Multi-Timeframe Trend Following with 200 EMA Filter - Longs OnlyOverview
This strategy is designed to trade long positions based on multiple timeframe Exponential Moving Averages (EMAs) and a 200 EMA filter. The strategy ensures that trades are only entered in strong uptrends and aims to capitalize on sustained upward movements while minimizing risk with a defined stop-loss and take-profit mechanism.
Key Components
Initial Capital and Position Sizing
Initial Capital: $1000.
Lot Size: 1 unit per trade.
Inputs
Fast EMA Length (fast_length): The period for the fast EMA.
Slow EMA Length (slow_length): The period for the slow EMA.
200 EMA Length (filter_length_200): Set to 200 periods for the primary trend filter.
Stop Loss Percentage (stop_loss_perc): Set to 1% of the entry price.
Take Profit Percentage (take_profit_perc): Set to 3% of the entry price.
Timeframes and EMAs
EMAs are calculated for the following timeframes using the request.security function:
5-minute: Short-term trend detection.
15-minute: Intermediate-term trend detection.
30-minute: Long-term trend detection.
The strategy also calculates a 200-period EMA on the 5-minute timeframe to serve as a primary trend filter.
Trend Calculation
The strategy determines the trend for each timeframe by comparing the fast and slow EMAs:
If the fast EMA is above the slow EMA, the trend is considered positive (1).
If the fast EMA is below the slow EMA, the trend is considered negative (-1).
Combined Trend Signal
The combined trend signal is derived by summing the individual trends from the 5-minute, 15-minute, and 30-minute timeframes.
A combined trend value of 3 indicates a strong uptrend across all timeframes.
Any combined trend value less than 3 indicates a weakening or negative trend.
Entry and Exit Conditions
Entry Condition:
A long position is entered if:
The combined trend signal is 3 (indicating a strong uptrend across all timeframes).
The current close price is above the 200 EMA on the 5-minute timeframe.
Exit Condition:
The long position is exited if:
The combined trend signal is less than 3 (indicating a weakening trend).
The current close price falls below the 200 EMA on the 5-minute timeframe.
Stop Loss and Take Profit
Stop Loss: Set at 1% below the entry price.
Take Profit: Set at 3% above the entry price.
These levels are automatically set when entering a trade using the strategy.entry function with stop and limit parameters.
Plotting
The strategy plots the fast and slow EMAs for the 5-minute timeframe and the 200 EMA for visual reference on the chart:
Fast EMA (5-min): Plotted in blue.
Slow EMA (5-min): Plotted in red.
200 EMA (5-min): Plotted in green.
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Osmosis [ChartPrime]Osmosis is a multi indicator, multi period heatmap. Lookback periods can be mysterious as it can tend to seem very arbitrary. This tool allows users to see how price/volume reacts to short to long periods by visualizing all of the periods at the same time. This is useful because small periods are only good for short term movements while long periods are useful for long term movements. This more detailed view of market trends is analogues of multi time frame analysis. The lookback periods are arranged from bottom up, where the bottom of the indicator is the shortest period while the top is the longest period.
One major feature of this indicator is its ability to signal potential trend reversals. For example, a shift in the direction at the lower end of the heatmap can indicate a weakening of the current trend, suggesting a possible reversal. On the other hand, when the heatmap is fully saturated at all levels, it may indicate a strong trend that could be nearing a reversal point.
Another important and unique aspect of the Osmosis indicator is its automatic highlighting feature. This feature emphasizes regions within the heatmap that score exceptionally high or low, drawing attention to significant market movements or potential anomalies.
All of the indicators are normalized using min/max scaling driven by the highest highs and lows. The period of this scaling is adjustable by changing the "Lookback" parameter under settings. Delta length changes the lookback for "MA Delta" and "Volume Delta". A longer period corresponds to a smoother output. Fast Mode scales back the range of the indicator, literally halving the increment.
Here is a short description of what each input does:
Alternate Source: A choice to use a different data source for the indicator.
Source: An option to turn on or off the alternate data source.
Style: A selection menu to choose the visual style of the indicator.
Lookback: Adjusts how far back in time the indicator looks for its calculations.
Delta Length: Changes the length of time over which changes are measured.
Fast Mode: A setting that adjusts the range of the indicator for quicker analysis.
Enable Smoothing: A choice to smooth out the data for a cleaner look.
Smooth: Activates the smoothing feature.
Max Region: Highlights the highest value regions in the heatmap.
Max Threshold: Sets the threshold for what counts as a 'max' region.
Minimum Max Width: Determines the smallest size for a 'max' region to be highlighted.
Max Region Color: Chooses the color for the maximum value regions.
Max Top Line Alpha: Adjusts the transparency of the top line in max regions.
Max Bottom Line Alpha: Adjusts the transparency of the bottom line in max regions.
Line Width: Sets the thickness of the lines in the max regions.
Region Start Indication: Specifies where the max region starts.
Fill Max: Decides if the max regions should be filled with color and sets the transparency level for the color fill in max regions.
Minimum Region: Highlights the lowest value regions in the heatmap.
Minimum Threshold: Sets the threshold for what counts as a 'min' region.
Minimum Minimum Width: Determines the smallest size for a 'min' region to be highlighted.
Minimum Region Color: Chooses the color for the minimum value regions.
Minimum Top Line Alpha: Adjusts the transparency of the top line in min regions.
Minimum Bottom Line Alpha: Adjusts the transparency of the bottom line in min regions.
Minimum Line Width: Sets the thickness of the lines in the min regions.
Minimum Region Start Indication: Specifies where the min region starts.
Fill Minimum: Decides if the min regions should be filled with color and sets the transparency level for the color fill in min regions.
Color Presets: Provides pre-set color schemes.
Invert Color Scale: Flips the color scale.
Gradient Colors: Customizes individual colors for the gradient scale.
