Bullish and Bearish Harami DetectorHere’s a description of the script I built for you, designed for a **TradingView public indicator**:
### **Custom Bullish and Bearish Harami Detector with Timeframe Selection**
This custom Pine Script detects **Bullish Harami** and **Bearish Harami** candlestick patterns on the selected timeframe, with configurable settings for how many prior candles to consider for pattern detection.
---
### **Features:**
1. **Timeframe Selection:**
- **Input Field for Timeframe**: The script allows users to choose the timeframe for detecting patterns. For instance, you can set it to 1 hour, 4 hours, or even daily candles, ensuring the detection works as per your chosen market view.
- This is controlled by the `input.timeframe` function, and the user is prompted to select the desired timeframe (e.g., "1h", "4h", "1d").
2. **Enable/Disable Pattern Detection:**
- The user has the flexibility to enable or disable the detection of **Bullish Harami** and **Bearish Harami** patterns.
- The two toggles `detectBullishHarami` and `detectBearishHarami` allow users to turn on/off the detection for each pattern type.
3. **Customizable Bearish Candle Count for Bullish Harami:**
- The user can define how many prior **bearish candles** should be present before a **Bullish Harami** can be detected.
- The input variable `bearishCandleCountBullish` lets you choose how many previous bearish candles to consider for detecting a **Bullish Harami** (for example, the last 3, 5, or 6 bearish candles).
4. **Customizable Bullish Candle Count for Bearish Harami:**
- Similar to the Bullish Harami, the script allows the user to define how many prior **bullish candles** should be present before a **Bearish Harami** pattern is detected.
- The input variable `bearishCandleCountBearish` lets you select how many previous bullish candles to check for **Bearish Harami**.
5. **Pattern Detection Logic:**
- **Bullish Harami**: Detected when a bearish candle (open > close) is followed by a smaller bullish candle (open < close) where the entire body of the second candle is contained within the body of the first candle.
- **Bearish Harami**: Detected when a bullish candle (open < close) is followed by a smaller bearish candle (open > close) where the entire body of the second candle is contained within the body of the first candle.
- Both patterns are subject to the user-defined conditions (number of previous bearish or bullish candles).
6. **Visual Indicators:**
- **Bullish Harami**: A green label is plotted **below the bar** to indicate a **Bullish Harami** pattern.
- **Bearish Harami**: A red label is plotted **above the bar** to indicate a **Bearish Harami** pattern.
- The labels are displayed using the `plotshape` function with custom colors and text.
7. **Additional Settings**:
- The script includes tooltips and descriptions for each input to make the settings clear for users, allowing even those unfamiliar with candlestick patterns to understand and use the indicator effectively.
---
### **How It Works:**
- The script first checks the specified timeframe and identifies the current and previous candlesticks.
- It then applies the user-defined conditions for detecting the **Bullish Harami** and **Bearish Harami** patterns by checking the relative positions and sizes of the candlesticks over the selected number of previous candles.
- Once a pattern is detected, it plots a label on the chart (green for **Bullish Harami** and red for **Bearish Harami**) at the appropriate location (below or above the candle).
- The script updates dynamically as the price action unfolds.
---
### **Use Cases:**
- **Traders**: This script is useful for traders who want to identify reversal patterns like **Bullish Harami** and **Bearish Harami** on their chosen timeframes and adjust the sensitivity by changing the number of prior candles for pattern detection.
- **Customization**: Users can fine-tune the script’s settings based on their specific trading strategy, adjusting both the timeframe and the number of candles for pattern detection.
---
### **Conclusion:**
This indicator is an effective tool for detecting candlestick patterns, specifically **Bullish Harami** and **Bearish Harami**, on **TradingView**. By allowing customization in terms of timeframe and the number of prior candles to consider, users can tailor the script to fit their trading strategy and market conditions.
Chỉ báo và chiến lược
Breakaway Fair Value Gaps [LuxAlgo]The Breakaway Fair Value Gap (FVG) is a typical FVG located at a point where the price is breaking new Highs or Lows.
🔶 USAGE
In the screenshot above, the price range is visualized by Donchian Channels.
In theory, the Breakaway FVGs should generally be a good indication of market participation, showing favor in the FVG's breaking direction. This is a combination of buyers or sellers pushing markets quickly while already at the highest high or lowest low in recent history.
While this described reasoning seems conventional, looking into it inversely seems to reveal a more effective use of these formations.
When the price is pushed to the extremities of the current range, the price is already potentially off balance and over-extended. Then an FVG is created, extending the price further out of balance.
With this in consideration, After identifying a Breakaway FVG, we could logically look for a reversion to re-balance the gap.
However, it would be illogical to believe that the FVG will immediately mitigate after formation. Because of this, the dashboard display for this indicator shows the analysis for the mitigation likelihood and timeliness.
In the example above, the information in the dashboard would read as follows (Bearish example):
Out of 949 Bearish Breakaway FVGs, 80.19% are shown to be mitigated within 60 bars, with the average mitigation time being 13 bars.
The other 19.81% are not mitigated within 60 bars. This could mean the FVG was mitigated after 60 bars, or it was never mitigated.
The unmitigated FVGs within the analysis window will extend their mitigation level to the current bar. We can see the number of bars since the formation is represented to the right of the live mitigation level.
Utilizing the current distance readout helps to better judge the likelihood of a level being mitigated.
Additionally, when considering these mitigation levels as targets, an additional indicator or analysis can be used to identify specific entries, which would further aid in a system's reliability.
🔶 SETTINGS
Trend Length: Sets the (DC) Trend length to use for Identifying Breakaway FVGs.
Show Mitigation Levels: Optionally hide mitigation levels if you would prefer only to see the Breakaway FVGs.
Maximum Duration: Sets the analysis duration for FVGs, Past this length in bars, the FVG is counted as "Un-Mitigated".
Show Dashboard: Optionally hide the dashboard.
Use Median Duration: Display the Median of the Bar Length data set rather than the Average.
Triangular Moving AverageTriangular Moving Average (TMA)
The Triangular Moving Average (TMA) indicator is a versatile tool designed for traders seeking a smoother trend-following experience. By applying a double-smoothing technique, the TMA reduces market noise and highlights significant price trends, making it an ideal choice for identifying direction and potential reversals.
Key Features:
Customizable Period: Adjust the period length to suit your trading strategy.
Selectable Price Type: Choose from Close, Open, High, Low, Median, Typical, or Weighted prices.
Multi-Timeframe Capability: Analyze trends across different timeframes for confluence.
This indicator also dynamically changes color to reflect trend direction, helping traders visualize momentum shifts more effectively:
Green: Bullish trend (upward movement).
Red: Bearish trend (downward movement).
Gray: Neutral or flat movement.
Disclaimer
This indicator is a technical analysis tool and should not be considered financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always do your own research and consult with a licensed financial advisor before making trading decisions. The author is not responsible for any losses incurred through the use of this indicator.
