Sup/Res Levels [QuantVue]Shows basic pivot point of support and resistance levels. Will show alerts for break of sup. or res. Allows for a volume filter for sup. res. breaks as well.
"B" means break of either a Sup. or Res. level with volume greater than the threshold.
"Bull/Bear Wick" means bullish/bearish candle on break.
Left - number of bars left hand side of the pivot .
Right - number of bars right hand side of the pivot .
Volume Thres. - the threshold value (%) for the Volume.
This indicator is useful to filter our insignificant breaks of sup. or res. Can help trader determine when to sit on their hands, or enter a trade.
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Fibonacci Breakout Target LevelsFibonacci Extension
Fibonacci Extension is a powerful technical analysis tool that traders use to predict where the market might find support and resistance. It is based on the Fibonacci sequence and uses levels that are found by extending the 23.6%, 38.2%, 50%, 61.8%, and 100% Fibonacci ratios from a swing high or low. These levels can be used to find possible areas of support and resistance, and traders often use them to figure out when to get into or get out of a trade.
What does this indicator do?
This indicator gets five levels of the Fibonacci Extension and uses it for both the low and the high. The default lookback period is 10 days, and it checks for the highest and lowest price in that period. Then it calculates the extension levels and plots them, and it also adds a line that shows you the current breakout target levels.
How to use?
The primary use intended for this indicator is to be used to determine possible breakout target levels. Let's say you are trading a range and a breakout happens. You can use this indicator to determine possible take-profit zones and possible support and resistance zones.
Features:
Change the lookback period for the Fibonacci Extension levels.
Disable the Fibonacci Bands if you just want to see the FIB levels.
You can also change the 5 levels and add different Fibonacci numbers.
In this image, you can see how you can use this indicator to determine take-profit levels. The Fibonacci Extensions will determine potential support and resistance levels, which could be good places to exit your long or short positions.
Trading ChannelTrading Channel aims to be a canvas on which to develop any strategy that the user feels comfortable with.
The greatest utility of the script lies in the fact that it plots a channel over the price action, as a support and resistance pivot, within which the price action develops.
It is a script of maximum simplicity in concept and development, but at the same time presents robust support to the price action and a quick visual aid complementary to any indicators that the user works with, feels comfortable with, and uses as a basis for their strategies.
The script includes the following features (most of them disabled by default, available for potential use without the need to add additional indicators):
Fast SMA
Medium SMA
Slow SMA (disabled)
Fast EMA (disabled)
Medium EMA (disabled)
Slow EMA (disabled)
Pivot
Pivot SMA
P Multiplier
Set of resistance and support pivots according to the studies of John L. Person (R3, R2, R1, S1, S2, S3 and midpoints) (disabled by default)
Channel for the current time period in use
Channels for extended time periods (disabled by default)
Various trend, momentum, and overbought/oversold indicating labels (note that the calculations for their representation are based on SMA's even though EMA's are visualized).
SMA's/EMA's
Both are available as both are used as basic indicators for different types of strategies. The default selection of SMA's in this case is based on the fact that the script development is largely based on the studies shared by John L. Person in the area of pivots and by Bill Williams in the area of fractals. Note also that for that same reason the various trend, momentum, and overbought/oversold indicating labels are calculated based on them.
Set of resistance and support pivots
They are included as a consultation tool especially for the higher time periods. They can be used to mark the most interesting supports/resistances and not lose sight of them while operating in lower time periods. Marking monthly, weekly, and daily pivots can be very useful. Additionally, marking S1 and R2 for bullish trends, S1 and R1 for ranges, and S2 and R1 for bearish trends can provide an even more precise framework to work on.
P Multiplier
It is set by default at 4, and is the basis for being able to consider during the use of a specific time frame, the price action with respect to higher time frames. It is the multiplier used for the generation of channels for extended time periods.
Channel for the current time period in use
It is a channel formed by the maximum and minimum closing of the last 21 periods. This value is modifiable and its adjustment depends on the asset under study. 24/7 markets show good results with this adjustment (in the case of BTC really good).
This channel represents a pivot in the form of a yellow middle line, with its support and resistance extremes on the upper green and lower red lines. The same green and red lines, referenced this time to the maximum, are added and serve as possible stop-loss marks.
Channels for extended time periods
Enabling the maximum and minimum channels for extended periods can provide a better idea of the price situation (it is recommended to disable the channel in use and enable the upper one for consultation, it provides a better vision).
Identifying labels:
Following a summary explanation for possible long entries, the same but opposite should be considered for possible short entries:
Small green arrow under candle: indicates possible upward trend (pivot above pivot SMA)
Large green arrow under candle: indicates upward trend (pivot above pivot SMA and above fast SMA)
Green triangle over candle: indicates channel breakout, possible upward momentum (represented as a fractal as its concept is the same)
Green/red arrows at the bottom of the chart: intended to confirm the validity of a signal (should doubt green indications with red lower arrow and vice versa)
Green/red dots at the bottom of the chart: red represents areas of strong resistance and green signals of strong support (with red dots, proceed with caution despite green signals, and vice versa)
Comments
It is emphasized that the basic and most useful functionality of this script is to provide a reliable base on which to develop any strategy, as a framework for working.
If the identifying labels are used, it should be taken into account that the earliest will always be the most reliable and valuable, but their confirmation will always depend on the user's strategy.
Its use in conjunction with the "Pivot Position for Trading Channel" indicator can serve as a base for the development of different strategies, by providing indication of the relative position of the price within the channel.
This script is just a consultation tool with didactic goals, it should not be used as an investment recommendation and the information provided should not be relied upon as such.
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Trading Channel pretende ser un lienzo sobre el que desarrollar cualquiera que sea la estrategia con la que el usuario se sienta más cómodo.
La mayor utilidad del script radica en que se traza sobre la acción del precio un canal, a modo de pivotes de soporte y resistencia, dentro del cual se desarrolla la acción del precio.
Se trata de un script de máxima sencillez en concepto y desarrollo, pero que a la vez presenta un soporte robusto a la acción del precio y una ayuda rápida visual complementaria a cualquieras que sean los indicadores con los que el usuario trabaje, se sienta más cómodo y utilice como base de sus estrategias.
El script incluye las siguientes funcionalidades (la mayoría desactivadas por defecto, disponibles para su potencial uso sin necesidad de añadir indicadores adicionales):
- SMA rápida
- SMA media
- SMA lenta (desactivada)
- EMA rápida (desactivada)
- EMA media (desactivada)
- EMA lenta (desactivada)
- Pivote
- SMA de pivote
- Multiplicador de P
- Conjunto de pivotes resistencia y soporte de acuerdo a los estudios de John L. Person (R3, R2, R1, S1, S2, S3 y puntos medios) (desactivados por defecto)
- Canal para el periodo temporal en uso
- Canales para periodos temporales extendidos (desactivados por defecto)
- Diversas etiquetas indicativas de cambios de tendencia, de impulso y de sobrecompra y sobreventa (nótese que los cálculos para su representación están basados en SMA's aunque se visualicen EMA's).
SMA's/EMA's
Ambas disponibles pues tanto unas como otras son utilizadas como indicadores básicos para diferentes tipos de estrategias. La selección de SMA's por defecto en este caso se basa en que las bases para desarrollo del script son en gran medida los estudios compartidos por John L. Person en el área de pivotes y de Bill Williams en el área de los fractales. Nótese también que por esa misma razón las diversas etiquetas indicativas de cambios de tendencia, impulso y sobrecompra/sobreventa se calculan en base a ellas.
