The indicator includes Williams Alligator, Williams Fractals, Divergent Bars, Market Facilitation Index, Highest and Lowest Bars, maximum and minimum peak of Awesome Oscillator, and signal alerts based on Bill Williams' Profitunity strategy.
MFI and Awesome Oscillator
According to the Market Facilitation Index Oscillator, the Squat bar is colored blue, all other bars are colored according to the Awesome Oscillator color, except for the Fake bars, colored with a lighter AO color. In the indicator settings, you can enable the display of "Green" bars (in the "Green Bars > Show" field). In the indicator style settings, you can disable changing the color of bars in accordance with the AO color (in the "AO bars" field), including changing the color for Fake bars (in the "Fake AO bars" field).
MFI is calculated using the formula: (high - low) / volume.
A Squat bar means that, compared to the previous bar, its MFI has decreased and at the same time its volume has increased, i.e. MFI < previous bar and volume > previous bar. A sign of a possible price reversal, so this is a particularly important signal.
A Fake bar is the opposite of a Squat bar and means that, compared to the previous bar, its MFI has increased and at the same time its volume has decreased, i.e. MFI > previous bar and volume < previous bar.
A "Green" bar means that, compared to the previous bar, its MFI has increased and at the same time its volume has increased, i.e. MFI > previous bar and volume > previous bar. A sign of trend continuation. But a more significant trend confirmation or warning of a possible reversal is the Awesome Oscillator, which measures market momentum by calculating the difference between the 5 Period and 34 Period Simple Moving Averages (SMA 5 - SMA 34) based on the midpoints of the bars (hl2). Therefore, by default, the "Green" bars and their opposite "Fade" bars are colored according to the color of the Awesome Oscillator.
According to Bill Williams' Profitunity strategy, using the Awesome Oscillator, the third Elliott wave is determined by the maximum peak of AO in the range from 100 to 140 bars. The presence of divergence between the maximum AO peak and the subsequent lower AO peak in this interval also warns of a possible correction, especially if the AO crosses the zero line between these AO peaks. Therefore, the chart additionally displays the prices of the highest and lowest bars, as well as the maximum or minimum peak of AO in the interval of 140 bars from the last bar. In the indicator settings, you can hide labels, lines, change the number of bars and any parameters for the AO indicator - method (SMA, Smoothed SMA, EMA and others), length, source (open, high, low, close, hl2 and others).
Bullish Divergent bar
π’ A buy signal (Long) is a Bullish Divergent bar with a green circle displayed above it if such a bar simultaneously meets all of the following conditions:
The high of the bar is below all lines of the Alligator indicator.
The closing price of the bar is above its middle, i.e. close > (high + low) / 2.
The low of the bar is below the low of 2 previous bars or below the low of one previous bar, and the low of the second previous bar is a lower fractal (βΌ). By default, Divergent bars are not displayed, the low of which is lower than the low of only one previous bar and the low of the 2nd previous bar is not a lower fractal (βΌ), but you can enable the display of any Divergent bars in the indicator settings (by setting the value "no" in the " field Divergent Bars > Filtration").
The following conditions strengthen the Bullish Divergent bar signal:
The opening price of the bar, as well as the closing price, is higher than its middle, i.e. Open > (high + low) / 2.
The high of the bar is below all lines of the open Alligator indicator, i.e. the green line (Lips) is below the red line (Teeth) and the red line is below the blue line (Jaw). In this case, the color of the circle above the Bullish Divergent bar is dark green.
Squat Divergent bar.
The bar following the Bullish Divergent bar corresponds to the green color of the Awesome Oscillator.
Divergence on Awesome Oscillator.
Formation of the lower fractal (βΌ), in which the low of the Divergent bar is the peak of the fractal.
Bearish Divergent bar
π΄ A signal to sell (Short) is a Bearish Divergent bar under which a red circle is displayed if such a bar simultaneously meets all the following conditions:
The low of the bar is above all lines of the Alligator indicator.
