RSI Levels On Chart [MisterMoTA]The values of the RSI Levels On Chart are calculated using Reverse Engineering RSI calculations by Giorgos Siligardos, Ph.D.
Instead of using only the 50 line of the RSI on chart I added options for users to define the Extreme Overbought and Oversold values, also simple Oversold and Overbought values, start of Bullish and Bearish zones and the 50 rsi value.
With the RSI Levels On Chart users are able to see on chart the price that a candles need to close for a certain value of the RSI. E.g. what price is needed for the RSI to be at oversold 30 or what would be the price when rsi will cross the 50 line.
The script has the 50 line color coded that will turn red when the line falling and will change to the user input color when it will be rising, helping users to see fast the clear trend of any asset on any timeframe from 1 second to 12 months.
I added few alerts for rsi overbought, oversold, extreme overbought and extreme oversold, crossing 50 level, crossing bullish or bearish zones values and also alerts for the 50 line falling or rising.
You can use RSI Levels On Chart as a simple indicator or you can add your favorite oscilator(s) to have a clear view of the trends of the markets, in this demo I added RSI + Divergences + Alerts with a moving average set to 50 RMA.
Oscylatory
Dual Weighted RSIDescription:
The Dual Weighted RSI (DWRSI) is a custom technical analysis tool that extends the concept of the traditional Relative Strength Index (RSI) by incorporating two different RSI calculations, each with its own timeframe and weighting factor. This unique approach allows traders to analyze market momentum through a combination of RSIs from different timeframes, providing a more nuanced and customizable view of market conditions.
The DWRSI calculates two separate RSIs based on user-defined timeframes (e.g., daily, weekly) and applies a scale factor to each RSI, ranging from 0 to 1. This scale factor determines the contribution of each RSI to the final combined value: a factor of 1 means the full value of the RSI is used, 0 means none of the value is used, and 0.5 means half of the value is used. The final DWRSI value is the sum of these scaled RSIs, offering a unique perspective on market trends.
How to Use:
Add the Indicator: Search for "Dual Weighted RSI" or "DWRSI" in the TradingView indicators list and add it to your chart.
Set the Parameters:
First RSI Length: Set the period length for the first RSI calculation.
First RSI Timeframe: Choose the timeframe for the first RSI (e.g., "D" for daily).
First RSI Scale Factor: Adjust the scale factor for the first RSI (0 to 1).
Second RSI Length: Set the period length for the second RSI calculation.
Second RSI Timeframe: Choose the timeframe for the second RSI (e.g., "W" for weekly).
Second RSI Scale Factor: Adjust the scale factor for the second RSI (0 to 1).
Interpret the DWRSI:
A rising DWRSI indicates increasing bullish momentum, while a falling DWRSI suggests growing bearish momentum.
Compare the DWRSI with the individual RSI plots to assess the influence of different timeframes.
Trading Signals:
Potential buy signals are indicated when the DWRSI crosses above key levels (e.g., 30 or 50).
Potential sell signals are suggested when the DWRSI crosses below key levels (e.g., 70 or 50).
Use Cases:
DWRSI is ideal for traders who want to combine short-term and long-term momentum analysis.
It suits various trading styles, including swing trading, day trading, and positional trading.
RSI/MFI Selling Sentiment IndexPsychological Sales Index (Psychological Sales Index)
Fundamental Indicators of Market Sentiment: The Importance of MFI and RSI
The two fundamental indicators that best reflect market sentiment are Money Flow Index (MFI) and Relative Strength Index (RSI). MFI is an indicator of the flow of funds in a market by combining price and volume, which is used to determine whether a stock is over-bought or over-selling. RSI is an indicator of the overheating of the market by measuring the rise and fall of prices, which is applied to the analysis of the relative strength of stock prices. These two indicators allow a quantitative assessment of the market's buying and selling pressure, which provides important information to understand the psychological state of market participants.
Using timing and fundamental metrics
In order to grasp the effective timing of the sale, in-depth consideration was needed on how to use basic indicators. MFI and RSI represent the buying and selling pressures of the market, respectively, but there is a limit to reflecting the overall trend of the market alone. As a result, a study on how to capture more accurate selling points was conducted by comprehensively considering technical analysis along with psychological factors of the market.
