This script comes as a pair with Counter-Strike Pro (also pictured above). This bias add-on is designed to be set to retrieve bias from a higher timeframe, allowing you to trade using information from multiple timeframes in one chart. The two scripts do not have to be used together.
Counter-Strike Pro is a trend/counter-trend indicator. It combines Momentum Failure Patterns and Moving Average flow into one to give a continuous long/short bias. Momentum Failure Patterns are breaks of relevant market structure, where the structure that’s relevant is updated dynamically according to momentum alignment.
The limitations of Counter-Trend Pro are the same as for most trend indicators: it can get chopped up if price starts trending and then reverses, ranges, or is generally choppy. It needs a certain level of history in order to work properly, and it works better the more cleanly an asset trends.
Advantages of Counter-Trend Pro versus other trend indicators are that it can, depending on conditions, enter trends earlier and get shaken out less, precisely because it uses a combination of price levels and trend – but you would need to test it against your particular trend indicators for your favourite assets and timeframes to verify this.
This indicator includes alerts for all signals. It does not repaint.
Informacje o Wersji
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Important bug fix: Addressed various weakness in the logic that were causing incorrect bias and EMA flips.
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Minor update: Improvements to the colour and description of the error that occurs if you set the lengths of the max and min MAs too close.
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Display enhancement: Added the option to print text that shows the current timeframe of the Bias Add-On. This could be useful if you have more than one active on your chart. The default is enabled. You can turn it off and control the colour and spacing from the Settings dialogue box.
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Minor update: Added invisible plots for long and short bias. These can be used by advanced users for data analysis.
Informacje o Wersji
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Updated to Pinescript V5. Replaced error background and characters with runtime errors.
One of the best add-ons to take a MTF peek. And it really helps to have the text display the selected timeframe.
Requesting a placement selector for this text (top, middle, bottom). In my case I have the pane all the way on top, above the main price chart pane and want to have a narrow band only so as to keep as much screen real estate as possible for price action. The text disappears when making the pane narrow and having it at the bottom of the pane would help in this case.
SimpleCryptoLife
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@Arie15, Thanks very much for your feedback. I'm glad you're enjoying using the Bias Add-On.
I would like to make the improvement you requested, but I don't think it's possible. The difficulty is that you cannot use dynamic text for this, because labels are not supported in scripts that have the resolution parameter (which is what allows it to use a timeframe other than the chart timeframe). So it has to be hardcoded. It can't be plotchar because it's more than one character. So I had to do it like this:
plotshape(float1D, style=shape.circle, color=na, text="1D", textcolor=inputTimeFrameColour, size=size.tiny, location=location.absolute, title="1D Timeframe Text")
There is no option in Pinescript as far as I know to change the location of the text that accompanies a plotshape (the location parameter only controls the location of the shape itself, which here is invisible).
Arie15
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@SimpleCryptoLife, thank you for the explanation. Let's hope the pine-development team will create this option in the future, I'm sure we are only at the beginning of the resolution revolution.