Bitcoin Risk Long Term indicatorOBJECTIVE:
The purpose of this indicator is to synthesize via an average several indicators from a wide choice with in order to simplify the reading of the bitcoin price and that on a long term vision.
Useful for those who want to see things simply, typically to make a smart DCA based on risk.
I originally used this script as a sandbox to understand and test the usefulness of several indicators, and to develop my PineScript skills, but finally the Risk Indicator output seems relevant so I decided to share it.
USAGE:
The selected indicators are the ones that I think give the best market bottoms, but the idea here is that anyone can try and use any set of indicators based on those preferences (post in comments if you find a relevant config)
Most of the indicator inputs are configurable. And some are not taken into account in the calculation of the Risk indicator because I consider them not relevant, this script is also a test more than a final version.
NOTES :
If you have any idea of adding an indicator, modification, criticism, bug found: share them, it is appreciated!
In the future I will create another more versatile Risk indicator that will not be focused on bitcoin in weekly. (this indicator is still usable on other assets and timeframe)
THANKS:
to Benjamin Cowen for inspiring me with his Bitcoin Risk metric
to Lazybear for his Wavetrend Indicator and all the scripts he shares
to Mabonyi for his Bitcoin Logarithmic Growth Curves & Zones script
to VuManChu for his VMC Cypher B Divergence
to the Trading view team for developing TV and PineScript
And to all the community for all the published codes that allowed me to progress and create this script
---- FR ----
OBJECTIF :
L'objectif de cet indicateur est de synthétiser via une moyenne plusieurs indicateurs parmi un large choix avec afin de simplifier la lecture du cours de bitcoin et cela sur une vision longue terme.
Utile pour ceux qui veulent voir les choses simplement, typiquement faire un DCA intelligent en fonction du risque.
À la base j'ai utilisé ce script comme un bac à sable pour comprendre puis tester l'utilité de plusieurs indicateurs, et développer mes compétences PineScript, mais finalement l'output Risk Indicateur me semble pertinent donc autant le partager.
UTILISATION :
Les indicateurs sélectionnés sont ceux qui permettent selon moi d'avoir les meilleurs point bas de marché, mais l'idée ici est que chacun puisse essayer et utiliser n'importe quel ensemble d'indicateur en fonction de ces préférences (poster en commentaire si vous trouvez une configuration pertinente)
La plupart des inputs indicateurs sont paramétrables. Et certains ne sont pas pris en compte dans le calcul du Risk indicateur car je les estime non pertinent, ce script est aussi un essai plus qu'une version finale.
NOTES :
Si vous avez la moindre idée d'ajout d'indicateur, modification, critique, bug trouvé : partagez-les, c'est apprécié !
à l'avenir je créerais un autre Risk indicator plus polyvalent qui ne sera pas focalisé sur bitcoin en weekly. (cet indicateur est tout de même utilisable sur d'autre actif et timeframe)
REMERCIEMENT :
à Benjamin Cowen pour m'avoir inspiré avec son Bitcoin Risk metric
à Lazybear pour son Wavetrend Indicator et globalement tout les scripts qu'il partage
à Mabonyi pour son script Bitcoin Logarithmic Growth Curves & Zones
à VuManChu pour son VMC Cypher B Divergence
à l'équipe Trading view pour avoir développé TV et PineScript
Et à toute la communauté pour tous les codes publiés qui m'ont permis de progresser et de créer ce script
Wyszukaj w skryptach "THE SCRIPT"
Trend Analysis Index [CC]The Trend Analysis Index was created by Adam White and not to be confused with the Trend Analysis Indicator that I also published. This indicator operates under the same idea but using a completely different calculation to achieve similar results. The idea behind this indicator is for a combination of volatility and trend confirmation. If the indicator is above it's signal line then the stock is very volatile and vice versa. If the stock is currently trending as in above a chosen moving average for example and the indicator falls below the signal line then there is a pretty good chance in a trend reversal. The recommended buy and sell system to use is to pair this indicator with a moving average crossover system which I have included in the script. Buy when the indicator is above it's signal and the shorter moving average crosses above the longer moving average. For selling you would do the same and sell when the indicator is above it's signal and the shorter moving average crosses below the longer moving average. I have included strong buy and sell signals in addition to the normal ones so stronger signals are darker in color and normal signals are lighter in color.
Let me know what other indicators or scripts you would like to see me publish!
[CLX][#01] Animation - Price Ticker (Marquee)This indicator displays a classic animated price ticker overlaid on the user’s current chart. It is possible to fully customize it or to select one of the predefined styles.
A detailed description will follow in the next few days.
Used Pinescript technics:
- varip (view/animation)
- tulip instance (config/codestructur)
- table (view/position)
By the way, for me, one of the coolest animated effects is by Duyck
We hope you enjoy it! 🎉
CRYPTOLINX - jango_blockchained 😊👍
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely.
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
MTF Oscillator Framework [PineCoders]This framework allows Pine coders to quickly build a complete multi-timeframe oscillator from any calculation producing values around a centerline, whether the values are bounded or not. Insert your calculation in the script and you have a ready-to-publish MTF Oscillator offering a plethora of presentation options and features.
█ HOW TO USE THE FRAMEWORK
1 — Insert your calculation in the `f_signal()` function at the top of the "Helper Functions" section of the script.
2 — Change the script's name in the `study()` declaration statement and the `alertcondition()` text in the last part of the "Plots" section.
3 — Adapt the default value used to initialize the CENTERLINE constant in the script's "Constants" section.
4 — If you want to publish the script, copy/paste the following description in your new publication's description and replace the "OVERVIEW" section with a description of your calculations.
5 — Voilà!
═════════════════════════════════════════════════════════════════════════
█ OVERVIEW
This oscillator calculates a directional value of True Range. When a bar is up, the positive value of True Range is used. A negative value is used when the bar is down. When there is no movement during the bar, a zero value is generated, even if True Range is different than zero. Because the unit of measure of True Range is price, the oscillator is unbounded (it does not have fixed upper/lower bounds).
True Range can be used as a metric for volatility, but by using a signed value, this oscillator will show the directional bias of progressively increasing/decreasing volatility, which can make it more useful than an always positive value of True Range.
The True Range calculation appeared for the first time in J. Welles Wilder's New Concepts in Technical Trading Systems book published in 1978. Wilder's objective was to provide a reliable measure of the effective movement—or range—between two bars, to measure volatility. True Range is also the building block used to calculate ATR (Average True Range), which calculates the average of True Range values over a given period using the `rma` averaging method—the same used in the calculation of another of Wilder's remarkable creations: RSI.
█ CONCEPTS
This oscillator's design stems from a few key concepts.
Relative Levels
Other than the centerline, relative rather than absolute levels are used to identify levels of interest. Accordingly, no fixed levels correspond to overbought/oversold conditions. Relative levels of interest are identified using:
• A Donchian channel (historical highs/lows).
• The oscillator's position relative to higher timeframe values.
• Oscillator levels following points in time where a divergence is identified.
Higher timeframes
Two progressively higher timeframes are used to calculate larger-context values for the oscillator. The rationale underlying the use of timeframes higher than the chart's is that, while they change less frequently than the values calculated at the chart's resolution, they are more meaningful because more work (trader activity) is required to calculate them. Combining the immediacy of values calculated at the chart's resolution to higher timeframe values achieves a compromise between responsiveness and reliability.
Divergences as points of interest rather than directional clues
A very simple interpretation of what constitutes a divergence is used. A divergence is defined as a discrepancy between any bar's direction and the direction of the signal line on that same bar. No attempt is made to attribute a directional bias to divergences when they occur. Instead, the oscillator's level is saved and subsequent movement of the oscillator relative to the saved level is what determines the bullish/bearish state of the oscillator.
Conservative coloring scheme
Several additive coloring conditions allow the bull/bear coloring of the oscillator's main line to be restricted to specific areas meeting all the selected conditions. The concept is built on the premise that most of the time, an oscillator's value should be viewed as mere noise, and that somewhat like price, it only occasionally conveys actionable information.
█ FEATURES
Plots
• Three lines can be plotted. They are named Main line , Line 2 and Line 3 . You decide which calculation to use for each line:
• The oscillator's value at the chart's resolution.
• The oscillator's value at a medium timeframe higher than the chart's resolution.
• The oscillator's value at the highest timeframe.
• An aggregate line calculated using a weighed average of the three previous lines (see the Aggregate Weights section of Inputs to configure the weights).
• The coloring conditions, divergence levels and the Hi/Lo channel always apply to the Main line, whichever calculation you decide to use for it.
• The color of lines 2 and 3 are fixed but can be set in the "Colors" section of Inputs.
• You can change the thickness of each line.
• When the aggregate line is displayed, higher timeframe values are only used in its calculation when they become available in the chart's history,
otherwise the aggregate line would appear much later on the chart. To indicate when each higher timeframe value becomes available,
a small label appears near the centerline.
• Divergences can be shown as small dots on the centerline.
• Divergence levels can be shown. The level and fill are determined by the oscillator's position relative to the last saved divergence level.
• Bull/bear markers can be displayed. They occur whenever a new bull/bear state is determined by the "Main Line Coloring Conditions".
• The Hi/Lo (Donchian) channel can be displayed, and its period defined.
• The background can display the state of any one of 11 different conditions.
• The resolutions used for the higher timeframes can be displayed to the right of the last bar's value.
• Four key values are always displayed in the Data Window (fourth icon down to the right of your chart):
oscillator values for the chart, medium and highest timeframes, and the oscillator's instant value before it is averaged.
