Divergence for Many Indicators v4 Screener▋ INTRODUCTION:
The “Divergence for Many Indicators v4 Screener” is developed to provide an advanced monitoring solution for up to 24 symbols simultaneously. It efficiently collects signals from multiple symbols based on the “ Divergence for Many Indicators v4 ” and presents the output in an organized table. The table includes essential details starting with the symbol name, signal price, corresponding divergence indicator, and signal time.
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▋ CREDIT:
The divergence formula adapted from the “ Divergence for Many Indicators v4 ” script, originally created by @LonesomeTheBlue . Full credit to his work.
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▋ OVERVIEW:
The chart image can be considered an example of a recorded divergence signal that occurred in $BTCUSDT.
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▋ APPEARANCE:
The table can be displayed in three formats:
1. Full indicator name.
2. First letter of the indicator name.
3. Total number of divergences.
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▋ SIGNAL CONFIRMATION:
The table distinguishes signal confirmation by using three different colors:
1. Not-Confirmed (Orange): The signal is not confirmed yet, as the bar is still open.
2. Freshly Confirmed (Green): The signal was confirmed 1 or 2 bars ago.
3. Confirmed (Gray): The signal was confirmed 3 or more bars ago.
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▋ INDICATOR SETTINGS:
Section(1): Table Settings
(1) Table location on the chart.
(2) Table’s cells size.
(3) Chart’s timezone.
(4) Sorting table.
- Signal: Sorts the table by the latest signals.
- None: Sorts the table based on the input order.
(5) Table’s colors.
(6) Signal Confirmation type color. Explained above in the SIGNAL CONFIRMATION section
Section(2): Divergence for Many Indicators v4 Settings
As seen on the Divergence for Many Indicators v4
* Explained above in the APPEARANCE section
Section(3): Symbols
(1) Enable/disable symbol in the screener.
(2) Entering a symbol.
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▋ FINAL COMMENTS:
For best performance, add the Screener indicator to an active symbol chart, such as QQQ, SPY, AAPL, BTCUSDT, ES, EURUSD, etc., and avoid mixing symbols from different market allocations.
The Divergence for Many Indicators v4 Screener indicator is not a primary tool for making trading decisions.
Điểm Pivot và cấp độ
Bullseye PDHL Bullseye PDHL Indicator
The Bullseye PDHL indicator is designed for traders who want to visually identify key price levels from the previous trading day, including the high, low, and significant Fibonacci retracement levels. This indicator helps traders understand potential support and resistance zones, which can be useful for planning entries and exits.
Key Features:
Previous Day’s High and Low:
Plots the previous day’s high and low as solid lines on the chart to easily identify important levels from the prior session.
These levels serve as critical support and resistance markers, which are often respected by the market.
Fibonacci Retracement Levels:
Plots three Fibonacci retracement levels (38.2%, 50%, and 61.8%) between the previous day’s high and low.
These levels are key reference points for assessing potential pullbacks or retracements during the current trading day.
Visual Representation:
The previous day’s high and low are plotted in cyan for easy differentiation.
The Fibonacci retracement levels (30%, 50%, 60%) are plotted in white, providing a clear visual reference for traders.
This indicator can help traders identify important reaction zones and areas where price might reverse or consolidate, making it a valuable addition for technical analysis.
CPR by NKDCentral Pivot Range (CPR) Trading Strategy:
The Central Pivot Range (CPR) is a widely-used tool in technical analysis, helping traders pinpoint potential support and resistance levels in the market. By using the CPR effectively, traders can better gauge market trends and determine favorable entry and exit points. This guide explores how the CPR works, outlines its calculation, and describes how traders can enhance their strategies using an extended 10-line version of CPR.
What Really Central Pivot Range (CPR) is?
At its core, the CPR consists of three key lines:
Pivot Point (PP) – The central line, calculated as the average of the previous day’s high, low, and closing prices.
Upper Range (R1) – Positioned above the Pivot Point, acting as a potential ceiling where price may face resistance.
Lower Range (S1) – Found below the Pivot Point, serving as a potential floor where price might find support.
Advanced traders often expand on the traditional three-line CPR by adding extra levels above and below the pivot, creating up to a 10-line system. This extended CPR allows for a more nuanced understanding of the market and helps identify more detailed trading opportunities.
Applying CPR for Trading Success
1. How CPR is Calculation
The CPR relies on the previous day's high (H), low (L), and close (C) prices to create its structure:
Pivot Point (PP) = (H + L + C) / 3
First Resistance (R1) = (2 * PP) - L
First Support (S1) = (2 * PP) - H
Additional resistance levels (R2, R3) and support levels (S2, S3) are calculated by adding or subtracting multiples of the previous day’s price range (H - L) from the Pivot Point.
2. Recognizing the Market Trend
To effectively trade using CPR, it’s essential to first determine whether the market is trending up (bullish) or down (bearish). In an upward-trending market, traders focus on buying at support levels, while in a downward market, they look to sell near resistance.
3. Finding Ideal Entry Points
Traders often look to enter trades when price approaches key levels within the CPR range. Support levels (S1, S2) offer buying opportunities, while resistance levels (R1, R2) provide selling opportunities. These points are considered potential reversal zones, where price may bounce or reverse direction.
4. Managing Risk with Stop-Loss Orders
Proper risk management is crucial in any trading strategy. A stop-loss should be set slightly beyond the support level for buy positions and above the resistance level for sell positions, ensuring that losses are contained if the market moves against the trader’s position.
5. Determining Profit Targets
Profit targets are typically set based on the distance between entry points and the next support or resistance level. Many traders apply a risk-reward ratio, aiming for larger potential profits compared to the potential losses. However, if the next resistance and support level is far then middle levels are used for targets (i.e. 50% of R1 and R2)
6. Confirmation Through Other Indicators
While CPR provides strong support and resistance levels, traders often use additional indicators to confirm potential trade setups. Indicators such as moving averages can
help validate the signals provided by the CPR.
7. Monitoring Price Action At CPR Levels
Constantly monitoring price movement near CPR levels is essential. If the price fails to break through a resistance level (R1) or holds firm at support (S1), it can offer cues on when to exit or adjust a trade. However, a strong price break past these levels often signals a continued trend.
8. Trading Breakouts with CPR
When the price breaks above resistance or below support with strong momentum, it may signal a potential breakout. Traders can capitalize on these movements by entering positions in the direction of the breakout, ideally confirmed by volume or other technical indicators.
9. Adapting to Changing Market Conditions
CPR should be used in the context of broader market influences, such as economic reports, news events, or geopolitical shifts. These factors can dramatically affect market direction and how price reacts to CPR levels, making it important to stay informed about external market conditions.
10. Practice and Backtesting for Improvements
Like any trading tool, the CPR requires practice. Traders are encouraged to backtest their strategies on historical price data to get a better sense of how CPR works in different market environments. Continuous analysis and practice help improve decision-making and strategy refinement.
The Advantages of Using a 10-Line CPR System
An extended 10-line CPR system—comprising up to five resistance and five support levels—provides more granular control and insight into market movements. This expanded view helps traders better gauge trends and identify more opportunities for entry and exit. Key benefits include:
R2, S2 Levels: These act as secondary resistance or support zones, giving traders additional opportunities to refine their trade entries and exits.
