Break of Structure with trend table by GadatasThis indicator is designed to identify and track swing highs and lows in a given market on chart timeframe. It plots these swing highs and lows as solid lines on the chart. The indicator allows for customization of the line color and width. The selected timeframe trend is visually represented in a table located in the upper right corner of the chart. To enhance consistency, the background color of the timeframe column now elegantly matches the color of the BOS line.
The indicator follows specific rules to determine when a new high or low is created. If the current range is considered bullish (meaning the most recent breakout was to the topside), the indicator will only update the low if a candle's body falls below the current low. However, if the current range is bearish (most recent breakout to the downside), the indicator will only update the high if a candle's body rises above the current high.
When a range is identified as bullish, the indicator will continue updating the high until a swing high is formed, denoting the high of the range. The high will only change if a candle's body surpasses the previous high. The low, on the other hand, will be updated based on the last time a candle's body falls below a previous candle's low. The lowest low after this condition is met will be assigned as the low of the range.
Conversely, when a range is identified as bearish, the indicator will continue updating the low until a swing low is formed, denoting the low of the range. The low will only change if a candle's body falls below the previous low. The high, in this case, will be updated based on the last time a candle's body rises above a previous candle's high. The highest high after this condition is met will be assigned as the high of the range.
Swing highs are determined by having lower highs to the left and right, while swing lows have higher lows to the left and right. These swings are used to determine the final high or low of a bullish or bearish range, respectively.
Tis Indicator differs from other indicators by incorporating this concept to track market structure. The indicator assumes that significant market players sell before making heavy purchases in bullish ranges and buy before selling heavily in bearish ranges. The lines on the chart represent prior highs and lows, as well as the current updated highs and lows based on this theory. By using this indicator, one can gain insights into the structure of price movement and potentially identify bullish or bearish continuations. It can also provide confluence when analyzing multiple timeframes to validate trend-following strategies.
Open-source script.
It now displays both short and long condition changes along with their respective arguments:
1. In the case of a high Bos line break followed by a fall, a very long condition change is made when at least three breaks of Bos Low are observed, transitioning from very short to short then distribution , and after that to long.
2. Short conditions are indicated when a high Bos falls and the condition changes from very long to long and then accumulation, short, and very short with each break.
Additionally, the break counter column now shows positive numbers for long situations, indicating each low Bos break, and negative numbers for short situations, indicating each high Bos break.
The background color of the break counter column now changes to green for positive numbers and red for negative numbers.
Breakouttrading
Targets For Overlay Indicators [LuxAlgo]The Targets For Overlay Indicators is a useful utility tool able to display targets during crossings made between the price and external indicators on the user chart. Users can display a series of two targets, one for crossover events and another one for crossunder event.
Alerts are included for the occurrence of a new target as well as for reached targets.
🔶 USAGE
In order for targets to be displayed users need to select an appropriate input source from the "Source" drop-down input setting. In the example above we apply the indicator to a volatility stop.
This can also easily be done by adding the "Targets For Overlay Indicators" script on the VStop indicator directly.
Targets can help users determine the price limit where the price might start deviating from an indication given by one or multiple indicators. In the context of trading, targets can help secure profits/reduce losses of a trade, as such this tool can be useful to evaluate/determine user take profits/stop losses.
Due to these essentially being horizontal levels, they can also serve as potential support/resistances, with breakouts potentially confirming new trends.
Users might be interested in obtaining new targets once one is reached, this can be done by enabling "New Target When Reached" in the target logic setting section, resulting in more frequent targets.
Lastly, users can restrict new target creation until current ones are reached. This can result in fewer and longer-term targets, with a higher reach rate.
🔹 Examples
The indicator can be applied to many overlay indicators that naturally produce crosses with the price, such as moving average, trailing stops, bands...etc.
Users can use trailing stops such as the SuperTrend or VStop to more easily create clean targets. Do note that certain SuperTrend scripts separate the upper and lower extremities of the SuperTrend into two different plot, which cannot be used with this tool, you may use the provided SuperTrend script below to have a compatible version with our tool:
//@version=5
indicator("SuperTrend", overlay = true)
factor = input.float(3, 'Factor', minval = 0)
atrLen = input.int(10, 'ATR Length', minval = 1)
= ta.supertrend(factor, atrLen)
plot(spt, 'SuperTrend', dir != dir ? na : dir < 0 ? #089981 : #f23645, 2)
plot(spt, 'Circles', dir > dir ? #f23645 : dir < dir ? #089981 : na, 3, plot.style_circles)
Using moving averages can produce more targets than other overlay indicators.
Users can apply the tool twice when using bands or any overlay indicator returning two outputs, using crossover targets for obtaining targets using the upper band as source and crossunder targets for targets using the lower band. We can also use the Trendlines with breaks indicator as example:
🔹 Dashboard
A dashboard is displayed on the top right of the chart, displaying the amount, reach rate of targets 1/2, and total amount.
This dashboard can be useful to evaluate the selected target distances relative to the selected conditions, with a higher reach rate suggesting the distance of the targets from the price allows them to be reached.
🔶 SETTINGS
Source: Indicator source used to create targets. Targets are created when the closing price crosses the specified source.
Show Target Labels: Display target labels on the chart.
Candle Coloring: Apply candle coloring based on the most recent active target.
🔹 Target
Crossover and Crossunder targets use the same settings below:
Show Target: Determines if the target is displayed or not.
Above Price Target: If selected, will create targets above the closing price.
Wait Until Reached: When enabled will not create a new target until an existing one is reached.
New Target When Reached: Will create a new target when an existing one is reached.
Evaluate Wicks: Will use high/low prices to determine if a target is reached. Unselecting this setting will use the closing price.
Target Distance From Price: Controls the distance of a target from the price. Can be determined in currencies/points, percentages, ATR multiples, or ticks.
London BreakOut ClassicHey there, this is my first time publishing a strategy. The strategy is based on the London Breakout Idea, an incredibly popular concept with abundant information available online.
Let me summarize the London Breakout Strategy in a nutshell: It involves identifying key price levels based on the Tokyo Session before the London Session starts. Typically, these key levels are the high and low of the previous Tokyo session. If a breakout occurs during the London session, you simply follow the trend.
The purpose of this code
After conducting my research, I came across numerous posts, videos, and articles discussing the London Breakout Strategy. I aimed to automatically test it myself to verify whether the claims made by these so-called trading gurus are accurate or not. Consequently, I wrote this script to gain an understanding of how this strategy would perform if I were to follow its basic settings blindly.