Main Line Coloring Conditions
• Nine different conditions can be selected to determine the bull/bear coloring of the main line. All conditions set to "ON" must be met to determine the bull/bear state.
• A volatility state can also be used to filter the conditions.
• When the coloring conditions and the filter do not allow for a bull/bear state to be determined, the neutral color is used.
Signal
• Seven different averages can be used to calculate the average of the oscillator's value.
• The average's period can be set. A period of one will show the instant value of the oscillator,
provided you don't use linear regression or the Hull MA as they do not work with a period of one.
• An external signal can be used as the oscillator's instant value. If an already averaged external value is used, set the period to one in this indicator.
• For the cases where an external signal is used, a centerline value can be set.
Higher Timeframes
• The two higher timeframes are named Medium timeframe and Highest timeframe . They can be determined using one of three methods:
• Auto-steps: the higher timeframes are determined using the chart's resolution. If the chart uses a seconds resolution, for example,
the medium and highest resolutions will be 15 and 60 minutes.
• Multiples: the timeframes are calculated using a multiple of the chart's resolution, which you can set.
• Fixed: the set timeframes do not change with the chart's resolution.
Repainting
• Repainting can be controlled separately for the chart's value and the higher timeframe values.
• The default is a repainting chart value and non-repainting higher timeframe values. The Aggregate line will thus repaint by default,
as it uses the chart's value along with the higher timeframes values.
Aggregate Weights
• The weight of each component of the Aggregate line can be set.
• The default is equal weights for the three components, meaning that the chart's value accounts for one third of the weight in the Aggregate.
High Volatility
• This provides control over the volatility filter used in the Main line's coloring conditions and the background display.
• Volatility is determined to be high when the short-term ATR is greater than the long-term ATR.
Colors
• You can define your own colors for all of the oscillator's plots.
• The default colors will perform well on both white and black chart backgrounds.
Alerts
• An alert can be defined for the script. The alert will trigger whenever a bull/bear marker appears in the indicator's display.
The particular combination of coloring conditions and the display of bull/bear markers when you create the alert will thus determine when the alert triggers.
Once the alerts are created, subsequent changes to the conditions controlling the display of markers will not affect the existing alert(s).
• You can create multiple alerts from this script, each triggering on different conditions.
Backtesting & Trading Engine Signal Line
• An invisible plot named "BTE Signal" is provided. It can be used as an entry signal when connected to the PineCoders Backtesting & Trading Engine as an external input.
It will generate an entry whenever a marker is displayed.
Look first. Then leap.
Support Resistance - DynamicThis is Dynamic Support / Resistance script.
How it Works?
It finds Pivot Points and creates channels for each Pivot Point. Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance. in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.
Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)
Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/Rs only for visible area in the chart.
There is option to Show S/R lines as Solid, Dotted or Dashed.
Enjoy!
Plotchar - How to draw external symbols on a chartHey everyone
It's been a while :) but still on holidays and working on the website. I'll resume the scripts sharing shortly once I'll get back home
For today, I wanted to share a very useful script that is going to make you a top of money 100% guaranteed and you'll even have a Lamborghini delivered at your place by tomorrow... (imagine some followers would believe me for this)
This "script" is a proof of concept that you can draw external Unicode symbols on a chart.
If you're tired with the plotshape shapes by default, you can use some others - I usually find mine there emojipedia.org
What are the use cases?
- Draw a dead skeleton when your stop-loss is hit
- Draw a winning cup when your take profit is hit
- Draw a coffin when you run out of capital
FAQ
Q: Does this script has any interest?
A: I'm not sure myself
Q: Will you make money using it?
A: I'm not a financial advisor but ... very likely NO
Q: Is it cool though?
A: Hell yeah!!
Be sure to hit the thumbs up so that I'll share real scripts the next times and not "joke scripts". I promise it's the first and last time I'm sharing such a script
Dave
____________________________________________________________
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
How to avoid repainting when using security() - PineCoders FAQNOTE
The non-repainting technique in this publication that relies on bar states is now deprecated, as we have identified inconsistencies that undermine its credibility as a universal solution. The outputs that use the technique are still available for reference in this publication. However, we do not endorse its usage. See this publication for more information about the current best practices for requesting HTF data and why they work.
This indicator shows how to avoid repainting when using the security() function to retrieve information from higher timeframes.
What do we mean by repainting?
Repainting is used to describe three different things, in what we’ve seen in TV members comments on indicators:
1. An indicator showing results that change during the realtime bar, whether the script is using the security() function or not, e.g., a Buy signal that goes on and then off, or a plot that changes values.
2. An indicator that uses future data not yet available on historical bars.
3. An indicator that uses a negative offset= parameter when plotting in order to plot information on past bars.
The repainting types we will be discussing here are the first two types, as the third one is intentional—sometimes even intentionally misleading when unscrupulous script writers want their strategy to look better than it is.
Let’s be clear about one thing: repainting is not caused by a bug ; it is caused by the different context between historical bars and the realtime bar, and script coders or users not taking the necessary precautions to prevent it.
Why should repainting be avoided?
Repainting matters because it affects the behavior of Pine scripts in the realtime bar, where the action happens and counts, because that is when traders (or our systems) take decisions where odds must be in our favor.
Repainting also matters because if you test a strategy on historical bars using only OHLC values, and then run that same code on the realtime bar with more than OHLC information, scripts not properly written or misconfigured alerts will alter the strategy’s behavior. At that point, you will not be running the same strategy you tested, and this invalidates your test results , which were run while not having the additional price information that is available in the realtime bar.
The realtime bar on your charts is only one bar, but it is a very important bar. Coding proper strategies and indicators on TV requires that you understand the variations in script behavior and how information available to the script varies between when the script is running on historical and realtime bars.
How does repainting occur?
Repainting happens because of something all traders instinctively crave: more information. Contrary to trader lure, more information is not always better. In the realtime bar, all TV indicators (a.k.a. studies ) execute every time price changes (i.e. every tick ). TV strategies will also behave the same way if they use the calc_on_every_tick = true parameter in their strategy() declaration statement (the parameter’s default value is false ). Pine coders must decide if they want their code to use the realtime price information as it comes in, or wait for the realtime bar to close before using the same OHLC values for that bar that would be used on historical bars.
Strategy modelers often assume that using realtime price information as it comes in the realtime bar will always improve their results. This is incorrect. More information does not necessarily improve performance because it almost always entails more noise. The extra information may or may not improve results; one cannot know until the code is run in realtime for enough time to provide data that can be analyzed and from which somewhat reliable conclusions can be derived. In any case, as was stated before, it is critical to understand that if your strategy is taking decisions on realtime tick data, you are NOT running the same strategy you tested on historical bars with OHLC values only.
How do we avoid repainting?
It comes down to using reliable information and properly configuring alerts, if you use them. Here are the main considerations:
1. If your code is using security() calls, use the syntax we propose to obtain reliable data from higher timeframes.
2. If your script is a strategy, do not use the calc_on_every_tick = true parameter unless your strategy uses previous bar information to calculate.
3. If your script is a study and is using current timeframe information that is compared to values obtained from a higher timeframe, even if you can rely on reliable higher timeframe information because you are correctly using the security() function, you still need to ensure the realtime bar’s information you use (a cross of current close over a higher timeframe MA, for example) is consistent with your backtest methodology, i.e. that your script calculates on the close of the realtime bar. If your system is using alerts, the simplest solution is to configure alerts to trigger Once Per Bar Close . If you are not using alerts, the best solution is to use information from the preceding bar. When using previous bar information, alerts can be configured to trigger Once Per Bar safely.
What does this indicator do?
It shows results for 9 different ways of using the security() function and illustrates the simplest and most effective way to avoid repainting, i.e. using security() as in the example above. To show the indicator’s lines the most clearly, price on the chart is shown with a black line rather than candlesticks. This indicator also shows how misusing security() produces repainting. All combinations of using a 0 or 1 offset to reference the series used in the security() , as well as all combinations of values for the gaps= and lookahead= parameters are shown.
The close in the call labeled “BEST” means that once security has reached the upper timeframe (1 day in our case), it will fetch the previous day’s value.
The gaps= parameter is not specified as it is off by default and that is what we need. This ensures that the value returned by security() will not contain na values on any of our chart’s bars.
The lookahead security() to use the last available value for the higher timeframe bar we are using (the previous day, in our case). This ensures that security() will return the value at the end of the higher timeframe, even if it has not occurred yet. In our case, this has no negative impact since we are requesting the previous day’s value, with has already closed.
The indicator’s Settings/Inputs allow you to set:
- The higher timeframe security() calls will use
- The source security() calls will use
- If you want identifying labels printed on the lines that have no gaps (the lines containing gaps are plotted using very thick lines that appear as horizontal blocks of one bar in length)
For the lines to be plotted, you need to be on a smaller timeframe than the one used for the security() calls.
Comments in the code explain what’s going on.
Look first. Then leap.
Cumulative Buying and Selling Volume with 3 Lookback PeriodsScript Overview:
This script is designed to help traders identify market momentum by analyzing buying and selling volume. It calculates the cumulative buying and selling pressure over three different lookback periods, providing insights into whether the bulls or bears are dominating at any given time. The script does this by computing the cumulative buying and selling volume for each period and comparing them through exponential moving averages (EMA) to smooth out short-term fluctuations.
