Rangemeter [theEccentricTrader]█ OVERVIEW
This indicator simply displays candle and peak to trough ranges in points or pips, depending on the symbol type, in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Open Green and Red Candles
• An open green candle is one that has a close price equal to or above the price it opened, but has not yet closed to confirm the condition.
• An open red candle is one that has a close price lower than the price it opened, but has not yet closed to confirm the condition.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Open Range
An open range is here defined as one that is forming but has not yet completed. For example, a swing low that has an open green candle proceeding a red candle or series of red candles. Or a swing high that has an open red candle proceeding a green candle or series of green candles.
The table will only display the open range under the aforementioned circumstances, otherwise it will display the current, or previous, range.
█ FEATURES
Inputs
• Show Candle Ranges
• Show Largest and Smallest Candle Ranges
• Average Candle Range Lookback
• Show Ranges
• Show Largest and Smallest Ranges
• Average Range Lookback
• Position
• Text Size
█ HOW TO USE
The indicator can be used for strategy filtering and development, gauging current market conditions versus historic and helping to make more informed discretionary trading decisions. It can also be used like my Wavemeter indicator to objectively set the angle and projection ratio for my Fan Projections and Parallel Projections indicators.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by ensuring the lookback for the average range does not reach as far back as the start of the chart. If you are unsure about the candle count you can use my Candle Counter indicator to find out how many candles are displayed on the chart.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the lookback will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
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Return Line Downtrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part return line downtrends and should be used in conjunction with my Return Line Uptrends, Downtrends and Uptrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Red down-arrows, with the number of the trend part, denote return line downtrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Uptrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part uptrends and should be used in conjunction with my Return Line Uptrends, Downtrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote uptrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Downtrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part downtrends and should be used in conjunction with my Return Line Uptrends, Uptrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Red down-arrows, with the number of the trend part, denote downtrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Return Line Uptrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part return line uptrends and should be used in conjunction with my Downtrends, Uptrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote return line uptrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Inputs
Start Date
End Date
Position
Text Size
Show Sample Period
Table
The table is colour coded, consists of seven columns and, as many as, forty-one rows. Blue cells denote the multi-part trend scenarios, green cells denote the corresponding return line uptrend and uptrend scenarios and red cells denote the corresponding downtrend and return line downtrend scenarios.
The trend scenarios are listed in the first column with their corresponding total counts to the right, in the second and fifth columns. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third and sixth columns display the trend scenarios as percentage of total 1-part trends. And columns four and seven display the total trend scenarios as percentages of the, last, or preceding trend part. For example 4-part trends as a percentages of 3-part trends. This offers more insight into what might happen next at any given point in time.
Plots
For a visual aid to this indicator please use in conjunction with my Return Line Uptrends, Downtrends, Uptrends and Return Line Downtrends indicators which can all be found on my profile page under scripts, or in community scripts under the same names. Unfortunately, I could not fit all the plots with the correct offsets into one script so I had to make a separate indicator for each trend type. I decided against labels as this would limit the visual data points to 500.
Green up-arrows, with the number of the trend part, denote return line uptrends and uptrends. Red down-arrows, with the number of the trend part, denote downtrends and return line downtrends.
█ HOW TO USE
This is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the current trend will continue or fail, based on the current trend scenario and what has happened in the past under similar circumstances. Such information can be very useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Opening Range & Daily and Weekly PivotsThis script is for a combination of two indicators: an Opening Range Breakout (ORB) indicator and a daily/weekly high/low pivot indicator. The ORB indicator displays the opening range (the high and low of the first X minutes of the trading day, where X is a user-defined parameter) as two lines on the chart. If the price closes above the ORB high, the script triggers an alert with the message "Price has broken above the opening range." Similarly, if the price closes below the ORB low, the script triggers an alert with the message "Price has broken below the opening range."
The daily/weekly high/low pivot indicator plots the previous day's high and low as well as the previous week's high and low. If the current price closes above yesterday's high or last week's high, the script triggers an alert with the messages "We are now trading higher than the previous daily high" and "We are now trading higher than the last week high", respectively. If the current price closes below yesterday's low or last week's low, the script triggers an alert with the messages "We are now trading lower than the previous daily low" and "We are now trading lower than the last week low", respectively.
In addition to the visual representation on the chart, the script also triggers alerts when the price crosses any of these levels. These alerts are intended to help traders make decisions about entering or exiting trades based on the price action relative to key levels of support and resistance.
ATR PivotsThe "ATR Pivots" script is a technical analysis tool designed to help traders identify key levels of support and resistance on a chart. The indicator uses various metrics such as the Average True Range (ATR), Daily True Range ( DTR ), Daily True Range Percentage (DTR%), Average Daily Range (ADR), Previous Day High ( PDH ), and Previous Day Low ( PDL ) to provide a comprehensive picture of the volatility and movement of a security. The script also includes an EMA cloud and 200 EMA for trend identification and a 1-minute ATR scalping strategy for traders to make informed trading decisions.
ATR Detail:-
The ATR is a measure of the volatility of a security over a given period of time. It is calculated by taking the average of the true range (the difference between the high and low of a security) over a set number of periods. The user can input the number of periods (ATR length) to be used for the ATR calculation. The script also allows the user to choose whether to use the current close or not for the calculation. The script calculates various levels of support and resistance based on the relationship between the security's range ( high-low ) and the ATR. The levels are calculated by multiplying the ATR by different Fibonacci ratios (0.236, 0.382, 0.5, 0.618, 0.786, 1.000) and then adding or subtracting the result from the previous close. The script plots these levels on the chart, with the -100 level being the most significant level. The user also has an option to choose whether to plot all Fibonacci levels or not.
DTR and DTR% Detail:-
The Daily True Range Percentage (DTR%) is a metric that measures the daily volatility of a security as a percentage of its previous close. It is calculated by dividing the Daily True Range ( DTR ) by the previous close. DTR is the range between the current period's high and low and gives a measure of the volatility of the security on a daily basis. DTR% can be used as an indicator of the percentage of movement of the security on a daily basis. In this script, DTR% is used in combination with other metrics such as the Average True Range (ATR) and Fibonacci ratios to calculate key levels of support and resistance for the security. The idea behind using DTR% is that it can help traders to better understand the daily volatility of the security and make more informed trading decisions.
For example, if a security has a DTR% of 2%, it suggests that the security has a relatively low level of volatility and is less likely to experience significant price movements on a daily basis. On the other hand, if a security has a DTR% of 10%, it suggests that the security has a relatively high level of volatility and is more likely to experience significant price movements on a daily basis.
ADR:-
The script then calculates the ADR (Average Daily Range) which is the average of the daily range of the security, using the formula (Period High - Period Low) / ATR Length. This gives a measure of the average volatility of the security on a daily basis, which can be useful for determining potential levels of support and resistance .