Conjunto de pivotes resistencia y soporte
Se incluyen como herramienta de consulta sobre todo para los periodos temporales más altos. Pueden utilizarse para marcar los soportes/resistencias de más interés y no perderlos de vista mientras se opera en periodos de tiempo más bajos. De acuerdo a los estudios de John L. Person, marcarse los pivotes mensuales, semanales y diarios puede resultar de mucha utilidad. Adicionalmente, marcar S1 y R2 para tendencias alcistas, S1 y R1 para rangos, y S2 y R1 para tendencias bajistas puede proporcionar un marco aún más preciso sobre el que trabajar.
Multiplicador de p
Está fijado por defecto en 4, y es la base para poder considerar durante el uso de una franja temporal concreta, la acción del precio respecto a franjas temporales superiores. Es el multiplicador utilizado para la generación de los canales para periodos temporales extendidos.
Canal para el periodo temporal en uso
Se trata de un canal conformado por los cierres máximos y mínimos de los últimos 21 periodos. Este valor es modificable y su ajuste depende del activo en estudio. Mercados 24/7 muestran buenos resultados con este ajuste (en el caso de BTC realmente buenos).
Este canal representa en cierta manera un pivote en forma de línea intermedia amarilla, con sus extremos de soporte y resistencia en las líneas verdes superior y roja inferior. Se añaden las mismas líneas verdes y rojas, referenciadas esta vez a los máximos, que sirven como posibles marcas de stop-loss.
Canales para periodos temporales extendidos
Habilitar los máximos y mínimos de canales de periodos extendidos puede proporcionar una mejor idea de la situación del precio (se recomienda deshabilitar el canal en uso y habilitar el superior para consulta, proporciona una mejor visión).
Etiquetas identificativas:
A continuación explicación resumida para posibles entradas en largo, lo mismo pero de modo opuesto debería considerarse para posibles entradas en corto:
Flecha verde pequeña bajo vela: indica inicio de tendencia en alza (pivote por encima de SMA de pivote y ambos por encima de SMA rápida)
Flecha verde grande bajo vela: indica tendencia en alza (pivote por encima de SMA de pivote y ambos por encima de SMA rápida y media)
Triángulo verde sobre vela: indica rotura de canal, posible impulso al alza (representado a modo de fractal pues su concepto es el mismo)
Flechas verdes/rojas a pie de gráfico: pretenden confirmar la validez de una señal (debería dudarse de las indicaciones verdes con flecha inferior roja y viceversa)
Puntos verdes/rojos a pie de gráfico: los rojos representan áreas de fuerte resistencia y los verdes de fuerte soporte (con puntos rojos, proceder con cautela pese a señales verdes, y viceversa)
Comentarios
Se insiste en que la funcionalidad básica y de mayor utilidad de este script es proporcionar una base confiable sobre la que desarrollar cualquier estrategia, a modo de marco de trabajo.
Si se hace uso de las etiquetas identificativas, debe tenerse en cuenta que las más prematuras siempre serán las más confiables y valiosas, pero que su confirmación siempre dependerá de la estrategia por parte del usuario.
Su uso en conjunción al indicador "Pivot Position for Trading Channel" puede servir de base para el desarrollo de diferentes estrategias, al proporcionar indicación de la posición relativa del precio dentro del canal.
Este script es solo una herramienta de consulta con objetivos didácticos, no debe ser utilizado como recomendación de inversión y no se debe confiar en ella como tal.
Trading Channel for BTCThe goal is to visualize, through basic but robust information, a channel that frames the price action, whose referenced limits and lines are indicative of potential entries and exits.
It is a simple but enormously reliable base for the development of different strategies.
The parameters for the script have been optimized for BTC. It shows good results in all time frames.
Red lines: support of closures and lows (indicative of potential points of purchase).
Green lines: resistance of closures and highs (indicative of potential points of sale).
Orange-gray line: proposed stop loss for long positions, at a ratio of 2:1.
Yellow line: midpoint of channel (as a reference for trend change detection or even possible take-profits).
White line: 8-period simple moving average (SMA).
Gray line: 21-period SMA.
Pink line: standard pivot.
Purple line: 3-period simple moving average pivot.
Blue lines (deactivated by default): standard range of support and resistance pivots (according to the studies of John L. Person).
A channel of support and resistance indicative of potential entry points is shown, both for short and long positions. The channel is based on the closures and the lowest and highest lows and highs of the last 21 periods, shifted one period.
In addition to showing the channel of support and resistance, the script also includes the display of two SMAs (simple moving averages) of 8 and 21 periods, as well as standard and 3-period simple moving average pivots, which can be used as support for entry decisions.
The script allows the user to develop more or less aggressive strategies, conditioning the entries to the price's contact, closure, or distance from the different proposed support and resistance lines, and confirming the same entries through possible SMA and/or pivot crosses, and exits in the same way.
The standard range of support and resistance lines, deactivated by default, is a consultation tool for the higher time frames (month, week, day) for the location of strong supports and resistances that may recommend or, on the contrary, discourage the execution of entries.
The strong point of the script is the visualization of a reliable channel within which the price action develops with basic and repetitive behavior: when the price touches one of the limits, it then goes to the opposite one. Based on that foundation, with the help of the indicators that are most familiar and/or reliable for the user, an infinity of strategies suitable for all types of traders can be developed.
This script is just a consultation tool with didactic goals, it should not be used as an investment recommendation and the information provided should not be relied upon as such.
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Se pretende visualizar por medio de información básica pero robusta, un canal que enmarca la acción del precio, cuyos límites y líneas referenciadas son indicativos de potenciales entradas y salidas.
Resulta una base simple pero enormemente confiable para el desarrollo de diferentes estrategias.
Los parámetros para el script han sido optimizados para BTC. Muestra buenos resultados en todos los marcos temporales.
Líneas rojas: soportes de cierres y mínimos (indicativas de puntos potenciales de compra).
Líneas verdes: resistencias de cierres y mínimos (indicativas de puntos potenciales de venta).
Línea gris anaranjada: propuesta de stop loss para posiciones en largo, a razón de 2:1.
Línea amarilla: punto medio de canal (como referencia para detección de cambios de tendencia o incluso posibles take-profit).
Línea blanca: SMA (promedio móvil simple) de 8 periodos.
Línea gris: SMA de 21 periodos.
Línea rosa: pivote estándar.
Línea morada: pivote de media simple de 3 periodos.
Líneas azules (desactivadas por defecto): abanico de pivotes de soportes y resistencias estándar (según los estudios de John L. Person).
Se muestra un canal de soportes y resistencias indicativas de puntos potenciales de entradas tanto en corto como en largo. El canal se basa en los cierres y los mínimos y máximos más bajos y más altos de los últimos 21 periodos, desplazados un periodo.
Además de mostrar el canal de soportes y resistencias, el script incluye también la visualización de dos SMA's (promedios móviles simples) de 8 y 21 periodos, así como pivotes estándar y de media simple de 3 periodos, que se pueden utilizar como apoyo para las decisiones de entrada.
El script permite al usuario desarrollar diferentes estrategias más o menos agresivas, condicionando las entradas al contacto, al cierre o al alejamiento del precio respecto a las diferentes líneas de soporte y resistencia propuestas, pudiendo confirmar las mismas entradas por posibles cruces de SMA's y/o pivotes, y las salidas de igual manera.
El abanico de soportes y resistencias estándar, desactivadas por defecto, son herramienta de consulta para los marcos temporales más altos (mes, semana, día) para localización de resistencias y soportes fuertes, que pudieran recomendar o, por el contrario, desaconsejar la ejecución de entradas.
El punto fuerte del script es la visualización de un canal confiable dentro del que se desarrolla la acción del precio con un comportamiento básico y repetitivo: al tocar el precio uno de los límites, se dirige después al opuesto. Sobre esa base, con la ayuda de los indicadores que resulten más conocidos y/o confiables para el usuario, se pueden desarrollar infinidad de estrategias adecuadas para todos los tipos de trader.