10% Drop from Current High - Akshay10% Drop from Current High TradingView Indicator
Description:
The "10% Drop from Current High" indicator dynamically tracks the highest price within a user-defined period and highlights when the current price drops by a specified percentage. This tool is invaluable for traders looking to monitor significant pullbacks or corrections from recent highs.
Key Features:
Customizable Drop Percentage:
Allows users to set the percentage drop to track, with a default value of 10%.
Configurable via an input field to suit different trading strategies and market conditions.
Lookback Period:
Tracks the highest price over a user-defined lookback period (default is 20 bars).
This ensures the indicator adapts to short-term or long-term market conditions based on user preferences.
Dynamic Levels:
Current High Level: Plots the highest price within the lookback period in blue.
Drop Level: Plots the calculated drop level (e.g., 10% below the current high) in red.
Visual Alerts:
Background Highlighting:
A translucent red background appears when the current price is at or below the drop level, signaling a significant pullback.
Shape Marker:
A downward label is plotted below the bar when the price touches or falls below the drop level, providing cSet Alerts:lear visual feedback.
Overlay on Price Chart:
The indicator is plotted directly on the price chart (overlay=true), ensuring seamless integration with other technical analysis tools.
Use Case:
This indicator is designed for traders who want to:
Monitor Pullbacks:
Identify when the price of an asset experiences a defined percentage drop from its recent high, signaling potential reversal zones or buying opportunities.
Use visual cues to react quickly to price movements.
Analyze Trends:
Combine with other indicators to assess the strength of trends and corrections.
Customization Options:
Drop Percentage: Adjust the percentage drop to track based on asset volatility and trading strategy.
Lookback Period: Modify the lookback period to focus on short-term (e.g., 5 bars) or long-term (e.g., 50 bars) price highs.
This indicator provides a flexible and intuitive way to track price pullbacks, helping traders make informed decisions and stay ahead in dynamic market conditions.
Fancy Oscillator Screener [Daveatt]⬛ OVERVIEW
Building upon LeviathanCapital original RSI Screener (), this enhanced version brings comprehensive technical analysis capabilities to your trading workflow. Through an intuitive grid display, you can monitor multiple trading instruments simultaneously while leveraging powerful indicators to identify market opportunities in real-time.
⬛ FEATURES
This script provides a sophisticated visualization system that supports both cross rates and heat map displays, allowing you to track exchange rates and percentage changes with ease. You can organize up to 40 trading pairs into seven customizable groups, making it simple to focus on specific market segments or trading strategies.
If you overlay on any circle/asset on the chart, you'll see the accurate oscillator value displayed for that asset
⬛ TECHNICAL INDICATORS
The screener supports the following oscillators:
• RSI - the oscillator from the original script version
• Awesome Oscillator
• Chaikin Oscillator
• Stochastic RSI
• Stochastic
• Volume Oscillator
• CCI
• Williams %R
• MFI
• ROC
• ATR Multiple
• ADX
• Fisher Transform
• Historical Volatility
• External : connect your own custom oscillator
⬛ DYNAMIC SCALING
One of the key improvements in this version is the implementation of dynamic chart scaling. Unlike the original script which was optimized for RSI's 0-100 range, this version automatically adjusts its scale based on the selected oscillator.
This adaptation was necessary because different indicators operate on vastly different numerical ranges - for instance, CCI typically ranges from -200 to +200, while Williams %R operates from -100 to 0.
The dynamic scaling ensures that each oscillator's data is properly displayed within its natural range, making the visualization both accurate and meaningful regardless of which indicator you choose to use.
⬛ ALERTS
I've integrated a comprehensive alert system that monitors both overbought and oversold conditions.
Users can now set custom threshold levels for their alerts.
When any asset in your monitored group crosses these thresholds, the system generates an alert, helping you catch potential trading opportunities without constant manual monitoring.
em will help you stay informed of market movements and potential trading opportunities.
I hope you'll find this tool valuable in your trading journey
All the BEST,
Daveatt
Fourier Extrapolation of PriceThis advanced algorithm leverages Fourier analysis to predict price trends by decomposing historical price data into its frequency components. Unlike traditional algorithms that often operate in lower-dimensional spaces, this method harnesses a multidimensional approach to capture intricate market behaviors. By utilizing additional dimensions, the algorithm identifies and extrapolates subtle patterns and oscillations that are typically overlooked, providing a more robust and nuanced forecast.
Ideal for traders seeking a deeper understanding of market dynamics, this tool offers an enhanced predictive capability by aligning its calculations with the complexity of real-world financial systems.
DNSE VN301!, SMA & EMA Cross StrategyDiscover the tailored Pinescript to trade VN30F1M Future Contracts intraday, the strategy focuses on SMA & EMA crosses to identify potential entry/exit points. The script closes all positions by 14:25 to avoid holding any contracts overnight.
HNX:VN301!
www.tradingview.com
Setting & Backtest result:
1-minute chart, initial capital of VND 100 million, entering 4 contracts per time, backtest result from Jan-2024 to Nov-2024 yielded a return over 40%, executed over 1,000 trades (average of 4 trades/day), winning trades rate ~ 30% with a profit factor of 1.10.
The default setting of the script:
A decent optimization is reached when SMA and EMA periods are set to 60 and 15 respectively while the Long/Short stop-loss level is set to 20 ticks (2 points) from the entry price.
Entry & Exit conditions:
Long signals are generated when ema(15) crosses over sma(60) while Short signals happen when ema(15) crosses under sma(60). Long orders are closed when ema(15) crosses under sma(60) while Short orders are closed when ema(15) crosses over sma(60).
Exit conditions happen when (whichever came first):
Another Long/Short signal is generated
The Stop-loss level is reached
The Cut-off time is reached (14:25 every day)
*Disclaimers:
Futures Contracts Trading are subjected to a high degree of risk and price movements can fluctuate significantly. This script functions as a reference source and should be used after users have clearly understood how futures trading works, accessed their risk tolerance level, and are knowledgeable of the functioning logic behind the script.
Users are solely responsible for their investment decisions, and DNSE is not responsible for any potential losses from applying such a strategy to real-life trading activities. Past performance is not indicative/guarantee of future results, kindly reach out to us should you have specific questions about this script.
---------------------------------------------------------------------------------------
Khám phá Pinescript được thiết kế riêng để giao dịch Hợp đồng tương lai VN30F1M trong ngày, chiến lược tập trung vào các đường SMA & EMA cắt nhau để xác định các điểm vào/ra tiềm năng. Chiến lược sẽ đóng tất cả các vị thế trước 14:25 để tránh giữ bất kỳ hợp đồng nào qua đêm.
Thiết lập & Kết quả backtest:
Chart 1 phút, vốn ban đầu là 100 triệu đồng, vào 4 hợp đồng mỗi lần, kết quả backtest từ tháng 1/2024 tới tháng 11/2024 mang lại lợi nhuận trên 40%, thực hiện hơn 1.000 giao dịch (trung bình 4 giao dịch/ngày), tỷ lệ giao dịch thắng ~ 30% với hệ số lợi nhuận là 1,10.