Purpose and Use:
The primary goal of this script is to highlight shifts in market sentiment based on volume dynamics. Volume is a critical component in market analysis, often signaling the strength behind price movements. By focusing on cumulative buying and selling pressure, the script gives traders an idea of whether the market is trending towards more buying or selling during specific periods. Traders can use this tool to:
Identify potential entry points when buying pressure is strong.
Recognize potential selling opportunities when selling pressure is increasing.
Detect periods of indecision when neither buying nor selling dominates.
Key Concepts:
1. Buying Volume (BV):
The buying volume is calculated based on the price range of each candle. It represents the volume allocated to the bullish side of the market:
When the close is near the high, the buying volume is higher.
Formula: BV = volume * (close - low) / (high - low).
2. Selling Volume (SV):
Similarly, selling volume is derived based on the position of the close relative to the low:
When the close is near the low, selling volume is higher.
Formula: SV = volume * (high - close) / (high - low)
3. Lookback Periods:
The script allows users to define three different lookback periods (5, 10, and 20 by default). These periods smooth out the cumulative buying and selling volumes using EMA calculations:
Shorter periods capture more immediate changes in volume dynamics.
Longer periods provide a broader perspective on market trends.
4. Cumulative Volume Calculation:
For each lookback period, cumulative buying and selling volumes are tracked separately and then smoothed with EMA:
emaBuyVol and emaSellVol are the smoothed values for buying and selling volumes over the lookback periods.
5. Market Pressure Comparison:
Buying Pressure: If the EMA of buying volume is greater than the EMA of selling volume for a particular lookback period, the script considers that buying pressure dominates for that period.
Selling Pressure: Conversely, if selling volume dominates over buying volume for a period, the script registers selling pressure.
6. Overall Market Pressure:
The script aggregates the buying and selling pressures from the three lookback periods to determine the overall market sentiment:
If the majority of periods show buying pressure, the market is bullish.
If the majority show selling pressure, the market is bearish.
If neither side dominates, it suggests a neutral or indecisive market.
Visual Cues:
The script provides visual feedback to help traders quickly interpret the market pressure:
Background Color:
Green (#2bff00) when buying pressure dominates.
Red (#ff0000) when selling pressure dominates.
Gray (#404040) when there is no clear dominance.
Bar Color: The script also colors the price bars based on the dominant market pressure:
Green for buying pressure.
Red for selling pressure.
Gray for neutral or balanced market pressure.
Reset Mechanism:
At the start of each new candle, the cumulative volumes for all three periods are reset to zero. This ensures that the cumulative volumes are only measured for the current candle, preventing carryover from previous periods that could distort the analysis.
How Traders Can Use This Script:
Trend Confirmation: Traders can use the script as a trend confirmation tool. When the background turns green (buying dominance), it suggests bullish momentum. When red, bearish momentum is likely. This information can be used to confirm existing positions or signal new trades in the direction of the market pressure.
Reversal Detection: A sudden shift in the background color (from green to red or vice versa) can indicate a potential reversal. This can be particularly useful when combined with other technical indicators such as price action or support/resistance levels.
Multiple Timeframes: Since the script supports three different lookback periods, it provides a comprehensive view of market pressure across short-term, medium-term, and long-term perspectives. Traders can tailor the lookback periods based on their preferred timeframe to match their trading style, whether it’s intraday trading or longer-term swing trading.
Risk Management: The script's clear visual cues help traders manage risk by highlighting when selling pressure increases, allowing them to consider reducing long positions or tightening stop-losses.
Ichimoku Wave Oscillator with Custom MAIchimoku Wave Oscillator with Custom MA - Pine Script Description
This script uses various types of moving averages (MA) to implement the concept of Ichimoku wave theory for wave analysis. The user can select from SMA, EMA, WMA, TEMA, SMMA to visualize the difference between short-term, medium-term, and long-term waves, while identifying potential buy and sell signals at crossover points.
Key Features:
MA Type Selection:
The user can select from SMA (Simple Moving Average), EMA (Exponential Moving Average), WMA (Weighted Moving Average), TEMA (Triple Exponential Moving Average), and SMMA (Smoothed Moving Average) to calculate the waves. This script is unique in that it combines TEMA and SMMA, distinguishing it from other simple moving average-based indicators.
TEMA (Triple Exponential Moving Average): Best suited for capturing short-term trends with quick responsiveness.
SMMA (Smoothed Moving Average): Useful for identifying long-term trends with minimal noise, providing more stable signals.
Wave Calculations:
The script calculates three waves: Wave 9-17, Wave 17-26, and Wave 9-26, each of which analyzes different time horizons.
Wave 9-17 (blue): Primarily used for analyzing short-term trends, ideal for detecting quick changes.
Wave 17-26 (red): Used to analyze medium-term trends, providing a more stable market direction.
Wave 9-26 (green): Represents long-term trends, suitable for understanding broader trend shifts.
Baseline (0 Line):
Each wave is visualized around the 0 line, where waves above the line indicate an uptrend and waves below the line indicate a downtrend. This allows for easy identification of trend reversals.
Crossover Signals:
CrossUp: When Wave 9-17 (short-term wave) crosses Wave 17-26 (medium-term wave) upward, it is considered a buy signal, indicating a potential upward trend shift.
CrossDown: When Wave 9-17 (short-term wave) crosses Wave 17-26 downward, it is considered a sell signal, indicating a potential downward trend shift.
Background Color for Signal:
The script visually highlights the signals with background colors. When a buy signal occurs, the background turns green, and when a sell signal occurs, the background turns red. This makes it easier to spot reversal points.
Calculation Method:
The script calculates the difference between moving averages to display the wave oscillation. Wave 9-17, Wave 17-26, and Wave 9-26 represent the difference between the moving averages for different time periods, allowing for analysis of short-term, medium-term, and long-term trends.
Wave 9-17 = MA(9) - MA(17): Represents the difference between the short-term moving averages.
Wave 17-26 = MA(17) - MA(26): Represents the difference between medium-term moving averages.
Wave 9-26 = MA(9) - MA(26): Provides insight into the long-term trend.
This calculation method effectively visualizes the oscillation of waves and helps identify trend reversals at crossover points.
Uniqueness of the Script:
Unlike other moving average-based indicators, this script combines TEMA (Triple Exponential Moving Average) and SMMA (Smoothed Moving Average) to capture both short-term sensitivity and long-term stability in trends. This duality makes the script more versatile for different market conditions.
TEMA is ideal for short-term traders who need quick signals, while SMMA is useful for long-term investors seeking stability and noise reduction. By combining these two, this script provides a more refined analysis of trend changes across various timeframes.
How to Use:
This script is effective for trend analysis and reversal detection. By visualizing the crossover points between the waves, users can spot potential buy and sell signals to make more informed trading decisions.
Scalping strategies can rely on Wave 9-17 to detect quick trend changes, while those looking for medium-term trends can analyze signals from Wave 17-26.
For a broader market overview, Wave 9-26 helps users understand the long-term market trend.
This script is built on the concept of wave theory to anticipate trend changes, making it suitable for various timeframes and strategies. The user can tailor the characteristics of the waves by selecting different MA types, allowing for flexible application across different trading strategies.
Ichimoku Wave Oscillator with Custom MA - Pine Script 설명
이 스크립트는 다양한 이동 평균(MA) 유형을 활용하여 일목 파동론의 개념을 기반으로 파동 분석을 시도하는 지표입니다. 사용자는 SMA, EMA, WMA, TEMA, SMMA 중 원하는 이동 평균을 선택할 수 있으며, 이를 통해 단기, 중기, 장기 파동 간의 차이를 시각화하고, 교차점에서 상승 및 하락 신호를 포착할 수 있습니다.
주요 기능:
이동 평균(MA) 유형 선택:
사용자는 SMA(단순 이동 평균), EMA(지수 이동 평균), WMA(가중 이동 평균), TEMA(삼중 지수 이동 평균), SMMA(평활 이동 평균) 중 하나를 선택하여 파동을 계산할 수 있습니다. 이 스크립트는 TEMA와 SMMA의 독창적인 조합을 통해 기존의 단순한 이동 평균 지표와 차별화됩니다.
TEMA(삼중 지수 이동 평균): 빠른 반응으로 단기 트렌드를 포착하는 데 적합합니다.
SMMA(평활 이동 평균): 장기적인 추세를 파악하는 데 유용하며, 노이즈를 최소화하여 안정적인 신호를 제공합니다.
파동(Wave) 계산:
이 스크립트는 Wave 9-17, Wave 17-26, Wave 9-26의 세 가지 파동을 계산하여 각각 단기, 중기, 장기 추세를 분석합니다.
Wave 9-17 (파란색): 주로 단기 추세를 분석하는 데 사용되며, 빠른 추세 변화를 포착하는 데 유용합니다.
Wave 17-26 (빨간색): 중기 추세를 분석하는 데 사용되며, 좀 더 안정적인 시장 흐름을 보여줍니다.
Wave 9-26 (녹색): 장기 추세를 나타내며, 큰 흐름의 방향성을 파악하는 데 적합합니다.
기준선(0 라인):
각 파동은 0 라인을 기준으로 변동성을 시각화합니다. 0 위에 있는 파동은 상승세, 0 아래에 있는 파동은 하락세를 나타내며, 이를 통해 추세의 전환을 쉽게 확인할 수 있습니다.
파동 교차 신호:
CrossUp: Wave 9-17(단기 파동)이 Wave 17-26(중기 파동)을 상향 교차할 때, 상승 신호로 간주됩니다. 이는 단기적인 추세 변화가 발생할 수 있음을 의미합니다.
