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.
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CryptoverseThis Indicator dynamically generates and charts Pivot Points, Support and Resistance Lines, Trend Channels and even Rsi Divergences in every market and every time period.
While it helps you identify your entry points, stop loss and take positions, it certainly does not include trading signals and trading strategy.
Bonus: the indicator contains ema21, ema50, ema100 and ema200 to support the lines created. If you wish, you can change the EMA values in the settings.
Recommendation: RSI is included in the indicator codes in order to detect divergences dataally, but it is not displayed on the chart. I recommend adding an additional RSI indicator to keep track of past and current potential divergences.
USER MANUAL:
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General Settings:
Pivot Period: This field determines how many candles before and after a candle should be controlled in order to be able to determine the top and bottom points on the chart.
Support and Resistance Lines and Trend Channels formed on the chart are created by calculating the Pivot points formed according to the period determined here. (Default value: 6)
Pivot Source: Determines the pivot points to be created according to the value of the relevant candle.
(Default and Recommended: closing)
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Support And Resistance Settings:
Custom Bars Back: This area allows you to specify how many pivot points from the current candle to the previous candle to create support resistance lines on the Chart. The default value is the last 500 candles.
*Note: The more old candles are checked, the more support and resistance lines will appear. This may prevent you from making sound determinations on the chart.*
Current Bar Decrease: This field works integrated with Custom Bars Back. By subtracting the current candle by the specified number, it provides the formation of lines without including those candles.
Default value: It is set to 0 to include current data.
Example: If Custom Bars Back: 500 and Current Bar Decrease: 10, Support and Resistance lines are created by considering 500 candles before the last 10 candles without including the last 10 candles on the chart.
Show S/R Lines: This field allows you to show or hide the Support and Resistance lines at any time.
Auto Simplification: This field is marked by default. It allows the Simplification Steps value to be determined automatically within the code according to the time period and current volatility of the relevant parity. (It is recommended to use the default version.)
Simplification Steps: This field allows you to get more understandable lines by simplifying the Support and Resistance lines based on Pivot points. If a simplification is not done, the lines to be formed with only the pivot points will be too many and this creates a dirty and useless appearance on the chart.
Each 1 digit you enter as a step combines the lines that are close to each other at a value of 0.01% and creates a common line.
Example: If you enter the number 10 as Steps, it will form a single common line from lines close together, starting at 0.01% respectively. It will continue to increase by 0.02%, 0.03%, 0.04% in its next steps. For the number 10, it will complete its loop by combining lines within the last remaining lines that are as close as 0.1% to each other and creating new lines from their midpoints.
The deafult value is 14. (Max. simplifies lines with closeness up to 1.4%.)
Important Note: If Auto Simplification is on, the entered value has no meaning. The Indicator performs simplification operations automatically. If you want to manage these steps manually, you can turn off Auto Simplification and enter your own value.
S/R Lines Color: Allows you to specify the color of the lines.
Label Location: Allows you to determine how many candles ahead the information label formed for each line will be positioned.
Line Label Descriptions:
Line: It is the price value that the line coincides with.*
Distance: Shows the percentage distance of the line from the current price.
▲ : Shows the percentage distance from the line above it.
▼ : Shows the percentage distance from the line below it.
Strength: Indicates the total number of steps the process has taken during the simplification process. The height of the number indicates the strength of resistance and support in the close price range.
C. Width: stands for Channel Width. It shows the percentage value between the highest price and the lowest price on the past candle as many candles specified by Custom Bars Back.
S. Steps: stands for Simplification Steps. Indicates the number of simplification steps applied. A value of 150 in the image indicates that a 1.5% simplification range has been applied.
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Trend Channels Settings:
Show All Trend Lines: Allows you to show and hide trend channels.
Hide Old Trend Lines: If you enable it, it will hide channels created in the past except for Current Trend channels.
Helper Line Format: Allows the auxiliary line that converts a trendline to a channel to be drawn based on percentage or price.
Note: There may be cases where the auxiliary lines do not provide full parallelism when using large time intervals by preferring a percentage.
Up Trend Color: Indicates the color of the Up Trend channel.
Down Trend Color: Specifies the color of the Downtrend channel.