PDH /PDL:-
The script also calculates PDH (Previous Day High) and PDL (Previous Day Low) which are the High and low of the previous day of the security. This gives a measure of the previous day's volatility and movement, which can be useful for determining potential levels of support and resistance .
EMA Cloud and 200 EMA Detail:-
The EMA cloud is a technical analysis tool that helps traders identify the trend of the market by comparing two different exponential moving averages (EMAs) of different lengths. The cloud is created by plotting the fast EMA and the slow EMA on the chart and filling the space between them. The user can input the length of the fast and slow EMA , and the script will calculate and plot these EMAs on the chart. The space between the two EMAs is then filled with a color that represents the trend, with green indicating a bullish trend and red indicating a bearish trend . Additionally, the script also plots a 200 EMA , which is a commonly used long-term trend indicator. When the fast EMA is above the slow EMA and the 200 EMA , it is considered a bullish signal, indicating an uptrend. When the fast EMA is below the slow EMA and the 200 EMA , it is considered a bearish signal, indicating a downtrend. The EMA cloud and 200 EMA can be used together to help traders identify the overall trend of the market and make more informed trading decisions.
1 Minute ATR Scalping Strategy:-
The script also includes a 1-minute ATR scalping strategy that can be used by traders looking for quick profits in the market. The strategy involves using the ATR levels calculated by the script as well as the EMA cloud and 200 EMA to identify potential buy and sell opportunities. For example, if the 1-minute ATR is above 11 in NIFTY and the EMA cloud is bullish , the strategy suggests buying the security. Similarly, if the 1-minute ATR is above 30 in BANKNIFTY and the EMA cloud is bullish , the strategy suggests buying the security.
Inside Candle:-
The Inside Candle is a price action pattern that occurs when the current candle's high and low are entirely within the range of the previous candle's high and low. This pattern indicates indecision or consolidation in the market and can be a potential sign of a trend reversal. When used in the 15-minute chart, traders can look for Inside Candle patterns that occur at key levels of support or resistance. If the Inside Candle pattern occurs at a key level and the price subsequently breaks out of the range of the Inside Candle, it can be a signal to enter a trade in the direction of the breakout. Traders can also use the Inside Candle pattern to trade in a tight range, or to reduce their exposure to a current trend.
Risk Management:-
As with any trading strategy, it is important to practice proper risk management when using the ATR Pivots script and the 1-minute ATR scalping strategy. This may include setting stop-loss orders, using appropriate position sizing, and diversifying your portfolio. It is also important to note that past performance is not indicative of future results and that the script and strategy provided are for educational purposes only.
In conclusion, the "ATR Pivots" script is a powerful tool that can help traders identify key levels of support and resistance , as well as trend direction. The additional metrics such as DTR , DTR%, ADR, PDH , and PDL provide a more comprehensive picture of the volatility and movement of the security, making it easier for traders to make better trading decisions. The inclusion of the EMA cloud and 200 EMA for trend identification, and the 1-minute ATR scalping strategy for quick profits can further enhance a trader's decision-making process. However, it is important to practice proper risk management and understand that past performance is not indicative of future results.
Special thanks to satymahajan for the idea of clubbing Average True Range with Fibonacci levels.
Scalping The Bull IndicatorName: Scalping The Bull Indicator
Category: Scalping, Trend Following, Mean Reversion.
Timeframe: 1M, 5M, 30M, 1D depending on the specific technique.
Technical Analysis: The indicator supports the operations of the trader named "Scalping The Bull" which uses price action and exponential moving averages.
Suggested usage: Altcoin showing strong trends for scalping and intra-day trades. Trigger points are used as entry and exit points and to be used to understand when a signal has more power.
It is possible to identify the following conformations:
Shimano: look at the price records of a consecutive series of closings between the EMA 60 and the EMA 223 when a certain threshold is reached. Use the trigger points as price structures to identify entry and exit zones (e.g. breakout of the yesterday high as for entry point) .
Bomb: look at the price registers a percentage variation in a single candle, greater than a threshold such as 2%, in particular on shorter timeframes and around the trigger points.
Viagra: look at there is a consecutive series of closes below the EMA 10.
Downward fake: look when, after a cross under (Death Cross), the price returns above the EMA 223 using the yesterday high as a trigger point.
Emergence: look at the EMA 60 is about to cross over the EMA 223.
Anti-crossing: look at, after an important price rise and a subsequent retracement, the EMA 60 is about to cross under the EMA 223 but a bullish impulse brings the price back above the EMAs.
For Sales: look at two types of situations: 1) when the price falls by more than 10% from the opening price and around the yesterday’s low or 2) when the price falls and then reaches, in the last 5 days, a bigger percentage and then breaks a trigger point.
Colour change: look at the opening price of the session - indicated as a trigger point.
Third touch of EMA 60: look for 3 touches below the EMA 60, and enter when there is a close above the EMA 60.
Third touch of EMA 223: look for 3 touches when there are 3 touches below the EMA 223, and enter when there is a close above the EMA 60.
Bud: look at price when it crosses upwards the average 10 and subsequently at least 2 "rest" candles are between the maximum and minimum of the breaking candle.
Fake on EMA 10: look for the open of a candle higher than the EMA 10, the minimum of the candle lower and the closing price returns above the EMA 10..
For Stop Loss and Profit Targets consider a proper R/R depending on Risk Management, using price structures such as the low of the entering candle and a quick Position Management moving quickly the Stop-Loss at Break-Even.
Configuration:
Market
EMA: The indicator automatically configure itself on market it knows (Binance, Piazza Affari and NASDAQ) otherwise it can be configured manually fo Crypto market (5/10/60/223) or Stock Market (5/10/50/200).
Additional Average: You can display an additional average, e.g. 20-period average.
Chart elements:
Session Separators: indicates the beginning of the current session (in blue)
Background: signals with the background in green an uptrend situation ( 60 > 223) and in red background a downtrend situation (60 < 223).
Trigger points:
Today's highs and lows: draw on the chart the opening price of the daily candle and the highs and lows of the day (high in purple, low in red and open in green)
Yesterday's highs and lows: draw on the chart the opening price of the daily candle, the highs and lows of the previous day (high in yellow, low in red).
Credits
Massimo : for refactoring and suggestions.
TradeChartist Actuator™TradeChartist Actuator is an extremely functional indicator that converts the price action volatility and momentum into a meaningful trading system (based on user defined Standard Deviation Factor), that consists of expanding/contracting Volatility Range Bands, Dynamic Trend Support/Resistance Bands and 2 types of Breakout Signals in a visually stunning design. The script also neatly packs in ZigZag & manual/automatic Fibonacci Retracement tools, option to filter the signals using an external filter and other useful extras like ™TradeChartist Dollar Candles and much more.
