Greetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: tradingview.com/u/DayTradingOil/). This one is called Price Predictor.
How To Use Price Predictor Price Predictor acquires potential targets by measuring the Average Change of Price from a user-defined resolution, from Open to Open. By default, the Resolution is set to 1 Day, however you can play around with Weekly, Monthly, etc. When a new resolution period begins, Price Predictor will automatically adjust based on the new Average Change of Price.
Due to the avoidance of Security() in this script, you may have to play around with the Timeframe that you use it in to ensure that you have enough bars on your chart to process the User-Defined Resolution.
The first Target Zone represents Target 5 of my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/)(Given that you set the Target Multiple and Default Threshold Inputs as the same in each script), and is the most likely to be hit before the end of the resolution period.
In addition to a User-Defined Resolution, you also have the option of using a Custom Price to define Target Zones, however I'd recommend using my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/), if the volatility of the Instrument isn't too high.
Hi my friend... how are you? Thanks for you job... very nice and help....please... how i can add some lines? (i like to put 3 lines betwin long and 1° line green and short and 1° line red....38.2/50/61,8%) Thats possibile? can you help me with this code?
PERFECTTRADE9973
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hi, thanks for this script can you let me know what lines to be considered for targets & stoploss for buy & sell respectively your valuable reply will be highly appreciated
Gratitudes for giving us such a beautiful indicator, but a request to add higher resolution for target prediction - “quarter”, “half year” , “year” for positional trading
Looking forward to get this added
More gratitudes
DayTradingOil
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Hi @npgf, This can already be achieved with the current version. For example here I am using a 12-month period with 2W Bars. Please refer to the description for instructions. To add your own custom Resolution for the Target Prediction, you must first add the custom timeframe to your chart. 'How To Use Price Predictor Price Predictor acquires potential targets by measuring the Average Change of Price from a user-defined resolution, from Open to Open. By default, the Resolution is set to 1 Day, however you can play around with Weekly, Monthly, etc. When a new resolution period begins, Price Predictor will automatically adjust based on the new Average Change of Price.
Due to the avoidance of Security() in this script, you may have to play around with the Timeframe that you use it in to ensure that you have enough bars on your chart to process the User-Defined Resolution.'
npgf
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@DayTradingOil, Gratitude again for such a quick reply, but as I’m using the free version I’m unable to play with the custom timeframe so was requesting to add it within the indicator.
Gratitude to you
DayTradingOil
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@npgf, I may be wrong, but if I'm not mistaken if you don't have access to custom preset time-frames or the required number of bars on the chart to begin the calculation, the chart may not load the data due to insufficient/incorrect data. My recommendation would be to just upgrade to the lowest cost membership. It will increase the amount of bars a script can calculate on and you will be able to create custom time-frames.
al_va_ro
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great indicator!! any advice for shorter TFs? which resolution should work better for 5-10min candles? how do you filter your entries? above/below green-red lines or within that zone? thank you in advance. great job
DayTradingOil
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Hi @al_va_ro,
I typically use the default "Daily" Resolution for Targets when using 5 min charts, and I like to use "Weekly" Resolution for Targets when using 15 min charts.I typically do not use lower than 1 Day Resolution. This script calculates the average % change of an instrument from open to open of the resolution you provide in the settings. I use the targets provided by Price Predictor as approximations and my main methodology of trading is to use the Initial Balance range breakout to calculate positions, stops, targets, etc. Thanks for the feedback!
-DayTradingOil
siddhartha4shukla
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Hi @DayTradingOil, This script is awesome and thank you for providing it to the community... For day trading using 5 min. TF , just change both of the 1-1 setting to 0.618 and see the magic... Thanks again bro .. wish you all the success !