Daksh RSI POINT to ShootHere are the key points and features of the Pine Script provided:
### 1. **Indicator Settings**:
- The indicator is named **"POINT and Shoot"** and is set for non-overlay (`overlay=false`) on the chart.
- `max_bars_back=4000` is defined, indicating the maximum number of bars that the script can reference.
### 2. **Input Parameters**:
- `Src` (Source): The price source, default is `close`.
- `rsilen` (RSI Length): The length for calculating RSI, default is 20.
- `linestylei`: Style for the trend lines (`Solid` or `Dashed`).
- `linewidth`: Width of the plotted lines, between 1 and 4.
- `showbroken`: Option to show broken trend lines.
- `extendlines`: Option to extend trend lines.
- `showpivot`: Show pivot points (highs and lows).
- `showema`: Show a weighted moving average (WMA) line.
- `len`: Length for calculating WMA, default is 9.
### 3. **RSI Calculation**:
- Calculates a custom RSI value using relative moving averages (`ta.rma`), and optionally uses On-Balance Volume (`ta.obv`) if `indi` is set differently.
- Plots RSI values as a green or red line depending on its position relative to the WMA.
### 4. **Pivot Points**:
- Utilizes the `ta.pivothigh` and `ta.pivotlow` functions to detect pivot highs and lows over the defined period.
- Stores up to 10 recent pivot points for highs and lows.
### 5. **Trend Line Drawing**:
- Lines are drawn based on pivot highs and lows.
- Calculates potential trend lines using linear interpolation and validates them by checking if subsequent bars break or respect the trend.
- If the trend is broken, and `showbroken` is enabled, it draws dotted lines to represent these broken trends.
### 6. **Line Management**:
- Initializes multiple lines (`l1` to `l20` and `t1` to `t20`) and uses these lines for drawing uptrend and downtrend lines.
- The maximum number of lines is set to 20 for uptrends and 20 for downtrends, due to a limit on the total number of lines that can be displayed on the chart.
### 7. **Line Style and Color**:
- Defines different colors for uptrend lines (`ulcolor = color.red`) and downtrend lines (`dlcolor = color.blue`).
- Line styles are determined by user input (`linestyle`) and use either solid or dashed patterns.
- Broken lines use a dotted style to indicate invalidated trends.
### 8. **Pivot Point Plotting**:
- Plots labels "H" and "L" for pivot highs and lows, respectively, to visually indicate turning points on the chart.
### 9. **Utility Functions**:
- Uses helper functions to get the values and positions of the last 10 pivot points, such as `getloval`, `getlopos`, `gethival`, and `gethipos`.
- The script uses custom logic for line placement based on whether the pivots are lower lows or higher highs, with lines adjusted dynamically based on price movement.
### 10. **Plotting and Visuals**:
- The main RSI line is plotted using a color gradient based on its position relative to the WMA.
- Horizontal lines (`hline1` and `hline2`) are used for visual reference at RSI levels of 60 and 40.
- Filled regions between these horizontal lines provide visual cues for potential overbought or oversold zones.
These are the main highlights of the script, which focuses on trend detection, visualization of pivot points, and dynamic line plotting based on price action.
المستويات والنقاط المحورية
Aurous - Horizontal Rays Define Pip Size:
Since 1 pip for XAUUSD is usually considered as 0.1, the pip Size is set to 0.1. A 50-pip interval is therefore 50 * 0.1 = 5.0.
Nearest Pip Level Calculation:
We find the nearest 50-pip level based on the current price of XAUUSD. The formula nearestPipLevel = round(close / pipInterval) * pipInterval rounds the current price to the nearest multiple of the 50-pip interval.
Loop for Multiple Lines:
We use a loop that runs from -20 to 20 to plot horizontal ray lines 50 pips above and below the current price. The range (-20 to 20) ensures there are enough lines plotted both above and below the price.
Horizontal Ray Lines:
The line.new function is used to draw the horizontal rays, extending to the right.
Plot Current Price:
We also plot the closing price with a blue line to make it easier to track the price against the horizontal rays.
Strength/Weakness IndicatorThe Strength/Weakness Indicator is a customisable tool designed to help traders identify key areas of market strength and weakness based on the 50% Fibonacci retracement level .
█ Underlying Concept:
The concept behind this indicator draws heavily on the principles of Fibonacci retracement and WD Gann’s market theories , particularly the importance of the 50% level in signalling critical psychological areas of support and resistance. Historically, the 50% retracement level has been regarded as a key marker where markets either find new buyers/sellers or continue a trend. Gann himself placed significant emphasis on the halfway point of a previous market move as a critical level for market strength and reversal.
Strength : When an asset is trading above the 50% retracement level, it suggests that buyers are in control and that the market is showing strength. This is particularly useful for traders aiming to ride the continuation of an uptrend.
Weakness : Conversely, when the price falls below the 50% retracement level, it indicates that sellers are dominating, and the market is showing signs of weakness. This can be an early indication of a potential reversal or further decline.
█ Key Features:
1 — Multi-Timeframe Fibonacci Analysis :
This indicator supports up to two distinct retracement levels, allowing traders to analyse multiple timeframes simultaneously. Customise the look-back periods for each level to track the highest high and lowest low over your chosen period.
The tool is adaptable to short-term, swing trading, and long-term investing, making it useful across different trading styles.
2 — Dynamic Strength/Weakness Labelling :
The script dynamically calculates and displays whether the asset is “STRONG” or “WEAK” based on its position relative to the 50% retracement levels. If the price is above both levels, it is considered "VERY STRONG." Conversely, trading below both levels signals "VERY WEAK" conditions. This real-time feedback helps traders gauge market sentiment with ease.
3 — Customizable Visual Representation :
Both retracement levels are fully customisable, including line colours, styles, and thicknesses. The script offers custom background fills—highlighting areas of strength (green) and weakness (red)—to provide a clear visual aid for identifying key price zones.
Traders can modify the appearance of text labels (size, colour, position) and choose whether to extend lines left, right, both directions, or not at all.
4 — Cross-Timeframe Validation :
Traders can cross-reference price action between two timeframes to confirm trends. If both levels signal strength or weakness, it validates market momentum, increasing confidence in trade decisions.
5 — Strategic Decision-Making Aid :
The indicator aids in identifying support and resistance zones based on the 50% retracement level. Use it to time entries and exits effectively: price above the 50% level suggests potential trend continuation, while falling below may indicate reversal.
█ How It Works:
1 — Defining Custom Timeframes :
The trader selects custom time periods (days, weeks, months, or years) to calculate the highest high and lowest low, allowing precise control over the analysis.
2 — Calculating Strength/Weakness :
Once the 50% retracement level is calculated, the price’s position relative to it determines the market’s condition. Above 50% signals strength, below signals weakness.
3 — Comparing Multiple Timeframes :
Enable a second retracement level to compare different time periods. This feature is useful for spotting divergences between short-term and long-term trends or validating strength across timeframes.