Available styles include:
'MACD Histogram'
'Normalized MACD'
'Slow MACD'
'MACD Percent Rank'
'MA Delta' (Delta Length set to 2)
'BB Width'
'BB Width Percentile'
'Stochastic'
'RSI'
'True Range OSC'
'Normalized Volume'
'Volume Delta'
'True Range'
'Rate of Change' (Smoothing set to 1)
'OBV' (Smoothing set to 1)
'MFI' (Smoothing set to 1)
'Trend Angle' (Smoothing set to 2 and fast mode off)
Vertical and Horizontal Lines on given DatesThis simple indicator is to show the impact of given dates on the chart:
The dates need to be entered in a yyyy-MM-dd format, separated by comma (,) or space+comma ( ,).
The event can be shown on the chart with a vertical highlighting.
The midpoint of the price action that day can be shown as a vertical line.
Hint: If you load a lot of dates into it, best disable the "Indicator Arguments" in "Chart Settings" -> "Status line" to not have the chart littered with these date arguments.
RSI Heatmap Screener [ChartPrime]The RSI Heatmap Screener is a versatile trading indicator designed to provide traders and investors with a deep understanding of their selected assets' market dynamics. It offers several key features to facilitate informed decision-making:
█ Custom Asset Selection:
The user can choose up to 30 assets that you want to analyze, allowing for a tailored experience.
█ Adjustable RSI Length:
Customize your analysis by adjusting the RSI length to align with your trading strategy.
█ RSI Heatmap:
The heatmap feature uses various colors to represent RSI values:
█ Color coding for labels:
Grey: Signifies a neutral RSI, indicating a balanced market.
Yellow: Suggests overbought conditions, advising caution.
Pale Red: Indicates mild overbought conditions in a strong area.
Bright Red: Represents strong overbought conditions, hinting at a potential downturn.
Pale Green: Signals mild oversold conditions with signs of recovery.
Dark Green: Denotes full oversold conditions, with potential for a bounce.
Purple: Highlights extremely oversold conditions, pointing to an opportunity for a relief bounce.
█ Levels:
Central Plot and Zones: The central plot displays the average RSI of the selected assets, offering an overview of market sentiment. Overbought and oversold zones in red and green provide clear reference points.
█ Hover Labels:
Hover over an asset to access details on various indicators like VWAP, Stochastic, SMA, TradingView ranking, and Volume Rating. Bullish and bearish indicators are marked with ticks and crosses, and a fire emoji denotes heavily overextended assets.
█ TradingView Ranking:
Utilize the TradingView ranking metric to assess an asset's performance and popularity.
Thank you to @tradingview for this ranking metric.
█ Volume Rating:
Gain insights into trading volumes for more informed decision-making.
█ Oscillator at the Bottom:
The RSI average for the entire market, presented in a normalized format, offers a broader market perspective. Green indicates a favorable buying area, while red suggests market overextension and potential short or sell opportunities.
█ Heatmap Visualization:
Historical RSI values for each selected asset are displayed. Red indicates overbought conditions, while green signals oversold conditions, helping you spot trends and potential turning points.
This screener is designed to make entering the market simpler and more comprehensive for all traders and investors.
Ichimoku Oscillator With Divergences [ChartPrime]The Ichimoku Oscillator is a trading indicator designed to streamline the interpretation of Ichimoku clouds. It aims to refine and condense the complexities of the Chikou (the lag line), presenting its implications in real-time through an oscillator format, beneficial for those familiar with Ichimoku components but to have a new interpretation of their indicators.
The basics of an Ichimoku:
Conversion Line (Tenkan-Sen): It represents a midpoint of the highest and lowest prices over a specific period, usually 9 periods, reflecting short-term price movements.
Base Line (Kijun-Sen): It acts similarly to the Conversion Line but over a longer period, typically 26 periods, representing medium-term price movements.
Leading Span A & B (Kumo): Span A is the average of the Conversion Line and Base Line, and Span B is the midpoint of the highest and lowest prices over a usually longer period, typically 52 periods. Their interaction denotes trend direction, and the cloud color changes depending on whether Span A is above or below Span B, indicating bullish or bearish market conditions, respectively.
Lagging Span (Chikou Span): It is the current closing price plotted 26 periods behind, assisting in confirming the trend direction and potential momentum.
Advantage of an Oscillator:
Utilizing the oscillator format allows traders to interpret market dynamics more efficiently by visualizing the momentum and trend strength in a bounded range, enabling quick assessments of overbought or oversold conditions. Creating this oscillator provides multiple advantageous; particularly in sideway markets, helping to identify potential reversal points and offering insights on market entries and exits. When building this oscillator we've put a focus on unique interpretations such as overbought and sold areas and divergences; otherwise not found in traditional Ichimoku techniques. It is important to note these divergences are naturally not 100% real time.
When the oscillator turns green; the market is in an uptrend, red for downtrend and yellow for a transitioning market. The center line and the inner most cloud represent a balanced market state.
Key Features & Input Parameters:
Signal Source: Allows the selection of the price data source for signal generation, such as closing prices, and it’s the foundational parameter upon which the oscillator functions.
Normalization Settings: Users can select the normalization mode (“All”, “Window”, or “Disabled”), influencing how the oscillator scales its values. When enabled, it will scale from 100 to -100, allowing the user to understand better the relative positioning of price data.
Smoothing: This indicator offers advanced smoothing features, with options for additional smoothing, allowing traders to adjust the signal's sensitivity to price movements.
Kumo & Chikou Visibility: Traders can customize the visibility settings of Kumo and Chikou, tailoring the display of each component to their preference, enabling a cleaner and more intuitive view of market conditions.
Color Coding: Each component and condition, like bullish or bearish states, can be color-coded, providing visual cues to enhance the interpretability of market trends and states.
Color on Conversion: The oscillator provides an option to color the signal based on the crossover of the conversion and base lines.
Divergence: The oscillator can detect and highlight regular and hidden bullish and bearish divergences between the signal and price, aiding traders in identifying potential trend reversals or continuations.
Alerts:
The list of inbuilt alerts are provided below:
Inside Cloud: The signal line is inside the cloud.