R3, S3 Levels: Provide an even wider range for identifying reversals or trend continuations in more volatile markets.
Flexibility: The broader range of levels allows traders to adapt to changing market conditions and make more precise decisions based on market momentum.
So in Essential:
The Central Pivot Range is a valuable tool for traders looking to identify critical price levels in the market. By providing a clear framework for identifying potential support and resistance zones, it helps traders make informed decisions about entering and exiting trades. However, it’s important to combine CPR with sound risk management and additional confirmation through other technical indicators for the best results.
Although no trading tool guarantees success, the CPR, when used effectively and combined with practice, can significantly enhance a trader’s ability to navigate market fluctuations.
FVG Order Blocks [BigBeluga]This indicator is an advanced tool designed to detect and visualize market FVGs with order blocks, where the price action has created gaps due to strong buying or selling pressure. These FVG often act as critical support and resistance levels, giving traders strategic points for potential entries and exits. The indicator not only identifies these imbalances but also displays their relative strength by size %, helping traders prioritize order blocks that are more likely to hold or break.
The indicator works on various pairs and stocks, it also works on charts that do not provide volume data
Forex (JPY/USD):
Stocks (NVDA):
🔵 KEY FEATURES & USAGE
● FVGs Detection and Visualization:
The indicator detects bullish and bearish FVGs. Bullish FVG occur when there is significant buying, and order block is plotted below the FVG zone:
Conversely, bearish FVG are plotted with an order block above the zone, indicating potential resistance.
Traders can use these order blocks to anticipate price reactions when the market revisits these areas, making them ideal for setting up trades.
● FVG Filtering:
The indicator includes a FVG % filter that allows traders to only display strong order blocks. This ensures that only significant FVG order blocks are shown, reducing noise and focusing on the most impactful areas.
● Highlighting Broken Levels:
When an imbalance level is broken—either breached by price action or no longer relevant—the indicator can either delete the level or mark it with a gray color areas. This provides a clear visual cue that the level has been compromised, allowing traders to adjust their strategies accordingly.
● Order Blocks Signals:
When price retest the blocks, indicator display potential sell or buy signals. Which can be an opportunity for trades
🔵 CUSTOMIZATION
● FVG Filter:
Adjust the strength filter to control which FVGs are displayed based on their percentage size. This filter helps in focusing only on significant blocks that are likely to impact price action.
● Order Blocks Amount Displayed:
Set the maximum number of Order Blocks to be displayed on the chart. This customization helps keep the chart clean and ensures that only the most important blocks are in view.
● Broken Order Blocks Display:
Choose whether to display order blocks that have been broken by the price. This feature helps in maintaining a focus on blocks that are still valid while filtering out those that are no longer relevant.
● Color Customization:
You can customize the colors for bullish and bearish Order Blocks to match your chart's overall color scheme. Additionally, strength bars can be color-coded based on their percentage to quickly identify high-priority order blocks.
Traders who are confident in the settings of the indicator can confidently use it on various types of markets
Options Series - Dynamic Support & Resistance
🌟 Key Features & How It Works:
⭐ Dynamic Support and Resistance Management:
The script dynamically calculates and draws support and resistance lines based on pivot highs and pivot lows. Unlike static levels that remain unchanged, these lines are updated in real-time. When a support or resistance level is breached, the corresponding line is automatically deleted, keeping the chart clean and relevant. This feature ensures that the trader is always looking at valid support and resistance levels based on the current price action.
⭐ Use of Arrays for Line Management:
The script utilizes arrays to store and manage support and resistance lines (array.new_line(0)). This is a more advanced feature of Pine Script v5, allowing for efficient handling of multiple lines on the chart. By using arrays, the script can easily track and manipulate multiple lines (adding, removing, updating), ensuring that the chart remains optimized for real-time analysis.
⭐ Customizable Inputs for Flexibility:
The script includes user inputs for the pivot length and the line width, making it adaptable to different trading styles and preferences. The pivot length determines how sensitive the indicator is to price changes, while the line width allows traders to customize the visual representation of support and resistance levels. These inputs add flexibility and make the script accessible to a broad range of traders.
⭐ Efficient Breach Detection Mechanism:
The isBreached function is a key part of the script. It checks whether the current price has breached any of the existing support or resistance levels. If a breach is detected (i.e., the price crosses below a support or above a resistance), the respective line is deleted, ensuring that only active and valid lines remain on the chart. This automatic update feature reduces the need for manual intervention, helping traders stay focused on key price levels.
⭐ Visual Clarity and Chart Cleanliness:
By deleting breached lines, the script ensures that the chart does not become cluttered with outdated or irrelevant lines. This visual clarity is crucial for traders who rely on clean, simple charts for decision-making. Removing unnecessary information helps traders make faster, more confident decisions based on the current market structure.
⭐ Scalability for Multiple Timeframes:
The use of pivot points makes the script adaptable to different timeframes, from intraday scalping to longer-term swing trading. By changing the pivot length, traders can optimize the indicator for different market environments, ensuring that it can be applied across various asset classes and timeframes.
⭐ Practical for Range-bound and Breakout Trading:
This script is particularly effective for traders who focus on range-bound markets or breakout strategies. It allows them to quickly identify areas where price is likely to reverse (support/resistance) or break out (when support/resistance is breached), providing real-time insight into market dynamics.
⭐ Simplification of Price Action Analysis:
By automating the calculation of pivots and management of support/resistance levels, the script simplifies price action analysis. Traders no longer need to manually draw or monitor these levels, which is a common task in technical analysis. This provides an edge, as it reduces the time spent on chart preparation and helps focus on executing trades.
⭐ Originality:
The script "Options Series - Pivot Based Support & Resistance" is an original approach to generating support and resistance levels using pivot points. Pivot-based techniques are popular, but the script introduces an automated dynamic way of drawing support and resistance lines, tracking breaches, and deleting lines when they are no longer valid. This aspect adds a refreshing layer of interactivity and functionality that sets it apart from basic pivot point scripts. The use of arrays to store and manage multiple support and resistance lines is also a good application of Pine Script’s newer array functionalities.
⭐ Uniqueness of the Script:
The script stands out due to its dynamic management of support and resistance lines. Unlike traditional scripts that simply plot static pivot points, this one evolves with the market by removing broken levels, ensuring only valid support and resistance lines are visible on the chart. This is particularly useful for traders who focus on clean charting. The use of arrays to store and manage the lines, alongside the efficient deletion of lines when breached, demonstrates a solid understanding of Pine Script v5's advanced features, such as array manipulation.
🚀 Conclusion:
This script stands out for its real-time adaptability, dynamic support/resistance management, and efficient use of Pine Script’s advanced features. It a powerful tool for both novice and advanced traders.
The script is an indicator designed to draw support and resistance levels based on pivot highs and lows, dynamically removing lines when they are breached. If a price crosses a support or resistance level, the respective line is deleted, ensuring the chart reflects the current state of support and resistance accurately.
ATR Range Pivot LinesDescription:
This Pine Script calculates and plots pivot lines based on ATR (Average True Range) value and closing price. It uses the previous trading day's ATR value to set static pivot levels for the current trading day. These pivot lines help traders identify potential support and resistance levels based on historical volatility. The script includes two main pivot lines—ATR High and ATR Low —and two midpoint lines between them for additional context. Labels are added to show the exact pivot values, with options to customize label positions.