Explanation of drawings on the chart:
Red or Green Box: A box is drawn on our chart displaying the exact range of the Tokyo trading session. This box is colored red if the trend during the session was downward and green if it was upward. The box is always drawn between the high and the low between 0:00 AM and 7:00 AM UTC. You can change the settings via the Inputs "Session time Tokyo" & "Session time zone".
Green Background: The green background represents the London trading session. My code allows us to make entries only during this time. If we haven't entered a trade, any pending orders are canceled. I've also programmed a timeout at 11 pm to ensure every trade is closed before the new Tokyo session begins.
Red Line: The red line is automatically placed in the middle of our previous Tokyo range. This line acts as our stop loss. If we cross this line after entering a trade but before reaching our take profit, we'll be stopped out.
When do we enter a trade?
We wait for a candle body to close outside of the previous Tokyo range to enter a trade with the opening of the next candle. We only enter one trade per day.
Where do we put our Take Profit?
The code calculates the exact distance between our entry point and the stop loss. We are trading a risk-reward ratio of 1:1 by default, meaning our take profit is always the same number of pips away from our entry as the stop loss. The Stop Loss is always defined by the red line on the chart. You can change the risk-reward ratio via the inputs setting "CRV", to see how the result changes.
What is the purpose of this script?
I wanted to backtest the London breakout strategy to see how it actually works. Therefore, I wrote this code so that everybody can test it for themselves. You can change the settings and see how the result changes. Typically, you should test this strategy on forex markets and on either 1Min, 5 Min, or 15 Min timeframe.
What are the results?
Over the last 3-6 months (over 100 trades), trading the strategy with my default settings hasn't proven to be very successful. Consequently, I do not recommend trading this strategy blindly. The purpose of this code is to provide you with a foundation for the London Breakout Strategy, allowing you to modify and enhance it according to your preferences. If you're contemplating whether to give it a try, you can assess the results from the past months by using this code as a starting point.
Opening Range & Prior Day High/Low [Gorb]Introduction:
Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders.
Overview:
The Opening Range , draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges.
Prior Day High/Low , draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels.
The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you.
Features:
All skill-level friendly presets, easy to enable with one-click
Opening Range: Allows user to choose what time the range starts and ends to measure the high & low.
Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time.
Enable Opening Range Box: allows the user to choose to plot the opening range or not.
ORB Border Color: allows the user to change the box border color.
ORB Box Shade Color: allows the user to change the background of the opening range box.
ORB Line Width: allows users to chose the width of the opening range box lines.
Enable Previous Day High: allows users to enable the previous days high to be plotted.
Enable Previous Day Low: allows users to enable the previous days high to be plotted.
Previous Day High Color: allows users to choose the color for this line.
Previous Day Low Color: allows users to choose the color for this line.
All colors are changeable for the user to customize to their liking.
Usage Demonstration
In the image below, we can see a basic example of how these 3 features function.
As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled.
In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy.
This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups.
In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout.
The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well.
In the image below, we can see how previous days levels can act as resistance to use with the opening range.
Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again.
Conclusion:
We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style.
RISK DISCLAIMER
All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.
Smart Support & Resistance(My goal creating this indicator): Provide a way to categorize and label key structures on multiple different levels so I can create a plan based on those observable facts.
The Underlying Concept / What is Momentum?
Momentum indicates transaction pressure. If the algorithm detects price is going up, that would be considered positive momentum. If the algorithm detects price is going down negative momentum would be detected.
The Momentum shown is derived from a price action pattern. Unlike my previous Support & Resistance indicator that used Super Trend, this indicator uses a unique pattern I created. On the first bar bearish momentum is detected a resistance Level is made at the highest point of the previous bullish condition. On the first bar bullish momentum is detected a support Level is made at the lowest point of the previous bearish condition. This happens on 5 different Momentum Levels, (short-term to long-term). I currently use this pattern to trade so the source code is protected.
What is Severity?
Severity is How we differentiate the importance of different Highs and Lows. If Momentum is detected on a higher level the Supply or Demand Level is updated. The Color and Size representing that Level will be shown. Demand and Supply Levels made by higher levels are more SEVERE than a demand level made by a lower level.
Technical Inputs
- to ensure the correct calculation of Support and Resistance levels change BAR_INDEX. BAR_INDEX creates a buffer at the start of the chart. For example: If you set BAR_INDEX to 300. The script will wait for 300 bars to elapse on the current chart before running. This allows the script more time to gather data. Which is needed in order for our dynamic lookback length to never return an error (Dynamic lookback length can't be negative or zero). The lower the timeframe the greater the number of bars need. For Example, if I open up a 1min chart I would enter 5000 as my BAR_INDEX since that will provide enough data to ensure the correct calculation of Support and Resistance levels. If I was on a daily chart, I would enter a lower number such as 800. Don't be afraid to play around with this.
- Toggle options (Close) or (High & Low) creates Support and Resistance Levels using the Lowest close and Highest close or using the Lowest low and Highest high.
Level Inputs
- The indicator has 5 Different Levels indicating SEVEREITY of a Supply and Demand Levels. The higher the Level the more SEVERE the Level.
Display Inputs
- You have the option to customize the Length, Width, Line Style, and Colors of all 5 different
- This indicator includes a Trend Chart. To Easily verify the current trend of any displayed by this indicator toggle on Chart On/Off. You also get the option to change the Chart Position and the size of the Trend Chart
How Trend Is being Determined?
(Close > Current Supply Level) if this statement is true technically price made a HH, so the trend is bullish.
(Close < Current Demand Level) if this statement is true technically price made a LL, so the trend is bearish.
- Fully customize how you display Market Structure on different levels. Line Length, Line Width, Line Style, and Line color can all be customized.
How it can be used?
(Examples of Different ways you can use this indicator): Easily categorize the severity of each and every Supply or Demand Level in the market (The higher Level the stronger the level)
: Quickly Determine the trend of any Level.
: Get a consistent view of a market and how different Levels are behaving but just use one chart.
: Take the discretion from hand drawing support and resistance lines out of your trading.
: Find and categorize strong levels for potential breakouts.
: Trend Analysis, use Levels to create a narrative based on observable facts from these Levels.
: Different Targets to take money off the table.
: Use Severity to differentiate between different trend line setups.
: Find Great places to move your stop loss too.
