Advanced Pattern Detector**Script Overview**
**Indicator Name:** Advanced Pattern Detector
**Pine Script Version:** v5
**Indicator Type:** Overlaid on the chart (overlay=true)
**Main Features:**
- Detection and visualization of various technical patterns.
- Generation of BUY and SELL signals based on detected patterns.
- Display of Fibonacci levels to identify potential support and resistance levels.
- Ability to enable or disable each pattern through the indicator settings.
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**Indicator Settings**
**Switches to Enable/Disable Patterns**
At the top of the indicator, there are parameters that allow the user to select which patterns will be displayed on the chart:
- Three Drives
- Rounding Top
- Rounding Bottom
- ZigZag Pattern
- Inverse Head and Shoulders
- Fibonacci Retracement
**Parameters for ZigZag**
Settings are also available for the ZigZag pattern, such as the depth of peak and trough detection, allowing the user to adjust the indicator's sensitivity to price changes.
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**Pattern Detection**
Each pattern is implemented with its own logic, which checks specific conditions on the current bar (candle). Below are the main patterns:
1. **Three Drives**
- **Description:** This pattern consists of three consecutive price movements in one direction (up or down). It can signal the continuation of the current trend or its reversal.
- **How It Works:**
- **Upward Drive:** The indicator checks that the closing price of each subsequent candle is higher than the previous one for three bars.
- **Downward Drive:** The indicator checks that the closing price of each subsequent candle is lower than the previous one for three bars.
2. **Rounding Top**
- **Description:** A pattern representing a smooth decrease in maximum prices over several bars, which may indicate a potential downward trend reversal.
- **How It Works:**
- The indicator checks that the maximum prices of the last five bars are gradually decreasing, and the current bar shows a decrease in the maximum price.
3. **Rounding Bottom**
- **Description:** A pattern characterized by a smooth increase in minimum prices over several bars, signaling a possible upward trend reversal.
- **How It Works:**
- The indicator checks that the minimum prices of the last five bars are gradually increasing, and the current bar shows an increase in the minimum price.
4. **ZigZag Pattern**
- **Description:** Used to identify corrective movements on the chart. The pattern shows peak and trough points connected by lines, helping to visualize the main price movement.
- **How It Works:**
- The indicator uses a function to determine local maxima and minima based on the specified depth.
- Detected peaks and troughs are connected by lines to create a visual zigzag structure.
5. **Inverse Head and Shoulders**
- **Description:** An inverted head and shoulders formation signals a possible reversal of a downward trend to an upward one.
- **How It Works:**
- The indicator looks for three local minima: the left shoulder, the head (the lowest minimum), and the right shoulder.
- It checks that the left and right shoulders are approximately at the same level and below the head.
6. **Fibonacci Retracement Levels**
- **Description:** Automatically builds key Fibonacci levels based on the maximum and minimum prices over the last 50 bars. These levels are often used as potential support and resistance levels.
- **How It Works:**
- Daily, the minimum and maximum prices over the last 50 bars are calculated.
- Based on these values, Fibonacci levels are drawn: 100%, 23.6%, 38.2%, 50%, 61.8%, and 0%.
- Old levels are removed when a new day begins to keep the chart clean and up-to-date.
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**Generation of Buy and Sell Signals**
The indicator combines the results of detected patterns to generate trading signals:
- **Buy Signals (BUY):**
- Rounding Bottom
- Three Drives Up
- Inverse Head and Shoulders
- ZigZag Low
- **Sell Signals (SELL):**
- Rounding Top
- Three Drives Down
- Inverse Head and Shoulders
- ZigZag High
**How It Works:**
- If one or more buy conditions are met, a "BUY" label is displayed below the corresponding bar on the chart.
- If one or more sell conditions are met, a "SELL" label is displayed above the corresponding bar on the chart.
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**Visualization of Patterns on the Chart**
Each detected pattern is visualized using various graphical elements, allowing traders to easily identify them on the chart:
- **Three Drives Up:** Green upward triangle below the bar.
- **Three Drives Down:** Red downward triangle above the bar.
- **Rounding Top:** Orange "RT" label above the bar.
- **Rounding Bottom:** Blue "RB" label below the bar.
- **Inverse Head and Shoulders:** Turquoise "iH&S" label below the bar.
- **ZigZag High/Low:** Purple circles at the peaks and troughs of the zigzag.
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**Displaying Fibonacci Levels**
Fibonacci levels are displayed as horizontal lines on the chart with corresponding labels. These levels help traders determine potential entry and exit points, as well as support and resistance levels.
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**Drawing ZigZag Lines**
ZigZag lines connect the detected peaks and troughs, visualizing corrective movements. To avoid cluttering the chart, the number of lines is limited, and old lines are automatically removed as new ones are added.
Tìm kiếm tập lệnh với "chart"
STANDARD DEVIATION INDICATOR BY WISE TRADERWISE TRADER STANDARD DEVIATION SETUP: The Ultimate Volatility and Trend Analysis Tool
Unlock the power of STANDARD DEVIATIONS like never before with the this indicator, a versatile and comprehensive tool designed for traders who seek deeper insights into market volatility, trend strength, and price action. This advanced indicator simultaneously plots three sets of customizable Deviations, each with unique settings for moving average types, standard deviations, and periods. Whether you’re a swing trader, day trader, or long-term investor, the STANDARD DEVIATION indicator provides a dynamic way to spot potential reversals, breakouts, and trend-following opportunities.
Key Features:
STANDARD DEVIATIONS Configuration : Monitor three different Bollinger Bands at the same time, allowing for multi-timeframe analysis within a single chart.
Customizable Moving Average Types: Choose from SMA, EMA, SMMA (RMA), WMA, and VWMA to calculate the basis of each band according to your preferred method.
Dynamic Standard Deviations: Set different standard deviation multipliers for each band to fine-tune sensitivity for various market conditions.
Visual Clarity: Color-coded bands with adjustable thicknesses provide a clear view of upper and lower boundaries, along with fill backgrounds to highlight price ranges effectively.
Enhanced Trend Detection: Identify potential trend continuation, consolidation, or reversal zones based on the position and interaction of price with the three bands.
Offset Adjustment: Shift the bands forward or backward to analyze future or past price movements more effectively.
Why Use Triple STANDARD DEVIATIONS ?
STANDARD DEVIATIONS are a popular choice among traders for measuring volatility and anticipating potential price movements. This indicator takes STANDARD DEVIATIONS to the next level by allowing you to customize and analyze three distinct bands simultaneously, providing an unparalleled view of market dynamics. Use it to:
Spot Volatility Expansion and Contraction: Track periods of high and low volatility as prices move toward or away from the bands.
Identify Overbought or Oversold Conditions: Monitor when prices reach extreme levels compared to historical volatility to gauge potential reversal points.
Validate Breakouts: Confirm the strength of a breakout when prices move beyond the outer bands.
Optimize Risk Management: Enhance your strategy's risk-reward ratio by dynamically adjusting stop-loss and take-profit levels based on band positions.
Ideal For:
Forex, Stocks, Cryptocurrencies, and Commodities Traders looking to enhance their technical analysis.
Scalpers and Day Traders who need rapid insights into market conditions.
Swing Traders and Long-Term Investors seeking to confirm entry and exit points.
Trend Followers and Mean Reversion Traders interested in combining both strategies for maximum profitability.
Harness the full potential of STANDARD DEVIATIONS with this multi-dimensional approach. The "STANDARD DEVIATIONS " indicator by WISE TRADER will become an essential part of your trading arsenal, helping you make more informed decisions, reduce risks, and seize profitable opportunities.
Who is WISE TRADER ?
Wise Trader is a highly skilled trader who launched his channel in 2020 during the COVID-19 pandemic, quickly building a loyal following. With thousands of paid subscribed members and over 70,000 YouTube subscribers, Wise Trader has become a trusted authority in the trading world. He is known for his ability to navigate significant events, such as the Indian elections and stock market crashes, providing his audience with valuable insights into market movements and volatility. With a deep understanding of macroeconomics and its correlation to global stock markets, Wise Trader shares informed strategies that help traders make better decisions. His content covers technical analysis, trading setups, economic indicators, and market trends, offering a comprehensive approach to understanding financial markets. The channel serves as a go-to resource for traders who want to enhance their skills and stay informed about key market developments.
Line Chart ShiftedThis indicator is designed to assist traders who rely on both line charts and candlestick patterns in their technical analysis. By plotting the closing price from previous bars and shifting it left by a customizable amount, this indicator overlays a line chart directly onto a candlestick chart, giving traders a clearer view of trends and key levels.
Key Features:
Shifted Close Price: The line is plotted based on the closing prices of the previous 3 candles, providing an advanced view of the market's price movements.
Customizable Line Width and Color: Traders can easily modify the thickness and color of the line to match their charting style or improve visibility when analyzing price action.
How It Helps:
Combines Line and Candlestick Charts: For traders who analyze both line and candlestick charts, this indicator provides an effective way to see how price has been evolving, helping to identify support, resistance, and trend lines more easily.
Enhanced Visualization: By shifting the line slightly to the left, the overlay offers a clean separation between the current candlestick and the historical line, improving clarity and making it easier to spot trends.
EagleVision.V33 - Inside Pin Bar EagleVision.V33 is a specialized indicator designed for traders who focus on price action. It detects and highlights the Inside Pin Bar candle pattern, a key signal that can indicate potential market reversals or trend continuations. This tool is invaluable for traders who rely on precise candlestick patterns to make data-driven decisions.
Features:
• Customizable Pattern Highlighting: EagleVision.V33 allows traders to choose custom colors to highlight Inside Pin Bar patterns directly on the chart. This makes identifying critical trading signals straightforward, even in busy market conditions.