Thiết lập mặc định của chiến lược:
Đạt được một mức tối ưu ổn khi SMA và EMA periods được đặt lần lượt là 60 và 15 trong khi mức cắt lỗ được đặt thành 20 tick (2 điểm) từ giá vào.
Điều kiện Mở và Đóng vị thế:
Tín hiệu Long được tạo ra khi ema(15) cắt trên sma(60) trong khi tín hiệu Short xảy ra khi ema(15) cắt dưới sma(60). Lệnh Long được đóng khi ema(15) cắt dưới sma(60) trong khi lệnh Short được đóng khi ema(15) cắt lên sma(60).
Điều kiện đóng vị thể xảy ra khi (tùy điều kiện nào đến trước):
Một tín hiệu Long/Short khác được tạo ra
Giá chạm mức cắt lỗ
Lệnh chưa đóng nhưng tới giờ cut-off (14:25 hàng ngày)
*Tuyên bố miễn trừ trách nhiệm:
Giao dịch hợp đồng tương lai có mức rủi ro cao và giá có thể dao động đáng kể. Chiến lược này hoạt động như một nguồn tham khảo và nên được sử dụng sau khi người dùng đã hiểu rõ cách thức giao dịch hợp đồng tương lai, đã đánh giá mức độ chấp nhận rủi ro của bản thân và hiểu rõ về logic vận hành của chiến lược này.
Người dùng hoàn toàn chịu trách nhiệm về các quyết định đầu tư của mình và DNSE không chịu trách nhiệm về bất kỳ khoản lỗ tiềm ẩn nào khi áp dụng chiến lược này vào các hoạt động giao dịch thực tế. Hiệu suất trong quá khứ không chỉ ra/cam kết kết quả trong tương lai, vui lòng liên hệ với chúng tôi nếu bạn có thắc mắc cụ thể về chiến lược giao dịch này.
Session High/Low Average & Range [1CG]The Session High/Low Average & Range indicator independently measures the average price movement from the opening price in each direction. It also displays the maximum high and low distance, called Range. Separating the averages and range into highs and lows helps analyze the volatility of the market as well as the direction.
USE EXAMPLES
Session Open
Session Close
Customization
Minimal - 1x and 2x Averages are replaced with custom lines, in order to show distance to3x.
Calculations
Average High: (high price of session - session opening price) / (session period)
Average Low: (session opening price - low price of session) / (session period)
Range High: The highest price of the last (session period)
Range Low: The lowest price of the last (session period)
INPUTS
Session
Here you can choose the hours for your session and time zone. The default is London session in New York time. Next, the session period determines how many sessions to sample from for the average and range lines, the default is 20. Lastly, you can choose the number of sessions to appear on the chart not including the current session if you are in one, 5 by default.
Lines
All of the lines allow you to change the color, width, and style. They also have a label option to choose to display the price. The bottom of the section allows you to change the location and size of the label text.
**Open Line** -Displays the opening price for the length of the session.
**Average Lines** - Displays the 1x, 2x, and 3x the average distance from open in each direction. Additionally, you can toggle a background color to highlight the area.
**Custom Lines** - Displays a customizable multiple of either the average or range. By default the first custom line displays the Range at a 1x multiplier and the second line displays an Average at a 1.5x multiplier
Display Distance
Here you can choose to display the distance from the lines to the open. This data is marked with a “Δ”. For the three Average lines this will display in the area between the line and the open in the position and size of your choice. The custom lines will have the distance information displayed on the line itself. This helps keep the data organized.
ManipulationLegHelperLibraryLibrary "ManipulationLegHelperLibrary"
TODO: add library description here
devToArray(dev)
Parameters:
dev (string)
getDev(d, bull, h, l)
Parameters:
d (float)
bull (bool)
h (float)
l (float)
getBearLeg(sweeps, minLegSize, drawLegBox, boxColor)
Parameters:
sweeps (int)
minLegSize (float)
drawLegBox (bool)
boxColor (color)
getBullLeg(sweeps, minSize, drawBox, boxColor)
Parameters:
sweeps (int)
minSize (float)
drawBox (bool)
boxColor (color)
leg
Fields:
time (series int)
low (series float)
high (series float)
edge (series bool)
edge_price (series float)
validated (series int)
sweeps (series int)
barC (series int)
bx (series box)
EMAs MTF (Miu)This indicator plots multiple EMA (Exponential Moving Average) on chart.
You can set up to 3 different EMA for the current timeframe and you can add up to 3 more different EMA with a different timeframe. So you can have up to 6 EMAs on your chart.
This way you can easily see multiple EMA lines with a single indicator to setup.
Indicator will automaticaly plot labels with symbol's price, timeframe and which EMA is set for easy identification.
You can also set an alert that will trigger anytime current price crosses any active EMA.
Alerts will provide detailed information such as:
1) Symbol
2) Which EMA and timeframe that has been crossed
3) Current symbol price
Feel free to give feedbacks on comments section below. Suggestions are welcome.
Enjoy!
Trend Stability Index (TSI)Overview
The Trend Stability Index (TSI) is a technical analysis tool designed to evaluate the stability of a market trend by analyzing both price movements and trading volume. By combining these two crucial elements, the TSI provides traders with insights into the strength and reliability of ongoing trends, assisting in making informed trading decisions.
Key Features
• Dual Analysis: Integrates price changes and volume fluctuations to assess trend stability.
• Customizable Periods: Allows users to set evaluation periods for both trend and volume based on their trading preferences.
• Visual Indicators: Displays the Trend Stability Index as a line chart, highlights neutral zones, and uses background colors to indicate trend stability or instability.
Configuration Settings
1. Trend Length (trendLength)
• Description: Determines the number of periods over which the price stability is evaluated.
• Default Value: 15
• Usage: A longer trend length smooths out short-term volatility, providing a clearer picture of the overarching trend.
2. Volume Length (volumeLength)
• Description: Sets the number of periods over which trading volume changes are assessed.
• Default Value: 15
• Usage: Adjusting the volume length helps in capturing significant volume movements that may influence trend strength.
Calculation Methodology
The Trend Stability Index is calculated through a series of steps that analyze both price and volume changes:
1. Price Change Rate (priceChange)
• Calculation: Utilizes the Rate of Change (ROC) function on the closing prices over the specified trendLength.
• Purpose: Measures the percentage change in price over the trend evaluation period, indicating the direction and momentum of the price movement.
2. Volume Change Rate (volumeChange)
• Calculation: Applies the Rate of Change (ROC) function to the trading volume over the specified volumeLength.
• Purpose: Assesses the percentage change in trading volume, providing insight into the conviction behind price movements.
3. Trend Stability (trendStability)
• Calculation: Multiplies priceChange by volumeChange.
• Purpose: Combines price and volume changes to gauge the overall stability of the trend. A higher positive value suggests a strong and stable trend, while negative values may indicate trend weakness or reversal.
4. Trend Stability Index (TSI)
• Calculation: Applies a Simple Moving Average (SMA) to the trendStability over the trendLength period.
• Purpose: Smooths the trend stability data to create a more consistent and interpretable index.