█ How to Use:
1 — Assess Market Conditions :
If price trades above both 50% retracement levels, it indicates strong bullish momentum. Conversely, trading below both levels signals bearish conditions.
2 — Plan Entries/Exits :
Use the 50% level as a reference for support and resistance. Plan to enter when the price bounces off the 50% level, or exit if it breaks down below this critical level.
3 — Cross-Timeframe Analysis :
Validate the market trend by comparing retracement levels across different timeframes. This helps in confirming whether the trend is strong enough to justify holding a position.
█ Why This Indicator is Unique:
Comprehensive Multi-Timeframe Analysis : While most Fibonacci indicators focus on a single period, this tool provides a deeper understanding by allowing traders to compare price action across multiple timeframes.
Customizable and Dynamic : The real-time strength/weakness labeling, customizable background fills, and the ability to analyze two retracement levels simultaneously make this tool adaptable to any trading strategy.
Valuable for All Traders : Whether you are day trading, swing trading, or investing long-term, the Strength/Weakness Indicator offers clarity on key market levels and sentiment, improving decision-making for entries and exits.
Disclaimer : This script is for educational purposes and is not financial advice. Trading involves significant risk, so please consult a professional advisor before making investment decisions. For the best results, use this indicator alongside other technical analysis methods like trend lines or moving averages to help you confirm signals and make more informed decisions.
FiboTrace.V33FiboTrace.V33 - Advanced Fibonacci Retracement Indicator is a powerful and visually intuitive Fibonacci retracement indicator designed to help traders identify key support and resistance levels across multiple timeframes. Whether you’re a day trader, swing trader, or long-term investor, FiboTrace.V33 provides the essential tools needed to spot potential price reversals and continuations with precision.
Key Features:
• Dynamic Fibonacci Levels: Automatically plots the most relevant Fibonacci retracement levels based on recent swing highs and lows, ensuring you always have the most accurate and up-to-date levels on your chart.
• Gradient Color Zones: Easily distinguish between different Fibonacci levels with visually appealing gradient color fills. These zones help you quickly identify key areas of price interaction, making your analysis more efficient.
• Customizable Levels: Tailor FiboTrace.V33 to your trading style by adjusting the Fibonacci levels and colors to match your preferences. This flexibility allows you to focus on the levels most relevant to your strategy.
• Multi-Timeframe Versatility: Works seamlessly across all timeframes, from 1-minute charts for day traders to weekly and monthly charts for long-term investors. The indicator adapts to your trading horizon, providing reliable signals in any market environment.
• Confluence Alerts: Receive alerts when price enters zones where multiple Fibonacci levels overlap, indicating strong support or resistance. This feature helps you catch high-probability trade setups without constantly monitoring the charts.
How to Use:
• Identify Entry and Exit Points: Use the plotted Fibonacci levels to determine potential entry and exit points. Price retracements to key Fibonacci levels can signal opportunities to enter trades in the direction of the prevailing trend.
• Spot Reversals and Continuations: Watch for price action around the gradient color zones. A bounce off a Fibonacci level may indicate a trend continuation, while a break could signal a potential reversal.
• Combine with Other Indicators: For best results, consider using FiboTrace.V33 in conjunction with other technical indicators, such as moving averages, RSI, or MACD, to confirm signals and enhance your trading strategy.
Timeframe Recommendations:
• Shorter Timeframes (1-minute to 1-hour): Ideal for quick, intraday trades, though signals might be more prone to noise due to rapid market fluctuations.
• Medium Timeframes (4-hour to daily): Perfect for swing trading, offering more reliable Fibonacci levels that capture broader market trends.
• Longer Timeframes (weekly to monthly): Best for long-term investors, where Fibonacci levels act as strong support and resistance based on significant market moves.
• General Tip: Fibonacci retracement levels are more reliable on higher timeframes, but combining them with other indicators like moving averages or RSI can enhance signal accuracy across any timeframe.
Why FiboTrace.V33?
FiboTrace.V33 is more than just a Fibonacci retracement tool—it’s an essential part of any trader’s toolkit. Its intuitive design and advanced features help you stay ahead of the market, making it easier to identify high-probability trading opportunities and manage risk effectively.
Psychological Price Level - Prime TradingThis Pine Script is designed for the TradingView platform to display **Psychological Price Levels (PPLs)** on the chart. These levels represent key price zones, such as round numbers (e.g., 1.000, 1.500), which traders often consider as significant support or resistance levels.
### Main Features:
1. **PPL Level Calculation:**
- The script calculates and plots psychological price levels above and below the current price based on the instrument's tick size.
- It can plot multiple levels determined by the user through inputs.
2. **Visual Representation:**
- Each PPL level is shown as a horizontal line, styled according to user preferences (solid, dotted, or dashed), with a customizable color and width.
3. **Highlighting Levels with Boxes:**
- A semi-transparent colored box surrounds each PPL level, highlighting these zones visually.
- The color and size of the box can be adjusted, with a default color close to `#9FA5B8` (a light blue-gray), and 90% transparency to blend into the background.
4. **Customization:**
- Users can customize the number of PPLs plotted, the style of the lines, box color, and line thickness, making the levels adaptable to different chart setups.
In summary, this script helps traders quickly identify key psychological price levels on the chart, aiding decision-making by highlighting these important zones.
Key Zone LocatorThe "Key Locator" indicator identifies important price levels on a chart by analyzing historical data. It does this by:
Counting Touches: It calculates how many times the price touches each level within a specified period. This helps identify levels that the market frequently interacts with, which can indicate significant support or resistance.
Measuring Volume: It also sums up the trading volume at each level during the same period. High volume at a particular level can suggest strong interest or activity, making that level more significant.s based on historical market activity.
By combining these two metrics—touches and volume—the indicator highlights the most important price level on the chart, helping traders make informed decisions based on where the market has shown significant activity in the past.
Level Calculation:
The indicator first identifies the highest and lowest prices over a specified period, which is determined by the length parameter. It then divides this price range into 200 equal segments, creating potential key levels across the chart. Each segment represents a level where the price might show significant activity.
Metric Calculation:
For each of these levels, the indicator calculates two key metrics. First, it counts how many times the price touches or crosses each level during the specified period. Second, it sums up the trading volume associated with these touches at each level. This dual analysis helps in identifying levels that are not only frequently interacted with but also have substantial trading activity.
Normalization:
To facilitate comparison between different levels, the indicator normalizes both the touch count and the volume for each level to a scale from 0 to 10. This involves dividing each metric by its maximum observed value in the period and scaling it accordingly, ensuring that both metrics are on a comparable scale.
Scoring and Balancing:
Each level is assigned a score based on a weighted average of its normalized touch and volume scores. The weight_balance parameter allows users to adjust the emphasis between touches and volume. A higher weight on touches will prioritize levels frequently interacted with, while more emphasis on volume will highlight levels with significant trading activity.
Identify Key Level:
Finally, the indicator identifies the level with the highest combined score as the most significant. This key level is plotted on the chart in red, providing traders with a visual indication of potential areas of support or resistance based on historical data.