Show Up Trend Overflow, Show Down Trend Overflow:
When the price closes above or below the trend channels, it provides awareness with the help of a text on the chart. Colors can be adjusted according to preference.
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RSI Divergences Settings:
This indicator gives you information about 4 different divergences. You can customize the divergence views with the show and hide options.
Bullish Regular, Bullish Hidden, Bearish Regular and Bearish Hidden.
Green divergences from the bottom of the graph represent bullish, and red divergences above the graph represent bearish.
Important note: Seeing a mismatch label definitely indicates that there is a mismatch between prices and rsi, but a mismatch does not always indicate a change in price.
Potential Divergence:
The indicator not only shows you past divergences, but also informs you of potential divergences based on the current status of the chart.
A potential divergence may not turn into a true one if the price flow continues to increase or decrease in the same direction. But all divergences seen in the past must have been shown as potential divergences beforehand.
Rsi Length, Rsi Source: Allows you to change settings for RSI values typically embedded within the indicator.
Note: Pivot Source and RSI Source using the same type of candle data ensures that divergences are displayed correctly.
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EMA Settings:
The indicator allows you to use 4 different EMA data in addition to Support and Resistance lines, Trend Channels and RSI divergences. By default, 21, 50, 100 and 200 are used. You can change the EMA values and colors in the Settings section, or you can use the show hide options in the Style section.
Imbalance Detector [LuxAlgo]This indicator detects and highlights market imbalances alongside a dashboard returning information about their frequency of occurrence and their fill percentage. Imbalances included in this script are Fair Value Gaps (FVG), Opening Gaps (OG) and Volume Imbalances (VI).
Alerts are available for the occurrences of all market imbalances.
Settings
Imbalances
Each imbalance has the same settings layout:
Imbalance: Enable/disable the detection of the specific imbalance.
Min Width: If enabled, requires the imbalance area width to be greater than the specified value. This minimum width can be expressed in points, percentages or ATR multiples.
Extend: Extend imbalances by a specified number of bars.
Dashboard
Show Dashboard: Enable/disable the dashboard on the chart.
Dashboard Location: Location of the dashboard on the chart.
Dashboard Size: Size of the dashboard.
Usage
Market imbalances are part of the many concepts available to price action traders and highlight areas where there is a disparity between supply and demand.
It is common to see price come back to these areas and traders often use them as supports and resistances but also as targets.
Details
The script can detect three distinct types of imbalances described below.
Fair Value Gaps
Fair Value Gaps (FVG) are three candle formations characterized by a gap between the wicks of the non-adjacent candles in the formation.
A bullish FVG is characterized by a gap between the current price low and the 2 bars anterior price high, and a bearish FVG is characterized by a gap between the current price high and the 2 bars anterior price low.
Opening Gaps
Opening Gaps (OG) are imbalances characterized by non-existent activity within a specific price range.
A bullish OG occurs when the current price low is greater than the previous high, a bearish OG occurs when price high is lower than the previous price low.
Opening Gaps primarily occur in closing markets, as such they are less common in the cryptocurrency market.
Most of the time an Opening Gap will also be accompanied by a Fair Value Gap, in order to avoid clutter the indicator will not detect Fair Value Gaps if Opening Gaps are enabled and if an Opening Gap has been detected
Volume Imbalances
Volume Imbalances (VI) are characterized by a price discontinuity between the opening price and previous close, but unlike Opening Gaps we do not see nonexistent activity within a certain price range.
A bullish VI occur when both the opening and closing prices are superior to the previous closing price, with the current price low overlapping the previous price high. A bearish VI occur when both the opening and closing prices are inferior to the previous closing price, with the current price high overlapping the previous price low.
Because Volume Imbalances can occur excessively on markets with frequent gaps, we make use of an additional condition for filtering out less significant imbalances. Bullish VI's will require the previous price high to be lower than the opening price, while bullish VI's will require the previous price low to be higher than the opening price.
Margin Pressure ThresholdsIf you thought margin trading liquidation levels only mattered to those trading with leverage, think again. Margin traders wield significantly more capital than your average retail investor, and their collective behavior can move markets quite predictably. The basic premise (theory popularized by Forrest @Cryptostackers YouTube) is that margin traders will have their liquidation points protected by strong support (for longs) or resistance (for shorts). Therefore, by simply identifying strong support/resistance levels, we can predict the thresholds at which margin buying and selling pressure will subside.