• Pin Bar Candle Customization: Beyond just highlighting, the indicator enables users to change the color of the detected pin bar itself, ensuring that crucial patterns are immediately visible and easy to track.
• Versatile Timeframe Application: The indicator can be applied across various timeframes, from intraday (1 minute, 5 minutes) to longer-term charts (daily, weekly). Users can easily switch between timeframes within the settings, making it adaptable to different trading strategies.
• Enhanced Visual Clarity with Background Highlighting: For traders who prefer additional emphasis, EagleVision.V33 offers an option to apply a background color that highlights the entire region where the Inside Pin Bar pattern is detected.
How It Works:
• Inside Bar Identification: The indicator first identifies an Inside Bar, where a candle’s high and low fall within the range of the preceding candle (the mother bar). This is a foundational pattern in price action trading.
• Pin Bar Detection: It then checks if the candle is a Pin Bar, characterized by a small body and a prominent wick (either upper or lower), which typically signals potential market turning points.
• Pattern Highlighting & Visualization: Upon detecting both conditions (Inside Bar and Pin Bar), EagleVision.V33 highlights the pattern using customizable shapes and colors, and optionally applies a background shade to further enhance visibility.
Use Cases:
• Reversals at Key Levels: The Inside Pin Bar pattern often appears at significant support or resistance levels, signaling potential reversals. EagleVision.V33 helps traders spot these opportunities early.
• Trend Continuations: In trending markets, this pattern can confirm the continuation of a trend, providing traders with the confidence to hold positions or enter new ones.
Customization Options:
• Pattern Highlight Color: Choose a distinct color for the label or shape that marks the Inside Pin Bar pattern, making it stand out against other chart elements.
• Pin Bar Candle Color: Customize the color of the Pin Bar itself, ensuring that it is immediately recognizable on the chart.
• Background Highlighting: Optionally apply a background color to the chart area where the pattern is detected, further enhancing visual clarity and making it easier to spot potential trading opportunities.
Why EagleVision.V33 Stands Out:
EagleVision.V33 is not just another pattern detection tool; it’s engineered for precision and clarity, with highly customizable features that cater to the unique needs of price action traders. By combining both Inside Bar and Pin Bar detection, it offers a powerful edge, providing traders with actionable insights directly on their charts.
Gap Percentage Highlighter (1Day)b]🇬🇧 ENGLISH
The "Gap Percentage Highlighter" script is a useful tool for traders who want to visually highlight and analyze price gaps on their charts.
Features:
Identification of Price Gaps (Gaps):
The script automatically highlights candles where the opening price significantly differs from the previous day's closing price.
Percentage Display of the Gap:
The percentage change between the closing price and the opening price is displayed directly on the chart.
Customizable Gap Size:
Users can set the minimum size of the price gap in percentage terms through a simple input field, determining when the script marks a gap as significant.
Visual Highlighting:
Gap-ups (positive gaps) are highlighted in green, and gap-downs (negative gaps) are highlighted in red, making them easy to identify.
Use Case:
This script is ideal for traders who utilize gaps in their analyses to identify potential market movements. It allows for quick and visual identification of significant price gaps directly on the chart and offers the flexibility to adjust the definition of "significant" to match individual needs.
Disclaimer:
This script is for educational purposes only. Trading involves risks and is not suitable for every investor.
(c) BS IMPACT SCALE GmbH
🇩🇪 GERMAN
Das "Gap Percentage Highlighter" Skript ist ein nützliches Tool für Trader, die Kurslücken (Gaps) auf ihren Charts visuell hervorheben und analysieren möchten.
Funktionen:
Identifizierung von Kurslücken (Gaps):
Das Skript hebt automatisch Kerzen hervor, bei denen der Eröffnungskurs vom Schlusskurs der vorherigen Kerze auf Tagesbasis signifikant abweicht.
Prozentuale Anzeige der Kurslücke:
Die prozentuale Veränderung zwischen Schlusskurs und Eröffnungskurs wird direkt auf dem Chart angezeigt.
Anpassbare Gap-Größe:
Nutzer können über ein einfaches Eingabefeld die minimale Größe der Kurslücke in Prozent festlegen, ab der das Skript die Lücke als relevant markiert.
Visuelle Hervorhebung:
Gap-Ups (positive Lücken) werden in Grün und Gap-Downs (negative Lücken) in Rot hinterlegt, sodass sie leicht identifiziert werden können.
Anwendungsbereich:
Dieses Skript ist ideal für Trader, die Gaps in ihren Analysen nutzen, um potenzielle Marktbewegungen zu identifizieren. Es ermöglicht eine schnelle und visuelle Erkennung von signifikanten Kurslücken direkt auf dem Chart und bietet die Flexibilität, die Definition von "signifikant" an die eigenen Bedürfnisse anzupassen.
Haftungsausschluss:
Dieses Skript dient ausschließlich zu Bildungszwecken. Trading beinhaltet Risiken und ist nicht für jeden Anleger geeignet.
(c) BS IMPACT SCALE GmbH
BINANCE-BYBIT Cross Chart: Spot-Perpetual CorrelationName: "Binance-Bybit Cross Chart: Spot-Perpetual Correlation"
Category: Scalping, Trend Analysis
Timeframe: 1M, 5M, 30M, 1D (depending on the specific technique)
Technical analysis: This indicator facilitates a comparison between the price movements shown on the Binance spot chart and the Bybit perpetual chart, with the aim of discerning the correlation between the two charts and identifying the dominant market trends. It automatically generates the corresponding chart based on the ticker selected in the primary chart. When a Binance pair is selected in the main chart, the indicator replicates the Bybit perpetual chart for the same pair and timeframe, and vice versa, selecting the Bybit perpetual chart as the primary chart generates the Binance spot chart.
Suggested use: You can utilize this tool to conduct altcoin trading on Binance or Bybit, facilitating the comparison of price actions and real-time monitoring of trigger point sensitivity across both exchanges. We recommend prioritizing the Binance Spot chart in the main panel due to its typically longer historical data availability compared to Bybit.
The primary objective is to efficiently and automatically manage the following three aspects:
- Data history analysis for higher timeframes, leveraging the extensive historical data of the Binance spot market. Variations in indicators such as slow moving averages may arise due to differences in historical data between exchanges.
- Assessment of coin liquidity on both exchanges by observing candlestick consistency on smaller timeframes or the absence of gaps. In the crypto market, clean charts devoid of gaps indicate dominance and offer enhanced reliability.
- Identification of precise trigger point levels, including daily, previous day, or previous week highs and lows, which serve as sensitive areas for breakout or reversal operations.
All-Time High (ATH) and All-Time Low (ATL) levels may vary significantly across exchanges due to disparities in historical data series.
This tool empowers traders to make informed decisions by leveraging historical data, liquidity insights, and precise trigger point identification across Binance Spot and Bybit Perpetual market.
Configuration:
EMA length:
- EMA 1: Default 5, user configurable
- EMA 2: Default 10, user configurable
- EMA 3: Default 60, user configurable
- EMA 4: Default 223, user configurable
- Additional Average: Optional display of an additional average, such as a 20-period average.
Chart Elements:
- Session separator: Indicates the beginning of the current session (in blue)
- Background: Indicates an uptrend (60 > 223) with a green background and a downtrend (60 < 223) with a red background.
Instruments:
- EMA Daily: Shows daily averages on an intraday timeframe.
- EMA levels 1h - 30m: Shows the levels of the 1g-30m EMAs.
- EMA Levels Highest TF: Provides the option to select additional EMA levels from the major timeframes, customizable via the drop-down menu.
- "Hammer Detector: Marks hammers with a green triangle and inverted hammers with a red triangle on the chart
- "Azzeramento" signal on TF > 30m: Indicates a small candlestick on the EMA after a dump.
- "No Fomo" signal on TF < 30m: Indicates a hyperextended movement.
Trigger Points:
- Today's highs and lows: Shows the opening price of the day's candlestick, along with the day's highs and lows (high in purple, low in red, open in green).
- Yesterday's highs and lows: Displays the opening price of the daily candlestick, along with the previous day's highs and lows (high in yellow, low in red).
You can customize the colors in "Settings" > "Style".
It is best used with the Scalping The Bull indicator on the main panel.
Credits:
@tumiza999: for tests and suggestions.
Thanks for your attention, happy to support the TradingView community.
Custom Renko Chart by Mustafa KapuzThis Pine Script, developed by Mustafa Kapuz, offers a unique approach to visualize price movements through a custom Renko chart directly on your TradingView overlay. Unlike traditional Renko charts that are detached from time series, this script allows traders to overlay Renko-style price movements over standard charts, providing a hybrid view that combines the clarity of Renko with the context of time-based charting.
Key Features:
Adaptive Brick Size: At the heart of this script is the Brick Size input, allowing users to define the size of each Renko brick. This flexibility is crucial for tailoring the chart to various commodities or assets, as volatility and price scales differ widely across markets.
Dynamic Price Adjustment: The script dynamically adjusts to price movements, creating new bricks whenever the price moves by the predefined Brick Size from the last brick value. This adjustment is made regardless of the time elapsed, focusing solely on price action, thereby filtering out minor fluctuations and highlighting significant trends.
Visual Clarity: Rendered as a step line, the resulting Renko chart provides a clear visual representation of price trends. Each step signifies a new brick, painted in blue for easy visibility. This method simplifies the analysis of directional movements, making it easier to identify potential entry and exit points.