Breakout Detector (Previous MTF High Low Levels) [LuxAlgo]The Breakout Detector (Previous MTF High Low Levels) indicator highlights breakouts of previous high/low levels from a higher timeframe.
The indicator is able to: display take-profit/stop-loss levels based on a user selected Win/Loss ratio, detect false breakouts, and display a dashboard with various useful statistics.
Do note that previous high/low levels are subject to backpainting, that is they are drawn retrospectively in their corresponding location. Other elements in the script are not subject to backpainting.
🔶 USAGE
Breakouts occur when the price closes above a previous Higher Timeframe (HTF) High or below a previous HTF Low.
On the advent of a breakout, the closing price acts as an entry level at which a Take Profit (TP) and Stop Loss (SL) are placed. When a TP or SL level is reached, the SL/TP box border is highlighted.
When there is a breakout in the opposite direction of an active breakout, previous breakout levels stop being updated. Not reaching an SL/TP level will result in a partial loss/win,
which will result in the box being highlighted with a dotted border (default). This can also be set as a dashed or solid border.
Detection of False Breakouts (default on) can be helpful to avoid false positives, these can also be indicative of potential trend reversals.
This indicator contains visualization when a new HTF interval begins (thick vertical grey line) and a dashboard for reviewing the breakout results (both defaults enabled; and can be disabled).
As seen in the example above, the active, open breakout is colored green/red.
You can enable the setting ' Cancel TP/SL at the end of HTF ', which will stop updating previous TP/SL levels on the occurrence of a new HTF interval.
🔶 DETAILS
🔹 Principles
Every time a new timeframe period starts, the previous high and low are detected of the higher timeframe. On that bar only there won't be a breakout detection.
A breakout is confirmed when the close price breaks the previous HTF high/low
A breakout in the same direction as the active breakout is ignored.
A breakout in the opposite direction stops previous breakout levels from being updated.
Take Profit/Stop Loss, partially or not, will be highlighted in an easily interpretable manner.
🔹 Set Higher Timeframe
There are 2 options for choosing a higher timeframe:
• Choose a specific higher timeframe (in this example, Weekly higher TF on a 4h chart)
• Choose a multiple of the current timeframe (in this example, 75 minutes TF on a 15 min chart - 15 x 5)
Do mind, that when using this option, non-standard TFs can give less desired timeframe changes.
🔹 Setting Win/Loss Levels
The Stop Loss (SL) / Take Profit (TP) setting has 2 options:
W%:L% : A fixed percentage is chosen, for TP and SL.
W:L : In this case L (Loss-part) is set through Loss Settings , W (Win-part) is calculated by multiplying L , for example W : L = 2 : 1, W will be twice as large as the L .
🔹 Loss Settings
The last drawing at the right is still active (colored green/red)
The Loss part can be:
A multiple of the Average True Range (ATR) of the last 200 bars.
A multiple of the Range Cumulative Mean (RCM).
The Latest Swing (with Length setting)
Range Cumulative Mean is the sum of the Candle Range (high - low) divided by its bar index.
🔹 False Breakouts
A False Breakout is confirmed when the price of the bar immediately after the breakout bar returns above/below the breakout level.
🔹 Dashboard
🔶 ALERTS
This publication provides several alerts
Bullish/Bearish Breakout: A new Breakout.
Bullish/Bearish False Breakout: False Breakout detected, 1 bar after the Breakout.
Bullish/Bearish TP: When the TP/profit level has been reached.
Bullish/Bearish Fail: When the SL/stop-loss level has been reached.
Note that when a new Breakout causes the previous Breakout to stop being updated, only an alert is provided of the new Breakout.
🔶 SETTINGS
🔹 Set Higher Timeframe
Option : HTF/Mult
HTF : When HTF is chosen as Option , set the Higher Timeframe (higher than current TF)
Mult : When Mult is chosen as Option , set the multiple of current TF (for example 3, curr. TF 15min -> 45min)
🔹 Set Win/Loss Level
SL/TP : W:L or W%:L%: Set the Win/Loss Ratio (Take Profit/Stop Loss)
• W : L : Set the Ratio of Win (TP) against Loss (SL) . The L level is set at Loss Settings
• W% : L% : Set a fixed percentage of breakout price as SL/TP
🔹 Loss Settings
When W : L is chosen as SL/TP Option, this sets the Loss part (L)
Base :
• RCM : Range Cumulative Mean
• ATR : Average True Range of last 200 bars
• Last Swing : Last Swing Low when bullish breakout, last Swing High when bearish breakout
Multiple : x times RCM/ATR
Swing Length : Sets the 'left' period ('right' period is always 1)
Colours : colour of TP/SL box and border
Borders : Style border when breakout levels stop being updated, but TP/SL is not reached. (Default dotted dot , other option is dashed dsh or solid sol )
🔹 Extra
Show Timeframe Change : Show a grey vertical line when a new Higher Timeframe interval begins
Detect False Outbreak
Cancel TP/SL at end of HTF
🔹 Show Dashboard
Location: Location of the dashboard (Top Right or Bottom Right/Left)
Size: Text size (Tiny, Small, Normal)
See USAGE/DETAILS for more information
2 Moving Averages | Trend FollowingThe trading system is a trend-following strategy based on two moving averages (MA) and Parabolic SAR (PSAR) indicators.
How it works:
The strategy uses two moving averages: a fast MA and a slow MA.
It checks for a bullish trend when the fast MA is above the slow MA and the current price is above the fast MA.
It checks for a bearish trend when the fast MA is below the slow MA and the current price is below the fast MA.
The Parabolic SAR (PSAR) indicator is used for additional trend confirmation.
Long and short positions can be turned on or off based on user input.
The strategy incorporates risk management with stop-loss orders based on the Average True Range (ATR).
Users can filter the backtest date range and display various indicators.
The strategy is designed to work with the date range filter, risk management, and user-defined positions.
Features:
Trend-following strategy.
Two customizable moving averages.
Parabolic SAR for trend confirmation.
User-defined risk management with stop-loss based on ATR.
Backtest date range filter.
Flexibility to enable or disable long and short positions.
This trading system provides a comprehensive approach to trend-following and risk management, making it suitable for traders looking to capture trends with controlled risk.
Breakout/Breakdown Indicator (30 Min Range) by InvestYourAsset👉The indicator provided here is a technical analysis indicator for TradingView users that identifies potential breakout and breakdown opportunities on the initial 30-minute range in every trading session.