Up Out of Cloud: The signal line crossed above the cloud.
Down Out of Cloud: The signal line crossed below the cloud.
Future Kumo Cross Bullish: The future Kumo lines have crossed in a bullish manner.
Future Kumo Cross Bearish: The future Kumo lines have crossed in a bearish manner.
Current Kumo Cross Bullish: The current Kumo lines have crossed in a bullish manner.
Current Kumo Cross Bearish: The current Kumo lines have crossed in a bearish manner.
Conversion Base Bullish: The conversion line crossed above the base line.
Conversion Base Bearish: The conversion line crossed below the base line.
Signal Bullish on Conversion Base: The signal line crossed above the maximum of conversion and base lines.
Signal Bearish on Conversion Base: The signal line crossed below the minimum of conversion and base lines.
Chikou Bullish: The Chikou line crossed above zero.
Chikou Bearish: The Chikou line crossed below zero.
Signal Over Max: The signal line crossed above the max level.
Signal Over High: The signal line crossed above the high level.
Signal Under Min: The signal line crossed below the min level.
Signal Under Low: The signal line crossed below the low level.
Chikou Over Max: The Chikou line crossed above the max level.
Chikou Over High: The Chikou line crossed above the high level.
Chikou Under Min: The Chikou line crossed below the min level.
Chikou Under Low: The Chikou line crossed below the low level.
Signal Crossover MA: The signal line crossed over the moving average.
Signal Crossunder MA: The signal line crossed under the moving average.
Regular Bullish Divergence: Regular bullish divergence detected.
Hidden Bullish Divergence: Hidden bullish divergence detected.
Regular Bearish Divergence: Regular bearish divergence detected.
Hidden Bearish Divergence: Hidden bearish divergence detected.
Bounce off of Kumo Up: Bullish Bounce off of Kumo.
Bounce off of Kumo Down: Bearish Bounce off of Kumo.
By providing a cohesive visualization of the Ichimoku elements and market momentum within a bounded range, this oscillator is a unique tool and insight into markets.
Machine Learning Momentum Oscillator [ChartPrime]The Machine Learning Momentum Oscillator brings together the K-Nearest Neighbors (KNN) algorithm and the predictive strength of the Tactical Sector Indicator (TSI) Momentum. This unique oscillator not only uses the insights from TSI Momentum but also taps into the power of machine learning therefore being designed to give traders a more comprehensive view of market momentum.
At its core, the Machine Learning Momentum Oscillator blends TSI Momentum with the capabilities of the KNN algorithm. Introducing KNN logic allows for better handling of noise in the data set. The TSI Momentum is known for understanding how strong trends are and which direction they're headed, and now, with the added layer of machine learning, we're able to offer a deeper perspective on market trends. This is a fairly classical when it comes to visuals and trading.
Green bars show the trader when the asset is in an uptrend. On the flip side, red bars mean things are heading down, signaling a bearish movement driven by selling pressure. These color cues make it easier to catch the sentiment and direction of the market in a glance.
Yellow boxes are also displayed by the oscillator. These boxes highlight potential turning points or peaks. When the market comes close to these points, they can provide a heads-up about the possibility of changes in momentum or even a trend reversal, helping a trader make informed choices quickly. These can be looked at as possible reversal areas simply put.
Settings:
Users can adjust the number of neighbours in the KNN algorithm and choose the periods they prefer for analysis. This way, the tool becomes a part of a trader's strategy, adapting to different market conditions as they see fit. Users can also adjust the smoothing used by the oscillator via the smoothing input.
Smart Money Range [ChartPrime]The Smart Money Range indicator is designed to provide traders with a holistic view of market structure, emphasizing potential key support and resistance levels within a predefined range. This indicator is not just a visually pleasing, but also a comprehensive guide to understanding the market’s dynamics at a given level.
Key Features:
Defined Range: The indicator demarcates a clear range, highlighting support and resistance levels within it. This aids in identifying potential areas of buying and selling pressure. These are derived from highly significant areas that have been touched many times before.
Touches Counter: Underneath the support and resistance lines, there are numerical values that show the number of times price has interacted with these levels. This can provide insights into the strength or weakness of a particular level.
Zig-Zag Projections: Within the range, there's a zig-zag pattern indicating possible future touches, helping traders anticipate future price movements.
Double-Sided Profile: To the right of the range, a dual-profile is showcased. One side of the profile displays the volume traded at specific price levels, giving insights into where significant buying or selling has occurred. On the other side, it reflects the number of touches at that given price level, reinforcing the importance of particular price points.
Customizability: Users have the option to adjust the period setting, allowing them to cater the indicator to their specific trading style and configuration. Additionally, with volume levels settings, traders can adjust the number of bins in the profile for a tailored view.
Fibo Levels with Volume Profile and Targets [ChartPrime]The Fib Levels With Volume Profile and Targets (FIVP) is a trading tool designed to provide traders with a unique understanding of price movement and trading volume through the lens of Fibonacci levels. This dynamic indicator merges the concepts of Fibonacci retracement levels with trading volume analytics to offer predictive insights into potential price trajectories.
Features:
1. Fibonacci Levels: The FPI showcases three prominent Fibonacci levels on both sides of the current price, offering an intricate picture of potential support and resistance levels.
2. Support and Resistance Recognition: Harnessing the power of Fibonacci levels, the FPI provides traders with potential areas of support and resistance, aiding in informed decision-making for entries, exits, and stop placements.
3. Customizable Timeframe Settings: In order to cater to different trading strategies and styles, users can manually select their preferred timeframe for the Fibonacci calculations, ensuring optimal relevance and accuracy for their trading approach.
4. Volume Analytics: One of the standout features of the FIVP is its ability to calculate trading volume for every bar that is sandwiched between the top and lower Fibonacci levels. This ensures traders have a clear vision of where the majority of trading activity is occurring, lending weight to the credibility of the displayed support and resistance zones.