The importance of ADX integration and weighting
The "Average Regional Index (ADX)" was missing in the early version. ADX is an indicator of the strength of a trend, and has experienced a problem of less accuracy in selling sentiment indicators, especially in the upward trend. To address this, we incorporated ADX and adopted a method of adjusting the weights of MFI and RSI according to the values of ADX. A high ADX value implies the existence of a strong trend, in which case it is appropriate to reduce the influence of MFI and RSI to give more importance to the strength of the trend. Conversely, a low ADX value increases the influence of MFI and RSI, putting more weight on the psychological elements of the market.
How to use and interpret
The user can adjust several parameters. Key inputs include 'Length', 'Overbought Threshold', 'DI Length', and 'ADX Smoothing'. These parameters are used to set the calculation period, overselling threshold, DI length, and ADX smoothing period of the indicator, respectively. The script calculates the psychological selling index based on MFI, RSI, and ADX. The calculated index is normalized to values between 0 and 100 and is displayed in the graph. Values above 'Overbought Threshold' indicate an overselling state, which can be interpreted as a potential selling signal. This index allows investors to comprehensively evaluate the psychological state of the market and the strength of trends, which can be used to make more accurate selling decisions.
SMIIO + VolumeThis indicator generates long and short signals.
The operation of the indicator is as follows;
First, true strength index is calculated with closing prices. We call this the "ergodic" curve.
Then the average of the ergodic (ema) is calculated to obtain the "signal" curve.
To calculate the "oscillator", the signal is subtracted from ergodic (oscillator = ergodic - signal).
The last variable to be used in the calculation is the average volume, calculated with sma.
Calculation for long signal;
- If the ergodic curve cross up the zero line (ergodic > 0 AND ergodic < 0) and,
- If the current oscillator is greater than the previous oscillator (oscillator > oscillator ) and,
- If the current ergonic is greater than the previous signal (ergonic > signal) and,
- If the current volume is greater than the average volume (volume > averageVolume) and,
- If the current candle closing price is greater than the opening price (close > open)
If all the above conditions are fullfilled, the long input signal is issued with "Buy" label.
Calculation for short signal;
- If the ergodic curve cross down the zero line (ergodic < 0 AND ergodic > 0) and,
- If the current oscillator is smaller than the previous oscillator (oscillator < oscillator ) and,
- If the current ergonic is smaller than the previous signal (ergonic < signal) and,
- If the current volume is greater than the average volume (volume > averageVolume) and,
- If the current candle closing price is smaller than the opening price (close < open)
If all the above conditions are fullfilled, the short input signal is issued with "Sell" label.
Osmosis [ChartPrime]Osmosis is a multi indicator, multi period heatmap. Lookback periods can be mysterious as it can tend to seem very arbitrary. This tool allows users to see how price/volume reacts to short to long periods by visualizing all of the periods at the same time. This is useful because small periods are only good for short term movements while long periods are useful for long term movements. This more detailed view of market trends is analogues of multi time frame analysis. The lookback periods are arranged from bottom up, where the bottom of the indicator is the shortest period while the top is the longest period.
One major feature of this indicator is its ability to signal potential trend reversals. For example, a shift in the direction at the lower end of the heatmap can indicate a weakening of the current trend, suggesting a possible reversal. On the other hand, when the heatmap is fully saturated at all levels, it may indicate a strong trend that could be nearing a reversal point.
Another important and unique aspect of the Osmosis indicator is its automatic highlighting feature. This feature emphasizes regions within the heatmap that score exceptionally high or low, drawing attention to significant market movements or potential anomalies.
All of the indicators are normalized using min/max scaling driven by the highest highs and lows. The period of this scaling is adjustable by changing the "Lookback" parameter under settings. Delta length changes the lookback for "MA Delta" and "Volume Delta". A longer period corresponds to a smoother output. Fast Mode scales back the range of the indicator, literally halving the increment.
Here is a short description of what each input does:
Alternate Source: A choice to use a different data source for the indicator.
Source: An option to turn on or off the alternate data source.
Style: A selection menu to choose the visual style of the indicator.
