BE-TrendLines & Price Sentiments

25 thg 6, 2023

Overview
The trendline is one of the most potent and flexible tools in trading. A rising trendline indicates an upward trend, a falling trendline indicates a downward trend, and a flat trendline indicates a range-bound bond market.
Breakouts, price bounces, and reversal / Retest tactics are all types of trades that may be made using a trendline. Additionally, stop-loss and profit-trailing orders can be based on trendlines as support and resistance levels, appropriately.

Technical Calculations for Trendlines & Price Sentiments:

Pivot points for a specified time frame and the Prevailing High/Low for the most recent bars are used to derive trendlines. While Pivot Points alert us to price movements, High/Low tells us where Bulls and Bears find a middle ground. This provides a remarkable set of conditions from which to extrapolate the efficacy of the Trendlines.

The term "price sensitivity" refers to how much a change in the price of a product causes consumers to alter their purchase habits. It's the relationship between price shifts and shifts in consumer demand. So, for example, if a 30% jump in the cost of a product leads to a 10% drop in purchases, we can conclude that the item has a price sensitivity of 0.33%.

Basis the above theoretical statement, If the underlying asset's price drops, the indicator shall compute data on the amount of volume being pumped (Inflow vs Outflow) into the market (if available), or the percentage by which the price has changed. This will be compared to the recent drop rate to see if the behavior has changed at the similar value zone and non similar value zone. similar calculation shall be done if the price of the underlying rises.


Traders may benefit from hearing about Trendlines in their "Story Telling" form, which we now present. To help you comprehend it better, candles are divided into three Sentiment groups based on their color. Colors: Green (with its shades), Silver, and Red (including its shades). Green signifies a Bullish Trend, Silver a neutral trend, and Red a Brearish Trend.

Bullish Trend



Bearish Trend



Neutral Trend




Sentiment Price Cycle in Trending Market: Green (Directional Bullish), Dark Green (Bullish Trend Loosing its Strength), Silver (Neutral Trend), Red (Directional Bearish), Dark Red (Bearish Trend Loosing its Strength)




Sentiment Price Cycle in RangeBound Market: Green (Over Brought), Silver (Neutral) & Red (Over Sold)




How to Initiate Trade when price is within TL:






Fake Break Out Trade:



BreakDown Trade:



BreakOut Trade:



Couple of Other Features in the Indicator:
Single Alerts = These are the alerts where in, as and when the Event happens Alerts shall the trigerred. like On BreakOut, BreakDown, TouchOf Up TrendLine, TouchOf DownTrendLine, Retest Of Up TrendLine, Retest of DownTrendLine.

Conditional Alerts = These are those type of Alerts where in you can combine 2 or 3 conditions to trigger an Alert. Like

Sample 1 - After Down TL is tested for 3 times, If BreakOut happens and the setiment turns Bullish within 5 Candles.
Sample 2 - After Up TL is tested for 2 times, If Price Bounces backUp from TL and the setiment turns Bullish within 5 Candles.

Similarly you can customize the combination of events for getting the alert.

DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for our documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. I am not responsible for any losses you may incur. Please invest wisely.

Happy to receive suggestions and feedback in order to improve the performance of the indicator better.

2 thg 7, 2023

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Updates:
Bug Fixed: Price Sentiments not being shown on the Last Bar

Improvements:
1. Earlier, If a TL is not being broken from long time it continued to be retained. basically this would happen on Trendy market while one side of TL gets broken and the opposite side of the TL is remain untouched. Now :- If the TL is not broken for a longer period of time then New TL shall be scanned which are closer to the price of the underlying.
2. You See a TL where in the Left point (Starting Point) is not getting connected to a bar; This ideally means the the point of reference is far to the left. Earlier we had to go to the left to see the TL being visible on the chart. Now that it is no more required. Hint: This TL May be a Long Term Support

Minor Improvements:
1. Color Customization possible for Price Sentiments.

FAQ:
This Settings helped me get better results, I recommend and urge you to do the proper back-test, Pape trade and explore to adjust, tweak indicator settings to explore the possibilities to suit your trading style.

1. Scalper Setup :
TF : 1Min, 3 Min, 5 Min
POS : Select T-2 Day's Starting Candle . T refers to Current Trading Day. You may need to Adjust it once a week
Candle 2 Left : 4
Candle 2 Right : 2 or 3
Min Touch Points : 2 or 3
Signal Influence : 8
Trend Preference : Short Term

2. Day Trader Setup :
TF : 3 Min, 5 Min, 15 Min
POS : Select T-7 Day's Starting Candle . T refers to Current Trading Day. You may need to Adjust it once 15 days
Candle 2 Left : Between 4 to 8
Candle 2 Right : 3 - 4
Min Touch Points : 3
Signal Influence : 12
Trend Preference : Short Term

3. Short Term Position holders Setup :
TF : 15 Min, 30 Min, 45 Min or 1 hr
POS : Select T-30 Day's Starting Candle . T refers to Current Trading Day. You may need to Adjust it once 15 days
Candle 2 Left : Between 6 to 12
Candle 2 Right : 4
Min Touch Points : 3
Signal Influence : 12
Trend Preference : Short Term

4. Long Term Position holders Setup :
TF : 1 hr, 3 Hr or 1 Day
POS : Select T-90 Day's Starting Candle . T refers to Current Trading Day. You may need to Adjust it once a month
Candle 2 Left : Between 4 to 12
Candle 2 Right : 4
Min Touch Points : 3
Signal Influence : 20
Trend Preference : Long Term

3 thg 7, 2023

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Minor Updates:
Point Of Start Can now be given input as "No Of candles" instead selecting through time stamp.