Trend/Ranging Determination
• Stable Trend (isStable)
• Condition: When the TSI value is greater than 0.
• Interpretation: Indicates that the current trend is stable and likely to continue in its direction.
• Unstable Trend / Range-bound Market
• Condition: When the TSI value is less than or equal to 0.
• Interpretation: Suggests that the trend may be weakening, reversing, or that the market is moving sideways without a clear direction.
Visualization
The TSI indicator employs several visual elements to convey information effectively:
1. TSI Line
• Representation: Plotted as a blue line.
• Purpose: Displays the Trend Stability Index values over time, allowing traders to observe trend stability dynamics.
2. Neutral Horizontal Line
• Representation: A gray horizontal line at the 0 level.
• Purpose: Serves as a reference point to distinguish between stable and unstable trends.
3. Background Color
• Stable Trend: Green background with 80% transparency when isStable is true.
• Unstable Trend: Red background with 80% transparency when isStable is false.
• Purpose: Provides an immediate visual cue about the current trend’s stability, enhancing the interpretability of the indicator.
Usage Guidelines
• Identifying Trend Strength: Utilize the TSI to confirm the strength of existing trends. A consistently positive TSI suggests strong trend momentum, while a negative TSI may signal caution or a potential reversal.
• Volume Confirmation: The integration of volume changes helps in validating price movements. Significant price changes accompanied by corresponding volume shifts can reinforce the reliability of the trend.
• Entry and Exit Signals: Traders can use crossovers of the TSI with the neutral line (0 level) as potential entry or exit points. For instance, a crossover from below to above 0 may indicate a bullish trend initiation, while a crossover from above to below 0 could suggest bearish momentum.
• Combining with Other Indicators: To enhance trading strategies, consider using the TSI in conjunction with other technical indicators such as Moving Averages, RSI, or MACD for comprehensive market analysis.
Example Scenario
Imagine analyzing a stock with the following observations using the TSI:
• The TSI has been consistently above 0 for the past 30 periods, accompanied by increasing trading volume. This scenario indicates a strong and stable uptrend, suggesting that buying opportunities may be favorable.
• Conversely, if the TSI drops below 0 while the price remains relatively flat and volume decreases, it may imply that the current trend is losing momentum, and the market could be entering a consolidation phase or preparing for a trend reversal.
Conclusion
The Trend Stability Index is a valuable tool for traders seeking to assess the reliability and strength of market trends by integrating price and volume dynamics. Its customizable settings and clear visual indicators make it adaptable to various trading styles and market conditions. By incorporating the TSI into your trading analysis, you can enhance your ability to identify and act upon stable and profitable trends.
MktCumTickThis script is a market sentiment indicator that calculates the cumulative TICK (Trade Imbalance Sentiment) for four major markets: NYSE (New York Stock Exchange), NASDAQ (National Association of Securities Dealers Automated Quotations), Dow Jones, and AMEX (American Stock Exchange).
Here's a breakdown of the script:
1. Market data requests: The script requests data for the four markets, including:
- TICK (Trade Imbalance Sentiment) data
- HLC3 (High, Low, Close) data
- ADVN (Advancing issues), DECL (Declining issues), and UNCH (Unchanged issues) data
2. Cumulative TICK calculation: The script calculates the cumulative TICK for each market by dividing the TICK data by the maximum TICK value for each market.
3. Plotting: The script plots the cumulative TICK values for each market as separate lines on the chart.
4. Background color: The script changes the background color of the chart based on the cumulative TICK values. If all four markets have decreasing cumulative TICK values, the background color turns red. If all four markets have increasing cumulative TICK values, the background color turns green.
The purpose of this indicator is to provide a visual representation of market sentiment across multiple markets. By analyzing the cumulative TICK values, traders can gain insights into market trends and make more informed trading decisions.
Some possible uses of this indicator include:
- Identifying market trends and sentiment
- Confirming trade entries and exits
- Monitoring market conditions and adjusting trading strategies accordingly
Top-Down Trend and Key Levels with Swing Points//by antaryaami0
Overview
The “Top-Down Trend and Key Levels with Swing Points” indicator is a comprehensive tool designed to enhance your technical analysis by integrating multiple trading concepts into a single, easy-to-use script. It combines higher timeframe trend analysis, key price levels, swing point detection, and ranging market identification to provide a holistic view of market conditions. This indicator is particularly useful for traders who employ multi-timeframe analysis, support and resistance levels, and price action strategies.
Key Features
1. Higher Timeframe Trend Background Shading:
• Purpose: Identifies the prevailing trend on a higher timeframe to align lower timeframe trading decisions with the broader market direction.
• How it Works: The indicator compares the current higher timeframe close with the previous one to determine if the trend is up, down, or ranging.
• Customization:
• Trend Timeframe: Set your preferred higher timeframe (e.g., Daily, Weekly).
• Up Trend Color & Down Trend Color: Customize the background colors for uptrends and downtrends.
• Ranging Market Color: A separate color to indicate when the market is moving sideways.
2. Key Price Levels:
• Previous Day High (PDH) and Low (PDL):
• Purpose: Identifies key support and resistance levels from the previous trading day.
• Visualization: Plots horizontal lines at PDH and PDL with labels.
• Customization: Option to show or hide these levels and customize their colors.
• Pre-Market High (PMH) and Low (PML):
• Purpose: Highlights the price range during the pre-market session, which can indicate potential breakout levels.
• Visualization: Plots horizontal lines at PMH and PML with labels.
• Customization: Option to show or hide these levels and customize their colors.
3. First 5-Minute Marker (F5H/F5L):
• Purpose: Marks the high or low of the first 5 minutes after the market opens, which is significant for intraday momentum.
• How it Works:
• If the first 5-minute high is above the Pre-Market High (PMH), an “F5H” label is placed at the first 5-minute high.
• If the first 5-minute high is below the PMH, an “F5L” label is placed at the first 5-minute low.
• Visualization: Labels are placed at the 9:35 AM candle (closing of the first 5 minutes), colored in purple by default.
• Customization: Option to show or hide the marker and adjust the marker color.
4. Swing Points Detection:
• Purpose: Identifies significant pivot points in price action to help recognize trends and reversals.
• How it Works: Uses left and right bars to detect pivot highs and lows, then determines if they are Higher Highs (HH), Lower Highs (LH), Higher Lows (HL), or Lower Lows (LL).
• Visualization: Plots small markers (circles) with labels (HH, LH, HL, LL) at the corresponding swing points.
• Customization: Adjust the number of left and right bars for pivot detection and the size of the markers.
5. Ranging Market Detection:
• Purpose: Identifies periods when the market is consolidating (moving sideways) within a defined price range.
• How it Works: Calculates the highest high and lowest low over a specified period and determines if the price range is within a set percentage threshold.
• Visualization: Draws a gray box around the price action during the ranging period and labels the high and low prices at the end of the range.
• Customization: Adjust the range detection period and threshold, as well as the box color.
6. Trend Coloring on Chart:
• Purpose: Provides a visual cue for the short-term trend based on a moving average.