👉The indicator high and low of the initial 30-minute period and plotting them as horizontal lines on the chart. The high is marked in green line and the low is marked in red line.
📈The indicator then generates buy and sell signals based on whether the current close price crosses above or below the previous 30-minute high and low, respectively.
📢The indicator also has two inputs:
👉 sessionStartHour : The hour at which the trading session begins. The default value is 9, However users can change the time according to their own trading style.
👉 sessionStartMinute : The minute at which the trading session begins. The default value is 0.
These inputs can be used to adjust the indicator to the specific trading session that you are interested in.
✅How to use the Indicator:
👉To use the 30 Minute Breakout/Breakdown Indicator, simply add it to your chart and configure the inputs to your liking. Once the indicator is added to the chart, it will plot the 30-minute high and low as horizontal lines, as well as generate buy and sell signals based on the current close price.
✅Here is a step-by-step guide:
📈Open TradingView and select the chart that you want to add the indicator to.
📈Click on the "Indicators" tab and search for "30 Minute Breakout/Breakdown Indicator by InvestYourAsset".
📈Click on the indicator to add it to your chart.
📈Configure the inputs to your liking. The default values are typically fine, but you can experiment with different values to see what works best for you.
📈Once you are satisfied with the settings, click on the "Apply" button.
📈The indicator will now be displayed on your chart. You will see two horizontal lines representing the previous 30-minute high and low, as well as triangles representing buy and sell signals.
✅How to interpret the signals:
📈Buy signal : A buy signal is generated when the current close price crosses above the previous 30-minute high. This suggests that the price is likely to continue moving higher in the short term.
📈Sell signal : A sell signal is generated when the current close price crosses below the previous 30-minute low. This suggests that the price is likely to continue moving lower in the short term.
👉Traders should remember that the present indicator is just one tool that can be used to identify potential trading opportunities. It is important to use other technical analysis tools and risk management techniques to confirm your trading signals before entering any trades.
✅Things to consider while using the indicator:
📈Look for buy signals in an uptrend and sell signals in a downtrend. This will increase the likelihood of your trades being successful.
📈Place your stop losses below the previous 30-minute low for buy signals and above the previous 30-minute high for sell signals. This will help to limit your losses if the trade goes against you.
📈Consider taking profits at key resistance and support levels. This will help you to lock in your profits and avoid giving them back to the market.
Follow us for timely updates regarding indicators that we may publish in future and give it a like if you appreciate the indicator.
Session Breakout/Sweep with alertsThis indicator is based on popular London breakout strategy. but as I noticed that it don't work good with breakouts so I made it to be used as reversal entries as well. By default the timing is set for asian session but you can change it according to your need.
Use as breakout
Use as liquidity sweep
Note:
On some pairs the timing changes automatically (I don't know why), if you face this issue , go to settings and set the timing accordingly and save it as templet so that you don't have to change it every time you load the chart with timing issue.
I hope you guys find it useful. Do share your though and feedback in comments.
NIFTY POSITION ScannerTracking the real-time intraday position of NIFTY stocks is the utility of this price action based scanner. The number of stocks in this scanner is 40 due to TradingView's script limit.
The script takes present day's price range of the stocks (stocks of the Index being tracked included in this screener) into account, to hint strength or weakness in the underlying Index (for example: NIFTY here).
The day's price range of a stock is gauged on a scale of 0-100, where 0 is Day's price low and 100 is day's price high.
If a stock is in 90-100 price range section the cell with title "90" illuminates hinting the stock is trading near day's high.
Likewise, if a stock is in 0-10 price range section the cell with title "10" illuminates hinting that the stock is trading near day's low.
The price range of 10-25 is represented in the cell titled "25"
The price range of 75-90 is represented in the cell titled "75"
Only one cell from the day's range illuminates at a time for a stock, signaling the present position of that stock in the Day's range at that instant.
The script works best above 10 second time frame.
Idea: If majority of the heavy weight stocks of the Index being tracked are trading near Day's high the underlying Index must be going strong at that very instant and Vice versa.
Disclaimer: Only for studying Index movement ideas intraday, trading is not advised.
Also check out the other scripts by me.
-- Dr. Vats
TrendSphere (Zeiierman)█ Overview
TrendSphere is designed to capture and visualize market trends and volatility effectively. It combines various volatility measures and trend analysis techniques, producing dynamic bands and a central trend line on the price chart. Its essence is to offer a real-time, reliable estimate of the underlying linear trend in the price.
█ How It Works
Real-Time Trend Estimation
At its core, TrendSphere is designed to offer instantaneous and accurate insights into the inherent linear trend of asset prices. By continually updating its estimations, it ensures traders are equipped with the most current data. This allows the construction of support and resistance bands around the estimated trend, providing trading opportunities.
Dynamic Bands and Trend Line
TrendSphere plots a central trend line and dynamic bands around it on the price chart. Influenced by volatility, the distance between these elements offers a clear view of market conditions and the strength or weakness of trends. These bands not only depict potential turning points but also offer traders valuable opportunities to trade within the confines of the overarching trend.
Volatility Measures
Traders can select their preferred volatility measure and adjust settings to best fit their analysis needs. The bands and trend line dynamically respond to these selections, offering a tailored view of market conditions.
ATR (Average True Range): Reflects market volatility by evaluating the range between high and low prices.
Historical Volatility: Computes price variability using the standard deviation of log returns.
Bollinger Band Width: Measures the distance between Bollinger Bands, providing another angle on market volatility.
Eliminating Common Complications
One of the standout features of TrendSphere is its ability to determine linear price trends without falling prey to challenges like backpainting or repainting. In layman's terms, this means traders get a more trustworthy and unaltered view of price movements, leading to enhanced decision-making in line with the genuine trajectory of price trends.
█ How to Use
Trend Analysis
Observe the central trend line; its direction indicates the prevailing trend. When the price is above the trend line, it suggests an upward trend, and when it's below, it indicates a downward trend.
Volatility Analysis
Wider bands imply higher market volatility, suggesting larger price swings, while narrower bands indicate lower volatility. Traders can use the bands to identify potential reversal points and overbought/oversold conditions.
Potential Trading Signals (Using Bollinger bandwidth as volatility measure)
Consider buying when the price is above the trend line with narrowing bands, suggesting a strong upward trend.
Consider selling when the price is below the trend line with narrowing bands, indicating a strong downward trend.
