Wolfe Strategy [Trendoscope]Hello Everyone,
Wish you all Merry X-Mas and happy new year. Lets start 2023 with fresh new strategy built on Wolfe Indicator. Details of the indicator can be found here
🎲 Wolfe Concept
Wolfe concept is simple. Whenever a wedge is formed, draw a line joining pivot 1 and 4 as shown in the chart below:
For simplicity, we will only consider static value for Target and Stop. But, entry is done based on breaking the triangle. Revised strategy looks something like this:
🎲 Settings
Settings are simple and details of each are provided via tooltips.
Out of these, the most important one is minimum risk reward ratio. If you set lower risk reward threshold then losing few trades may generate more losses than more winning trades. Similarly higher value will filter out most of the trades and may not work efficiently. Default value set to 1 to make sure optimal risk reward is present before placing trade. Also make note that since the entry bar is always moving towards stop, as and when pattern progress, the RR will also increase. Hence, a pattern which is below RR threshold may become good to trade at certain point of time in future.
🎲 Strategy Parameters
Default strategy parameters are initialised via definition. Margins are set to 100 to disable leveraged trades. Appropriate values are chosen for other parameters. These can be altered based on individual strategy and trading plan.
As the strategy concentrates on the single pattern, number of trades generated are comparatively less. But, there is chance to increase the algorithm further to catch more such patterns on larger scale. Will try to work on them in next versions.
🎲 Pine Strategy limitations
Backtest can only be done on one direction as pine strategy cannot have both long and short open trades together. Hence, it is mandatory to chose either long/short trades in settings.
Since pyramiding is limited to 1, there is possibility of a pattern not generating trade even though the entry conditions are met. They are just based on pine limitations and not necessarily mean patterns are not good for placing trades.
Formacje wykresów
High Low Color VolumeCompanion to High Low Color Bars, for strategies that don't use open and close levels. Color is determined using change in midpoints between high and low ( hl2 ), with degrees of shading based on threshold levels in the settings. The default threshold is 1.2 standard deviations of the change in hl2.
I use this to get a less noisy visual of volume-driven momentum.
High Low Bars in ColorHigh Low bars de-emphasize open and close levels, but sacrifice color. Because traditional candles use open and close to determine color, a new approach was needed. This script uses change in midpoints between high and low ( hl2 ), with degrees of shading based on threshold levels in the settings. The default threshold is 1.2 standard deviations of the change in hl2 .
Optional "frosting" markers are available for open ("+") and close("x").
Best used in combination with High Low Color Volume .
Imbalance Detector [LuxAlgo]This indicator detects and highlights market imbalances alongside a dashboard returning information about their frequency of occurrence and their fill percentage. Imbalances included in this script are Fair Value Gaps (FVG), Opening Gaps (OG) and Volume Imbalances (VI).
Alerts are available for the occurrences of all market imbalances.
Settings
Imbalances
Each imbalance has the same settings layout:
Imbalance: Enable/disable the detection of the specific imbalance.
Min Width: If enabled, requires the imbalance area width to be greater than the specified value. This minimum width can be expressed in points, percentages or ATR multiples.
Extend: Extend imbalances by a specified number of bars.
Dashboard
Show Dashboard: Enable/disable the dashboard on the chart.
Dashboard Location: Location of the dashboard on the chart.
Dashboard Size: Size of the dashboard.
Usage
Market imbalances are part of the many concepts available to price action traders and highlight areas where there is a disparity between supply and demand.
It is common to see price come back to these areas and traders often use them as supports and resistances but also as targets.
Details
The script can detect three distinct types of imbalances described below.
Fair Value Gaps
Fair Value Gaps (FVG) are three candle formations characterized by a gap between the wicks of the non-adjacent candles in the formation.
A bullish FVG is characterized by a gap between the current price low and the 2 bars anterior price high, and a bearish FVG is characterized by a gap between the current price high and the 2 bars anterior price low.