• How it Works: Colors the candles green if the price is above the moving average and red if below.
• Customization: Set the moving average length and customize the uptrend and downtrend colors.
How to Use the Indicator
1. Adding the Indicator to Your Chart:
• Copy the Pine Script code provided and paste it into the Pine Script Editor on TradingView.
• Click “Add to Chart” to apply the indicator.
2. Configuring Inputs and Settings:
• Access Inputs:
• Click on the gear icon next to the indicator’s name on your chart to open the settings.
• Customize Key Levels:
• Show Pre-Market High/Low: Toggle on/off.
• Show Previous Day High/Low: Toggle on/off.
• Show First 5-Minute Marker: Toggle on/off.
• Set Trend Parameters:
• Trend Timeframe for Background: Choose the higher timeframe for trend analysis.
• Moving Average Length for Bar Color: Set the period for the moving average used in bar coloring.
• Adjust Ranging Market Detection:
• Range Detection Period: Specify the number of bars to consider for range detection.
• Range Threshold (%): Set the maximum percentage range for the market to be considered ranging.
• Customize Visuals:
• Colors: Adjust colors for trends, levels, markers, and ranging market boxes.
• Label Font Size: Choose the size of labels displayed on the chart.
• Level Line Width: Set the thickness of the lines for key levels.
3. Interpreting the Indicator:
• Background Shading:
• Green Shade: Higher timeframe is in an uptrend.
• Red Shade: Higher timeframe is in a downtrend.
• Gray Box: Market is ranging (sideways movement).
• Key Levels and Markers:
• PDH and PDL Lines: Represent resistance and support from the previous day.
• PMH and PML Lines: Indicate potential breakout levels based on pre-market activity.
• F5H/F5L Labels: Early indication of intraday momentum after market open.
• Swing Point Markers:
• HH (Higher High): Suggests bullish momentum.
• LH (Lower High): May indicate a potential bearish reversal.
• HL (Higher Low): Supports bullish continuation.
• LL (Lower Low): Indicates bearish momentum.
• Ranging Market Box:
• Gray Box Around Price Action: Highlights consolidation periods where breakouts may occur.
• Range High and Low Labels: Provide the upper and lower bounds of the consolidation zone.
4. Applying the Indicator to Your Trading Strategy:
• Trend Alignment:
• Use the higher timeframe trend shading to align your trades with the broader market direction.
• Key Levels Trading:
• Watch for price reactions at PDH, PDL, PMH, and PML for potential entry and exit points.
• Swing Points Analysis:
• Identify trend continuations or reversals by observing the sequence of HH, HL, LH, and LL.
• Ranging Market Strategies:
• During ranging periods, consider range-bound trading strategies or prepare for breakout trades when the price exits the range.
• Intraday Momentum:
• Use the F5H/F5L marker to gauge early market sentiment and potential intraday trends.
Practical Tips
• Adjust Settings to Your Trading Style:
• Tailor the indicator’s inputs to match your preferred timeframes and trading instruments.
• Combine with Other Indicators:
• Use in conjunction with volume indicators, oscillators, or other technical tools for additional confirmation.
• Backtesting:
• Apply the indicator to historical data to observe how it performs and refine your settings accordingly.
• Stay Updated on Market Conditions:
• Be aware of news events or economic releases that may impact market behavior and the effectiveness of technical levels.
Customization Options
• Time Zone Adjustment:
• The script uses “America/New_York” time zone by default. Adjust the timezone variable in the script if your chart operates in a different time zone.
var timezone = "Your/Timezone"
• Session Times:
• Modify the Regular Trading Session and Pre-Market Session times in the indicator settings to align with the trading hours of different markets or exchanges.
• Visual Preferences:
• Colors: Personalize the indicator’s colors to suit your visual preferences or to enhance visibility.
• Label Sizes: Adjust label sizes if you find them too intrusive or not prominent enough.
• Marker Sizes: Further reduce or enlarge the swing point markers by modifying the swing_marker_size variable.
Understanding the Indicator’s Logic
1. Higher Timeframe Trend Analysis:
• The indicator retrieves the closing prices of a higher timeframe using the request.security() function.
• It compares the current higher timeframe close with the previous one to determine the trend direction.
2. Key Level Calculation:
• Previous Day High/Low: Calculated by tracking the highest and lowest prices of the previous trading day.
• Pre-Market High/Low: Calculated by monitoring price action during the pre-market session.
3. First 5-Minute Marker Logic:
• At 9:35 AM (end of the first 5 minutes after market open), the indicator evaluates whether the first 5-minute high is above or below the PMH.
• It then places the appropriate label (F5H or F5L) on the chart.
4. Swing Points Detection:
• The script uses ta.pivothigh() and ta.pivotlow() functions to detect pivot points.
• It then determines the type of swing point based on comparisons with previous swings.
5. Ranging Market Detection:
• The indicator looks back over a specified number of bars to find the highest high and lowest low.
• It calculates the percentage difference between these two points.
• If the difference is below the set threshold, the market is considered to be ranging, and a box is drawn around the price action.
Limitations and Considerations
• Indicator Limitations:
• Maximum Boxes and Labels: Due to Pine Script limitations, there is a maximum number of boxes and labels that can be displayed simultaneously.
• Performance Impact: Adding multiple visual elements (boxes, labels, markers) can affect the performance of the script on lower-end devices or with large amounts of data.
• Market Conditions:
• False Signals: Like any technical tool, the indicator may produce false signals, especially during volatile or erratic market conditions.
• Not a Standalone Solution: This indicator should be used as part of a comprehensive trading strategy, including risk management and other forms of analysis.
Conclusion
The “Top-Down Trend and Key Levels with Swing Points” indicator is a versatile tool that integrates essential aspects of technical analysis into one script. By providing insights into higher timeframe trends, highlighting key price levels, detecting swing points, and identifying ranging markets, it equips traders with valuable information to make more informed trading decisions. Whether you are a day trader looking for intraday opportunities or a swing trader aiming to align with the broader trend, this indicator can enhance your chart analysis and trading strategy.
Disclaimer
Trading involves significant risk, and it’s important to understand that past performance is not indicative of future results. This indicator is a tool to assist in analysis and should not be solely relied upon for making trading decisions. Always conduct thorough research and consider seeking advice from financial professionals before engaging in trading activities.
Daily High/Low Levels with mitigationThis Pine Script script defines a TradingView indicator named "Daily High/Low Levels" designed to track and display the daily high and low levels of a trading session, with added functionality for marking levels as mitigated when certain conditions are met. Here's a breakdown of its functionality:
Key Features
Session Start Time: The script allows you to specify a custom session start time in 24-hour format. This ensures the levels align with your trading session preferences.
Daily Highs and Lows:
Tracks the high and low levels for each session.
Retains the highs and lows for a configurable number of previous days.
Visualization:
Creates horizontal lines for each session's high and low levels.
Supports customization of line colors and styles.
Mitigation Tracking:
Monitors whether a high or low level has been "mitigated" (touched or exceeded by subsequent price action).