This indicator is interactive, so it just takes a click. Select a strong support level to see where margin buying pressure is likely to drop off, i.e. where to expect resistance and a potential local top. Or, select a strong resistance level to see expected support and anticipate the local bottom. Even better, look at long and short levels together to identify high probability support/resistance zones where levels align.
And for margin traders, this indicator makes life easy. Just click to select the support/resistance you want protecting your liquidation level, and quickly see the amount of leverage is safe to trade with.
Smart Money Concepts (SMC) [LuxAlgo]This all-in-one indicator displays real-time market structure (internal & swing BOS / CHoCH), order blocks, premium & discount zones, equal highs & lows, and much more...allowing traders to automatically mark up their charts with widely used price action methodologies. Following the release of our Fair Value Gap script, we received numerous requests from our community to release more features in the same category.
"Smart Money Concepts" (SMC) is a fairly new yet widely used term amongst price action traders looking to more accurately navigate liquidity & find more optimal points of interest in the market. Trying to determine where institutional market participants have orders placed (buy or sell side liquidity) can be a very reasonable approach to finding more practical entries & exits based on price action.
The indicator includes alerts for the presence of swing structures and many other relevant conditions.
Features
This indicator includes many features relevant to SMC, these are highlighted below:
Full internal & swing market structure labeling in real-time
Break of Structure (BOS)
Change of Character (CHoCH)
Order Blocks (bullish & bearish)
Equal Highs & Lows
Fair Value Gap Detection
Previous Highs & Lows
Premium & Discount Zones as a range
Options to style the indicator to more easily display these concepts
Settings
Mode: Allows the user to select Historical (default) or Present, which displays only recent data on the chart.
Style: Allows the user to select different styling for the entire indicator between Colored (default) and Monochrome.
Color Candles: Plots candles based on the internal & swing structures from within the indicator on the chart.
Internal Structure: Displays the internal structure labels & dashed lines to represent them. (BOS & CHoCH).
Confluence Filter: Filter non-significant internal structure breakouts.
Swing Structure: Displays the swing structure labels & solid lines on the chart (larger BOS & CHoCH labels).
Swing Points: Displays swing points labels on chart such as HH, HL, LH, LL.
Internal Order Blocks: Enables Internal Order Blocks & allows the user to select how many most recent Internal Order Blocks appear on the chart.
Swing Order Blocks: Enables Swing Order Blocks & allows the user to select how many most recent Swing Order Blocks appear on the chart.
Equal Highs & Lows: Displays EQH/EQL labels on chart for detecting equal highs & lows.
Bars Confirmation: Allows the user to select how many bars are needed to confirm an EQH/EQL symbol on chart.
Fair Value Gaps: Displays boxes to highlight imbalance areas on the chart.
Auto Threshold: Filter out non-significant fair value gaps.
Timeframe: Allows the user to select the timeframe for the Fair Value Gap detection.
Extend FVG: Allows the user to choose how many bars to extend the Fair Value Gap boxes on the chart.
Highs & Lows MTF: Allows the user to display previous highs & lows from daily, weekly, & monthly timeframes as significant levels.
Premium/Discount Zones: Allows the user to display Premium, Discount, and Equilibrium zones on the chart
Usage
Users can see automatic CHoCH and BOS labels to highlight breakouts of market structure, which allows to determine the market trend. In the chart below we can see the internal structure which displays more frequent labels within larger structures. We can also see equal highs & lows (EQH/EQL) labels plotted alongside the internal structure to frequently give indications of potential reversals.
In the chart below we can see the swing market structure labels. These are also labeled as BOS and CHoCH but with a solid line & larger text to show larger market structure breakouts & trend reversals. Users can be mindful of these larger structure labels while trading internal structures as displayed in the previous chart.
Order blocks highlight areas where institutional market participants open positions, one can use order blocks to determine confirmation entries or potential targets as we can expect there is a large amount of liquidity at these order blocks. In the chart below we can see 2 potential trade setups with confirmation entries. The path outlined in red would be a potential short entry targeting the blue order block below, and the path outlined in green would be a potential long entry, targeting the red order blocks above.