Lookback: Adjusts how far back in time the indicator looks for its calculations.
Delta Length: Changes the length of time over which changes are measured.
Fast Mode: A setting that adjusts the range of the indicator for quicker analysis.
Enable Smoothing: A choice to smooth out the data for a cleaner look.
Smooth: Activates the smoothing feature.
Max Region: Highlights the highest value regions in the heatmap.
Max Threshold: Sets the threshold for what counts as a 'max' region.
Minimum Max Width: Determines the smallest size for a 'max' region to be highlighted.
Max Region Color: Chooses the color for the maximum value regions.
Max Top Line Alpha: Adjusts the transparency of the top line in max regions.
Max Bottom Line Alpha: Adjusts the transparency of the bottom line in max regions.
Line Width: Sets the thickness of the lines in the max regions.
Region Start Indication: Specifies where the max region starts.
Fill Max: Decides if the max regions should be filled with color and sets the transparency level for the color fill in max regions.
Minimum Region: Highlights the lowest value regions in the heatmap.
Minimum Threshold: Sets the threshold for what counts as a 'min' region.
Minimum Minimum Width: Determines the smallest size for a 'min' region to be highlighted.
Minimum Region Color: Chooses the color for the minimum value regions.
Minimum Top Line Alpha: Adjusts the transparency of the top line in min regions.
Minimum Bottom Line Alpha: Adjusts the transparency of the bottom line in min regions.
Minimum Line Width: Sets the thickness of the lines in the min regions.
Minimum Region Start Indication: Specifies where the min region starts.
Fill Minimum: Decides if the min regions should be filled with color and sets the transparency level for the color fill in min regions.
Color Presets: Provides pre-set color schemes.
Invert Color Scale: Flips the color scale.
Gradient Colors: Customizes individual colors for the gradient scale.
Available styles include:
'MACD Histogram'
'Normalized MACD'
'Slow MACD'
'MACD Percent Rank'
'MA Delta' (Delta Length set to 2)
'BB Width'
'BB Width Percentile'
'Stochastic'
'RSI'
'True Range OSC'
'Normalized Volume'
'Volume Delta'
'True Range'
'Rate of Change' (Smoothing set to 1)
'OBV' (Smoothing set to 1)
'MFI' (Smoothing set to 1)
'Trend Angle' (Smoothing set to 2 and fast mode off)
Fibonacci Averages Trend OscillatorOverview:
The Fibonacci Averages Trend Oscillator is a unique technical indicator that leverages Fibonacci numbers to analyze market trends. It calculates the average trend sentiment over periods determined by Fibonacci numbers and smooths the result to create an oscillator.
Key Features:
Uses Fibonacci sequences for trend analysis.
Smooths the trend data to create a clear oscillator.
Offers adjustable oversold and overbought levels for customized analysis.
Inputs:
Max Fib Number: Select the highest Fibonacci number for trend calculation.
Smooth: Adjust the smoothness of the oscillator line.
Using the Oscillator:
A rising oscillator indicates a bullish trend, while a falling oscillator suggests bearish sentiment.
Oversold and overbought levels help identify potential reversal points.
Use the oscillator in conjunction with other indicators for comprehensive market analysis.
Tips for Effective Use:
Adjusting Fibonacci Levels: Experiment with different 'Max Fib Number' settings to find the one that best matches your trading style and the asset's characteristics. Higher Fibonacci numbers consider longer periods, which might be more suitable for long-term trend analysis.
Smoothing Level: The 'Smooth' input helps in reducing noise. A higher smooth level results in a less responsive but smoother line, which can be useful for identifying the overall trend direction.
Interpreting Overbought/Oversold: Watch for the oscillator reaching overbought or oversold levels. These points could signal potential trend reversals or consolidation phases.
Combination with Other Tools: For best results, combine the Fibonacci Averages Trend Oscillator with other technical tools like moving averages, RSI, or MACD to validate the signals and develop a robust trading strategy.
Conclusion:
The Fibonacci Averages Trend Oscillator offers a unique approach to trend analysis by incorporating Fibonacci numbers into its calculation. Its adjustable settings allow for customization to fit various trading styles and market conditions, making it a versatile tool for traders seeking to enhance their technical analysis capabilities.
