Top-Down Trend and Key Levels with Swing Points//by antaryaami0
Overview
The “Top-Down Trend and Key Levels with Swing Points” indicator is a comprehensive tool designed to enhance your technical analysis by integrating multiple trading concepts into a single, easy-to-use script. It combines higher timeframe trend analysis, key price levels, swing point detection, and ranging market identification to provide a holistic view of market conditions. This indicator is particularly useful for traders who employ multi-timeframe analysis, support and resistance levels, and price action strategies.
Key Features
1. Higher Timeframe Trend Background Shading:
• Purpose: Identifies the prevailing trend on a higher timeframe to align lower timeframe trading decisions with the broader market direction.
• How it Works: The indicator compares the current higher timeframe close with the previous one to determine if the trend is up, down, or ranging.
• Customization:
• Trend Timeframe: Set your preferred higher timeframe (e.g., Daily, Weekly).
• Up Trend Color & Down Trend Color: Customize the background colors for uptrends and downtrends.
• Ranging Market Color: A separate color to indicate when the market is moving sideways.
2. Key Price Levels:
• Previous Day High (PDH) and Low (PDL):
• Purpose: Identifies key support and resistance levels from the previous trading day.
• Visualization: Plots horizontal lines at PDH and PDL with labels.
• Customization: Option to show or hide these levels and customize their colors.
• Pre-Market High (PMH) and Low (PML):
• Purpose: Highlights the price range during the pre-market session, which can indicate potential breakout levels.
• Visualization: Plots horizontal lines at PMH and PML with labels.
• Customization: Option to show or hide these levels and customize their colors.
3. First 5-Minute Marker (F5H/F5L):
• Purpose: Marks the high or low of the first 5 minutes after the market opens, which is significant for intraday momentum.
• How it Works:
• If the first 5-minute high is above the Pre-Market High (PMH), an “F5H” label is placed at the first 5-minute high.
• If the first 5-minute high is below the PMH, an “F5L” label is placed at the first 5-minute low.
• Visualization: Labels are placed at the 9:35 AM candle (closing of the first 5 minutes), colored in purple by default.
• Customization: Option to show or hide the marker and adjust the marker color.
4. Swing Points Detection:
• Purpose: Identifies significant pivot points in price action to help recognize trends and reversals.
• How it Works: Uses left and right bars to detect pivot highs and lows, then determines if they are Higher Highs (HH), Lower Highs (LH), Higher Lows (HL), or Lower Lows (LL).
• Visualization: Plots small markers (circles) with labels (HH, LH, HL, LL) at the corresponding swing points.
• Customization: Adjust the number of left and right bars for pivot detection and the size of the markers.
5. Ranging Market Detection:
• Purpose: Identifies periods when the market is consolidating (moving sideways) within a defined price range.
• How it Works: Calculates the highest high and lowest low over a specified period and determines if the price range is within a set percentage threshold.
• Visualization: Draws a gray box around the price action during the ranging period and labels the high and low prices at the end of the range.
• Customization: Adjust the range detection period and threshold, as well as the box color.
6. Trend Coloring on Chart:
• Purpose: Provides a visual cue for the short-term trend based on a moving average.
• How it Works: Colors the candles green if the price is above the moving average and red if below.
• Customization: Set the moving average length and customize the uptrend and downtrend colors.
How to Use the Indicator
1. Adding the Indicator to Your Chart:
• Copy the Pine Script code provided and paste it into the Pine Script Editor on TradingView.
• Click “Add to Chart” to apply the indicator.
2. Configuring Inputs and Settings:
• Access Inputs:
• Click on the gear icon next to the indicator’s name on your chart to open the settings.
• Customize Key Levels:
• Show Pre-Market High/Low: Toggle on/off.
• Show Previous Day High/Low: Toggle on/off.
• Show First 5-Minute Marker: Toggle on/off.
• Set Trend Parameters:
• Trend Timeframe for Background: Choose the higher timeframe for trend analysis.
• Moving Average Length for Bar Color: Set the period for the moving average used in bar coloring.
• Adjust Ranging Market Detection:
• Range Detection Period: Specify the number of bars to consider for range detection.
• Range Threshold (%): Set the maximum percentage range for the market to be considered ranging.
• Customize Visuals:
• Colors: Adjust colors for trends, levels, markers, and ranging market boxes.
• Label Font Size: Choose the size of labels displayed on the chart.
• Level Line Width: Set the thickness of the lines for key levels.
3. Interpreting the Indicator:
• Background Shading:
• Green Shade: Higher timeframe is in an uptrend.
• Red Shade: Higher timeframe is in a downtrend.
• Gray Box: Market is ranging (sideways movement).
• Key Levels and Markers:
• PDH and PDL Lines: Represent resistance and support from the previous day.
• PMH and PML Lines: Indicate potential breakout levels based on pre-market activity.
• F5H/F5L Labels: Early indication of intraday momentum after market open.
• Swing Point Markers:
• HH (Higher High): Suggests bullish momentum.
• LH (Lower High): May indicate a potential bearish reversal.
• HL (Higher Low): Supports bullish continuation.
• LL (Lower Low): Indicates bearish momentum.
• Ranging Market Box:
• Gray Box Around Price Action: Highlights consolidation periods where breakouts may occur.
• Range High and Low Labels: Provide the upper and lower bounds of the consolidation zone.
4. Applying the Indicator to Your Trading Strategy:
• Trend Alignment:
• Use the higher timeframe trend shading to align your trades with the broader market direction.
• Key Levels Trading:
• Watch for price reactions at PDH, PDL, PMH, and PML for potential entry and exit points.
• Swing Points Analysis:
• Identify trend continuations or reversals by observing the sequence of HH, HL, LH, and LL.
• Ranging Market Strategies:
• During ranging periods, consider range-bound trading strategies or prepare for breakout trades when the price exits the range.
• Intraday Momentum:
• Use the F5H/F5L marker to gauge early market sentiment and potential intraday trends.
Practical Tips
• Adjust Settings to Your Trading Style:
• Tailor the indicator’s inputs to match your preferred timeframes and trading instruments.
• Combine with Other Indicators:
• Use in conjunction with volume indicators, oscillators, or other technical tools for additional confirmation.
• Backtesting:
• Apply the indicator to historical data to observe how it performs and refine your settings accordingly.
• Stay Updated on Market Conditions:
• Be aware of news events or economic releases that may impact market behavior and the effectiveness of technical levels.
Customization Options
• Time Zone Adjustment:
• The script uses “America/New_York” time zone by default. Adjust the timezone variable in the script if your chart operates in a different time zone.
var timezone = "Your/Timezone"
• Session Times:
• Modify the Regular Trading Session and Pre-Market Session times in the indicator settings to align with the trading hours of different markets or exchanges.
• Visual Preferences:
• Colors: Personalize the indicator’s colors to suit your visual preferences or to enhance visibility.
• Label Sizes: Adjust label sizes if you find them too intrusive or not prominent enough.
• Marker Sizes: Further reduce or enlarge the swing point markers by modifying the swing_marker_size variable.
Understanding the Indicator’s Logic
1. Higher Timeframe Trend Analysis:
• The indicator retrieves the closing prices of a higher timeframe using the request.security() function.
• It compares the current higher timeframe close with the previous one to determine the trend direction.
2. Key Level Calculation:
• Previous Day High/Low: Calculated by tracking the highest and lowest prices of the previous trading day.
• Pre-Market High/Low: Calculated by monitoring price action during the pre-market session.
3. First 5-Minute Marker Logic:
• At 9:35 AM (end of the first 5 minutes after market open), the indicator evaluates whether the first 5-minute high is above or below the PMH.
• It then places the appropriate label (F5H or F5L) on the chart.
4. Swing Points Detection:
• The script uses ta.pivothigh() and ta.pivotlow() functions to detect pivot points.
• It then determines the type of swing point based on comparisons with previous swings.
5. Ranging Market Detection:
• The indicator looks back over a specified number of bars to find the highest high and lowest low.
• It calculates the percentage difference between these two points.
• If the difference is below the set threshold, the market is considered to be ranging, and a box is drawn around the price action.
Limitations and Considerations
• Indicator Limitations:
• Maximum Boxes and Labels: Due to Pine Script limitations, there is a maximum number of boxes and labels that can be displayed simultaneously.
• Performance Impact: Adding multiple visual elements (boxes, labels, markers) can affect the performance of the script on lower-end devices or with large amounts of data.