This comprehensive approach allows traders to pinpoint where crucial market activity has occurred, aiding them in making strategic decisions based on historical price behavior and trading volumes.
Please note that while the "Key Locator" indicator provides valuable insights based on historical data, it does not guarantee future performance or outcomes. Trading involves risks, and it's important to use this tool in conjunction with other analysis methods and risk management strategies. Always consider your financial situation and consult with a financial advisor if necessary before making trading decisions.
Rolling Straddle PremiumScript is Basically intended to provide insight's on the Rolling Straddle premium for the selected index based on the input settings.
Important thing to consider for the script to work seamlessly:
Specify the LTP in the input field (need not be very accurate)
Specify the Expiry Date for the Option Strike.
Ensure Profile matches to the chart script (Index Script)
Note: Zones marked in Blue, is the max level that indicator can track the option prices. beyond which it may fail to track, during such time consider reloading the indicator with Latest LTP .
Labels on the chart indicate that If i had shorted the Straddle, what would be my current position of that Straddle. however the rational behind shorting is only the pivot high points (not sure if this is right or wrong! )
Note On Labels: Labels are delayed basis the pivot point candles specified in the indicator settings.
EN: Entry Price (Straddle Premium) of the Strike Specified.
Cur: Current Price ( Current Straddle Premium ) of the Strike Specified.
SH: Max Straddle Premium ( Increase in Premium ) since position is active.
SL: Min Straddle Premium ( Premium Erosion ) since position is active.
Support and Resistance DynamicThis indicator is designed to plot horizontal lines on significant Support and Resistance based on custom user-defined lookback periods. It helps traders identify key levels of support and resistance, improving their ability to detect potential trend reversals or breakout zones.
Key Features:
1. Custom Number of Support and Resistance Lines:
- The script allows users to independently control the number of horizontal lines for Support and Resistance, helping to focus on the most important levels.
2. Adjustable Lookback Period
- Customize the lookback periods for detecting support and resistance, giving you the flexibility to capture different swing points in various market conditions.
3. Minimum Difference Filter:
- The script includes a customizable minimum difference percentage filter to ensure only significant pivots are plotted, avoiding clutter and focusing on more meaningful levels.
4. Automatic Line Extension:
- Pivot high and low lines automatically extend to the right, clearly marking key levels until they are broken or surpassed by price action.
This tool is ideal for technical traders who rely on support and resistance zones for making trading decisions. Whether you are swing trading, day trading, or scalping, these key levels can help enhance your chart analysis.
How to Use:
- Customize the number of support and resistance lines to suit your strategy.
- Adjust the lookback settings to match your timeframe or market conditions.
- Fine-tune the minimum difference percentage to filter out noise and focus on stronger support and resistance.
This script provides a dynamic and customizable way to visualize support and resistance, helping you spot key turning points and make informed trading decisions.
Ultimate ZonesThe story is simple: I didn't find a support/resistance zones indicator that I actually liked, so I made my own.
Features:
Independent of the chart timeframe (zones don't change if you switch timeframes) - very important for practical use
Live mode (repainting) plus historic mode (non-repainting)
Selectable timeframe for zone calculation (default: daily)
Can adjust how far the indicator looks back into the past (default: 500 days)
Can adjust pivot period to find more or fewer zones
Zone heights are based on long-term ATR (to adapt to the asset's volatility automatically)
Price tolerance multiplier is adjustable
Option to merge zones which are close together into one ("fat zones")
I find that together these options (especially those in the "sensitivity" section) allow me to automatically generate almost all the zones I want to see. Occasionally, I do draw some additional zones to get the perfect image I'm looking for on the chart.
Explanation
We detect pivot points on the selected zone timeframe (taking pivot period and lookback limit into account). Then we combine these pivot points into a zone if they are close enough together in price (here the tolerance parameter comes into play). If "fat zones" is selected, we perform these merges more aggressively even if the resulting zone becomes taller than the standard tolerance.
The ATR used for the tolerance is a 500 period ATR, but if there are less than 500 bars available, we use the average of the bars available so far, so we always have a value to work with.
In order for a zone to be displayed, it must have been touched by at least 2 separate pivot points. We do not distinguish between pivot highs and pivot lows because support is known to turn into resistance and vice versa.
In live mode, we draw the currently active zones as boxes.
In historic mode, we plot the active zones at each bar using "plot" and "fill", so there is no repainting or erasing, and you can see which zones were active at any past date. For practical reasons, we draw a maximum of 15 zones around the current price (i.e. 7-8 zones above and 7-8 zones below the price).
Fibonacci Pivot | SyedFibonacci pivots combine Fibonacci retracement levels with pivot points to provide potential support and resistance levels. This tool is based on the idea that price tends to retrace a predictable portion of a move, after which it often continues in the original direction.
Here’s a breakdown of Fibonacci pivots:
1. Pivot Point (PP)
The central level that acts as the main reference point for support and resistance levels. It’s calculated as the average of the high, low, and close of the previous period (typically a day).
Formula:
𝑃
𝑃
=
(
𝐻
𝑖
𝑔
ℎ
+
𝐿
𝑜
𝑤
+
𝐶
𝑙
𝑜
𝑠
𝑒
)
3
PP=
3
(High+Low+Close)
2. Fibonacci-Based Support and Resistance Levels
These levels are derived by multiplying the range (High - Low) of the previous period with key Fibonacci ratios (23.6%, 38.2%, 61.8%, etc.), then adding or subtracting this result from the Pivot Point.
The Fibonacci ratios used in Fibonacci pivots are typically:
38.2%: A strong retracement level.
61.8%: The golden ratio, a key Fibonacci level that often acts as major support or resistance.
100%: Full retracement from the previous period's high or low.
Fibonacci Support Levels (S1, S2, S3, etc.)
These levels indicate potential areas where the price might find support:
S1 = PP - (Range * 0.382)
S2 = PP - (Range * 0.618)
S3 = PP - (Range * 1)
Fibonacci Resistance Levels (R1, R2, R3, etc.)
These are the areas where price might face resistance:
R1 = PP + (Range * 0.382)
R2 = PP + (Range * 0.618)
R3 = PP + (Range * 1)
Interpretation
R1/R2/R3: Potential resistance levels where price might face selling pressure.
S1/S2/S3: Potential support levels where price might encounter buying interest.
Pivot Point (PP): Acts as the primary level of interest. If the price is above the PP, it suggests bullish sentiment; if below, bearish sentiment.
Example
RSI (Kernel Optimized) | Flux Charts💎 GENERAL OVERVIEW
Introducing our new KDE Optimized RSI Indicator! This indicator adds a new aspect to the well-known RSI indicator, with the help of the KDE (Kernel Density Estimation) algorithm, estimates the probability of a candlestick will be a pivot or not. For more information about the process, please check the "HOW DOES IT WORK ?" section.