The closing price of the bar is below its middle, i.e. close < (high + low) / 2.
The high of the bar is higher than the high of 2 previous bars or higher than the high of one previous bar, and the high of the second previous bar is an upper fractal (β²). By default, Divergent bars are not displayed, the high of which is higher than the high of only one previous bar and the high of the 2nd previous bar is not an upper fractal (β²), but you can enable the display of any Divergent bars in the indicator settings (by setting the value "no" in the " field Divergent Bars > Filtration").
The following conditions strengthen the Bearish Divergent bar signal:
The opening price of the bar, as well as the closing price, is below its middle, i.e. open < (high + low) / 2.
The low of the bar is above all lines of the open Alligator indicator, i.e. the green line (Lips) is above the red line (Teeth) and the red line is above the blue line (Jaw). In this case, the color of the circle under the Bearish Divergent bar is dark red.
Squat Divergent bar.
The bar following the Bearish Divergent bar corresponds to the red color of the Awesome Oscillator.
Divergence on Awesome Oscillator.
Formation of the upper fractal (β²), in which the high of the Divergent bar is the peak of the fractal.
Alligator lines crossing
Bars crossing the green line (Lips) of the open Alligator indicator is the first warning of a possible correction (price rollback) if one of the following conditions is met:
If the bar closed below the Lips line, which is above the Teeth line, and the Teeth line is above the Jaw line, while the closing price of the previous bar is above the Lips line.
If the bar closed above the Lips line, which is below the Teeth line, and the Teeth line is below the Jaw line, while the closing price of the previous bar is below the Lips line.
The intersection of all open Alligator lines by bars is a sign of a deep correction and a warning of a possible trend change.
Frequent intersection of Alligator lines with each other is a sign of a sideways trend (flat).
Signal Alerts
To receive notifications about signals when creating an alert, you must select the condition "Any alert() function is call", in which case notifications will arrive in the following format:
D β timeframe, for example: D, 4H, 15m.
π’ BDBβΎ - a signal for a Bullish Divergent bar to buy (Long), triggers once after the bar closes and includes additional signals:
/// β if Alligator is open.
β β if the opening price of the bar, as well as the closing price, is above its middle.
+ Squat π· - Squat bar or + Green β - "Green" bar or + Fake β - Fake bar.
π΄ BDBβΏ - a signal for a Bearish Divergent bar to sell (Short), triggers once after the bar closes and includes additional signals:
/// β if Alligator is open.
β β if the opening price of the bar, as well as the closing price, is below its middle.
+ Squat π· - Squat bar or + Green β - "Green" bar or + Fake β - Fake bar.
+ AO π₯ - if after the Divergent bar closes, the oscillator color change for the next bar corresponds to the red color of the Awesome Oscillator. β΄/β¬ β AO above/below the zero line. β β if there is divergence on AO in the interval of 140 bars from the last bar.
Alert for bars crossing the green line (Lips) of the open Alligator indicator (can be disabled in the indicator settings in the "Alligator > Enable crossing lips alerts" field):
π΄ Crossing Lips β - if the bar closed below the Lips line, which is above than the other lines, while the closing price of the previous bar is above the Lips line.
π’ Crossing Lips β - if the bar closed above the Lips line, which is below the other lines, while the closing price of the previous bar is below the Lips line.
The fractal signal is triggered after the second bar closes, completing the formation of the fractal, if alerts about fractals are enabled in the indicator settings (the "Fractals > Enable alerts" field):
π’ Fractal β² - upper (Bearish) fractal.
π΄ Fractal βΌ β lower (Bullish) fractal.
βͺοΈ Fractal β²/βΌ - both upper and lower fractal.
β³ (H=high - L=low) = difference.
If you redirect notifications to a webhook URL, for example, to a Telegram bot, then you need to set the notification template for the webhook in the indicator settings in the "Webhook > Message" field (contains a tooltip with an example), in which you just need to specify the text {{message}}, which will be automatically replaced with the alert text with a ticker and a link to TradingView.