• Market Conditions:
• False Signals: Like any technical tool, the indicator may produce false signals, especially during volatile or erratic market conditions.
• Not a Standalone Solution: This indicator should be used as part of a comprehensive trading strategy, including risk management and other forms of analysis.
Conclusion
The “Top-Down Trend and Key Levels with Swing Points” indicator is a versatile tool that integrates essential aspects of technical analysis into one script. By providing insights into higher timeframe trends, highlighting key price levels, detecting swing points, and identifying ranging markets, it equips traders with valuable information to make more informed trading decisions. Whether you are a day trader looking for intraday opportunities or a swing trader aiming to align with the broader trend, this indicator can enhance your chart analysis and trading strategy.
Disclaimer
Trading involves significant risk, and it’s important to understand that past performance is not indicative of future results. This indicator is a tool to assist in analysis and should not be solely relied upon for making trading decisions. Always conduct thorough research and consider seeking advice from financial professionals before engaging in trading activities.
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Candle Average PriceOverview
The Candle Average Price indicator is a custom tool designed to help traders identify key price levels by calculating and displaying the average price of recent candles on your TradingView chart. This indicator computes the average price based on a user-defined percentage of each candle's range over a specified number of candles. It then plots a horizontal line representing this average, covering only the last N candles as defined by you.
Key Features
Customizable Number of Candles: Define how many past candles to include in the average calculation.
Adjustable Percentage Level: Choose any percentage of each candle's range (from low to high) to calculate the price level.
Dynamic Horizontal Line: The indicator plots a horizontal line representing the calculated average, updating with each new bar and covering only the specified number of candles.
How It Works
Price at Specified Percentage:
For each candle, the indicator calculates a price level at your chosen percentage within the candle's range.
Formula: Price = Low + (Percentage Level / 100) * (High - Low)
Average Price Calculation:
It computes the average of these price levels over the last N candles.
Formula: Average Price = Sum of Price Levels over N Candles / N
Horizontal Line Plotting:
A horizontal line is drawn at the calculated average price level.
The line spans from N candles ago to the current candle, covering exactly the number of candles specified.
Input Parameters
Number of Candles (length):
Description: The number of recent candles over which the average is calculated.
Default Value: 4
Range: 1 to any positive integer.
Usage: Adjust this to include more or fewer candles in the calculation. A higher number smooths the average, while a lower number makes it more responsive to recent price changes.
Percentage Level (%):
Description: The percentage within each candle's range to calculate the price level.
Default Value: 50%
Range: 0% (candle low) to 100% (candle high).
Usage: Modify this to focus on different parts of each candle:
0%: Uses the low of each candle.
50%: Uses the midpoint of each candle.
100%: Uses the high of each candle.
Custom Percentage: Any value between 0% and 100% to target specific levels.
How to Use the Indicator
Adding the Indicator to Your Chart:
Open the TradingView chart of your preferred financial instrument.
Click on Indicators at the top of the chart.
Select Invite-Only Scripts if you've saved the script there, or use the Pine Editor to paste and apply the script.
Configuring the Settings:
After adding the indicator, click on the gear icon ⚙️ next to its name to open settings.
Adjust the Number of Candles (length) to your desired period.
Set the Percentage Level (%) (percentage) to the specific level within each candle's range you want to analyze.
Interpreting the Horizontal Line:
The horizontal line represents the average price calculated based on your inputs.
It updates with each new bar, always reflecting the most recent data over the specified number of candles.
The line only spans the last N candles, providing a focused view of recent price action.
Practical Applications
Identifying Support and Resistance Levels:
The average price line can act as a dynamic support or resistance level.
Traders can watch for price reactions around this line to make trading decisions.
Trend Analysis:
Observing how the price interacts with the average line can provide insights into the current trend's strength and potential reversals.
Entry and Exit Signals:
Use the line as a reference point for setting stop-loss orders or taking profits.
Combine it with other indicators for more robust trading signals.
In highly volatile markets, consider increasing the number of candles to avoid false signals.
Limitations and Considerations
Not a Standalone Tool:
This indicator should not be used in isolation for making trading decisions. Always consider additional analysis.
Market Conditions Matter:
The indicator may perform differently in trending markets versus ranging markets.
Data Refresh:
Ensure you have a stable internet connection and that your TradingView chart is set to the correct time frame.
Conclusion
The Candle Average Price indicator is a flexible and user-friendly tool that provides valuable insights into recent price action by calculating the average price based on your specific criteria. By adjusting the parameters to suit your trading style, you can incorporate this indicator into your technical analysis to help identify potential trading opportunities.
Disclaimer: Trading financial instruments involves risk, and past performance is not indicative of future results. This indicator is a tool to assist in analysis and should not be considered financial advice.
Happy Trading!
Asian Range IndicatorIndicator Name:
Asian Range Indicator
Description:
This TradingView indicator is designed to accurately detect the price range during the Asian session, based on our trading strategy. This range is crucial for planning trades in the European and American sessions. Using advanced algorithms, the indicator automatically identifies and plots the highs and lows within the Asian session period, highlighting them on the chart with shaded areas for clear visualization. This helps traders anticipate breakouts and set more precise entry and exit levels.
How to Use the Indicator:
Add the indicator to your TradingView chart.
Observe the shaded areas representing the Asian range.
Use these levels to plan your trades during the European and American sessions.
Combine with other technical indicators to confirm your trading decisions.
Chart:
The chart published with this script is clean and easy to understand, clearly showing the Asian range highlighted with shaded areas. No other scripts are included, ensuring the indicator's output is easily identifiable. The shaded areas contribute to the visual understanding of the Asian range, helping traders effectively use the script.
Wave LineWave Line is a chart type obtained by plotting the High and Low values in each time interval according to their sequential order. This method produces a continuous line rather than bars, which is beneficial for analyzing changes within each interval rather than focusing on the price range and open/close values. E.g for Wave Analysis.
How to use:
1. Adjust the interval unit and multiplier for the main timeframe.
2. Ideally, select a lower timeframe on your chart, approximately 5 times smaller than the one specified for the script.
3. Lower Timeframe is the timeframe which will be the scripts reference when the high and low of the main timeframe align on a single bar of the opened chart. This timeframe may also be 5-10 times smaller than the main timeframe. It is important to note that this should not be excessively smaller as the script may fail in retrieving data. An alternative method is included to estimate the order if it is not clear in the fetched data.
4. Set a preferred value for Monowave Length, indicating the number of bars a monowave will cover horizontally. Set the value to be half of the Interval Multiplier for the Wave Line to align with the bar chart. However if the multiplier is an odd number, perfect alignment may not be achieved.
5. Ensure that the product of Max Polyline Segments and Monowave length does not exceed 5000, and adjust the value for Max Polyline Segments accordingly.
RSI Graphique and Dashboard MTFMTF RSI Indicator - User Guide
Introduction:
The MTF RSI (Multi-Timeframe Relative Strength Index) Pine Script is designed to provide traders with a comprehensive view of the RSI (Relative Strength Index) across multiple timeframes. The script includes a primary chart displaying RSI values and a dashboard summarizing RSI trends for different time intervals.
Installation:
Copy the provided Pine Script.
Open the TradingView platform.
Create a new script.
Paste the copied code into the script editor.
Save and apply the script to your chart.
Primary Chart:
The primary chart displays RSI values for the selected timeframe (5, 15, 60, 240, 1440 minutes).
different color lines represent RSI values for different timeframes.
Overbought and Oversold Levels:
Overbought levels (70) are marked in red, while oversold levels (30) are marked in blue for different timeframes.
Dashboard:
The dashboard is a quick reference for RSI trends across multiple timeframes.
Each row represents a timeframe with corresponding RSI trend information.
Arrows (▲ for bullish, ▼ for bearish) indicate the current RSI trend.
Arrow colors represent the trend: blue for bullish, red for bearish.
Settings:
Users can customize the RSI length, background color, and other parameters.
The background color of the dashboard can be adjusted for light or dark themes.
Interpretation:
Bullish Trend: ▲ arrow and blue color.
Bearish Trend: ▼ arrow and red color.
RSI values above 70 may indicate overbought conditions, while values below 30 may indicate oversold conditions.
Practical Tips:
Timeframe Selection: Consider the trend alignment across different timeframes for comprehensive market analysis.
Confirmation: Use additional indicators or technical analysis to confirm RSI signals.