As we can see in the chart below, the bullish confirmation entry played out in this scenario with the green path outlined in hindsight. As price breaks though the order blocks above, the indicator will consider them mitigated causing them to disappear, and as per the logic of these order blocks they will always display 5 (by default) on the chart so we can now see more actionable levels.
The Smart Money Concepts indicator has many other features and here we can see how they can also help a user find potential levels for price action trading. In the screenshot below we can see a trade setup using the Previous Monthly High, Strong High, and a Swing Order Block as a stop loss. Accompanied by the Premium from the Discount/Premium zones feature being used as a potential entry. A potential take profit level for this trade setup that a user could easily identify would be the 50% mark labeled with the Fair Value Gap & the Equilibrium all displayed automatically by the indicator.
Conclusion
This indicator highlights all relevant components of Smart Money Concepts which can be a very useful interpretation of market structure, liquidity, & more simply put, price action. The term was coined & popularized primarily within the forex community & by ICT while making its way to become a part of many traders' analysis. These concepts, with or without this indicator do not guarantee a trader to be trading within the presence of institutional or "bank-level" liquidity, there is no supporting data regarding the validity of these teachings.
Trend/Retracement - ZigZag - New wayZigZag for Trend and Retracements - New way
It's another way to plot ZigZag based on lookback period for trend and % of trend lookback period to plot retracements.
█ OVERVIEW
Plot ZigZag, Trend lines, Retracements, Support levels, Resistance levels
█ Objective:
Draw ZigZag lines along with unbroken support and resistance levels. ZigZag lines are drawn for main trend and the retracements.
Main Trend – This is calculated based on lookback period.
Retracements – Retracements are calculated as 25% of main trend.
Support and Resistance line: The indicator draws 2 types of support and resistance lines
1. Un-broken – Once formed (plotted), these are the support and resistance which are not yet broken
2. Tested – One can also choose to see support and resistance lines which are tested but not broken. Tested support/resistance are those levels which are touched by high/low price but close price has not crossed the level.
█ How main trend point is calculated:
E.g.
Chart timeframe = 15m
Lookback period = 250
Retracement = 25% of main trend ( 25% of 250 = 62 )
A price point on a chart is considered as trend point if distance between current price and previous highest price is 250 candles
A price point is considered as a retracement if distance between current price and previous highest price is 62 candles. Please note retracements are calculated only after finding a main trend point.
█ Input parameters:
Zigzag Parameters
Use predefined Lookback – If checked pre-defined timeframe-based lookback parameters are used.
Trend lookback candles – If ‘Use predefined Lookback’ is unchecked then this value is used as lookback period.
Retracement % of look back candles– If ‘Use predefined Lookback’ is unchecked then this value is used for calculating retracement lookback period
Mark retracements – If unchecked only main trend lines are plotted
Plot support/resistance – To plot support/resistance levels
Show support/resistance tested lines – If checked tested support/resistance liens are shown on the chart
█ TF based Lookback period config (Defaults are set as specified below, One can change these defaults to use different lookback periods)
The defaults set here are used based on the chart timeframe. e.g. if chart timeframe is changed from say 15m to 60m then 60m chart defaults (i.e. trend lookback = 90) are used to plot the trend and the retracements. At the bottom-right of the chart, parameters used for plotting are displayed all the time.
Timeframe in minute – Default = 5m
Trend lookback candles – Default = 375 (~ 5 days of data)
Timeframe in minute – Default = 15m
Trend lookback candles – Default = 250 (~10 days of data)
Timeframe in minute – Default = 60m
Trend lookback candles = Default = 90 (~ 15 days of data)
Trend lookback candles for timeframe 'D' – Default = 30 (~1 month data)
Trend lookback candles for timeframe 'W' – Default = 21 (~6 months data)
Trend lookback candles for timeframe 'M' – Default = 12 (~1year data)
Retracement % of look back candles – Default = 25%
█ When and where one can use this indicator (Refer to chart examples)
To view support and resistance based on lookback period
To view ZigZag lines
One can use it to find chart patterns easily
Trend and retracement lines can help in drawing Elliott waves.