CrossDown: Wave 9-17(단기 파동)이 Wave 17-26(중기 파동)을 하향 교차할 때, 하락 신호로 해석됩니다. 이는 시장이 약세로 돌아설 가능성을 나타냅니다.
배경 색상 표시:
교차 신호가 발생할 때, 상승 신호는 녹색 배경, 하락 신호는 빨간색 배경으로 시각적으로 강조되어 사용자가 신호를 쉽게 인식할 수 있습니다.
계산 방식:
이 스크립트는 이동 평균 간의 차이를 계산하여 각 파동의 변동성을 나타냅니다. Wave 9-17, Wave 17-26, Wave 9-26은 각각 설정된 주기의 이동 평균(MA)의 차이를 통해, 시장의 단기, 중기, 장기 추세 변화를 시각적으로 표현합니다.
Wave 9-17 = MA(9) - MA(17): 단기 추세의 차이를 나타냅니다.
Wave 17-26 = MA(17) - MA(26): 중기 추세의 차이를 나타냅니다.
Wave 9-26 = MA(9) - MA(26): 장기적인 추세 방향을 파악할 수 있습니다.
이러한 계산 방식은 파동의 변동성을 파악하는 데 유용하며, 추세의 교차점을 통해 상승/하락 신호를 잡아냅니다.
스크립트의 독창성:
이 스크립트는 기존의 이동 평균 기반 지표들과 달리, TEMA(삼중 지수 이동 평균)와 SMMA(평활 이동 평균)을 함께 사용하여 짧은 주기와 긴 주기의 트렌드를 동시에 파악할 수 있도록 설계되었습니다. 이를 통해 단기 트렌드의 민감한 변화와 장기 트렌드의 안정성을 모두 반영합니다.
TEMA는 단기 트레이더에게 빠르고 민첩한 신호를 제공하며, SMMA는 장기 투자자에게 보다 안정적이고 긴 호흡의 트렌드를 파악하는 데 유리합니다. 두 지표의 결합으로, 다양한 시장 환경에서 추세의 변화를 더 정교하게 분석할 수 있습니다.
사용 방법:
이 스크립트는 추세 분석과 변곡점 포착에 효과적입니다. 각 파동 간의 교차점을 시각적으로 확인하고, 상승 또는 하락 신호를 포착하여 매매 시점 결정을 도울 수 있습니다.
스캘핑 전략에서는 Wave 9-17을 주로 참고하여 빠르게 추세 변화를 잡아내고, 중기 추세를 참고하고 싶은 경우 Wave 17-26을 사용해 신호를 분석할 수 있습니다.
장기적인 시장 흐름을 파악하고자 할 때는 Wave 9-26을 통해 큰 트렌드를 확인할 수 있습니다.
이 스크립트는 파동 이론의 개념을 기반으로 시장의 추세 변화를 예측하는 데 유용하며, 다양한 시간대와 전략에 맞추어 사용할 수 있습니다. 특히, 사용자가 선택한 MA 유형에 따라 파동의 특성을 변화시킬 수 있어, 여러 매매 전략에 유연하게 대응할 수 있습니다.
display_valueOVERVIEW
This script is a tinny library for creating and displaying formatted values in TradingView scripts. It provides a structured way to present key information like titles, percentages, currency values, decimals, and integers with clear formatting. This allows you to coordinate your strings in advance and hold one item to use for calling your string to a label, box, table.. Made for day to day use of most typical use cases, more advanced techniques should be used for complicated scenarios.
Building Blocks
User Defined Types (UDTs)
The script defines a UDT called `DisplayValue` to encapsulate the components of a display value:
* title : The title or label of the value.
* format_string : The string used to format the value (e.g., "{0} - 1,number,percent}").
* value : The actual value to be displayed.
* format : An enum value specifying the desired format (percent, currency, etc.).
Enums
The `DisplayFormat` enum provides predefined constants for various formatting options, making the code more readable and less prone to errors.
Functions
* create() : This function creates a new `DisplayValue` instance. It takes the title, value, and desired format as arguments and generates the appropriate format string.
* to_string() : This function converts a `DisplayValue` instance into a formatted string ready for display on the chart.
How to Use
1. Import the library:
import kaigouthro/display_value/1as dv
2. Create a DisplayValue instance:
myValue = dv.create("My Percentage", 0.5, dv.DisplayFormat.percent)
3. Convert it to a string:
formattedString = dv.to_string(myValue)
4. Display the formatted string:
label.new(bar_index, high, formattedString)
Example
//@version=5
import kaigouthro/display_value/1 as dv
myValue = dv.create("Profit", 0.15, dv.DisplayFormat.percent)
formattedString = dv.to_string(myValue)
label.new(bar_index, high, formattedString)
This will display a label on the chart with the text "Profit - 15%".
### Notes
* The library handles the formatting details, making it easier to display values consistently in your scripts.
* The use of enums and UDTs improves code organization and readability.
--------
Library "display_value"
create(display_name, display_value, display_format)
Gets the appropriate format string based on the display format.
Parameters:
display_name (string) : (string) The name of the display value. Default is na.
display_value (float)
display_format (series DisplayFormat)
Returns: (DisplayValue) A new DisplayValue instance with the formatted value.
to_string(item)
Converts the display value to a string with the specified format.
Parameters:
item (DisplayValue) : (DisplayValue) The display value to convert to a string.
Returns: (string) The string representation of the display value.
DisplayValue
Structure representing a display value.
Fields:
title (series string) : (string) The title of the display value.
format_string (series string) : (string) The format string to use for display.
value (series float) : (float) The value to display.
format (series DisplayFormat) : (DisplayFormat) The format to use.
Optimal Buy Day (Zeiierman)█ Overview
The Optimal Buy Day (Zeiierman) indicator identifies optimal buying days based on historical price data, starting from a user-defined year. It simulates investing a fixed initial capital and making regular monthly contributions. The unique aspect of this indicator involves comparing systematic investment on specific days of the month against a randomized buying day each month, aiming to analyze which method might yield more shares or a better average price over time. By visualizing the potential outcomes of systematic versus randomized buying, traders can better understand the impact of market timing and how regular investments might accumulate over time.
These statistics are pivotal for traders and investors using the script to analyze historical performance and strategize future investments. By understanding which days offered more shares for their money or lower average prices, investors can tailor their buying strategies to potentially enhance returns.
█ Key Statistics
⚪ Shares
Definition: Represents the total number of shares acquired on a particular day of the month across the entire simulation period.
How It Works: The script calculates how many shares can be bought each day, given the available capital or monthly contribution. This calculation takes into account the day's opening price and accumulates the total shares bought on that day over the simulation period.
Interpretation: A higher number of shares indicates that the day consistently offered better buying opportunities, allowing the investor to acquire more shares for the same amount of money. This metric is crucial for understanding which days historically provided more value.
⚪ AVG Price
Definition: The average price paid per share on a particular day of the month, averaged over the simulation period.
How It Works: Each time shares are bought, the script calculates the average price per share, factoring in the new shares purchased at the current price. This average evolves over time as more shares are bought at varying prices.
Interpretation: The average price gives insight into the cost efficiency of buying shares on specific days. A lower average price suggests that buying on that day has historically led to better pricing, making it a potentially more attractive investment strategy.
⚪ Buys
Definition: The total number of transactions or buys executed on a particular day of the month throughout the simulation.
How It Works: This metric increments each time shares are bought on a specific day, providing a count of all buying actions taken.
Interpretation: The number of buys indicates the frequency of investment opportunities. A higher count could mean more consistent opportunities for investment, but it's important to consider this in conjunction with the average price and the total shares acquired to assess overall strategy effectiveness.
⚪ Most Shares
Definition: Identifies the day of the month on which the highest number of shares were bought, highlighting the specific day and the total shares acquired.
How It Works: After simulating purchases across all days of the month, the script identifies which day resulted in the highest total number of shares bought.
Interpretation: This metric points out the most opportune day for volume buying. It suggests that historically, this day provided conditions that allowed for maximizing the quantity of shares purchased, potentially due to lower prices or other factors.
⚪ Best Price
Definition: Highlights the day of the month that offered the lowest average price per share, indicating both the day and the price.
How It Works: The script calculates the average price per share for each day and identifies the day with the lowest average.
Interpretation: This metric is key for investors looking to minimize costs. The best price day suggests that historically, buying on this day led to acquiring shares at a more favorable average price, potentially maximizing long-term investment returns.
⚪ Randomized Shares
Definition: This metric represents the total number of shares acquired on a randomly selected day of the month, simulated across the entire period.
How It Works: At the beginning of each month within the simulation, the script selects a random day when the market is open and calculates how many shares can be purchased with the available capital or monthly contribution at that day's opening price. This process is repeated each month, and the total number of shares acquired through these random purchases is tallied.
Interpretation: Randomized shares offer a comparison point to systematic buying strategies. By comparing the total shares acquired through random selection against those bought on the best or worst days, investors can gauge the impact of timing and market fluctuations on their investment strategy. A higher total in randomized shares might indicate that over the long term, the specific days chosen for investment might matter less than consistent market participation. Conversely, if systematic strategies yield significantly more shares, it suggests that timing could indeed play a crucial role in maximizing investment returns.
⚪ Randomized Price
Definition: The average price paid per share for the shares acquired on the randomly selected days throughout the simulation period.
How It Works: Each time shares are bought on a randomly chosen day, the script calculates the average price paid for all shares bought through this randomized strategy. This average price is updated as the simulation progresses, reflecting the cost efficiency of random buying decisions.