Backtesting: Before applying in live trading, conduct thorough backtesting to evaluate the script's performance.
Adjustment: Modify settings according to your trading preferences and market conditions.
Disclaimer:
This script is a tool for technical analysis and should be used in conjunction with other indicators. It is not financial advice, and users should conduct their own research before making trading decisions. Adjust settings based on personal preferences and risk tolerance. Use the script responsibly and at your own risk.
Divergences in 52 Week Moving Averages, Adjusted and SmoothedThis script description is intended to be holistic and comprehensive for the understanding of the interested parties who view the script.
Following the PineCoders suggestions, I have provided detailed breakdowns both within the code and in the description immediately below:
► Description
This description is intended to be detailed and meaningful, conveying the understanding of the script’s intention to the user:
The theory: Divergences and extreme readings in 52-Week highs on major indexes can provide a view into a potential pending move in the opposite direction of how the market has been trending. By comparing the 52-Week Hi/Lo indices and applying an Exponential Moving Average (EMA), we can assess how extreme a move is from the average. If the move provides an extreme reading, it would potentially be beneficial to “fade” the move (take a position in the opposing direction).
The intention: The intentionality of this script is to provide a visualization of when the highly-probable opportunity to fade over a multi-day or multi-week period arises. In addition to this, based on backtesting prior moves and reading the various levels of significant reversals, three tiers: “Standard”, “Sensitive”, and “Highly Sensitive” have been applied, the user can choose which sensitivity level they would like to see, there are far less false positives on the Standard and Sensitive settings, while Highly Sensitive often signals multiple times with the move coming a few days later.
The application: The settings allow the user to customize their sensitivity to the fade signals, with the ability to customize the visual that shows up as well. For higher-highs that are fade-worthy, the signal will appear on the top of the candle, for lower-lows that are fade-worthy, the signal will appear on the bottom of the candle. The users risk criteria should be the primary driver of the entry/exit, although when backtesting it appears that the significant move is typically completed within a 2-4 week period at max and 3-5 day period at minimum.
A personal note: I am a futures trader intraday but would very strongly caution users when using this strategy with futures (unless their risk tolerance is higher than most). The most beneficial strategy when fading moves would be to enter in tranches, starting at the first signal and adding on any pullback (as long as the pullback is not below the initial entry point). 1-6 Week Date-To-Expiry options would be the primary method for applying this strategy. I would also like to add that SPY/SPX options (SPDR S&P 500 ETF Trust / CBOE S&P 500 Index) are the most liquid options that could be applied in this strategy.
► Description (additional)
With the understanding that few users can read pinescript (Pine), the description above contains all of the necessary information that is necessary for a user to understand the intention for script utilization. For those who do understand Pine, the code is commented in each section in order to provide an understanding of the underlying functions, calculations, and thought process that went on during the writing of the script.
► Description (additional)
This script’s description contains no delegations, all aspects of the script as well as the initial idea behind it are contained in the description above, which is self-contained in it’s entirety with a clear and defined purpose that is written with the intent to holistically capture the intent of the potential use for this indicator.
► General House Rule #2
This script and the description (as well as my profile) contain no links or associations to promotion of any kind, I am not a business, I am not an individual that will in any way make money from this script or the promotion of another person, idea, company, entity, or legal persons (foreign or domestic).
► Originality and usefulness
This is an original and custom script (and idea) that is not a rehashing or a copy of any code from any other programmers in the tradingview community.
Crypto Uptrend Script + Pullback//Volume CandlesDescription: his is an adaption of my Pullback candle - This works on all timeframes and Markets (Forex//Stocks//)
Crypto Uptrend Script with Pullback Candle allows traders to get into a trend when the price is at end of a pullback and entering a balance phase in the market (works on all markets). The use of Moving averages to help identify a Trends and the use of Key levels to help traders be aware of where strong areas are in the market.
This script can work really well in Crypto Bull Runs when used on HTF and with confluences
The script has key support and resistance zones which are made up of quarterly data. Price reacts to these areas but patience is required as price will take time to come into these areas
I have updated the Pullback Candle with the use of Volume to filter out the weak Pullback Candles -
There are new candles to the script.
The First candle is the Bullish Volume Candle - This candle is set to a multiplier of 2x with a crossover of 50/100 on Volume - this then will paint a purple candle.
Uses of the Bullish Volume Candle:
Breakthrough of key areas // special chart patterns
Rejection of key areas
End of a impulse wave (Profit Takers)
The second candle is a Hammer - I prefer using the Hammers on Higher Timeframes however they do work on all timeframes. .
The third candle is a Exhaustion of impulse downward move.
Uses of this candle - can denote a new trend but has to be with confluence to a demand area // support area or with any use of technical analysis - using this alone is not advised
The fourth candle is a indecision candle in the shape of a Doji - this candle can help identify if the trend is in a continuation or a reversal
This script can work really well in Crypto Bull Runs
Disclaimer: There will be Pullbacks with High Volume (Breakouts) and not go the way as intended but this script is to allow traders to get into trends at good price levels. The script can paint signals in areas where price is too expensive so please do your own due diligence on the markets as this script is to help get into good areas of price
Please leave a thumbs up if you like this script and message me for information on how to use the script.
Weis V5 zigzag jayySomehow, I deleted version 5 of the zigzag script. Same name. I have added some older notes describing how the Weis Wave works.
I have also changed the date restriction that stopped the script from working after Dec 31, 2022.
What you see here is the Weis zigzag wave plotted directly on the price chart. This script is the companion to the Weis cumulative wave volume script.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now-popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart
David Weis did a futures io video which is a popular source of information about his method. (Search David Weis and futures.io. I strongly suggest you also read “Trades About to Happen” by David Weis.
This will get you up and running more quickly when studying charts. However, you should choose the Traditional method to be true to David Weis technique as described in his book "Trades About to Happen" and in the Futures IO Webcast featuring David Weis
. The Weis pip zigzag wave shows how far in terms of bar close price a Weis wave has traveled through the duration of a Weis wave. The Weis zigzag wave is used in combination with the Weis cumulative volume wave. The two waves should be set to the same "wave size".
To use this script, you must set the wave size: Using the traditional Weis method simply enter the desired wave size in the box "How should wave size be calculated", in this example I am using a traditional wave size of .25. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method devised by David Weis a more automatic way to set wave size would be to use Average True Range (ATR). Using ATR is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the zigzag wave will be shown with volume. Because Weis used the closing price of a wave to define waves a line Bar highs and bar lows are not captured by the Weis Wave. The default script setting is now cumulative volume waves using an ATR of 7 and a multiplication factor of .5.
To display volume in a way that does not crowd out neighbouring volumes Weis displayed volume as a maximum of 3 digits (usually). Consider two Weis Wave volumes 176,895,570 and 2,654,763,889. To display wave volume as three digits it is necessary to take a number such as 176,895,570 and truncate it. 176,895,570 can be represented as 177 X 10 to the power of 6. The number displayed must also be relative to other numbers in the field. If the highest volume on the page is: 2,654,763,889 and with only three numbers available to display the result the value shown must be 265 (265 X 10 to the power of 7). Since 176,895,570 is an order of magnitude smaller than 2,654,763,889 therefore 175,895,570 must be shown as 18 instead of 177. In this way, the relative magnitudes of the two volumes can be understood. All numbers in the field of view must be truncated by the same order of magnitude to make the relative volumes understandable. The script attempts to calculate the order of magnitude value automatically. If you see a red number in the field of view it means the script has failed to do the calculation automatically and you should use the manual method – use the dialogue box “Calculate truncated wave value automatically or manually”. Scroll down from the automatic method and select manual. Once "manual" is selected the values displayed become the power values or multipliers for each wave.
Using the manual method you will select a “Multiplier” in the next dialogue box. Scan the field and select the largest value in the field of view (visible chart) is the multiplier of interest. If you select a lower number than the maximum value will see at least one red “up”. If you are too high you will see at least one red “down”. Scroll in the direction recommended or the values on the screen will be totally incorrect. With volume truncated to the highest order values, the eye can quickly get a feel for relative volumes. It also reduces the crowding and overlapping of values on the screen. You can opt to show the full volume to help get a sense of the magnitude of the true volumes.
How does the script determine if a Weis wave is continuing to grow or not?