█ Settings
Select Volatility Measure
Choose the desired volatility measure: ATR, Historical Volatility, or Bollinger Band Width.
Volatility Scaling Factor
Adjusts the scale of the volatility measure, influencing the width of the bands.
Volatility Strength
Modifies the influence of volatility on the bands, adjusting their responsiveness to volatility changes.
Length
Defines the number of periods used in calculating the selected volatility measure, impacting the stability and responsiveness of the bands.
Trend Sensitivity
Adjusts the sensitivity of the trend component, affecting how quickly it reacts to price changes.
█ Related scripts with the same calculation philosophy
TrendCylinder
Predictive Trend and Structure
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
The Opening Range / First Bar By Market Mindset - Zero To EndlesThe script shows the opening range of the instrument based on different resolutions and timeframes.
Inputs :
1. Resolution
It decides the calculation frequency of the script.
In Auto resolution, Standard values have been used.
2. Timeframe
It decides the timeframe for the OHLC values.
By default, it will use the chart timeframe and so chart OHLC values.
3. Lookback
It decides the no. of ranges shown on the chart.
Middle Line can be hidden from the settings.
The script can be used for any instrument and on any timeframe.
If price is above the opening range or the middle line, a trader should look for long opportunities.
If price is below the opening range or the middle line, a trader should look for short opportunities.
A sideways or choppy move is exoected if Middle line is crossed again and again.
For trading, wait for atleast 1st bar to close. and let the opening range build up first.
Happy Trading
TrendCylinder (Expo)█ Overview
The TrendCylinder is a dynamic trading indicator designed to capture trends and volatility in an asset's price. It provides a visualization of the current trend direction and upper and lower bands that adapt to volatility changes. By using this indicator, traders can identify potential breakouts or support and resistance levels. While also gauging the volatility to generate trading ranges. The indicator is a comprehensive tool for traders navigating various market conditions by providing a sophisticated blend of trend-following and volatility-based metrics.
█ How It Works
Trend Line: The trend line is constructed using the closing prices with the influence of volatility metrics. The trend line reacts to sudden price changes based on the trend factor and step settings.
Upper & Lower Bands: These bands are not static; they are dynamically adjusted with the calculated standard deviation and Average True Range (ATR) metrics to offer a more flexible, real-world representation of potential price movements, offering an idea of the market's likely trading range.
█ How to Use
Identifying Trends
The trend line can be used to identify the current market trend. If the price is above the trend line, it indicates a bullish trend. Conversely, if the price is below the trend line, it indicates a bearish trend.
Dynamic Support and Resistance
The upper and lower bands (including the trend line) dynamically change with market volatility, acting as moving targets of support and resistance. This helps set up stop-loss or take-profit levels with a higher degree of accuracy.
Breakout vs. Reversion Strategies
Price movements beyond the bands could signify strong trends, making it ideal for breakout strategies.
Fakeouts
If the price touches one of the bands and reverses direction, it could be a fakeout. Traders may choose to trade against the breakout in such scenarios.
█ Settings
Volatility Period: Defines the look-back period for calculating volatility. Higher values adapt the bands more slowly, whereas lower values adapt them more quickly.
Trend Factor: Adjusts the sensitivity of the trend line. Higher values produce a smoother line, while lower values make it more reactive to price changes.
Trend Step: Controls the pace at which the trend line adjusts to sudden price movements. Higher values lead to a slower adjustment and a smoother line, while lower values result in quicker adjustments.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Support & Resistance PROHi Traders!
The Support & Resistance PRO
A simple and effective indicator that helped me a bunch!
This indicator will chart simple support and resistance zones on 2 time frames of your choice.
It uses a 30 day lookback period and will find the last high and low.
Each zone is built from the highest/lowest closure, and the highest/lowest wick, creating a liquid zone between the 2.
It is perfect for people trading support and resistance, watching key areas, scalping zones and much more!
*You can change the time frames you are looking at and the lookback period.
*The example in the picture is looking at the Daily and Weekly zones on BTC.
EMA Screener with Day BreakoutsThe present script is aimed at screening number of stocks as per user input with respect to Daily Exponential Moving Average. Default is set at 200 DEMA, it can be changed by the user from settings menu as per user's preference.
The EMA cell illuminates to Green if Day's Open < EMA
The EMA cell illuminates to Purple if Day's Open > EMA
EMU cell shows the price as, EMA * EMA Price Multiplier (i.e. range below EMA, customizable from settings by user)
EMU cell illuminates to light Green when Price > EMU (i.e. the price is in range of EMA, For example suppose EMA value is 1000 and EMA Price Multiplier is 0.95 then the EMU cell value will be 950 as soon as the price crosses above 950 the EMU cell will get illuminated)
EMD cell shows the price as, EMA * EMA Price Multiplier (i.e. range above EMA, customizable from settings by user)
EMD cell illuminates to red when Price < EMD (i.e. the price is in range of EMA, For example suppose EMA value is 1000 and EMA Price Multiplier is 1.05 then the EMD cell value will be 1050 as soon as the price crosses below 1050 the EMD cell will get illuminated)
The DBO (Day Break Out) cell illuminates to Blue when the current price is near Day's high.
--Dr. Vats
Disclaimer: Only for studying price movement ideas, trading is not advised.
Liquidity Breakout - Strategy [presentTrading]- Introduction and How It Is Different
The Liquidity Breakout Strategy is a unique trading strategy that focuses on identifying and leveraging patterns in market price data. This strategy, mainly inspired by the script "Master Pattern" by LuxAlgo, takes a different approach from many traditional strategies that rely on technical indicators or fundamental analysis. Instead, the Liquidity Breakout is based on the concept of contraction detection and liquidity levels. This approach allows traders to identify potential trading opportunities that other strategies might miss.
BTCUSDT 6h
The strategy is different from other trading strategies because it uses a unique combination of pattern detection, liquidity levels, and user-defined trading direction. This combination allows the strategy to adapt to various market conditions and trading styles, making it a versatile tool for traders.
- Strategy: How It Works
1. Contraction Detection: The strategy uses a lookback period defined by the user (default is 10 bars) to identify contractions in the market. A contraction is a period where the market is consolidating, often followed by a significant price movement. The strategy identifies contractions by finding pivot highs and pivot lows within the lookback period. If a pivot high is lower than the previous pivot high and a pivot low is higher than the previous pivot low, a contraction is detected.