Usage Tips:
To optimize the chart for different markets, experiment with the Brick Size parameter. Adjusting this value allows the chart to better reflect the unique characteristics of each commodity or asset, ranging from highly volatile cryptocurrencies to more stable fiat currencies or stocks.
This custom Renko chart can be a powerful addition to your trading toolkit, especially when used in conjunction with other indicators and analysis techniques. It's designed to offer a new perspective on price movements, filtering out the 'noise' and focusing on substantial trends.
By customizing the Brick Size, traders can tailor the chart to various commodities, achieving a versatile analysis tool that adapts to different market conditions. Whether you're a seasoned trader or new to the markets, this script provides a fresh lens through which to view and interpret price action, enhancing your trading strategy with the timeless principles of Renko charting, now integrated into your TradingView experience.
Flat Combo DetectorFlat Combo Detector (FCD)
Introduction:
The Flat Combo Detector is a unique tool crafted to aid traders in identifying potential trend reversals. Unlike standard indicators that primarily focus on moving averages or oscillators, the FCD bases its signals on specific candlestick patterns that manifest at crucial trend pivot points.
I use it mostly on OANDA:XAUUSD Gold
How It Works:
The logic of the Flat Combo Detector revolves around the formation of consecutive bearish and bullish candles with particular attributes:
Bearish to Bullish Transition:
Primary Candle : A bearish candle where the close is lower than the open and its close is equal to its low.
Following Candle: A bullish candle where the close is higher than the open, and the open approximates its low (within a user-defined tolerance).
Signal : A green triangle plotted below the price bar, indicating a potential shift from a bearish to bullish trend.
Bullish to Bearish Transition:
Primary Candle: A bullish candle where the close is higher than the open and equals its high.
Following Candle : A bearish candle where the close is lower than the open, and the open approximates its high (within a user-defined tolerance).
Signal : A red triangle plotted above the price bar, indicating a potential transition from a bullish to bearish trend.
Usage Guidance:
For traders unfamiliar with Pine Script, using this indicator is straightforward. Once added to the chart, look for the green and red triangle signals. A green triangle below a price bar suggests a possible bullish reversal, while a red triangle above a price bar hints at a potential bearish reversal. Always consider these signals in conjunction with other technical analysis tools and the broader market context to optimize decision-making.
Associated Strategy:
I've also developed a trading strategy that utilizes these specific entry points identified by the FCD. If you find the signals from this indicator helpful, you might also be interested in exploring the strategy for a comprehensive trading approach. Always remember to backtest and validate any strategy before live trading.
Chart Presentation:
The published chart associated with this script has been kept clean to ensure clarity. Users will only observe the main price bars/candles along with the green and red triangle signals generated by the FCD.
Conclusion:
The Flat Combo Detector provides traders with a fresh perspective on trend reversal points. Its focus on specific candlestick patterns makes it a valuable tool, especially when used in combination with other technical indicators. Always ensure to practice prudent risk management and consult multiple analysis methods before making trading decisions.
TrendLine CrossThis indicator "TrendLine Cross", is designed to plot trend lines so you can spot potential trend reversal points on the charts. The main function is to draw several lines on the chart and identify the crossings between these lines, which can be significant indicators for trading. The lines are based on different periods which can be changed in the settings tabs.
Let's see the characteristics of the trend lines:
_Low Line Color(Green Line): This line connects the lowest point of low prices in the "low_time" period with the lowest point of low prices in the "high_time" period. Indicates a possible short-term support level on the chart.
_Liquidity Up Line Color (Golden Line): This line connects the lowest point of low prices in the "low_time" period with the highest point of low prices in the same period. It represents a liquidity zone and an important resistance in the chart.
_Lower Line Color (Blue Line): This horizontal line connects the lowest point of low prices in the "LowerLine_period" with the lowest point of low prices in the "high_time" period. Indicates a possible long-term support level.
_Upper Line Colorr: This line represents a connection between the highest points of the "high_time" period and the lowest point of the "LowerLine_period". Indicates a possible long-term resistance level.
_Up Line Color (Red Line): This line connects the highest point of high prices in the "high_time" period with the highest point of high prices in the "LowerLine_period". It represents a possible long-term resistance level.
_Liquidity Down Line Color(Golden Line): This line connects the highest point of high prices in the "high_time" period with the highest point of low prices in the "low_time" period. It represents a liquidity point and an important support zone.
The indicator becomes particularly interesting when the lines make crossings. These crossovers could suggest a potential trend change in the market. For example:
Change from Bearish to Bullish: If the "long-term" line (black) crosses the "short- or long-term" line (green or blue) from top to bottom, it could indicate a shift from a bearish to a bullish market , suggesting the opportunity for long positions.
_Changing from Bullish to Bearish: If the "long-term" line (blue) crosses the "short-term" line (red or black) from bottom to top, it could indicate a shift from a bullish to a bearish market, suggesting the opportunity for short positions.
Generally speaking, crossings between these lines can be key points of interest for traders, as they can signal significant changes in price direction.
Candles In Row (Expo)█ Overview
The Candles In Row (Expo) indicator is a powerful tool designed to track and visualize sequences of consecutive candlesticks in a price chart. Whether you're looking to gauge momentum or determine the prevailing trend, this indicator offers versatile functionality tailored to the needs of active traders. The Candles In Row indicator can be an integral part of a multi-timeframe trading strategy, allowing traders to understand market momentum, and set trading bias. By recognizing the patterns and likelihood of future price movements, traders can make more informed decisions and align their trades with the overall market direction.
█ How to use
The indicator enhances traders' understanding of the consecutive candle patterns, helping them to uncover trends and momentum. Consecutive candles in the same direction may indicate a strong trend. The Candles In Row indicator can be an essential tool for traders employing a multiple timeframes strategy.
Analyzing a Higher Timeframe:
Understanding Momentum: By analyzing consecutive green or red candles in a higher timeframe, traders can identify the prevailing momentum in the market. A series of green candles would suggest an upward trend, while a series of red candles would indicate a downward trend.
Predicting Next Candle: The indicator's predictive feature calculates the likelihood of the next candle being green or red based on historical patterns. This probability helps traders gauge the potential continuation of the trend.
Setting the Trading Bias: If the likelihood of the next candle being green is high, the trader may decide to focus on long (buy) opportunities. Conversely, if the likelihood of the next candle being red is high, the trader may look for short (sell) opportunities.
In this example, we are using the Heikin Ashi candles.
Moving to a Lower Timeframe:
Finding Entry Points: Once the trading bias is set based on the higher timeframe analysis, traders can switch to a lower timeframe to look for entry points in the direction of the bias. For example, if the higher timeframe suggests a high likelihood of a green candle, traders may look for buy opportunities in the lower timeframe.
Combining Timeframes for a Comprehensive Strategy:
Confirmation and Alignment: By analyzing the higher timeframe and confirming the direction in the lower timeframe, traders can ensure that they are trading in alignment with the broader trend.
Avoiding False Signals: By using a higher timeframe to set the trading bias and a lower timeframe to find entries, traders can avoid false signals and whipsaws that might be present in a single timeframe analysis.
█ Settings
Price Input Selection: Choose between regular open and close prices or Heikin Ashi candles as the basis for calculation.
Data Window Control: Decide between displaying the full data window or only the active data. You can also enable a counter that keeps track of the number of candles.
Alert Configuration: Set the desired number and color of consecutive candles that must occur in a row to trigger an alert.
Table Display Customization: Customize the location and size of the display table according to your preferences.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Opening Range Gap + Std Dev [starclique]The ICT Opening Range Gap is a concept taught by Inner Circle Trader and is discussed in the videos: 'One Trading Setup For Life' and 2023 ICT Mentorship - Opening Range Gap Repricing Macro
ORGs, or Opening Range Gaps, are gaps that form only on the Regular Trading Hours chart.
The Regular Trading Hours gap occurs between 16:15 PM - 9:29 AM EST (UTC-4)
These times are considered overnight trading, so it is useful to filter the PA (price action) formed there.
The RTH option is only available for futures contracts and continuous futures from CME Group.
To change your chart to RTH, first things first, make sure you’re looking at a futures contract for an asset class, then on the bottom right of your chart, you’ll see ETH (by default) - Click on that, and change it to RTH.
Now your charts are filtering the price action that happened overnight.
To draw out your gap, use the Close of the 4:14 PM candle and the open of the 9:30 AM candle.
How is this concept useful?
Well, It can be used in many ways.
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How To Use The ORG
One of the ways you can use the opening range gap is simply as support and resistance
If we extend out the ORG from the example above, we can see that there is a clean retest of the opening range gap high after breaking structure to the upside and showing acceptance outside of the gap after consolidating within it.
The ORG High (4:14 Candle Close in this case) was used as support.
We then see an expansion to the upside.
Another way to implement the ORG is by using it as a draw on liquidity (magnet for price)
In this example, if we looked to the left, there was a huge ORG to the downside, leaving a massive gap.
The market will want to rebalance that gap during the regular trading hours.
The market rallies higher, rejects, comes down to clear the current days ORG low, then closes.
That is one example of how you can combine liquidity & ICT market structure concepts with Opening Range Gaps to create a story in the charts.
Now let’s discuss standard deviations.
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Standard Deviations
Standard Deviations are essentially projection levels for ranges / POIs (Point of Interests)
By this I mean, if you have a range, and you would like to see where it could potentially expand to, you’d place your fibonacci retracement tool on and high and low of the range, then use extension levels to find specific price points where price might reject from.
Since 0 and 1 are your Range High and Low respectively, your projection levels would be something like 1.5, 2, 2.5, and 3, for the extension from your 1 Fib Level, and -0.5, -1, -1.5, and -2 for your 0 Fib level.