Interpretation: The randomized price metric helps investors understand the cost implications of a non-systematic, random investment approach. Comparing this average price to those achieved through more deliberate, systematic strategies can reveal whether consistent investment timing strategies outperform random investment actions in terms of cost efficiency. A lower randomized price suggests that random buying might not necessarily result in higher costs, while a higher average price indicates that systematic strategies might provide better control over investment costs.
█ How to Use
Traders can use this tool to analyze historical data and simulate different investment strategies. By inputting their initial capital, regular contribution amount, and start year, they can visually assess which days might have been more advantageous for buying, based on historical price actions. This can inform future investment decisions, especially for those employing dollar-cost averaging strategies or looking to optimize entry points.
█ Settings
StartYear: This setting allows the user to specify the starting year for the investment simulation. Changing this value will either extend or shorten the period over which the simulation is run. If a user increases the value, the simulation begins later and covers a shorter historical period; decreasing the value starts the simulation earlier, encompassing a longer time frame.
Capital: Determines the initial amount of capital with which the simulation begins. Increasing this value simulates starting with more capital, which can affect the number of shares that can be initially bought. Decreasing this value simulates starting with less capital.
Contribution: Sets the monthly financial contribution added to the investment within the simulation. A higher contribution increases the investment each month and could lead to more shares being purchased over time. Lowering the contribution decreases the monthly investment amount.
-----------------
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!
Channels With Patterns [ChartPrime]The Channels With Patterns indicator is an attempt at minimizing the delay in forming a trend channel. This indicator uses a single pivot in conjunction with a smooth version of the price to estimate the direction of an emerging trend. Using ATR, this indicator estimates the volatility of the new trend by adjusting the channel size by a multiple of the current ATR.
One of the biggest complains for any trend indicator is that it takes too long to create a channel or trend line. This indicator estimates the trend channel by checking if the price is moving in the correct direction and then it projects the channel from a single pivot. To allow for some margin of error, this script uses an offset to help center the channel.
This offset is generated from the ATR at the time of formation. In conjunction with forming estimated trend channels, this indicator features select candle stick patterns. These candle stick patterns are filtered by location in the formed trend channel. If the price is within an extremity of the trend channel it will appear. Filtering classical vanilla candle stick patterns using this methodology can result in some interesting results and possible confluence points for traders. For example; a bearish hammer appearing when filtered in an upper zone might add an extra level of realtime unique confluence traders.
Traders can use this script as a general trend line indicator that is a bit more forward looking than others, or it can be used it as its full blown trend channel estimator. Due to the fact that this is an estimate using the minimum possible information to make the channel, its accuracy will not always be perfect and can suffer compared to alternative methods.
When configuring the indicator it is important to understand the role of each input. Here is a description of all of the settings provided:
Presets (`preset`): This input allows users to quickly configure the indicator based on the market they are trading in. Selecting "Stocks," "Forex," or "Crypto" automatically adjusts various parameters to settings deemed optimal for these markets. The "User" option lets traders manually configure settings for a more personalized approach.
Style (`style`): This setting determines how pivot points are calculated. "Wick" uses the high and low of candlesticks (including wicks), which can be more sensitive to market extremes. "Body" uses only the open and close prices (the body of the candlesticks), potentially offering a more stable pivot point calculation.
Break Style (`break_style`): This option defines what price is used to determine if a channel has been broken. "Close" uses the closing price of a candlestick, while "High/Low" uses the highest and lowest prices. This affects how channel breaks are identified and can influence trading signals.
Instant Mode (`instant`): When enabled, this feature allows the indicator to form channels more quickly by initiating them as soon as potential formations are detected. This can provide earlier signals but may increase the risk of false positives.
ATR Length (`atr_length`): This input sets the period for the Average True Range (ATR), a common volatility indicator. A longer ATR period may smooth out the channel but could delay responsiveness to market changes. A shorter period might make the channel more responsive but potentially more erratic.
Offset Center (`offset`): Adjusts the vertical positioning of the channel. This can help in aligning the channel more accurately with the price action, depending on market conditions and personal trading strategies.
Size (`atr_multiplier`): Alters the channel's size relative to the ATR. A higher multiplier makes a wider channel, which might be useful in more volatile markets. A lower multiplier tightens the channel, which could be better for less volatile conditions.
Padding % (`padding`): This setting adjusts the padding within the top and bottom quarters of the channel. It essentially fine-tunes the channel's sensitivity to price movements near its boundaries.
Pivot Length (`pivot_length`): Determines the number of bars used to calculate pivot points. A longer length may provide more significant pivot points but can reduce the number of channels formed.
Pivot Look Forward (`look_forward`): Sets the number of bars to look forward in the pivot calculation, affecting how quickly the channel adapts to new pivots.
Average H/L Length (`avg_length`): Controls the smoothing of the high and low prices used in the channel calculation. A longer average length can lead to smoother, more gradual channel slopes.
Enable Hammer (`enable_hammer`): When enabled, the indicator will highlight Hammer candlestick patterns, which are often considered bullish reversal indicators.
Enable Inverted Hammer (`enable_ihammer`): This toggles the display of Inverted Hammer patterns, typically viewed as potential bullish reversal signals.
Enable Bullish Engulfing (`enable_bullish_engulfing`): Enables the identification of Bullish Engulfing patterns, another type of bullish reversal indicator.
Enable Bearish Engulfing (`enable_bearish_engulfing`): When activated, this highlights Bearish Engulfing patterns, which are often interpreted as bearish reversal signals.
Extend Channel (`extend`): This option, when enabled, extends the drawn channels forward until they are either broken or a new channel is formed.
Show Break Label (`show_break_label`): Toggles the display of labels indicating where the channel has been broken, providing visual cues for potential trade entries or exits.
Channel History Length (`history_length`): Determines how many historical channels are displayed on the chart. This can be useful for analyzing past performance and patterns.
Channel Colors (`top_color`, `bottom_color`, `center_color`): These settings allow customization of the channel's appearance by setting the colors of the top, bottom, and center lines.
Line Transparency (`line_trans`): Adjusts the transparency of the channel lines, helping to balance visibility with chart readability.
Center Line Transparency (`center_trans`): Specifically sets the transparency level of the center line of the channel.
Channel Fill Transparency (`fill_trans`): Modifies the transparency of the filled areas between the channel lines, which can enhance chart clarity and focus on the price action.
Break Colors (`break_up_color`, `break_down_color`): Sets the colors for labels that appear when the channel is broken, either upwards or downwards.
Break Label Text Color (`text_color`): Determines the color of the text in the break labels, enhancing readability based on the chart's background and color scheme.
Candle Pattern Colors (`h_color`, `ih_color`, `bullish_engulfing_color`, `bearish_engulfing_color`): These inputs allow for the customization of the colors used to highlight various candle patterns on the chart.
Candle Pattern Text Color (`candle_text_color`): Sets the color of the text for labels associated with candle pattern indicators.
Alerts (`new_channel_alert`, `break_alert`, `hammer_alert`, `ihammer_alert`, `bullish_engulfing_alert`, `bearish_engulfing_alert`): These toggles enable or disable alerts for different events, such as the formation of new channels, channel breaks, or the appearance of specific candle patterns. This feature is crucial for traders who rely on timely notifications for potential trading opportunities.
We have provided a few presets to allow you to get a feeling for how the indicator works with different settings easily. Here is a description of the settings used in each preset:
Stocks Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Forex Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 100
Size (ATR Multiplier): 5
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Crypto Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
This script first starts by defining and collecting the relevant data for the main body of the code with data(). This generates the pivot data, the levels, the ranges, the averages, the deltas, and finally the candle sticks. Once there is a higher low, or lower high detected via the pivots and the current price it triggers the formation of the new channel. It takes the delta between the last pivot and the current average price and projects the trend channel using this delta. If the price exceeds the extremities of the channel it will classify this as a break from the estimated structure and begin looking for a new channel. The idea is that when trending, the price will oscillate between extremities as defined by a range and direction. If the price is inside of one of these extremities the script will look for candle stick patterns. This is how the script operates.
On a more technical level, this script is meant to showcase Pine Script's custom types and methods. We have made use of a properties pattern allows functions to use a minimal number of arguments. This allows you to add new inputs without modifying a string of functions. The use of methods and data structures allows the main body of the code to be easy to understand and for the script as a whole to be easily modified. We have made sure that the script is modular so that users can incorporate this into their own custom scripts. It should be easy to expand on this script as the main logic is fairly compact and open for easy modification. All features are packed into their own function for easy use elsewhere. This is particularly evident in the candle stick section. I have simplified the process of creating candle stick patterns by creating a type. All users have to do is make methods for this type.
candle()=>
polarity = open < close
body_top = math.max(open, close)
body_bottom = math.min(open, close)
body_range = body_top - body_bottom
top_wick = high - body_top
bottom_wick = body_bottom - low
average_body = ta.ema(body_range, 14)
average_top_wick = ta.ema(top_wick, 14)
average_bottom_wick = ta.ema(bottom_wick, 14)
has_body = body_range != 0
has_top_wick = top_wick != 0
has_bottom_wick = bottom_wick != 0
above_average_body = body_range > average_body
above_average_top_wick = top_wick > average_top_wick
above_average_bottom_wick = bottom_wick > average_bottom_wick
candle_data.new(
polarity
, body_top
, body_bottom
, body_range
, top_wick
, bottom_wick
, average_body
, average_top_wick
, average_bottom_wick
, has_body
, has_top_wick
, has_bottom_wick
, above_average_body
, above_average_top_wick
, above_average_bottom_wick
)
In conclusion, this script offers a blend of rapid trend channel formation and candlestick pattern recognition, making it a unique tool for traders looking for a more proactive approach to trend analysis.
