ZenTrend Price CyclesZenTrend attempts to plot the cycles that occur as the price cycles between the top and bottom of long- and short-term price linear regression channels.
The indicator observes a fast (35-period) and a slow (100-period) linear regression channel and plots their slopes on an oscillator. When the slope of the fast channel crosses above or below the slope of the slow channel, a signal is plotted.
The red line is the slope of the fast channel; blue is the slope of the slow channel
A green dot and background indicates the slope of recent price action has crossed above the slope of long-term price action.
A red dot and background indicates the slope of recent price action has crossed below the slope of long-term price action.
A gray dot indicates the slope of recent price action is slowing. The difference between the long- and short-term slopes is narrowing.
Here are things I look for when observing price cycles
Where does the cross occur? Crosses high above or below the 'zero line' indicate a more extreme change in price channel slopes.
Flat line: crosses that occur while the lines are flat often indicate chop.
"Curve" of the line - a cross that occurs as the slope lines are starting to curve up/down indicates a sharper and more extreme change in price channel slope.
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Donchian Channels %I enjoy Donchian Channels for identifying trends. However, I hate having them on my chart. They are next to impossible to interpret at a glance. This script converts DCs to a % making a useful oscillator. The horizontal lines on the chart correspond to the Fib retracements below 50%. There are many ways to trade using this script and it works on any time frame. Moving average crosses are worth your attention, particularly, the 34 period MA (purple line). Enjoy and happy trading.
Optimized Alligator RateA less conventional way of utilizing the "Williams Alligator," the Optimized Rate uses the rate of change of the averages within the Alligator in order to potentially forecast with greater accuracy. The true optimization comes from the calculation of the "McGinley Dynamic" to create zero lag smoothed moving averages. It's important to note the standard Alligator has always used the SMMA. Lastly, divergence between the rates has been calculated in plotting for clarification.
Catching Trend Reversals by shorting tops and buying bottomsHOLP (High of the low period) and LOHP (Low of the high period)
Catching Trend Reversals by shorting tops and buying bottoms
using this Swing High/Low Indicator
Trading Strategy comes from Mastering the Trade, by John Carter pg 300.
Trading Rules for Sells, Buys are reversed
1. Identifying a trending market, where today's price is making a 20-day high (17-18 day highs are also fine)
Note this is configurable by setting the trending period variable (defaults to 20)
For example if price is making a 20 period high or 20 period low, it will show a triangle up/down above the candle.
2. Identify the high bar in the uptrend
3. Go short once the price action closes below the low of this high bar
4. The initial stop is the high of the high bar.
5. If you are in the trade on the third day or period, use a 2 bar trailing stop.
You can check 2-bar trailing stop to draw the line, defaults to off.
Stop is indicated by the white dot.
Code Converted from TradeStation EasyLanguage
I can't find the original source anymore for the swing high/low plots, but if someone knows,
let me know and I'll credit here.
Distribution Histogram [SS]This is the frequency histogram indicator. It does just that—creates a frequency histogram distribution based on your desired lookback period. It then uses Pine's new Polyline function to plot a normal curve of the expected results for a normal distribution. This allows you to see quite a few things:
🎯 Firstly, it allows you to see where the accumulation rests in terms of a bell curve. The histogram represents a bell curve, and you can visually observe what the curve would look like.
🎯 Secondly, it will assess the normal distribution and the degree of skewness based on the curve itself. The indicator imports the SPTS statistics library to assess the distribution using Kurtosis and Skewness. However, it also adds functionality in this regard by making a qualitative assessment of the data. For example, if there are heavy left tails or heavier right tails present in the histogram, the indicator will alert you that a heavier left or right tail has been observed.
🎯 Thirdly, it provides you with the kurtosis and skewness of the dataset.
🎯 Fourthly, it provides the mean, median, and mode of the dataset, as well as the maximum and minimum values within the dataset.
🎯 Lastly, it provides you with the ability to toggle on tips/explanations of the curve itself. Simply toggle on "Show Distribution Explanation" in the settings menu:
How is the indicator helpful for trading?
If you are a mean reversion trader, this helps you identify the areas and price ranges of high and low accumulation. It also allows you to ascertain the probability by looking at the standard deviation of the bell curve. Remember, the majority of values should fall between -1 and 1 standard deviation of the mean (68%).