3 thg 7, 2023

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Major Updates:
1. Now Trendlines can be applies as TrendLine Zones as well. Touchpoints on Trendlines plotted as "lines" are usually based on the error rates which tends gets slipped by minor gaps. however, if we look at them in "Zones" it has better accuracy on capturing the touches. Zones can be treated as the areas of support and resistance as well.

Minor Tweaks:
1. Option given to hide the TL status.
2. Few Bugfixes to improve the performance of the indicator.

Happy Trading!!

4 thg 7, 2023

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Minor Fix:
1. Script Adjusted: Non Premium Plan users were not able to utilize due to lesser number of bars data being available. Now Indicator can show up the results based on the available data.

8 thg 7, 2023

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Minor Fix:
1. Improvement on the Alert Syntax.
2. Improvement on the Zone Width Detection.
3. Few Improvement on the Labels Positions for Order Flow Data pointers.

9 thg 7, 2023

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Updates:
Conditional Alerts is now possible for:
1. BreakOut
2. BreakDown
3. TrendLine Test (Up TrendLine and Down TrendLine)
4. Retest of TrendLine (Up TrendLine and Down TrendLine)
5. Fake BreakOut
6. Fake BreakDown

Minor Bug Fixed:
1. Order Flow Labels with off position issue is now fixed.

10 thg 7, 2023

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Minor Bug Fix.

15 thg 7, 2023

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Updates:
1. Improved the overall performance.

22 thg 7, 2023

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Minor Improvements:
1. Fixed the issue where Order Flow Analysis breaks the script out.

27 thg 7, 2023

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Updates:
1. Alerts Enabled for OFA. (Customizable)

FAQ On OFA - How to Read the Data and How to Analyse?

OFA Lables are these tiny littile lables gets plotted on the chart (Read Tooltips on How to set this up)


At broader Level, These labels are to be understood similar to Supply & Demand or Support & Resistance Levels. However S&D / S&R are static in nature, but the OFA's are dynamic and are calculated on real time bars.

Considering the below Sample Data, Let me Analyze the what OFA suggest a trader;

12 noon Price is Trading at 45,884 and Major Sellers are available wanting the price to go down. OFA also read that below LTP there are minor Sellers creating enough selling preassure supporting the Major Seller's view. Major Buyers Pitch in only at 45940 levels.


Few bars later:
Sellers were able to pus the prices down further.


Few bars later:
Buyers Stepped in Creating a Support Structure.


Few bars later:
Buyers Stepped in Creating a Support Structure pushed the price up to the Sellers level. later price dipped from the same level creating further selling preassure.

28 thg 7, 2023

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Updates:
1. Fixed the Issue on the OFA Alerts which was not respecting the time inputs given in Indicator.

7 thg 8, 2023

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Major Updates:
1. Now you can set the Stoploss & TakeProfit & Tag the same to the events. So that, No Fresh event alerts shall be fired until the SL or TP is achieved.
2. SL can be specified interms of Custom value, % from the Entry value or Absolute value
3. TP can be specified interms of Custom value, % from the Entry value, Absolute value or the RR Ratio.

13 thg 8, 2023

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Improvements:
1. Now you can also Set the Trail SL along with TP & SL.
2. "Move SL2Cost" or "CutLossBy X %" or "Continuous Trail" options provided to choose at your preference.
3. Added Place holders for Pattern, Symbol, Exchange, Timeframe, Date & Time.

19 thg 8, 2023

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Updates:
1. Enabled Partial Book of Profit Option which is customizable when you set the Trailing SL to Either Move SL2Cost or Cut Lossby X %.
2. Given "TriggerDirection" Plot for the Events which can become the Extern Input to Other Indicator.

6 thg 2

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Updates:
1. Performance Improvements.

14 thg 3

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Updates:
1. Added More Place Holders for Alerts.
2. Given More room to put SL, TP and Partial Exit Syntax.
3. Improved Calculations.

30 thg 3

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Minor Updates:
1. Fixed Time Related Issue.

13 thg 12

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Updates:
1. Improved performance of the indicator.
2. Added FakeBreak's to Single Alert.
3. Added alerts for changes in price sentiments.
4. Fixed bugs to make the indicator perform smoother.
5. Updated Place Holders for the Alerts: Alert's place holder now supports

1. PSI (Price Sentiment Index)
   
2. Touches (No of Price Touches to the Trendline during the Event)