Reversal Signals [LuxAlgo]The Reversal Signals indicator is a technical analysis tool that aims to identify when a trend is fading and potentially starting to reverse.
As a counter-trend tool, the Reversal Signals indicator aims to solve the problem of several technical analysis indicators that perform well during trending markets but struggle in ranging markets. By understanding the key concepts and applications of the tool, traders can enhance their market timing and improve their trading strategies.
Note: It's important to explore the settings of the indicator to customize to your own usage & display as there are various options available as covered below.
🔶 USAGE
The Reversal Signals indicator is comprised of two main phases: Momentum Phase and Trend Exhaustion Phase . These phases help identify potential trend reversals in bullish, bearish, and ranging markets.
🔹The Momentum Phase
The momentum phase consists of a 9-candle count and in rare cases 8-candle count. In a bullish trend, a starting number ‘1’ is plotted if a candle closes higher than the close of a candle four periods ago. In a bearish trend, a starting number ‘1’ is plotted if a candle closes lower than the close of a candle four periods ago.
The following numbers are plotted when each successive candle satisfies the four-period rule. The potential reversal point comes when the Reversal Signals plot a label on top of a candle in a bullish trend or at the bottom of a candle in a bearish trend. The momentum phase is immediately canceled if, at any point, a candle fails to satisfy the four-period rule.
Based on the extremes of the momentum phase, the Reversal Signals generate support & resistance levels as well as risk/stop levels.
🔹 The Trend Exhaustion Phase
The trend exhaustion phase starts after completing the momentum phase and consists of a 13-candle count. In a bullish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be greater than the close two periods earlier. In a bearish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be lower than the close two periods earlier.
The trend exhaustion phase does not require a consecutive sequence of candles; if the order of candles is interrupted, the trend exhaustion phase is not canceled. The trend exhaustion phase generates stronger trading signals than the momentum phase, with the potential for longer-lasting price reversals.
🔹 Trading Signals
The Reversal Signals script presents an overall setup and some phase-specific trade setup options, where probable trades might be considered. All phase-specific trade setups, presented as options, are triggered once the selected phase is completed and followed by a price flip in the direction of the trade setup.
Please note that those setups are presented for educational purposes only and do not constitutes professional and/or financial advice
- Momentum: Enter a trade at momentum phase completion, and search for buy (sell) when the bullish (bearish) momentum phase pattern is complete. Ideally, the momentum phase completion should close near its support/resistance line but shall not be above them, which indicates continuation of the trend
- Exhaustion: Enter a trade on trend exhaustion phase completion, and search for buy (sell) when the bullish (bearish) trend exhaustion phase is complete
- Qualified: Buy (sell) when a bullish (bearish) trend exhaustion phase combined with another bullish (bearish) momentum phase sequence is complete
Long trade setups are presented with "L" label and short trade setups with "S" label, where the content of the label displays details related to the probable trade opportunity
Once a phase-specific trade setup is triggered then the Reversal Signals script keeps checking the status of the price action relative to the phase-specific trade setups and in case something goes wrong presents a caution label. Pay attention to the content of the caution labels as well as where they appear. A trade signal, followed immediately by a warning indication can be assumed as a continuation of the underlying trend and can be traded in the opposite direction of the suggested signal
It is strongly advised to confirm trading setups in conjunction with other forms of technical and fundamental analysis, including technical indicators, chart/candlestick pattern analysis, etc.
🔶 DETAILS
The Reversal Signals script performs the detection of the phases by counting the candlestick meeting the specific conditions, which includes:
- Detection of the 8th and 9th candle perfection during the momentum phase
- In some cases, the 8th count will be assumed as momentum phase completion
- Trend exhaustion phase counting stops in case any type of momentum phase completion is detected during the counting process
- Postponing the last count of the trend exhaustion phase, the 13th candle must be below/above the 8th candle and if not the candles will be indicated with '+' sign under them and the script continues to search for a 13th candle at the next ones until the conditions are met
🔶 ALERTS
When an alert is configured, the user will have the ability to be notified in case;
Momentum / Trend Exhaustion phase completion
Support & Resistance level cross detection
Stop / Risk level cross detection
Long / Short Trade Setups are triggered
Please note, alerts are available with 'any alert() function call' and the alerts will be received only for the features that are enabled during alert configuration
🔶 SETTINGS
🔹 Momentum Phase
Display Phases: displays the momentum phases, where the Completed option allows the display of only completed momentum phases. The detailed option allows the display of the entire process of the momentum phase processes
Support & Resistance Levels: Toggles the visibility of the Support & Resistance Levels and Line Styling options
Momentum Phase Risk Levels: Toggles the visibility of the momentum phase Stop/Risk Levels and Line Styling options
For color options please refer to the options available under the style tab
🔹 Trend Exhaustion Phase
Display Phases: displays the trend exhaustion phases, where the Completed option allows the display of only completed trend exhaustion phases. The detailed option allows the display of the entire process of the trend exhaustion phase processes
Trend Exhaustion Phase Risk Levels: Toggles the visibility of the trend exhaustion phase Stop/Risk Levels
Trend Exhaustion Phase Target Levels: Toggles the visibility of the trend exhaustion phase Target Levels
For color options please refer to the options available under the style tab
🔹 Trade Setups
Overall Trend Direction & Trade Setup: displays the overall trend and probable trade setup levels, the users should search for a price flip and confirm with other means of technical and fundamental analysis for the trade setups once the label is plotted
Phase-Specific Trade Setup Options
Momentum: Searches for a trade setup after momentum phase completion
Exhaustion: Searches for a trade setup after trend exhaustion phase completion, stronger trend reversal possibility compared to momentum phase setup
Qualified: Searches for a trade setup after the trend exhaustion phase followed by a momentum phase completion
None: No trade setups are presented
Price Flips against the Phase Specific Trade Setups: enables checking the price action relative to the phase-specific trade setups
🔶 RELATED SCRIPTS
Here are the scripts that may add additional insight during potential trading decisions.
Buyside-Sellside-Liquidity
Support-Resistance-Classification
Engulfing and Doji Scanner with SLThe Bullish Engulfing pattern occurs when the close is higher than the open, and scripts will look for this pattern by checking the difference in the close and open prices sufficiently in pips. Likewise, the Bearish Engulfing pattern occurs when the close is lower than the open, and scripts will look for this pattern by checking for sufficient difference in the open and close in pips.
The Doji pattern occurs when the absolute difference between the open and close prices is very small compared to the price range for that period. The script will look for these patterns by comparing the difference between the open and close prices by a certain percentage of the price range.
After the patterns are detected, the script will calculate the Stop Loss (SL) and Take Profit (TP) levels based on the parameters set. The SL level will be determined based on the lowest price range with certain adjustments, while the TP level is calculated using a 1:1 ratio to the SL distance.
This script will display arrows and Stop Loss and Take Profit labels on the chart to assist traders in identifying relevant patterns and levels. However, it is important to remember that these scripts only assist in the analysis of patterns and levels, and a more complete trading strategy and decision-making remains the responsibility of the trader.
Multiple Moving Average ToolkitFeatures Overview:
Multiple Moving Averages: The script allows you to plot up to five different Moving Averages (MAs) on your chart at the same time. You can choose the type of MA (EMA, SMA, HMA, WMA, DEMA, VWMA, VWAP) and the length of each one.
Color Ribbon: You can turn the MAs into a color ribbon by selecting the "Turn into Color Ribbon?" option. This will make the area between the MAs colored and can help you identify trends more easily.
MA Value Table: You can draw a table on your chart that displays the current values of each MA, whether the trend is bullish or bearish along with the length of the MAs. The current ATR value is also shown in the last cell of the table. You can choose the location of the table (Top Left, Top Right, Bottom Left, Bottom Right) and the transparency of the background color.
Crosses: The script can detect when two MAs cross over each other (1st MA crosses 5th MA and vice versa), indicating a potential trend reversal. It will plot crosses on the chart at the point of the crossover and give an alert if the "Bullish Cross Detected" or "Bearish Cross Detected" condition is met.
How to use:
Once the script is added to your chart, you can customize the settings to fit your preferences. You can choose the type and length of each MA, whether to turn them into a color ribbon, whether to plot crosses, and whether to draw the MA Value Table.
The MA Value Table can be moved to a different location on the chart by selecting the "Location of Table" option and choosing Top Left, Top Right, Bottom Left, or Bottom Right.
Watch for MA crossovers and alerts to identify potential trend reversals. The script can help you identify bullish and bearish trends by color-coding the area between the MAs and displaying the current values of each MA in the table.
Breakdown of the script:
User Inputs
The first section of the script defines several user inputs that allows you to customize the indicator. These include options for turning the MAs into a color ribbon, plotting crosses when there is a bullish or bearish cross of the MAs, drawing a table of the MA values, and setting the transparency of the ribbon. You can also select the location of the MA value table and customize the settings for each individual MA.
Moving Average Calculation
The script defines a function called "getMA" that calculates the moving average for a given type and length. The function uses a switch statement to determine which type of moving average to use, such as an exponential moving average (EMA), simple moving average (SMA), Hull moving average (HMA), weighted moving average (WMA), double exponential moving average (DEMA), volume-weighted moving average (VWMA), or volume-weighted average price (VWAP).