Opening Gaps
Opening Gaps (OG) are imbalances characterized by non-existent activity within a specific price range.
A bullish OG occurs when the current price low is greater than the previous high, a bearish OG occurs when price high is lower than the previous price low.
Opening Gaps primarily occur in closing markets, as such they are less common in the cryptocurrency market.
Most of the time an Opening Gap will also be accompanied by a Fair Value Gap, in order to avoid clutter the indicator will not detect Fair Value Gaps if Opening Gaps are enabled and if an Opening Gap has been detected
Volume Imbalances
Volume Imbalances (VI) are characterized by a price discontinuity between the opening price and previous close, but unlike Opening Gaps we do not see nonexistent activity within a certain price range.
A bullish VI occur when both the opening and closing prices are superior to the previous closing price, with the current price low overlapping the previous price high. A bearish VI occur when both the opening and closing prices are inferior to the previous closing price, with the current price high overlapping the previous price low.
Because Volume Imbalances can occur excessively on markets with frequent gaps, we make use of an additional condition for filtering out less significant imbalances. Bullish VI's will require the previous price high to be lower than the opening price, while bullish VI's will require the previous price low to be higher than the opening price.
ICT Killzone by JeawThis is an indicator script for TradingView called "ICT Killzone". It is a useful tool for identifying the London and New York open and close sessions, as well as the Asian range on the chart. The appearance of the "killzones" can be customized by selecting colors and transparencies for each session. Boxes can also be displayed around each session and labels with additional information can be added. This script is compatible with intraday charts and time multipliers up to 60 minutes. It was created by Jeaw and is based on the ideas of the ICT (Institutional Cash Trades) methodology. This script can help traders avoid entering the market during high impact news events and periods of low liquidity. By identifying these potentially volatile times, traders can better manage their risk and improve their overall trading strategy.
FBMAEN:
TradingView indicator for FBMA strategy
People oftem ask: “Dmitry, BABA, TSLA, AAPL flies like a rocket! Well, what are we buying!?” - And I say no, the price does not act like a straight rocket upwards or downwards, instead it breathes, inhales moving away from the moving average and exhales returning to it, so we will wait for the first pullback and buy exactly at the value of the moving average.
Your new paradigm: wait for the stock to pull back to the moving average rather than chasing the price
And one more thing... Remember, you don't want to buy a stock when it's going down, you'll start to have doubts. it's against human nature to go long when the price is falling, but that's why this strategy works so well. We buy on the price rollback (pullback to the moving average), but we DO IT WHILE FOLLOWING THE TREND.
The biggest consequence of this strategy, my author's FBMA strategy and this is a game changer (results are in the comments).
So, let's dive into FBMA indicator settings:
Main settings
ATR Period — Period of intergrated ATR Indicator(shows ATR in a small dashboard);
Settings of Moving Averages
Sign Moving Averages? — shows values of moving averages near their lines on the chart;
Fix MAs' signatures overlapping? — automatically MAs' signatures overlapping (specifically for SMAs and EMAs!) ;
Fix MAs' signatures overlapping between SMAs and EMAs? — automatically group overlapping between EMAs' and SMAs' signatures;
Min distance between MAs' signatures (in % of ATR) — minimal distance between MAs' signatures that indicator will push away MAs' signatures from each other if they are overlapped;
Dashboard
Dashboard position — position of dashboard on the chart ( 9 options ).
Settings of MAs
Source;
Period;
Option for showing EMA and/or SMA of chosen period and source;
Line colour ;
Signature colour .
Addons
Show data by selected timeframe? — shows difference of current price opening and opening a "timeframe" time ago;
Shows MAs only if asset has grown by selected growth % in selected timeframe?
Growth, % — percent, which asset has to gain in order for MAs to be plotted;
Timeframe — frequency with which price's current and previous opening are being will be compared;
Show analog MAs' signatures? — shows MAs' value in a small table;
Show cloud between 1st and 2nd MAs? — shows cloud for both EMAs and SMAs simultaneously).