5. Volume-Derived Price Targeting: The Possible Target Arrow function is an innovative feature. By analyzing and comparing the trading volume in the bearish and bullish zones, it provides an arrow indicating the potential direction the market might take. If the bull volume surpasses the bear volume, the market is likely skewing bullish and vice versa.
Usage
Ideal for both novice and seasoned traders, the FPI offers a rich tapestry of information. It allows for refined technical analysis, more precise entries and exits, and a holistic view of the interplay between price and trading volume. Whether you're scalping, day trading, or swing trading, the Fibonacci Profile Indicator is designed to enhance your trading strategy, providing a comprehensive perspective of the market's potential movements.
Filtered Volume Profile [ChartPrime]The "Filtered Volume Profile" is a powerful tool that offers insights into market activity. It's a technical analysis tool used to understand the behavior of financial markets. It uses a fixed range volume profile to provide a histogram representing how much volume occurred at distinct price levels.
Profile in action with various significant levels displayed
How to Use
The script is designed to analyze cumulative trading volumes in different price bins over a certain period, also known as `'lookback'`. This lookback period can be defined by the user and it represents the number of bars to look back for calculating levels of support and resistance.
The `'Smoothing'` input determines the degree to which the output is smoothed. Higher values lead to smoother results but may impede the responsiveness of the indicator to rapid changes in volatility.
The `'Peak Sensitivity'` input is used to adjust the sensitivity of the script's peak detection algorithm. Setting this to a lower value makes the algorithm more sensitive to local changes in trading volume and may result in "noisier" outputs.
The `'Peak Threshold'` input specifies the number of bins that the peak detection mechanism should account for. Larger numbers imply that more volume bins are taken into account, and the resultant peaks are based on wider intervals.
The `'Mean Score Length'` input is used for scaling the mean score range. This is particularly important in defining the length of lookback bars that will be used to calculate the average close price.
Sinc Filter
The application of the sinc-filter to the Filtered Volume Profile reduces the risk of viewing artefacts that may misrepresent the underlying market behavior. Sinc filtering is a high-quality and sharp filter that doesn't manifest any ringing effects, making it an optimal choice for such volume profiling.
Histogram
On the histogram, the volume profile is colored based on the balance of bullish to bearish volume. If a particular bar is more intense in color, it represents a larger than usual volume during a single price bar. This is a clear signal of a strong buying or selling pressure at a particular price level.
Threshold for Peaks
The `peak_thresh` input determines the number of bins the algorithm takes in account for the peak detection feature. The 'peak' represents the level where a significant amount of volume trading has occurred, and usually is of interest as an indicative of support or resistance level.
By increasing the `peak_thresh`, you're raising the bar for what the algorithm perceives as a peak. This could result in fewer, but more significant peaks being identified.
History of Volume Profiles and Evolution into Sinc Filtering
Volume profiling has a rich history in market analysis, dating back to the 1950s when Richard D. Wyckoff, a legendary trader, introduced the concept of volume studies. He understood the critical significance of volume and its relationship with market price movement. The core of Wyckoff's technical analysis suite was the relationship between prices and volume, often termed as "Effort vs Results".
Moving forward, in the early 1800s, the esteemed mathematician J. R. Carson made key improvements to the sinc function, which formed the basis for sinc filtering application in time series data. Following these contributions, trading studies continued to create and integrate more advanced statistical measures into market analysis.
This culminated in the 1980s with J. Peter Steidlmayer’s introduction of Market Profile. He suggested that markets were a function of continuous two-way auction processes thus introducing the concept of viewing markets in price/time continuum and price distribution forms. Steidlmayer's Market Profile was the first wide-scale operation of organized volume and price data.
However, despite the introduction of such features, challenges in the analysis persisted, especially due to noise that could misinform trading decisions. This gap has given rise to the need for smoothing functions to help eliminate the noise and better interpret the data. Among such techniques, the sinc filter has become widely recognized within the trading community.
The sinc filter, because of its properties of constructing a smooth passing through all data points precisely and its ability to eliminate high-frequency noise, has been considered a natural transition in the evolution of volume profile strategies. The superior ability of the sinc filter to reduce noise and shield against over-fitting makes it an ideal choice for smoothing purposes in trading scripts, particularly where volume profiling forms the crux of the market analysis strategy, such as in Filtered Volume Profile.
Moving ahead, the use of volume-based studies seems likely to remain a core part of technical analysis. As long as markets operate based on supply and demand principles, understanding volume will remain key to discerning the intent behind price movements. And with the incorporation of advanced methods like sinc filtering, the accuracy and insight provided by these methodologies will only improve.
Mean Score
The mean score in the Filtered Volume Profile script plays an important role in probabilistic inferences regarding future price direction. This score essentially characterizes the statistical likelihood of price trends based on historical data.
The mean score is calculated over a configurable `'Mean Score Length'`. This variable sets the window or the timeframe for calculation of the mean score of the closing prices.
Statistically, this score takes advantage of the concept of z-scores and probabilities associated with the t-distribution (a type of probability distribution that is symmetric and bell-shaped, just like the standard normal distribution, but has heavier tails).
The z-score represents how many standard deviations an element is from the mean. In this case, the "element" is the price level (Point of Control).
The mean score section of the script calculates standard errors for the root mean squared error (RMSE) and addresses the uncertainty in the prediction of the future value of a random variable.
The RMSE of a model prediction concerning observed values is used to measure the differences between values predicted by a model and the values observed.
The lower the RMSE, the better the model is able to predict. A zero RMSE means a perfect fit to the data. In essence, it's a measure of how concentrated the data is around the line of best fit.
Through the mean score, the script effectively predicts the likelihood of the future close price being above or below our identified price level.
Summary
Filtered Volume Profile is a comprehensive trading view indicator which utilizes volume profiling, peak detection, mean score computations, and sinc-filter smoothing, altogether providing the finer details of market behavior.
It offers a customizable look back period, smoothing options, and peak sensitivity setting along with a uniquely set peak threshold. The application of the Sinc Filter ensures a high level of accuracy and noise reduction in volume profiling, making this script a reliable tool for gaining market insights.