If it is revealed that the distribution has a heavier right or left tail, you will know that the stock is more likely to experience sudden drops and shifts in the curve in one direction or the other. Heavier left tails will tend to shift to the values on the far left, and vice versa for right tails.
Customization
You can turn off and on the following:
👉 The normal curve,
👉 The standard deviation levels, and
👉 The distribution explanations and tips.
Conclusion: And that is the indicator! Hope you enjoy it!
Candle Counter from 9:30 AM to 4:00 PMThis Pine Script, designed for TradingView, serves as a candle counter exclusively for a 5-minute chart. It operates within the specific market hours of 9:30 AM to 4:00 PM. Key features of the script include:
Market Hours Specification: The script is configured to track candles only during the trading hours from 9:30 AM to 4:00 PM.
Daily Reset: Each trading day, the candle counter resets, starting anew from the market opening at 9:30 AM.
Candle Counting: It increments a counter with each 5-minute candle during the specified market hours.
Label Display: The counter number for each candle is displayed as a label at the candle's low point. This label is in bright white color with large font size, ensuring clear visibility against various chart backgrounds.
5-Minute Chart Specificity: The script is tailored to function only when the chart is set to a 5-minute timeframe, making it ideal for traders focusing on intraday movements.
New Day Detection: Utilizes a function to identify the start of a new trading day, ensuring accurate daily counting.
This script is particularly useful for traders who focus on intraday trading within the standard stock market hours, providing a clear and easy-to-read candle count that resets daily.
ATR Range Accumulation by Standard Deviation and Volume [SS]So, this is an indicator/premise I have been experimenting with, which mixes ATR with Z-Score and Volume metrics.
What does the indicator do?
The indicator, on the lower timeframes, uses an ATR approach to determine short-term ranges. It takes the average ATR range over a designated lookback period and plots out the levels like so:
It then calculates the Z-Score for these ATR targets (shown in the chart above) and calculates, over the designated lookback period, how often price accumulates at that standard deviation level.
The indicator is essentially a hybrid of my Z-Score Support and Resistance indicator and my frequency distribution indicator. It combines both concepts into one.
You also have the option of sorting by volume accumulation. This will display the accumulation of the ranges by volume accumulation, like so:
Larger Timeframes:
If you want to see the accumulation by volume or standard deviation on the larger timeframes, you can. Simply toggle on your preferred setting:
Show Total Accumulation Breakdown:
This will break down the levels, over the lookback period, by standard deviation. This is similar to the Z-Score support and resistance indicator. It will then show you how often price accumulates at these various standard deviation levels. Here is an example on the daily timeframe using the 1D chart settings:
Inversely, you can repeat this, with the Z-Score levels, but show accumulation by volume. This will print 5 boxes, which are between +3 Standard Deviations and -3 Standard Deviations, like so:
Here we can see that 61% of volume accumulation is between -1 and 1 standard deviation.
Using it to Trade:
For swing trading, I suggest using the larger timeframe information. However, for both swing and day traders, it is also helpful to use the ATR display. You can modify the ATR display to show the levels on any timeframe by selecting which timeframe you would like to see ATR ranges for. If you are trading on the 1 or 5-minute chart, I suggest leaving the levels at no shorter than a 60-minute timeframe.
You can also use these levels on the daily for the weekly levels, etc.
The accumulation being shown will be based on the current chart timeframe. This is a function of Pinescript, but in this case, it's actually advantageous because if you are trading on the shorter timeframe, and a level has 0% recent accumulation, it's unlikely we will see that level soon or overly quickly. Intraday retracements will generally happen to areas of high accumulation.
How this indicator is different:
The difference in this indicator comes from its focus on accumulation in relation to Standard Deviation. There is one thing that is consistent among retail traders, algorithms, market makers, and funds, and that is looking at the market in terms of standard deviation. Each person, market maker, and algorithm may be slightly nuanced in how it conceptualizes standard deviation (whether it be since the inception of the ticker (or IPO), or the previous 500 days, or the previous 100 days, etc.), but the premise remains consistent. Standard Deviation is a really important, if not the most important, metric to pay attention to. Another important metric is volume. Thus, the premise is that combining volume accumulation with standard deviation should, theoretically, be telling. We can see the extent of buying at various standard deviations and whether a stock is really a buy or not.