ADX and DI (Colored Candles Open-Source)The "ADX and DI (Colored Candles Open-Source)" indicator is a technical analysis tool used in trading. It utilizes the Average Directional Index (ADX) and the Directional Movement Indicators (+DI and -DI) to assess the strength and direction of a price trend. The ADX is calculated based on a 14-period lookback and is displayed as a histogram.
The color of the ADX histogram varies depending on the ADX value and the relative positions of +DI and -DI. Green and purple colors represent bullish and bearish trends respectively, with variations in shades indicating trend strength. Yellow and red colors indicate potential trend exhaustion for bullish and bearish trends, respectively, when ADX is above 50. Gray color is used when ADX is below 10, indicating a neutral trend.
Additionally, the script plots +DI and -DI lines with a fill between them to visually represent their crossover. Horizontal dotted lines are drawn at key ADX levels (0, 10, 25, 50) for reference. The candles on the chart are also colored to match the ADX histogram, providing a clear visual representation of the market trend.
F.B_Vortex Indicator ProThe "F.B_Vortex Indicator Pro" is a technical analysis tool designed to identify trends in financial markets. It calculates two Vortex Indicators (VI) based on price movements, considering positive and negative price changes.
The smoothed VI+ line represents the smoothed negative trend, while the smoothed VI+ line represents the smoothed positive trend.
The crossing of the smoothed VI+ line above the smoothed VI+ line could indicate a potential bullish trend.
Conversely, the crossing of the smoothed VI+ line above the smoothed VI+ line suggests a possible bearish trend.
The "Smoothed VI-" line is also displayed.
When the Smoothed VI- line is above both the smoothed VI+ line and the smoothed VI+ line, it may signal a transition to a bearish main trend or indicate an expected one.
When the Smoothed VI- line is below both the smoothed VI+ line and the smoothed VI+ line, it may indicate a transition to a bullish main trend or suggest an expected one.
Adjustments can be made using input parameters such as length and smoothing periods to tailor the indicator to specific market conditions.
BTC ETF Premium IndicatorThe "BTC ETF Premium Indicator" (BEPI) is a sophisticated tool designed for investors and traders who seek to analyze the performance of Bitcoin ETFs relative to the actual market price of Bitcoin. This indicator provides a comprehensive visualization of the premium or discount at which each ETF is trading compared to its Net Asset Value (NAV).
Functionality:
ETF Selection: Users can toggle the visibility of individual ETFs to customize their view, focusing on the ETFs most relevant to their trading or analysis strategies.
Premium Computation: BEPI calculates the premium of each selected ETF by comparing its market share price to its NAV, expressed as a percentage. A positive percentage indicates a premium, while a negative percentage suggests a discount.
Aggregate View: The indicator can plot an average premium based on the selection, providing a consolidated perspective of the overall market sentiment across the chosen ETFs.
Customizable Display: With the option to display only the average or individual ETF premiums, the BEPI offers flexibility in data presentation, ensuring that users can quickly glean the insights that matter most to them.
Visual Clarity: Premiums are visualized with color-coded columns, making it easy to distinguish between ETFs performing above or below their NAV. A zero baseline is included for reference, indicating no premium or discount.
Dynamic Labels: For real-time analysis, dynamic labels present the latest premium values for each ETF, ensuring users have up-to-date information at their fingertips.
Currently, BEPI supports Blackrock, ARK 21Shares, and Valkyrie ETFs, reflecting the most active segments of the market. As the landscape of Bitcoin ETFs evolves, there are plans to expand the indicator's capabilities to include a broader range of ETFs, enhancing its utility for a wider audience.
Whether you're looking for arbitrage opportunities, assessing ETF performance, or simply keeping an eye on the market, BEPI is the go-to indicator for a clear and concise overview of Bitcoin ETF premiums.
Monitor XThe Monitor X Indicator is a dynamic tool designed for any trading symbol, providing a quick and intuitive snapshot of price action relative to the latest closing level. With a user-friendly interface, this indicator allows traders to effortlessly gauge price movement and key levels.
Key Features:
1. Symbol Agnosticism:
Universally applicable to any trading symbol, the Monitor X Indicator ensures versatility and adaptability across various financial instruments.