The script evaluates the closing price of each new bar relative to the "Weis wave size". Suppose the current bar closes at a new low close, within the current down wave, at $30.00. If the Weis wave size is $0.10 then the algorithm will remember the $30.00 close and compare it to the close of the next bar. If the bar close price does not close equal to or lower than $30.00 or close equal to or higher than $30.10 then the wave is still a down wave with a current low of $30.00. This is true even if the bar low is less than $30.00 or the bar high is greater than 30.10 – only the bar’s closing price matters. If a bar's closing price climbs back up to a close of $30.11 then because the closing price has moved more than $0.10 (the Weis wave size) then that is a wave reversal with a new up-trending wave. In the above example if there was currently a downward trending wave and the bar closes were as follows $30.00, $30.09, $30.01, $30.05, $30.10 The wave direction would continue to stay downward trending until the close of $30.10 was achieved. As such $30.00 would be the low and the following closes $30.09, $30.01, $30.05 would be allocated to the new upward-trending wave. If however There was a series of bar closes like this $30.00, $30.09, $30.01, $30.05, $29.99 since none of the closes was equal to above the 10-cent reversal target of $30.10 but instead, a new Weis wave low was achieved ($29.99). As such the closes of $30.09, $30.01, $30.05 would all be attributed to the continued down-trending wave with a current low of $29.99, even though the closing price for the interim bars was above $30.00. Now that the Weis Wave low is now 429.99 then, in order to reverse this continued downtrend price will need to close at or above $30.09 on subsequent bar closes assuming now new low bar close is achieved. With large wave sizes, wave direction can be in limbo for many bars before a close either renews wave direction or reverses it and confirms wave direction as either a reversal or a continuation. On the zig-zag, a wave line and its volume will not be "printed" until a wave reversal is confirmed.
The wave attribution is similar when using other methods to define wave size. If ATR is used for wave size instead of a traditional wave constant size such as $0.10 or $2 or 2000 pips or ... then the wave size is calculated based on current ATR instead of the Weis wave constant (Traditional selected value).
I have the option to display pseudo-Ord volume. In truth, Ord used more traditional zig-zag pivots of bar highs and lows. Waves using closes as pivots can have some significant differences. This difference can be lessened by using smaller time frames and larger wave sizes.
There are other options such to display the delta price or pip size of a Weis Wave, the number of bars in a wave, and a few other options.
Multi PivotsThis script is meant for day traders. It's based on the CPR concepts. The pivots plots based on the timeframe, means less that 15minuts it will plot daily pivots, less that daily tf, it plots weekly and then monthly. It also includes Camarillas, ADR levels, Fibonacci levels based on last 500 candles, Fib pivots, Pivot zones, developing pivot, Vwap, Dashboard shows RSI,ADX,Vwap,SuperTrend and day price difference. Options available to plot Day HighLow, Initial Balance levels as well. There is option to show running CPR which highlights virgin CPR. It can plot next day pivots as well
I dont own any of codes or ideas in the script. Codes are taken from different scripts and altered based on the requirements. Kudos to all the great pinecoders who provided their codes as public which helps everyone. Thanks
Trend Analysis Index [CC]The Trend Analysis Index was created by Adam White and not to be confused with the Trend Analysis Indicator that I also published. This indicator operates under the same idea but using a completely different calculation to achieve similar results. The idea behind this indicator is for a combination of volatility and trend confirmation. If the indicator is above it's signal line then the stock is very volatile and vice versa. If the stock is currently trending as in above a chosen moving average for example and the indicator falls below the signal line then there is a pretty good chance in a trend reversal. The recommended buy and sell system to use is to pair this indicator with a moving average crossover system which I have included in the script. Buy when the indicator is above it's signal and the shorter moving average crosses above the longer moving average. For selling you would do the same and sell when the indicator is above it's signal and the shorter moving average crosses below the longer moving average. I have included strong buy and sell signals in addition to the normal ones so stronger signals are darker in color and normal signals are lighter in color.
Let me know what other indicators or scripts you would like to see me publish!
Weis pip zigzag jayyWhat you see here is the Weis pip zigzag wave plotted directly on the price chart. This script is the companion to the Weis pip wave ( ) which is plotted in the lower panel of the displayed chart and can be used as an alternate way of plotting the same results. The Weis pip zigzag wave shows how far in terms of price a Weis wave has traveled through the duration of a Weis wave. The Weis pip zigzag wave is used in combination with the Weis cumulative volume wave. The two waves must be set to the same "wave size".
To use this script you must set the wave size. Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size" In this example, it is set to 5. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the pip wave will be shown.
I have put a pip zigzag of a 5 point Weis wave on the bar chart - that is a different script. I have added it to allow your eye to see what a Weis wave looks like. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. There are too many calculations within this script to allow conversion to Pinescript version 4 or even Version 3. I am in the process of rewriting this script to reduce the number of calculations and streamline the algorithm.
The numbers plotted on the chart are calculated to be relative numbers. The script is limited to showing only three numbers vertically. Only the highest three values of a number are shown. For example, if the highest recent pip value is 12,345 only the first 3 numerals would be displayed ie 123. But suppose there is a recent value of 691. It would not be helpful to display 691 if the other wave size is shown as 123. To give the appropriate relative value the script will show a value of 7 instead of 691. This informs you of the relative magnitude of the values. This is done automatically within the script. There is likely no need to manually override the automatically calculated value. I will create a video that demonstrates the manual override method.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle or bar closes to define all wave action ie a line chart.
David Weis did a futures io video which is a popular source of information about his method.
This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf. Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my Weis chart here () from the same period to the David Weis chart from May 27. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
TA Basics: further "Steps" with our Moving AverageSo far in this series of posts, we have worked thru creating a basic zero-lag moving average, then moved forward all the way to coding a "Fibonacci" Weighted Moving Average.
in this post we take a look at a technique that can help traders minimize noise in the underlying data and get better insight on the changes that are happening in the data series represented by the moving average. we'll look at adding "stepping" to our Fibonacci Moving Average as an example. we introduce the Stepping Fibonacci Moving Average , or Step_FiMA
note that you can use the same technique with any plot you may have. feel free to copy or leverage the relevant parts of the script - the script is commented to make this easier.
How is this useful?
==================
with "stepping", you get your indicator to "round" the outcome into pre-specified bands or ranges. this works very similar to how, for example, range or Renko charts work. you can easily see the difference in the chart above once we look at a non-stepped and a stepping moving average of the same length side-by-side
the more granular your timeframe is, you will see the effect of the stepping clearer - here's how the same chart looks when we go into the 1-hr aggregation
Notes about this script
====================
there are couple of pieces i wanted to highlight in the script if you plan to use some of it :
1 - the step(x) function is meant to try to automatically pick the best "suitable" step size based on the range of the underlying series (for example, the closing price). these ranges i included here in the code are just my own "best choices" - you are totally welcome to adjust these ranges and the resulting step size to your own preference
2 - we applied the stepping as a user-choice. user can choose a manual entry, or "0" to get the code to automatically pick the step size, or enter -1 (or actually any value below zero) to cancel the stepping option altogether - this gives us some flexibility on how to use the stepping in an indicator
3 - very important (and somehow confusing): on the "rounding" approach:
the magic math formula that actually creates the stepping is this one
result = round(input / step) * step
now, this tells the script to "round" the result up or down (the basic rounding) -- so for example, a price of 17 with a step of 5 would be rounded (down) to 15, where as a price of 18 would be rounded "up" to 20 -- this is not the way some of us would expect or want, cause the price never reached 20 and they would want an 18 to still be rounded to 15 - and the stepping line not to show 20 *until* the price actually hits or exceeds 20 -- in that case, you would need to replace the function "round" with the function "floor" --
so the new formula becomes: floor(input / step) * step
-- in an ideal world, we can make this rounding choice a user-option in the settings -- maybe in an improved version
4 - we kept the smoothing option, and it takes place before the stepping is applied - we continue to use that smoothing to further minimize the level changes in the FiMA line.
I hope you find this script useful in your journey with technical analysis and DIY scripting, and good luck in your trading.
Support Resistance - DynamicThis is Dynamic Support / Resistance script.
How it Works?
It finds Pivot Points and creates channels for each Pivot Point. Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance. in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.
Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)
Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/Rs only for visible area in the chart.
There is option to Show S/R lines as Solid, Dotted or Dashed.
Enjoy!
Plotchar - How to draw external symbols on a chartHey everyone
It's been a while :) but still on holidays and working on the website. I'll resume the scripts sharing shortly once I'll get back home
For today, I wanted to share a very useful script that is going to make you a top of money 100% guaranteed and you'll even have a Lamborghini delivered at your place by tomorrow... (imagine some followers would believe me for this)
This "script" is a proof of concept that you can draw external Unicode symbols on a chart.