Intended Use:
The script is designed to help traders forecast potential price ranges for the current trading day based on the previous day’s volatility. By adding and subtracting the previous day's ATR from the prior close, the script identifies key levels where price action may encounter support or resistance. It is useful for setting realistic price targets or entry/exit points. Since the ATR-based pivot lines are static for the entire day, they provide a reliable range for intraday trading strategies.
Disclosure:
This script was generated using AI. It is recommended to review and test the script thoroughly before applying it in live trading scenarios.
Flat Tops/Bottoms aka Devil's MarkThis Pine script indicator is designed to visually depict price inefficiencies, as identified by Flat Top/Bottom Candles (aka Devil's Mark). A Flat Top/Bottom Candle is a scenario where there is an absence of a wick at the top or the bottom of the candle. These represent zones of inefficiency and will frequently act as magnets for price that the market will strive to rebalance in accordance with ICT principles.
Relevance:
Flat Top/Bottom Candles are zones where price delivery didn't provide opportunity for manipulation representing an inefficiency that the market will seek to rebalance. Consequently, these zones can provide good targets for entries in the opposite direction or take profit targets for previous entries in the direction of the Flat Top/Bottom Candle.
How It Works:
The indicator keeps track of all Flat Top/Bottom Candles from the beginning of the available history. It automatically removes all mitigated Flat Top/Bottom Candles, which are situations where the price has gone past the candle without a wick.
Configurability:
You can configure the colors, style & width of the lines used to represent flat top/bottom candles.
What makes this indicator different:
Designed with high performance in mind, to reduce impact on chart render time.
Only keeping the currently valid flat top/bottoms on the chart.
Vertical Lines & Price RangeThis Pine Script indicator visually marks significant historical price points on the chart by drawing vertical lines at intervals of 6 months, 3 months, and 1 month ago. Each vertical line is accompanied by a label indicating the time frame (6M, 3M, 1M). Additionally, it calculates and displays the percentage change between the closing prices at 6 months ago and 3 months ago, as well as between 3 months ago and 1 month ago, using horizontal lines to connect these price points. This tool is useful for analyzing trends and price movements over time, providing traders with a clear visual representation of historical performance.
Weekly Initial BalanceWeekly Initial Balance Indicator
The Weekly Initial Balance (IB) indicator is a powerful tool designed for traders to identify key support and resistance levels based on the market's initial activity at the start of each week. By analyzing the first 30 hours of trading.
Key Features:
Customizable IB Period: Define the start hour and duration of the initial balance period to suit your trading schedule and the specific market you are analyzing, I have it set at 30 hours by default.
IB High, Low, and Midpoint Levels: Automatically plots the high, low, and midpoint of the IB period, providing immediate visual reference to critical price levels.
Extension Levels: Calculate and display extension levels based on customizable percentages (e.g., 50%, 100%, 150%), allowing you to project potential breakout targets and identify areas of interest beyond the initial balance range.
Dynamic Lines and Labels: The indicator updates in real-time, extending lines and repositioning labels as new bars form, ensuring you always have the most current information.
Customizable Appearance: Adjust line styles, widths, colors, and label positions to match your charting preferences and improve visual clarity.
How to Use:
Set the IB Parameters:
Week Start Hour (UTC): Specify the hour when the weekly IB period begins. I use 1800EST as that is when the futures market opens.
IB Duration in Hours: Define how many hours constitute the IB period.
Configure Extension Levels:
Input the desired extension percentages to calculate levels beyond the IB range.
Customize Visual Settings:
Adjust line colors, styles, widths, and label offsets to tailor the indicator's appearance.
Interpret the Levels:
Use the IB high and low as immediate support and resistance levels.
Monitor the midpoint for potential pivot areas.
Watch for price interactions with extension levels to anticipate breakouts or reversals.
Benefits:
Identify Key Weekly Levels: Understand the market's initial sentiment each week to gauge potential trends.
Enhance Trading Strategies: Incorporate the IB levels into your trading plan for better entry and exit points.
Adaptable to Various Markets: Suitable for Forex, commodities, indices, and other markets where weekly analysis is beneficial.
Pivot Liquidity Sweep + SignalsCore Functionalities:
Sweep Signals:
The indicator identifies sweeps of liquidity by detecting when price exceeds recent pivot highs (swing highs) or pivot lows (swing lows) and then reverses direction. It draws attention to these scenarios by labeling them on the chart.
For bullish sweep signals, the entry point is the closing price of the sweep candle, with the stop loss placed at the highest point between the sweep candle and the previous candle.
For bearish sweeps, the entry point is similarly identified, with the stop loss being the lowest price of the sweep candle and the candle before it. The profit target is dynamically set to the low or high of the closest valid pivot depending on the direction of the trade.
Rejection Signals:
Rejection signals are identified when price attempts to break a pivot high or low but fails, causing a rejection.
Bullish rejections involve price trying to break a pivot low but closing back above it, indicating potential for a bounce.
Bearish rejections follow a similar pattern, with price attempting to break a pivot high but failing to hold above it, signaling a potential bearish move.
High-Precision Intrabar Data:
The "Intrabar Precision" feature allows the indicator to use lower timeframe data to accurately plot sweeps and rejections, providing traders with precise entry and exit points.
The intrabar settings are particularly useful for traders looking for high-precision trades, such as scalpers who want to capture small yet consistent moves.
ATR and Percentage-Based Filters:
The indicator allows for customizable filters to ensure signals meet certain thresholds before being validated. Traders can use ATR (Average True Range) or percentage-based conditions to filter out low-quality signals, ensuring that the trades captured have enough volatility or price movement potential.
Dashboard:
The built-in dashboard provides a quick overview of trades executed using the indicator, displaying metrics such as the total number of sweep and rejection trades, their success rates, and total profit in points.
The dashboard is color-coded for easy reading and offers traders insights into the overall performance of their strategy, helping with ongoing evaluation and optimization.
Labeling and Alerts:
Every time a sweep or rejection signal is detected, the indicator automatically labels the chart to help traders quickly identify the trading opportunities.
Alerts are also generated for each trading signal, providing the trader with real-time notifications, which can be useful for those who are not constantly monitoring their charts.
Stop Loss and Target Adaptation:
The stop loss levels are adjusted dynamically based on the recent pivot points, and the target profit is derived from valid subsequent pivot levels to ensure realistic and efficient trade exits.
Gold IBH/IBL with IBM, Overnight Levels, OVM, and ONVPOCThe Initial Balance (IB) indicator for gold trading is a valuable tool for identifying key price levels and potential trade setups. Here's an overview of how it works:
Initial Balance Calculation
The Initial Balance for gold is calculated from 8:20 AM to 9:20 AM EST, coinciding with the COMEX open. This one-hour period establishes crucial reference points for the trading day.
Key Levels
The indicator displays several important price levels:
IB High: The highest price reached during the Initial Balance period
IB Low: The lowest price reached during the Initial Balance period
IB Midpoint: The average of the IB High and IB Low
These levels often serve as significant support and resistance areas, with many traders placing stop-losses around them.