2. Instant Price Insight:
Obtain immediate clarity on current market dynamics with a single glance. The indicator prominently displays the price line, facilitating swift analysis.
3. Last Close Comparison:
Easily assess the price's relationship to the most recent closing level. This feature provides valuable context for understanding market sentiment and potential support/resistance areas.
4. Customizable Display:
Tailor the indicator to your preferences with adjustable settings for line color, width, and opacity. This customization empowers traders to align the indicator with their unique trading strategies.
5. Intuitive Interface:
The clean and intuitive interface ensures a seamless user experience. Access crucial information effortlessly, allowing for quick decision-making.
How to Use:
1. Symbol Selection:
Apply the Monitor X Indicator to any trading symbol of your choice, ensuring a versatile tool for your entire portfolio.
2. Last Close Analysis:
Quickly assess how the current price relates to the previous close. This instant comparison aids in identifying potential entry and exit points.
3. Customization for Precision:
Fine-tune the indicator's appearance to suit your preferences. Adjust line colors, widths, and opacity settings for a personalized and efficient trading experience.
4. Swift Decision-Making:
Utilize the Monitor X Indicator for rapid decision-making. Gain insights into market movements at a glance, allowing you to stay ahead in dynamic trading environments.
Momentum Bias Index [AlgoAlpha]Description:
The Momentum Bias Index by AlgoAlpha is designed to provide traders with a powerful tool for assessing market momentum bias. The indicator calculates the positive and negative bias of momentum to gauge which one is greater to determine the trend.
Key Features:
Comprehensive Momentum Analysis: The script aims to detect momentum-trend bias, typically when in an uptrend, the momentum oscillator will oscillate around the zero line but will have stronger positive values than negative values, similarly for a downtrend the momentum will have stronger negative values. This script aims to quantify this phenomenon.
Overlay Mode: Traders can choose to overlay the indicator on the price chart for a clear visual representation of market momentum.
Take-profit Signals: The indicator includes signals to lock in profits, they appear as labels in overlay mode and as crosses when overlay mode is off.
Impulse Boundary: The script includes an impulse boundary, the impulse boundary is a threshold to visualize significant spikes in momentum.
Standard Deviation Multiplier: Users can adjust the standard deviation multiplier to increase the noise tolerance of the impulse boundary.
Bias Length Control: Traders can customize the length for evaluating bias, enabling them to fine-tune the indicator according to their trading preferences. A higher length will give a longer-term bias in trend.
F.B_Stochastic Trend HarmonizerThe "F.B_Stochastic Trend Harmonizer" has been developed to provide insights into market trends. It combines stochastic oscillations with moving averages. Stochastic oscillators are used to measure market fluctuations, while moving averages serve to smooth these fluctuations and identify trends. By linking these elements, the indicator aims to offer an enhanced representation of market dynamics and potential trend reversals.
You can choose various types of moving averages such as SMA, EMA, or WMA and control the sensitivity of the lines by adjusting the smoothing factors. The fast line displays harmonized stochastic values, while the slow line is smoothed by a moving average.
The "Fast Line 2" marks individual candles for better visibility. It is recommended to combine this indicator with other analysis tools to make trading decisions.
If the "Fast Line" is greater than the "Slow Line MA," it indicates an uptrend. Conversely, if the "Fast Line" is smaller than the "Slow Line MA," it signals a downtrend.
Instant MACD (IMACD)The "Instant MACD" is a tailored version of the traditional Moving Average Convergence Divergence indicator, specifically designed to begin plotting with minimal data, such as in cases of high timeframe charts or newly listed trading instruments. Unlike the standard MACD that requires a substantial amount of data to provide accurate readings, the Instant MACD can deliver insights with as few as two candlesticks.
This iteration of the MACD utilizes the Chebyshev filter for the computation of both the fast and slow moving averages as well as for the signal line. The Chebyshev filter is known for its effectiveness in smoothing data series and reducing ripple effects, which is particularly advantageous when working with limited datasets.