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™TradeChartist Actuator User Manual
█ Actuator Range Bands
Actuator Range Bands consists of a Mean line, an Upper Band and a Lower Band which are based on user defined Standard Deviation Factor (Default - 1.618, Min - 0.5, Max - 2). The 1.618 factor works extremely well as the unnecessary volatility data of the bands are eliminated by Actuator's logic. In my personal tests, 1.618 works consistently better than any other value in visually showcasing the true volatility range. By eliminating the unnecessary volatility data from the original non-stabilized bands, Actuator helps detect price momentum by detecting two types of breakouts.
Bands Breakout - Filtered
When the price breaks out of the upper or lower band after a trend, there is a strong possibility of a reversal especially when the volatility expansion/contraction takes place. This is detected using a built in filter with the Filtered Bands Breakout and the user can choose to use the closing price or High/Low price as the trigger for breakouts. This trade setup is very useful especially at zones where the Actuator Range Bands contract or squeeze after an expansion as shown in the OANDA:XAUUSD 1hr chart below.
Also, after a consistent expansion of the bands with price trending in the upper channel or the lower channel, users can spot good profit taking or Short trade opportunities with confirmation of overbought price and if possible a strong bear divergence as show in the BINANCE:LUNAUSDTPERP 1hr chart below.
It can be seen from the chart above that even though Actuator is designed to detect Extreme Bands Breakout using High/Low price, it is done with a little bit of filtering by the script logic and hence didn't generate a Bear signal at the lower band support zone.
Mean Breakout - Filtered
In most Mean Reversion models, mostly oscillators, the mean plays an important role in helping traders predict the price dynamic, but it also presents a challenge whether that mean will act as support or resistance so the trader can take a position that will have a high probability of success. Filtered Mean Breakout helps exactly to identify the price dynamic at the mean zone and helps reduce the dilemma. Actuator uses Volatility Trend and Momentum of the price action at mean to determine Bull/Bear breakouts. Following NASDAQ:AAPL 1hr chart shows an example of 2 instances of Filtered Mean Breakout detection, one bull and one bear and further area where no Breakout was detected in spite of price crossing the mean.
This Breakout type is really helpful in spotting early moves and also reduces the high volatility risk of Extreme Bands Breakout in some cases.
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█ External Filter
Actuator breakout signals can be further filtered using the feature of connecting an external signal as a trade filter.
External filter like RSI , MACD etc. can be used to filter breakouts by connecting to ™TradeChartist Actuator under ╔═══ 𝗣𝗹𝘂𝗴 𝗙𝗶𝗹𝘁𝗲𝗿 𝗵𝗲𝗿𝗲 ═══ 🔌 dropdown by enabling 𝐔𝐬𝐞 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐅𝐢𝐥𝐭𝐞𝐫.
To get the external filter to work, 𝐒𝐢𝐠𝐧𝐚𝐥 𝐓𝐲𝐩𝐞 must be set right. For plots that are non oscillatory like Moving Averages, Super Trend etc., choose type as Non Oscillatory and for Oscillators like RSI , CCI , MACD etc., choose type as Oscillatory .
For Oscillators, levels must be specified for 𝐎𝐬𝐜𝐢𝐥𝐥𝐚𝐭𝐨𝐫 𝐁𝐮𝐥𝐥 𝐅𝐢𝐥𝐭𝐞𝐫 𝐯𝐚𝐥𝐮𝐞 and 𝐎𝐬𝐜𝐢𝐥𝐥𝐚𝐭𝐨𝐫 𝐁𝐞𝐚𝐫 𝐅𝐢𝐥𝐭𝐞𝐫 𝐯𝐚𝐥𝐮𝐞, especially if the Oscillator doesnt have 0 as midline, like RSI . Even for 0 mid oscillators like CCI , filter levels like 100/-100 work effectively to filter noise.
Use 𝐁𝐮𝐥𝐥/𝐁𝐞𝐚𝐫 𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝 𝐅𝐢𝐥𝐥 under Actuator Visuals section to paint the trade zones background. It helps visually see the effect of filters on the breakout entries and also the trade performance.
The following chart shows the Filter settings with ™TradeChartist Momentum Drift Oscillator connected to Actuator as Oscillatory signal with filter values 0.
The two example charts of 1hr BINANCE:BTCUSDT below shows the difference in Actuator signals based on Oscillatory signal from ™TradeChartist Momentum Drift Oscillator and the difference can be seen from the highlighted Bull/Bear Background Fill.
Without External Filter
With External Filter
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█ Dynamic Trend Support/Resistance Bands
In addition to Volatility Range Bands, Actuator also plots Dynamic Trend Support and Resistance bands that are more sensitive to price action and helps the user determine growing support/resistance which is indicated by coloured dots. These dots normally appear when the Support or Resistance stays at the same level for a few bars and change between Bull and Bear colours based on how the price interacts with them as shown below.
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█ Useful Trade Tools
™TradeChartist Dollar Candles
Dollar Candles help detect the volatility exhaustion prices and plots $ signs to help the trader take profits or move stop loss levels to secure gains. The $ signs do not appear for every trade zone, but whenever price hits a critical level, it shows up above price bar (for Bull trend) or below price bar (for Bear trend) in real time. Users can also set alerts for Dollar Candles with Once Per Bar setting. The Daily NASDAQ:TSLA chart below shows the Dollar Candles on both Bull and Bear trends.
It is important to note that taking pockets of profits on a leveraged trade position or moving up stop loss to maximize trend gains at $ candles will help increase Average Profitability Per Trade (APPT) .
Bull/Bear Background Fill
Bull/Bear Background Fill paints the trade zones in Bull and Bear colours. This helps visualize the difference in trade zones when testing various settings and also helps analyze past performance of Actuator Signals with or without the use of External Filter.
Entry Stop Loss Reference
Reference zone for stop loss has always been a tricky one for traders. Using a fixed percentage stop at entry may not be best during high volatility moves. Over the extensive period of Actuator testing, a simple solution to this problem was found. The previous trend's Range Bands Mean Line served as a perfect reference point for Entry Stop. Also while analysing this Mean line, it was found to be a perfect horizontal support/resistance line and also helped detect unproductive trades. The example 15m chart of NASDAQ:AMD shows how the Entry Stop Loss Reference performed.
Stop Line Touch Points plot orange touch points on the Stop Line whenever the price hits it during the trade.
Actuator Colour Bars
Actuator Colour Bars paints the Momentum Strength on the price bars. This helps visually see the price bars venturing into the Overbought or the Oversold zones. Also, this feature also helps spot divergences as higher highs or lower lows with less intense Bull/Bear colour than the previous high/low shows diminishing momentum as shown in the 1h chart of OANDA:GBPJPY below.
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█ ZigZag & Fibonacci Toolkit
Actuator plots developing and completed ZigZags based on Bull and Bear trend depending on the Breakout Type and Breakout Price from the settings.
Option to enable or disable 𝐙𝐢𝐠𝐙𝐚𝐠 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐨𝐫 which can be helpful for Harmonic traders.