Overnight Levels
In addition to the IB levels, the indicator shows overnight price action:
ONH: Overnight High
ONL: Overnight Low
ONM: Overnight Midpoint
Overnight VWAP: Volume Weighted Average Price from the overnight session
These overnight levels have a high probability of being tested during the COMEX trading session, making them valuable reference points for traders.
Trading Applications
Traders can use the IB and overnight levels for various purposes:
Setting profit targets
Identifying potential trade entry points
Managing risk by placing stop-losses at key levels
Gauging overall market sentiment and volatility
The levels established during both the Initial Balance and overnight sessions are likely to be touched during the COMEX trading session. This insight allows traders to make more informed decisions and enhances their trading strategies.
If you have more questions about the trading strategy, please DM me, and I can explain further. I also have probabilities of all these levels being broken during the COMEX trading hours, which gives us confidence to hold our trades to targets.
Understanding and utilizing these levels can provide traders with a competitive edge in gold trading, helping them make more informed decisions based on early market dynamics and overnight price action.
Price Action Analyst [OmegaTools]Price Action Analyst (PAA) is an advanced trading tool designed to assist traders in identifying key price action structures such as order blocks, market structure shifts, liquidity grabs, and imbalances. With its fully customizable settings, the script offers both novice and experienced traders insights into potential market movements by visually highlighting premium/discount zones, breakout signals, and significant price levels.
This script utilizes complex logic to determine significant price action patterns and provides dynamic tools to spot strong market trends, liquidity pools, and imbalances across different timeframes. It also integrates an internal backtesting function to evaluate win rates based on price interactions with supply and demand zones.
The script combines multiple analysis techniques, including market structure shifts, order block detection, fair value gaps (FVG), and ICT bias detection, to provide a comprehensive and holistic market view.
Key Features:
Order Block Detection: Automatically detects order blocks based on price action and strength analysis, highlighting potential support/resistance zones.
Market Structure Analysis: Tracks internal and external market structure changes with gradient color-coded visuals.
Liquidity Grabs & Breakouts: Detects potential liquidity grab and breakout areas with volume confirmation.
Fair Value Gaps (FVG): Identifies bullish and bearish FVGs based on historical price action and threshold calculations.
ICT Bias: Integrates ICT bias analysis, dynamically adjusting based on higher-timeframe analysis.
Supply and Demand Zones: Highlights supply and demand zones using customizable colors and thresholds, adjusting dynamically based on market conditions.
Trend Lines: Automatically draws trend lines based on significant price pivots, extending them dynamically over time.
Backtesting: Internal backtesting engine to calculate the win rate of signals generated within supply and demand zones.
Percentile-Based Pricing: Plots key percentile price levels to visualize premium, fair, and discount pricing zones.
High Customizability: Offers extensive user input options for adjusting zone detection, color schemes, and structure analysis.
User Guide:
Order Blocks: Order blocks are significant support or resistance zones where strong buyers or sellers previously entered the market. These zones are detected based on pivot points and engulfing price action. The strength of each block is determined by momentum, volume, and liquidity confirmations.
Demand Zones: Displayed in shades of blue based on their strength. The darker the color, the stronger the zone.
Supply Zones: Displayed in shades of red based on their strength. These zones highlight potential resistance areas.
The zones will dynamically extend as long as they remain valid. Users can set a maximum number of order blocks to be displayed.
Market Structure: Market structure is classified into internal and external shifts. A bullish or bearish market structure break (MSB) occurs when the price moves past a previous high or low. This script tracks these breaks and plots them using a gradient color scheme:
Internal Structure: Short-term market structure, highlighting smaller movements.
External Structure: Long-term market shifts, typically more significant.
Users can choose how they want the structure to be visualized through the "Market Structure" setting, choosing from different visual methods.
Liquidity Grabs: The script identifies liquidity grabs (false breakouts designed to trap traders) by monitoring price action around highs and lows of previous bars. These are represented by diamond shapes:
Liquidity Buy: Displayed below bars when a liquidity grab occurs near a low.
Liquidity Sell: Displayed above bars when a liquidity grab occurs near a high.
Breakouts: Breakouts are detected based on strong price momentum beyond key levels:
Breakout Buy: Triggered when the price closes above the highest point of the past 20 bars with confirmation from volume and range expansion.
Breakout Sell: Triggered when the price closes below the lowest point of the past 20 bars, again with volume and range confirmation.
Fair Value Gaps (FVG): Fair value gaps (FVGs) are periods where the price moves too quickly, leaving an unbalanced market condition. The script identifies these gaps:
Bullish FVG: When there is a gap between the low of two previous bars and the high of a recent bar.
Bearish FVG: When a gap occurs between the high of two previous bars and the low of the recent bar.
FVGs are color-coded and can be filtered by their size to focus on more significant gaps.
ICT Bias: The script integrates the ICT methodology by offering an auto-calculated higher-timeframe bias:
Long Bias: Suggests the market is in an uptrend based on higher timeframe analysis.
Short Bias: Indicates a downtrend.
Neutral Bias: Suggests no clear directional bias.
Trend Lines: Automatic trend lines are drawn based on significant pivot highs and lows. These lines will dynamically adjust based on price movement. Users can control the number of trend lines displayed and extend them over time to track developing trends.
Percentile Pricing: The script also plots the 25th percentile (discount zone), 75th percentile (premium zone), and a fair value price. This helps identify whether the current price is overbought (premium) or oversold (discount).
Customization:
Zone Strength Filter: Users can set a minimum strength threshold for order blocks to be displayed.
Color Customization: Users can choose colors for demand and supply zones, market structure, breakouts, and FVGs.
Dynamic Zone Management: The script allows zones to be deleted after a certain number of bars or dynamically adjusts zones based on recent price action.
Max Zone Count: Limits the number of supply and demand zones shown on the chart to maintain clarity.
Backtesting & Win Rate: The script includes a backtesting engine to calculate the percentage of respect on the interaction between price and demand/supply zones. Results are displayed in a table at the bottom of the chart, showing the percentage rating for both long and short zones. Please note that this is not a win rate of a simulated strategy, it simply is a measure to understand if the current assets tends to respect more supply or demand zones.
How to Use:
Load the script onto your chart. The default settings are optimized for identifying key price action zones and structure on intraday charts of liquid assets.
Customize the settings according to your strategy. For example, adjust the "Max Orderblocks" and "Strength Filter" to focus on more significant price action areas.
Monitor the liquidity grabs, breakouts, and FVGs for potential trade opportunities.
Use the bias and market structure analysis to align your trades with the prevailing market trend.
Refer to the backtesting win rates to evaluate the effectiveness of the zones in your trading.
Terms & Conditions:
By using this script, you agree to the following terms:
Educational Purposes Only: This script is provided for informational and educational purposes and does not constitute financial advice. Use at your own risk.
No Warranty: The script is provided "as-is" without any guarantees or warranties regarding its accuracy or completeness. The creator is not responsible for any losses incurred from the use of this tool.
Open-Source License: This script is open-source and may be modified or redistributed in accordance with the TradingView open-source license. Proper credit to the original creator, OmegaTools, must be maintained in any derivative works.