If you're tired with the plotshape shapes by default, you can use some others - I usually find mine there emojipedia.org
What are the use cases?
- Draw a dead skeleton when your stop-loss is hit
- Draw a winning cup when your take profit is hit
- Draw a coffin when you run out of capital
FAQ
Q: Does this script has any interest?
A: I'm not sure myself
Q: Will you make money using it?
A: I'm not a financial advisor but ... very likely NO
Q: Is it cool though?
A: Hell yeah!!
Be sure to hit the thumbs up so that I'll share real scripts the next times and not "joke scripts". I promise it's the first and last time I'm sharing such a script
Dave
____________________________________________________________
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
How to avoid repainting when using security() - PineCoders FAQNOTE
The non-repainting technique in this publication that relies on bar states is now deprecated, as we have identified inconsistencies that undermine its credibility as a universal solution. The outputs that use the technique are still available for reference in this publication. However, we do not endorse its usage. See this publication for more information about the current best practices for requesting HTF data and why they work.
This indicator shows how to avoid repainting when using the security() function to retrieve information from higher timeframes.
What do we mean by repainting?
Repainting is used to describe three different things, in what we’ve seen in TV members comments on indicators:
1. An indicator showing results that change during the realtime bar, whether the script is using the security() function or not, e.g., a Buy signal that goes on and then off, or a plot that changes values.
2. An indicator that uses future data not yet available on historical bars.
3. An indicator that uses a negative offset= parameter when plotting in order to plot information on past bars.
The repainting types we will be discussing here are the first two types, as the third one is intentional—sometimes even intentionally misleading when unscrupulous script writers want their strategy to look better than it is.
Let’s be clear about one thing: repainting is not caused by a bug ; it is caused by the different context between historical bars and the realtime bar, and script coders or users not taking the necessary precautions to prevent it.
Why should repainting be avoided?
Repainting matters because it affects the behavior of Pine scripts in the realtime bar, where the action happens and counts, because that is when traders (or our systems) take decisions where odds must be in our favor.
Repainting also matters because if you test a strategy on historical bars using only OHLC values, and then run that same code on the realtime bar with more than OHLC information, scripts not properly written or misconfigured alerts will alter the strategy’s behavior. At that point, you will not be running the same strategy you tested, and this invalidates your test results , which were run while not having the additional price information that is available in the realtime bar.
The realtime bar on your charts is only one bar, but it is a very important bar. Coding proper strategies and indicators on TV requires that you understand the variations in script behavior and how information available to the script varies between when the script is running on historical and realtime bars.
How does repainting occur?
Repainting happens because of something all traders instinctively crave: more information. Contrary to trader lure, more information is not always better. In the realtime bar, all TV indicators (a.k.a. studies ) execute every time price changes (i.e. every tick ). TV strategies will also behave the same way if they use the calc_on_every_tick = true parameter in their strategy() declaration statement (the parameter’s default value is false ). Pine coders must decide if they want their code to use the realtime price information as it comes in, or wait for the realtime bar to close before using the same OHLC values for that bar that would be used on historical bars.
Strategy modelers often assume that using realtime price information as it comes in the realtime bar will always improve their results. This is incorrect. More information does not necessarily improve performance because it almost always entails more noise. The extra information may or may not improve results; one cannot know until the code is run in realtime for enough time to provide data that can be analyzed and from which somewhat reliable conclusions can be derived. In any case, as was stated before, it is critical to understand that if your strategy is taking decisions on realtime tick data, you are NOT running the same strategy you tested on historical bars with OHLC values only.
How do we avoid repainting?
It comes down to using reliable information and properly configuring alerts, if you use them. Here are the main considerations:
1. If your code is using security() calls, use the syntax we propose to obtain reliable data from higher timeframes.
2. If your script is a strategy, do not use the calc_on_every_tick = true parameter unless your strategy uses previous bar information to calculate.
3. If your script is a study and is using current timeframe information that is compared to values obtained from a higher timeframe, even if you can rely on reliable higher timeframe information because you are correctly using the security() function, you still need to ensure the realtime bar’s information you use (a cross of current close over a higher timeframe MA, for example) is consistent with your backtest methodology, i.e. that your script calculates on the close of the realtime bar. If your system is using alerts, the simplest solution is to configure alerts to trigger Once Per Bar Close . If you are not using alerts, the best solution is to use information from the preceding bar. When using previous bar information, alerts can be configured to trigger Once Per Bar safely.
What does this indicator do?
It shows results for 9 different ways of using the security() function and illustrates the simplest and most effective way to avoid repainting, i.e. using security() as in the example above. To show the indicator’s lines the most clearly, price on the chart is shown with a black line rather than candlesticks. This indicator also shows how misusing security() produces repainting. All combinations of using a 0 or 1 offset to reference the series used in the security() , as well as all combinations of values for the gaps= and lookahead= parameters are shown.
The close in the call labeled “BEST” means that once security has reached the upper timeframe (1 day in our case), it will fetch the previous day’s value.
The gaps= parameter is not specified as it is off by default and that is what we need. This ensures that the value returned by security() will not contain na values on any of our chart’s bars.
The lookahead security() to use the last available value for the higher timeframe bar we are using (the previous day, in our case). This ensures that security() will return the value at the end of the higher timeframe, even if it has not occurred yet. In our case, this has no negative impact since we are requesting the previous day’s value, with has already closed.
The indicator’s Settings/Inputs allow you to set:
- The higher timeframe security() calls will use
- The source security() calls will use
- If you want identifying labels printed on the lines that have no gaps (the lines containing gaps are plotted using very thick lines that appear as horizontal blocks of one bar in length)
For the lines to be plotted, you need to be on a smaller timeframe than the one used for the security() calls.
Comments in the code explain what’s going on.
Look first. Then leap.
Multi-Indicator Signals with Selectable Options by DiGetMulti-Indicator Signals with Selectable Options
Script Overview
This Pine Script is a multi-indicator trading strategy designed to generate buy/sell signals based on combinations of popular technical indicators: RSI (Relative Strength Index) , CCI (Commodity Channel Index) , and Stochastic Oscillator . The script allows you to select which combination of signals to display, making it highly customizable and adaptable to different trading styles.
The primary goal of this script is to provide clear and actionable entry/exit points by visualizing buy/sell signals with arrows , labels , and vertical lines directly on the chart. It also includes input validation, dynamic signal plotting, and clutter-free line management to ensure a clean and professional user experience.
Key Features
1. Customizable Signal Types
You can choose from five signal types:
RSI & CCI : Combines RSI and CCI signals for confirmation.
RSI & Stochastic : Combines RSI and Stochastic signals.
CCI & Stochastic : Combines CCI and Stochastic signals.
RSI & CCI & Stochastic : Requires all three indicators to align for a signal.
All Signals : Displays individual signals from each indicator separately.
This flexibility allows you to test and use the combination that works best for your trading strategy.
2. Clear Buy/Sell Indicators
Arrows : Buy signals are marked with upward arrows (green/lime/yellow) below the candles, while sell signals are marked with downward arrows (red/fuchsia/gray) above the candles.
Labels : Each signal is accompanied by a label ("BUY" or "SELL") near the arrow for clarity.
Vertical Lines : A vertical line is drawn at the exact bar where the signal occurs, extending from the low to the high of the candle. This ensures you can pinpoint the exact entry point without ambiguity.
3. Dynamic Overbought/Oversold Levels
You can customize the overbought and oversold levels for each indicator:
RSI: Default values are 70 (overbought) and 30 (oversold).
CCI: Default values are +100 (overbought) and -100 (oversold).
Stochastic: Default values are 80 (overbought) and 20 (oversold).
These levels can be adjusted to suit your trading preferences or market conditions.
4. Input Validation
The script includes built-in validation to ensure that oversold levels are always lower than overbought levels for each indicator. If the inputs are invalid, an error message will appear, preventing incorrect configurations.
5. Clean Chart Design
To avoid clutter, the script dynamically manages vertical lines:
Only the most recent 50 buy/sell lines are displayed. Older lines are automatically deleted to keep the chart clean.
Labels and arrows are placed strategically to avoid overlapping with candles.