And that's the indicator! Hope you enjoy it. Leave your comments and questions below.
Safe trades!
Hi-Lo-GaugesIntroducing the 'Hi-Lo-Gauges' indicator, a powerful tool designed to provide a comprehensive visual representation of key price metrics. This indicator leverages up to 8 preset gauges, each catering to a specific aspect of market data:
All-time high and low
Current 52 Weeks high and low
Current Annual High and Low
Current Semi-Annual High and Low
Current Quarterly High and Low
Current Monthly High and Low
Current Weekly High and Low
Current Daily High and Low
Users have the flexibility to choose all 8 or selectively display specific gauges. For each metric, the gauge dynamically adapts, with the low value set as the minimum and the high value as the maximum. Measurement options include utilizing the highest and lowest closes or the literal highest and lowest prices.
The active price of the underlying asset serves as the reference point, allowing users to gauge the percentage move on the scale between the chosen minimum and maximum. Complete customization is at the users' fingertips, enabling them to tailor the indicator's appearance to suit their preferences.
With 'Hi-Lo-Gauges,' traders and analysts can intuitively monitor and interpret diverse price metrics, fostering a deeper understanding of market dynamics and supporting more informed decision-making.
Note: 'Hi-Lo-Gauges' is visible and applicable exclusively on the daily timeframe due to the nature of the metrics used.
TASC 2024.01 Gap Momentum System█ OVERVIEW
TASC's January 2024 edition of Traders' Tips features an article titled “Gap Momentum” by Perry J. Kaufman. The article discusses how a trader might create a momentum strategy based on opening gap data. This script implements the Gap Momentum system presented therein.
█ CONCEPTS
In the article, Perry J. Kaufman introduces Gap Momentum as a cumulative series constructed in the same way as On-Balance Volume (OBV) , but using gap openings (today’s open minus yesterday’s close).
To smoothen the resulting time series (i.e., obtain the " signal line "), the author applies a simple moving average . Subsequently, he proposes the following two trading rules for a long-only trading system:
• Enter a long position when the signal line is moving higher.
• Exit when the signal line is moving lower.
█ CALCULATIONS
The calculation of Gap Momentum involves the following steps:
1. Calculate the ratio of the sum of positive gaps over the past N days to the sum of negative gaps (absolute values) over the same time period.
2. Add the resulting gap ratio to the cumulative time series. This time series is the Gap Momentum.
3. Keep moving forward, as in an N-day moving average.
Price PressureDescription:
The Price Pressure Indicator, developed by OmegaTools, is a robust and versatile tool designed to assist traders in analyzing market dynamics and identifying potential trend shifts. This open-source script, offers a unique approach to understanding price pressure over specified periods, enhancing the user's ability to make informed trading decisions.
Key Features:
1. Dynamic Length Configuration: The indicator allows users to customize the length parameter, ranging from 9 to 100, providing flexibility in adapting to different market conditions.
2. Extensions Control: Traders can fine-tune the extension levels (ob) between 50 and 90, allowing for precise adjustments based on their risk tolerance and trading preferences.
3. Normalization and Oscillation: The script employs a normalization function to standardize price data, offering a clearer representation of market pressure. The resulting oscillator visualizes the normalized pressure, highlighting potential market trends.
4. Pressure Calculation: The indicator calculates price pressure by considering the difference between the previous high and the current close, as well as the difference between the current close and the previous low. This innovative approach enhances the accuracy of pressure analysis.
5. Smoothing Option: While the script currently uses a simple moving average for smoothing, traders have the option to explore other smoothing methods by uncommenting the "smt" input line.
6. Visual Clarity: The indicator provides a visually intuitive representation of pressure and signal lines, aiding traders in quickly interpreting market conditions. The color-coded display enhances user experience, with the ability to discern bullish and bearish pressures.
7. Premium and Discount Zones: The script identifies premium and discount areas, assisting traders in spotting potential buying or selling opportunities. The premium and discount lines can be adjusted based on individual risk tolerance and strategy.