Price Action
This settings are intuitively understandable
Feel free to leave your questions or suggestions in the comments!
* Price Action-section was taken from ChrisMoody's CM_Price_Action and rebuilt.
RU:
Индикатор TradingView для стратегии ПООС
Мне часто пишут в личку: “Дмитрий, BABA, TSLA , AAPL летит ракетой! Ну что покупаем!?”- А я говорю нет, цена не летит по прямой ракетой вверх, она дышит, делает вдохи отдаляясь от скользящей и выдохи возвращаясь к ней, поэтому мы дождёмся первого пуллбэка и купим точно на значении скользящей
Ваша новая парадигма: ждать акцию на пуллбэке к скользящей по тренду, а не гнаться за ценой
И ещё… Помните, вы не захотите покупать акцию в момент, когда она падает, вы начнете сомневаться т.к. это против человеческой природы заходить в лонг при падении цены, но именно поэтому эта стратегия работает так эффективно, т.к. мы покупаем на откате цены (пуллбэке к скользящей), но ПО ТРЕНДУ
Самое большее следствие из этой стратегии, моя авторская стратегия ПООС и это гейм-чейнджер (результаты в комментариях).
Итак, давайте посмотрим сами настройки индикатора:
Основные настройки
ATR Period — период интегрированного индикатора ATR (показывает ATR на небольшой панели);
Настройки скользящих средних
Sign Moving Averages? — показывает значения скользящих средних рядом с их линиями на графике;
Исправить перекрытие сигнатур МА? — автоматически сигнатуры СС перекрываются (специально для SMA и EMA!) ;
Исправить перекрытие сигнатур МА между SMA и EMA? — автоматически группировать перекрытие между сигнатурами EMA и SMA;
Минимальное расстояние между сигнатурами скользящих средних (в % от ATR) — минимальное расстояние между сигнатурами скользящих средних, при котором индикатор будет отталкивать сигнатуры скользящих средних друг от друга, если они перекрываются;
Панель управления
Dashboard position — положение таблицы на графике ( 9 вариантов ).
Настройки МА
Source;
Период;
Опция отображения EMA и/или SMA выбранного периода и source;
Цвет линии ;
Цвет подписи .
Дополнения
Показать данные по выбранному таймфрейму? — показывает разницу текущей цены открытия и цены открытия в прошлом, по времени равному величины параметра "Таймфрейм";
Показывает MA только в том случае, если актив вырос на выбранный % роста за выбранный период времени?
Прирост, % — процент, на который актив должен набраться, чтобы скользящие средние были построены;
Таймфрейм — частота, с которой будет сравниваться текущее и предыдущее открытие цены;
Показать сигнатуры аналоговых МА? — показывает значение МА в небольшой таблице;
Показать облако между 1-й и 2-й скользящими средними? — показывает облако для EMA и SMA одновременно).
Price Action
Эти настройки будут интуитивно понятны
Оставляете свои вопросы и предложения в комментариях, всё учтём!
* Price Action-section was taken from ChrisMoody's CM_Price_Action and rebuilt.
Session ZonesHow is this different?
After reviewing a handful of session zone based indicators I decided to create this one not seeing exactly what I wanted, even this one only comes partially to my goals. This indicator will add session coloring on the chart in a vertical orientation, up to five sessions currently can be utilized. Timezones can be supplied that are compatible with Trading View so that session times specified in settings can be non-market timezone specific. In a future update I plan to add alerts for price reaching certain sessions, styling of the session zones may change overtime as PineScript feature enhancement allows.
How to use this?
Supply session ranges, color and disable any unneeded, the table at the top right will display whether or not price action is in or out of enabled sessions.
Which market is it meant for?
Any market.
What market conditions does this apply to?
Any condition.
Darvas boxReference:
tlc.thinkorswim.com
Logic changed to transition to an active box after one higher low only.
Pivot Pattern Boundaries [cajole]
This script automatically detects horizontal support / resistance levels based on user-programmable criteria.