Features of the new KDE Optimized RSI Indicator :
A New Approach To Pivot Detection
Customizable KDE Algorithm
Realtime RSI & KDE Dashboard
Alerts For Possible Pivots
Customizable Visuals
❓ HOW TO INTERPRET THE KDE %
The KDE % is a critical metric that reflects how closely the current RSI aligns with the KDE (Kernel Density Estimation) array. In simple terms, it represents the likelihood that the current candlestick is forming a pivot point based on historical data patterns. a low percentage suggests a lower probability of the current candlestick being a pivot point. In these cases, price action is less likely to reverse, and existing trends may continue. At moderate levels, the possibility of a pivot increases, indicating potential trend shifts or consolidations.Traders should start monitoring closely for confirmation signals. An even higher KDE % suggests a strong likelihood that the current candlestick could form a pivot point, which could lead to a reversal or significant price movement. These points often align with overbought or oversold conditions in traditional RSI analysis, making them key moments for potential trade entry or exit.
📌 HOW DOES IT WORK ?
The RSI (Relative Strength Index) is a widely used oscillator among traders. It outputs a value between 0 - 100 and gives a glimpse about the current momentum of the price action. This indicator then calculates the RSI for each candlesticks, and saves them into an array if the candlestick is a pivot. The low & high pivot RSIs' are inserted into two different arrays. Then the a KDE array is calculated for both of the low & high pivot RSI arrays. Explaining the KDE might be too much for this write-up, but for a brief explanation, here are the steps :
1. Define the necessary options for the KDE function. These are : Bandwidth & Nº Steps, Array Range (Array Max - Array Min)
2. After that, create a density range array. The array has (steps * 2 - 1) elements and they are calculated by (arrMin + i * stepCount), i being the index.
3. Then, define a kernel function. This indicator has 3 different kernel distribution modes : Uniform, Gaussian and Sigmoid
4. Then, define a temporary value for the current element of KDE array.
5. For each element E in the pivot RSI array, add "kernel(densityRange.get(i) - E, 1.0 / bandwidth)" to the temporary value.
6. Add 1.0 / arrSize * to the KDE array.
Then the prefix sum array of the KDE array is calculated. For each candlestick, the index closest to it's RSI value in the KDE array is found using binary search. Then for the low pivot KDE calculation, the sum of KDE values from found index to max index is calculated. For the high pivot KDE, the sum of 0 to found index is used. Then if high or low KDE value is greater than the activation threshold determined in the settings, a bearish or bullish arrow is plotted after bar confirmation respectively. The arrows are drawn as long as the KDE value of current candlestick is greater than the threshold. When the KDE value is out of the threshold, a less transparent arrow is drawn, indicating a possible pivot point.
🚩 UNIQUENESS
This indicator combines RSI & KDE Algorithm to get a foresight of possible pivot points. Pivot points are important entry, confirmation and exit points for traders. But to their nature, they can be only detected after more candlesticks are rendered after them. The purpose of this indicator is to alert the traders of possible pivot points using KDE algorithm right away when they are confirmed. The indicator also has a dashboard for realtime view of the current RSI & Bullish or Bearish KDE value. You can fully customize the KDE algorithm and set up alerts for pivot detection.
⚙️ SETTINGS
1. RSI Settings
RSI Length -> The amount of bars taken into account for RSI calculation.
Source -> The source value for RSI calculation.
2. Pivots
Pivot Lengths -> Pivot lengths for both high & low pivots. For example, if this value is set to 21; 21 bars before AND 21 bars after a candlestick must be higher for a candlestick to be a low pivot.
3. KDE
Activation Threshold -> This setting determines the amount of arrows shown. Higher options will result in more arrows being rendered.
Kernel -> The kernel function as explained in the upper section.
Bandwidth -> The bandwidth variable as explained in the upper section. The smoothness of the KDE function is tied to this setting.
Nº Bins -> The Nº Steps variable as explained in the upper section. It determines the precision of the KDE algorithm.
Liquidity Zones [BigBeluga]This indicator is designed to detect liquidity zones on the chart by identifying significant pivot highs and lows filtered by volume strength. It plots these zones as boxes, highlighting areas where liquidity is likely to accumulate. The indicator also draws lines extending from these boxes, marking the levels where price may "grab" this liquidity. The size of these boxes can be dynamic, adjusting based on the volume size, offering a visual representation of market areas where traders might expect significant price reactions.
🔵 IDEA
The idea behind the Liquidity Zones indicator is to help traders identify key market levels where liquidity accumulates. Liquidity zones are areas where there are enough buy or sell orders that can potentially lead to significant price movements. By focusing on pivot points filtered by volume strength, the indicator aims to provide a clearer picture of where large players may have positioned their orders. This insight allows traders to anticipate potential market reactions, such as reversals or breakouts, when the price reaches these zones. The option for dynamic box height further refines the visualization, showing the extent of liquidity based on the volume's intensity.
🔵 KEY FEATURES & USAGE
◉ Volume-Filtered Pivot Highs and Lows:
The indicator scans for pivot highs and lows on the chart, filtering these points based on the volume strength setting (Low, Mid, High). This ensures that only the most significant liquidity zones, backed by notable trading volume, are highlighted. Traders can adjust the filter to focus on different levels of market activity, from small fluctuations to major volume spikes.
Low:
Mid:
High:
◉ Dynamic and Static Liquidity Zones:
Liquidity zones are plotted as boxes around pivot points, with an optional dynamic mode that adjusts the box height based on the normalized volume. This dynamic adjustment reflects the liquidity carried by the volume, making it easier to gauge the significance of each zone. In static mode, the boxes have a fixed height, providing a consistent visual reference for the zones.
◉ Color Intensity Based on Volume:
The indicator adjusts the color intensity of the liquidity zones based on the volume strength. Higher volume zones will be displayed with more intense colors, giving a visual cue to the strength of the liquidity present in that area. This makes it easier to differentiate between zones of varying importance at a glance, allowing traders to quickly identify where the market has the highest concentration of liquidity.
◉ Liquidity Grab Detection and Red Circles:
When the price interacts with a liquidity zone, the indicator detects whether liquidity has been "grabbed" at these levels. If the price moves into a zone and crosses a level, the box label changes to "Liquidity Grabbed," and the line marking the level becomes dashed.
Reversal Points:
The beginning of a trend:
Additionally marks these "liquidity grabs" with red circles, indicating both recent and past liquidity grabs. This feature helps traders identify areas where liquidity has been absorbed by the market, which may signal potential reversals or shifts in market direction.
◉ Dashboard Display:
A dashboard in the upper right corner of the chart provides an overview of the indicator's settings and status. It shows the number of plotted zones, as set in the input settings, and whether the dynamic mode is active. This quick reference helps traders stay informed about the indicator's configuration without needing to open the settings panel.
🔵 CUSTOMIZATION
Length & Zones Amount: Set the length for pivot detection and the maximum number of zones to be displayed on the chart. This allows you to control how many liquidity zones you want to monitor at any given time.