Option to display 𝐙𝐢𝐠𝐙𝐚𝐠 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 and 𝐑𝐒𝐈 𝐚𝐭 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 in one of two styles.
Two types of Fibonacci to choose from - 𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 and 𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤.
𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 option plots Auto Fibonacci levels based on Bull/Bear trend depending on user specified Breakout Type and Breakout Price.
𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤 plots Fibonacci levels based on the highest high and lowest low of the lookback period (𝐃𝐚𝐲𝐬 or 𝐂𝐚𝐧𝐝𝐥𝐞𝐬).
Fibonacci levels can be reversed by enabling 𝐑𝐞𝐯𝐞𝐫𝐬𝐞 from settings.
Enabling 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞 𝐅𝐢𝐛 𝐋𝐚𝐛𝐞𝐥 displays the current Fib level of the developing price bar.
Option to customize Fib levels and colours.
4hr chart of BINANCE:BTCUSDT showing Auto Fibonacci levels, Zig-Zag with Trend High/Lows, Zig-Zag connectors with Fib Ratios and RSI at Trend High/Low prices.
Note:
If momentum doesn't slow down, the fibs can extend beyond 1 and may continue way beyond 4.618 fib level. These are quite rare depending on how distant the near high/low is based.
ZigZag and Fibonacci are good reference indicators and should always be used as confirmations rather than standalone indicators.
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█ Actuator Colour Scheme
Actuator employs 3 built in colour schemes namely Chilli , Flame and Sublime Grayscale and a versatile colour scheme Custom which enables the user to customise the colour combinations of the components of the Actuator script.
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█ Alerts
Alerts can be created for the following.
Actuator Bull Breakout Signal - Once Per Bar Close
Actuator Bear Breakout Signal - Once Per Bar Close
Actuator Long Dollar - Take Profit - Once Per Bar
Actuator Short Dollar - Take Profit - Once Per Bar
Actuator Stop Line Hit - Once Per Bar
Note: The script doesn't repaint, so the alerts can be used with confidence. To check this, users can do bar replays to check if the plots and markers stay in the same place.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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Modified ATR Indicator [KL]Modified Average True Range (ATR) Indicator
This indicator displays the ATR with relative highs and relative lows statistically determined.
What is ATR:
To know what ATR is, we need to understand what a True Range (TR) is.
- TR at a given bar is the highest distance between points: a) High vs low, b) High vs Close, and c) Low vs Close.
- ATR is the moving average of TRs over a predefined lookback period; 14 is the most commonly used.
- ATR can be mathematically expressed as:
Why is ATR Important
ATR often used to measure volatility; high volatility is indicated by high ATR, vice versa for low. This is a versatile tool allowing traders to determine entry/exit points, as well as the size of stop losses and when to take profits relative to it.
This is an opinion: Through observations, I have noticed that ATR can also indirectly tell us the levels of relative volume. This intuitively makes sense because in order to increase length of TR, high amounts of capital inflow/outflow is required (graphically speaking, high volume is required in order to make lengths of candle sticks longer). The relationship between ATR and relative volume should hold unless the market is illiquid to the extreme that there is no relationship between volume and price.
That said, knowing the relative lows/highs of ATR is very useful. It can be interpreted as:
- Relative high = high volatility, usually during sell offs
- Relative low = decreasing volume, could indicate price consolidation
Instead of arbitrarily determining whether ATR is high/low, this indicator will determine relative highs and relative lows using a simple statistical model.
How relative high/low is determined by this model
This indicator applies two-tailed hypothesis testing to test whether ATR (ie. say lookback of 14) has greatly deviated from a larger sample size (ie. lookback of 50). Assuming ATR is normally distributed and variance is known, then test statistic (z) can be used to determine whether ATR14 is within the critical area under Null Hypothesis: ATR14 == ATR50. If z falls below/above the left/right critical values (ie. 1.645 for a 90% confidence interval), then this is shown by the indicator through using different colors to plot the ATR line.
Double Top/BottomHere is an attempt to identify double top/bottom based on pivot high/lows.
Logic is simple.
Double Bottom:
Last two pivot High Lows make W shape
Last Pivot Low is higher than previous Last Pivot Low.
Last Pivot High is lower than previous last Pivot High.
Price has not gone below Last Pivot Low
Price breaks out of last Pivot High to complete W shape
Double Top:
Last two pivot High Lows make M shape
Last Pivot Low is higher than previous Last Pivot Low.
Last Pivot High is lower than previous last Pivot High.
Price has not gone above Last Pivot High
Price breaks out of last Pivot Low to complete M shape
Prameters:
Parameters PvtLenL , PvtLenR and waitforclose determines pivot points.
FilterPivots clears repetitive pivots formed in same direction before calculating the possible double top/bottom.
For example:
CheckForAbsolutePeaks and AbsolutePeakLoopback works together. When CheckForAbsolutePeaks is enabled, script only generates double bottom or top signal if previous last pivot is absolute high or low for AbsolutePeakLoopback periods.
ConsiderMovingAverage does two things. First, it makes sure that fast moving average and slow moving averages are aligned with the direction we are going to forecast. Second, it makes sure that the crossover happend recently and with last BarCrossoverLimit bars. For example, to call it double bottom, Fast MA should be higher than Slow MA and crossover of FastMA above SlowMA should have happened in last 10 bars (BarCrossoverLimit)
PivotDisplayMode can be Actual, Filtered or None. Actual will display all pivot high low generated. Filtered will only display last 5 pivot high and pivot lows which are filtered . That means, it will remove the repetitive pivots formed without making pivots on the other side.
Welcome and suggestions and feedbacks.
TTT_Swing_and_Orderblock_Ver_1.0.2Hello, dear traders from all over the world! This is Tommy from Tommy Trading Team.
Many inquires were delivered to us from traders recently wishing to use one of our cutting-edge technologies that was developed days ago and was only used by us. We have edited and supplemented this indicator both logically and visually. Accordingly, our team is officially launching with a new brought up name, which is “SOB(Version1.0.2), shorten for “Swing & OB(Orderblock).”
This technical indicator is quite straightforward and effective to utilize since it shows traders the essential variables that are considered by many recently developed theories and state-of-the-art methodologies. And they are ‘Dow’ and ‘Orderblock’.
Swing High and Low (Dow Theory) has been applied fundamentally by many other theories and methodologies such as Elliott wave theory and SR Flip techniques. A swing can be interpreted as a wave with a trend composed of a high and a low each. After succeeding on making significant highs/lows, in any existing wave theories, it is essential to monitor and spot when the next waves make HH(Higher high), LH(Lower high), HL(Higher low), or LL(Lower low).