The -1 and 2 level produce a 1:1 projection of your range low and high, meaning, if you expect price to expand as much as it did from the range low to range high, then you can project a -1 and 2 on your Fib, and it would show you what ICT calls “symmetrical price”
Now, how are standard deviations relevant here?
Well, if you’ve been paying attention to ICT’s recent videos, you would’ve caught that he’s recently started using Standard Deviation levels on breakers.
So my brain got going while watching his video on ORGs, and I decided to place the fib on the ORG high and low and see what it’d produce.
The results were very interesting.
Using this same example, if we place our fib on the ORG High and Low, and add some projection levels, we can see that we rejected right at the -2 Standard Deviation Level.
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You can see that I also marked out the EQ (Equilibrium, 50%, 0.5 of Fib) of the ORG. This is because we can use this level as a take profit level if we’re using an old ORG as our draw.
In days like these, where the gap formed was within a consolidation, and it continued to consolidate within the ORG zone that we extended, we can use the EQ in the same way we’d use an EQ for a range.
If it’s showing acceptance above the EQ, we are bullish, and expect the high of the ORG to be tapped, and vice versa.
---
Using The Indicator
Here’s where our indicator comes in play.
To avoid having to do all this work of zooming in and marking out the close and open of the respective ORG candles, we created the Opening Range Gap + Standard Deviations Indicator, with the help of our dedicated Star Clique coder, a1tmaniac.
With the ORG + STD DEV indicator, you will be able to view ORG’s and their projections on the ETH (Electronic Trading Hours) chart.
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Features
Range Box
- Change the color of your Opening Range Gap to your liking
- Enable or disable the box from appearing using the checkbox
Range Midline
- Change the color of your Opening Range Gap Equilibrium
- Enable or disable the midline from appearing using the checkbox
Std. Dev
- Add whichever standard deviation levels you’d like.
- By default, the indicator comes with 0.5, 1, 1.5, and 2 standard deviation levels.
- Ensure that you add a comma ( , ) in between each standard deviation level
- Enable or disable the standard deviations from appearing using the opacity of the color (change to 0%)
Labels / Offset
- Adjust the offset of the label for the Standard Deviations
- Enable or disable the Labels from appearing using the checkbox
Time
- Adjust the time used for the indicators range
- If you’d like to use this for a Session or ICT Killzone instead, adjust the time
- Adjust the timezone used for the time referenced
- Options are UTC, US (UTC-4, New York Local Time) or UK (UTC+1, London Time)
- By default, the indicator is set to US
EquiVolume [LuxAlgo]EquiVolume is a charting method that aims to incorporate volume information to a candlestick chart. Volume is highlighted through the candle body width, with wider candles suggesting more significant volume.
Our script shows an EquiVolume chart for the visible chart range. Additionally regular volume can be plotted as a column plot with the column's width controlled by volume.
🔶 SETTINGS
🔹 Options
Chart: Shows candles with volume adjusted width.
Volume: Shows volume with volume adjusted width.
🔹 Intrabar Analysis
Enable/disable: When LTF is enabled, the script will calculate the % volume/candles in the same direction than current timeframe.
You can choose a LTF between 1 and 240 minutes.
Type %:
- Volume: sum of volume of all LTF candles, which are in the same direction.
- #bars: sum of all LTF candles, which are in the same direction.
🔹 Width Boxes (bars)
Minimum width: sets the minimum width of a box (candle/volume)
Maximum width: sets the maximum width of a box (candle/volume)
🔶 USAGE
This charting method makes it easier to spot large volume candles, against comparing candles to volume.
Another example:
Additionally, users can make the script perform an intrabar analysis on the chart candles, allowing to highlight bullish/bearish activity within a candle. The script can estimate bullish/bearish trading activity within a candle or simply use intrabar candle signs.
Example
- 15-minute candle is green
- 10 1-minute candles (LTF) IN that 15-minute candle are green -> 10/15 = 66,667%
-> The current 15-minute candle will be 66,667% filled with green color.
Note that the script will draw everything from last visible bar at the right to left, as such you can scroll backwards, and the script will show you the data of the visible chart.
Scrolling back will return the following result:
🔶 REMARKS
When the LTF is too far apart from current timeframe, you should get an error. To prevent this, the LTF will automatically rise, giving no error.
When this happens, the adjusted LTF will be displayed. Do note, due to a maximum available LTF data, sometimes boxes won't always be visible (since there is no LTF data anymore)
To solve this, just elevate your LTF:
When the set LTF is higher than current TF, you would normally get an error as well.
This script will automatically adjust the LTF to current TF, together with a visible warning (no error though).
Due to the inability to draw a line in the space between bars, sometimes a wick won't be placed exactly in the middle.
Fair Value Gap - FVG - HistogramThis indicator uses a histogram to represent "fair value gaps" ("FVG"). FVG is a popular pattern among modern traders.
This document describes the purpose of the script and discusses the conceptual meaning of "fair value," as well as the connotations attached to it.
█🚀 Based on the previous script - improved clarity
This indicator is a modified version of the "Three Bar Gap (Simple Price Action - with 1 line plot)" indicator, which is also available as open source and can be applied to a chart as a complementary tool along with this indicator.
Differences:
The previous version introduced a "Threshold filter" to reduce the number of lines plotted on charts. This filter introduced two additional parameters for users to consider (ATR length and multiplier). These parameters made the indicator more complicated than intended.
To address this issue of having too many lines in the former version, I proposed a spin-off on this version: It's to consider plotting the magnitude of the FVGs on a histogram instead of using lines on a price chart. In my opinion, a histogram is more suitable for decision-making because it lays out data points side-by-side as bins, which makes comparisons much clearer.
Minor FVGs are expected to have smaller bins compared to their neighboring bins, and in extreme cases, the bins will become seemingly invisible due to the auto-adjusted scale of the y-axis. Therefore, there is no need to filter out any data, and all FVGs can be included in this spin-off version.
█🚀 Candlestick patterns - revisited
This script calculates the displacement of highs and lows over three consecutive bars.
A) Down move: When the high of the recent-confirmed bar is lower than the low of the previous-previous candle.
B) Up move: When the low of the recently-confirmed bar is higher than the high of the previous-previous candle.
█🚀 Parameters
Core Functionality
The purpose of this indicator is to generate bins representing the magnitude of FVGs in the form of a histogram to facilitate the visualization of price movements.
The act of "finding FVGs" does not require any inputs, but users can still customize the colors of the bins to indicate the direction of movement.
Auxiliary functionality: “Key level finder” by searching for large FVGs
The following inputs are optional, in fact, the entire feature can be toggled on/off.
In this example, setting the lookback at 20 means the script will generate a signal if the current histogram bin is taller than all previous bins over the past 20 bars.
█🚀 Applications
Tall histogram bins = key levels .
Traders should observe key levels for entry or exit opportunities.
It is important to note that this indicator was designed for standard time-based charts.
On a separate note, FVGs will not appear in Renko charts with fixed-size bricks. This is because the bricks align with their neighboring bricks. When the bricks are fixed, any displacement between highs and lows within less than or equal to three bars will be zero.
The concept of a "gap" is used to illustrate that price follows a jump-diffusion process, and time intervals can be assigned arbitrarily on the x-axis without needing fixed intervals. This idea was briefly discussed in the previous script's write-up.
█🚀 FAQ: Does it repaint?
No. And please continue reading.
Bins are plotted with a one-bar delay. It only takes one bar for the FVG to become confirmed. Lag is beneficial because it clarifies the need for traders to wait for the bar to close and for the signals to become confirmed before entering or exiting a trade. Experienced traders know that prices tend to retrace, so there is no need to chase. An added bar of delay proves to be useful.
█🚀 Opinion: The term “fair value” can be misleading
Those who come from traditional finance may find the term "fair value gap" somewhat insulting. When encountering the phrase, it can feel like a group of aliens from "Planet Technical Analysis" have intrusively landed on your planet and assertively redefined what "fair value" is supposed to mean.
So, what does "fair value" mean in the realm of technical analysis?
In the world of corporate finance, "fair value" is a subjective estimate of what buyers and sellers are hypothetically willing to pay or accept. Buy-side and sell-side analysts use their own methodologies to determine what constitutes "fair value". These approaches may be based on income, asset, or market comparables. Regardless of the approach used, subjectivity is inherent, and results depend on fundamental data provided by the numbers on financial statements. Valuations are unrelated to candlestick patterns .
When dealing with financial statements, finance professionals who are non-market-participants, such as those working in group reporting practices for reporting issuers, or those hired as external auditors, as required by regulators, may also question what constitutes "fair value". The main concerns always revolve around the assumptions used in valuation models; these are inputs that ultimately require management's judgment, and if not critically questioned, valuations as reported in the statements could end up becoming materially bogus. Both IFRS and U.S. GAAP define "fair value" with the same intended meaning in terms of definitions. We will not delve into the details here. The main point is that "fair value" from a financial reporting perspective has nothing to do with candlesticks .
If a price is already quoted in an actively traded market, you can refer to it to obtain what is known as "mark-to-market". This involves simply referring to the bid or ask price on the reporting date, and you're done - there's no need to read candlesticks !
"Fair value" is a neutral term used by finance professionals in all domains. It is not meant to imply that something is actually "fair." Paying the "fair value" for an asset can still result in overpaying or underpaying for what the asset is worth, depending on different model assumptions. The point is, candlesticks are irrelevant to the analysis of what is considered "fair value" in the realm of traditional finance.
That being said, there is no definitive answer as to why people refer to this pattern as a "fair value gap". It's like one of those oddball interview questions asking you to explain why tennis balls are fuzzy. Whatever answer you give, it's important to note that the subject itself is trivial.