βΌοΈ A signal is not a call to action, but only a reason to analyze the chart to make a decision based on the rules of your strategy.
Added a signal about the breakdown of the last upper or lower fractal, which is triggered immediately if alerts about fractals are enabled in the indicator settings (the "Fractals > Enable alerts" field):
π’ Breakout Fractal β² H={{high}} β breakout of the high of the last upper fractal.
π΄ Breakout Fractal βΌ L={{low}} β breakout of the low of the last lower fractal.
βͺοΈ Breakout Fractal β²/βΌ H={{high}} L={{low}} - breakout of the last upper and lower fractal simultaneously.
A signal about the appearance of a new maximum or minimum AO peak in the interval of 140 bars from the last bar is triggered after the bar closes, if alerts about the appearance of a maximum or minimum AO peak are enabled in the indicator settings (field "Interval for highest and lowest bars > Enable alerts for new MAX and MIN"):
π’ New MAX AO - new maximum AO peak, if the lowest bar is to the left of the highest bar in the interval of 140 bars from the last bar.
π΄ New MIN AO - new minimum AO peak, if the highest bar is to the left of the lowest bar in the interval of 140 bars from the last bar.
Π‘ΠΈΠ³Π½Π°Π» ΠΎ ΠΏΠΎΡΠ²Π»Π΅Π½ΠΈΠΈ Π½ΠΎΠ²ΠΎΠ³ΠΎ ΠΌΠ°ΠΊΡΠΈΠΌΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΈΠ»ΠΈ ΠΌΠΈΠ½ΠΈΠΌΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΏΠΈΠΊΠ° ΠΠ Π² ΠΈΠ½ΡΠ΅ΡΠ²Π°Π»Π΅ 140 Π±Π°ΡΠΎΠ² ΠΎΡ ΠΏΠΎΡΠ»Π΅Π΄Π½Π΅Π³ΠΎ Π±Π°ΡΠ° ΡΡΠ°Π±Π°ΡΡΠ²Π°Π΅Ρ ΠΏΠΎΡΠ»Π΅ Π·Π°ΠΊΡΡΡΠΈΡ Π±Π°ΡΠ°, Π΅ΡΠ»ΠΈ ΠΎΠΏΠΎΠ²Π΅ΡΠ΅Π½ΠΈΡ ΠΎ ΠΏΠΎΡΠ²Π»Π΅Π½ΠΈΠΈ ΠΌΠ°ΠΊΡΠΈΠΌΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΈΠ»ΠΈ ΠΌΠΈΠ½ΠΈΠΌΠ°Π»ΡΠ½ΠΎΠ³ΠΎ ΠΏΠΈΠΊΠ° ΠΠ Π²ΠΊΠ»ΡΡΠ΅Π½Ρ Π² Π½Π°ΡΡΡΠΎΠΉΠΊΠ°Ρ ΠΈΠ½Π΄ΠΈΠΊΠ°ΡΠΎΡΠ° (ΠΏΠΎΠ»Π΅ "Interval for highest and lowest bars > Enable alerts for new MAX and MIN"):
π’ New MAX AO β Π½ΠΎΠ²ΡΠΉ ΠΌΠ°ΠΊΡΠΈΠΌΠ°Π»ΡΠ½ΡΠΉ ΠΏΠΈΠΊΠ° AO, Π΅ΡΠ»ΠΈ ΡΠ°ΠΌΡΠΉ Π½ΠΈΠ·ΠΊΠΈΠΉ Π±Π°Ρ Π½Π°Ρ ΠΎΠ΄ΠΈΡΡΡ Π»Π΅Π²Π΅Π΅ ΡΠ°ΠΌΠΎΠ³ΠΎ Π²ΡΡΠΎΠΊΠΎΠ³ΠΎ Π±Π°ΡΠ° Π² ΠΈΠ½ΡΠ΅ΡΠ²Π°Π»Π΅ 140 Π±Π°ΡΠΎΠ² ΠΎΡ ΠΏΠΎΡΠ»Π΅Π΄Π½Π΅Π³ΠΎ Π±Π°ΡΠ°.