Session Range Breakouts With Targets [AlgoAlpha]⛓️💥Session Range Breakouts With Targets 🚀
Introducing the "Session Range Breakouts With Targets" indicator by AlgoAlpha, a powerful tool for traders to capitalize on session-based range breakouts and identify precise target zones using ATR-based calculations! Whether you trade the Asian, American, European, or Oceanic sessions, this script highlights key breakout levels and targets that adapt to market volatility, ensuring you're always prepared for those crucial price movements. 🕒📊
Session-based Trading : The indicator highlights session-specific ranges, offering clear breakouts for Asian, American, European, Oceanic, and even custom sessions 🌍.
Adaptive Volatility Zones : Uses ATR to determine dynamic zone widths, filtering out fakeouts and adjusting to market conditions ⚡.
Precise Take-Profit Targets : Set multiple levels of take-profits based on ATR multipliers, ensuring you can manage both aggressive and conservative trades 🎯.
Customizable Appearance : Tailor the look with customizable colors for session highlights and breakout zones to fit your chart style 🎨.
Alerts on Key Events : Built-in alert conditions for breakouts and take-profit hits, so you never miss a trading opportunity 🔔.
🚀 Quick Guide to Using the Indicator
🛠 Add the Indicator : Add the indicator to favorites by pressing the star icon. Choose your session (Asia, America, Europe, Oceana, or Custom) and adjust the ATR length, zone width multiplier, and target multipliers to suit your strategy.
📊 Analyze Breakouts : Watch for the indicator to plot upper and lower range boxes based on session highs and lows. Price breaking through these boxes will signal a potential entry.
📈 Monitor Targets : Track bullish and bearish targets as price moves, with up to three take-profit levels based on ATR multipliers.
🔔 Set Alerts : Enable alerts for session breakouts or when price hits your designated take-profit targets.
🔍 How It Works
This script operates by identifying session-specific ranges based on highs and lows from the beginning of the selected session (Asia, America, Europe, or others). After a user-defined wait period (default: 120 bars), it calculates the highest and lowest points and creates upper and lower zones using the Average True Range (ATR) to adapt to market volatility. If the price breaks above or below these zones, it is identified as a breakout, and the script dynamically calculates up to three take-profit targets for both bullish and bearish scenarios using an ATR multiplier. The indicator also includes alerts for breakouts and take-profit hits, providing real-time trading signals.
Futures Daily Settlement PricesDaily settlement prices reflect the fair market value of the underlying commodity or financial instrument, as determined by buyers and sellers during the settlement period or “close”. The price quoted in the evening news for items like a bush of corn, a barrel of crude oil, or a 10-year U.S. Treasury note frequently use the settlement price for the corresponding futures product that day.
Settlement prices are used to mark traders’ positions to market daily, determining profits or losses. Daily settlement prices play a key role in facilitating price discovery, risk management, and market integrity.
This indicator plots up to 30 settlement prices as well as the date of settlement on your chart, on time frames under 1 hour.
Customizable line types, colors, and label colors.
Dynamic Price Oscillator [CHE]Dynamic Price Oscillator
Overview:
Welcome to the Dynamic Price Oscillator ! This indicator is designed to help traders identify potential trend reversals and divergences by comparing short-term and long-term price movements in percentage terms. It’s a powerful tool to enhance your trading strategies by spotting bullish and bearish divergences effectively.
Key Features:
Dynamic Oscillator Calculation: The DPO calculates the percentage difference between two EMAs (Exponential Moving Averages), offering insight into the relative strength of price movements.
Bullish & Bearish Divergence Detection:
The indicator highlights divergences between price and the oscillator, allowing you to identify potential reversal points with ease.
Long-Term Divergence Option: Enable or disable long-term divergences to focus on either short-term trends or broader market movements.
High/Low Markers:
Visual markers for significant peaks and troughs in the DPO, helping you quickly spot potential trade setups.
Custom Alerts: Set up alerts for both bullish and bearish divergence signals, ensuring you never miss an important opportunity.
How to Use:
Bullish Divergence: A bullish divergence occurs when price is making lower lows, but the DPO shows higher lows. This can indicate a potential reversal to the upside.
Bearish Divergence: A bearish divergence happens when price is making higher highs, but the DPO shows lower highs. This can signal a potential downside reversal.
Customizable Settings: Adjust the fast and slow EMA periods, smoothing factor, and divergence lookback to fit your personal trading style.
Ideal For:
Swing traders and day traders looking for early signs of market reversals.
Those who want a clear, visual representation of divergence between price and momentum.
Traders who appreciate flexibility with customizable parameters and built-in alerts.
Why Use Dynamic Price Oscillator ?
This indicator gives you the edge by providing a reliable way to measure price momentum and detect divergences that are often missed by other indicators. With the option to enable long-term divergences, you can tailor the indicator to fit both short-term and long-term strategies.
Give it a try and see how the Dynamic Price Oscillator can enhance your trading performance!
Best regards Chervolino
NY 5M ORB-COMEX OpenThe indicator is designed to display dynamic and static key market levels, including Opening Range Breakout (ORB) levels, Initial Daily Range (IDR), and other important session levels. It offers extensive customization to accommodate a variety of trading strategies and sessions, all while providing an adaptable user interface for traders to personalize their charts.
#### Key Features:
1. **Session Timings**:
- The script allows you to define regular and extended market hours. These timings can be adjusted using input fields for the market open range, session start, and session end times, with default settings for the U.S. stock market.
2. **Opening Range Breakout (ORB)**:
- You can enable or disable lines for the High/Low (H/L) and Open/Close (O/C) of the first 5-minute candle, which are key for ORB strategies.
- Optional middle lines are provided for both H/L and O/C, offering additional reference points for price action.
3. **Multiple Plot Styles and Line Types**:
- The script includes customization for line styles (Solid, Dashed, or Dotted) and colors for ORB, IDR, and session markers, giving traders flexibility in visualizing key market levels.
4. **Dynamic and Static Levels**:
- Users can choose to display either dynamic or static lines for additional price levels that extend throughout the session. Dynamic levels automatically adapt based on the session’s high and low, while static levels are manually configured.
- These lines can also display labels with the option to turn on or off their visibility.
5. **Custom Time Zone and Session Adjustments**:
- The script offers full flexibility in adjusting session timings based on different time zones, which is crucial for global traders working in different markets.
6. **Background Shading**:
- You can add shading between high and low levels for a more visual representation of ranges during specific sessions (e.g., ORB or IDR), and customize the color and transparency of this background.
7. **Comex Open Indicator**:
- An additional feature highlights the Comex Open, with optional labels, making it useful for traders who follow commodities markets.
#### Known Issues:
- The indicator requires a chart with intraday time frames (e.g., 1-minute, 5-minute) for accurate display.
- Extensive customization may lead to performance issues on lower-end machines or in high-frequency chart environments due to the number of drawn elements (lines, boxes, labels).
This indicator is suitable for advanced traders who need detailed control over their session timing and price level analysis, with multiple layers of customization for visualizing key market behaviors.
ICT Judas Swing | Flux Charts💎 GENERAL OVERVIEW
Introducing our new ICT Judas Swing Indicator! This indicator is built around the ICT's "Judas Swing" strategy. The strategy looks for a liquidity grab around NY 9:30 session and a Fair Value Gap for entry confirmation. For more information about the process, check the "HOW DOES IT WORK" section.