6. ATR-Based Offset
The vertical lines and labels are offset using the Average True Range (ATR) to ensure they don’t overlap with the price action. This makes the signals easier to see, especially during volatile market conditions.
7. Scalable and Professional
The script uses arrays to manage multiple vertical lines, ensuring scalability and performance even when many signals are generated.
It adheres to Pine Script v6 standards, ensuring compatibility and reliability.
How It Works
Indicator Calculations :
The script calculates the values of RSI, CCI, and Stochastic Oscillator based on user-defined lengths and smoothing parameters.
It then checks for crossover/crossunder conditions relative to the overbought/oversold levels to generate individual signals.
Combined Signals :
Depending on the selected signal type, the script combines the individual signals logically:
For example, a "RSI & CCI" buy signal requires both RSI and CCI to cross into their respective oversold zones simultaneously.
Signal Plotting :
When a signal is generated, the script:
Plots an arrow (upward for buy, downward for sell) at the corresponding bar.
Adds a label ("BUY" or "SELL") near the arrow for clarity.
Draws a vertical line extending from the low to the high of the candle to mark the exact entry point.
Line Management :
To prevent clutter, the script stores up to 50 vertical lines in arrays (buy_lines and sell_lines). Older lines are automatically deleted when the limit is exceeded.
Why Use This Script?
Versatility : Whether you're a scalper, swing trader, or long-term investor, this script can be tailored to your needs by selecting the appropriate signal type and adjusting the indicator parameters.
Clarity : The combination of arrows, labels, and vertical lines ensures that signals are easy to spot and interpret, even in fast-moving markets.
Customization : With adjustable overbought/oversold levels and multiple signal options, you can fine-tune the script to match your trading strategy.
Professional Design : The script avoids clutter by limiting the number of lines displayed and using ATR-based offsets for better visibility.
How to Use This Script
Add the Script to Your Chart :
Copy and paste the script into the Pine Editor in TradingView.
Save and add it to your chart.
Select Signal Type :
Use the "Signal Type" dropdown menu to choose the combination of indicators you want to use.
Adjust Parameters :
Customize the lengths of RSI, CCI, and Stochastic, as well as their overbought/oversold levels, to match your trading preferences.
Interpret Signals :
Look for green arrows and "BUY" labels for buy signals, and red arrows and "SELL" labels for sell signals.
Vertical lines will help you identify the exact bar where the signal occurred.
Tips for Traders
Backtest Thoroughly : Before using this script in live trading, backtest it on historical data to ensure it aligns with your strategy.
Combine with Other Tools : While this script provides reliable signals, consider combining it with other tools like support/resistance levels or volume analysis for additional confirmation.
Avoid Overloading the Chart : If you notice too many signals, try tightening the overbought/oversold levels or switching to a combined signal type (e.g., "RSI & CCI & Stochastic") for fewer but higher-confidence signals.
Optimal Buy Day (Zeiierman)█ Overview
The Optimal Buy Day (Zeiierman) indicator identifies optimal buying days based on historical price data, starting from a user-defined year. It simulates investing a fixed initial capital and making regular monthly contributions. The unique aspect of this indicator involves comparing systematic investment on specific days of the month against a randomized buying day each month, aiming to analyze which method might yield more shares or a better average price over time. By visualizing the potential outcomes of systematic versus randomized buying, traders can better understand the impact of market timing and how regular investments might accumulate over time.
These statistics are pivotal for traders and investors using the script to analyze historical performance and strategize future investments. By understanding which days offered more shares for their money or lower average prices, investors can tailor their buying strategies to potentially enhance returns.
█ Key Statistics
⚪ Shares
Definition: Represents the total number of shares acquired on a particular day of the month across the entire simulation period.
How It Works: The script calculates how many shares can be bought each day, given the available capital or monthly contribution. This calculation takes into account the day's opening price and accumulates the total shares bought on that day over the simulation period.
Interpretation: A higher number of shares indicates that the day consistently offered better buying opportunities, allowing the investor to acquire more shares for the same amount of money. This metric is crucial for understanding which days historically provided more value.
⚪ AVG Price
Definition: The average price paid per share on a particular day of the month, averaged over the simulation period.
How It Works: Each time shares are bought, the script calculates the average price per share, factoring in the new shares purchased at the current price. This average evolves over time as more shares are bought at varying prices.
Interpretation: The average price gives insight into the cost efficiency of buying shares on specific days. A lower average price suggests that buying on that day has historically led to better pricing, making it a potentially more attractive investment strategy.
⚪ Buys
Definition: The total number of transactions or buys executed on a particular day of the month throughout the simulation.
How It Works: This metric increments each time shares are bought on a specific day, providing a count of all buying actions taken.
Interpretation: The number of buys indicates the frequency of investment opportunities. A higher count could mean more consistent opportunities for investment, but it's important to consider this in conjunction with the average price and the total shares acquired to assess overall strategy effectiveness.
⚪ Most Shares
Definition: Identifies the day of the month on which the highest number of shares were bought, highlighting the specific day and the total shares acquired.
How It Works: After simulating purchases across all days of the month, the script identifies which day resulted in the highest total number of shares bought.
Interpretation: This metric points out the most opportune day for volume buying. It suggests that historically, this day provided conditions that allowed for maximizing the quantity of shares purchased, potentially due to lower prices or other factors.
⚪ Best Price
Definition: Highlights the day of the month that offered the lowest average price per share, indicating both the day and the price.
How It Works: The script calculates the average price per share for each day and identifies the day with the lowest average.
Interpretation: This metric is key for investors looking to minimize costs. The best price day suggests that historically, buying on this day led to acquiring shares at a more favorable average price, potentially maximizing long-term investment returns.
⚪ Randomized Shares
Definition: This metric represents the total number of shares acquired on a randomly selected day of the month, simulated across the entire period.
How It Works: At the beginning of each month within the simulation, the script selects a random day when the market is open and calculates how many shares can be purchased with the available capital or monthly contribution at that day's opening price. This process is repeated each month, and the total number of shares acquired through these random purchases is tallied.
Interpretation: Randomized shares offer a comparison point to systematic buying strategies. By comparing the total shares acquired through random selection against those bought on the best or worst days, investors can gauge the impact of timing and market fluctuations on their investment strategy. A higher total in randomized shares might indicate that over the long term, the specific days chosen for investment might matter less than consistent market participation. Conversely, if systematic strategies yield significantly more shares, it suggests that timing could indeed play a crucial role in maximizing investment returns.
⚪ Randomized Price
Definition: The average price paid per share for the shares acquired on the randomly selected days throughout the simulation period.
How It Works: Each time shares are bought on a randomly chosen day, the script calculates the average price paid for all shares bought through this randomized strategy. This average price is updated as the simulation progresses, reflecting the cost efficiency of random buying decisions.
Interpretation: The randomized price metric helps investors understand the cost implications of a non-systematic, random investment approach. Comparing this average price to those achieved through more deliberate, systematic strategies can reveal whether consistent investment timing strategies outperform random investment actions in terms of cost efficiency. A lower randomized price suggests that random buying might not necessarily result in higher costs, while a higher average price indicates that systematic strategies might provide better control over investment costs.
█ How to Use
Traders can use this tool to analyze historical data and simulate different investment strategies. By inputting their initial capital, regular contribution amount, and start year, they can visually assess which days might have been more advantageous for buying, based on historical price actions. This can inform future investment decisions, especially for those employing dollar-cost averaging strategies or looking to optimize entry points.
█ Settings
StartYear: This setting allows the user to specify the starting year for the investment simulation. Changing this value will either extend or shorten the period over which the simulation is run. If a user increases the value, the simulation begins later and covers a shorter historical period; decreasing the value starts the simulation earlier, encompassing a longer time frame.
Capital: Determines the initial amount of capital with which the simulation begins. Increasing this value simulates starting with more capital, which can affect the number of shares that can be initially bought. Decreasing this value simulates starting with less capital.
Contribution: Sets the monthly financial contribution added to the investment within the simulation. A higher contribution increases the investment each month and could lead to more shares being purchased over time. Lowering the contribution decreases the monthly investment amount.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
No Wick Bull/Bear Candlesticks with Arrow premiumNo Wick Bull/Bear Candlesticks with Arrow premium
This script is for a custom trading indicator called "No Wick Bull/Bear Candlesticks with Arrow premium" developed by ClearTradingMind. It is designed for use with trading platforms that support scripting, such as TradingView. This indicator combines several technical analysis tools to help traders identify potential buy and sell signals in a financial market.