Volume Strength Filter: Adjust the filter to Low, Mid, or High to control the strength of volume required for a pivot to be considered a significant liquidity zone. Higher settings focus on zones with greater volume, indicating stronger liquidity.
Dynamic Distance Mode: Enable or disable the dynamic mode, which adjusts the box height based on the volume size. When dynamic mode is off, the boxes have a fixed height based on the ATR, offering a consistent visualization regardless of the volume size.
The Liquidity Zones indicator is a versatile tool for identifying areas of significant market activity, offering a clear view of where liquidity is likely to reside. By filtering these zones through volume strength and providing dynamic or static visualization options, it equips traders with insights into potential market reaction points, enhancing their ability to anticipate and respond to market movements. The varying color intensity based on volume further aids in quickly recognizing the most critical liquidity zones on the chart.
E9 ASIA Session
*note: Upon updating the script the conversion from V4 to v5 has lost the weekend extended lines and now prints an asia session for each day. It is recommended (esp for crypto) to extend these lines across the weekend like in the chart example above.
The E9 Asia Session Indicator is a valuable tool for traders aiming to track and analyze the Asia trading session on financial charts. This indicator provides insights into price behavior during the Asia session, which is crucial for making informed trading decisions. Here's an overview of its key functionalities and uses:
1. Session Highs and Lows
Purpose:
The indicator calculates and plots the high and low of the Asia session.
It helps identify key levels of support and resistance established during this trading period.
Importance:
These levels can act as significant reference points for future price movements.
Price action that occurs near these levels often provides clues about potential breakouts or reversals.
2. Session Background Color
Purpose:
The indicator can shade the background of the chart during the Asia session.
Importance:
This visual cue helps quickly identify the session's timeframe, enhancing the trader’s ability to observe price behavior within this specific period.
It aids in distinguishing between different trading sessions and understanding their influence on price action.
3. Start of Session Marker
Purpose:
A visual marker (such as a circle) is plotted at the beginning of each Asia session.
Importance:
This marker helps traders visually pinpoint the start of the session, making it easier to analyze how the price reacts from the session's opening.
4. End of Session Marker
Purpose:
A marker is plotted at the end of the Asia session, indicating where the session closes.
Importance:
This marker is useful for tracking the end of the session and observing price behavior around this critical juncture.
It helps in analyzing whether the session's high or low gets revisited or broken in subsequent sessions.
Practical Uses:
Strategic Planning: Traders can use the plotted high and low levels to set their trading strategies, stop-loss orders, and profit targets.
Market Analysis: Understanding how price interacts with the Asia session’s high and low levels can provide insights into market sentiment and potential price movements.
By incorporating the E9 Asia Session Indicator into your trading toolkit, you can gain a deeper understanding of the Asia session's impact on price dynamics, enhancing your overall trading strategy and decision-making process.
Disclaimer: The information contained in this article does not constitute financial advice or a solicitation to buy or sell any securities. All investments involve risk, and past performance does not guarantee future results. Always evaluate your financial circumstances and investment objectives before making trading decisions.
BK GEX LevelsThis indicator was created to plot lines and labels based on the GEX Levels provided by BK Brown or any other provider of GEX Levels.
The Levels must be added in the settings panel in the following format:
PRICE,TITLE;
Example of a GEX data dump of levels formatted for the indicator.
5760,HvolC;5660,HvolP;5710,Upper PDVR;5660,Lower PDVR;5700,Upper CDVR;5690,Lower CDVR;
Once the formatted text is added to the settings. The indicator will plot simple lines on the price level with its Title. The title is added as a Label over or under the line that was plotted for that level. When to price levels fall on the same level for example: 5760,HvolP;5760,Upper PDVR; - the line will be plotted as a red dashed line with one label above the line and the other label below the same line.
In the settings you can:
Change colors and opacity of Lines and Labels
Show/Hide Labels
Thank you
Essa's Indicator 2.0Essa's Indicator V2: Beginner's Guide
This custom TradingView indicator has been designed to help you identify key trading opportunities based on session highs/lows, volatility, and moving averages. Below is a breakdown of the main features:
1. Exponential Moving Averages (EMAs)
Fast EMA (Blue Line): Tracks the short-term market trend (default: 9-period EMA).
Slow EMA (Red Line): Tracks the longer-term market trend (default: 21-period EMA).
You can turn on/off the EMAs using the "Show EMAs" option in the settings.
EMAs help smooth out price action and give a clearer picture of trends. A crossover of the fast EMA above the slow EMA can signal an upward trend, while the reverse may indicate a downward trend.
2. Session Highs and Lows
The indicator tracks price highs and lows for three major trading sessions:
London Session (Red): Highlighted in red. Active between 08:00 and 17:00 (LDN timezone) or 03:00 and 12:00 (NY timezone).
New York Session (Blue): Highlighted in blue. Active between 12:00 and 21:00 (LDN timezone) or 07:00 and 16:00 (NY timezone).
Asia Session (Yellow): Highlighted in yellow. Active between 22:00 and 08:00 (LDN timezone) or 18:00 and 03:00 (NY timezone).
Highs and lows for each session are plotted on the chart as lines. Breakouts from these levels can signal important trading opportunities:
London High/Low: Red lines.
New York High/Low: Blue lines.
Asia High/Low: Yellow lines.
The background color also changes depending on the active session:
London: Light red background.
New York: Light blue background.
Asia: Light yellow background.
3. Breakout Alerts
You can set alerts when the price breaks above or below session highs/lows:
Break Above London High: Alert triggered when the price crosses the London session high.
Break Below London Low: Alert triggered when the price falls below the London session low.
Similar alerts exist for the New York and Asia sessions as well.
4. Volatility-Adjusted EMA
The EMAs in this indicator are adjusted based on volatility (ATR - Average True Range). This allows the EMAs to respond to market conditions more dynamically, giving you more accurate trend readings in volatile markets.
5. ZigZag Feature (Optional)
You can enable the ZigZag feature to help visualize the price action's highs and lows:
ZigZag Lines: Highlight major peaks and troughs in price movements, helping you spot trends more easily.
This is helpful for identifying reversals or trend continuations.
6. Fractal Markers
This indicator uses fractals to mark potential turning points in the market:
Green Triangles (Above the Price): Indicate up fractals (potential reversal points where the price could move upwards).
Red Triangles (Below the Price): Indicate down fractals (potential reversal points where the price could move downwards).
Fractals can be a helpful confirmation tool when identifying entry and exit points.
7. Custom Timezone Options
You can choose between London (LDN) and New York (NY) timezones in the settings to adapt the session times to your trading location. This ensures the session high/low markers are displayed correctly for your trading region.
By default, the New York (NY) timezone is enabled for FXCM charts in the UK.
For BTC charts, you will need to switch to the appropriate time zone manually.
Thanks
Essa
Absolute ZigZagThis ZigZag Indicator is a bit unique in it's kind.