Features of the new ICT Judas Swing :
Implementation of ICT's Judas Swing Strategy
2 Different TP / SL Methods
Customizable Execution Settings
Customizable Backtesting Dashboard
Alerts for Buy, Sell, TP & SL Signals
📌 HOW DOES IT WORK ?
The strategy begins by identifying the New York session from 9:30 to 9:45 and marking recent liquidity zones. These liquidity zones are determined by locating high and low pivot points: buyside liquidity zones are identified using high pivots that haven't been invalidated, while sellside liquidity zones are found using low pivots. A break of either buyside or sellside liquidity must occur during the 9:30-9:45 session, which is interpreted as a liquidity grab by smart money. The strategy assumes that after this liquidity grab, the price will reverse and move in the opposite direction. For entry confirmation, a fair value gap (FVG) in the opposite direction of the liquidity grab is required. A buyside liquidity grab calls for a bearish FVG, while a sellside grab requires a bullish FVG. Based on the type of FVG—bullish for buys and bearish for sells—the indicator will then generate a Buy or Sell signal.
After the Buy or Sell signal, the indicator immediately draws the take-profit (TP) and stop-loss (SL) targets. The indicator has three different TP & SL modes, explained in the "Settings" section of this write-up.
You can set up alerts for entry and TP & SL signals, and also check the current performance of the indicator and adjust the settings accordingly to the current ticker using the backtesting dashboard.
🚩 UNIQUENESS
This indicator is an all-in-one suit for the ICT's Judas Swing concept. It's capable of plotting the strategy, giving signals, a backtesting dashboard and alerts feature. Different and customizable algorithm modes will help the trader fine-tune the indicator for the asset they are currently trading. Three different TP / SL modes are available to suit your needs. The backtesting dashboard allows you to see how your settings perform in the current ticker. You can also set up alerts to get informed when the strategy is executable for different tickers.
⚙️ SETTINGS
1. General Configuration
Swing Length -> The swing length for pivot detection. Higher settings will result in
FVG Detection Sensitivity -> You may select between Low, Normal, High or Extreme FVG detection sensitivity. This will essentially determine the size of the spotted FVGs, with lower sensitivies resulting in spotting bigger FVGs, and higher sensitivies resulting in spotting all sizes of FVGs.
2. TP / SL
TP / SL Method ->
a) Dynamic: The TP / SL zones will be auto-determined by the algorithm based on the Average True Range (ATR) of the current ticker.
b) Fixed : You can adjust the exact TP / SL ratios from the settings below.
Dynamic Risk -> The risk you're willing to take if "Dynamic" TP / SL Method is selected. Higher risk usually means a better winrate at the cost of losing more if the strategy fails. This setting is has a crucial effect on the performance of the indicator, as different tickers may have different volatility so the indicator may have increased performance when this setting is correctly adjusted.
[Becak] - Swing Point Retracement & Prediction" - Swing Point Retracement & Prediction," is designed to identify swing points in price action, calculate retracement levels, and predict potential future price levels. It's a technical analysis tool that can help traders identify potential support and resistance levels, as well as possible reversal points.
HOW IT WORK
Swing Point Detection:
The indicator uses the ta.pivothigh() and ta.pivotlow() functions to identify swing highs and lows within a specified lookback period.
Retracement Levels:
When a new swing point is detected, the indicator calculates a retracement level based on the user-defined retracement percentage. It draws a dashed blue line at the retracement level, along with a yellow circle and a label showing the price.
Swing Point Labeling:
Swing highs are marked with a green "H" label and the price, and Swing lows are marked with a red "L" label and the price.
Price Prediction:
Based on the most recent swing point, the indicator attempts to predict the next potential high or low. It draws a purple dashed line extending into the future, indicating the predicted price level.
HOW TO USE THIS INDICATOR:
adjust the input parameters:
"Swing Point Lookback": Determines how far back the indicator looks to identify swing points. A larger value will result in fewer, more significant swing points.
"Retracement %": Sets the percentage for calculating retracement levels. 50% is a common Fibonacci retracement level, but you can adjust this based on your trading strategy.
"Prediction Length": Determines how far into the future the prediction line extends.
Interpret the results:
Use the swing point labels (H and L) to quickly identify recent highs and lows. The blue dashed lines and yellow circles indicate potential support or resistance levels based on the retracement percentage. The purple dashed line shows a potential future price target. This can be used to set profit targets or identify potential reversal zones.
Combine with other analysis:
This indicator works best when combined with other forms of analysis, such as trend lines, moving averages, or candlestick patterns.
Use the retracement levels and predictions as potential entry or exit points, but always confirm with other indicators or price action signals.
Volumatic Variable Index Dynamic Average [BigBeluga]The Volumatic VIDYA (Variable Index Dynamic Average) indicator is a trend-following tool that calculates and visualizes both the current trend and the corresponding buy and sell pressure within each trend phase. Using the Variable Index Dynamic Average as the core smoothing technique, this indicator also plots volume levels of lows and highs based on market structure pivot points, providing traders with key insights into price and volume dynamics.
Additionally, it generates delta volume values to help traders evaluate buy-sell pressure balance during each trend, making it a powerful tool for understanding market sentiment shifts.
BTC:
TSLA:
🔵 IDEA
The Volumatic VIDYA indicator's core idea is to provide a dynamic, adaptive smoothing tool that identifies trends while simultaneously calculating the volume pressure behind them. The VIDYA line, based on the Variable Index Dynamic Average, adjusts according to the strength of the price movements, offering a more adaptive response to the market compared to standard moving averages.
By calculating and displaying the buy and sell volume pressure throughout each trend, the indicator provides traders with key insights into market participation. The horizontal lines drawn from the highs and lows of market structure pivots give additional clarity on support and resistance levels, backed by average volume at these points. This dual analysis of trend and volume allows traders to evaluate the strength and potential of market movements more effectively.
🔵 KEY FEATURES & USAGE
VIDYA Calculation:
The Variable Index Dynamic Average (VIDYA) is a special type of moving average that adjusts dynamically to the market’s volatility and momentum. Unlike traditional moving averages that use fixed periods, VIDYA adjusts its smoothing factor based on the relative strength of the price movements, using the Chande Momentum Oscillator (CMO) to capture the magnitude of price changes. When momentum is strong, VIDYA adapts and smooths out price movements quicker, making it more responsive to rapid price changes. This makes VIDYA more adaptable to volatile markets compared to traditional moving averages such as the Simple Moving Average (SMA) or the Exponential Moving Average (EMA), which are less flexible.
// VIDYA (Variable Index Dynamic Average) function
vidya_calc(src, vidya_length, vidya_momentum) =>
float momentum = ta.change(src)
float sum_pos_momentum = math.sum((momentum >= 0) ? momentum : 0.0, vidya_momentum)
float sum_neg_momentum = math.sum((momentum >= 0) ? 0.0 : -momentum, vidya_momentum)
float abs_cmo = math.abs(100 * (sum_pos_momentum - sum_neg_momentum) / (sum_pos_momentum + sum_neg_momentum))
float alpha = 2 / (vidya_length + 1)
var float vidya_value = 0.0
vidya_value := alpha * abs_cmo / 100 * src + (1 - alpha * abs_cmo / 100) * nz(vidya_value )
ta.sma(vidya_value, 15)
When momentum is strong, VIDYA adapts and smooths out price movements quicker, making it more responsive to rapid price changes. This makes VIDYA more adaptable to volatile markets compared to traditional moving averages
Triangle Trend Shift Signals:
The indicator marks trend shifts with up and down triangles, signaling a potential change in direction. These signals appear when the price crosses above a VIDYA during an uptrend or crosses below during a downtrend.