OB(Orderblock) technique is a very advanced methodology that captures the contraction, consolidation, and attraction zone. This so called ‘zone’ is interpreted differently by various stakeholders, such as institutional(whales) average entry/exit price range or peak price range with higher traded volumes. In TA perspective, it’s just a major support/resistance to consider and when this zone fails to support/resist, the price momentum tends to boost up towards the direction it failed. To give you a little tip, look for the spots usually forming horizontal parallel channel, before a big wave with a clear trend (whether up or down) appears. There are numerous ways to identify OB and we have concluded that signaling the double engulfing candles is one of the highly effective one.
As just mentioned, comprehending a trend utilizing ‘Swing HL’ is fundamental and yet definite TA concept and strategy. Furthermore, OB can also be useful to spot major support and resistance area. SOB automatically identify and captures major Highs, Lows, and OBs. In addition, SOB can let traders know when the highs and lows are being replaced by higher/lower highs/lows by changing pivots color. If you are familiar with SR(Support and Resistance) Flip concept, this can be a helpful tool for you since it can signal when highs/lows are being broken above/below and by planning a retest entry trading setup.
If you would like to try SOB_ver1.0.2, please let us know through comments, DM, or Telegram in English/Korean. I assure you that our SOB won’t disappoint you on your trading chart.
Thank you.
안녕하세요. 트레이더 여러분!
토미 트레이딩 팀입니다~
최근에 저희 팀이 개인적으로 사용했던 지표에 관해서 많은 분들이 문의를 주셨습니다. 약간의 보안 및 개선 작업 이후에 SOB(Version1.0.2)이라는 이름으로 정식 출시합니다.
해당 알고리즘은 기존의 여러 이론 및 방법론들에게 원천적으로 기반이 되는 다우이론(스윙 고/저점)과 오더블럭(OB)을 바로바로 잡아주기 때문에 주요 고/저점과 매물대 지지/저항 컨펌하는 용도로 활용하기 매우 유용합니다.
변동하는 가격의 흐름, 즉 추세를 파악하는 방법은 수만가지가 있습니다. 단 하나의 방법, 지표, 혹은 이론만 가지고 추세를 파악하는 건 당연히 바보 같은 짓이겠죠. 여러가지의 요소들을 복합적으로 봐야하는데 그 중에 가장 근본적이면서 중요한 게 바로 다우이론이라고 생각합니다. 이름만 거창하지 정말 별거 없습니다. 한문장으로 “전 고/저점에 비해서 이번에 나오는 고/저점이 높아졌냐 낮아졌냐”입니다. 다우 이론은 엘리엇 파동 이론 및 SR Flip 전략 등 대부분들의 기법들에 적용된 만큼 차트 보시려면 꼭 알아야 되는 개념입니다. 스윙이란 변곡이 나오기 전까지의 가격 흐름, 즉 하나의 파동이라고 생각하시면 되겠습니다. 주요 고/저점은 통상적으로 하나의 파동을 규명하기 위해 참고하는 기준들입니다. 고/저점 혹은 변곡점이 출현하고 나서 후행적으로 우리는 전 상승/하락 파동이었다고 인지를 합니다. 여기서 중요한 건 다음 파동이 전 파동보다 고/저점을 높였냐/낮추었냐입니다. 고/저점을 높여가는 파동이 나오면 상승, 낮추어가는 파동이 나오면 하락 추세에 가중을 더 두고, 고/저점을 높이다가 내리기 시작하면 혹은 내리다가 높이기 시작하면 추세가 어느정도 전환될 수 있는 시그널로 해석할 수 있습니다.
OB(오더블럭) 기법은 요즘 장에 그나마 잘 먹히는 가격매물대를 찾는 방법론 중 하나입니다. 매물대란 다양한 시장참여자들에 따라 시시각각 해석될 수 있습니다. 기관(세력)들의 매집구간, 많은 참여자들의 평균 진입/청산/평단 가격 범위, 혹은 시체 쌓인 구간으로도 해석해볼 수 있습니다. 더 쉽게 설명해드리자면 거래량이 상대적으로 많은 가격 범위대라고 보시면 되겠습니다. 기술적분석 관점에서는 매물대를 주요 지지/저항구간대라고 고려하실 수 있으며 지지/저항을 실패하면, 그 실패한 방향으로 추세가 터질 가능성을 두고 전략 설계에 활용합니다. 매물대를 효과적으로 찾을 수 있는 팁 하나를 드리자면, 어느정도 명확하고 큰 추세가 나오기 전에 형성된 수평 평행 채널들을 먼저 의심해보세요. 만약에 해당 가격범위 내에 OB가 많이 내포되어 있다면 신빙성을 더 부여하실 수 있습니다. 이렇게 OB는 매물대를 식별하고 컨펌하는 용도로 매우 용이하게 활용될 수 있으며, 요즘에 유행하는 기법인 마스터패턴에도 찰떡궁합입니다. OB를 정의하는 여러가지 기법들 중 캔들봉을 활용한 방법이 그나마 가장 효과적이며 저희 개발팀은 장악형(Engulfing) 패턴이 두번 이상 출현하는 캔들봉들의 몸통들을 기준으로 OB를 찾는 로직을 지표화했습니다.
언급 드렸듯, 다우이론은 기술적 분석 기법 중 가장 근본적이면서도 동시에 실용도가 높아 차트 보시려면 무조건 숙지해야하는 개념 및 전략입니다. 또한 상대적으로 최근 시장에 효율적인 매물대 색출 전략 중 하나인 OB기법으로 주요 지지/저항으로 해석될 수 있는 메이저 매물대들의 가격 범위를 더 세분화시킬 수 있습니다. 저희 SOB 지표는 주요 고점, 저점, 그리고 OB들을 자동으로 피봇으로 잡아줄뿐더러 주요 고/저점이 뚫렸을 때, 해당 피봇의 색깔들이 변경됩니다. SR Flip (저항선이 뚫리면 지지선, 지지선이 뚫리면 저항선)개념 및 전략을 자주 활용하시는 트레이더분들은 고/저점 뚫릴 때, 즉 더 높은/낮은 고/저점이 출현하고 나서 전 고/저점을 활용해 리테스트 진입 자리 찾으실 때 유용하게 사용하실 수 있습니다.
저희 SOB_Version1.0.2 지표를 사용하고 싶으신 분들은 댓글, DM, 또는 저희 개인 채널에 문의 주십시오. 차트와 캔들 위에서만큼은 우리 SOB이 여러분들을 실망시키지 않을 것입니다.
감사합니다. 성투하세요.
LuxAlgo® - Price Action Concepts™Price Action Concepts™ is a first of it's kind all-in-one indicator toolkit which includes various features specifically based on pure price action.
Order Blocks w/ volume data, real-time market structure (BOS, CHoCH, EQH/L) w/ 'CHoCH+' being a more confirmed reversal signal, a MTF dashboard, Trend Line Liquidity Zones (real-time), Chart Pattern Liquidity Zones, Liquidity Grabs, and much more detailed customization to get an edge trading price action automatically.