The script then calls this function to calculate the values of up to five different MAs, depending on the user input. The ATR (average true range) is also calculated using the TA library.
Color Filter and Cross Detection
The script sets a color filter based on the relationship between the MAs. If the shorter-term MAs are above the longer-term MAs, the filter is set to green to indicate a bullish trend, and if the shorter-term MAs are below the longer-term MAs, the filter is set to red to indicate a bearish trend. You can adjust the transparency of the ribbon to make it more or less visible.
The script also detects when there is a bullish or bearish cross of the MAs and can generate alerts to notify you.
MA Plotting
The script plots up to five MAs on the chart, depending on the user input. The MAs are plotted as lines with different colors and thicknesses, and you can choose to turn them into a color ribbon if desired.
Cross Plotting
The script plots crosses on the chart when there is a bullish or bearish cross of the MAs. The crosses are plotted as X shapes at the location of the cross and are color-coded to indicate the direction of the cross.
MA Value Table
Finally, the script draws a table of the MA values on the chart, displaying the values of each MA as well as the current trend and the ATR. You can customize the location of the table, and the table is colored to match the color filter of the MAs.
Feel free to message me or comment on the post with any questions or issues!
Much more to come!
Thanks for reading, enjoy!
Multiple Divergences (UDTs - objects) - Educational█ OVERVIEW
This script highlights the usage of User-defined Types (UDTs) and objects , and bullish /bearish divergences.
Pivotpoints are used to find divergences, the result of this script will be different against other public multiple divergences scripts.
FOR Pine Script™ CODERS
Besides the information found in CONCEPTS , the comments in the script will, hopefully ), guide you through my thought process.
█ CONCEPTS
The main principle of this script are bullish /bearish divergences, this with 3 different oscillators ( RSI , CCI , MFI )
If you want to know more about divergences, have a look at some Education and Research idea's .
On every bar, an object HLs is made, containing bar_index , high , low , and 2 bool variables ( isPh , isPl ).
On every bar, an object Osc is made, containing bar_index , o (oscillator value), and 2 bool variables ( isPh , isPl ).
If a pivothigh (ph ) is found, isPh will be true on that bar, false otherwise.
If a pivotlow (pl) is found, isPl will be true on that bar, false otherwise.
These objects are added to an array, with limited size.
If a ph is found, the script draws a testline from that ph to every previous ph , found in the array.
Then every high in between these 2 points are checked if they don't pierce the testline .
If the testline isn't broken, the Reg_Div_Piv() function will give 4 values, 1 check (not pierced) variable and the 4 points of the line.
The testline is deleted.
Once a positive check is found, the script will perform the same, but now with the Osc objects.
The script will ONLY compare Osc pivots which are maximum 1 bar away from the high/low pivot .
If everything is confirmed, a line is drawn, visible on the chart.
█ REMARKS
A label will be visible with a number, this is the amount of divergences found with the according oscillator .
EXAMPLE
Div with RSI and CCI -> 2
Div with MFI alone -> 1
Div with RSI and CCI and MFI -> 3
...
Divergences should only be used when confirmed, this is after bar close .
As an aid, lines that are not confirmed will be dotted , if confirmed, they will be solid .
The divergence check start when a ph/pl is found, after which oscillator pivot are checked.
Optionally the same can be done, when a oscillator pivot is found and then check the ph/pl ,
this should give more results, although it can make the script slower.
█ SETTINGS
Left - amount of bars at the left which needs to be lower/higher
Right - amount of bars at the right which needs to be lower/higher
Max values - maximum values in array of objects
3 oscillator settings with
• ON/OFF
• Length
• color bullish divergence
• color bearish divergence
Have FUN !
lower_tf█ OVERVIEW
This library is a Pine programmer’s tool containing functions to help those who use the request.security_lower_tf() function. Its `ltf()` function helps translate user inputs into a lower timeframe string usable with request.security_lower_tf() . Another function, `ltfStats()`, accumulates statistics on processed chart bars and intrabars.
█ CONCEPTS
Chart bars
Chart bars , as referred to in our publications, are bars that occur at the current chart timeframe, as opposed to those that occur at a timeframe that is higher or lower than that of the chart view.
Intrabars
Intrabars are chart bars at a lower timeframe than the chart's. Each 1H chart bar of a 24x7 market will, for example, usually contain 60 intrabars at the LTF of 1min, provided there was market activity during each minute of the hour. Mining information from intrabars can be useful in that it offers traders visibility on the activity inside a chart bar.
Lower timeframes (LTFs)
A lower timeframe is a timeframe that is smaller than the chart's timeframe. This framework exemplifies how authors can determine which LTF to use by examining the chart's timeframe. The LTF determines how many intrabars are examined for each chart bar; the lower the timeframe, the more intrabars are analyzed.
Intrabar precision
The precision of calculations increases with the number of intrabars analyzed for each chart bar. As there is a 100K limit to the number of intrabars that can be analyzed by a script, a trade-off occurs between the number of intrabars analyzed per chart bar and the chart bars for which calculations are possible.
█ `ltf()`
This function returns a timeframe string usable with request.security_lower_tf() . It calculates the returned timeframe by taking into account a user selection between eight different calculation modes and the chart's timeframe. You send it the user's selection, along with the text corresponding to the eight choices from which the user has chosen, and the function returns a corresponding LTF string.
Because the function processes strings and doesn't require recalculation on each bar, using var to declare the variable to which its result is assigned will execute the function only once on bar zero and speed up your script:
var string ltfString = ltf(ltfModeInput, LTF1, LTF2, LTF3, LTF4, LTF5, LTF6, LTF7, LTF8)
The eight choices users can select from are of two types: the first four allow a selection from the desired amount of chart bars to be covered, the last four are choices of a fixed number of intrabars to be analyzed per chart bar. Our example code shows how to structure your input call and then make the call to `ltf()`. By changing the text associated with the `LTF1` to `LTF8` constants, you can tailor it to your preferences while preserving the functionality of `ltf()` because you will be sending those string constants as the function's arguments so it can determine the user's selection. The association between each `LTFx` constant and its calculation mode is fixed, so the order of the arguments is important when you call `ltf()`.
These are the first four modes and the `LTFx` constants corresponding to each:
Covering most chart bars (least precise) — LTF1
Covers all chart bars. This is accomplished by dividing the current timeframe in seconds by 4 and converting that number back to a string in timeframe.period format using secondsToTfString() . Due to the fact that, on premium subscriptions, the typical historical bar count is between 20-25k bars, dividing the timeframe by 4 ensures the highest level of intrabar precision possible while achieving complete coverage for the entire dataset with the maximum allowed 100K intrabars.
Covering some chart bars (less precise) — LTF2
Covering less chart bars (more precise) — LTF3
These levels offer a stepped LTF in relation to the chart timeframe with slightly more, or slightly less precision. The stepped lower timeframe tiers are calculated from the chart timeframe as follows:
Chart Timeframe Lower Timeframe
Less Precise More Precise
< 1hr 1min 1min
< 1D 15min 1min
< 1W 2hr 30min
> 1W 1D 60min
Covering the least chart bars (most precise) — LTF4
Analyzes the maximum quantity of intrabars possible by using the 1min LTF, which also allows the least amount of chart bars to be covered.
The last four modes allow the user to specify a fixed number of intrabars to analyze per chart bar. Users can choose from 12, 24, 50 or 100 intrabars, respectively corresponding to the `LTF5`, `LTF6`, `LTF7` and `LTF8` constants. The value is a target; the function will do its best to come up with a LTF producing the required number of intrabars. Because of considerations such as the length of a ticker's session, rounding of the LTF to the closest allowable timeframe, or the lowest allowable timeframe of 1min intrabars, it is often impossible for the function to find a LTF producing the exact number of intrabars. Requesting 100 intrabars on a 60min chart, for example, can only produce 60 1min intrabars. Higher chart timeframes, tickers with high liquidity or 24x7 markets will produce optimal results.
█ `ltfStats()`
`ltfStats()` returns statistics that will be useful to programmers using intrabar inspection. By analyzing the arrays returned by request.security_lower_tf() in can determine:
• intrabarsInChartBar : The number of intrabars analyzed for each chart bar.
• chartBarsCovered : The number of chart bars where intrabar information is available.
• avgIntrabars : The average number of intrabars analyzed per chart bar. Events like holidays, market activity, or reduced hours sessions can cause the number of intrabars to vary, bar to bar.
The function must be called on each bar to produce reliable results.
█ DEMONSTRATION CODE
Our example code shows how to provide users with an input from which they can select a LTF calculation mode. If you use this library's functions, feel free to reuse our input setup code, including the tooltip providing users with explanations on how it works for them.
We make a simple call to request.security_lower_tf() to fetch the close values of intrabars, but we do not use those values. We simply send the returned array to `ltfStats()` and then plot in the indicator's pane the number of intrabars examined on each bar and its average. We also display an information box showing the user's selection of the LTF calculation mode, the resulting LTF calculated by `ltf()` and some statistics.
█ NOTES
• As in several of our recent publications, this script uses secondsToTfString() to produce a timeframe string in timeframe.period format from a timeframe expressed in seconds.
• The script utilizes display.data_window and display.status_line to restrict the display of certain plots.
These new built-ins allow coders to fine-tune where a script’s plot values are displayed.
• We implement a new recommended best practice for tables which works faster and reduces memory consumption.
Using this new method, tables are declared only once with var , as usual. Then, on bar zero only, we use table.cell() calls to populate the table.