Emphasis of matter on why "fair value" can be misleading
The previous paragraphs were not intended to attack ideas from the realm of technical analysis, nor to assert the true meaning, or lack of meaning, of the term "fair value". Words are constantly evolving. If the term "fair value gap" becomes more widely used to describe the displacement of highs and lows over three bars, then let's call it a "fair value gap".
To be clear, I argue that the term "fair value gap" should not be given a positive connotation. Traders should interpret the word "fair" neutrally. Although these signals occur frequently, if you trade every time there is a signal, you will overtrade and incur astronomical transaction costs over the long run, which can lead to losses.
█🚀 Conclusion:
In the end, what matters is how you apply FVG to trading. As mentioned in the "Applications" section above, traders should look for large FVGs - indicated by tall histogram bins - to identify key levels.
Session candles & reversals / quantifytools— Overview
Like traditional candles, session based candles are a visualization of open, high, low and close values, but based on session time periods instead of typical timeframes such as daily or weekly. Session candles are formed by fetching price at session start (open), highest price during session (high), lowest price during session (low) and price at session end (close). On top of candles, session based moving average is formed and session reversals detected. Session reversals are also backtested, using win rate and magnitude metrics to better understand what to expect from session reversals and which ones have historically performed the best.
By default, following session time periods are used:
Session #1: London (08:00 - 17:00, UTC)
Session #2: New York (13:00 - 22:00, UTC)
Session #3: Sydney (21:00 - 06:00, UTC)
Session #4: Tokyo (00:00 - 09:00, UTC)
Session time periods can be changed via input menu.
— Reversals
Session reversals are patterns that show a rapid change in direction during session. These formations are more familiarly known as wicks or engulfing candles. Following criteria must be met to qualify as a session reversal:
Wick up:
Lower high, lower low, close >= 65% of session range (0% being the very low, 100% being the very high) and open >= 40% of session range.
Wick down:
Higher high, higher low, close <= 35% of session range and open <= 60% of session range.
Engulfing up:
Higher high, lower low, close >= 65% of session range.
Engulfing down:
Higher high, lower low, close <= 35% of session range.
Session reversals are always based on prior corresponding session , e.g. to qualify as a NY session engulfing up, NY session must have a higher high and lower low relative to prior NY session , not just any session that has taken place in between. Session reversals should be viewed the same way wicks/engulfing formations are viewed on traditional timeframe based candles. Essentially, wick reversals (light green/red labels) tell you most of the motion during session was reversed. Engulfing reversals (dark green/red labels) on the other hand tell you all of the motion was reversed and new direction set.
— Backtesting
Session reversals are backtested using win rate and magnitude metrics. A session reversal is considered successful when next corresponding session closes higher/lower than session reversal close . Win rate is formed by dividing successful session reversal count with total reversal count, e.g. 5 successful reversals up / 10 reversals up total = 50% win rate. Win rate tells us what are the odds (historically) of session reversal producing a clean supporting move that was persistent enough to close that way too.
When a session reversal is successful, its magnitude is measured using percentage increase/decrease from session reversal close to next corresponding session high/low . If NY session closes higher than prior NY session that was a reversal up, the percentage increase from prior session close (reversal close) to current session high is measured. If NY session closes lower than prior NY session that was a reversal down, the percentage decrease from prior session close to current session low is measured.
Average magnitude is formed by dividing all percentage increases/decreases with total reversal count, e.g. 10 total reversals up with 1% increase each -> 10% net increase from all reversals -> 10% total increase / 10 total reversals up = 1% average magnitude. Magnitude metric supports win rate by indicating the depth of successful session reversal moves.
To better understand the backtesting calculations and more importantly to verify their validity, backtesting visuals for each session can be plotted on the chart:
All backtesting results are shown in the backtesting panel on top right corner, with highest win rates and magnitude metrics for both reversals up and down marked separately. Note that past performance is not a guarantee of future performance and session reversals as they are should not be viewed as a complete strategy for long/short plays. Always make sure reversal count is sufficient to draw reliable conclusions of performance.
— Session moving average
Users can form a session based moving average with their preferred smoothing method (SMA , EMA , HMA , WMA , RMA) and length, as well as choose which sessions to include in the moving average. For example, a moving average based on New York and Tokyo sessions can be formed, leaving London and Sydney completely out of the calculation.
— Visuals
By default, script hides your candles/bars, although in the case of candles borders will still be visible. Switching to bars/line will make your regular chart visuals 100% hidden. This setting can be turned off via input menu. As some sessions overlap, each session candle can be separately offsetted forward, clearing the overlaps. Users can also choose which session candles to show/hide.
Session periods can be highlighted on the chart as a background color, applicable to only session candles that are activated. By default, session reversals are referred to as L (London), N (New York), S (Sydney) and T (Tokyo) in both reversal labels and backtesting table. By toggling on "Numerize sessions", these will be replaced with 1, 2, 3 and 4. This will be helpful when using a custom session that isn't any of the above.
Visual settings example:
Session candles are plotted in two formats, using boxes and lines as well as plotcandle() function. Session candles constructed using boxes and lines will be clear and much easier on the eyes, but will apply only to first 500 bars due to Tradingview related limitations. Rest of the session candles go back indefinitely, but won't be as clean:
All colors can be customized via input menu.
— Timeframe & session time period considerations
As a rule of thumb, session candles should be used on timeframes at or below 1H, as higher timeframes might not match with session period start/end, leading to incorrect plots. Using 1 hour timeframe will bring optimal results as greatest amount historical data is available without sacrificing accuracy of OHLC values. If you are using a custom session that is not based on hourly period (e.g. 08:00 - 15:00 vs. 08.00 - 15.15) make sure you are using a timeframe that allows correct plots.
Session time periods applied by default are rough estimates and might be out of bounds on some charts, like NYSE listed equities. This is rarely a problem on assets that have extensive trading hours, like futures or cryptocurrency. If a session is out of bounds (asset isn't traded during the set session time period) the script won't plot given session candle and its backtesting metrics will be NA. This can be fixed by changing the session time periods to match with given asset trading hours, although you will have to consider whether or not this defeats the purpose of having candles based on sessions.
— Practical guide
Whether based on traditional timeframes or sessions, reversals should always be considered as only one piece of evidence of price turning. Never react to them without considering other factors that might support the thesis, such as levels and multi-timeframe analysis. In short, same basic charting principles apply with session candles that apply with normal candles. Use discretion.
Example #1 : Focusing efforts on session reversals at distinct support/resistance levels
A reversal against a level holds more value than a reversal by itself, as you know it's a placement where liquidity can be expected. A reversal serves as a confirming reaction for this expectation.
Example #2 : Focusing efforts on highest performing reversals and avoiding poorly performing ones
As you have data backed evidence of session reversal performance, it makes sense to focus your efforts on the ones that perform best. If some session reversal is clearly performing poorly, you would want to avoid it, since there's nothing backing up its validity.
Example #3 : Reversal clusters
Two is better than one, three is better than two and so on. If there are rapid changes in direction within multiple sessions consecutively, there's heavier evidence of a dynamic shift in price. In such case, it makes sense to hold more confidence in price halting/turning.
VisibleChart█ OVERVIEW
This library is a Pine programmer’s tool containing functions that return values calculated from the range of visible bars on the chart.
This is now possible in Pine Script™ thanks to the recently-released chart.left_visible_bar_time and chart.right_visible_bar_time built-ins, which return the opening time of the leftmost and rightmost bars on the chart. These values update as traders scroll or zoom their charts, which gives way to a class of indicators that can dynamically recalculate and draw visuals on visible bars only, as users scroll or zoom their charts. We hope this library's functions help you make the most of the world of possibilities these new built-ins provide for Pine scripts.
For an example of a script using this library, have a look at the Chart VWAP indicator.
█ CONCEPTS
Chart properties
The new chart.left_visible_bar_time and chart.right_visible_bar_time variables return the opening time of the leftmost and rightmost bars on the chart. They are only two of many new built-ins in the `chart.*` namespace. See this blog post for more information, or look them up by typing "chart." in the Pine Script™ Reference Manual .
Dynamic recalculation of scripts on visible bars
Any script using chart.left_visible_bar_time or chart.right_visible_bar_time acquires a unique property, which triggers its recalculation when traders scroll or zoom their charts in such a way that the range of visible bars on the chart changes. This library's functions use the two recent built-ins to derive various values from the range of visible bars.
Designing your scripts for dynamic recalculation
For the library's functions to work correctly, they must be called on every bar. For reliable results, assign their results to global variables and then use the variables locally where needed — not the raw function calls.
Some functions like `barIsVisible()` or `open()` will return a value starting on the leftmost visible bar. Others such as `high()` or `low()` will also return a value starting on the leftmost visible bar, but their correct value can only be known on the rightmost visible bar, after all visible bars have been analyzed by the script.
You can plot values as the script executes on visible bars, but efficient code will, when possible, create resource-intensive labels, lines or tables only once in the global scope using var , and then use the setter functions to modify their properties on the last bar only. The example code included in this library uses this method.
Keep in mind that when your script uses chart.left_visible_bar_time or chart.right_visible_bar_time , your script will recalculate on all bars each time the user scrolls or zooms their chart. To provide script users with the best experience you should strive to keep calculations to a minimum and use efficient code so that traders are not always waiting for your script to recalculate every time they scroll or zoom their chart.
Another aspect to consider is the fact that the rightmost visible bar will not always be the last bar in the dataset. When script users scroll back in time, a large portion of the time series the script calculates on may be situated after the rightmost visible bar. We can never assume the rightmost visible bar is also the last bar of the time series. Use `barIsVisible()` to restrict calculations to visible bars, but also consider that your script can continue to execute past them.