For example, you can detect boundaries with >3 touches within 200 days, allowing a tolerance of 1/4*ATR.
"Touches" are defined from pivots on the chart. The best way to search for larger/smaller patterns is to increase/decrease the pivot size.*
Future versions will allow "exceptions (i.e. keep drawing the horizontal line even if it is breached once or twice).
*TradingView's Pine script defines a Pivot as the highest point in a group. So, entering "2" means that a day's high needs to be above 2 days before and after (xxYxx) to be considered a high pivot.
This script can be an aid in drawing multiple patterns with horizontal boundaries (rectangles, triangles, head and shoulders, cup & handles, VCPs). I have intentionally avoided trying to code detection of the "other side" of these patterns, as that is where the craft of charting becomes an art.
SeongMo_MA_V3(Elliot_helper)Made to make it easier to count Elliott waves.
If you renew your new high price, you'll continue your new high price
When the new low is renewed, the new low is continued.
If you are within the range of the previous candle, use the ratio of the difference between the median value of the previous candle and the closing price of the current candle to determine whether to continue the high or low price.
If a can with a tail that updates a new high price and a new low price at the same time comes out, the phrase "Check_candle!" appears to mean that you should check it with a lower time zone candle.
Divergence Finder (RSI/Price) with OptionsDivergence finder used to find BUY or SELL Signal based on a divergence between Price and RSI (Price goes UP when RSI goes down / opposite )
You can configure the script with several Options :
Source for Price Buy Div : you can use the close price of the candle (by default) or use the high price of the candle for exemple.
Source for Price Sell Div : you can use the close price of the candle (by default) or use the low price of the candle for exemple.
Source for RSI Div : you can use the close price of the candle (by default) to calculate the RSI .
Theses settings allow you to set a minimum RSI level to reach to activate the Divergence finder (p1 is the first point in time, and p2 is the second one):
Min RSI for Sell divergence(p1) : this is the minimum RSI level to reach for the first of the 2 points of divergence (Default 70) for the SELL Signal
Min RSI for Sell divergence (p2) : this is the minimum RSI level to reach for the second of the 2 points of divergence (Default 60) for the SELL Signal
Max RSI for Buy divergence (p1) : this is the minimum RSI level to reach for the first of the 2 points of divergence (Default 30) for the BUY Signal
Max RSI for Buy divergence (p2) : this is the minimum RSI level to reach for the second of the 2 points of divergence (Default 40 ) for the BUY Signal
Theses settings allow you to set a minimum margin difference between our two points (p1 and p2) to validate the Divergence
Min margin between price for displaying divergence (%) : Set a minimum margin (in % of the price) before the indicator validate this divergence
Min margin between RSI for displaying divergence (%) : Set a minimum margin (in % of the RSI ) before the indicator validate this divergence
Display Divergence label : Choose to display the price of the candle, and the RSI when a divergence is found
Display tops/bottoms : Display where the tops and bottoms are calculated directly on the chart
Ross Hook Pattern (Expo)█ Overview
The Ross Hook pattern is one of the most consistent and successful trading patterns that have been around for years. The Ross Hook is the first correction following the breakout of the 1-2-3 formation . This means that the Ross Hook only occurs in established trends. In other words, Ross Hook is a trend continuation setup. To fully understand the Ross Hook formation, you must understand the 1-2-3 pattern .
Ross Hook Pattern (Expo) is an indicator designed to detect the Ross Hook formation automatically and in real-time in any market and timeframe. With the inbuilt alert feature, the Ross Hook Pattern (Expo) Indicator analyzes the market for you and notifies you when the Ross Hook formations have been found.
█ How to use
Use this indicator to identify the Ross Hook pattern and to find good trend continuation setups. The formation can be used to determine when a trend is confirmed and established.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
DR/IDR V1Defining Range DR and Implied Defining Range IDR for regular Session and overnight Session
This script is showing the IDR and DR for the regular trading session and for the overnight session based on the rules from the creator of the DR/IDR concept.