2. liquidity Levels:
What are Liquidity levels? Liquidity levels, also known as liquidity pools or zones, are price levels at which there is a significant amount of trading activity. They are often areas where large institutional traders (like banks or hedge funds) have placed orders. These levels are important because they can act as support or resistance levels, and price often reacts at these levels.
In the context of this strategy, liquidity levels are used to identify potential entry and exit points for trades. When the price reaches a liquidity level, it could indicate a potential trading opportunity. For example, if the price breaks through a liquidity level, it could signal the start of a new trend. On the other hand, if the price approaches a liquidity level and then reverses, it could signal a potential reversal.
The strategy uses these two elements to identify potential trading opportunities. When a contraction is detected, the strategy will look for a breakout in the direction of the trend. If the breakout occurs at a liquidity level, the strategy will execute a trade.
The strategy also allows traders to set their stop loss based on either the Average True Range (ATR) or a fixed percentage. This flexibility allows traders to manage their risk according to their personal risk tolerance and trading style.
- Trade Direction
One of the unique features of the Master Pattern Strategy is the ability to choose the trading direction. Traders can choose to trade in the "Long" direction, the "Short" direction, or "Both". This feature allows traders to adapt the strategy to their personal trading style and market outlook.
For example, if a trader believes that the market is in an uptrend, they can choose to trade only in the "Long" direction. Conversely, if the market is in a downtrend, they can choose to trade only in the "Short" direction. If the trader believes that the market is volatile and there are opportunities in both directions, they can choose to trade in "Both" directions.
- Usage
To use the strategy, traders need to input their preferred settings, including the contraction detection lookback period, liquidity levels, stop loss type, and trading direction. Once these settings are input, the strategy will automatically detect potential trading opportunities and execute trades according to the defined parameters.
- Default Settings
The default settings for the Master Pattern Strategy are as follows:
Contraction Detection Lookback: 10
Liquidity Levels: 20
Stop Loss Type: ATR
ATR Length: 20
ATR Multiplier: 3.0
Fixed Percentage: 0.01
Trading Direction: Both
These settings can be adjusted according to the trader's personal preferences and market conditions. It's recommended that traders experiment with different settings to find the ones that work best for their trading style and goals.
Previous Day High Low Strategy only for LongWelcome to the "Previous Day High Low Strategy only for Long"!.
This strategy aims to identify potential long trading opportunities based on the previous day's high and low prices, along with certain market strength conditions.
Key Features:
Entry Conditions: The strategy triggers a long position when the current day's closing price crosses above the previous day's high or low.
Market Strength Filter: The strategy incorporates a market strength filter using the Average Directional Index (ADX). It only takes long positions when the ADX value is above a specific threshold and when there is a predominance of upward movement.
Trade Timing: The strategy operates within a specified trade window, starting at 09:30 and ending at 15:10. Positions are closed at 15:15 if still active.
Risk Management: The strategy employs dynamic stop-loss and profit-taking levels based on a user-defined Max Profit value. It has three profit targets (T1, T2, T3) and a stop-loss level to manage risk effectively.
Rules:
Ensure that the strategy idea is clearly understandable. Provide an easy-to-read title and a thoughtful description explaining the reasoning behind the strategy.
All content should be ad-free. Avoid any form of promotion, advertising, or solicitation.
No fundraising requests or money solicitation is allowed on TradingView.
Publish in the same language as the TradingView subdomain you're on, except for script titles, which must be in English.
Don't plagiarize. Create and share only unique content, and always give credit when using someone else's work.
Be respectful, kind, and constructive when engaging with others.
Zero tolerance for contentious political discourse, defamatory, threatening, or discriminatory remarks.
Avoid sharing harmful, misleading, or inappropriate content.
Respect the moderators' work and address complaints privately.
Use only your original account and avoid creating duplicate or fake accounts.
Do not attempt to manipulate the reputation system or engage in like-for-like schemes.
Explanation of how the strategy works
1. Previous Day's High and Low (HH, LL):
In this strategy, we start by obtaining the high and low prices of the previous day (not the current day) using the request.security function. This function allows us to access historical data for a specific time frame. The high and low prices are stored in the variables HH and LL, respectively.
2. Entry Conditions:
The strategy uses two conditions to trigger a long position:
Condition 1 (Long Condition 1): If the closing price of the current day crosses above the previous day's high (HH), it generates a long signal. This is achieved using the ta.crossover function, which detects when a crossover occurs.
Condition 2 (Long Condition 2): Similarly, if the closing price of the current day crosses above the previous day's low (LL), it also generates a long signal.
Combined Condition: To take long positions, the strategy combines both long conditions using the logical OR operator (or). This means that if either of the two conditions is met, a long position will be initiated.
3. Market Strength Filter:
The strategy also includes a filter based on the Average Directional Index (ADX) to gauge the market's strength before taking long positions. The ADX measures the strength of a trend in the market. The higher the ADX value, the stronger the trend.
Calculation of ADX: The ADX is calculated using the adx function, which takes two parameters: LWdilength (DMI Length) and LWadxlength (ADX period).
Strength Condition (strength_up): The strategy requires that the ADX value should be above a threshold (11 in this case) and that there is a predominance of upward movement (up > down) before initiating a long position. The LWADX value is multiplied by 2.5 and compared to the highest value of LWADX from the last 4 periods using ta.highest(LWADX , 4). If these conditions are met, the variable strength_up is set to true.
Combined Condition: The strength_up condition is then combined with the long conditions using the logical AND operator (and). This means that the strategy will only take a long position if both the long conditions and the market strength condition are met.
4. Trade Timing:
The strategy sets a specific trade window between 09:30 and 15:10. It will only execute trades within this time frame (TradeTime).
5. Risk Management:
The strategy implements dynamic stop-loss (SL) and profit-taking levels (T1, T2, T3) based on a user-defined Max Profit value. The stop-loss is set as a percentage of the Max Profit value. As the position moves in favor of the trader, the profit targets are adjusted accordingly.
6. Position Management:
The strategy uses the strategy.entry function to enter long positions based on the combined entry conditions. Once a position is open, the script uses strategy.exit to define the exit condition when either the profit target or stop-loss level is hit. The strategy.close function is used to close any open position at the end of the trade window (15:15).
7. Plotting:
The strategy uses the plot function to visualize the previous day's high and low prices, as well as the stop-loss (SL) and profit-taking (T1, T2, T3) levels on the chart.