Look first. Then leap.
█ FUNCTIONS
The library contains the following functions:
barIsVisible()
Condition to determine if a given bar is within the users visible time range.
Returns: (bool) True if the the calling bar is between the `chart.left_visible_bar_time` and the `chart.right_visible_bar_time`.
high()
Determines the value of the highest `high` in visible bars.
Returns: (float) The maximum high value of visible chart bars.
highBarIndex()
Determines the `bar_index` of the highest `high` in visible bars.
Returns: (int) The `bar_index` of the `high()`.
highBarTime()
Determines the bar time of the highest `high` in visible bars.
Returns: (int) The `time` of the `high()`.
low()
Determines the value of the lowest `low` in visible bars.
Returns: (float) The minimum low value of visible chart bars.
lowBarIndex()
Determines the `bar_index` of the lowest `low` in visible bars.
Returns: (int) The `bar_index` of the `low()`.
lowBarTime()
Determines the bar time of the lowest `low` in visible bars.
Returns: (int) The `time` of the `low()`.
open()
Determines the value of the opening price in the visible chart time range.
Returns: (float) The `open` of the leftmost visible chart bar.
close()
Determines the value of the closing price in the visible chart time range.
Returns: (float) The `close` of the rightmost visible chart bar.
leftBarIndex()
Determines the `bar_index` of the leftmost visible chart bar.
Returns: (int) A `bar_index`.
rightBarIndex()
Determines the `bar_index` of the rightmost visible chart bar.
Returns: (int) A `bar_index`
bars()
Determines the number of visible chart bars.
Returns: (int) The number of bars.
volume()
Determines the sum of volume of all visible chart bars.
Returns: (float) The cumulative sum of volume.
ohlcv()
Determines the open, high, low, close, and volume sum of the visible bar time range.
Returns: ( ) A tuple of the OHLCV values for the visible chart bars. Example: open is chart left, high is the highest visible high, etc.
chartYPct(pct)
Determines a price level as a percentage of the visible bar price range, which depends on the chart's top/bottom margins in "Settings/Appearance".
Parameters:
pct : (series float) Percentage of the visible price range (50 is 50%). Negative values are allowed.
Returns: (float) A price level equal to the `pct` of the price range between the high and low of visible chart bars. Example: 50 is halfway between the visible high and low.
chartXTimePct(pct)
Determines a time as a percentage of the visible bar time range.
Parameters:
pct : (series float) Percentage of the visible time range (50 is 50%). Negative values are allowed.
Returns: (float) A time in UNIX format equal to the `pct` of the time range from the `chart.left_visible_bar_time` to the `chart.right_visible_bar_time`. Example: 50 is halfway from the leftmost visible bar to the rightmost.
chartXIndexPct(pct)
Determines a `bar_index` as a percentage of the visible bar time range.
Parameters:
pct : (series float) Percentage of the visible time range (50 is 50%). Negative values are allowed.
Returns: (float) A time in UNIX format equal to the `pct` of the time range from the `chart.left_visible_bar_time` to the `chart.right_visible_bar_time`. Example: 50 is halfway from the leftmost visible bar to the rightmost.
whenVisible(src, whenCond, length)
Creates an array containing the `length` last `src` values where `whenCond` is true for visible chart bars.
Parameters:
src : (series int/float) The source of the values to be included.
whenCond : (series bool) The condition determining which values are included. Optional. The default is `true`.
length : (simple int) The number of last values to return. Optional. The default is all values.
Returns: (float ) The array ID of the accumulated `src` values.
avg(src)
Gathers values of the source over visible chart bars and averages them.
Parameters:
src : (series int/float) The source of the values to be averaged. Optional. Default is `close`.
Returns: (float) A cumulative average of values for the visible time range.
median(src)
Calculates the median of a source over visible chart bars.
Parameters:
src : (series int/float) The source of the values. Optional. Default is `close`.
Returns: (float) The median of the `src` for the visible time range.
vVwap(src)
Calculates a volume-weighted average for visible chart bars.
Parameters:
src : (series int/float) Source used for the VWAP calculation. Optional. Default is `hlc3`.
Returns: (float) The VWAP for the visible time range.
Buy/Sell Signals with RSI, Bollinger Bands, IMI, and MFISimplified Conditions:
The buy/sell conditions are now clearly defined and easy to understand.
Visual Signals:
Buy Signal: A green "BUY" label below the candlestick.
Sell Signal: A red "SELL" label above the candlestick.
Strong Buy Signal: A lime green "STRONG BUY" label below the candlestick.
Strong Sell Signal: A red "STRONG SELL" label above the candlestick.
Optimized for 4-Hour Timeframe:
How to Use:
Add the script to TradingView.
Apply it to a 4-hour chart.
Look for:
BUY and SELL labels for regular signals.
STRONG BUY and STRONG SELL labels for stronger signals.
Use the Strategy Tester tab to backtest the strategy
Check the Timeframe:
Ensure you’re using the 4-hour timeframe (or adjust the script for your preferred timeframe).
Check the Conditions:
Verify that the conditions for buy/sell signals are being met (e.g., RSI < 30, price below lower Bollinger Band, etc.).
Check the Chart:
Make sure the chart has enough historical data for the indicators to calculate properly.
Exponential Moving Averages by ComLucro - A/B/C/D/E - 2025_V01This script, "Exponential Moving Averages by ComLucro: A/B/C/D/E - 2025_V01", offers a customizable tool for traders to visualize five exponential moving averages (EMAs) on their charts.
Key Features:
Customizable Lengths: Adjust the lengths for each EMA (A, B, C, D, E) to fit your trading strategy, ranging from short-term (10 periods) to long-term (200 periods).
Color Customization: Choose colors for each EMA line to differentiate and organize your chart effectively.
Visibility Options: Toggle individual EMAs on or off for a cleaner and more focused analysis.
Intuitive Design: Streamlined user interface ensures easy integration and quick adjustments directly on your TradingView chart.
How It Works:
The script calculates five EMAs based on the closing price and plots them directly on your chart.
Use these EMAs to identify trends, potential reversals, and areas of confluence in price action.
Ideal For:
Traders seeking to incorporate multiple EMA signals into their trading strategy.
Analyzing trends across various timeframes with an easy-to-use, customizable indicator.
Chart Recommendation:
Use this script on clean charts with clear price action to avoid clutter. It works well in combination with other trend-following tools or oscillators.
Disclaimer:
This tool is for educational purposes only and does not constitute financial or trading advice. Use it as part of a well-rounded trading strategy with proper risk management.
Additional Notes:
For best results, combine this indicator with strong risk management practices and a detailed understanding of market conditions. Always backtest the settings to ensure compatibility with your trading strategy.
Dynamic Customizable 50% Line & Daily High/Low + True Day OpenA Unique Indicator for Precise Market-Level Analysis
This indicator is a fully integrated solution that automates complex market-level calculations and visualizations, offering traders a tool that goes beyond the functionality of existing open-source alternatives. By seamlessly combining several trading concepts into a single script, it delivers efficiency, accuracy, and customization that cater to both novice and professional traders.
Key Features: A Breakdown of What Makes It Unique
1. Adaptive Daily Highs and Lows
Automatically detects and plots daily high and low levels based on the selected time frame, dynamically updating in real time.
Features session-based adjustments, allowing traders to focus on levels that matter for specific trading sessions (e.g., London, New York).
Fully customizable styling, visibility, and alerts tailored to each trader’s preferences.
How It Works:
The indicator calculates daily high and low levels directly from price data, integrating session-specific time offsets to account for global trading hours. These levels provide traders with clear visual markers for key liquidity zones.
2. Automated ICT 50% Range Line
A pioneering implementation of ICT’s mid-range concept, this feature dynamically calculates and displays the midpoint of the daily range.
Offers traders a visual guide to identify premium and discount zones, aiding in determining market bias and potential trade setups.
How It Works:
The script calculates the range between the day’s high and low, dividing it by two to generate the midline. This line updates in real-time, ensuring that traders always see the most current premium and discount levels as price action evolves.
3. Dynamic Market Open Levels
Plots session opens (e.g., Asia, London, New York) and the True Day Open to provide actionable reference points for intra-day trading strategies.
Enhances precision in identifying liquidity shifts and aligning trades with institutional price movements.
How It Works:
The indicator uses predefined session times to calculate and display the opening levels for key trading sessions. It dynamically adjusts for time zones, ensuring accuracy regardless of the trader’s location.
4. Custom Watermark for Enhanced Visualization
Includes an optional watermark feature that allows users to display custom text on their charts.
Ideal for personalization, branding, or highlighting session notes without disrupting the clarity of the chart.
Why This Indicator Stands Out
First-to-Market Automation:
While the ICT 50% range line is a widely recognized concept, this is the first script to automate its calculation, combining it with other pivotal trading levels in a single tool.
All-in-One Functionality:
Unlike open-source alternatives that focus on individual features, this script integrates daily highs/lows, mid-range levels, session opens, and customizable watermarks into one cohesive system. The consolidation reduces the need for multiple indicators and ensures a clean, efficient chart setup.
Dynamic Customization:
Every feature can be adjusted to align with a trader’s strategy, time zone, or aesthetic preferences. This level of adaptability is unmatched in existing tools.
Proprietary Logic:
The indicator’s underlying calculations are built from scratch, leveraging advanced programming techniques to ensure accuracy and reliability. These proprietary methods differentiate it from similar open-source scripts.
How to Use This Indicator
Apply the Indicator:
Add it to your TradingView chart from the library.