It works for all major Forex Pairs, BTC, ETH and the US Equity indices. This concept is based on rules and has a 80 % probability to be correct.
It should be applied in the 5 Min. Timeframe.
The timings for the RDR are from 09.30 - 10.30 am New York local time.
The timings for the ODR are from 03.00 - 04.00 am New York local time.
Rules:
1. If price in the 5 Min timeframe closes above the DR high after 10.30 am or 04.00 am then the DR low will be with 80 percent probability the low of the trading session. This is called confirmation.
2. If price in the 5 Min timeframe closes below the DR low after 10.30 am or 04.00 am then the DR high will be with 80 percent probability the high of the trading session. This is called confirmation.
3. If price closes above the IDR high after 10.30 am or 04.00 am it is an early indication that the low of the DR will be the low of the day and vice versa.
Credits:
This script imports the recently published (VisibleChart) library containing functions that return values calculated from the range of visible bars on the chart.
bmistiaen helped me a lot with this script. Thank you a lot.
1-2-3 Pattern (Expo)█ Overview
The 1-2-3 pattern is the most basic and important formation in the market. Almost every great market move has started with this formation. That is why you must use this pattern to detect the next big trend. In fact, every trader has used the 1-2-3 formation to detect a trend change without realizing it.
Our 1-2-3 Pattern (Expo) indicator helps traders quickly identify the 1-2-3 Reversal Pattern automatically. By analyzing the price action data, the indicator shows the pattern in real-time. When the pattern is discovered, the 1-2-3 Pattern (Expo) Indicator notifies you via its built-in alert feature! Catching the upcoming big move can't be that much simpler.
█ How to use
The 1-2-3 pattern is used to spot trend reversals. The pattern indicates that a trend is coming to an end and a new one is forming.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Price Average ZonesThis indicator shows the areas where LONGS or SHORTS can be made, the areas are calculated based on the mathematical averages of the high and low peaks of the price.
It also has a line that shows the average of the price movement. you can make shorts when the price enters the orange zone called the "Short Zone".
You can make longs when the price enters the orange zone called the sell zone.
It works in all timeframes, personally I use it in 1 min and in 1 hour.
[TK] Congestion patternDraw on your chart the congestion zone.
The exit of the congestion zone is an interesting time for trading.
How is calculated the congestion zone ?
If the candle close in the range of the previous candle : this is a continuation of the congestion zone
if the candle close out of the range of the previous candle : the congestion zone is over
Session candles & reversals / quantifytools— Overview
Like traditional candles, session based candles are a visualization of open, high, low and close values, but based on session time periods instead of typical timeframes such as daily or weekly. Session candles are formed by fetching price at session start (open), highest price during session (high), lowest price during session (low) and price at session end (close). On top of candles, session based moving average is formed and session reversals detected. Session reversals are also backtested, using win rate and magnitude metrics to better understand what to expect from session reversals and which ones have historically performed the best.
By default, following session time periods are used:
Session #1: London (08:00 - 17:00, UTC)
Session #2: New York (13:00 - 22:00, UTC)
Session #3: Sydney (21:00 - 06:00, UTC)
Session #4: Tokyo (00:00 - 09:00, UTC)
Session time periods can be changed via input menu.
— Reversals
Session reversals are patterns that show a rapid change in direction during session. These formations are more familiarly known as wicks or engulfing candles. Following criteria must be met to qualify as a session reversal:
Wick up:
Lower high, lower low, close >= 65% of session range (0% being the very low, 100% being the very high) and open >= 40% of session range.
Wick down:
Higher high, higher low, close <= 35% of session range and open <= 60% of session range.
Engulfing up:
Higher high, lower low, close >= 65% of session range.
Engulfing down:
Higher high, lower low, close <= 35% of session range.