Overall, the "Previous Day High Low Strategy only for Long" aims to identify potential long trading opportunities based on the previous day's price action and market strength conditions. However, as with any trading strategy, it's essential to thoroughly test it and consider risk management before applying it to real-world trading scenarios.
Disclaimer:
The information presented by this strategy is for educational purposes only and should not be considered as investment advice. The strategy is not designed for qualified investors. Always conduct your own research and consult with a financial advisor before making any trading decisions.
Remember, the success of any trading strategy depends on various factors, including market conditions, risk management, and individual trading skills. Past performance is not indicative of future results.
Swing Breaker Strategy [v0.1] - Support and resistance breakoutSwing Breaker Strategy - Support and Resistance Breakouts
This strategy has no repainting.
Default settings:
Swing Barsback: 10
Number of Swings: 3
Stoploss Candles Lookback: 5
Why these default settings?
This strategy has been backtested with over 100 trades, and on a larger scale of 1000 trades, it has reported a 1.33 profit factor with a maximum 5% cumulative drawdown, using no leverage. In this backtest, the settings (10,3,5) were used, becoming the default settings as they are more adaptable to different market conditions.
How does this strategy work?
Defining swing lows (support) and swing highs (resistance): We can locate these candles by looking at a symmetrical candle unit around them. For example, the default settings present a 10 swing bars back, which means there is no superior level within a 10-candle radius in the case of a swing high, and the opposite for a swing low. Swings are located a few candles after, just the number of swing bars back (width), because it is needed to ensure it is a swing.
Locating trends: We locate trends by looking at consecutive swings. For example, in the default settings, to determine a bullish trend, we need 3 consecutive ascending swing lows; for a bearish trend, 3 consecutive descending swing highs. You can find this parameter in settings as "Number of swings."
When a trend is formed, a stop entry is placed at the last swing until it is broken.
Just after the entry, the stop is placed at the lowest (in the case of a long) or the highest (in the case of a short) of the last candles. You can define that number in the settings as "Stoploss candles lookback," which default is 5. The take profit is placed at 2 times the stop value, resulting in a 2 risk-reward ratio.
Why is this strategy protected?
No other strategy combines the way of locating swings and turning it into a strategy, including customizable parameters such as stop loss, swing width and introducing the number of swings. That's why we decided to protect it.
Main Market Opener Breakout [RH]Based on my observations while analyzing the crypto and forex charts, particularly BTCUSDT and EURUSD, I have noticed that the prices exhibit significant movements during most stock market sessions, particularly during New York main market session.
With the aim of capturing these moves, I embarked on extensive research. Through this research, I discovered that by considering the very first "15m" or "30m" candle of the main market trading session and marking that first candle's high and low points, we can create potential trigger points.
A break above the high point indicates a bullish signal, while a break below the low point suggests a bearish signal. To further refine our analysis and filter out some noise, we can incorporate the Average True Range (ATR) value of that candle.
Candle time is very important here. We will mark the candle when the actual trading begins in New York stock exchange. The trading hours for the New York Stock Exchange (NYSE) typically begin at 9:30 AM and end at 4:00 PM Eastern Time (ET), Monday through Friday. This is known as the "NYSE Regular Trading Session." However, it's important to note that there are also pre-market and after-hours trading sessions that occur outside of these core hours. We will not consider these pre and after-hours.
Example:
First break-above and break-below is marked automatically and alerts are also available for first breaks.
Example:
I have also added the option to add the, London Stock Exchange Main Market and Tokyo Stock Exchange Regular Trading Session. You can add those sessions also and test with different symbols.
Stocks symbols from different stock exchanges just mark the very first candle of the day(main market trading session).
Alerts are available.
METRIC-TREND-TRADERThis script is a Fully Automated trading script meant to be used with "Oanda" broker and the plug-ins for algorithmic trading automation.( FOREX ONLY)
This script is meant to capture "TREND FOLLOWING " for intraday charts (1hour) preferably and will hold for days / weeks .trading on forex markets.
(The combination of indicators includes a short high and low price channel and a longer term high and low price channel)
This script is original in description as being automated to try and capture dynamic trending markets with both long and short fractal price channels. although trend trading is not an original concept. trend trading with this dynamic indicator allows the user visualize both short term and longer term price action at the same time, helping to make better trading decisions. the channels are designed to buy breakouts in the direction of the longer term trend while trailing stop a built-in stop loss that allows normal market movement while attempting to lock in flexible profits.
The concept of this indicator is be able to quickly visualize trends by high lighting the large green areas beneath price "when trending long" which is the difference between the (user defined) short term lows and the (user defined) Long period price lows.
For "down trending" markets a large red area above price will be displayed and this is the difference between the (user defined) short term highs and the (user defined) long term highs.
This strategy uses a lower than reward profile to jump in direction of market moves for continuation,
(1 risk to 4 reward)
in the likelihood the instrument will continue (example) 200 pips before it reverts 50 pips in the counter direction.
This strategy should only be used in markets that you believe are "TRENDING" at the time of trading otherwise you risk trend trading a range market.
This script uses a (user defined period) of short term high and low price ( green/red color) and (user defined period) Long Term high and low price (green/red) chosen in the indicator settings menu.
The default parameters are 10 with a (minimum of 1 and maximum of 10000) for the short term channel and 50 with a (minimum of 1 and maximum of 10000) for the long term price channel , the default parameters = roughly 2 days "long term" and 10 hours "short term" of price action on the (1 hour) chart.
Strategy entries and exits , for Long trades the trade will be entered if the short term high crosses above the Long Term high and the Short term low is not equal to the Long term low . the trade will exit if profit or stop loss are hit or if the Short term low crosses under the long term low.
For Short trades the trade will enter short if , the short term low crosses under the long term low and the short term high is not equal to the long term high. the trade will exit if profit or stop loss are hit or the short term high crosses over the long term high
"The default parameters should be kept unless you fully understand the complete strategy"
There are two very important inputs to be selected at the user setting menu "Long Only " and "Short Only" if you are looking to place long trades only select "Long Only" or for short trades select " Short Only" it is not recommended to keep both selected as it will trade both sides!
When the trade is entered a red , a blue and green horizontal dotted line will appear on the chart.
the blue line is the strategy entry price , the red line is the stop loss price , and the green line is the take profit price . the colors will invert if the trade is long or short.