It uses my own Absolute ZigZag Lib to calculate the pivots:
Instead of using percentages or looking more than 1 bar left or right, this Zigzag library calculates pivots by just looking at the current bar highs and lows and the ones of one bar earlier. This is a very fast and accurate way of calculating pivots.
The library also features a solution for bars that have both a higher high and a higher low like seen below.
You can also use your own colors for the labels and the lines:
You can also quickly select a one-colored theme without changing all colors at once:
Technical Analysis ExpressionsDescription:
The indicator allows to display different moving averages and price levels from any timeframe. Instead of setting each plot one by one, you can specify all of them in one expression.
Inputs:
There's only one input, which is a text area where you can specify each plot as an expression. Each expression must be on a new line. Each expression can specify the source of the displayed values, the plot color and the timeframe from which that value is taken.
Here's an example expression that will plot SMA(20) of Close price from Daily timeframe, and the plot is going to be red. This will also plot an EMA(50) of High price from current timeframe, and the plot is going to be green (notice that you can specify the color as one of the standard Pinescript colors, or using a HEX color, and even using transparency if needed):
SMA(close, 20) red "D"
EMA(high, 50) #00ff00
You can also specify the color to be "chart.fg" which is the Foreground Color of current chart (it depends on whether the "Dark Theme" is enabled in Tradingview). The available moving averages are: SMA, EMA, WMA, HMA, RMA, VWMA. The available sources are: open, high, low, close, hl2, hlc3, hlcc4, ohlc4.
Chronos Trend Level Oracle (CTLO)The Chronos Trend Level Oracle (CTLO) is a powerful technical analysis tool designed to identify significant trend levels that can act as support and resistance, helping traders navigate market trends and potential reversal points.
Key Components:
Setup Identification:
Bullish Setup: 9 consecutive closes lower than the close 4 bars earlier.
Bearish Setup: 9 consecutive closes higher than the close 4 bars earlier.
CTLO Support Level:
Established when a Bullish Setup completes.
Represents the lowest low of the CTLO Period (default 9 bars) preceding the Setup completion.
CTLO Resistance Level:
Established when a Bearish Setup completes.
Represents the highest high of the CTLO Period (default 9 bars) preceding the Setup completion.
Level Persistence:
A CTLO level remains active until an opposite Setup completes.
When a new Setup completes, it clears the opposite level.
Visual Representation:
Support levels are displayed as green circles.
Resistance levels are displayed as red circles.
Both use translucency for better chart visibility.
How to Use the CTLO:
Trend Identification:
The presence of a CTLO Support level suggests an underlying bullish trend.
The presence of a CTLO Resistance level suggests an underlying bearish trend.
The absence of either level indicates a possible trend transition or consolidation.
Support and Resistance:
Use CTLO levels as potential support (green) or resistance (red) areas.
These levels often act as price reaction points where bounces or rejections may occur.
Breakouts and Breakdowns:
A decisive close above a CTLO Resistance level could signal a bullish breakout.
A decisive close below a CTLO Support level could signal a bearish breakdown.
Use the optional alerts to be notified of these events.
Trend Continuation:
Price respecting a CTLO Support level can be seen as bullish, suggesting potential long entries.
Price respecting a CTLO Resistance level can be seen as bearish, suggesting potential short entries.
Reversal Anticipation:
As price approaches a CTLO level, watch for signs of reversal (e.g., candlestick patterns, divergences).
Failed breakouts/breakdowns at CTLO levels can lead to strong moves in the opposite direction.
Multiple Timeframe Analysis:
Apply CTLO on different timeframes for a more comprehensive market view.
Higher timeframe CTLO levels often carry more significance.
Combine with Price Action:
Look for candlestick patterns or chart formations near CTLO levels for higher probability setups.
Double tops/bottoms or other reversal patterns at CTLO levels can be particularly significant.
Risk Management:
Use CTLO levels to set stop-loss orders or profit targets.
For breakout trades, consider using the CTLO level as a new stop-loss after the breakout occurs.
Gann BoxHello, friends. I want to introduce you to the Gann box indicator. Let me explain what it is and how to use it.
1. Dimensions:
- 1:1: A ratio of time to price, showing equilibrium between them.
- 1:2: A level where price moves twice as fast as time.
- 2:1: A level where time moves twice as fast as price.
- Additional ratios may include 1:4, 4:1, and others.
2. Key Elements:
- Levels: Lines that indicate key support and resistance levels.
- Time Frames: Used to forecast future price movements.
- Trend Analysis: Helps determine current trends and possible reversals.
3. Application:
- Traders use the Gann box to identify entry and exit points.
- Suitable for both short-term and long-term trading.
The Gann box has the following dimensions:
1. 52 Bars: Gann often used this dimension on the weekly timeframe, as there are 52 weeks in a year, making the box represent exactly one year.
2. 144 Bars: This was frequently used by Gann on the annual timeframe, as the square root of 144 is 12. There are 12 months in a year, 12 zodiac signs, and Jupiter's orbital period around the Sun is 12 years. All these factors strongly support the use of this dimension on this timeframe. However, this dimension performs well across all other timeframes, so feel free to use it anytime.
3. 360 and 90 Bars: These are universal sizes of the Gann box and can be applied at any time and on any timeframe.
In the indicator, you can adjust the size of the box using the "⚙️ Box Size" setting.
To start using this indicator, follow these steps:
1. Set the "Start" Marker: Place it at the beginning of the impulse, whether it’s an upward or downward movement.
2. Set the "End" Marker: Place it at the end of the impulse.
Once you have done this, the indicator will calculate the price step and the box will be constructed based on the size you selected earlier.
Let me show you how I identified the first impulse on BTC so you can understand me better:
This impulse was the first on the daily timeframe that determined the entire calculation of the box for the future.
After determining the impulse, the box was constructed. I used a box size of 144 bars as an example, but you might say that there are actually many more bars, why is that?
It's simple; the box can have derivatives of length and height. In the indicator, you can choose how many times you want to increase the height or length separately. Moreover, following Gann's methods and rules for constructing the box, there are no mistakes; this is the correct construction. In the indicator, the setting responsible for increasing the height is ⚙️ Height Increase, while the setting for increasing the length is ⚙️ Length Increase. However, everything is done according to the rules, and the increase in length and height occurs in fixed numbers: 1, 2, 4, 8, 16, 32.
This is done to make your analysis more flexible, while still adhering to all construction rules.
The indicator also provides the option to increase or decrease the price step. It is not always the case that the default calculated price step suits us. Therefore, I created the ability to decrease and increase it by as many times as the rules for constructing Gann's box allow. You can increase or decrease the price step by 1, 10, 100, and 1000 times, which also makes the box settings more flexible and suitable for any market and asset.
How to use this function correctly? First, we need to understand what we want to do with the price step. If we want to increase it, we switch the "⚙️ Multiply | Divide" mode to "Multiply." Now we need to change the value in the "⚙️ Multiplier | Price Step Divisor" mode to the desired amount. After these actions, the price step will be increased. Decreasing the price step occurs in a similar manner.