Furthermore, the use of mean score calculations provides probabilistic insights into price movements, thus providing traders with a statistically sound foundation for their trading decisions. As trading markets advance, the use of such methodologies plays a pivotal role in formulating effective trading strategies and the Filtered Volume Profile is a successful embodiment of such advancements in the field of market analysis.
Pattern Probability with EMA FilterThe provided code is a custom indicator that identifies specific price patterns on a chart and uses a 14-period Exponential Moving Average (EMA) as a filter to display only certain patterns based on the EMA trend direction. These code identifies patterns display them as upward and downward arrows indicates potential price corrections and short term trend reversals in the direction of the arrow. Use with indicators such as RSI that inform overbought and oversold condition to add reliability and confluence.
Code Explanation:
The code first calculates three values 'a', 'b', and 'c' based on the difference between the current high, low, and close prices, respectively, and their respective previous moving average values.
Binary values are then assigned to 'a', 'b', and 'c', where each value is set to 1 if it's greater than 0, and 0 otherwise.
The 'pattern_type' is determined based on the binary values of 'a', 'b', and 'c', combining them into a single number (ranging from 0 to 7) to represent different price patterns.
The code calculates a 14-period Exponential Moving Average (EMA) of the closing price.
It determines the EMA trend direction by comparing the current EMA value with the previous EMA value, setting 'ema_going_up' to true if the EMA is going up and 'ema_going_down' to true if the EMA is going down.
The indicator then plots arrows on the chart for specific pattern_type values while considering the EMA trend direction as a filter. It displays different colored arrows for each pattern_type.
The 14-period EMA is also plotted on the chart, with the color changing to green when the EMA is going up and red when the EMA is going down.
Concept:
pattern_type = 0: H- L- C- (Downward trend continuation) - Indicates a continuation of the downward trend, suggesting further losses ahead.
pattern_type = 1: H- L- C+ (Likely trend change: Downwards to upwards) - Implies the upward trend or price movement change.
pattern_type = 2: H- L+ C- (Likely trend change: Upwards to downwards) - Suggests a potential reversal from an uptrend to a downtrend, but further confirmation is needed.
pattern_type = 3: H- L+ C+ (Trend uncertainty: Potential reversal) - Indicates uncertainty in the trend, potential for a reversal, but further price action confirmation is required.
pattern_type = 4: H+ L- C- (Downward trend continuation with lower volatility) - Suggests the downward trend may continue, but with reduced price swings or lower volatility.
pattern_type = 5: H+ L- C+ (Likely trend change: Downwards to upwards) - Implies a potential reversal from a downtrend to an uptrend, with buying interest increasing.
(pattern_type = 6: H+ L+ C- (Likely trend change: Upwards to downwards) - Suggests a potential reversal from an uptrend to a downtrend, with selling pressure increasing.
pattern_type = 7: H+ L+ C+ (Upward trend continuation) - Indicates a continuation of the upward trend, suggesting further gains ahead.
In the US market, when analyzing a 15-minute chart, we observe the following proportions of the different pattern_type occurrences: The code will plot the low frequency patterns (P1 - P6)
P0 (H- L- C-): 37.60%
P1 (H- L- C+): 3.60%
P2 (H- L+ C-): 3.10%
P3 (H- L+ C+): 3.40%
P4 (H+ L- C-): 2.90%
P5 (H+ L- C+): 2.70%
P6 (H+ L+ C-): 3.50%
P7 (H+ L+ C+): 43.50%
When analyzing higher time frames, such as daily or weekly charts, the occurrence of these patterns is expected to be even lower, but they may carry more significant implications due to their rarity and potential impact on longer-term trends.
DCA Liquidation Calculation [ChartPrime]The DCA Liquidation Calculator is a powerful table indicator designed for both manual and bot-assisted traders who practice Dollar Cost Averaging (DCA). Its primary objective is to help traders avoid getting liquidated and make informed decisions when managing their positions. This comprehensive table indicator provides essential information to DCA traders, enabling them to plan their trades effectively and mitigate potential risks of liquidation.
Key Features:
Liquidation Price Awareness: The DCA Liquidation Calculator calculates and displays the liquidation price for each trade within your position. This critical information empowers traders to set appropriate stop-loss levels and avoid being liquidated in adverse market conditions, especially in leveraged trading scenarios.
DCA Recommendations: Whether you are executing DCA manually or using a trading bot, the DCA Liquidation Calculator offers valuable guidance. It suggests optimal entry prices and provides insights into the percentage deviation from the current market price, helping traders make well-timed and well-informed DCA decisions.
Position Sizing: Proper position sizing is essential for risk management. The DCA Liquidation Calculator helps traders determine the percentage of capital to allocate to each trade based on the provided insights. By using the recommended position sizing, traders can protect their capital and potentially maximize profits.
Profit and Loss Visualization: Gain real-time visibility into your Profit and Loss (PnL) with the DCA Liquidation Calculator. This feature allows you to monitor your trades' performance, enabling you to adapt your strategies as needed and make data-driven decisions.
Margin Call Indicators: Anticipating potential margin calls is crucial for maintaining a healthy trading account. The DCA Liquidation Calculator's smart analysis helps you identify and manage potential margin call situations, reducing the risk of account liquidation.
Capital Requirements: Before entering a trade, it's vital to know the required capital. The DCA Liquidation Calculator provides you with this information, ensuring you are adequately prepared to execute your trades without overextending your resources.
Maximum Trade Limit: Considering your available capital, the DCA Liquidation Calculator helps you determine the maximum number of trades you can enter. This feature ensures you maintain a disciplined and sustainable trading approach aligned with your financial capabilities.
Color-Coded Risk Indicators:
Green Liquidation Price Cell: Indicates that the position is considered safe from liquidation at the given parameters.
Yellow Liquidation Price Cell: Warns traders of potential liquidation risk. Exercise caution and monitor the trade closely to avoid undesirable outcomes.