How to Use:
1. Adjust the length and extension parameters based on your trading preferences.
2. Interpret the oscillator and signal lines for insights into market pressure.
3. Utilize premium and discount zones to identify potential entry or exit points.
4. Experiment with different smoothing options for a customized analysis.
Concepts and Methodology:
The Price Pressure Indicator utilizes a normalization function and oscillation to quantify market pressure. By calculating the difference between highs and lows, the script provides a nuanced understanding of current market conditions. The smoothing option further refines the analysis, offering traders a comprehensive tool for trend identification.
Explore, experiment, and leverage the power of the Price Pressure Indicator to enhance your trading strategy on TradingView.
Perfect RSIOverview:
The "Enhanced RSI" is a comprehensive TradingView indicator designed to provide traders with a nuanced and detailed analysis of market conditions using the Relative Strength Index (RSI). It amalgamates various RSI calculation methods to offer a more robust and adaptable approach to technical analysis.
Originality:
This script is unique in its synthesis of multiple RSI calculation techniques, including Regular RSI, Dynamic RSI, DMI RSI, Wilder's RSI, TSI RSI, Momentum RSI, and PPO RSI. By combining these methods, the script creates a distinctive and versatile tool for traders seeking a holistic view of RSI dynamics.
How It Works:
Diverse RSI Calculations:
Regular RSI: Calculates standard RSI with user-defined length and source.
Dynamic RSI: Adjusts RSI dynamically based on price movement direction.
DMI RSI: Uses Directional Movement Index for RSI calculation.
Wilder's RSI: Implements Wilder's smoothing technique for RSI.
TSI RSI: Utilizes True Strength Index for RSI calculation.
Momentum RSI: Calculates RSI based on momentum.
PPO RSI: Applies Percentage Price Oscillator for RSI calculation.
Composite RSI:
Combines the individual RSIs into three composite indices (RSI1, RSI2, RSI) using a weighted average approach.
Dynamic Level Adjustment:
Uses the correlation coefficient to dynamically adjust overbought and oversold levels, enhancing adaptability to market changes.
Visualization and Background Coloring:
Visualizes overbought and oversold zones on the chart.
Adjusts background color based on these conditions for clearer interpretation.
How to Use:
Installation:
Copy and paste the script into the Pine Editor on TradingView.
Adjust parameters as needed.
Analysis:
Utilize the "Enhanced RSI" as a comprehensive analysis tool for RSI dynamics.
Consider it as a confirmation tool alongside other technical indicators.
Customization:
Experiment with different RSI lengths and methods to align with your trading strategy.
Backtest the script to validate its effectiveness.
Considerations:
Complexity:
The script is sophisticated; users are advised to understand each calculation method before reliance.
Parameter Sensitivity:
Effectiveness may vary based on chosen parameters; thorough backtesting and parameter optimization are recommended.
Chaos CypherOverview
Technically a smooth linear rate transformation, the "Chaos Cypher" drew some inspiration from the principles of Markov and chaos. Aside from price action, this combination provides a different lens through which to observe and interpret market movements. Markov models are based on the principle that future states depend only on the current state, not on the sequence of events that preceded it. Chaos theory deals with systems that are highly sensitive to initial conditions, a concept popularly referred to as the butterfly effect.
Efficient with Minimal Data: Designed to perform efficiently, the CC indicator is particularly useful in situations regardless of extensive historical data, except for obvious back testing, while still providing strength at identifying potential overbought/oversold zones and critical divergences.
Simplified Momentum Analysis: With further inspiration from the triple smoothed exponential rate, the CC actually uses linear regression for its calculations. This approach allows for a clear and more straightforward identification of deviations in momentum. The smoothing helps allow it to provide details while still operating at a fast pace due to the regression speed.
Adaptable to Various Timeframes: The transformation calculation then employed effectively narrows its scope in relation to the pace, enhancing its applicability across multiple timeframes and periods. This flexibility makes it a versatile tool suitable for various strategies and market conditions.
Fisher Transform Style Presentation: The indicator is presented in a style reminiscent of the Fisher Transform. However, this method of the script recalculates based on every individual dataset. To maintain efficiency, the adjustable length only applies to the regression rate.
The Chaos Cypher when compared to the Fisher Transform
Inversion Option for Leads: Lastly, an intriguing find when testing this script is the potential of the inversion option. This aspect proved particularly useful when searching for pullbacks on a trending market.