█ Chart examples:
1. Chart patterns can be easily identified - One can disable the candle charts which will help to identify and draw chart patterns easily
2. Trend and retracement lines can also help is analyzing charts (e.g. Elliott Waves can be marked based on trend lines)
3. Tested but not broken support and resistance lines can be viewed
4. You can select 'NOT' to plot tested support and resistance lines
5. Uncheck the Mark retracements to plot main trend lines (Retracements are not marked)
One-Sided Gaussian Support & Resistance Rate [Loxx]One-Sided Gaussian Support & Resistance Rate is a mean reversion oscillator much like Fisher Transform. This indicator is built using a one-sided Gaussian filter. If you pair this with Fisher Transform and line up the settings, you'll notice similar outcomes. You'll notice that as the oscillator levels out at around zero or one that this signifies a zone of resistance or support. See here for more details on calculating the OS Gaussian Filter:
Included:
Bar coloring
Signals
Alerts
Ehlers 2-Pole Super Smoothing for smoothing source inputs
Magic levelsIt is by far the simplest on chart presentation of Gann square of 9. It calculates the levels based on previous day closing. These levels usually acts as support and resistance.
MACD Support ResistanceThis script is dynamic support & resistance based on MACD cross.
Resistance= Highest value of candle looks back when MACD crossunder.
Support= Lowest value of candle looks back when MACD crossover.
Middle line is average of Resistance and Support.
Buy when close, LSMA and SMMA crossover middle line. Please use Green Trend Line as SL or Trailing.
Sell when close, LSMA and SMMA crossunder middle line. Please use Red Trend Line as SL or Trailing.
Let me know if its useful for you in the comments and by giving Like (means a lot to me). Also share your feedback and ideas to improve this script further.
Chikou Support and Resistance by TheSocialCryptoClubName: Chikou Supports and Resistances
Category: Indicator
Timeframe: Any Timeframe.
Description: Chikou Support and Resistance is an indicator which allows to represent on the chart the price structures identified by the cusps formed by the Ichimoku Kinko Hyo Chikou, Chikou is the line chart of close price projected in the past as per Kijun periods.
Suggested usage: Use on any timeframe. It is possible to calculate cusp only in a certain period and in a different time frame, and select those calculated by specific lines.
Technical Details: Internally it uses an Array to store the levels of when the Chikou bounces using the Zig-Zag indicator. At the last bar it prints the various lines on the screen.
Credits:
- Techniques has been explained by Corrado Rondelli in "Strategie di trading con l’indicatore Ichimoku Kinko Hyo"
- It is based on the Zig-Zag indicator of TradingView to calculate the Zig-Zag.
Ichimoku Support and Resistance by TheSocialCryptoClubName: Ichimoku Supports and Resistances
Category: Indicator
Timeframe: Any Timeframe.
Description: Ichimoku Support and Resistance is an indicator which allows to represent on the chart the price structures identified through the flat zones of the various lines of the Ichimoku Kinko Hyo indicator
Suggested usage: Use on any timeframe. It is possible to calculate flat zones only in a certain period and in a different time frame, and select those calculated by specific lines.
Technical Details: Internally it uses an Array to store the levels of when a line is flat (calculating the distance to the previous one). At the last bar it prints the various lines on the screen.
Credits:
- Some of the indications has been explained by Corrado Rondelli in "Strategie di trading con l’indicatore Ichimoku Kinko Hyo"
CoRA Ribbon - Multiple Compound Ratio Weighted Moving AveragesWhat distinguishes this indicator?
A Compound Ratio Weighted Moving Average ("CoRA") is a Moving Average that, regardless of its length, has very little lag and that can be relied on to accurately track price movements and fluctuations - compared to other types of Moving Averages.
By combining multiple Compound Ratio Weighted Moving Averages you can identify the trend better and more reliably . This is where "CoRA Ribbon" comes in.
The original study, which supported one CoRA Wave, comes from RedKTrader and was introduced as "RedK Compound Ratio Moving Average (CoRa_Wave)” . Thanks to him for the great work!
What was improved or added to this version of the indicator?
With this version of the indicator, up to 5 waves of Compound Ratio Moving Averages with different lengths can be combined and output to one "CoRA Ribbon".