The Gann box can be oriented both upwards and downwards. The parameter "⚙️ Long | Short | Auto" determines the direction of the box construction. By default, the setting is "Auto." The indicator has logic that understands in which direction to build the box. However, if you encounter difficulties and the indicator selects the incorrect direction, you can force it to build the box in your desired direction by changing the setting from "Auto" to "Long" or "Short."
Let me show you an example of constructing the box downwards:
The indicator also includes a table that displays all the most important information about the box parameters in the upper right corner. This is designed to help avoid confusion during the use and analysis of the Gann box.
I have tried to make the box parameters as flexible as possible for you, and I have also done the same for the style settings. You can enable and disable corners, additional levels, the base of the box, and value labels separately. All these elements of the box can be customized by color to suit your visual preferences. The same can be done with the table that displays the data.
A little about additional levels, by the way. Additional levels are constructed based on the intersection points of the corners. Both price and time levels built on these intersections are also very important and work excellently. You can customize them or disable them completely through the indicator settings.
I wish you good luck using the indicator!
itradesize /\ Previous Liquidity x ICTI’d like to introduce a clean and simple RTH gap and liquidity levels indicator with additional Asian and London ranges, along with standard deviation levels and many customizable options.
Previous D/W/M highs and lows are areas where liquidity tends to accumulate. This is because many traders place stop-loss orders around these levels, creating a concentration of buy stops above the previous day's high and sell stops below the previous day's low. High-frequency trading algorithms and institutional traders often target these areas to capture liquidity.
What the indicator could show in summary?
- Regular trading hours gap with deviations
- Asia with deviations (lines or boxes)
- London with deviations (lines or boxes)
- Weekdays on chart
- 3 AM candle marker
- Previous D/W/M levels
- Important opening times (08:00, 09:30, 10:00, 14:00, 00:00, 18:00)
- Daily separators
By marking out the previous day's highs and lows, traders can create a framework for their trading day. This helps in identifying potential setups and understanding where significant price action might occur. It also aids in filtering out noise and focusing on the most relevant price levels.
These levels can also act as potential reversal points. When the market reaches a previous high or low, it might reverse direction, especially if it has raided the liquidity resting there. This concept is part of a strategy where traders look for the market to raid these levels and then reverse, providing trading opportunities
The indicator shows previous liquidity levels on a daily, weekly, and monthly basis. It also displays opening times at 8:30, 9:30-10:00, 14:00-00:00, and 18:00. Opening times are crucial in trading because they help define specific periods when market activity is expected to be higher, which can lead to better trading opportunities. The script has been made mostly for indices.
You can create various entry and exit strategies based on the indicator. Please remember, that adequate knowledge of ICT is necessary for this to be beneficial.
You might wonder why only these times are shown. This is because these are the times when the futures market is active or should be active. It's important to note that opening times can vary between different asset classes.
18:00 A new daily candle open
00:00 Midnight open
02:00 New 4-hour candle open
08:30 High-impact news
09:30 NY Equities open
10:00 New 4-hour candle open
The concept of "Asian Killzone Standard Deviations" involves using the Asian trading session's price range to project potential price movements during subsequent trading sessions, such as the London or New York sessions. This is done by calculating standard deviations from the Asian range, which can help traders identify potential support and resistance levels.
You can create a complete model by exclusively focusing on the Asian time zone. Deviations within this zone may have varying impacts on future price movements, and the Interbank Price Delivery Agreement (IPDA) often reflects Asia's high, close, and low prices.
A similar approach can be taken with the London time zone. The standard deviation levels within each zone could potentially serve as support or indicate reversals, including liquidity hunts. It's important to backtest these ideas to gain reliable insights into when and where to apply them.
* Asian Range: This is the price range established during the Asian trading session. It serves as a reference point for calculating standard deviations.
* London Range: The same applies to the London range as well. Combine standard deviation projections with other technical analysis tools, such as order blocks or fair value gaps, to enhance accuracy.
* Standard Deviations: These are statistical measures that indicate the amount of variation or dispersion from the average. In trading, they are used to project potential price levels beyond the current range.
You can also use regular trading hours gap as a standalone model. The 4 STDV and 2.5 STDV levels are important for determining the high or low of the current price action.
The RTH gap is created when there is a difference between the closing price of a market at the end of one trading day and the opening price at the start of the next trading day. This gap can be upward (gap higher), downward (gap lower), or unchanged. It is significant because it often indicates market sentiment and can create inefficiencies that traders look to exploit.
Alternatively, you can combine these elements to create a complete strategy for different scenarios.
Support Resistance DynamicsThe Support Resistance Dynamics indicator is an advanced technical analysis tool designed to identify and visualize key support and resistance levels in real-time. This innovative indicator stands out from traditional support and resistance tools by employing a dynamic approach that adapts to market conditions.
Key Features:
Dynamic Level Calculation: Unlike static support and resistance indicators, this tool continuously updates levels based on recent price action, providing traders with the most relevant and up-to-date information.
Logarithmic Scale Option: The indicator offers a unique logarithmic scale feature, essential for analyzing long-term trends or assets with significant price changes. This allows for more accurate level plotting across various timeframes and price ranges.
Customizable Display: Users can adjust the number of support and resistance lines displayed, allowing for a clean and uncluttered chart view while focusing on the most significant levels.
Adaptive Slope Calculation: The indicator uses an innovative approach to calculate the slope of support and resistance lines, offering options from dynamic adaptation to fixed long-term periods. This ensures the lines remain relevant in both trending and ranging markets.
Enhanced Visualization: With customizable line colors, styles, and transparency, traders can easily distinguish between support and resistance levels, improving chart readability and analysis.
Flexible Period Settings: From dynamic calculations based on recent pivots to fixed long-term periods, the indicator adapts to various trading styles and timeframes.
The Support Resistance Dynamics indicator is particularly useful for:
Identifying potential reversal points in trends
Setting more accurate entry and exit points for trades
Placing stop-loss orders with greater precision
Recognizing breakout levels for potential new trends
By combining dynamic calculation methods with customizable visual elements, this indicator provides traders with a powerful tool for market analysis. Whether you're a day trader looking for short-term opportunities or a long-term investor analyzing macro trends, the Support Resistance Dynamics indicator offers valuable insights to enhance your trading strategy.
This indicator is provided for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading involves significant risk of loss. Users should conduct their own research and due diligence before making any investment decisions. The creator of this indicator is not responsible for any losses incurred from its use. Always test thoroughly on demo accounts before applying to live trading.
Gunn Square Levels Greetings, dear friend. I want to present an indicator based on another interesting method of analyzing support and resistance levels by William Gunn - Gunn Square Levels.
1. Structure of the Square of 9:
- The Square of 9 is a 9x9 grid where each cell corresponds to a specific numerical value.
- Each number in the square has its unique properties and meanings in the context of market analysis.
2. Price Levels:
- The square helps identify key support and resistance levels. For example, if an asset's price approaches the edge of the square, it may indicate potential reversals or trend continuations.
