
• Scripts can execute up to 40 unique `request.*()` function calls. A `request.*()` call is unique only if the script does not already call the same function with the same arguments. See this section of the User Manual's Limitations page for more information.
• Typically, when requesting higher-timeframe data with request.security() using barmerge.lookahead_on as the `lookahead` argument, the `expression` argument should use the history-referencing operator to offset the series, preventing lookahead bias on historical bars. However, the request.security() call in this script uses barmerge.lookahead_on without offsetting the `expression` because the script only displays results for the latest historical bar and all realtime bars, where there is no future information to leak into the past. Instead, using this call on those bars ensures each request fetches the most recent data available from each context.
• The request.security() instance in this script includes a `calc_bars_count` argument to specify that each request retrieves only a minimal number of bars from the end of each symbol's historical data feed. The script does not need to request all the historical data for each symbol because it only shows results on the last chart bar that do not depend on the entire time series. In this case, reducing the retrieved bars in each request helps minimize resource usage without impacting the calculated results.
Look first. Then leap.
Dynamic Buy/Sell VisualizationDynamic Trend Visualization Indicator
Description:
This simple and easy to use indicator has helped me stay in trades longer.
This indicator is designed to visually represent potential buy and sell signals based on the crossover of two Simple Moving Averages (SMA). It's crafted to assist traders in identifying trend directions in a straightforward manner, making it an excellent tool for both beginners and experienced traders.
Features:
Customizable Moving Averages: Users can adjust the period length for both short-term (default: 10) and long-term (default: 50) SMAs to suit their trading strategy.
Visual Signals: Dynamic lines appear at the points of SMA crossover, with labels to indicate 'BUY' or 'SELL' opportunities.
Color and Style Customization: Customize the appearance of the buy and sell lines for better chart readability.
Alert Functionality: Alerts are set up to notify users when a crossover indicating a buy or sell condition occurs.
How It Works:
A 'BUY' signal is generated when the short-term SMA crosses above the long-term SMA, suggesting an upward trend.
A 'SELL' signal is indicated when the short-term SMA crosses below the long-term SMA, pointing to a potential downward trend.
Use Cases:
Trend Following: Ideal for markets with clear trends. For example, if trading EUR/USD on a daily chart, setting the short SMA to 10 days and the long SMA to 50 days might help in capturing longer-term trends.
Scalping: In a volatile market, setting shorter periods (e.g., 5 for short SMA and 20 for long SMA) might catch quicker trend changes, suitable for scalping.
Examples of how to use
* Short-term for Quick Trades:
SMA 5 and SMA 21:
Purpose: This combination is tailored for day traders or those looking to engage in scalping. The 5 SMA will react rapidly to price changes, providing early signals for buy or sell opportunities. The 21 SMA, being a Fibonacci number, offers a slightly longer-term view to confirm the short-term trend, helping to filter out minor fluctuations that might lead to false signals.
* Middle-term for Swing Trading:
SMA 10 and SMA 50:
Purpose: Suited for swing traders who aim to capitalize on medium-term trends. The 10 SMA picks up on immediate market movements, while the 50 SMA gives insight into the medium-term direction. This setup helps in identifying when a short-term trend aligns with a longer-term trend, providing a good balance for trades that might last several days to a couple of weeks.
* Long-term Trading:
SMA 50 and SMA 200:
Purpose: Investors focusing on long-term trends would benefit from this pair. The crossover of the 50 SMA over the 200 SMA can indicate the beginning or end of major market trends, ideal for making decisions about long-term holdings that might span months or years.
Example Strategy if not using the Buy / Sell Label Alerts:
Entry Signal: Enter a long position when the shorter SMA crosses above the longer SMA. For example:
SMA 10 crosses above SMA 50 for a medium-term bullish signal.
Exit Signal: Consider exiting or initiating a short position when:
SMA 10 crosses below SMA 50, suggesting a bearish turn in the medium-term trend.
Confirmation: Use these crossovers in conjunction with other indicators like volume or momentum indicators for better confirmation. For instance, if you're using the 5/21 combination, look for volume spikes on crossovers to confirm the move's strength.
When Not to Use:
Sideways or Range-Bound Markets: The indicator might generate many false signals in a non-trending market, leading to potential losses.
High Volatility Without Clear Trends: Rapid price movements without a consistent direction can result in misleading crossovers.
As a Standalone Tool: It should not be used in isolation. Combining with other indicators like RSI or MACD for confirmation can enhance trading decisions.
Practical Example:
Buy Signal: If you're watching Apple Inc. (AAPL) on a weekly chart, a crossover where the 10-week SMA moves above the 50-week SMA could suggest a buying opportunity, especially if confirmed by volume increase or other technical indicators.
Sell Signal: Conversely, if the 10-week SMA dips below the 50-week SMA, it might be time to consider selling, particularly if other bearish signals are present.
Conclusion:
The "Dynamic Trend Visualization" indicator provides a visual aid for trend-following strategies, offering customization and alert features to streamline the trading process. However, it's crucial to use this in conjunction with other analysis methods to mitigate the risks of false signals or market anomalies.
Legal Disclaimer:
This indicator is for educational purposes only. It does not guarantee profits or provide investment advice. Trading involves risk; please conduct thorough or consult with a financial advisor. The creator is not responsible for any losses incurred. By using this indicator, you agree to these terms.