Many traders argue that trading price action is better than using technical indicators due to lag, complexity, and noisy charts. Popular ideas within the trading space that cater towards price action trading include "trading like the banks" or "Smart Money Concepts trading" (SMC), most prominently known within the forex community.
What differentiates price action trading from others forms of technical analysis is that it's main focus is on raw price data opposed to creating values or plots derived from price history.
Mostly all of the features within this script are generated purely from price action, more specifically; swing highs, swing lows, and market structure... which allows users to automate their analysis of price action for any market / timeframe.
🔶 FEATURES
This script includes many features based on Price Action; these are highlighted below:
Market structure (BOS, CHoCH, CHoCH+, EQH/L) (Internal & Swing) multi-timeframe
Volumetric Order Blocks & mitigation methods (bullish & bearish)
Liquidity Concepts
Trend Line Liquidity Zones
Chart Pattern Liquidity
Liquidity Grabs Feature
Imbalance Concepts MTF w/ multiple mitigation methods
Fair Value Gaps
Balanced Price Range
Activity Asymmetry
Strong/Weak Highs & Lows w/ volume percentages
Premium & Discount Zones included
Candle Coloring based on market structure
Previous Highs/Lows (Daily, Monday's, Weekly, Monthly, Quarterly)
Multi-Timeframe Dashboard (15m, 1h, 4h, 1d)
Built-in alert conditions & Any Alert() Function Call Conditions
Advanced Alerts Creator to create step-by-step alerts with various conditions
+ more (see changelog below for current features)
🔶 BASIC DEMONSTRATION
In the image above we can see a demonstration of the market structure labeling within this indicator. The automatic BOS & CHoCH labels on top of dashed lines give clear indications of breakouts & reversals within the internal market structure (short term price action). The "CHoCH+" label is also demonstrated as it triggers only if price has already made a new higher low, or lower high.
We can also see a solid line with a larger BOS label in the middle of the chart. This label demonstrates a break of structure taking into account the swing market structure (longer term price action). All of these labels are generated in real-time.
🔶 USAGE & EXAMPLES
In the image below we can see how a trade setup could be created using Order Blocks w/ volume metrics to find points of interest in the market, swing / internal market structure to get indications of longer & shorter term reversals, and trend line liquidity zones to find more likely impulses & breakouts within trends.
We can see in the next image below that price came down to the highest volume order block marked out previously as our point of interest for an entry used in confluence with the overall market structure being bullish (swing CHoCH). Due to price closing below the middle Order Block at (24.77%), we saw it was mitigated, and then price revisited liquidity above the Trend Line zone above, leading us to the first Order Block as a target.
You will notice the % values adjust as Order Blocks are touched & mitigated, aligning with the correct volume detected when the Order Block was established.
In the image below we can see more features from within Price Action Concepts™ indicator, including Chart Pattern Liquidity, Fair Value Gaps (one of many Imbalance Concepts), Liquidity Grabs, as well as the primary market structures & OBs.
By using multiple features as such, users can develop a greater interpretation of where liquidity rests in the market, which allows them to develop trading plans a lot easier. Liquidity Grabs are highlighted as blue/red boxes on the wicks during specific price action that indicates the market has made an impulse specifically to take out resting buy or sell side orders.
We can notice in the trade demonstrated below (hindsight example) how price often moves to the areas of the most liquidity, even if unexpected according to classical technical analysis performed by retail traders such as chart patterns. Wicks to take out orders above & potentially trap traders are much more noticeable with features such as these.
The Chart Patterns which can be detected include:
Ascending/Descending Wedges (Asc/Desc Wedge)
Ascending/Descending Broadening Wedges (Asc/Desc BW)
Ascending/Descending/Symmetrical Triangles (Asc/Desc/Sym Triangle)
Double Tops/Bottoms (Double Top/Double BTM)
Head & Shoulders (H&S)
Inverted Head & Shoulders (IH&S)
General support & resistance during undetected patterns
In the image below we can see more features from within the indicator, including Balanced Price Range (another imbalance method similar to FVG), Market Structure Candle Coloring, Accumulation & Distribution zones, Premium & Discount zones w/ a percentage on each zone, the MTF dashboard, as well as the Previous Daily Highs & Lows (one of many highs/lows) displayed on the chart automatically.
The colored candles use more specific market structure analysis, specifically allowing users to visualize when trends are considered "normal" or "strong". By utilizing other features alongside this market structure analysis, such as noticing price retesting the PDL level + the Equilibrium as resistance, a Balanced Price Range below price, the discount with a high 72% metric, and the MTF dashboard displaying an overall bearish structure...
...users can instantly gain a deeper interpretation of price action, make highly confluent trading plans while avoiding classical technical indicators, and use traditional retail trading concepts such as chart patterns / trend lines to their advantage in finding logical areas of liquidity & points of interest in the market.
The image below shows the previous chart zoomed in with 2 liquidity concepts re-enabled & used alongside a new range targeting the same Discount zone.
🔶 SETTINGS
Market Structure Internal: Allows the user to select which internal structures to display (BOS, CHoCH, or None).
Market Structure Swing: Allows the user to select which swing structures to display (BOS, CHoCH, or None).
MTF Scanner: See market structure on various timeframes & how many labels are active consecutively.
Equal Highs & Lows: Displays EQH / EQL labels on chart for detecting equal highs & lows.
Color Candles: Plots candles based on the internal & swing structures from within the indicator on the chart.
Order Blocks Internal: Enables Internal Order Blocks & allows the user to select how many most recent Internal Order Blocks appear on the chart as well as select a color.
Order Blocks Swing: Enables Swing Order Blocks & allows the user to select how many most recent Swing Order Blocks appear on the chart as well as select a color.
Mitigation Method: Allows the user to select how the script mitigates an Order Block (close, wick, or average).
Internal Buy/Sell Activity: Allows the user to display buy/sell activity within Order Blocks & decide their color.
Show Metrics: Allows the user to display volume % metrics within the Order Blocks.
Trend Line Liquidity Zones: Allows the user to display Trend Line Zones on the chart, select the number of Trend Lines visible, & their colors.
Chart Pattern Liquidity: Allows the user to display Chart Patterns on the chart, select the significance of the pattern detection, & their colors.
Liquidity Grabs: Allows the user to display Liquidity Grabs on the chart.
Imbalance Concepts: Allows the user to select the type of imbalances to display on the chart as well as the styling, mitigation method, & timeframe.
Auto FVG Threshold: Filter out non-significant fair value gaps.
Premium/ Discount Zones: Allows the user to display Premium, Discount , and Equilibrium zones on the chart
Accumulation / Distribution: Allows the user to display accumulation & distribution consolidation zones with an optional Consolidation Zig-Zag setting included.
Highs/Lows MTF: Displays previous highs & lows as levels on the chart for the previous Day, Monday, Week, Month, or quarter (3M).
General Styling: Provides styling options for market structure labels, market structure theme, and dashboard customization.