Este script es solo una herramienta de consulta con objetivos didácticos, no debe ser utilizado como recomendación de inversión y no se debe confiar en ella como tal.
Sessions [LuxAlgo]This indicator shows when user set sessions are active and returns various tools + metrics using the closing price within active sessions as an input. Users have the option to change up to 4 session times.
The indicator will increasingly lack accuracy when the chart timeframe is higher than 1 hour.
Settings
Sessions
Enable Session: Allows to enable or disable all associated elements with a specific user set session.
Session Time: Opening and closing times of the user set session in the hh:mm format.
Range: Highlights the associated session range on the chart.
Trendline: Returns the associated session trendline on the chart.
Mean: Returns the associated session mean average on the chart.
VWAP: Returns the associated session volume weighted average price on the chart.
Ranges Settings
Range Area Transparency: Transparency of the area highlighting sessions ranges.
Range Outline: Highlights the borders of the session range area.
Range Label: Shows the session label at the mid-point of the session interval.
Dashboard
Show Dashboard: Enables sessions dashboard on the chart.
Advanced Dashboard: Returns more information regarding user set sessions on the dashboard.
Dividers
Show Session Divider: Highlights active sessions using intervals on the bottom of the chart (this can lead to less responsive charts)
Show Daily Divider: Highlights days on the chart.
Usage
This tool is versatile and allows the user to perform a wide variety of tasks all focusing on highlighting and analyzing price movements within a specific user set session in a periodic fashion.
Significant forex trading sessions are used by default, but the users are free to choose the opening and closing time of their choices.
Using ranges can indicate which sessions returned the most volatile price movements.
Trendlines can be useful to estimate the underlying trend of a specific session, but they can also offer a quick way to see which session started a trend reversal.
The session Mean highlights the equilibrium level within a session, extrapolating these levels can provide potential support and resistances levels of interest.
Finally, users can use the sessions VWAP's for real time applications, using them as trailing supports and resistances.
Using The Advanced Dashboard
The advanced dashboard returns useful information regarding the user set sessions. Each dashboard elements are described below:
Status: Highlights whether the user set session is active (open) of inactive (closed).
Trend: Shows correlation coefficient between the session prices and a linear sequence of values. Values above 0 indicates an up-trending session, while values under 0 indicates a down-trending session. Values closer to (1, -1) indicates a more trending session.
Volume: Shows accumulated volume within the session
σ (Standard Deviation): Shows standard deviation of the session, while this value is not bounded it can be useful to compare it with the other ones to see which session was the most volatile.
Note that when a session becomes inactive the value on the dashboard will hold until the specific session becomes active again.
CAT Month Opening RangeA trading range which is formed during the first three trading day of any month sets an important "Month Opening Range".
The lowest price made during the first three trading days can be considered the Monthly Support level (see the green line drawn by the indicator).
The highest price made during the first three trading days can be considered the Monthly Resistance level (see the red line drawn by the indicator).
In an Up trending market price tends to break over the upper edge of the Month Opening Range and keep moving higher at the very least until the middle of that month.
In an Up trending market once price broke out of the Month Opening Range, the Monthly Resistance level tends to work as a support.
In a Down trending market price tends to break under the lower edge of the Month Opening Range and keep moving higher at the very least until the middle of that month.
In a Down trending market once price broke under the Month Opening Range, the Monthly Support level tends to work as a resistance
There are may ways to use that instrument:
(1) Trend Confirmation.
The first three days of a month tends to bring volatile trading. The market sets boundaries for the following four trading weeks.
Once the range has been set, swing traders may wait for the market to break out of the range and consider that direction of the prevailing trend direction.
(2) Short "Failed Breakout" setup
Quite often price breaks out of the Month Opening Range on the fourth or fifth trading day of a month but then drops back into the range.
That failed breakout quite often is followed by decline back down to the Month Support level (the lower edge of the Month Opening Range).
(3) Long "Failed Breakdown" setup
Quite often price breaks down under the Month Support on the fourth or fifth trading day of a month but then pops back up over the Monthly Support.
That failed breakdown quite often is followed by a rally targeting to retest the Monthly Resistance (the red line).
The indicator generates signals, trade set-ups and alerts that are for educational and hypothetical purposes only and shall not be considered trade recommendations.
Any signals or trading setups drawn by the indicator is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the indicator must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
Trend SuggestionsThis brings together a number of variables to produce trend predictions that could be utilized as decision-making tools.
Uses the aforementioned price and volume derivatives
- A moving average and three weighted moving averages (WMA1, WMA2, WMA3)
- Super Trend Line (ST)
- Opening Range Breakout on Five Minutes, Resistance Bands Pocket pivots, support, and price volume
he Direction is determined by the High and Low Bands of WMAs and the Supertrend Line, which are used to determine the Upper and Lower Lines around the Price. When the price passes below the lower boundary of the band, a downtrend is said to have begun.
Similarly, for an uptrend, this continues until the price passes over the upper edge of the band. Teal for an uptrend and fuchsia for a downturn area shared by the band to identify the trend.
The first five minutes of the breakout lines have a tiny buffer augmentation of 11% applied to them.
Based on what has been observed, support and resistance zones have been somewhat changed from the figures that are often utilized (might work other markets as well)
The markings that may be seen are as follows:
- Blue Triangle indicates a pocket pivot with an upward bias;
- Maroon Triangle indicates a pocket pivot with a downward bias;
- Teal colored Diamonds indicate price upthrusts and potential trend confirmation locations, depending on success or failure.
- Similar backdrop color changes that look as vertical shading are also used to identify them.
- Fuchsia-colored diamonds indicate price declines and a potential trend, depending on whether it persists or fails.
- Dark green and maroon square boxes indicate potential price reversals in the support and resistance bands, respectively.
It goes without saying that this work is derived from numerous other open-source community initiatives.
Feel free to adjust anything you'd like, and we appreciate any feedback.
Volume Weighted Reversal BandsThis is a vwap & vwma hybrid with upper & lower deviation bands that provide excellent price channels and reversal areas. It can be used on lower & higher timeframes, just increase the deviation % for higher timeframes. Try out the 1 minute timeframe with .5% deviation for great scalping levels.
Here is the calculation used for the main line.
(VWMA100 + VWMA500 + VWMA1000 + VWAP) / 4
So it combines 3 VWMAs with the VWAP and divides that number by 4 to give us a moving average. Then we add new levels above and below that moving average to get our channels. The channels are separated by the % deviation you choose in the settings. For tighter bands, lower the percentage deviation and for wider bands, increase the percentage deviation.
The fattest line in the middle is the main moving average and you can expect price to regularly return to this level. The thick lines are the main moving average plus or minus the percentage deviation you have set. There are 10 levels in each direction from the main moving average. The is also a thin short term moving average as well with a custom calculation. It takes 4 different length moving averages that are weighted and 4 more that are volume weighted and divides the total by 8.The lines will be green when price is above the line and red when price is below the line. The thin white line is the VWAP on its own.
These lines will act as dynamic support and resistance so you can scalp them back and forth. These levels work so well because they are volume weighted and the algos hedge their positions back and forth constantly.
For best results, use this indicator on tickers with the highest volume and trading action as the price will stick to these levels better when the big money players are hedging. Some great tickers for this indicator are APPL, SPY, BTC, ETH.
All colors and linewidths can be customized in the settings easily as well as turning off the VWAP or short moving average and adjusting the percentage deviation for the channels.
***MARKETS***
This indicator can be used on all markets, including stocks, crypto, futures and forex.
***TIMEFRAMES***
This indicator can be used on all timeframes.