Purple Liquidation Price Cell: Shows the liquidation price, but it does not necessarily indicate an imminent liquidation. Use this information to make prudent risk management decisions.
Red Row: Signals that the trade cannot be executed due to insufficient capital. Consider alternative strategies or ensure adequate capitalization before proceeding.
Settings explained:
In conclusion, the DCA Liquidation Calculator equips traders with essential tools to make well-calculated decisions, minimize liquidation risks, and optimize their Dollar Cost Averaging strategy. By offering comprehensive insights into your trading position, this indicator empowers you to navigate the markets with confidence and increase your potential for successful and sustainable trading.
RibboNN Machine Learning [ChartPrime]The RibboNN ML indicator is a powerful tool designed to predict the direction of the market and display it through a ribbon-like visual representation, with colors changing based on the prediction outcome from a conditional class. The primary focus of this indicator is to assist traders in trend following trading strategies.
The RibboNN ML in action
Prediction Process:
Conditional Class: The indicator's predictive model relies on a conditional class, which combines information from both longcon (long condition) and short condition. These conditions are determined using specific rules and criteria, taking into account various market factors and indicators.
Direction Prediction: The conditional class provides the basis for predicting the direction of the market move. When the prediction value is greater than 0, it indicates an upward trend, while a value less than 0 suggests a downward trend.
Nearest Neighbor (NN): To attempt to enhance the accuracy of predictions, the RibboNN ML indicator incorporates a Nearest Neighbor algorithm. This algorithm analyzes historical data from the Ribbon ML's predictive model (RMF) and identifies patterns that closely resemble the current conditional prediction class, thereby offering more robust trend forecasts.
Ribbon Visualization:
The Ribbon ML indicator visually represents its predictions through a ribbon-like display. The ribbon changes colors based on the direction predicted by the conditional class. An upward trend is represented by a green color, while a downward trend is depicted by a red color, allowing traders to quickly identify potential market directions.
The introduction of the Nearest Neighbor algorithm provides the Ribbon ML indicator with unique and adaptive behaviors. By dynamically analyzing historical patterns and incorporating them into predictions, the indicator can adapt to changing market conditions and offer more reliable signals for trend following trading strategies.
Manipulation of the NN Settings:
Smaller Value of Neighbours Count:
When the value of "Neighbours Count" is small, the algorithm considers only a few nearest neighbors for making predictions.
A smaller value of "Neighbours Count" leads to more flexible decision boundaries, which can result in a more granular and sensitive model.
However, using a very small value might lead to overfitting, especially if the training data contains noise or outliers.
Larger Value of "Neighbours Count":
When the value of "Neighbours Count" is large, the algorithm considers a larger number of nearest neighbors for making predictions.
A larger value of "Neighbours Count" leads to smoother decision boundaries and helps capture the global patterns in the data.
However, setting a very large value might result in a loss of local patterns and make the model less sensitive to changes in the data.
Trend Channels With Liquidity Breaks [ChartPrime]Trend Channels
This simple trading indicator is designed to quickly identify and visualize support and resistance channels in any market. The primary purpose of the Trend Channels with Liquidity Breaks indicator is to recognize and visualize the dominant trend in a more intuitive and user-friendly manner.
Main Features
Automatically identifies and plots channels based on pivot highs and lows
Option to extend the channel lines
Display breaks of the channels where liquidity is deemed high
Inclusion of volume data within the channel bands (optional)
Market-friendly and customizable colors and settings for easy visual identification
Settings
Length: Adjust the length and lookback of the channels
Show Last Channel: Only shows the last channel
Volume BG: Shade the zones according to the volume detected
How to Interpret
Trend Channels with Liquidity Breaks indicator uses a combination of pivot highs and pivot lows to create support and resistance zones, helping traders to identify potential breakouts, reversals or continuations of a trend.
These support and resistance zones are visualized as upper and lower channel lines, with a dashed center line representing the midpoint of the channel. The indicator also allows you to see the volume data within the channel bands if you choose to enable this functionality. High volume zones can potentially signal strong buying or selling pressure, which may lead to potential breakouts or trend confirmations.
To make the channels more market-friendly and visually appealing, Trend Channels indicator also offers customizable colors for upper and lower lines, as well as the possibility to extend the line lengths for further analysis.
The indicator displays breaks of key levels in the market with higher volume.
Moving Average Trend Sniper [ChartPrime]Today we introducing the Moving Average Trend Sniper (MATS), a unique and powerful multi faceted tool. This moving average is designed to adapt to the ever-changing market conditions. MATS provides the ideal solution for traders looking to capitalize on market trends while accurately identifying support and resistance levels.
Why MATS?
MATS was developed with the trader in mind, focusing on the key factors crucial for a successful trading strategy - trend following, support, and resistance. Its unique moving average calculation not only accounts for market volatility and momentum but also provides a stable yet adaptable foundation for your trading decisions.
MATS employs a range of mathematical techniques to provide a precise and adaptive moving average, offering traders a more effective tool for analyzing market trends and identifying support and resistance levels. One of the primary distinctions of MATS is its use of delta, the change in market conditions, to update the moving average based on the trend's strength. This delta-based updating allows the moving average to adapt to market fluctuations and helps traders make more informed decisions when entering or exiting positions. MATS also focuses on the highs in a downtrend and the lows in an uptrend to provide more reliable support and resistance. By taking these crucial market points into consideration, the moving average delivers a comprehensive and accurate insight into the market's behavior and allows traders to make more precise predictions.
MATS leverages trigonometry to determine the trend angle for the moving average. By calculating this angle, MATS can efficiently pick the correct source (either the high or the low) to provide the best support and resistance analysis. This innovative use of trigonometry ensures that the moving average is better suited to the current market conditions and provides traders with a dynamic yet stable tool to support their trading decisions.
Settings:
Length: The length input for MATS plays a crucial role in determining how responsive the moving average will be to changes in market conditions. A shorter length setting results in a more reactive moving average that closely follows price movements, whereas a longer length setting generates a smoother, less volatile average. By adjusting the length setting, traders can fine-tune the sensitivity of MATS to align with their specific trading strategies and needs.