Key Components of the Indicator:
Moving Average (MA): The script allows users to select from various types of moving averages (SMA, EMA, HMA, etc.), which smooth out price data to identify trends. Users can set the length and type of the moving average.
Upper and Lower Bands: These bands are set at a specified deviation percentage above and below the chosen moving average. They help in identifying overbought and oversold conditions.
No Wick Bull/Bear Candlestick Identification:
Bullish Condition: A bullish candlestick is identified when the closing price is higher than the opening price, the low equals the open, and the close is above the moving average.
Bearish Condition: A bearish candlestick is identified when the closing price is lower than the opening price, the high equals the open, and the close is below the moving average.
No Wick: These conditions also imply that the candlesticks have no wicks, suggesting strong buying or selling pressure.
Arrows for Trading Signals:
No lower wick bull bar
No upper wick bear bar
When a bullish condition is met, a green upward-pointing triangle is plotted below the candlestick, indicating a potential buy signal.
When a bearish condition is met, a red downward-pointing triangle is plotted above the candlestick, indicating a potential sell signal.
EMA 20: An additional Exponential Moving Average with a length of 20 periods is plotted for further trend analysis.
Background Color Changes: The script changes the background color to blue if the EMA 20 is above the upper band, and to red if it is below the lower band, providing visual cues about the market trend.
How It Works:
Traders can input their preferences for the moving average type and length, source of the MA (like closing prices), and the deviation percentage for the bands.
The script then calculates the moving average, upper and lower bands, and checks for bullish or bearish candlestick conditions without wicks.
When such conditions are met, it plots arrows to suggest buy or sell signals.
The EMA 20 and background color changes offer additional trend information.
Usage:
This indicator is particularly useful in markets with clear trends. The no wick bull/bear candlesticks indicate strong buying or selling pressure, and the arrows provide clear visual signals for traders to consider entering or exiting positions. As with all trading indicators, it's recommended to use this tool in conjunction with other forms of analysis to confirm trading signals.
Liquidation Ranges + Volume/OI Dots [Kioseff Trading]Hello!
Introducing a multi-faceted indicator "Liquidation Ranges + Volume Dots" - this indicator replicates the volume dot tools found on various charting platforms and populates a liquidation range on crypto assets!
Features
Volume/OI dots populated according to user settings
Size of volume/OI dots corresponds to degree of abnormality
Naked level volume dots
Fixed range capabilities for volume/OI dots
Visible time range capabilities for volume/OI dots
Lower timeframe data used to discover iceberg orders (estimated using 1-minute data)
S/R lines drawn at high volume/OI areas
Liquidation ranges for crypto assets (10x - 100x)
Liquidation ranges are calculated using a popular crypto exchange's method
# of violations of liquidation ranges are recorded and presented in table
Pertinent high volume/OI price areas are recorded and presented in table
Personalized coloring for volume/OI dots
Net shorts / net long for the price range recorded
Lines shows reflecting net short & net long increases/decreases
Configurable volume/OI heatmap (displayed between liquidation ranges)
And some more (:
Liquidation Range
The liquidation range component of the indicator uses a popular crypto exchange's calculation (for liquidation ranges) to populate the chart for where 10x - 100x leverage orders are stopped out.
The image above depicts features corresponding to net shorts and net longs.
The image above shows features corresponding to liquidation zones for the underlying coin.
The image above shows the option to display volume/oi delta at the time the corresponding grid was traded at.
The image above shows an instance of using the "fixed range" feature for the script.
*The average price of the range is calculated to project liquidation zones.
*Heatmap is calculated using OI (or volume) delta.
Huge thank you to Pine Wizard @DonovanWall for his range filter code!
Price ranges are automatically detected using his calculation (:
Volume / OI Dots
Similar to other charting platforms, the volume/OI dots component of the indicator distinguishes "abnormal" changes in volume/OI; the detected price area is subsequently identified on the chart.
The detection method uses percent rank and calculates on the last bar of the chart. The "agelessness" of detection is contingent on user settings.
The image above shows volume dots in action; the size of each volume dot corresponds to the amount of volume at the price area.
Smaller dots = lower volume
Larger dots = higher volume
The image above exemplifies the highest aggression setting for volume/OI dot detection.
The table oriented top-right shows the highest volume areas (discovered on the 1-minute chart) for the calculated period.
The open interest change and corresponding price level are also shown. Results are listed in descending order but can also be listed in order of occurrence (most relevant).
Additionally, you can use the visible time range feature to detect volume dots.
The feature shows and explains how the visible range feature works. You select how many levels you want to detect and the script will detect the selected number of levels.
For instance, if I select to show 20 levels, the script will find the 20 highest volume/OI change price areas and distinguish them.
The image above shows a narrower price range.
The image above shows the same price range; however, the script is detecting the highest OI change price areas instead of volume.
* You can also set a fixed range with this feature
* Naked levels can be used
Additionally, you can select for the script to show only the highest volume/ OI change price area for each bar. When active, the script will successively identify the highest volume / OI change price area for the most recent bars.
Naked Levels
The image above shows and explains how naked levels can be detected when using the script.
And that's pretty much it!
Of course, there're a few more features you can check out when you use the script that haven't been explained here (:
Thank you again to @DonovanWall
Thank you to @Trendoscope for his binary insertion sort library (:
Thank you to @PineCoders for their time library
Thank you for checking this out!
Reversal Signals [LuxAlgo]The Reversal Signals indicator is a technical analysis tool that aims to identify when a trend is fading and potentially starting to reverse.
As a counter-trend tool, the Reversal Signals indicator aims to solve the problem of several technical analysis indicators that perform well during trending markets but struggle in ranging markets. By understanding the key concepts and applications of the tool, traders can enhance their market timing and improve their trading strategies.
Note: It's important to explore the settings of the indicator to customize to your own usage & display as there are various options available as covered below.
🔶 USAGE
The Reversal Signals indicator is comprised of two main phases: Momentum Phase and Trend Exhaustion Phase . These phases help identify potential trend reversals in bullish, bearish, and ranging markets.
🔹The Momentum Phase
The momentum phase consists of a 9-candle count and in rare cases 8-candle count. In a bullish trend, a starting number ‘1’ is plotted if a candle closes higher than the close of a candle four periods ago. In a bearish trend, a starting number ‘1’ is plotted if a candle closes lower than the close of a candle four periods ago.
The following numbers are plotted when each successive candle satisfies the four-period rule. The potential reversal point comes when the Reversal Signals plot a label on top of a candle in a bullish trend or at the bottom of a candle in a bearish trend. The momentum phase is immediately canceled if, at any point, a candle fails to satisfy the four-period rule.
Based on the extremes of the momentum phase, the Reversal Signals generate support & resistance levels as well as risk/stop levels.
🔹 The Trend Exhaustion Phase
The trend exhaustion phase starts after completing the momentum phase and consists of a 13-candle count. In a bullish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be greater than the close two periods earlier. In a bearish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be lower than the close two periods earlier.
The trend exhaustion phase does not require a consecutive sequence of candles; if the order of candles is interrupted, the trend exhaustion phase is not canceled. The trend exhaustion phase generates stronger trading signals than the momentum phase, with the potential for longer-lasting price reversals.
🔹 Trading Signals
The Reversal Signals script presents an overall setup and some phase-specific trade setup options, where probable trades might be considered. All phase-specific trade setups, presented as options, are triggered once the selected phase is completed and followed by a price flip in the direction of the trade setup.
Please note that those setups are presented for educational purposes only and do not constitutes professional and/or financial advice
- Momentum: Enter a trade at momentum phase completion, and search for buy (sell) when the bullish (bearish) momentum phase pattern is complete. Ideally, the momentum phase completion should close near its support/resistance line but shall not be above them, which indicates continuation of the trend
- Exhaustion: Enter a trade on trend exhaustion phase completion, and search for buy (sell) when the bullish (bearish) trend exhaustion phase is complete
- Qualified: Buy (sell) when a bullish (bearish) trend exhaustion phase combined with another bullish (bearish) momentum phase sequence is complete
Long trade setups are presented with "L" label and short trade setups with "S" label, where the content of the label displays details related to the probable trade opportunity
Once a phase-specific trade setup is triggered then the Reversal Signals script keeps checking the status of the price action relative to the phase-specific trade setups and in case something goes wrong presents a caution label. Pay attention to the content of the caution labels as well as where they appear. A trade signal, followed immediately by a warning indication can be assumed as a continuation of the underlying trend and can be traded in the opposite direction of the suggested signal
It is strongly advised to confirm trading setups in conjunction with other forms of technical and fundamental analysis, including technical indicators, chart/candlestick pattern analysis, etc.