***TIPS***
Try using numerous indicators of ours on your chart for extra confirmation. Our favorites to pair with these bands are the Scalper Ribbon and Trend Friend Signals. The 3 combined give you a lot of extra confirmation on whether the market is going to reverse at these levels.
Psychological levels (Bank levels) PsychoLevels v2 - TartigradiaPsychological levels (Bank levels) plots "round" price levels above and below current price, by truncating after the nth leftmost digits, based on neuroscience research of how humans intuitively calculate in logarithms.
Psychological levels, also called bank levels, are "round" price numbers around which price often experience resistance or support, because traders and investors tend to set orders around these round numbers.
Calculation here is fully automatic and dynamic, contrary to other similar scripts, this one uses a mathematical calculation that extracts the 1, 2 or 3 leftmost digits and calculate the previous and next level by incrementing/decrementing these digits. This means it works for any symbol under any price range.
This approach is based on neuroscience research, which found that human brains intuitively approximate numbers on a logarithmic scale, adults and children alike, and similarly to macaques, for more info see Numerical Cognition , Weber-Fechner Law , Zipf law.
For example, if price is at 0.0421, the next major price level is 0.05 and medium one is 0.043. For another asset currently priced at 19354, the next and previous major price levels are 20000 and 10000 respectively, and the next/previous medium levels are 20000 and 19000, and the next/previous weak levels are 19400 and 19300.
Usage:
* By default, strong upper level is in green, strong lower level is in red, medium upper level is in blue, medium lower level is in yellow, and weak levels aren't displayed but can be. Half levels are also displayed, in a darker color. Strong levels are increments of the first leftmost digit (eg, 10000 to 20000), medium levels are increments of the second leftmost digit (eg, 19000 to 20000), and weak levels of the third leftmost digit (eg, 19100 to 19200). Instead of plotting all the psychological levels all at once as a grid, which makes the chart unintelligible, here the levels adapt dynamically around the current price, so that they show the upper/lower levels relatively to the current price.
* A simple moving average is implemented, so that "half-levels" are also displayed when relevant (eg, medium level can also display 19500 instead of only 19000 or 20000). This can be disabled by setting smoothing to 1.
* By default, the script runs on the daily timeframe, whatever the current chart's timeframe is. This is to reduce the variability in levels, to make it less noisy than intraday price movement, but this can be changed in the settings.
* The step can be adjusted to increase the gap between levels, eg, if you want to display one every 2 levels then input step = 2 (eg, 22000, 24000, 26000, etc), or if you want to display quarter levels, input 0.25 (eg, 22000, 22250, 22500, etc). The default values should fit most use cases and cover most psychological levels.
I made this script mainly to train with PineScript, but I found it surprisingly accurate to define levels that are respected by price movements. So I guess it can be useful for new traders and experienced traders alike, as it's easy to forget that psychological levels can often be as strong if not stronger than technical levels. It can also be used to quickly screen other minor assets for trading opportunities. For example, a hybrid strategy would be to manually define levels on BTCUSD but using this script to automatically define levels in crypto altcoins and quickly screen them for a trade opportunity that can be greater than with BTCUSD but with the same trend.
Changes compared to v1:
* Deduplicated redundant calculations and hence faster script.
* Added half-step levels, which allows to more easily see breakouts (because the levels are still on-screen).
* All steps are now configuration on the GUI.
* Revamped color scheme.
* And major reasons to post as a separate v2 script rather than updating: because we can't update the original description nor screenshot. I have now read more about the House Rules and saw other scriptmakers, so I am trying to write better descriptions like wizards do, by explaining not only how the script works but what the underlying financial concept is to a neophyte audience.
Price Action in action
What?
Price Action in Action is an indicator to help Price Action learners and practitioners to get everything related for Price Action in one place.
Price Action is:
Price + Volume = Action
In this indicator, we have the following features available:
Support/Resistance
Using the RSI with different periods in a multiple of 7 (7, 14, 21, 28), we first determine the overbought (above 70, customizable) and oversold (below 30, customizable) regions. Then we pick up the highest point and lowest point in the RSI values in the overbought and oversold regions, respectively. These are the point, historically supply/demand emerged for surety to push down/up the RSI indicator and the corresponding price. So, these are the most accurate way, we believe, to draw support/resistance (or demand/supply) in the chart. By default, the Support is green color and Resistance is red color. To give a visual representation, we differentiate the different shades of green and red. For example, for Level-1 (i.e. 7 by default) we use the darkest shade (0 transparency) and Level-4 (i.e. 28 by default) we use lighter shade (60 transparency). Note please: you can customize the color of support and resistance lines (say if you want resistance as green and support as red). The respective shades (transparency) will be automatically adjusted accordingly. But those shade (transparency) levels are not customizable, they are fixed (please bear with it for version-1 at least).
Strength of Support/Resistance
In the chart above/below the Resistance / Support lines you can see the tiny labels with some numbers like 1, 2.
We found out how many times a particular support/resistance is appearing across multiple RSI periods. E.g. if price P1 appears 2 times among 4 different RSI periods, the number will be 2 for that calculation, and so on.
There can be multiple presence of these numbers in a support/resistance line (i.e. multiple tiny labels). Something like: 1, 1, 2 (into different candles). This means the same support/resistance is tested so many times in different occasion (means there is a RSI max/min coincides in this level over multiple occasions) at different candles.
This will help you to intuitionally gauge the “strength” of a support/resistance line.
The more the marrier, unworthy to mention.
Candle Stick Patterns
Well: we don’t need to tell anything about the Candlestick. All of you know it better than us. And it’s a time proven, zero-lag mechanism to judge the Price-Action is unfolding in the market. We do not know if there is anything better possible than this time tested patterns to judge the prevailing sentiments of market.
Price-Action does not complete without finding out the Candlestick Patterns correctly.
And in this indicator your will get all of these: Single Candle such as Doji (default off), Marubozu, Spinner, hammers, inverted-hammer etc. ; 2 candles like Tweezer, Inside Candle, Engulfing; 3 candles like morning star/evening star.
In the multi candle patterns (2/3 candles), we are grouping the candles with a dotted rectangle such that it is clear which 2/3 candles are part of the pattern. E.g. Morning Star: 3 candles are grouped in a dotted rectangle and the Morning Star label will come to the latest candle (3rd most – as the pattern is detected reliably only on the completion of the 3rd final candle).
Of course, any program can not eliminate your trained eyes and brain to capture the patterns. But we have provided sufficient knobs to adjust various parameters to tweak the candle-pattern detection. Such as Strict Inside Candle(Harami) Boolean knob where the whole current candle including wicks will be inside the body part of the previous big candle. For non-strict mode, the current candle just inside the previous candle, possibly by wicks.
To make it better usable, for every such knobs (which are not obvious) we have added user-friendly tooltip (just mouse hover the question mark (?) besides the control/switch). There are plenty of it.
Volume
Here we have a rudimentary (yet effective) way to judge the volumes.
We find out the Volume Weighted Moving Average (VMWA) of the 20-period (default, but customizable) and the latest volume. If the latest volume is more than the 20 period vwma, we just add a grey diamond on the top of the candle to denote it’s attracting volumes. Of course, we provide a Weight coefficient (default is set to 1). So if the current bar’s volume on bar’s completion is more than the 20 period volume vmwa times the weigh-cofficient, we mark it with a tiny grey diamond.
Points to be noted:
In all places we mark the indication only on the completion of the bar (technically speaking we have checks, as far as possible, with barstate.isconfirmed). However, if you wish, you can turn it off for Candlestick (as some experts may want to check candlestick on the real time, even before the closing of bars).
In case if you see the chart looks cluttered (because of many information, specially in smaller timeframes like 5 min), there are controls given in the settings to toggle each and every features.