Any Alert() Function Call Conditions: Allows the user to select multiple conditions to use within 1 alert.
🔶 CONCLUSION
Price action trading is a widely respected method for its simplicity & realistic approach to understanding the market itself. Price Action Concepts™ is an extremely comprehensive product that opens the possibilities for any trader to automatically display useful metrics for trading price action with enhanced details in each. While this script is useful, it's critical to understand that past performance is not necessarily indicative of future results and there are many more factors that go into being a profitable trader.
🔶 HOW TO GET ACCESS
You can see the Author's instructions below to get instant access to this indicator & our premium suite.
Extrapolated Pivot Connector - Lets Make Support And ResistancesIntroduction
The support and resistance methodology remain the most used one in technical analysis, this is mainly due to its simplicity, and unlike lots of techniques used in technical analysis support and resistances have a certain logic, price can sometimes appear moving into a channel, support and resistances allow the trader to estimate such channel and project it into the future in order to spot points where price might reverse direction.
In this script a simple linear support and resistance indicator is proposed, the indicator is made by connecting past pivot high's/low's to more recent ones and extrapolating the resulting connection. The indicator is also able to make support and resistances by using other indicators as input.
Indicator Settings
The indicator include various settings, the first one being the length setting who determine the sensitivity of the pivot high/low detection, low values of length will detect the pivot high/low of noisy variations, while higher values will detect the pivot high/low of longer term variations.
The figure above use length = 5.
The A-High parameter determine the position of the pivot high to be used as first point of the resistance line, higher values will use oldest pivot high's as first point. The B-High parameter determine the last pivot high. A-Low and B-Low work the same way but affect the support line, a label is drawn on the chart in order to help you determine the position of A/B-High/Low.
Using Other Indicators Output As Input
The "Use Custom Source" option allow you to apply the indicator to other indicators, for example we can use a moving average of period 50 as input
Or the rsi :
Let me help you set the proposed indicator easily to indicators appearing on a separate window, for example the momentum oscillator, add the momentum oscillator to the chart, to do so click on indicator and search "momentum", click on the first result, once on the chart put your mouse pointer on the indicator title, you'll see appearing the hide, settings and delete option, at the right of delete you should see three dots which represent the "more" option, click on it and select "Add indicator on Mom" and select the extrapolated pivot indicator, you can do that by searching it, altho it might be easier to do it by adding the indicator to favorites first, you then only need to select it from your favorites.
You might see a mess on the indicator window, thats because the extrapolated pivot is still using high and low as input, go to the settings of the extrapolated pivot indicator and check "Use Custom Source", it should appear properly now.
Tips And Tricks When Using Support And Resistances
Linear support and resistances assume an approximately linear trend, if you see non linear growth in the price evolution you can use a logarithmic scale in order to have a more linear evolution. To do so right click on the the chart scale and select "Logarithmic" or use the following key shortcut "alt + l".
When applying the indicator to an oscillator centered around zero make sure to adjust the settings of the oscillator such that the peak magnitude of the oscillator is relatively constant over time.
Here a roc of period 9 has non constant peak amplitude, you can see that by looking at the position of the pivots (circles), increasing the period of the roc help capture more significant pivots high's/low's
Conclusion
In this post an indicator aiming to draw support and resistances is presented, the fact that it can be applied to any other indicator is a relatively nice option, and i hope you might make use of this feature.
The code make heavy use of the new features that where integrated on the v4 of pine, such features are really focused on making figures and labels, things i don't really work with, but it is nice to step out my short codes habits, and i don't exclude working with figures in pine in the future.
Thanks for reading !
Advanced Candlestick Patterns [vitruvius]This is a very advanced indicator that detects most commonly used candlestick patterns. Please read this document carefully to understand how it works.
It is tailored to identify patterns that only have a great possibility of signaling a price movement. In other words, it can and will ignore some patterns, even though they satisfy the recognition conditions defined in the books. Candlestick patterns should also satisfy some other conditions in this indicator to be valid and you can modify those conditions.
This indicator is not only about identifying the candlestick patterns. By using the different choices, you can:
Avoid fake signals
Confirm patterns
Increase your possibility to win a trade
Reduce risk
Identify bullish/bearish movements better
Recommended Use
This indicator works best when you:
Use it in the daily time frame
Combine it with Support/Resistance areas
Note: For some candlestick patterns, you have the option of confirming the pattern with the next price action. In those cases, there will be obviously one bar delay (because it will wait for one more bar to close to confirm the pattern). However, it will mark the candlestick where it identifies the pattern and it will have ”Confirmed” in its text.
Important Note
This indicator does some serious calculations and checks for a lot of user inputs. Therefore, it might be a little slow. Please give it some time when it needs to do some computing.
MODULES
Trend Detection
Most of the patterns in this script are trend reversal patterns. So, recognition of the candlestick patterns depends heavily on the trend. In fact, even if you do not select a trend detection method, it will use the SMA method as default where it needs a certain trend in identifying a specific pattern.
It is possible to combine multiple trend detection methods. You can see how this affects the overall trend detection by enabling the background coloring.
Note: There might be some cases where a candle has a bullish/bearish confirmation of the same candlestick pattern . In those cases, the script is unable to identify the move and the user should decide if the identified pattern is bullish or bearish.
Below are the inputs of this module:
Color the background according to the trend?
If you select a trend detection method, it will color the background green for an uptrend and red for a downtrend .
Counter the trend when there is no obvious trend?
If you select multiple trend detection methods, there might be some cases where one of the methods indicates an uptrend and the other one indicates a downtrend . In that case, the script will continue with the previous trend (whatever the trend is one bar ago) by default . You can, however, reverse the trend in those cases by using this option. If you choose to reverse, you might catch the trend early .
Use MACD to detect the trend?
Use MACD to detect the trend. Whenever MACD delta is greater or equal to zero, it is an uptrend .
MACD Fast Length
Fast length of MACD.
MACD Slow Length
Slow length of MACD.
MACD Signal Smoothing
Signal smoothing value of MACD. Please note that it is set to 6 by default.
Use SMA to detect the trend?
Use SMA to detect the trend. If the price closes above the SMA line, it is an uptrend
SMA Length
Length of SMA.
Use the average price of previous candles to detect the trend?
If the average of open and close prices constantly go up for n bars that are determined by the next user input, it is an uptrend .
Number of candles to analyze
The number of bars ( n ) to analyze for the average price method.
Use the closing price of the previous candle to detect the trend?
If the difference between the current close and nth previous bar’s close is greater than the given threshold, it is an uptrend .
Position of the previous candle to analyze
Position of the bar (backward) to compare with the current close price.
Threshold for the closing price
The threshold value for closing price method.
Basic Candlestick Patterns
This module detects Doji, Spinning Top, Marubozu candlestick patterns. Also, you can set some specific options that are going to be used in all candlestick patterns.