3. Time Cycles:
- Gann believed that time could be measured in cycles, and each cycle could repeat. The Square of 9 helps identify these cycles, allowing traders to see when a trend change might occur.
4. Harmony and Numerical Ratios:
- Gann used numbers that held special significance in his methods, such as 1, 2, 3, 5, 8, 13, 21, etc. These numbers frequently appear in nature and have harmonious relationships, which also apply to markets.
5. Application in Trading:
- Traders can use the Square of 9 analysis methods to determine entry and exit points, as well as to set stop-loss and target levels. For instance, if the price reaches a certain level in the square, it may signal a trading opportunity.
6. Complexity and Practice:
- The method requires practice and an understanding of market dynamics. It can be complex for beginners, but when applied correctly, it can yield results.
The indicator allows for the automation of level construction using this method. Moreover, it includes not only the Square of 9 but also the Square of 4 and the Circle of 12, which are also very important in William Gann's methods.
So, how do you work with this indicator? Let's break it down step by step. The first thing you need to do when activating the indicator is to select two bars that will denote the beginning and the end of the impulse. This is necessary for the indicator to calculate the price step, which is very important for correctly constructing levels. Here’s an example of how I defined the first impulse, and you can see how well the price reacts to it:
In the upper right corner, there is a table that will display information regarding the modes of the indicator's operation.
Now, let’s discuss the modes of its operation in more detail:
Parameter 1 - mode, is intended for switching the indicator's operation modes. You can choose which square you want to use to view the levels. The options include calculations based on the Square of 9, Square of 4, and Circle of 12. Each of these options was utilized by Gann.
Parameter 2 - "Long|Short|Auto". It is responsible for constructing your levels in the desired direction. By default, the mode is set to "Auto," allowing the direction of the levels to be determined automatically based on built-in logic. However, if you notice that the indicator is building levels incorrectly, you can always force it to construct levels in the direction you need using the "Long" and "Short" settings.
The next parameters "Degree for square 9", "Degree for square 4", and "The degree for the circle 12" are responsible for selecting the degree on the square or circle, depending on the chosen mode.
In the Square of 9, there are cardinal and diagonal crosses, and I have designated a specific direction for each cross. If you are using calculations for the Square of 9, you should use the "Degree for square 9" settings. This parameter includes options for selecting the numerical sequence direction that corresponds to the diagonal and cardinal crosses in the Square of 9. For example, if we choose the direction as ↗️, it means we are taking the diagonal cross in the Square of 9, with the direction from the center moving diagonally up to the right. The levels will correspond to this specific direction. The same applies to all other levels and modes.
Very important parameters are "Multiplier | Divider price step" and "Action." Now, let me explain their purpose. Sometimes, the calculated price step may be either too large for our chart or too small. This affects the levels, which can be either too narrow or too wide.
"Multiplier | Divider price step" allows us to adjust the price step within the rules that must be followed according to Gann's methods, enabling us to be more flexible in our analysis.
"Action" is used to choose whether to increase or decrease the price step. For example, if I want to reduce the price step by a factor of 10, I set the "Action" mode to "Divider," and then assign the most suitable value to the "Multiplier | Divider price step" parameter. The options range from 1 to 1000. The same applies when increasing the price step.
Now you know how to use this indicator. To summarize, the most important thing is to correctly identify the impulse, and then the indicator will do the rest for you.
Gann fan [ALMCorp] The Gann fan is an indicator that will allow you to use the Gann Fan correctly. I think it's no secret to many that William Gunn often used geometric shapes, astrology, patterns of numbers and degrees between them in his analysis. This indicator is one of those that will help you use its methods correctly.
How does the indicator work?
First you need to set a time stamp labeled "Start" at the very beginning of the pulse, and the second time stamp labeled "End" must be set at the end of the pulse. Thus, the indicator will calculate the price step according to the formula, which will then be used in calculations for the correct construction of angles.
The very first thing we need to do is to mark the beginning and end of the pulse.
After that, the indicator will calculate the price step using the formula. And if this movement is long, then the corners will be built up. In order for this to happen automatically, it is necessary that the "Start" label be lower than the "End" label. If that's the case, the fan will automatically line up. If the "Start" label is higher than the "End" label, then the fan will automatically be built down.
The "⚙️ Long | Short | Auto" parameter is responsible for ensuring that when building corners, they are always built in the direction you need. The default mode is "Auto", but if you see that the indicator builds levels up, for example, and you need to go down, then you can force it to build levels down using the "Short" parameter, and vice versa.
Sometimes it happens that the price step is too large for the correct construction of our levels, and to adjust the price step according to the Gann rules, there is a setting "Multiplier | Divider price step", which will allow us to reduce or increase the price step by the number of times that the Gann fan rules allow.
But to choose whether you want to decrease the step or increase it, we will need to use the "⚙️ Action" setting. There are two modes: these are "Multiplier" and "Divider" respectively.
On the chart, I marked the intersections of global fans and showed that their intersection points are strong dates for the price, and it receives a reaction at this time.
To sum up, the Gann fan is a very powerful tool, and now that you know how to use it correctly, you can improve your trading. Good luck.
Wedge BreakoutThe Wedge Breakout indicator is designed to identify and signal potential breakouts from a wedge pattern, a common technical analysis formation. A wedge pattern typically forms when the price moves within converging trendlines, indicating a potential upcoming breakout either upwards (bullish) or downwards (bearish).
Identifying Pivot Points:
The indicator first calculates pivot points, which are significant highs and lows that define the wedge's upper and lower boundaries.
Pivot Lows: It identifies the lowest price points over a specified length (input_len), which serves as the lower boundary of the wedge.
Pivot Highs: Similarly, it identifies the highest price points over the same length, forming the upper boundary of the wedge.
Drawing Trendlines:
The pivot points are connected to form dashed trendlines that represent the upper and lower boundaries of the wedge.
The indicator uses the SimpleTrendlines library to manage and draw these trendlines dynamically:
Green Trendline: Indicates an upward slope (bullish).
Red Trendline: Indicates a downward slope (bearish).
Calculating the Breakout Conditions:
A breakout is confirmed when the price action fulfills two conditions:
The candle's high exceeds the upper trendline's highest point.
The candle's low drops below the lower trendline's lowest point.
This condition suggests that the price is squeezing within the wedge pattern and is about to break out.
Determining Breakout Direction:
The direction of the breakout is determined by the candle's closing position relative to its opening:
Bullish Breakout (Upward): When the candle closes above its opening price (close > open) after breaching both trendlines, it suggests a bullish breakout. This condition is marked with a green upward triangle .
Bearish Breakout (Downward): When the candle closes below its opening price (close < open) after breaching both trendlines, it suggests a bearish breakout. This condition is marked with a red downward triangle.
Visual Representation:
Green Triangle Up: Plotted below the bar to indicate a potential bullish breakout.
Red Triangle Down: Plotted above the bar to indicate a potential bearish breakout.
Used library:
www.tradingview.com