By default, we turn off Doji candles (all 3 types of Doji’s – normal, Gravestone & Dragonfly) as they are mainly indecision. However, you can toggle it to turn it on.
It does not give you any Buy/Sell call. The interpretation it does not have.
Why?
What’s unique in it?
As we already mentioned our intention is to include Price (in forms of Support / Resistance), Volume and Action (sentiments in terms of Candlestick patterns) into a single place. And so far, to the best of our knowledge, we could not come across a single indicator provides all of these.
There were works available to determine the RSI based support / resistance zones. Those are great piece works at that time (lets say 3 years back when PineScript was in earlier versions). To the best of our knowledge those does not cover up finding out the lowest / highest point of RSI and the corresponding price to get the simplistic and distinct support/resistance lines.
We have the intuitive support/resistance strength included which we could not found out in current set of available indicators.
To the best of our knowledge, there seems no indicator can detect 3-candle patterns which are extremely popular to detect trend reversals (such as Morning Star or Evening Star). Moreover for the multi-candle patterns we are grouping the candles part of the pattens (2-candles or 3-candles) using a dotted rectangle such that it’s visually clearly (and a well educative material for Price-Action learners also).
Mentions:
There are many works which inspire us along the way. Honestly: we sometimes forgot which all indicators we experimented with. We are sincerely apologetic in case we forgot to mention. A few note-worthy:
There is an indicator from user “repo32” named as “Candlestick Patterns Identified (updated 3/11/15)”. (We could not be able to contact “repo32”). We are inspired from his work that it’s feasible to detect Candlestick patterns.
There is an awesome work done by “RSI Based Automatic Demand and Supply” by user “shtcoinr”. The idea of consulting multiple RSI levels to find out the demand/supply zone we inspired from him. (We did contact “shtcoinr” and got his kind permission to use the concept.)
We are greatly thankful to these abovementioned wizards for their pioneering a-prior work in this front.
And of course, this TradingView platform to provide this abstraction, facilitates and felicitates collaborative contributions.
Ultimately, what’s for you?
That’s the main question. What’s for you?
Price-action comprises of following 3 tasks (at least):
Draw support/resistance lines in the chart.
Once price reaches at the support/resistance line, you fervently look out the candles’ formation to mentally map to the candle patterns. Your aim is divine: You want to judge if the price-action will continue or take a rejection/reversal.
Then you double-confirm with the volume (in a non-overlaid chart below).
Finally take a trade.
For a price-action newbie or seasoned, expert practitioner, you must be doing all the above tasks regularly and manually, in a mechanical, mundane way. There come the humanly subjectivity & the inevitable emotions . This indicator, being a piece of program/code in PineScript latest version v5 , eliminates (or at least, reduces to a great extend) that subjectivity & emotions out of the way of decision making . Thus resulting better yield.
Of course, you can argue that you draw slanted trend lines also. We recommend an already existing indicator by user LuxAlgo named as “Trendlines with Breaks ”, if you wish so.
Disclaimer:
This piece of software does not come up with any warrantee or any rights of not changing it over the future course of time.
We are not responsible for any trading/investment decision you are taking out of the outcome of this indicator.
Happy trading.
Stock Tech Bot One ViewTechnical indicators are not limited. Hence, here is another indicator with the combination of OBV, RSI, and MACD along with support, and resistance that follows the price while honoring the moving average of 200, 90 & 50.
The default lookback period of this indicator is 21 though it is changeable as per the user's desire.
The highest high and lowest low for the last 21 days lookback period proven to be the perfect Support & Resistance as the price of particular stock values are decided by market psychology. The support and resistance lines are very important to understand the market psychology which is very well proven with price action patterns and the lines are drawn based on,
Lower Extreme = 0.1 (Changeable)
Maximum Range = 21 days highest high - 21 days lowest low.
Support Line = 21 days lowest low + (Maximum Range * Lower Extreme)
Resistance Line = 21 days highest high - (Maximum Range * Lower Extreme)
RSI - Relative strength indicator is very famous to find the market momentum within the range of 0 - 100. Though the lookback period is changeable, the 14 days lookback period is the perfect match as the momentum of market movement for the last 3 weeks will always assist to identify the market regime. Here the momentum is just to highlight the indication (green up arrow under the candle for long and red down arrow above the candle for short) of market movement though it is not very important to consider if the price of the stock respect the support & resistance lines along with volume indicator (* = violet color).
OBV - Momentum:
The on-balance volume is always going indicator on any kind of tickers, which helps to identify the buying interest. Now, applying momentum on OBV with the positive movement for at least two consecutive days gives perfect confirmation for entry. A combination of the price along with this momentum(OBV) in the chart will help us to know the whipsaw in the price.
The Symbol "*" on top of each bar shows the market interest in that particular stock. If your ticker is fundamentally strong then you can see this "*" even when the market falls.
MACD:
One of the favorites and simple indicators widely used, where the thump of the rule is not to change the length even if it is allowed. It's OK to believe blindly in certain indicator and consider it while trading. That's why the indicator changes the bar color by following the MACD histogram.
Volume:
It may be the OBV works based on the open price and close price along with volume movement, it is wise to have the volume that is plotted along with price movement that should help you to decide whether the market is greedy or fearful.
The symbol "-" on top of each bar tells you a lot and don't ignore it.
Moving Average:
Moving average is a very good trend indicator as everyone considers seeing along with the price in the chart which is not omitted while we gauge the price movement alone with volume in this indicator. The 200, 90 & 50 MA's are everyone's favorite, and the same is plotted on the chart.
As explained above, the combination of all four indicators with price movement will give us very good confidence to take entry.
Candlestick Pattern:
You should admire the techniques of the candlestick pattern as you navigate the chart from right to left. Though there are a lot of patterns that exist, it is easy to enable and disable to view the signal as the label.
Further, last but not least, the exit always depends on individual conviction and how often the individual watch the price movement, if your conviction is strong then follow the down arrow red indication. If not, then exit with a trailing stop that indicates the bar with orange color.
Happy investing
Note: It is just a combination of multiple indicators and patterns to get one holistic view. So, the credit goes to all wise developers who publically published.
Average Daily Range (ADR) (Multi Timeframe, Multi Period)Average Daily Range (ADR)
(Multi Timeframe, Multi Period, Extended Levels)
Tips
• Narrow Zones are an indication of breakouts. It can be a very tight range as well.
• Wider Zones can be Sideways or Volatile.
What is this Indicator?
• This is Average Daily Range (ADR) Zones or Pivots.
• This have Multi Timeframe, Multi Period (Up to 3 Levels) and Extended Target Levels.
Advantages of this Indicator
• This is a Leading indicator, not Dynamic or Repaint.
• Helps to identify the reversal points.
• The levels are more accurate and not like the old formulas.
• Can practically follow the Buy Low and Sell High principle.
• Helps to keep minimum Stop Loss.
Who to use?
• Highly beneficial for Day Traders
• It can be used for Swing and Positions as well.
What timeframe to use?
• Any timeframe.
When to use?
• Any market conditions.
How to use?
Entry
• Long entry when the Price reach at or closer to the Green Support zone.
• Long entry when the Price retrace to the Red Resistance zone.
• Short entry when the Price reach at or closer to the Red Resistance zone.
• Short entry when the Price retrace to the Green Support zone.
• Long or Short at the Pivot line.
Exit
• Use past ADR levels as targets.
• Or use the Target levels in the indicator for breakouts.
• Use the Pivot line as target.
• Use Support or Resistance Zones as targets in reversal method.
What are the Lines?
Gray Line:
• It the day Open or can be considered as Pivot.
Red & Green ADR Zones:
• Red Zone is Resistance.