Alerts were implemented. You can be notified e.g. in the event of
changes in direction of each single CoRA Wave
a trend change, which is determined on the basis of all 5 CoRA Waves
A CoRA Wave compared to other Moving Averages - CoRa Waves are less lagging behind
A suggestion for interpretation of “CoRA Ribbon”:
Since CoRA Ribbon can help you to identify the trend better and more reliably, this indicator provides a good baseline for your strategy, but should always be used in conjunction with other indicators or market analysis.
By adjusting the length of each individual wave, you can adapt "CoRA Ribbon" to your trading style - whether it is more aggressive or more cautious.
The following general rules can be formulated:
If the Ribbon changes its color to green, this can be interpreted as a buy signal.
If the Ribbon changes its color to red, this can be interpreted as a sell signal.
Good to know: The default settings have been selected for timeframe lower than 15 minutes. Adjust them and the indicator will do a great job on higher timeframes too. Please remember to test carefully after every change before the changes are applied to your live trading.
Background “Compound Ratio Weighted Average” - provided by "RedKTrader"
A Compound Ratio Weighted Average is a moving average where the weights increase in a "logarithmically linear" way - from the furthest point in the data to the current point.
The formula to calculate these weights work in a similar way to how "compound ratio" works: you start with an initial amount, then add a consistent "ratio of the cumulative prior sum" each period until you reach the end amount. The result is the "step ratio" between the weights is consistent - This is not the case with linear-weighted “Moving Average Weighted” (WMA) or “Exponential Moving Average” (EMA)
For example, if you consider a Weighted Moving Average ( WMA ) of length 5, the weights will be (from the furthest point towards the most current) 1, 2, 3, 4, 5 -- we can see that the ratio between these weights are inconsistent. in fact, the ratio between the 2 furthest points is 2:1, but the ratio between the most recent points is 5:4. the ratio is inconsistent, and in fact, more recent points are not getting the best weights they should get to counter-act the lag effect. Using the Compound Ratio approach addresses that point.
A key advantage here is that we can significantly reduce the "tail weight" - which is "relatively" large in other Moving Averages.
A Compound Ratio Weighted Moving Average is a moving average that has very little lag and that can be relied on to accurately track price movements and fluctuations.
Use or modify the code, invite us for a coffee, ... most importantly: have a lot of fun and success with this indicator
The code is commented - please don't hesitate to use it as needed or customize it further ... and if you are satisfied and even successful with this indicator, maybe buy us a coffee ;-)
The original developer ( RedKTrader ) and I ( consilus ) are curious to see how our indicators will develop through further ideas - so please keep us updated.
Bollinger Bands SRThis simple script base on Bollinger Bands to defined Support and Resistance and marked Bar False broken SR by Reversal Arrow. Detail of rule as below:
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1.Defined Support and Resistance
1.1.Support
+ Key bar:
- Open Price lower than BB lower band, Close Price higher than BB lower band
+ Support Zone:
- Bottom Zone place at Low Price of Key bar
- Top Zone place at Median Price (HL2) of Key bar
1.2.Resistance
+ Key bar:
- Open Price higher than BB upper band, Close Price lower than BB upper band
+ Resistance Zone:
- Bottom Zone place at Median Price (HL2) of Key bar
- Top Zone place at High Price of Key bar
1.3.Median Line
+ Median Line place at half of Range limit by Support and Resistance
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2.Defined False Break
2.1.Defined Bull Trap
+ High Price higher than Top of Resistance Zone
+ Close Price lower than Top of Resistance Zone
+ Open Price higher than Bottom of Resistance Zone
+ Bar Direction is downward
+ Body of current Bar greater than Body of previous bar
2.2.Defined Bear Trap
+ Low Price lower than Bottom of Support Zone
+ Close Price higher than Bottom of Support Zone
+ Open Price lower than Top of Support Zone
+ Bar Direction is upward
+ Body of current Bar greater than Body of previous bar
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3.Defined Reversal Arrow and Alert
+ Arrow Down when Bull Trap appear
+ Arrow Up when Bear Trap appear
+ Alert when Reversal Arrow appear
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4.Trading
4.1.Long Position
+ Consider open positon when Arrow Up appear
+ Stoploss place at Low Price of Arrow Bar
+ Take profit at Resistance Zone
+ Consider Exit Position when:
- Price moving above Median Line and has Bearish Reversal Pattern
4.2.Short Position
+ Consider open positon when Arrow Down appear
+ Stoploss place at High Price of Arrow Bar
+ Take profit at Support Zone
+ Consider Exit Position when:
- Price moving below Median Line and has Bullish Reversal Pattern
Fibonacci Extension / Retracement / Pivot Points by DGTFɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴᴛɪᴏɴ / Rᴇᴛʀᴀᴄᴍᴇɴᴛ / Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ
This study combines various Fibonacci concepts into one, and some basic volume and volatility indications
█ Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ — is a technical indicator that is used to determine the levels at which price may face support or resistance. The Pivot Points indicator consists of a pivot point (PP) level and several support (S) and resistance (R) levels. PP, resistance and support values are calculated in different ways, depending on the type of the indicator, this study implements Fibonacci Pivot Points
The indicator resolution is set by the input of the Pivot Points TF (Timeframe). If the Pivot Points TF is set to AUTO (the default value), then the increased resolution is determined by the following algorithm:
for intraday resolutions up to and including 5 min, 4HOURS (4H) is used
for intraday resolutions more than 5 min and up to and including 45 min, DAY (1D) is used
for intraday resolutions more than 45 min and up to and including 4 hour, WEEK (1W) is used
for daily resolutions MONTH is used (1M)
for weekly resolutions, 3-MONTH (3M) is used
for monthly resolutions, 12-MONTH (12M) is used
If the Pivot Points TF is set to User Defined, users may choose any higher timeframe of their preference
█ Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛ — Fibonacci retracements is a popular instrument used by technical analysts to determine support and resistance areas. In technical analysis, this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels
█ Fɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴꜱɪᴏɴꜱ — Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels.
IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details, where to use extensions and where to use retracements
Important input options for both Fibonacci Extensions and Retracements
Deviation, is a multiplier that affects how much the price should deviate from the previous pivot in order for the bar to become a new pivot. Increasing its value is one way to get higher timeframe Fib Retracement Levels
Depth, affects the minimum number of bars that will be taken into account when building
█ Volume / Volatility Add-Ons
High Volatile Bar Indication
Volume Spike Bar Indication
Volume Weighted Colored Bars
This study benefits from build-in auto fib retracement tv study and modifications applied to get extentions and also to fit this combo
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
FirstBarRangeFirstBarRange study displays lines for the high and low of the first bar/candle of the trading day, along with shaded areas for the range on top of the first bar high and below the first bar low.
This study is very useful for intraday traders to see when stocks trade above the first bar high, it shows strength, and many times the high of the first bar is also good support.
On the contrary, below the first bar high tends to be good area of weakness and many times it becomes a good resistance level.
Many times when the stock trades inside the first bar range, price will be choppy and range bound.
CPR by GuruprasadMeduriThis script will allow to add CPR with Standard Pivot ad 9 levels of support and 9 levels of resistance lines. It has CPR, 3 levels of Day-wise pivots, 3 levels of Weekly pivots and 3 Levels of Monthly Pivots. All the Support and resistance levels can be enabled / disabled from settings. It will allow to select multiple combinations of support and resistance levels across 3 levels at any of the 3 time-frames individually and combined.
These number of combinations will allow user to visualize the charts with desired pivot support & resistance levels on all or any of the 3 time frames.
For Ease of access, listed few points on how the script works..
- CPR and day-wise level 1 & 2 (S1, R1, S2 R2) enabled by default and can be changed from settings
- Day-wise Level 3 (S3 & L3) can be enabled from settings
- Weekly 3 levels and Monthly 3 levels can be enabled from settings
- CPR & pivot levels colored in blue lines
- All support levels colored in Green
- All resistance levels Colored in Red
- Day-wise pivot, support & resistance are straight lines
- Weekly pivot, support & resistance are cross (+) lines
- Weekly pivot, support & resistance are circle (o) lines
- Any combinations can be selected from stettings-> Inputs & style
// - This is an iterative development. Will add more features due course of time. Suggestions are always welcomed!!
