John F. introuced Corona Charts Swing Position Indicator in Nov, 2008.
John Ehlers's corona indicators, "Corona Charts," provide a "multidimensional" view of market activity. In the article "Corona Charts" in Nov, 2008, John further developed his earlier work on market cycles. A new kind of indicator was presented that uses a glow-like effect to present another dimension of data. Implementation of corona charts in pine v4 helps detect dominant cycles in data. It provides a corona chart for swing positions indicator.
Dr . claims that a corona is displayed when the market is in a trend and there is little cyclic component. The swing position indicator shows the phasing of the data within the dominant cycle. A value of -5 means the cycle is at its valley. A value of +5 means the cycle is at its peak. In a pure cycle the Swing Position will trace out the shape of a . However, I normalized it to overlay it together with Corona Chart heat maps .
DomCycle--> Dominant Cycle
Plot2~Plot50--> Corona Charts Swing Position Heat Map
Pros and Cons
100% John F. definition translation, even variable names are the same. This help readers who would like to use pine to read his book.
The 74th script for Blackcat1402 John F. Week publication.
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
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