Note: If you choose to manually enter the body height of a doji , you need to find the optimal value for different timeframes. Different timeframes have difference price action ranges.
Below are the inputs of this module:
Tolerate opening/closing price of the candle?
When a candlestick pattern needs to have a gap between two candles, you can tolerate the opening/closing prices of the one candle. This option is useful where the opening and closing prices are very close. This option is going to be used in all candlestick patterns.
Factor for tolerating opening/closing price
The more the factor is, the more the tolerance is.
Body/Height ratio for a candle to be considered as Bullish/Bearish
A bullish/bearish candle shouldn’t have too much shadow. You can use this option to determine the shadow length of a bullish/bearish bar. This option is going to be used in all candlestick patterns
Use basic candlestick pattern (Doji, Spinning Top, Marubozu)?
Detect doji, spinning top, marubozu candlestick patterns.
Manually set body of Doji?
You can manually set the body height of a doji. Otherwise, it will be calculated automatically. If you choose to use this option, then spinning top, and marubozu will also be calculated based on this.
Body of Doji
Body height of a bar to be considered as doji . Any bar with a body equal or less than the given value will be marked as doji. Only effective if you check the ”Manually set body of Doji?” option .
Verify a Doji by looking at the preceding candle?
If true, it will only mark dojis if the preceding candle is bullish or bearish.
Single Candlestick Patterns
This module detects Hammer, Hanging Man, Inverted Hammer, Shooting Star single candlestick patterns.
Below are the inputs of this module:
Confirm Single Candlestick Patterns with next closing price?
You can confirm a single candlestick pattern with the next closing price. That is, if the next candle closes above the previous one, it will confirm a bullish movement. If the next candle closes below the previous one, it will confirm a bearish movement.
Use Hammer and Hanging Man Single Candlestick Patterns?
Detect hammer and h anging man single candlestick patterns.
Use Inverted Hammer and Shooting Star Single Candlestick Patterns?
Detect inverted hammer and s hooting star single candlestick patterns.
Dual Candlestick Patterns
This module detects Engulfing, Tweezer Bottoms, Tweezer Tops, Harami, Inside Bar, Piercing Line, Dark Cloud Cover dual candlestick patterns.
Below are the inputs of this module:
Use Engulfing Dual Candlestick Pattern?
Detect engulfing dual candlestick pattern.
Validate Engulfing by comparing highs and lows?
If checked, the second bar must engulf the previous bar’s high/low also. If unchecked, the second bar should only engulf the real body of the first bar.
Use Tweezer Bottoms and Tops Dual Candlestick Patterns?
Detect tweezer bottoms and tweezer tops dual candlestick patterns.
Check the shadow equality of Tweezer Bottom and Tops?
Check if the shadows of the tweezer bars are about the same length.
Detect Harami Dual Candlestick Pattern?
Detect harami dual candlestick pattern.
Use High/Low of the second Harami candle instead of Open/Close price?
If checked, the body of the child must be within High and Low of the mother bar. Otherwise, only open/close prices will be checked.
Detect Inside Bar Dual Candlestick Pattern?
Detect inside bar dual candlestick pattern.
Treat Inside Bar as a reversal pattern?
If checked, inside bar will be treated as a bullish/bearish reversal pattern.
Check if the Inside bar formed in the upper/lower half of the Mother bar?
Check if the inside bar forms within the upper/lower body half of the mother. Then it will be treated as a bullish/bearish inside bar .
Detect the Inside Bar only if the previous candle closes outside of the Keltner channel?
This option effects identifying the inside bar . Such that, an inside bar will be detected only if the previous candle closes outside of Keltner Channel . Inside bars are effective when the market is extended and this is a nice way to check for that.
Confirm Inside Bar with the next close breaching the low/high of the inside bar?
Check if the next bar breaches inside bar’s high/low. Then it will be treated as a bullish/bearish inside bar .
Use Piercing Line and Dark Cloud Cover Dual Candlestick Patterns?
Detect Piercing Line and Dark Cloud Cover dual candlestick patterns.
Triple Candlestick Patterns
This module detects Morning Star , Evening Star, Three White Soldiers, Three Black Crows, Three Inside Up, Three Inside Down, Three Line Strike, Abandoned Baby, NR4, NR7 candlestick patterns.
Below are the inputs of this module:
Use Morning and Evening Star Triple Candlestick Pattern?
Detect morning and evening star triple candlestick patterns.
Don't allow the second candle's body to overlap with the first and third candle?
If checked, high and low of the second candle cannot overlap with the first and third candle for morning and evening star candlestick patterns.
The third candle must close beyond the midpoint of the first candle?
If checked, the third candle must close beyond the midpoint of the first candle for morning and evening star candlestick patterns.
Use Three White Soldiers and Three Black Crows Triple Candlestick Pattern?
Detect three white soldiers and three black crows triple candlestick pattern.
Compare bodies of Three White Soldiers and Three Black Crows candles?
You also have the possibility of comparing bodies of the candles in a way that every consecutive candle must have a bigger body than the previous candle.
Check if each candle (TWS&TBC) opens in the middle price range of the previous day?
You can check if each candle of three white soldiers and three black crows opens in the middle price range of the previous day.
Use Three Inside Up/Down Triple Candlestick Pattern?
Detect three inside up and three inside down triple candlestick pattern.
Check candles' bodies and closing prices for Three Inside Up/Down?
There are two different definitions for three inside up/down candlestick patterns. This option allows you to select one of those definitions. That is;
If unchecked , the second candle should make it up all the way to the midpoint of the first candle. Also, the third candle needs to close above the first candle’s high.
If checked , the second candle opens and closes within the real body of the first candle. Also, the third candle needs to close above the first candle's high.
Use Three Line Strike Candlestick Pattern?
Detect three line strike triple candlestick pattern.
Compare High/Lows instead of Open/Close for the Three Line Strike Pattern?
If checked, it will compare high/lows instead of open/close prices for the three line strike pattern.
Use Abandoned Baby Triple Candlestick Pattern?
Detect abandoned baby triple candlestick pattern. If you choose to tolerate opening and closing prices, high and low prices will also be tolerated for abandoned baby.
Use NR4 Candlestick Pattern?
Detect NR4 candlestick pattern.
Use NR7 Candlestick Pattern?
Detect NR7 candlestick pattern.
Confirm Narrow Range Candlestick Patterns with next closing price?
You can confirm NR4 and NR7 candlestick patterns with the next closing price. That way they will be identified as bullish or bearish patterns.
NOTES FROM THE AUTHOR
Please do not hesitate to contact me if you have any questions.
If you are not familiar with a specific candlestick pattern, try to google it. If you still need help, you can always contact me.
If you find a bug, or you think the indicator does not work as intended, please contact me with a screenshot of the chart. Also, please mention how you set up the user inputs.
If you have any ideas to further improve this indicator, please feel free to share it with me :)
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