• Green Zone is Support.
• Mostly price can reverse from this Zones.
• Multiple Red and Green Lines forms a Zone.
• These lines are average levels of past days which helps to figure out the maximum and minimum price range that can be moved in that day.
• The default number of days are 5, 7 and 14. This can be customized.
Red & Green Target Lines:
• These are Target levels.
What are the Labels?
• First Number: Price of that level.
• Numbers in (): Percentage change and Change of price from LTP (Last Traded Price) to that Level.
General Tips
• It is good if Stock trend is same as that of the Index trend.
• Lots of indicators creates lots of confusion.
• Keep the chart simple and clean.
• Buy Low and Sell High.
• Master averages or 50%.
Customizable Pivot Support/Resistance Zones [MyTradingCoder]This script uses the standard pivot-high/pivot-low built-in methods to identify pivot points on the chart as a base calculation for the zones. Rather than displaying basic lines, it displays a zone from the original pivot point to the closest part of the available body on the same candle. The script comes in handy by utilizing Pinescripts available input.source() function to allow for an external indicators output value to be used within the indicator. Make sure to read all of the TOOLTIPS in the indicator settings menu to get a full understanding of what each setting does, and how it can affect the results that end up on the chart.
By enabling the custom filter in the indicator settings, you will notice you have the ability to filter out zones using an external indicator such as an RSI. Maybe you only want zones to be calculated/drawn when the RSI is overbought or oversold, or maybe you only want the zones to calculate/draw if the Supertrend is green or red. The list of possible filters that you can implement is too many to count. Feel free to play around with the indicator however you like, and configure something that you find to be the most useful for your trading.
On top of everything listed above, the indicator has pre-programmed built-in alertconditions so that you can potentially automate trading, or get a notification to your cell phone when a zone is being touched/broken.
VWAP + EMA Analysis [Joshlo]Overview and Use Case
VWAP Analysis gives the possibility to combine multiple time frames of VWAP along with a triplet of exponential moving averages. This can provide insight into potential scalp, swing and longer term trades, depending on your time frame. The use of this indicator with it's setup is based off the the Scalp Setup Alerts provided by Roensch Capital.
The primary use for this script is to help with intraday scalp set ups. Using the Daily VWAP, turned on by default, we can look for price to respect and bounce from one of the VWAP lines (support or resistance) back toward equilibrium, we can also look for price to bounce off of equilibrium and move back toward VWAP support or resistance.
The chart attached shows AMD bouncing off of the Daily time frame VWAP Resistance level multiple times (see yellow boxes), often with confirmation given by an increase in volume which is often far higher than the average volume. In many of these cases a short position could've been opened or put option could have been placed with a profitable outcome.
Every line projected onto the chart via this indicator has the potential to create support or resistance as well as causing 'hang ups', meaning price loses it's momentum, slows down and hangs out in the particular area. This is shown on the chart within the green box.
Chart walkthrough - See attached chart
After a rejection off of the Daily VWAP Resistance line (depicted by the white circle), price starts to move back toward Daily VWAP Equilibrium. In order to reach this line, price needs to move through the 20EMA (white) and 50EMA (purple), the Weekly VWAP Resistance (red circles) and the 200EMA (orange). All of these lines are a part of this single indicator.
The 20EMA seems to offer little resistance but follows the price on it's move, offering some resistance to a volatile move upward. Initially upon contact with the 50EMA, price hangs up and bounces above and below the line whilst finding support on the Weekly VWAP Resistance at the same time. This causes a 'hang up' or sideways movement for around 20 minutes of trading. A potential trade may have entered at the white circle with a VWAP Resistance rejection and exited upon contact with the 50EMA in anticipation of multiple EMAs and support / resistance lines converging which is known to cause price movement to slow.
Eventually with an increase in volume, price breaks below the 20EMA (white), 50EMA (purple) and the Weekly VWAP Resistance level (red circles). Price then finds support on the 200EMA (orange), although there was potential for the price to fall to the Daily VWAP Equilibrium (solid blue). As the Red VWAP lines tend to act more often as resistance as opposed to support (price is rarely above these lines for extended periods), the trade from earlier may have profited more by awaiting contact with the 200EMA before exiting, taking the assumption that the Weekly VWAP Resistance was more likely to act as resistance than support.
A period of consolidation in the green box, around the Weekly VWAP Resistance, 20EMA, 50EMA and with support from the 200EMA eventually resulted in another break out where the price came back up to the Daily VWAP Resistance. Prior to the end of this trading day, there were two more opportunities for scalp setups based off of the price showing consistent rejections off the Daily VWAP Resistance back down to the 50EMA.
In the final example, price breaks above the Daily VWAP Resistance but quickly rejects off of the Monthly VWAP Resistance. For examples where the VWAP Resistance or Support or broken, it can help to look at an indicator such as the RSI to look for bullish divergence or bearish divergence.
Just as this example shows bounces and rejection off of VWAP Resistance, the same applies around the Equilibrium and Support VWAP lines.
The perfect scenario would be to find a ticker where there has already been two or three bounces off of one of these levels, with the goal of taking the trade on the next bounce and either using a percentage price target or technical price target based off of the EMAs or VWAP lines. If there are EMAs close in the direction you want to take the trade, there is a higher chance of hang ups and reversals, so a clear run is the more desired trade set up.
You can also look for these indicator lines to stack up in order to form a stronger support and resistance. For example the 200EMA and Daily VWAP Equilibrium being close to each other may suggest it would take more of an effort to break both of these levels, but one by itself may break more easily.
Indicator Setup
In the settings for the indicator, almost everything you might want to change can be done from the Input tab.
The three options for VWAP (daily, weekly and monthly) allow for analysis on multiple time frames. Daily is turned on as standard.
Standard Deviation Multiplier is set to 2 as standard, this effects the distance of the VWAP support and resistance from the equilibrium line. This seems to be a level that works well with finding support and resistance lines, however if there is excessively high or low volume, occasionally the lines can be thrown off. You can adjust this level if required to find a 'sweet spot' where price likes to reject or find support.
The colors for all VWAPs can be adjusted via the Inputs tab, however if you'd like to change the type of line these are depicted as, this can be done from the Styles tab.
The 3 EMAs (20, 50 and 200) can be toggled on or off and also have their color changed. The style of the lines can be adjusted from with the Styles tab if required.
Jurik Filter [Loxx]Jurik Filter is a Jurik-filtered moving average that acts as both a baseline and a support and resistance indicator
What is Jurik Volty used in the Juirk Filter?
One of the lesser known qualities of Juirk smoothing is that the Jurik smoothing process is adaptive. "Jurik Volty" (a sort of market volatility ) is what makes Jurik smoothing adaptive. The Jurik Volty calculation can be used as both a standalone indicator and to smooth other indicators that you wish to make adaptive.
What is the Jurik Moving Average?
Have you noticed how moving averages add some lag (delay) to your signals? ... especially when price gaps up or down in a big move, and you are waiting for your moving average to catch up? Wait no more! JMA eliminates this problem forever and gives you the best of both worlds: low lag and smooth lines.
Ideally, you would like a filtered signal to be both smooth and lag-free. Lag causes delays in your trades, and increasing lag in your indicators typically result in lower profits. In other words, late comers get what's left on the table after the feast has already begun.
Included
-Advanced filtering system using multiples of standard deviation, this filter acts paint dynamic support and resistance levels on the chart based on volatility
-Double Jurik filtering
-Toggle bar color on/off
SSL HYBRID AdvancedSSL HYBRID Advanced
SSL Hybrid is an Advanced version of the default SSL Hybrid by Mihkel00.