Volume Pressure Calculation:
The Volumatic VIDYA tracks the buy and sell pressure during each trend, calculating the cumulative volume for up and down bars. Positive delta volume occurs during uptrends due to higher buy pressure, while negative delta volume reflects higher sell pressure during downtrends. The delta is displayed in real-time on the chart, offering a quick view of volume imbalances.
Market Structure Pivot Lines with Volume Labels:
The indicator draws horizontal lines based on market structure pivots, which are calculated using the highs and lows of price action. These lines are extended on the chart until price crosses them. The indicator also plots the average volume over a 6-bar range to provide a clearer understanding of volume dynamics at critical points.
🔵 CUSTOMIZATION
VIDYA Length & Momentum: Control the sensitivity of the VIDYA line by adjusting the length and momentum settings, allowing traders to customize the smoothing effect to match their trading style.
Volume Pivot Detection: Set the number of bars to consider for identifying pivots, which influences the calculation of the average volume at key levels.
Band Distance: Adjust the band distance multiplier for controlling how far the upper and lower bands extend from the VIDYA line, based on the ATR (Average True Range).
Support Resistance ImportanceThe Support Resistance Importance indicator is designed to highlight key price levels based on the relationship between fractal occurrences and volume distribution within a given price range. By dividing the range into bins, the indicator calculates the total volume traded at each fractal level and normalizes the values for easy visualization. The normalized values represent an "importance score" for each price range, helping traders identify critical support and resistance levels where price action might react.
Key Features:
Fractal Detection:
The indicator detects Williams Fractals, which are specific price patterns representing potential market reversals. It identifies both upward fractals (potential resistance) and downward fractals (potential support).
Price Range Binning:
The price range is divided into a user-defined number of bins (default is 20). Each bin represents a segment of the total price range, allowing the indicator to bucket price action and track fractal volumes in each bin.
Volume-Based Importance Calculation:
For each bin, the indicator sums up the volume traded at the time a fractal occurred. The volumes are then normalized to reflect their relative importance.
The importance score is calculated as the relative volume in each bin, representing the potential influence of that price range. Higher scores indicate stronger support or resistance levels.
Normalization:
The volume data is normalized to allow for better comparison across bins. This normalization ensures that the highest and lowest volumes are scaled between 0 and 1 for visualization purposes. The smallest volume value is used to scale the rest, ensuring meaningful comparisons.
Visualization:
The indicator provides a table-based visualization showing the price range and the corresponding importance score for each bin.
Each bin is color-coded based on the normalized importance score, with blue or greenish shades indicating higher importance levels. The current price range is highlighted to help traders quickly identify relevant areas of interest.
Trading Utility:
Traders can use the importance scores to identify price levels where significant volume has accumulated at fractals. A higher importance score suggests a stronger likelihood of the price reacting to that level.
If a price moves towards a bin with a high score and the bins above it have much smaller values, it suggests that the price may "pump" up to the next high-scored range, similar to how price drops can occur.
Example Use Case:
Suppose the price approaches a bin with an importance score of 25, and the bins above have much smaller values. This suggests that price may break higher towards the next significant level of resistance, offering traders an opportunity to capitalize on the move by entering long positions or adjusting their stop losses.
This indicator is particularly useful for support and resistance trading, where understanding key levels of price action and volume can improve decision-making in anticipating market reactions.
Support and Resistance HeatmapThe "Support and Resistance Heatmap" indicator is designed to identify key support and resistance levels in the price action by using pivots and ATR (Average True Range) to define the sensitivity of zone detection. The zones are plotted as horizontal lines on the chart, representing areas where the price has shown significant interaction. The indicator features a customizable heatmap to visualize the intensity of these zones, making it a powerful tool for technical analysis.
Features:
Dynamic Support and Resistance Zones:
Identifies potential support and resistance areas based on price pivots.
Zones are defined by ATR-based thresholds, making them adaptive to market volatility.
Customization Options:
Heatmap Visualization: Toggle the heatmap on/off to view the strength of each zone.
Sensitivity Control: Modify the zone sensitivity with the ATR Multiplier to increase or decrease zone detection precision.
Confirmations: Set how many touches a level needs before it is confirmed as a zone.
Extended Zone Visualization:
Option to extend the zones for better long-term visibility.
Ability to limit the number of zones displayed to avoid clutter on the chart.
Color-Coded Zones:
Color-coded zones help differentiate between bullish (support) and bearish (resistance) levels, providing visual clarity for traders.
Heatmap Integration:
Gradient-based color changes on levels show the intensity of touches, helping traders understand which zones are more reliable.
Inputs and Settings:
1. Settings Group:
Length:
Determines the number of bars used for the pivot lookback. This directly affects how frequently new zones are formed.
Sensitivity:
Controls the sensitivity of the zone calculation using ATR (Average True Range). A higher value will result in fewer, larger zones, while a lower value increases the number of detected zones.
Confirmations:
Sets the number of price touches needed before a level is confirmed as a support/resistance zone. Lower values will result in more zones.
2. Visual Group:
Extend Zones:
Option to extend the support and resistance lines across the chart for better visibility over time.
Max Zones to Display (maxZonesToShow):
Limits the maximum number of zones shown on the chart to avoid clutter.
3. Heatmap Group:
Show Heatmap:
Toggle the heatmap display on/off. When enabled, the script visualizes the strength of the zones using color intensity.
Core Logic:
Pivot Calculation:
The script identifies support and resistance zones by using the pivotHigh and pivotLow functions. These pivots are calculated using a lookback period, which defines the number of candles to the left and right of the pivot point.
ATR-Based Threshold:
ATR (Average True Range) is used to create dynamic zones based on volatility. The ATR acts as a buffer around the identified pivot points, creating zones that are more flexible and adaptable to market conditions.
Merging Zones:
If two zones are close to each other (within a certain threshold), they are merged into a single zone. This reduces overlapping zones and gives a cleaner visual representation of significant price levels.
Confirmation Mechanism:
Each time the price touches a zone, the confirmation counter for that zone increases. The more confirmations a zone has, the more reliable it is. Zones are only displayed if they meet the required number of confirmations as specified by the user.
Color Gradient:
Zones are color-coded based on the number of confirmations. A gradient is used to visually represent the strength of each zone, with stronger zones being more vividly colored.
Heatmap Visualization:
When the heatmap is enabled, the color intensity of the zones is adjusted based on the proximity of the price to the zone and the number of touches the zone has received. This helps traders quickly identify which zones are more critical.
How to Use:
Identifying Support and Resistance Zones:
After adding the indicator to your chart, you will see horizontal lines representing key support (bullish) and resistance (bearish) levels. These zones are dynamically updated based on price action and pivots.