Glow: MATS offers a customizable and visually engaging display that helps traders effectively identify market trends. The "glow" effect surrounding support and resistance levels, available as an optional feature, enables users to assess these crucial areas more easily.
Example use cases:
In the screenshot below you can see the MATS acting as both a classical support and resistance while the glow and coloring is helped to provide a more classical trend following visualization to a trader. This duel functionality can help in re-entering during market retracements.
Quick Shot[ChartPrime]This indicator plots green and red dots when the trend changes based on a moving average slope. The curved line aims to exponentially increase the slope of the moving average based on the slope at the time of the dots origination as the bars progress. Once the curved line makes contact with the price action, an x shape will be plotted to signify an exit signal.
This indicator is best used in confluence with other indicators in order to develop a reliable strategy.
EMA 50/100/200/300/400 This indicator plots five Exponential Moving Averages (EMAs) with customizable periods: 50, 100, 200, 300, and 400. Each EMA is color-coded for easy identification and displayed directly on the chart. Labels are dynamically added at the latest bar to indicate the EMA values, helping traders quickly assess trend levels and potential support/resistance zones. Ideal for trend analysis and multi-timeframe setups.
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Advanced Divergence IndicatorAdvanced Divergence Indicator
Unlock the full potential of your trading strategy with the Advanced Divergence Indicator, a powerful tool designed to identify and analyze bullish and bearish divergences using multiple technical indicators. Whether you're a seasoned trader or just starting out, this indicator provides clear, actionable signals to help you make informed trading decisions.
What It Does
The Advanced Divergence Indicator detects divergences between price movements and key technical indicators, specifically the Relative Strength Index (RSI) and On-Balance Volume (OBV). Divergence occurs when the price trends in one direction while the indicator trends in the opposite direction, signaling potential reversals or continuations in the market.
Key Features
Multi-Indicator Analysis
RSI Divergence: Identifies bullish and bearish divergences using the RSI, helping you spot potential reversals based on momentum.
OBV Divergence: Utilizes OBV to detect divergences related to volume flow, providing insights into the strength behind price movements.
Bullish and Bearish Signals
Bullish Divergence: Signals when indicators show higher lows while the price forms lower lows, suggesting a potential upward reversal.
Bearish Divergence: Alerts when indicators display lower highs while the price creates higher highs, indicating a possible downward reversal.
Signal Strength Classification
Standard Signals: Represent typical divergence occurrences, marked with green (bullish) and red (bearish) labels.
Strong Signals: Highlighted with yellow (strong bullish) and blue (strong bearish) labels when divergences coincide with overbought or oversold conditions, enhancing signal reliability.
Customizable Settings
Indicator Selection: Choose to enable RSI, OBV, or both based on your trading preferences.
Pivot Points: Adjust the number of bars left and right to fine-tune pivot detection for more accurate divergence identification.
Range Configuration: Set minimum and maximum bar ranges to control the sensitivity of divergence detection, suitable for different timeframes and trading styles.
Noise Cancellation: Reduce false signals by enabling noise filtering, ensuring that only significant divergences are highlighted.
Visual Clarity
Color-Coded Labels: Easily distinguish between different types of divergences with intuitive color codes—green for bullish, red for bearish, yellow for strong bullish, and blue for strong bearish signals.
Clean Chart Display: The indicator overlays seamlessly on your chart without clutter, ensuring that signals are easily identifiable without distracting from price action.
Real-Time Alerts
Custom Alert Conditions: Receive instant notifications for bullish and bearish divergences, enabling you to act promptly on potential trading opportunities.
Combined Alerts: Get alerts for either bullish or bearish signals, or both, based on your selected criteria.
How to Use
Add the Indicator to Your Chart
Apply the Advanced Divergence Indicator to your desired chart and timeframe.
Configure Settings
Select Indicators: Choose to enable RSI, OBV, or both under the "Indicator Settings" group.
Adjust Parameters: Customize RSI length, pivot points, and divergence ranges to match your trading strategy and the specific asset you are analyzing.
Enable Noise Cancellation: Activate this feature to filter out minor divergences and focus on more significant signals.
Interpret the Signals
Bullish Signals: Look for green or yellow labels below the price bars indicating potential upward reversals.
Bearish Signals: Identify red or blue labels above the price bars signaling possible downward reversals.
Strong Signals: Pay special attention to yellow and blue labels as they denote stronger divergences with higher reliability.
Set Up Alerts
Configure alert conditions within the indicator to receive real-time notifications when bullish or bearish divergences are detected, ensuring you never miss a trading opportunity.
Why Choose Advanced Divergence Indicator
Comprehensive Analysis : By combining RSI and OBV, the indicator provides a more robust analysis compared to single-indicator tools, enhancing the accuracy of divergence detection.
Flexibility : Highly customizable settings allow traders to tailor the indicator to their unique strategies and market conditions.
User-Friendly : Clear labels and color codes make it easy for traders of all levels to understand and act on the signals.
Reliability : Strong signal classification and noise cancellation features help reduce false positives, providing more trustworthy trading signals.
Custom Price Red Line IndicatorCustom Price Red Line Indicator is a tool used in trading platforms to visually represent key price levels on a chart. This indicator typically draws a red line at a specific price, which can serve as a threshold or a level of interest, such as a resistance or support level. It is customizable to allow traders to set the price at which the red line will appear, making it useful for highlighting critical price points that may signal potential trade entries or exits.
Key Features:
• Customizable Price Level: Set the exact price where the red line will be drawn.
• Visual Signal: The red line acts as a visual aid to indicate important price levels.
• Alerts: Traders can set alerts when the price crosses the red line to track market movements.
• Trend Analysis: The red line can represent key support, resistance, or psychological price levels for trend analysis.
This indicator can be used in various timeframes and across different asset classes to assist traders in their technical analysis.