The Instant MACD comprises several components. The histogram, which illustrates the difference between the MACD line and the signal line, adjusts its color based on the directional momentum; it transitions between shades of green and red as the histogram moves above or below the zero line and increases or decreases in value. The MACD line, depicted in blue, represents the disparity between the fast and slow Chebyshev moving averages. Complementing it is the signal line in orange, which is a Chebyshev-filtered mean of the MACD line and serves as an indicator of potential momentum shifts.
Additionally, the indicator includes a zero line for reference, aiding in the visualization of the convergence or divergence of the MACD and signal lines. To enhance its utility, the script encompasses alert conditions to notify users when there is a change in the trend of the histogram—specifically, when it transitions from a rising to a falling state and vice versa, potentially indicating shifts in market momentum.
Overall, the Instant MACD is an innovative tool for traders who require early trend signals in scenarios where traditional MACD analysis might be hampered by the lack of extensive historical data.
tl;dr this is identical to the regular macd but it starts working almost instantly.
Overbought / Oversold Screener## Introduction
**The Versatile RSI and Stochastic Multi-Symbol Screener**
**Unlock a wealth of trading opportunities with this customizable screener, designed to pinpoint potential overbought and oversold conditions across 17 symbols, with alert support!**
## Description
This screener is suitable for tracking multiple instruments continuously.
With the screener, you can see the instant RSI or Stochastic values of the instruments you are tracking, and easily catch the moments when they are overbought / oversold according to your settings.
The purpose of the screener is to facilitate the continuous tracking of multiple instruments. The user can track up to 17 different instruments in different time intervals. If they wish, they can set an alarm and learn overbought oversold according to the values they set for the time interval of the instruments they are tracking.**
Key Features:
Comprehensive Analysis:
Monitors RSI and Stochastic values for 17 symbols simultaneously.
Automatically includes the current chart's symbol for seamless integration.
Supports multiple timeframes to uncover trends across different time horizons.
Personalized Insights:
Adjust overbought and oversold thresholds to align with your trading strategy.
Sort results by symbol, RSI, or Stochastic values to prioritize your analysis.
Choose between Automatic, Dark, or Light mode for optimal viewing comfort.
Dynamic Visual Cues:
Instantly highlights oversold and overbought symbols based on threshold levels.
Timely Alerts:
Stay informed of potential trading opportunities with alerts for multiple oversold or overbought symbols.
## Settings
### Display
**Timeframe**
The screener displays the values according to the selected timeframe. The default timeframe is "Chart". For example, if the timeframe is set to "15m" here, the screener will show the RSI and stochastic values for the 15-minute chart.
** Theme **
This setting is for changing the theme of the screener. You can set the theme to "Automatic", "Dark", or "Light", with "Automatic" being the default value. When the "Automatic" theme is selected, the screener appearance will also be automatically updated when you enable or disable dark mode from the TradingView settings.
** Position **
This option is for setting the position of the table on the chart. The default setting is "middle right". The available options are (top, middle, bottom)-(left, center, right).
** Sort By **
This option is for changing the sorting order of the table. The default setting is "RSI Descending". The available options are (Symbol, RSI, Stoch)-(Ascending, Descending).
It is important to note that the overbought and oversold coloring of the symbols may also change when the sorting order is changed. If RSI is selected as the sorting order, the symbols will be colored according to the overbought and oversold threshold values specified for RSI. Similarly, if Stoch is selected as the sorting order, the symbols will be colored according to the overbought and oversold threshold values specified for Stoch.
From this perspective, you can also think of the sorting order as a change in the main indicator.
### RSI / Stochastic
This area is for selecting the parameters of the RSI and stochastic indicators. You can adjust the values for "length", "overbought", and "oversold" for both indicators according to your needs. The screener will perform all RSI and stochastic calculations according to these settings. All coloring in the table will also be according to the overbought and oversold values in these settings.
### Symbols
The symbols to be tracked in the table are selected from here. Up to 16 symbols can be selected from here. Since the symbol in the chart is automatically added to the table, there will always be at least 1 symbol in the table. Note that the symbol in the chart is shown in the table with "(C)". For example, if SPX is open in the chart, it is shown as SPX(C) in the table.
