Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Opis
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This is one of my fav script (Leledec Exhaustion). The original script was written in V2 by Glaz here tradingview.com/script/2rZDPyaC-Leledc-Exhaustion-Bar/ All I did is to convert this to Version 4 of Pine Scripting language.
An Exhaustion Bar is a bar which signals the exhaustion of the trend in the current direction. In other words, an exhaustion bar is “A bar of the last seller” in case of a downtrend and “A bar of last buyer” in case of an uptrend.
Having said that when a party cannot take the price further in their direction, naturally the other party comes in, takes charge and reverses the direction of the trend.
The Psychology
Let's assume that we have a group of people, say 100 people who decide to go for a casual running. After running for a few KM's few of them will say “I am exhausted. I cannot run further”. They will quit running. After running further, another bunch of runners will say “I am exhausted. I can’t run further” and they also will quit running. This goes on and on and then there will be a stage where only a few will be left in the running. Now a stage will come where the last person left in the running will say “ am exhausted” and he stops running. That means no one is left now in the running. This means all are exhausted in the running.
The same way an exhaustion bar works. The reason is an exhaustion bar sometimes formed at almost tops and bottoms.
Timeframe The exhaustion bars are found on all Time frames as a trend also exists on all Timeframes. However, as a thumb rule “Higher the Time frame, higher will be the accuracy as well as the profitability”.
Trading the Leledec Exhaustion Bars
I may trade as soon as it is shown on the chart.
I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal
I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal. I may also be looking to ensure the current volume is higher than the previous few (? how many?) bar volumes.
Informacje o Wersji
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Added minor leledec and ability to add alerts
Informacje o Wersji
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Ensuring abilities to hide or show min leledec as it is not widely used in crypto. Maj Leledec is more useful for crypto/bitcoin
The main aspect of any trading is always a smaller position size and proper stop loss.
lizmerrill
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@Joy_Bangla, re these buy and sells, and what are you using for these signals?
marquism
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such beauty! Hope it this may continue to stay up to date to later pinecodes!!
Quantkr
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brilliant idea! bro!
Joy_Bangla
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@Mby_lab, Thanks bro. It was initially developed by Glaz. I adapted his code and converted it to v4 and added alerts etc. Thanks for liking it
Joy_Bangla
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The main idea behind the conversion from v2 to v4 came from @mdmiko and he did most of the work. I am just coordinating/working with him and publishing this.
This is one of the underlying indicators used in my main indictor