Session reversals are always based on prior corresponding session , e.g. to qualify as a NY session engulfing up, NY session must have a higher high and lower low relative to prior NY session , not just any session that has taken place in between. Session reversals should be viewed the same way wicks/engulfing formations are viewed on traditional timeframe based candles. Essentially, wick reversals (light green/red labels) tell you most of the motion during session was reversed. Engulfing reversals (dark green/red labels) on the other hand tell you all of the motion was reversed and new direction set.
— Backtesting
Session reversals are backtested using win rate and magnitude metrics. A session reversal is considered successful when next corresponding session closes higher/lower than session reversal close . Win rate is formed by dividing successful session reversal count with total reversal count, e.g. 5 successful reversals up / 10 reversals up total = 50% win rate. Win rate tells us what are the odds (historically) of session reversal producing a clean supporting move that was persistent enough to close that way too.
When a session reversal is successful, its magnitude is measured using percentage increase/decrease from session reversal close to next corresponding session high/low . If NY session closes higher than prior NY session that was a reversal up, the percentage increase from prior session close (reversal close) to current session high is measured. If NY session closes lower than prior NY session that was a reversal down, the percentage decrease from prior session close to current session low is measured.
Average magnitude is formed by dividing all percentage increases/decreases with total reversal count, e.g. 10 total reversals up with 1% increase each -> 10% net increase from all reversals -> 10% total increase / 10 total reversals up = 1% average magnitude. Magnitude metric supports win rate by indicating the depth of successful session reversal moves.
To better understand the backtesting calculations and more importantly to verify their validity, backtesting visuals for each session can be plotted on the chart:
All backtesting results are shown in the backtesting panel on top right corner, with highest win rates and magnitude metrics for both reversals up and down marked separately. Note that past performance is not a guarantee of future performance and session reversals as they are should not be viewed as a complete strategy for long/short plays. Always make sure reversal count is sufficient to draw reliable conclusions of performance.
— Session moving average
Users can form a session based moving average with their preferred smoothing method (SMA , EMA , HMA , WMA , RMA) and length, as well as choose which sessions to include in the moving average. For example, a moving average based on New York and Tokyo sessions can be formed, leaving London and Sydney completely out of the calculation.
— Visuals
By default, script hides your candles/bars, although in the case of candles borders will still be visible. Switching to bars/line will make your regular chart visuals 100% hidden. This setting can be turned off via input menu. As some sessions overlap, each session candle can be separately offsetted forward, clearing the overlaps. Users can also choose which session candles to show/hide.
Session periods can be highlighted on the chart as a background color, applicable to only session candles that are activated. By default, session reversals are referred to as L (London), N (New York), S (Sydney) and T (Tokyo) in both reversal labels and backtesting table. By toggling on "Numerize sessions", these will be replaced with 1, 2, 3 and 4. This will be helpful when using a custom session that isn't any of the above.
Visual settings example:
Session candles are plotted in two formats, using boxes and lines as well as plotcandle() function. Session candles constructed using boxes and lines will be clear and much easier on the eyes, but will apply only to first 500 bars due to Tradingview related limitations. Rest of the session candles go back indefinitely, but won't be as clean:
All colors can be customized via input menu.
— Timeframe & session time period considerations
As a rule of thumb, session candles should be used on timeframes at or below 1H, as higher timeframes might not match with session period start/end, leading to incorrect plots. Using 1 hour timeframe will bring optimal results as greatest amount historical data is available without sacrificing accuracy of OHLC values. If you are using a custom session that is not based on hourly period (e.g. 08:00 - 15:00 vs. 08.00 - 15.15) make sure you are using a timeframe that allows correct plots.
Session time periods applied by default are rough estimates and might be out of bounds on some charts, like NYSE listed equities. This is rarely a problem on assets that have extensive trading hours, like futures or cryptocurrency. If a session is out of bounds (asset isn't traded during the set session time period) the script won't plot given session candle and its backtesting metrics will be NA. This can be fixed by changing the session time periods to match with given asset trading hours, although you will have to consider whether or not this defeats the purpose of having candles based on sessions.
