Todo: - Mid bar transient zones detection - Draw rectangles for zones (once rectangle drawing gets implemented in pine script) - Mark forming PTZs more clearly
BIG SCAMMER, THE SIGNALS APPAIR AFTER MIN 10 CANDLE CLOSED
yrainville
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@jhonny19977, yes this indicator repaints but that is not the point! Read about transient zones, it's a very powerful concept. And thank you Jurij for this indicator which lets us validate it (and introduced me to the concept).
Vikas3764
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@yrainville, CAN WE USE THIS IN LIVE MARKET..BCOZ THIS AROW R COME LATE
OR ANY OTHER INDICTER SAME AS THIS IS
yrainville
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@Vikas3764, I wrote some more comments on the "Transient Zones v1.1" indicator that you might want to look at, but here it is in a nutshell: you cannot just say e.g. "when the big red arrow shows up over the current candle, I'm gonna SELL", because this indicator repaints. With the default settings of hright = 10, you get the arrows 10 candles late. Whatever number you pick for the hright value is how late you'll get the big arrows.
This indicator is NOT meant for that. It is used to study the properties of transient and recurrent zones, which you can read more about on an old thread on ForexFactory.
A final word of advice to anyone who wishes to delve deeper into these concepts. Be prepared to spend a lot of time, as it is a time sink. Is there a way to trade profitably with these concepts? Yes (if you really think outside the box). Are there alternate, faster ways to consistency and profitability? Absolutely. If you think you must study this, my advice is to put this topic at the end of your list of things to look into.
@Jurij, is there any way of getting those arrows to pop up sooner as opposed to later. It would be nice if they appeared as the candles went along and got matched up right away.