π΄ New MIN AO β Π½ΠΎΠ²ΡΠΉ ΠΌΠΈΠ½ΠΈΠΌΠ°Π»ΡΠ½ΡΠΉ ΠΏΠΈΠΊΠ° AO, Π΅ΡΠ»ΠΈ ΡΠ°ΠΌΡΠΉ Π²ΡΡΠΎΠΊΠΈΠΉ Π±Π°Ρ Π½Π°Ρ ΠΎΠ΄ΠΈΡΡΡ Π»Π΅Π²Π΅Π΅ ΡΠ°ΠΌΠΎΠ³ΠΎ Π½ΠΈΠ·ΠΊΠΎΠ³ΠΎ Π±Π°ΡΠ° Π² ΠΈΠ½ΡΠ΅ΡΠ²Π°Π»Π΅ 140 Π±Π°ΡΠΎΠ² ΠΎΡ ΠΏΠΎΡΠ»Π΅Π΄Π½Π΅Π³ΠΎ Π±Π°ΡΠ°.
PhΓ‘t hΓ nh cΓ‘c Ghi chΓΊ
β
Added Alligator display for higher timeframe (with the same settings as Alligator for the current chart, with the exception of displaying the offset after the last bar due to technical features), if Alligator display for higher timeframe is enabled in the indicator settings (field "Alligator for higher timeframe > Enable"):
If the chart timeframe is one month, then the higher timeframe will be 4 months, for example, "1M β 4M", "2M β 8M".
If the chart timeframe is one week, then the higher timeframe will be one month, for example, "1W β 1M", "2W β 2M".
If the chart timeframe is one day, then the higher timeframe will be one week, for example, "1D β 1W", "2D β 2W".
If the chart timeframe is from 4 to 6 hours, then the higher timeframe will be "D", for example, "4h β 1D", "6h β 1D", "8h β 2D".
If the chart timeframe is 1 hour, then the higher timeframe will be 4 hours (60 * 4 = 240 minutes), for example, "1h β 240", "2h β 480".
If the chart timeframe is 15 minutes, then the higher timeframe will be 1 hour (15 * 4 = 60 minutes), for example, "5m β 20", "15m β 60", "30m β 120".
If the chart timeframe is 4 minutes, then the higher timeframe will be 15 minutes (4 * 3.75), for example, "1m β 4", "4m β 15".
In the indicator settings in the "Alligator for higher timeframe > Display higher timeframe" field, you can enable the display of the higher timeframe to the right of the Alligator lines, and you can also disable gaps and change the style of displaying the lines.
In addition, the "Enable all additional alerts" field has been added to enable alerts about all additional signals at once: crossing lips of an open Alligator, the formation of a fractal, the appearance of a new maximum or minimum AO peak.
Thanks Men for Combining Bill Williams Indicators. You work very Hard I think. Appreciating you from core of Heart of your Contribution. I don't Have any Coins Bro! I can Give only Blessings.
grigorykov
β
@Kirandeepc, Thank you for writing about your positive experience ;-). Please note that on my profile page I published the idea "Indicators for trading using Bill Williams' Profitunity strategy", in which I described 3 indicators that I use together, including this indicator, and the settings that I use.
Great Work... I am a fan of Bill Williams and read his book. thanks
grigorykov
β
@Ramnath12, I'm glad you liked the indicator. I'm also a fan of Bill ;-) and his books Trading Chaos. I trade using this indicator and thanks to signal alerts, I spend less time analyzing charts. I also use 2 other indicators, which you can find in my profile, to analyze Elliott waves, as described in the first book Trading Chaos in chapter 7.