— Practical guide
Whether based on traditional timeframes or sessions, reversals should always be considered as only one piece of evidence of price turning. Never react to them without considering other factors that might support the thesis, such as levels and multi-timeframe analysis. In short, same basic charting principles apply with session candles that apply with normal candles. Use discretion.
Example #1 : Focusing efforts on session reversals at distinct support/resistance levels
A reversal against a level holds more value than a reversal by itself, as you know it's a placement where liquidity can be expected. A reversal serves as a confirming reaction for this expectation.
Example #2 : Focusing efforts on highest performing reversals and avoiding poorly performing ones
As you have data backed evidence of session reversal performance, it makes sense to focus your efforts on the ones that perform best. If some session reversal is clearly performing poorly, you would want to avoid it, since there's nothing backing up its validity.
Example #3 : Reversal clusters
Two is better than one, three is better than two and so on. If there are rapid changes in direction within multiple sessions consecutively, there's heavier evidence of a dynamic shift in price. In such case, it makes sense to hold more confidence in price halting/turning.
FluidTrades - SMC Lite
Price action and supply and demand is a key strategy use in trading. We wanted it to be easy and efficient for user to identify these zones, so the user can focus less on marking up charts and focus more on executing trades.
This indicator shows you supply and demand zones by using pivot points to show you the recent highs and the recent lows.
Features
This indicator includes some features relevant to SMC , these are highlighted below:
Full internal & swing market structure labeling in real-time
Swing Structure: Displays the swing structure labels & solid lines on the chart (BOS).
Supply & demand ( bullish & bearish )
Swing Points: Displays swing points labels on chart such as HH, HL, LH, LL.
Options to style the indicator to more easily display these concepts
White OB (supply): search for short opportunities
Blue OB (demand): search for long opportunities
Break of structure ( BOS )
For markets to move up and down a break in market structure must occur. A break in market structure occurs when the market begins to shift direction and break the previous HH and HL or HL and LL of the market. We also integrated the feature that you can see the BOS lines. In the indicator settings you can adjust the color of the label.
Settings
SwingHigh/Low Length: Allows the user to select Historical (default) or Present, which displays only recent data on the chart.
Supply/demand box width: Allows user to change the size of the supply and demand box
History to keep: allows the user to select how many most recent supply & demand box appear on the chart.
Visual settings
Show zig zag : allow user to see market patters within the market
Show price action labels: allow user to turn on/off the (swing points)
Supply box color : allow users to change the color of their supply box
Demand box color : allow users to change the color of their supply box
Bos label color : allow users to change the color of their BOS label
Poi label color : allow user to change the color of their POI label
Price action label : allow users to change the color of their swing points labels
Zig zag color : allow users to change the color of the zig/zag market patters
Warning
Never blindly take a trade on a supply/demand box - wait for a proper market structure to occur before considering a trade.
Custom XABCD Validation and Backtesting ToolOverview:
We hear a lot about Gartleys, bats, crabs and the rest of the barnyard crew, but have you ever wondered what other creatures might be lurking out there yet to be discovered? Well wonder no longer, it's time to find out for yourself! The Custom XABCD Validation and Backtesting Tool allows you to define retracement ratios and targets for your very own patterns.
Tips:
(1) Adjust the patterns entry/stop/target configuration and see how it affects the pattern's backtesting results.
(2) Adjust the weights of pattern score components (% error, PRZ confluence, Point D/PRZ confluence), along with the entry minimum score requirements ('If score is above'), and see how it affects the patterns' results.
Pattern Scoring:
The pattern's score is an attempt to represent the quality of a pattern with a single metric. This is one of the most powerful aspects of the tool because it can quickly tell you whether a trade is worth entering. The score is based on 3 components:
(1) Retracement % Accuracy - this measures how closely a pattern's retracement ratios match your defined theoretical values. You can change the "Allowed ratio error %" in Settings to be more or less inclusive.