🔶 DETAILS
The Reversal Signals script performs the detection of the phases by counting the candlestick meeting the specific conditions, which includes:
- Detection of the 8th and 9th candle perfection during the momentum phase
- In some cases, the 8th count will be assumed as momentum phase completion
- Trend exhaustion phase counting stops in case any type of momentum phase completion is detected during the counting process
- Postponing the last count of the trend exhaustion phase, the 13th candle must be below/above the 8th candle and if not the candles will be indicated with '+' sign under them and the script continues to search for a 13th candle at the next ones until the conditions are met
🔶 ALERTS
When an alert is configured, the user will have the ability to be notified in case;
Momentum / Trend Exhaustion phase completion
Support & Resistance level cross detection
Stop / Risk level cross detection
Long / Short Trade Setups are triggered
Please note, alerts are available with 'any alert() function call' and the alerts will be received only for the features that are enabled during alert configuration
🔶 SETTINGS
🔹 Momentum Phase
Display Phases: displays the momentum phases, where the Completed option allows the display of only completed momentum phases. The detailed option allows the display of the entire process of the momentum phase processes
Support & Resistance Levels: Toggles the visibility of the Support & Resistance Levels and Line Styling options
Momentum Phase Risk Levels: Toggles the visibility of the momentum phase Stop/Risk Levels and Line Styling options
For color options please refer to the options available under the style tab
🔹 Trend Exhaustion Phase
Display Phases: displays the trend exhaustion phases, where the Completed option allows the display of only completed trend exhaustion phases. The detailed option allows the display of the entire process of the trend exhaustion phase processes
Trend Exhaustion Phase Risk Levels: Toggles the visibility of the trend exhaustion phase Stop/Risk Levels
Trend Exhaustion Phase Target Levels: Toggles the visibility of the trend exhaustion phase Target Levels
For color options please refer to the options available under the style tab
🔹 Trade Setups
Overall Trend Direction & Trade Setup: displays the overall trend and probable trade setup levels, the users should search for a price flip and confirm with other means of technical and fundamental analysis for the trade setups once the label is plotted
Phase-Specific Trade Setup Options
Momentum: Searches for a trade setup after momentum phase completion
Exhaustion: Searches for a trade setup after trend exhaustion phase completion, stronger trend reversal possibility compared to momentum phase setup
Qualified: Searches for a trade setup after the trend exhaustion phase followed by a momentum phase completion
None: No trade setups are presented
Price Flips against the Phase Specific Trade Setups: enables checking the price action relative to the phase-specific trade setups
🔶 RELATED SCRIPTS
Here are the scripts that may add additional insight during potential trading decisions.
Buyside-Sellside-Liquidity
Support-Resistance-Classification
Engulfing and Doji Scanner with SLThe Bullish Engulfing pattern occurs when the close is higher than the open, and scripts will look for this pattern by checking the difference in the close and open prices sufficiently in pips. Likewise, the Bearish Engulfing pattern occurs when the close is lower than the open, and scripts will look for this pattern by checking for sufficient difference in the open and close in pips.
The Doji pattern occurs when the absolute difference between the open and close prices is very small compared to the price range for that period. The script will look for these patterns by comparing the difference between the open and close prices by a certain percentage of the price range.
After the patterns are detected, the script will calculate the Stop Loss (SL) and Take Profit (TP) levels based on the parameters set. The SL level will be determined based on the lowest price range with certain adjustments, while the TP level is calculated using a 1:1 ratio to the SL distance.
This script will display arrows and Stop Loss and Take Profit labels on the chart to assist traders in identifying relevant patterns and levels. However, it is important to remember that these scripts only assist in the analysis of patterns and levels, and a more complete trading strategy and decision-making remains the responsibility of the trader.
Multiple Divergences (UDTs - objects) - Educational█ OVERVIEW
This script highlights the usage of User-defined Types (UDTs) and objects , and bullish /bearish divergences.
Pivotpoints are used to find divergences, the result of this script will be different against other public multiple divergences scripts.
FOR Pine Script™ CODERS
Besides the information found in CONCEPTS , the comments in the script will, hopefully ), guide you through my thought process.
█ CONCEPTS
The main principle of this script are bullish /bearish divergences, this with 3 different oscillators ( RSI , CCI , MFI )
If you want to know more about divergences, have a look at some Education and Research idea's .
On every bar, an object HLs is made, containing bar_index , high , low , and 2 bool variables ( isPh , isPl ).
On every bar, an object Osc is made, containing bar_index , o (oscillator value), and 2 bool variables ( isPh , isPl ).
If a pivothigh (ph ) is found, isPh will be true on that bar, false otherwise.
If a pivotlow (pl) is found, isPl will be true on that bar, false otherwise.
These objects are added to an array, with limited size.
If a ph is found, the script draws a testline from that ph to every previous ph , found in the array.
Then every high in between these 2 points are checked if they don't pierce the testline .
If the testline isn't broken, the Reg_Div_Piv() function will give 4 values, 1 check (not pierced) variable and the 4 points of the line.
The testline is deleted.
Once a positive check is found, the script will perform the same, but now with the Osc objects.
The script will ONLY compare Osc pivots which are maximum 1 bar away from the high/low pivot .
If everything is confirmed, a line is drawn, visible on the chart.
█ REMARKS
A label will be visible with a number, this is the amount of divergences found with the according oscillator .
EXAMPLE
Div with RSI and CCI -> 2
Div with MFI alone -> 1
Div with RSI and CCI and MFI -> 3
...
Divergences should only be used when confirmed, this is after bar close .
As an aid, lines that are not confirmed will be dotted , if confirmed, they will be solid .
The divergence check start when a ph/pl is found, after which oscillator pivot are checked.
Optionally the same can be done, when a oscillator pivot is found and then check the ph/pl ,
this should give more results, although it can make the script slower.
█ SETTINGS
Left - amount of bars at the left which needs to be lower/higher
Right - amount of bars at the right which needs to be lower/higher
Max values - maximum values in array of objects
3 oscillator settings with
• ON/OFF
• Length
• color bullish divergence
• color bearish divergence
Have FUN !
EMA + Supertrend with BUY a SELL signals by @zeusbottradingwe are presenting you new indicator with opensource script,
this indicator uses 3x EMAs and 2 supertrends. Supertrends generate SELL or BUY labels when they are both red or green, meaning uptrend or downtrend. Main idea behind this indicator is filtering supertrend labels by 3 EMAs (filter>All EMAs Aligned) or just 1 EMA 200 Only. EMA (Esxponential Moving Average) measures trend direction over a period of time . EMA should follow price section more closely than others moving averages. In the script is defaulty set EMA1 to calculet on 21 previouse candles which is good for calculating fast moving trends. EMA2 is defaulty set on 50 previouse candles which is use for medium moving trends. End lastly EMA3 is defaulty set on 200 candles to calculate long period moving trend.
You can setup sources of all EMAs and Supertrend values including ATR period and multiplier.
We also included Bearish and Bullish Engulfing candles for more precise entries. Bearish and Bullish Engulfing candels are marked by little triangle. Bearish candles means red candles, Bullish candles means green candles. Engulfing candles should be bigger than previouse candle. Engulfing candles used to indicate a market reversal
Buy signal is shown when close is between ATRs and close price of the candle is bigger than EMA3 when its used in Filter section 200 EMA Only . If in Filter section is choosed ALL EMAs Aligned Buy signal is shown when close is between ATRs and close price of the candle is bigger than EMA1 , EMA1 is bigger than EMA2 and EMA2 is bigger than EMA3 .
Sell signal is shown when close is between ATRs and close price of the candle is lower than EMA3 when its used in Filter section 200 EMA Only . If in Filter section is choosedALL EMAs Aligned Sell signal is shown when close is between ATRs and close price of the candle is lower than EMA1, EMA1 is lower than EMA2 and EMA2 is lower than EMA3 .
ATR (Average True Range) it is trading system that measures market volatility by decomposing the entire range of an asset price for choosen period.
You can use this indicator on any timeframe and any instrument.
Made with ❤️ for this community.
If you have any questions or suggestions, let us know.
The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold zeusbottrading TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