Configure Settings:
Use the intuitive settings panel to adjust plotted levels, colors, styles, and visibility. Tailor the indicator to your trading strategy.
Incorporate into Analysis:
Combine the plotted levels with your preferred trading approach to identify liquidity zones, establish market bias, and pinpoint potential reversals or entries.
Stay Focused:
With all key levels automated and updated in real time, traders can focus on execution rather than manual plotting.
Originality and Justification for Closed Source
This script is closed-source due to its unique combination of features and proprietary logic that automates complex trading concepts like the ICT 50% range line and session-specific levels. Open-source alternatives lack this level of integration and customization, making this indicator a valuable and original contribution to the TradingView ecosystem.
What Sets It Apart from Open-Source Scripts?
Unlike open-source tools, this indicator doesn’t just replicate individual features—it enhances and integrates them into a seamless, all-in-one solution that offers traders a more efficient and effective way to analyze the market.
Trendilo ARTrendilo AR is a custom trading indicator designed to identify market trends using advanced techniques such as the Arnaud Legoux Moving Average (ALMA), volume confirmations, and dynamic volatility bands. This indicator provides a clear visualization of trends, including significant changes and custom alerts.
Review of Indicators Used
1. ALMA
Description:
ALMA is a moving average that applies an advanced filter to smooth price data, reducing noise and focusing on actual trends.
Usage in the Indicator:
Used to calculate the smoothed percentage price change and determine trend direction. Customizable parameters include:
- Length: Defines the number of bars to consider.
- Offset: Adjusts sensitivity toward recent prices.
- Sigma: Controls the degree of smoothing.
Advantages:
- Reduced lag in trend detection.
- Resistance to market noise.
2. ATR
Description:
ATR measures the market’s average volatility by considering the range between high and low prices over a given period.
Usage in the Indicator:
ATR is used to calculate "dynamic smoothing", adjusting the indicator’s sensitivity based on current market volatility.
Advantages:
- Adapts to high or low volatility conditions.
- Helps define dynamic support and resistance levels.
3. SMA
Description:
SMA calculates the average of prices or volume over a specific time period.
Usage in the Indicator:
Used to calculate the volume moving average (Volume SMA) to confirm whether the current volume supports the detected trend.
Advantages:
- Easy to understand and calculate.
- Provides volume-based trend confirmation.
4. RMS Bands
Description:
RMS Bands calculate the standard deviation of percentage price changes, creating upper and lower levels that act as overbought and oversold indicators.
Usage in the Indicator:
- Define the range within which the market is considered neutral.
- Crosses above or below the bands indicate trend changes.
Advantages:
- Visual identification of strong trends.
- Helps filter false signals.
Colors and Visuals Used in the Indicator
1. ALMA Line
Colors:
- Green: Indicates a confirmed uptrend (with sufficient volume).
- Red: Indicates a confirmed downtrend (with sufficient volume).
- Gray: Indicates a neutral phase or insufficient volume to confirm a trend.
2. RMS Bands
- Upper and Lower Lines:
- Purple (with transparency): These lines represent the RMS bands (upper and lower) and
adjust opacity based on trend strength.
- Stronger trends result in less transparency (more solid colors).
3. Highlighted Background (Strong Trends)
- Color:
- Light Green (transparent): Highlights a strong trend when the smoothed percentage change (ALMA) exceeds 1.5 times the RMS.
4. Horizontal Lines
- Baseline (0):
- Dark Gray: Serves as a central reference to identify the directionality of percentage changes.
- Additional Line (0.1):
- Blue: A customizable line to mark user-defined key levels.
5. Bar Colors
- Bar Colors:
- Green: When the price is in a confirmed uptrend.
- Red: When the price is in a confirmed downtrend.
- No color: When there is insufficient volume or no clear trend.
How to Use the Indicator
1. Initial Setup
1. Add the Indicator to Your Chart: Copy the code into the Pine Editor on TradingView and apply it to your chart.
2. Customize Parameters: Adjust values based on your trading strategy:
- Smoothing: Controls the level of smoothing for percentage changes.
- Lookback Length: Defines the observation period for calculations.
- Band Multiplier: Adjusts the width of RMS bands.
2. Signal Interpretation
1. Indicator Colors:
- Green: Confirmed uptrend.
- Red: Confirmed downtrend.
- Gray: No clear trend or insufficient volume.
2. RMS Bands:
- If the ALMA line (smoothed percentage change) crosses above the upper RMS band, it signals a potential uptrend.
- If it crosses below the lower RMS band, it signals a potential downtrend.
3. Volume Confirmation:
- The indicator's color activates only if the current volume exceeds the Volume SMA.
3. Alerts and Decisions
1. Trend Change Alerts:
- The indicator automatically triggers alerts when an uptrend or downtrend is detected.
- Configure these alerts to receive real-time notifications.
2. Strong Trend Signals:
- When the magnitude of the percentage change exceeds 1.5 times the RMS, the chart background highlights the strong trend.
4. Trading Strategies
1. Buy:
- Enter long positions when:
- The indicator turns green.
- Volume confirms the trend.
- Consider placing a stop-loss just below the lower RMS band.
2. Sell:
- Enter short positions when:
- The indicator turns red.
- Volume confirms the trend.
- Consider placing a stop-loss just above the upper RMS band.
3. Neutral:
- Avoid trading when the indicator is gray, as no clear trend or insufficient volume is present.
Disclaimer: As this is my first published indicator, please use it with caution. Feedback is highly appreciated to improve its performance.
Happy Trading!
ENIGMA Signals with Retests Select higher Time FrameENIGMA Signals with Retests – Script Description
The "ENIGMA Signals with Retests" script is a unique indicator designed for traders who prefer precision trading based on price action retests of key levels derived from higher timeframes. This tool is ideal for those employing multi-timeframe analysis strategies, helping them detect high-probability trade entries when the price interacts with significant support and resistance levels.
What Does This Script Do?
This indicator identifies key levels from a higher timeframe selected by the user (e.g., 4-hour or daily), then tracks price action on lower timeframes to provide actionable buy and sell signals when the price retests these levels. It visually plots the key levels on the chart and triggers alerts for potential trade opportunities when conditions are met.
How It Works
Key Level Detection:
The script uses custom functions to detect recent swing highs and swing lows on the selected higher timeframe (such as 4H or Daily). These levels represent potential areas of support and resistance where price reactions are likely to occur.
Multi-Timeframe Analysis:
The indicator leverages the request.security() function to retrieve price data from the user-defined higher timeframe and plots horizontal lines on the chart for the most recent swing highs and lows.
Retest-Based Signals:
Once the key levels are plotted, the script continuously monitors the price on the lower timeframe:
A Buy Signal is triggered when the price closes below a key high level and then moves back above it, indicating a potential bullish retest.
A Sell Signal is triggered when the price closes above a key low level and then moves back below it, indicating a potential bearish retest.
These retest signals are displayed as green and red arrows on the chart, helping traders identify optimal entry points.
Alerts for Retests:
The script includes built-in alert conditions that notify traders when a valid retest signal occurs. This allows traders to react promptly without constantly monitoring the chart.
How to Use the Script
Select Your Key Timeframe:
From the input settings, choose a higher timeframe that suits your trading style (e.g., 4H for intraday trading or Daily for swing trading).
Adjust Visual Preferences:
Customize the line style (solid, dashed, or dotted) and length of the plotted levels.
Toggle labels for the levels on or off as per your preference.
Trade Execution:
Once a retest signal appears on the lower timeframe, consider entering a trade in the direction of the signal. The buy signal suggests a potential long entry, while the sell signal indicates a potential short entry.
Set Alerts:
Use the alert conditions provided to get notified whenever a valid retest occurs. This helps in reducing screen time and improving trading efficiency.
Underlying Concepts
This script is grounded in the principles of support and resistance, retests, and breakout trading. By focusing on multi-timeframe key levels, it aligns with widely used trading concepts like:
Breakout and Retest: Entering trades after a confirmed breakout and successful retest of a significant level.
Swing Highs and Lows: Recognizing swing points to identify strong price reaction zones.
Multi-Timeframe Confluence: Enhancing trade probability by ensuring that the signals on lower timeframes correspond with key levels from higher timeframes.
Why This Script Is Unique
Unlike many generic trend-following or scalping indicators, "ENIGMA Signals with Retests" offers:
Precision Signals: It only provides signals when specific retest conditions are met, reducing false signals and noise.
Multi-Timeframe Customization: Users can tailor the higher timeframe to their strategy, making it versatile for various trading styles.
Alert Functionality: Alerts are integrated, allowing traders to stay updated without constantly monitoring the charts.
This script is perfect for traders looking for a systematic way to trade retests of key levels across multiple timeframes. Whether you're a scalper, day trader, or swing trader, "ENIGMA Signals with Retests" can help improve your precision and timing in the market.
Volume-Based RSI Color Indicator with MAsVolume-Based RSI Color Indicator with MAs
Overview
This script combines the Relative Strength Index (RSI) with volume analysis to provide an enhanced perspective on market conditions. By dynamically coloring the RSI line based on overbought/oversold conditions and volume thresholds, this indicator helps traders quickly identify high-probability reversal zones. Additionally, it incorporates short-term and long-term moving averages (MAs) of the RSI for trend analysis, making it a versatile tool for scalping and swing trading strategies.
Key Features
Dynamic RSI Color Coding:
The RSI line changes color based on two conditions:
Overbought/High Volume: RSI is above the overbought threshold (default: 70) and volume exceeds the average volume by a user-defined multiplier (default: 2.0). The line turns red, indicating potential reversal zones.