(2) PRZ Level Confluence - Potential Reversal Zone levels are retracements of the XA, BC, and/or XC legs. These levels indicate where a potential reversal might occur (i.e. pivot point D). The PRZ Level Confluence component measures the closeness of the two closest PRZ levels, relative to the height of the of the XA leg.
(3) Point D / PRZ Confluence - this measures the closeness of point D to either of the two closest PRZ levels (identified in the PRZ Level Confluence component above), relative to the height of the XA leg. In theory, the closer together these levels are, the higher the probability of a reversal.
While the score is percentage-based, it should not be confused with a probability. A score of 96% does not imply a 96% chance of success. It simply represents the average of the three components mentioned above, weighted according to the defined weight parameters. A score of 100% would mean that (1) all leg retracements match the defined theoretical retracement ratios exactly, (2) all PRZ retracement levels are exactly the same value, and (3) pivot point D occurred exactly at the confluent PRZ level.
Pattern scoring research has been ongoing since I introduced the concept with my Harmonic Pattern Detection, Prediction and Backtesting Tool (see below). So the way that the score is calculated is subject to change based on the results of that research.
Candlestick - Kicker PatternNot many candlestick patterns hurt traders on the other side of the trade more than this signal, when it happens, think of it as kicking in the teeth, the pain is real.
An upwards signal is painted when you have a two-bar formation, the one on the left is a bearish one whereas the successive one is bullish, when you have fat bodies in both candles, meaning the open is close to the high and the close is close to the low for the first candle, while the open is close to the low and the close is close to the high for the adjacent candle, the pain is ever more excruciating, the other important condition is the open of the first candle must be lower than the open of the latter one.
The downwards signal is vice versa of the upwards signal.
Tweezer PatternsTweezer top and bottom, also known as tweezers, are reversal candlestick patterns
that signal a potential change in the price direction. Both formations consist of
two candles that occur at the end of a trend, which is in its dying stages.
The tweezer bottom candlestick pattern is a bullish reversal pattern that can be
spotted at the bottom of a downtrend. It consists of two candles, where the first
candle is in line with the bearish trend, while the second candle reflects more
bullish market sentiment as the price bursts higher, in the opposite trend.
The tweezer top candlestick pattern is of the same structure as the tweezer bottom,
except for the fact that it happens at the end of an uptrend, and therefore, it is a
bearish reversal pattern. The first candle is bullish, and it continues in the same
direction, while the second bearish candle indicates that the trend may be changing soon.
Both the bottom and top tweezers are only valid when they occur during uptrends and downtrends.
Their appearance during choppy trading conditions is practically meaningless, and it signals
the market indecision to move in either direction.
WARNING:
- For purpose educate only
- This script to change bars colors.
HOLP LOHP PivotCOINBASE:BTCUSD
HOLP and LOHP based on John Carter's Mastering the Trade.
HOLP stands for High Of the Low Period
LOHP stands for Low Of the High Period
This indicator is based on John Carter’s HOLP and LOHP from Mastering the Trade. The basic idea is to identify the session high and mark the low of the session high for a short entry, and vice versa for a long entry.
The default look back period is set to 10 here, albeit John Carter didn’t specify a hard coded number but rather the use of experience and common sense.
Option to turn on labels of the highs and lows of the pivots.
Click Draw TrendLine [UhoKang] v2
This is an indicator that directly draws a trend line by clicking on the candle.
Click to Create Trend lines !!
Create a trend line by connecting A, B, and C with three vertices.
1. Draw Bear Trend line
Click pivot high : First pivothigh of the downtrend line
Click pivot low : pivotlow of the downtrend line
Click pivot high : Second pivothigh of the downtrend line
2. Draw Bull Trend line
Click pivot low : First pivotlow of the uptrend line
Click pivot high : pivothigh of the uptrend line
Click pivot low : Second pivotlow of the uptrend line
Modefiy Trendlines
1. Edit Bear Trend line
Drag Red , ,
2. Edit Bull Trend line
Drag Green , ,