Adjusting Zone Sensitivity:
Use the "ATR Multiplier" to fine-tune how sensitive the indicator is to price fluctuations. A higher multiplier will reduce the number of zones, focusing on more significant levels.
Using Confirmations:
The more times a price interacts with a zone, the stronger that zone becomes. Use the "Confirmations" input to filter out weaker zones. This ensures that only zones with enough interaction (touches) are plotted.
Activating the Heatmap:
Enabling the heatmap will provide a color-coded visual representation of the strength of the zones. Zones with more price interactions will appear more vividly, helping you focus on the most significant areas.
Best Practices:
Combine with Other Indicators:
This support and resistance indicator works well when combined with other technical analysis tools, such as oscillators (e.g., RSI, MACD) or moving averages, for better trade confirmations.
Adjust Sensitivity Based on Market Conditions:
In volatile markets, you may want to increase the ATR multiplier to focus on more significant support and resistance zones. In calmer markets, decreasing the multiplier can help you spot smaller, but relevant, levels.
Use in Different Time Frames:
This indicator can be used effectively across different time frames, from intraday charts (e.g., 1-minute or 5-minute charts) to longer-term analysis on daily or weekly charts.
Look for Confluences:
Zones that overlap with other indicators, such as Fibonacci retracements or key moving averages, tend to be more reliable. Use the zones in conjunction with other forms of analysis to increase your confidence in trade setups.
Limitations and Considerations:
False Breakouts:
In highly volatile markets, there may be false breakouts where the price briefly moves through a zone without a sustained trend. Consider combining this indicator with momentum-based tools to avoid false signals.
Sensitivity to ATR Settings:
The ATR multiplier is a key component of this indicator. Adjusting it too high or too low may result in too few or too many zones, respectively. It is important to fine-tune this setting based on your specific trading style and market conditions.
Risk RewardThe Risk Reward indicator, developed by OmegaTools, is a versatile technical tool designed to help traders visualize and evaluate potential reward and risk levels in their trades. By comparing recent price action against moving averages and volatility deviations, it calculates a range-weighted assessment of upside reward and downside risk. It provides a clear, color-coded visual representation of these potential ranges, along with critical support and resistance levels to aid in trade decision-making. This indicator is ideal for traders seeking to optimize their risk-reward ratio and make informed trade management decisions.
Features
Reward and Risk Visualization: Provides a histogram showing the relative potential of upside reward versus downside risk based on current price action.
Dynamic Support and Resistance Levels: Calculates and plots key price levels based on extreme of historical volatility, helping traders to identify important price zones.
Trade Size Customization: Users can adjust the trade size, and the indicator will calculate and display the estimated risk and reward in monetary terms based on the contract value.
Adaptive Volatility Extensions: Automatically adjusts extension lines based on volume, helping traders anticipate future price ranges and potential breakouts or breakdowns.
Customizable Visuals: Allows users to personalize the color scheme for bullish and bearish scenarios, making the chart more intuitive and user-friendly.
User Guide
Trade Size (size): Adjust the trade size in units (default is 1). This parameter impacts the risk and reward calculation shown in the summary table.
Length (lnt): Set the length for the exponential moving average (EMA) and the highest/lowest price calculations. This length determines the sensitivity of the indicator.
Different Visual (down): A boolean input to adjust the method for calculating downside risk. When set to true, it uses a different visual scheme.
Bullish Color (upc): Customize the color of the bullish (upside) histogram and support levels.
Bearish Color (dnc): Customize the color of the bearish (downside) histogram and resistance levels.
Plots
First Probability: Displays a histogram representing the higher value between reward and risk. It is colored according to whether the upside or downside is greater, providing a clear signal for potential trade direction.
Second Probability: A secondary histogram plot that visualizes the lower value between reward and risk, offering an additional perspective on the trade’s risk-reward balance.
Low Level/High Level: Displays dynamic support and resistance levels based on historical price data and volatility deviations.
Extension Lines: Visualize potential future price levels using volatility-adjusted projections. These lines help traders anticipate where price could move based on current conditions.
On-Chart Labels and Risk-Reward Table:
Risk and Reward Calculations: The indicator calculates the monetary value of downside risk and upside reward based on the provided trade size, volatility measures, and price movements.
Risk/Reward Table: Displayed directly on the chart, showing the downside risk and upside reward in easy-to-understand numerical values. This helps traders quickly assess the feasibility of a trade.
How It Works:
Moving Average Comparison: The indicator first calculates the 21-period (default) exponential moving average (EMA). It then compares the current price against this moving average to determine whether the market is in a bullish or bearish phase.
Deviation Calculation: It calculates the average deviation between the price and the EMA for both bullish and bearish movements, which is used to establish dynamic support and resistance levels.
Risk-Reward Calculation: Based on the highest and lowest price levels over the set period and the calculated deviations, it determines the potential upside reward and downside risk. The reward is calculated as the distance between the current price and the upper resistance levels, while the risk is determined as the distance to the lower support levels.
Visual Representation
The indicator plots histograms representing the relative magnitude of potential reward and risk.
Support and resistance levels are dynamically plotted on the chart using circles and lines, helping traders easily spot key areas of interest.
Extension lines are drawn to visualize potential future price levels based on current volatility.
Risk/Reward Table: This feature displays the calculated monetary risk and reward based on the trade size. It updates dynamically with price changes, offering a constant reference point for traders to evaluate their trade setup.
Practical Application
Identify Entry Points: Use the dynamic support and resistance levels to identify ideal trade entry points. The histogram helps determine whether the potential reward justifies the risk.
Risk Management: The calculated downside risk provides traders with an objective view of where to place stop-loss levels, while the upside reward aids in setting profit targets.
Trade Execution: By visually assessing whether reward outweighs risk, traders can make more informed decisions on trade execution, with the risk-reward ratio clearly displayed on the chart.
Best Practices:
Use Alongside Other Indicators: While this indicator offers a powerful standalone tool for assessing risk and reward, it works best when combined with other trend or momentum indicators for confirmation.
Adjust Inputs Based on Market Conditions: Adjust the length and trade size inputs depending on the asset being traded and the time horizon, as different assets may require different sensitivity settings.
2x ATR Horizontal Rays2x ATR Horizontal Rays Indicator
This script plots horizontal rays based on the 2x ATR (Average True Range) of the previous candle. It helps traders visualize key support and resistance levels by extending lines from the last candle's price, calculated with a 2x ATR multiplier. The indicator draws two lines:
Upper ATR Line: Positioned above the previous candle’s close by 2x the ATR value.
Lower ATR Line: Positioned below the previous candle’s close by 2x the ATR value.
Key Features:
Customizable ATR Length: Allows users to input their preferred ATR period to suit different market conditions.
Dynamic Horizontal Lines: The lines update with each new candle, giving traders a clear visual of volatility levels.
Extended Right Lines: The horizontal rays extend to the right, serving as potential zones for price reversals or breakouts.
This indicator is useful for traders looking to gauge market volatility and set target levels or stops based on historical price movements.
How to Use:
Add the indicator to your chart and adjust the ATR length in the settings.
Watch how the price interacts with the upper and lower ATR lines as potential zones for support, resistance, or trend continuation.
Happy trading!