Multiple Indicators
MACD Crossover Signals
EMA 200
Bollinger Band
Bollinger Band Squeeze
ADX Crossover and ADX level
CCI Over Brought /Sold
Stochastic Over Brought /Sold
RSI Over Brought /Sold
CREDITS
QQE MOD byMihkel00
SSL Hybrid by Mihkel00
Waddah Attar Explosion by shayankm
Support Resistance LonesomeTheBlue
Indicators On Chart
QQE MOD is plotted as Dot below and above the candle and also as Background
QQE line is plotted and can be used as crossover to find trend. Flat movement of QQE is Sideways
Weak ADX is plotted as a Background color. Same can be verified using Bollinger band Squeeze.
EMA crossover can be plotted by selecting MTF MA(multi time frame moving average indicator) Area plot is provided.
CCI , Stochastic, RSI signals provided in the table option
WAE (volume indicator ) is shown in Table
EMA 200 is plotted and color Represents ADX level and direction. Plots on EMA 200 are ADX crossovers
MACD crossovers are represented by Triangles above and below Candles
Support Resistance levels are plotted (change settings)
Pivot Points are plotted (change settings)
Bollinger Bands Plotted
EMA 20 and EMA 50 plotted with AREA for additional confirmation
Buy: When the table option shows completely Blue signals in all indicators
Sell: When the table option shows completely Pink signals in all indicators
WARNING not recommended for lower time frames. Use at your own Risk.
Updates will be released shortly if any. please provide your suggestions to make it more functional indicator.
XABCD Harmonic Pattern Custom Range Interactive█ OVERVIEW
This indicator was designed based on Harmonic Pattern Book written by Scott Carney. It was simplified to user who may always used tools such as XABCD Pattern and Long Position / Short Position, which consume a lot of time, recommended for both beginner and expert of Harmonic Pattern Traders. XABCD Pattern require tool usage of Magnet tool either Strong Magnet, Week Magnet or none, which cause error or human mistake especially daily practice.
Simplified Guideline by sequence for Harmonic Pattern if using manual tools :
Step 1 : Trade Identification - XABCD Pattern
Step 2 : Trade Execution - Any manual tools of your choice
Step 3 : Trade Management - Position / Short Position
█ INSPIRATION
Inspired by design, code and usage of CAGR. Basic usage of custom range / interactive, pretty much explained here . Credits to TradingView.
I use a lot of XABCD Pattern and Long Position / Short Position, require 5 to 10 minutes on average, upon determine the validity of harmonic pattern.
Upon creating this indicator, I believed that time can be reduced, gain more confidence, reduce error during drawing XABCD, which helps most of harmonic pattern users.
█ FEATURES
Table can positioned by any postion and font size can be resized.
Table can be display through optimized display or manual control.
Validility of harmonic pattern depends on BC ratio.
Harmonic pattern can be displayed fully or optimized while showing BC ratio validity.
Trade Execution at point D can be displayed on / off.
Stop Loss and Take Profit can be calculated automatically or manually.
Optimized table display based extend line setup and profit and loss setup.
Execution zone can be offset to Point C, by default using Point D.
Currency can be show or hide.
Profit and Loss can be displayed on axis once line is extended.
█ HOW TO USE
Step 1 : Trade Identification - Draw points from Point X to Point C. Dont worry about magnet, point will attached depends on High or Low of the candle.
Step 2 : Trade Execution - Check the validity of BC to determine the validity of harmonic pattern generated. Pattern only generate 1 pattern upon success. Otherwise, redraw to other points.
Step 3 : Trade Management - Determine the current candle either reach Point D or Potential Reversal Zone (PRZ). Check for Profit & Loss once reach PRZ.
█ USAGE LIMITATIONS
Harmonic Patterns only limits to patterns mentioned in Harmonic Trading Volume 3 due to other pattern may have other or different philosophy.
Only can be used for Daily timeframe and below due to bar_time is based on minutes by default.
Not recommended for Weekly and Monthly timeframe.
If Point X, A, B, C and D is next to each other, it is recommend to use lower timeframe.
Automated alert is not supported for this release. However, alert can be done manually. Alert will updated on the version.
█ PINE SCRIPT LIMITATIONS
Known bug for when calculate time in array, causing label may not appeared or offset.
Unable to convert to library due to usage of array.get(). I prefer usage for a combination of array.get(id, 0), array.get(id, 1), array.get(id, 2) into custom function, however I faced this issue during make arrays of label. Index can be simply refered as int, for id, i not sure, already try id refered as simple, nothing happens.
linefill.new() will appeared as diamond box if overused.
Text in box.new() unable to use ternary condition or switch to change color. Bgcolor also affected.
Label display is larger than XABCD tool. Hopefully in future, have function to resize label similar to XABCD tools.
█ IMPORTANTS
Trade Management (Profit & Loss) is calculated from Point A to D.
Take Profit is calculated based on ratio 0.382 and 0.618 of Point A to D.
Always check BC validity before proceed to Trade Management.
Length of XABCD is equal to XAB plus BCD, where XAB and BCD are one to one ratio. Length is measured in time.
Use other oscillator to countercheck. Normally use built-in Relative Strength Index (RSI) and Divergence Indicator to determine starting point of Point X and A.
█ HARMONIC PATTERNS SUPPORTED
// Credits to Scott M Carney, author of Harmonic Trading Volume 3: Reaction vs. Reversal
Alt Bat - Page 101
Bat - Page 98
Crab - Page 104
Gartley - Page 92
Butterfly - Page 113
Deep Crab - Page 107
Shark - Page 119 - 220
█ FAQ
Pattern such as 5-0, perfect XABCD and ABCD that not included, will updated on either next version or new release.
Point D time is for approximation only, not including holidays and extended session.
Basic explaination for Harmonic Trading System (Trade Identification, Trade Execution and Trade Management).
Harmonic Patterns values is pretty much summarized here including Stop Loss.
Basic explanation for Alt Bat, Bat, Crab, Gartley, Deep Crab and Butterfly.
█ USAGE / TIPS EXAMPLES (Description explained in each image)
Kapua Whenua LANDZZ1Kapua Whenua means Earth's Clouds in Maori language, this indicator was created to show impulses and trends of the asset's price movement both up and down.
The Indicator was made based on key numbers of the golden ratio:
Conversion Line: Kw 17 (Purple Color)
Kw 34 - Short Period Fractal (Light Blue Color)
Kw 72 - Short/Medium Period Fractal (Orange)
Kw 144 - Medium Period Fractal (Yellow Color)
Kw 305 - Medium/Long Period Fractal (Dark Blue Color)
Kw 610 - Long Period Fractal (Grey)
Kw 1292 - Long Period Fractal+ (Black Color)
The baseline or also called the conversion line is identified by the Color Purple of value 17.
How to read the indicator:
Every time the conversion line (Purple Color 17 periods) crosses a Kw value (Kapua Whenua) it will always look for the next KW line above or below the value as support or resistance.
For example:
If we are in a bull market, and the price crosses below the KW17 conversion line it will go towards KW 34 as support, if the price breaks KW 34 it will go towards the next line below KW 34 as support.
Every time the conversion line or the price crosses a higher value of Kapua Whenua (KW) this trend will be stronger, it means, if the conversion line (KW 17) crosses above KW 305 it will indicate more strength than if it had crossed above the KW 72 or 144 for example. So to get better results trading with the trend, always observe if the conversion line and the price are below or above some Medium/Long Period KW.
Note also that, in an uptrend, it could be that all KW are below each other. In a downtrend, it could be that all KW are on top of each other. This indicates that the farther the price is from the fractals the stronger the trend is, also, when there is a narrowing of the fractals means that the price will start to go sideways. If the price is between 2 or more Fractals, it will indicate consolidation.