## Alerts
The screener is capable of notifying you with an alarm if multiple symbols are overbought or oversold according to the values you specify along with the desired timeframe. This way, you can instantly learn if multiple symbols are overbought or oversold with one alarm, saving you time.
RSI and MA Trending [Sebbs]A simple indicator based on RSI strength and a custom SMA trendline.
RSI
RSI Strength is determined by a baseline.
The baseline is the 200 bar RSI
The current RSI value is compared to the Baseline and determines the current trend.
This Use of the RSI is unique because the strength indication point is not a static number (eg: 50) and the long term strength will trend up in a Bullish market.
This causes the reversal point of the strength to become much closer to the top of the waves end point.
SMA
The default SMA is a 20 bar length but is adjustable to suit any timeframe or chart.
The SMA determines the trend direction.
SIGNALS
When both are showing strength it will give a buy signal.
When both are showing weakness it will show a sell signal.
STRATEGY
I personally use 15 Minute chart and 20 bar SMA.
This method can have a close stop as it uses strength as an entry condition.
If the strength drops exit the trade.
For example, a 15 minute entry I would set a single candle stop as if that candle is taken back, the trade is no good.
The best entries are when a trendline breaks and strength changes direction.
FILTERS
Additional filters are provided such as other SMAs and Heikin Ashi bars for entry requirements.
DIVERGENCES
The Overlay also shows Divergence lines which use my own unique calculations.
The pivot low/high function provided by Pine Script requires a set number of bars to pass prior to locating a swing low/high.
This can mean large moves have occurred prior to a swing low having passed if the lookback range was set to five bars (5).
5 bars on a 2 hour chart is a long time and large moves may be missed.
As I don't use these functions, there is no requirement for a set number of bars to have passed prior to swing low/high positions to be identified.
This means it doesn't rely on a set number of bars to pass prior to finding a new pivot point.
* Code loops are a function which will check conditions in a range until a defined condition is met.
In this case a pivot low is a bar with no lower bars within 3 bars either side of the current checked bar.
Additional:
Lines will redraw and delete previous divergences to remove clutter on the indicator.
A table cells for alternate timeframe Stochastic RSI values so you don't need to swap between charts constantly.
RSI TABLE
A table is available for monitoring the RSI values of the current chart and a Higher Timeframe.
This helps keep track of which direction your should be looking for trades in.
This can be hidden in the indicator options.
Note
This indicator can not be open source due to a usage of a Private Library.
BTC Supply in Profits and Losses (BTCSPL) [AlgoAlpha]Description:
🚨The BTC Supply in Profits and Losses (BTCSPL) indicator, developed by AlgoAlpha, offers traders insights into the distribution of INDEX:BTCUSD addresses between profits and losses based on INDEX:BTCUSD on-chain data.
Features:
🔶Alpha Decay Adjustment: The indicator provides the option to adjust the data against Alpha Decay, this compensates for the reduction in clarity of the signal over time.
🔶Rolling Change Display: The indicator enables the display of the rolling change in the distribution of Bitcoin addresses between profits and losses, aiding in identifying shifts in market sentiment.
🔶BTCSPL Value Score: The indicator optionally displays a value score ranging from -1 to 1, traders can use this to carry out strategic dollar cost averaging and reverse dollar cost averaging based on the implied value of bitcoin.
🔶Reversal Signals: The indicator gives long-term reversal signals denoted as "▲" and "▼" for the price of bitcoin based on oversold and overbought conditions of the BTCSPL.
🔶Moving Average Visualization: Traders can choose to display a moving average line, allowing for better trend identification.
How to Use ☝️ (summary):
Alpha Decay Adjustment: Toggle this option to enable or disable Alpha Decay adjustment for a normalized representation of the data.
Moving Average: Toggle this option to show or hide the moving average line, helping traders identify trends.
Short-Term Trend: Enable this option to display the short-term trend based on the Aroon indicator.
Rolling Change: Choose this option to visualize the rolling change in the distribution between profits and losses.
BTCSPL Value Score: Activate this option to show the BTCSPL value score, ranging from -1 to 1, 1 implies that bitcoin is extremely cheap(buy) and -1 implies bitcoin is extremely expensive(sell).
Reversal Signals: Gives binary buy and sell signals for the long term