Finally, table.set_*() functions are used to update attributes of table cells on the last bar of the dataset.
This greatly reduces the resources required to render tables. We encourage all Pine Script™ programmers to do the same.
Look first. Then leap.
█ FUNCTIONS
The library contains the following functions:
ltf(userSelection, choice1, choice2, choice3, choice4, choice5, choice6, choice7, choice8)
Selects a LTF from the chart's TF, depending on the `userSelection` input string.
Parameters:
userSelection : (simple string) User-selected input string which must be one of the `choicex` arguments.
choice1 : (simple string) Input selection corresponding to "Least precise, covering most chart bars".
choice2 : (simple string) Input selection corresponding to "Less precise, covering some chart bars".
choice3 : (simple string) Input selection corresponding to "More precise, covering less chart bars".
choice4 : (simple string) Input selection corresponding to "Most precise, 1min intrabars".
choice5 : (simple string) Input selection corresponding to "~12 intrabars per chart bar".
choice6 : (simple string) Input selection corresponding to "~24 intrabars per chart bar".
choice7 : (simple string) Input selection corresponding to "~50 intrabars per chart bar".
choice8 : (simple string) Input selection corresponding to "~100 intrabars per chart bar".
Returns: (simple string) A timeframe string to be used with `request.security_lower_tf()`.
ltfStats()
Returns statistics about analyzed intrabars and chart bars covered by calls to `request.security_lower_tf()`.
Parameters:
intrabarValues : (float [ ]) The ID of a float array containing values fetched by a call to `request.security_lower_tf()`.
Returns: A 3-element tuple: [ (series int) intrabarsInChartBar, (series int) chartBarsCovered, (series float) avgIntrabars ].
Advanced Volume ProfileTHIS SCRIPT CURRENTLY ONLY WORKS FOR ASSETS THAT TRADE 24/7 OR CBOE FUTURES HOURS!
This script plots volume relative to an asset's historical volume profile.
Usage:
As a companion to my "Unusual Time Frame Volume" (UTF Volume) script, this plots volume against the same historical volume profile used for UTF Volume.
The same high volume (relative to historical) threshold alert is available (yellow bar).
Likewise, if the volume exceeds the historical threshold, but is below the alert threshold, the bar color is orange.
At the top of the chart is an indicator which is green if a bar has higher volume than the previous bar.
You can also set a threshold for this such that if the volume of a bar exceeds the previous bar by a certain multiplier which will turn the indicator yellow.
For example, if the threshold is set to "1.5", then the indicator will be yellow (instead of green) on an increase in volume over the previous bar of 1.5x.
NOTES:
Again, this script currently only works for assets that trade 24/7 or CBOE Futures hours!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting.
For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m.
If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If the settings are not set appropriately, the output will be incorrect/invalid.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error.
I suggest playing with settings from "1" (compares volume to the previous day's volume) to the highest number that doesn't break the script.
For example, at a 2m time frame, the maximum look-back will be "6" or "7" depending on which mode you are using.
Longer chart time settings allow larger look-back values.
I find that the default value ("6") does a decent job in general.
Please feel free to reuse or further develop this script.
I would greatly appreciate it if you would send me a message below if you find it useful.
[CLX][#03] Object-Stack (Labels/Lines/Boxes)This script shows an example of how to manage objects (lines/labels/boxes) and prevent the need of garbage collecting and missing objects.
You only have to push your object into the right array.
*_FIXED (left-lock) or *_FORWARD (right-lock)
We hope you enjoy it! 🎉
CRYPTOLINX - jango_blockchained 😊👍
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely.
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold cryptolinx TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
[CLX][#02] Registry (type-based)This script only provides a basic __setter and __getter registration function with a type-based limitation.
We don't want to blow the code with additional conditions. The suggestion was to get the basic functionality.
Benefits:
- Get/set/update global-like variables between functions
- No init needed. You can call a entry before you set it.
Get-Functions:
- f_reg_getInt(_key)
- f_reg_getFloat(_key)
- f_reg_getBool(_key)
- f_reg_getString(_key)
- f_reg_getColor(_key)
- f_reg_getLabel(_key)
- f_reg_getLine(_key)
Set-Functions:
- f_reg_setInt(_key, _value)
- f_reg_setFloat(_key, _value)
- f_reg_setBool(_key, _value)
- f_reg_setString(_key, _value)
- f_reg_setColor(_key, _value)
- f_reg_setLabel(_key, _value)
- f_reg_setLine(_key, _value)
Feel free to contribute for an extended version. :)
We hope you enjoy it! 🎉
CRYPTOLINX - jango_blockchained 😊👍
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely.
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
Repulse-AORepulsion Engine is a proof of concept for a series of indicators using repulsion, as re-contextualized from the following:
www.quantamagazine.org
In my view, the technique is unique, and therefore a new category of indicator, but that distinction will, obviously, be left to the community and to the moderators. One thing that can be said is repulsion appears to be applicable to more than RSI, and while it's not featured here, it has been tested in other related work using SMA, EMA and HMA signal artefacts. Still, the script is raw and not overly clean. One might hope for a git-like versioning system and vertically oriented script window, but that would be playing the blame game, and I would lose that battle. Trading View is awesome as it is and getting better all the time.
This script features an experimental oscillator branch, also utilising some off-in-left-field number theory by which a link is posited to have been made to a fractal domain, around which the oscillator 'more subtly' picks up price movement. Three interrelated pairs are involved, but to avoid long-winded explanation, you might want to just play with changing out XRPUSDT and XRPBTC for two other similarly related securities. Several other scripts on the workbench over here automate this process.
No doubt, more able programmers will easily enhance this and other scripts which arise. If there's interest in this one, more of the raw 'it's not really ready' scripts will likely follow, so people can dig in and do their own mashups sooner rather than later, tossing what is bad and enhancing what is good.
It might be better, and garner a lot less flaming, if this indicator is described as experimental all the way through.
Stubs are present here for users to test performance on their own.
I hope you get something out of it, and if you make one of your own or move this along to a higher standard that you drop me a line to let me know. I'm always eager to learn and to grow.
Reversal with Bollinger Bands + RSI + ADX + ATR (Upgraded)Hi,
Welcome to my 4th script.
Someone asked me some questions about the Bollinger Band strategy I previously published. When I went back to my published script I couldn't help myself but simply try and make it better. Which I did.
Since I've published that script, I've gained much more knowledge about how Pinescript functions. As well as gaining more and more knowledge about how the markets are structered etc.
In this reversal script we use 4 indicators to determine good entry signals, we determine whether the market is ranging or trending and we still only want to take trades in the direction of the "trend".
Bollinger Bands are used for our entry signal. When price hits either side of the band, we wait for a reverse candlestick before we enter a position.
RSI is used to determine if we're in a trending market or in a ranging market. You can adjust the values in the inputs. You can determine the minimum RSI value and the maximum RSI value.
ADX is used the same way as RSI, you can adjust the value in the inputs. You can determine the minimum ADX value.
Last but not least we use two EMA's, a 200 EMA and 100 EMA. Both are adjustable through the inputs. I used two EMA's because I noticed when using this strategy that we'd enter a new position often after having a bad trade. Using two EMA's might clean up some signals, in my case with EUR/USD on a 15m timeframe, it didn't clean up enough signals.
All the default values are pretty decent but might require some finetuning on a certain instrument. Don't overfit the strategy though, that'll only give you bad signals in the future.
Then we are off to our exit signals.
Initially I wanted to incorporate my previous Bollinger Band exit signals as well, but it was too much of a hassle to make the script work as intended so I left it out. If you want to use those exit signals, just find my other script.
When we're in a position and price crosses the opposite band, we wait for a reverse candlestick before we exit the position.
Additionally we want our losses to be as small as possible, so we use RSI to signal us when the market is, or starts to, trend against us. This is where you use the minimum and maximum exit values. So when RSI crosses over or under that value, it'll exit the position.
Furthermore, we use the ATR indicator to set our stop loss, which is pretty basic stuff. You can adjust the ATR multiplier in the inputs. Disabling "Use Trailing Stop?" is really inadvisable unless you know this script inside out as your only exit signals will be opposite Bollinger Band Cross and RSI overbought / oversold areas.
Pearsons R historic breaks ( for making strategy out of it )Pearsons R adjustments of linear regressions is a good tool to analyse visually the trend basis channeling of the market,
one of the common challenges in the scripts which i came across the tradingview community is the lack of the historic places put over the charts where the price actually crossed up/below the channel boundaries,
For me in order to do so we would have to replay the scripts over and over.
So I came up with an addon extension to a good script on the community ()
I have added the historic marks over the charts ( blue/green/red/orange Arrows which you see on the charts)
These arrows are the places where the price have crossed the channel boundaries historically
So,
Blue arrow = Bull Intent ,Place where the upper channel boundary line have been crossed
Orange arrow = Bear Intent , Place where the Lower channel boundary line have been crossed
Green arrow = Bull Max , Place where the Maximum Upper channel boundary line have been crossed
Red arrow = Bear Max , Place where the Minimum Lower channel boundary line have been crossed
For me this type of approach is good for making a strategy out of the concepts visually, in congestion to other indicators
I would suggest you guys to check this on alert basis with your setups to derive out the best from linear regressions
Lastly it would be a pleasure to give credits to the creators of Pearsons R scripts in Tradingview
@midtownsk8rguy
@TradeBoneDogs
@x11joe
Also thanking Tradingview for providing us such an awesome community and platform :)