Custom ChoCH Indicator (10m) - SayajeeCustom ChoCH Indicator (10m) - Sayajee
This custom Pine Script indicator identifies and marks Change of Character (ChoCH) events on a 10-minute chart. ChoCH is a price action concept that highlights potential market reversals. The indicator detects bullish and bearish Change of Character points and displays them as labels and background color highlights on the chart.
Features:
Bullish & Bearish ChoCH Signals: Detects price reversals and trends based on the relationship between recent highs and lows.
Bullish ChoCH: When the close price is greater than the previous swing high and the previous low is lower than the previous swing low.
Bearish ChoCH: When the close price is lower than the previous swing low and the previous high is greater than the previous swing high.
Visual Indicators:
Labels ("ChoCH↑" for bullish, "ChoCH↓" for bearish) are displayed at the high or low of the bar where the signal occurs.
Background highlights in green for bullish and red for bearish conditions to make the signals easily recognizable.
Customization:
Option to toggle the visibility of labels.
Option to customize the colors for bullish and bearish signals.
Alerts: Configured alert conditions to notify you when a Bullish ChoCH or Bearish ChoCH occurs.
Inputs:
Show Labels for ChoCH: Toggle to display ChoCH labels on the chart.
Bullish ChoCH Color: Choose the color for bullish signals.
Bearish ChoCH Color: Choose the color for bearish signals.
Usage:
This indicator is useful for detecting potential trend reversals and market shifts, especially when combined with other technical analysis tools. It's designed for traders who rely on price action and prefer visual cues to make informed decisions.
Forecast Daily BIAS**Indicator Name:** Forecast Daily BIAS
**Description:**
The Forecast Daily BIAS indicator is designed to predict the expected price direction (BIAS) for the current trading day. It analyzes key price levels from the previous day (high, low, and close) and compares them to the opening price of the current day. The indicator provides a simple forecast for the day's price movement: **Bullish**, **Bearish**, or **Neutral**.
Key Features:
- Bullish Prediction: When the opening price is higher than the previous day's close and above the average of the previous day's high and low.
- Bearish Prediction: When the opening price is lower than the previous day's close and below the average of the previous day's high and low.
- Neutral Prediction: If the price does not meet the conditions for bullish or bearish bias.
- Visual Indicators:
- Displays the BIAS forecast directly on the chart with labels.
- Highlights the chart background with colors (green for bullish, red for bearish) for easy interpretation.
Use Case:
This indicator is ideal for traders looking to identify the probable direction of the market for the day and plan their intraday trading strategies accordingly. It is particularly useful for day traders who rely on prior price levels to make informed decisions.
How to Use:
1. Add the indicator to your chart.
2. Observe the daily BIAS prediction:
- Green Background: Likely bullish trend.
- Red Background: Likely bearish trend.
- No Highlight: Neutral trend.
3. Use the forecast in conjunction with other indicators or strategies to confirm your trades.
Note: The indicator provides a basic directional bias and should not be used as a standalone trading signal. Always consider additional market factors and risk management.
20 Pips Candle Finder for XAUUSD20 Pips Candle Finder for XAUUSD
This custom Pine Script indicator is specifically designed for XAUUSD (Gold) price action analysis. It identifies and visually marks candles with a body size of 20 pips or more, which can be important for traders focusing on strong momentum or significant price movement.
Key Features:
Dynamic Detection:
The script dynamically identifies candles whose body size exceeds 20 pips.
Calculations are based on XAUUSD's pip size of 0.1.
Visual Markers:
Candles meeting the 20-pip threshold are labeled with a green marker above the candle for quick identification.
Background Highlighting:
The candles meeting the condition are also visually highlighted with a transparent green background, making them easier to spot on the chart.
Debugging Tools:
The indicator plots:
A blue line showing the size of the candle bodies over time for better visibility.
A red dotted horizontal line showing the 20-pip threshold for quick reference.
Ideal Use Case:
This indicator is particularly useful for:
Traders focusing on momentum-based strategies.
Spotting candles with significant price movement.
Assessing market volatility during key trading hours or events.
By visually spotting these candles, traders can identify entry and exit opportunities, support/resistance breakouts, or potential reversals.
Inputs & Customization:
Currently, the indicator is set for XAUUSD's standard pip value (0.1) but can be adjusted if you plan to use it on other symbols. You can fine-tune the 20 pips threshold or other parameters to align with your trading strategy.
HMM Regime IndicatorHMM Regime Indicator
Overview:
The HMM Regime Indicator is designed to help traders identify market regimes by analyzing trend strength, momentum, and price deviation. It uses a combination of the Average Directional Index (ADX), Relative Strength Index (RSI), and Commodity Channel Index (CCI) to classify market conditions into three distinct regimes: Bullish, Bearish, and Sideways.
Key Features:
ADX (Average Directional Index): Measures the strength of a trend. A high ADX value indicates a strong trend, while a low value suggests a weak or non-existent trend.
RSI (Relative Strength Index): Identifies overbought or oversold conditions. An RSI above 70 typically indicates overbought conditions, while an RSI below 30 suggests oversold conditions.
CCI (Commodity Channel Index): Evaluates the price deviation from its average. High CCI values indicate that prices are well above their average, while low values suggest prices are below their average.
Regime Detection:
Bullish Regime: Identified when the ADX indicates a strong trend, and both RSI and CCI suggest overbought conditions. This regime is marked with a green background on the chart.
Bearish Regime: Detected when the ADX shows a strong trend, and both RSI and CCI indicate oversold conditions. This regime is highlighted with a red background.
Sideways Regime: Occurs when neither bullish nor bearish conditions are met, suggesting a lack of strong directional movement. This regime is shown with a blue background.
Usage:
This indicator is useful for traders looking to understand the current market environment and adjust their strategies accordingly. By identifying the prevailing market regime, traders can make more informed decisions about entering or exiting trades.
Customization:
Users can adjust the input parameters for ADX, RSI, and CCI to better fit their trading style and the specific asset being analyzed. The default settings are optimized for general use but can be tailored to suit individual preferences.