Changes the line style and color to indicate mitigation.
Provides an alert when mitigation occurs.
Configurable Extensions:
Lines can be extended beyond mitigation or stopped at the bar index where mitigation occurs, depending on user preference.
Efficient Array Management:
Uses arrays to manage daily highs, lows, their respective indices, and lines.
Ensures the size of stored data does not exceed the configured limit (daysToTrack).
Alerts:
Sends alerts when high or low levels are mitigated, which can be used for trading decisions.
Inputs
Session Start Hour/Minute: Defines when a new session starts.
Days to Track: Sets the number of previous days to display high/low levels.
Colors: Allows customization of line colors for unmitigated and mitigated levels.
Extend Lines: Toggles whether lines should extend past the mitigation point.
Code Highlights
New Session Detection: The script detects the start of a new session based on the configured session start time and resets daily highs/lows.
Line Management: Horizontal rays are created for highs and lows, and mitigated lines are updated with a dashed style and faded color.
Mitigation Logic: The script checks whether current price action exceeds stored high or low levels and updates their status and appearance accordingly.
Memory Management: Ensures the size of the arrays (highs, lows, lines) does not exceed the configured daysToTrack, deleting the oldest elements as necessary.
This indicator is highly customizable and useful for traders who want to track and analyze daily support and resistance levels, incorporating mitigation as a dynamic feature.
True Range Trend StrengthThis script is designed to analyze trend strength using True Range calculations alongside Donchian Channels and smoothed moving averages. It provides a dynamic way to interpret market momentum, trend reversals, and anticipate potential entry points for trades.
Key Functionalities:
Trend Strength Oscillator:
Calculates trend strength based on the difference between long and short momentum derived from ATR (Average True Range) adjusted stop levels.
Smooths the trend strength using a simple moving average for better readability.
Donchian Channels on Trend Strength Oscillator:
Plots upper and lower Donchian Channels on the smoothed trend strength oscillator.
Traders can use these levels to anticipate breakout points and determine the strength of a trend.
Zero-Cross Shading:
Highlights bullish and bearish zones with shaded backgrounds:
Green for bullish zones where smoothed trend strength is above zero.
Red for bearish zones where smoothed trend strength is below zero.
Moving Averages for Oscillator:
Overlays fast and slow moving averages on the oscillator to provide crossover signals:
Fast MA Cross Above Slow MA: Indicates bullish momentum.
Fast MA Cross Below Slow MA: Indicates bearish momentum.
Alerts:
Alerts are available for MA crossovers, allowing traders to receive timely notifications about potential trend reversals or continuation signals.
Anticipating Entries with Donchian Channels:
The integration of Donchian Channels offers an edge in anticipating excellent trade entries.
Traders can use the oscillator's position relative to the channels to gauge oversold/overbought conditions or potential breakouts.
Use Case:
This script is particularly useful for traders looking to:
Identify the strength and direction of market trends.
Time entries and exits based on dynamic Donchian Channel levels and trend strength analysis.
Incorporate moving averages and visual cues for better decision-making.
RagiBaba's 3:1 Risk-to-Reward Tool with LeverageThis indicator allows you to visualize a 3:1 risk-to-reward ratio for your trades on the chart. It automatically calculates and displays the Stop Loss and Take Profit levels based on your input for:
Entry Price
Trade Amount ($)
Risk Amount ($)
Leverage (x)
You can adjust the following settings:
Trade Direction: Choose between a Long or Short position.
Leverage: Enter the leverage value (e.g., 25x).
Entry Price: Set the price at which you plan to enter the trade.
Risk and Reward: Input the amount of money you're willing to risk and the desired reward (automatically calculated as 3 times your risk).
Label Position: Choose the label position for Entry, Stop, and Target (left, center, or right on the chart).
Each line has a corresponding label showing the price for Entry, Stop Loss, and Take Profit. The labels can be positioned on the left, center, or right side of the chart for better readability.
This tool helps you manage your trades by giving you clear visual cues for your entry, stop loss, and take profit levels with the option to adjust for leverage.
GapDetectGap Severity Analysis Library
This library, GapDetect , simplifies the identification and evaluation of overnight gaps by leveraging statistical metrics such as standard deviation and percentage moves. It is ideal for detecting large abnormal gaps which may be used to modify how strategies may decide to enter or exit.
Key Features:
Overnight Gap Detection
Provides two core functions:
today : Computes the value of today's overnight gap.
todayPercent : Computes the percentage change for today's overnight gap.
Volatility Analysis
Includes functions for statistical gap analysis:
normal : Calculates the normal daily standard deviation of the overnight gap, filtering outliers using customizable thresholds.
normalPercent : Similar to normal , but for percentage-based gap moves.
Gap Severity Metric
severity : a positive or negative value that represents the ratio of the current overnight move compared to the standard deviation of previous ones.
Customizable Parameters
Supports custom session specifications, resolutions, and outlier thresholds.
User-Variable Low-Volume CalculatorThe indicator will look at the last 20x, 50x candles (user defined setting) and take the highest volume value in this period.
It will then mark a solid line against the volume, calculated by a user defined variable percentage (default 16%).
If you determine any volume values that are under 16% (for example) of the highest volume candles in any given period, this indicator will paint this 16% level onto a volume chart for you, this is useful to quickly and conveniently see which candles held a volume below this level
UVR Crypto TrendINDICATOR OVERVIEW: UVR CRYPTO TREND
The UVR Crypto Trend indicator is a custom-built tool designed specifically for cryptocurrency markets, utilizing advanced volatility, momentum, and trend-following techniques. It aims to identify trend reversals and provide buy and sell signals by analyzing multiple factors, such as price volatility(UVR), RSI (Relative Strength Index), CMF (Chaikin Money Flow), and EMA (Exponential Moving Average). The indicator is optimized for CRYPTO MARKETS only.
KEY FEATURES AND HOW IT WORKS
Volatility Analysis with UVR
The UVR (Ultimate Volatility Rate) is a proprietary calculation that measures market volatility by comparing significant price extremes and smoothing the data over time.
Purpose: UVR aims to reduce noise in low-volatility environments and highlight significant movements during higher-volatility periods. While it strives to improve filtering in low-volatility conditions, it does not guarantee perfect performance, making it a balanced and adaptable tool for dynamic markets like cryptocurrency.
HOW UVR (ULTIMATE VOLATILITY RATE) IS CALCULATED
UVR is calculated using a method that ensures precise measurement of market volatility by comparing price extremes across consecutive candles:
Volatility Components:
Two values are calculated to represent potential price fluctuations:
The absolute difference between the current candle's high and the previous candle's low:
Volatility Component 1=∣High−Low ∣
The absolute difference between the previous candle's high and the current candle's low:
Volatility Component 2=∣High −Low∣
Volatility Ratio:
The larger of the two components is selected as the Volatility Ratio, ensuring UVR captures the most significant movement:
Volatility Ratio=max(Volatility Component 1,Volatility Component 2)
Smoothing with SMMA:
To stabilize the volatility calculation, the Volatility Ratio is smoothed using a Smoothed Moving Average (SMMA) over a user-defined period (e.g., 14 candles):
UVR=(UVR(Previous)×(Period−1)+Volatility Ratio)/Period
This calculation ensures UVR adapts dynamically to market conditions, focusing on significant price movements while filtering out noise.