Oversold/High Volume: RSI is below the oversold threshold (default: 30) and volume exceeds the average volume by the multiplier. The line turns green, suggesting potential buying opportunities.
Neutral Conditions: Default blue color for all other scenarios.
Volume Integration:
Unlike standard RSI indicators, this script incorporates volume data to refine signals, helping traders avoid false signals in low-volume environments.
RSI Moving Averages:
Two moving averages of the RSI (short-term and long-term) provide trend context:
200-period MA: Highlights the long-term trend in RSI values.
20-period MA: Shows short-term fluctuations for quick decision-making.
Both MAs can be calculated using Simple or Exponential methods, giving users flexibility.
Visual Aids:
Horizontal lines at the overbought (70) and oversold (30) levels help define the boundaries of expected price action extremes.
How It Works
The script calculates the RSI over a user-defined length (default: 14).
Volume data is compared to its moving average to determine if it exceeds the user-defined high-volume threshold.
When RSI and volume conditions align, the RSI line is dynamically colored to indicate potential overbought/oversold zones.
The RSI moving averages provide additional context to confirm trends or reversals.
How to Use
Identify Reversal Zones:
Look for green RSI signals in oversold conditions to identify potential buying opportunities.
Look for red RSI signals in overbought conditions to identify potential selling opportunities.
Use Moving Averages for Confirmation:
When the RSI is above its 200-period MA, the long-term trend is bullish; consider only long trades.
When the RSI is below its 200-period MA, the trend is bearish; consider only short trades.
Combine with Other Tools:
This indicator works best when used alongside price action analysis, candlestick patterns, or support/resistance levels.
Originality
This script is unique in combining volume analysis with RSI and RSI-specific moving averages. While many indicators focus on RSI or volume separately, this script marries these two key metrics to filter out weak signals and improve trade decision accuracy.
Chart Recommendations
Clean Chart: Use this indicator on a clean chart without additional overlays for maximum clarity.
Timeframes: Works well on intraday charts (e.g., 5m, 15m) for scalping and on higher timeframes (e.g., 1H, 4H, Daily) for swing trading.
Disclaimer
This indicator is a tool to aid trading decisions and should not be used in isolation. Always consider other factors such as market conditions, news events, and risk management.
SCE ReversalsThis tool uses past market data to attempt to identify where changes in “memory” may occur to spot reversals. The Hurst Exponent was a big inspiration for this code. The main driver is identifying when past ranges expand and contract, leading to a change in direction. With the use of Sum of Squared Errors, users do not need to input anything.
Getting optimized parameters
// Define ranges for N and lkb
N_range = array.from(15, 20, 25, 30, 35, 40, 45, 50, 55, 60)
// Function to calculate SSE
sse_calc(_N) =>
x = math.pow(close - close , 2)
y = math.pow(close - close , 2) + math.pow(close, 2)
z = x / y
scaled_z = z * math.log(_N)
min_r = ta.lowest(scaled_z, _N)
max_r = ta.highest(scaled_z, _N)
norm_r = (scaled_z - min_r) / (max_r - min_r)
SMA = ta.sma(close, _N)
reversal_bullish = norm_r == 1.000 and norm_r < 0.90 and close < SMA and session.ismarket and barstate.isconfirmed
reversal_bearish = norm_r == 1.000 and norm_r < 0.90 and close > SMA and session.ismarket and barstate.isconfirmed
var float error = na
if reversal_bullish or reversal_bearish
error := math.pow(close - SMA, 2)
error
else
error := 999999999999999999999999999999999999999
error
error
var int N_opt = na
var float min_SSE = na
// Loop through ranges and calculate SSE
for N in N_range
sse = sse_calc(N)
if na(min_SSE) or sse < min_SSE
min_SSE := sse
N_opt := N
The N_range list encompasses every lookback value to check with. The sse_calc function accepts an individual element to then perform the calculation for Reversals. If there is a reversal, the error becomes how far away the close is from a moving average with that look back. Lowest error wins. That would be the look back used for the Reversals calculation.
Reversals calculation
// Calculating with optimized parameters
x_opt = math.pow(close - close , 2)
y_opt = math.pow(close - close , 2) + math.pow(close, 2)
z_opt = x_opt / y_opt
scaled_z_opt = z_opt * math.log(N_opt)
min_r_opt = ta.lowest(scaled_z_opt, N_opt)
max_r_opt = ta.highest(scaled_z_opt, N_opt)
norm_r_opt = (scaled_z_opt - min_r_opt) / (max_r_opt - min_r_opt)
SMA_opt = ta.sma(close, N_opt)
reversal_bullish_opt = norm_r_opt == 1.000 and norm_r_opt < 0.90 and close < SMA_opt and close > high and close > open and session.ismarket and barstate.isconfirmed
reversal_bearish_opt = norm_r_opt == 1.000 and norm_r_opt < 0.90 and close > SMA_opt and close < low and close < open and session.ismarket and barstate.isconfirmed
X_opt and y_opt are the compared values to develop the system. Everything done afterwards is scaling and using it to spot the Reversals. X_opt is the current close, minus the close with the optimal N bars back, squared. Then y_opt is also that but plus the current close squared. Z_opt is then x_opt / y_opt. This gives us a pretty small number that will go up when we approach tops or bottoms. To make life a little easier I normalize the value between 0 and 1.
After I find the moving average with the optimal N, I can check if there is a Reversal. Reversals are there when the last value is at 1 and the current value drops below 0.90. This would tell us that “memory” was strong and is now changing. To determine direction and help with accuracy, if the close is above the moving average it is a bearish alert, and vice versa. As well as the close must be below the last low for a bearish Reversal, above the last high for a bullish Reversal. Also the close must be above the open for a bullish Reversal, and below for a bearish one.
Visual examples
This NASDAQ:TSLA chart shows how alerts may come around. The bullish and bearish labels are plotted on the chart along with a reference line to see price interact with.
The indicator has the potential to be inactive, like we see here on $OKLO. There is only one alert, and it marks the bottom nicely.
Stocks with strong trends like NYSE:NOW may be more susceptible to false alerts. Assets that are volatile and bounce around a lot may be better.
It works on intra day charts the same as on Daily or longer charts. We see here on NASDAQ:QQQ it spotted the bottom on this particular trading day.
This tool is meant to aid traders in making decisions, not to be followed blindly. No trading tool is 100% accurate and Sum of Squared Errors does not guarantee the most optimal value. I encourage feedback and constructive criticism.
SufinBDThis TradingView script combines RSI, Stochastic RSI, MACD, and Bollinger Bands to generate Buy and Sell signals on two different timeframes: 4-hour (4H) and Daily (1D). The strategy aims to provide entry and exit points based on a multi-indicator confirmation approach, helping traders make more informed decisions.
Features:
RSI (Relative Strength Index):
Measures the speed and change of price movements.
The script looks for oversold conditions (RSI below 30) for buy signals and overbought conditions (RSI above 70) for sell signals.
Stochastic RSI:
Measures the level of RSI relative to its high-low range over a given period.
A Stochastic RSI below 0.2 indicates oversold conditions, and a value above 0.8 indicates overbought conditions.
It helps identify overbought and oversold conditions in a more precise manner than regular RSI.
MACD (Moving Average Convergence Divergence):
A trend-following momentum indicator that shows the relationship between two moving averages of a security's price.
The MACD line crossing above the Signal line generates bullish signals, and vice versa for bearish signals.
Bollinger Bands:
A volatility indicator that consists of a middle band (SMA of price), an upper band, and a lower band.
When the price is below the lower band, it signals potential buy opportunities, while prices above the upper band signal potential sell opportunities.
Timeframe Usage:
The script calculates indicators for both the 4-hour (4H) and Daily (1D) timeframes.
The combined signals from these two timeframes are used to generate Buy and Sell alerts.
Buy Signal:
A Buy signal is generated when all of the following conditions are met:
RSI on both 4H and 1D is below 30 (oversold conditions).
Stochastic RSI on both timeframes is below 0.2.
The MACD line is above the Signal line on both timeframes.
The price is below the lower Bollinger Band on both the 4H and 1D charts.
Sell Signal:
A Sell signal is generated when all of the following conditions are met:
RSI on both 4H and 1D is above 70 (overbought conditions).
Stochastic RSI on both timeframes is above 0.8.
The MACD line is below the Signal line on both timeframes.
The price is above the upper Bollinger Band on both the 4H and 1D charts.
Visuals:
Buy signals are marked with green labels below the bars.
Sell signals are marked with red labels above the bars.
Bollinger Bands are displayed on the chart with the upper and lower bands marked in blue (for 4H) and orange (for 1D).
Purpose:
This script aims to provide more reliable buy/sell signals by combining indicators across multiple timeframes. It is ideal for traders who want to use multiple confirmation points before entering or exiting a trade.
How to Use:
Apply the script to any chart on TradingView.
Look for Buy and Sell signals that meet the conditions above.
You can adjust the timeframe (e.g., 4H or 1D) based on your trading strategy.
This script can be used for intraday trading, swing trading, or position trading depending on your preferred timeframes.
Example of Signal Interpretation:
Buy Signal:
If all conditions are met (e.g., RSI is under 30, Stochastic RSI is under 0.2, MACD is bullish, and price is below the lower Bollinger Band on both the 4-hour and daily charts), the script will show a green "BUY" label below the price bar.
Sell Signal:
If all conditions are met (e.g., RSI is over 70, Stochastic RSI is over 0.8, MACD is bearish, and price is above the upper Bollinger Band on both timeframes), the script will show a red "SELL" label above the price bar.
This combination of indicators offers a multi-layered confirmation approach, which aims to reduce the risk of false signals and increase the reliability of your trading decisions.