A really good trend is considered when the price or the Short/Medium Period Fractals are all above or below at KW 610, which is a long period fractal, meaning a strong uptrend or downtrend.
A larger KW can be at the same point as a smaller KW, however, the stronger color will be shown above the weaker one.
***Larger chart timeframes are better to see longer KW fractals that are above or below the price, if your chart timeframe doesn't show a bigger support or resistance fractal, change the chart time to another longer period**
Tip - Get used to looking at line colors as your indicators, just like moving averages. You can also take or place any fractal at any time in the configuration menu.
Parallel Pivot Lines [LuxAlgo]Displays lines connecting past pivot high/low points with each line having the slope of a linear regression. This slope can also be controlled by the user with the 'Slope' setting. Each line can be used as a support or resistance by the user.
Settings
Length : Pivot length. Use higher values for having lines connected to more significant pivots points.
Lookback : Number of lines connecting a pivot high/low to display, with a total of lines equal to Lookback*2
Slope : Allows the user to multiply the linear regression slope by a number within -1 and 1
Limitations
The script has currently several real time behavior limitations. Lines are displayed retrospectively and will not update with the arrival of new bars. Readjusting the indicator to newer pivots will require the user to either hide/unhide the indicator or change its settings.
High Length or Lookback values might not return any lines if the location of a pivot point is outside the defined buffer size of the indicator (set as 5000 bars).
How To Use
The indicator can be used to get supports and resistances and is more so closer to a drawing tool due to its limitations. The lines not updating with the arrival of new bars have the advantage of providing fixed supports/resistances.
The Slope setting allows the user to control the angle and direction of the lines. Using a Slope of 1 will return lines with the same slope as the one of a linear regression fit from the farthest pivot point displayed by the indicator to the most recent bar.
The chart above shows the indicators and a linear regression in orange.
If you want to have horizontal lines, use a Slope equal to 0.
Finally using a negative slope value will allow the user to have lines in opposite directions to the main trend.
Conclusion
We hope you like this indicator (drawing tool) and find it useful for drawing your support & resistances in a unique way!
PRIME - ShadoW ZoneZ with RSI LevelsIn This experimental study, we've taken RSI data, Volume Profile, and Trend analysis, combining them into one unique package that will allow a trader to analyze market trend lines and their proposed channels, trend momentum through candle color augmentation similar to "Pulse", and Visible Volume index price levels on chart for the current sequence. Below are explanations of each function within the system.
The Semafor is used to spot future multi-level Supports and Resistance zones.
It is also useful to spot HL or LL or HH or LH zones at different Depth settings.
The red zones are the extreme places where the market has a higher chance of reversing while the green zones have the lowest setting with lower chances of the market reversal
Automatic Trend Lines
The indicator takes in 2 timeframes to detect High and Low values from which to draw the trend lines of each timeframe.
As the values change with price movement, the lines are updated. They are color coded for uptrend and downtrend based on the direction of each individual line. Trend lines can be set up to color with only the default value on the configurations panel.
- Toggle on/off Color Coded
- Change Default, Uptrend, Downtrend color
- Change Line Width
- Change Line Style
- Toggle on/off Line Extensions
- Change Extended Line Width
- Change Extended Line Style
- Toggle On/Off labels for 7 data points of each timeframe
Automatic Trend Sights
This is a neat feature that may help you get a better feel for the direction the current movement is heading towards in correlation with the short or medium length timeframe trends. The sight draws a line from the middle vertical point of the trend coordinates towards the current price. They are toggled off by default but can be enabled in the configurations panel.
- Toggle on/off sight on each timeframe
- Change Width
- Change Line Style
Support & Resistance Levels, the main aim of the study. Level calculations are based on Relative Strength Index ( RSI ) threshold levels of oversold/overbought and bull/bear zones, where all threshold values are customizable through the user dialog box. Background of the levels can be colored optionally.
RSI Weighted Colored Bars and/or Mark Overbought/Oversold Bars , Bar colors can be painted to better emphasis RSI values. Darker colors when the oscillator is in oversold/overbought zones, light colors when oscillator readings are below/above the bull/bear zone respectively, and remain unchanged otherwise. Besides the colors, with “Display RSI Overbought/Oversold Price Bars” option little triangle shapes can be plotted on top or bottom of the bars when RSI is in oversold/overbought zones .
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have 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 dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Gunzo Market SRGunzo Market SR is a set of 3 tools combined for trend analysis on day trading strategy.
VWAP (Volume Weighted Average Price) :
The VWAP indicator is generally used for trend analysis. For example if the VWAP line is under the closing price for a long period of time, the trend is strong. In this script, the VWAP has been optimized for day trading as the indicator is calculated inside the daily range, and resets when a new day starts. This way the indicator reflects the daily trend and not the overall trend. You can also use the position of closing price according to the VWAP to find optimal entry points according to the indicator.
Highs / Lows :
The Highs / Lows are generally used for trend analysis too. The High / Lows are mainly used to identify prices that have been key during the past and that we can use as an indication for the following candles. In this script, the Highs / Lows are computed on the daily period and then displayed on the current period (recommended to use on a daily period or lower). This way the indicator reflects the highest point and the lowest point of the day (can be modified to have a longer range of pivot days even if I recommend to stay on 1 day for day trading).
Support / Resistance :
The Support / Resistance is generally used for trend analysis too. The Support / Resistance are found by searching local high and lows. The longer the supports and resistance are, the strongest it can be considered. In this script, the Highs / Lows are computed by default on a lower time frame (usually 3-4 times lower). For example on a 15 minute graph, the Highs / Lows will be computed on the 5 minute graph (can be modified if the displayed result is not optimized for your asset).
How to use this set of tools :
I personally recommend to use this tool at the start of your day of trading. This way you will get a clear vision of the daily situation and try to identify key prices and the trend for the current day. I then suggest to set up an alert on the key price to be notified when you're getting close to it.
Keltner FibzonesKeltner Channel with Fibonacci Zones which uses properties of a Donchian Channel.
This script is a variation of the Fibonacci Zone script and the Donchian Fibonacci Trading Tool which I published earlier. A Keltner Channel gives more useful information to the trader than a Donchian Channel, because it provides a depiction of “normal range” and shows “outside normalcy” situations. Fibonacci lines provide a way to see if the market is trending up or down, while moving inside the channel, because in cases where the Fibonacci lines function as resistance, the trend is down, whereas when these turn out to be supports the trend is up.
Example of use:
If after a rally up - in which candles moves outside the channel - these return into the channel, this means a “new normal”. If the fibs turn out to give support, one may assume that this is a temporary sideways movement in which a flag is formed, after which following rally up may happen. With rally down the opposite is true. Top and bottom situations show a change in the way the market uses the fiblines.
The middle line of the Donchian Channel is used as the middle line of the Keltner channel, in stead of the sma in the classic channel. Default for calculation is 2 x Average True Range above and below this line. Default for the periods of the channel is 20 periods, because this allows the candles to go outside the channel. If you shorten this, all happens inside the channel.
[ST] S/R density study v3This algorithm draws supports/resistance levels automatically based on historic candle density at each height. The basic idea is the levels where price is rejected quickly is likely to have fewer candles in the past than the levels above and below. This does not take volume into account. The lookback and number of levels has to be kept low to prevent too many calculations. I haven't looked if there's new pinescript features to let me do this more efficiently yet.
It checks for candle density to decrease once or twice and then increase once or twice before it draws a line at that lowest level. There's an option to draw more lines by only checking for a single decrease and increase.
It likely won't catch all the levels but it seems to get a good amount to help me position stops on other side of S/R or exits on the trade side of S/R.
I've been meaning to share more scripts but keep forgetting. Keeping my scripts free but feel free to like or tip haha.