RSI FOR MOMENTUM DETECTION
RSI (Relative Strength Index) identifies overbought and oversold conditions.
Trend Confirmation at the 50 Level
RSI values crossing above 50 signal the potential start of an upward trend.
RSI values crossing below 50 indicate the potential start of a downward trend.
Key Reversals at Extreme Levels
RSI detects trend reversals at overbought (>70) and oversold (<30) levels.
For example:
Overbought Trend Reversal: RSI >70 followed by bearish price action signals a potential downtrend.
Oversold Trend Reversal: RSI <30 with bullish confirmation signals a potential uptrend.
Rare Extreme RSI Readings
Extreme levels, such as RSI <12 (oversold) or RSI >88 (overbought), are used to identify rare yet powerful reversals.
---HOW IT DIFFERS FROM OTHER INDICATORS---
Using UVR High and Low Values
The Ultimate Volatility Rate (UVR) focuses on analyzing the high and low price ranges of the market to measure volatility.
Unlike traditional trend indicators that rely primarily on momentum or moving average crossovers, UVR leverages price extremes to better identify trend reversals.
This approach ensures fewer false signals during low-volatility phases and more accurate trend detection during high-volatility conditions.
UVR as the Core Component
The indicator is fundamentally built around UVR as the primary filter, while supporting tools like RSI (momentum detection), CMF (volume confirmation), and EMA (trend validation) complement its functionality.
By integrating these additional components, the indicator provides a multidimensional analysis rather than relying solely on a single approach.
Dynamic Adaptation to Volatility
UVR dynamically adjusts to market conditions, striving to improve filtering in low-volatility phases. While not flawless, this approach minimizes false signals and adapts more effectively to varying levels of market activity.
Trend Clouds for Visual Guidance
UVR-based dynamic clouds visually mark high and low price areas, highlighting potential consolidation or retracement zones.
These clouds serve as guides for setting stop-loss or take-profit levels, offering clear risk management strategies.
BUY AND SELL SIGNAL LOGIC
BUY CONDITIONS
Momentum-Based Buy-Entry
RSI >50, CMF >0, and the close price is above EMA50.
The price difference between open and close exceeds a threshold based on UVR.
Oversold Reversal
RSI <30 and CMF >0 with a strong bullish candle (close > open and UVR-based sensitivity filter).
Breakout Confirmation
The price breaks above a previously identified resistance, with conditions for RSI and CMF supporting the breakout.
Reversal from Oversold RSI Extreme
RSI <12 on the previous candle with a strong rebound on the current candle with UVR confirmation filter.
SELL CONDITIONS
Momentum-Based Sell-Entry
RSI <50, CMF <0, and the close price is below EMA50.
The price difference between open and close exceeds the UVR threshold.
Overbought Reversal
RSI >70 with bearish price action (open > close and UVR-based sensitivity filter).
Breakdown Confirmation
The price breaks below a previously identified support, with RSI and CMF supporting the breakdown.
Reversal from Overbought RSI Extreme
RSI >88 on the previous candle with a bearish confirmation on the current candle with UVR confirmation filter.
BUY AND SELL SIGNALS VISUALIZATION
The UVR Crypto Trend Indicator visually represents buy and sell conditions using dynamic plots, making it easier for traders to interpret and act on the signals. Below is an explanation of the visual representation:
Buy Signals and Visualization
Signal Trigger:
A buy signal is generated when one of the defined Buy Conditions is met (e.g., RSI >50, CMF >0, price above EMA50).
Visual Representation:
A blue upward arrow appears at the candle where the buy condition is triggered.
A blue cloud forms above the price candles, representing the strength of the bullish trend. The cloud dynamically adapts to market volatility, using the UVR calculation to mark support zones or consolidation levels.
Purpose of the Blue Cloud:
It acts as a visual guide for price movements and stay horizontal when the trend is not moving up
Sell Signals and Visualization
Signal Trigger:
A sell signal is generated when one of the defined Sell Conditions is met (e.g., RSI <50, CMF <0, price below EMA50).
Visual Representation:
A red downward arrow appears at the candle where the sell condition is triggered.
A red cloud forms below the price candles, representing the strength of the bearish trend. Like the blue cloud, it uses the UVR calculation to dynamically mark resistance zones or potential retracement levels.
Purpose of the Red Cloud:
It acts as a visual guide for price movements and stay horizontal when the trend is not moving down.
CONCLUSION
The UVR Crypto Trend indicator provides a powerful tool for trend reversal detection by combining volatility analysis, momentum confirmation, and trend-following techniques. Its unique use of the Ultimate Volatility Rate (UVR) as a core element, supported by proven indicators like RSI, CMF, and EMA, ensures reliable and actionable signals tailored for the crypto market's dynamic nature. By leveraging UVR’s high and low price range analysis, it achieves a level of precision that traditional indicators lack, making it a high-performing system for cryptocurrency traders.
Fibonacci Snap Tool [TradersPro]
OVERVIEW
The Fibonacci Snap tool automatically snaps to the swing high and swing low of the price data shown on the chart display. Fibonacci retracement levels can be used for entry, exit, or as a confirmation of trend continuation.
If the swing high on the chart comes before the swing low, the price is in a downtrend.If the swing high comes after the swing low, the price is in an uptrend.
We call the 23.60% Fibonacci level the momentum zone of the trend. Price in a solid trend, either up or down, will typically hold the 23.60% Fibonacci level as support (demand) in an uptrend or resistance (supply) in a downtrend.
Deeper Fibonacci levels of 38.20%, 50.00%, and 61.80% are corrective supply/demand zones. As price moves against the found trend, it can move into this range block we call the corrective zone.
Fibonacci retracement levels are used to identify potential supply/demand areas where price could reverse or consolidate. These levels are based on key ratios derived from the Fibonacci sequence, and we only use the core 23.60%, 38.20%, 50.00%, and 61.80% ratios.
CONCEPTS
Price action moves in trend cycles, these retracement levels help traders measure proportional relationships between the high/low swings in the price trend.
When a price trend is moving against the trend, traders can find opportunities to trade with the current trend at key Fibonacci levels. Fibonacci levels can be used to anticipate where price might find supply/demand imbalance and continue moving in the trend direction.
Traders apply the indicator by selecting a window of price they want to analyze in the chart display, and the Fibonacci Snap tool will snap to the high and low of the visible price display.
The Intent and Use of This Tool
The 23.60% level acts as a momentum or continuation of trend. The 38.20% to 61.80% range are corrective zones of the trend.
The 61.80% level, also known as the golden ratio (Google the term “Golden Ratio”; it's fun), can often represent the location of supply/demand imbalance.