(Setting alerts should be done in the indicator settings menu, and the parameters you chose will determine the stop loss/target and the amount of "units = (position size)" you wish to trade for the (forex only) markets. using "alert() function calls only" is the only alert that should be used with this strategy.
(note : when "alert() function calls only" is set two messages will be sent, one closing any open position in the opposite direction and one placing the new order regardless if you are currently in a trade or not)
Trade targets , stoploss and trade position size are a user defined variables entered in the indicator settings menu. (target pips minimum 0 and a maximum of 1000)(stop pips minimum of 0 and maximum of 1000)
Back test date range is included in the script for back testing different data periods.
the back ground will be colored a transparent navy blue if the period you are looking trading is with in the date range( note: to place live trades the end date will need to be in the future)
this is also adjustable in the settings menu
The avoid spread filter is a user defined time in which the spread is typically higher than average, applying this filter avoids trades in the specified time. When this filter is applied there will be a transparent red back ground color in the specified time.
Back test default setting are equivocal to OANDA:USDJPY
at the time of this publication placing trades with the "Oanda" broker are as follows , USD units = 2000 equal 2000 USD position size . "Oanda" current leverage is 20 to 1 for this particular pair and commission is paid in spread (1.4) pips = 0.19 USD per trade , Margin required for the trade is 100.0 USD , Position sizing = 10% of a 1000 USD account.
OANDA:USDJPY
BANKNIFTY position screenerThe script takes present day's price range of the stocks (stocks of the Index being tracked included in this screener) into account, to hint strength or weakness in the underlying Index (for example: BANKNIFTY here). The day's price range of a stock is gauged on a scale of 0-100, where 0 is Day's price low and 100 is day's price high.
If a stock is in 90-100 price range section the cell with title "90" illuminates hinting the stock is trading near day's high.
Likewise, if a stock is in 0-10 price range section the cell with title "10" illuminates hinting that the stock is trading near day's low.
The price range of 10-25 is represented in the cell titled "25"
The price range of 75-90 is represented in the cell titled "75"
Only one cell from the day's range illuminates at a time for a stock, signaling the present position of that stock in the Day's range at that instant.
The script works best above 10 second time frame.
Idea: If majority of the heavy weight stocks of the Index being tracked are trading near Day's high the underlying Index must be going strong at that very instant and Vice versa.
Disclaimer: Only for studying Index movement ideas intraday, trading is not advised.
Wunder Breakout botWunder Breakout bot
1. Wunder Breakout bot is based on the breakout of the trend line. Breakout is a technical trading strategy that is used to determine the moment of a trend line breakout on the price chart. It is based on the assumption that when price crosses a trend line, it signals a change in trend direction and the possible start of a new price movement.
2. The entry points for the trendline breakout strategy are based on the principle of breaking through a set trendline. This means that we look for the moment when the price of the asset crosses the trend line that we have established in order to enter a sell or buy position.
3. We use fixed take-profit and stop-loss, but you can use other risk management systems, based on the suggested settings.
4. Wunder Breakout bot script has added a function to calculate the risk per portfolio (your deposit). When this option is enabled, you get the calculation of the entry amount in dollars relative to your Stop Loss. You can chooseselect the percentage of risk per your portfolio in the settings. the percentage of risk per your portfolio in the settings. The loss will be calculated from the amount that will be displayed on the chart.
For example, if your deposit is $1000 and you set your risk at 1%, with a Stop Loss of 5%, your entry volume would be $200. The SL loss would be $10. $10 is your 1% risk or 1% of your deposit.
*Important! ** The risk per trade must be less than the Stop Loss value. If the risk is more than SL, you should use leverage.
The amount of funds included in the deal is calculated in dollars. This option was created if you want to send a dollar amount from Tradingview to the exchange. However, by specifying the volume in dollars, you will get the net profit and drawdown displayed incorrectly in the backtest results because TradingView calculates the backtest volume in contracts.
To display the correct net profit and drawdown values in Tradingview backtest results, use the "Volume in Contracts" option.
Day's First Candle High & Low and + or - 10 pointThis code is an indicator that calculates and plots the high and low of the first candle of the day, along with parallel lines. The purpose of the indicator is to help traders identify potential support and resistance levels for the day.
The code checks if a new day has started and, if so, calculates the high and low of the first candle of the day. It then plots the high and low as well as parallel lines that are 200 ticks (10 points) above and below the first candle's high and low, respectively.
The resulting plot shows the first candle's high and low, as well as the upper and lower boundaries that may act as support and resistance levels throughout the trading day.
TradeEasy - KintroThe TradingView script provided is a custom indicator named "TradeEasy - Kintro". It is created by the author Kintro and is designed to help traders identify potential buy and sell signals in the market. The indicator is based on the Exponential Moving Average (EMA) and uses two different EMAs, one with a period of 20 and the other with a period of 50.
The indicator is meant to be used on the 5-minute timeframe and it is recommended to use TradingView in Dark Mode for better appearance. The author also reminds users that no strategy works 100% accurately and backtesting should be done before trading with a real account. The author is not responsible for any losses incurred by traders.
The indicator uses a simple set of rules to generate trading signals. The thick line on the chart represents the 50 EMA while the thin line represents the 20 EMA. When the thin line crosses upwards over the thick line, it indicates a bullish signal. After the crossover, traders are advised to wait for the price to pullback between the two lines. A range should then be created while the price moves through the thin line.
On the break of the range, an entry signal is generated, and the stop loss should be set below the range. The author advises traders to exit their profits according to their own analysis or price action and not to re-enter on the next pullback of the same trend. The same rules apply when the thin line crosses downwards over the thick line.
The author emphasizes that range creation is mandatory on crossing and that traders should not try to go against the trend. If the price is above both lines, traders should only go for buy orders, and vice versa.
If there is no range created while crossing, traders are advised not to enter the market. Traders should wait for the opportunity and not force a trade.
The indicator also includes a plot of the 34 EMA, and a range is created above and below the price action using the "up" and "down" variables. The author uses the "fill" function to color the background of the chart to highlight the range. The "dummy" variable is used to plot circles above or below the price action, depending on the trend.
In summary, the "TradeEasy - Kintro" indicator is a custom indicator designed to help traders identify potential buy and sell signals based on the crossing of two EMAs. The author provides a set of rules to generate trading signals and advises traders to wait for the opportunity and not force a trade. The indicator also includes a visual representation of the range created on the chart. As always, traders are advised to conduct their own research and analysis before entering any trades.