In an uptrend, it can represent the area of no more selling supply, and the balance can shift to buying demand. In a downtrend, it can represent the area of no more buying demand and the balance can shift to selling supply.
When used with the Momentum Zones indicator, these two tools create a powerful combination for traders to find, implement, and manage trades.
Gold Friday Anomaly StrategyThis script implements the " Gold Friday Anomaly Strategy ," a well-known historical trading strategy that leverages the gold market's behavior from Thursday evening to Friday close. It is a backtesting-focused strategy designed to assess the historical performance of this pattern. Traders use this anomaly as it captures a recurring market tendency observed over the years.
What It Does:
Entry Condition: The strategy enters a long position at the beginning of the Friday trading session (Thursday evening close) within the defined backtesting period.
Exit Condition: Friday evening close.
Backtesting Controls: Allows users to set custom backtesting periods to evaluate strategy performance over specific date ranges.
Key Features:
Custom Backtest Periods: Easily configurable inputs to set the start and end date of the backtesting range.
Fixed Slippage and Commission Settings: Ensures realistic simulation of trading conditions.
Process Orders on Close: Backtesting is optimized by processing orders at the bar's close.
Important Notes:
Backtesting Only: This script is intended purely for backtesting purposes. Past performance is not indicative of future results.
Live Trading Recommendations: For live trading, it is highly recommended to use limit orders instead of market orders, especially during evening sessions, as market order slippage can be significant.
Default Settings:
Entry size: 10% of equity per trade.
Slippage: 1 tick.
Commission: 0.05% per trade.
Turtle Trade Channels Indicator with EMATurtle Trade Channels Indicator with EMA (TuTCI + EMA)
This custom indicator combines the classic Turtle Trading Channel strategy with an Exponential Moving Average (EMA) filter to provide clear entry and exit signals, as well as trend direction guidance.
Features:
Turtle Channels: The indicator calculates the upper and lower Turtle Trading Channels based on the highest and lowest values over a user-defined period ( Entry Length for the channel).
Entry/Exit Signals: Alerts you to potential buy and sell opportunities with visual signals on the chart.
Long Entry: When the price crosses above the upper channel.
Short Entry: When the price crosses below the lower channel.
Long Exit: When the price breaks below the exit line.
Short Exit: When the price breaks above the exit line.
EMA Filter: A 50-period Exponential Moving Average (EMA) is included to identify the overall trend. The background color turns green when the price is above the EMA (bullish trend) and red when the price is below the EMA (bearish trend).
Highlighter: Optional background highlighting for the most relevant signals, such as when the price crosses the upper or lower Turtle Channel. This feature helps to easily identify key market movements.
Visual Customization: Customize the EMA length, Entry/Exit lengths, and toggle signals and highlighting to suit your preferences.
How It Works:
The Turtle Trade Channels are designed to capture breakouts by identifying key price levels (highest high and lowest low) over a specified period. By combining this strategy with an EMA, the indicator ensures trades are aligned with the broader trend, increasing the probability of successful trades.
Uptrend: When the price is above the EMA, the indicator considers the trend to be bullish, and it highlights long entry signals.
Downtrend: When the price is below the EMA, the trend is considered bearish, and short entries are emphasized.
Customization:
Entry Length: Adjusts the period for calculating the Turtle Channel's entry levels.
Exit Length: Defines the period for calculating the exit levels.
EMA Length: The period for the Exponential Moving Average (default is set to 50).
Show Entry/Exit Signals: Toggle the visibility of entry/exit signals on the chart.
Highlighter On/Off: Toggle background highlighting for key signals.
This indicator is suitable for traders who follow trend-following strategies, particularly those influenced by the Turtle Trading methodology, and wish to use an EMA filter for better trend confirmation.
Use Cases:
Trend-following traders looking for clear entry/exit signals.
Breakout traders using the Turtle Trading concept to identify price breakouts.
Swing traders who want to incorporate trend analysis with price levels.
Bollinger Breakout Strategy with Direction Control [4H crypto]Bollinger Breakout Strategy with Direction Control - User Guide
This strategy leverages Bollinger Bands, RSI, and directional filters to identify potential breakout trading opportunities. It is designed for traders looking to capitalize on significant price movements while maintaining control over trade direction (long, short, or both). Here’s how to use this strategy effectively:
How the Strategy Works
Indicators Used:
Bollinger Bands:
A volatility-based indicator with an upper and lower band around a simple moving average (SMA). The bands expand or contract based on market volatility.
RSI (Relative Strength Index):
Measures momentum to determine overbought or oversold conditions. In this strategy, RSI is used to confirm breakout strength.
Trade Direction Control:
You can select whether to trade:
Long only: Buy positions.
Short only: Sell positions.
Both: Trade in both directions depending on conditions.
Breakout Conditions:
Long Trade:
The price closes above the upper Bollinger Band.
RSI is above the midline (50), confirming upward momentum.
The "Trade Direction" setting allows either "Long" or "Both."
Short Trade:
The price closes below the lower Bollinger Band.
RSI is below the midline (50), confirming downward momentum.
The "Trade Direction" setting allows either "Short" or "Both."
Risk Management:
Stop-Loss:
Long trades: Set at 2% below the entry price.
Short trades: Set at 2% above the entry price.
Take-Profit:
Calculated using a Risk/Reward Ratio (default is 2:1).
Adjust this in the strategy settings.
Inputs and Customization
Key Parameters:
Bollinger Bands Length: Default is 20. Adjust based on the desired sensitivity.
Multiplier: Default is 2.0. Higher values widen the bands; lower values narrow them.
RSI Length: Default is 14, which is standard for RSI.
Risk/Reward Ratio: Default is 2.0. Increase for more aggressive profit targets, decrease for conservative exits.
Trade Direction:
Options: "Long," "Short," or "Both."
Example: Set to "Long" in a bullish market to focus only on buy trades.
How to Use This Strategy
Adding the Strategy:
Paste the script into TradingView’s Pine Editor and add it to your chart.
Setting Parameters:
Adjust the Bollinger Band settings, RSI, and Risk/Reward Ratio to fit the asset and timeframe you're trading.
Analyzing Signals:
Green line (Upper Band): Signals breakout potential for long trades.
Red line (Lower Band): Signals breakout potential for short trades.
Blue line (Basis): Central Bollinger Band (SMA), helpful for understanding price trends.
Testing the Strategy:
Use the Strategy Tester in TradingView to backtest performance on your chosen asset and timeframe.
Optimizing for Assets:
Forex pairs, cryptocurrencies (like BTC), or stocks with high volatility are ideal for this strategy.
Works best on higher timeframes like 4H or Daily.
Best Practices
Combine with Volume: Confirm breakouts with increased volume for higher reliability.
Avoid Sideways Markets: Use additional trend filters (like ADX) to avoid trades in low-volatility conditions.
Optimize Parameters: Regularly adjust the Bollinger Bands multiplier and RSI settings to match the asset's behavior.
By utilizing this strategy, you can effectively trade breakouts while maintaining flexibility in trade direction. Adjust the parameters to match your trading style and market conditions for optimal results!