Conclusion
This indicator is designed to be forward-thinking and attempts to combine theoretical concepts with practicality. It has the ability to work with minimal data, adapt to various timeframes, and provide clear views of market movements. It back tested very well even when unrealistically used as a sole instrument.
"Two states differing by imperceptible amounts may eventually evolve into two considerably different states ... If, then, there is any error whatever in observing the present state—and in any real system such errors seem inevitable—an acceptable prediction of an instantaneous state in the distant future may well be impossible....In view of the inevitable inaccuracy and incompleteness of weather observations, precise very-long-range forecasting would seem to be nonexistent." -Edward Norton Lorenz
Pipe tops & bottoms v1.0This indicator detects Pipe Tops and Pipe Bottoms chart patterns, using the concept described by Thomas Bulkowski: Tops , Bottoms .
Pipe tops and bottoms patterns are marked on the chart. You can change the indicator sensitivity by using the main settings which define detected price variation boundaries. This will lead to more dense or sparse pattern detection.
Once the bar following each detected top or bottom pattern satisfies signal condition (the current close price must be higher than the high of the pipe bottom, or lower than the low of the pipe top), these bars are also marked on the chart and can be used to define potential long or short entry points.
You can optionally choose to show only signal marks on the chart (this is preferable to avoid visual cluttering), or both pattern and signal marks.
Script calculations are based on the 'Pipe Bottoms Indicator Based on Thomas Bulkowski's Theories' indicator developed by BoilderRoomColdCaller in 2020.
Comparative Relative Strength AutoselectComparative Relative Strength (CRS) is a relative momentum indicator, used to compare a security against an index, or against another security. The comparison is used to show the relative performance to each other.
This script is a Quality of Life improvement, which attempts to match the base symbol to its relevant index on the local stock exchange. Thus automagically selecting the best and most relevant comparative symbol.
Features:
*optional comparative symbol override, in case your favourite index is not included in this script, or you want to force it to function as as a traditional cRS script without the autoselect feature.
* optional moving average crossover line
* optional absolute momentum calculation, calculating the excess return of the basesymbol and comparativesymbol against its own simple moving average.
ayogetit Trades™ Dynamic 5DMAThe Dynamic 5-Day Moving Average (MA) indicator is designed to provide traders with a consistent, time-adjusted moving average line across various timeframes. This indicator is especially useful for traders who switch between multiple timeframes and want a moving average that represents a fixed 5-day period, ensuring that the MA reflects a consistent lookback period relative to the amount of trading time each candle represents.
Features:
Timeframe Adaptability: Automatically adjusts the MA period to correspond to a 5-day lookback, regardless of the selected timeframe.
Intraday Precision: For intraday charts (5m, 15m, 30m, 1h, 2h, 4h), the indicator calculates the number of periods within the 5-day span based on the chart's timeframe.
Daily and Weekly Timeframe Compatibility: Sets the period to 5 for daily charts to maintain the 5-day MA, and to 1 for weekly charts, where each candlestick represents a week's worth of trading days.
Calculation Logic:
The indicator begins by defining the total number of trading minutes in 5 days, based on a standard 6.5-hour trading day.
A dynamic period calculation function then determines the number of those intervals that fit into the 5-day minute total for the selected timeframe.
For daily charts, the period is a straightforward 5, while for weekly charts, the period is set to 1, reflecting the average of the past 5 trading days.
GuageLibrary "Gauge"
The gauge library utilizes a gaugeParams object, encapsulating crucial parameters for gauge creation. Essential attributes include num (the measured value) , min (the minimum value equating to 100% on the gauge's minimum scale) , and max (the maximum value equating to 100% on the gauge's maximum scale) . The size attribute (defaulting to 10) splits the scale into increments, each representing 100% divided by the specified size.
The num value dynamically shifts within the gauge based on its percentage move from the mathematical average between min and max . When num is below the average, the minimum portion of the scale activates, displaying the appropriate percentage based on the distance from the average to the minimum. The same principle applies when num exceeds the average. The 100% scale is reached at either end when num equals min or max .
The library offers full customization, allowing users to configure color schemes, labels, and titles. The gauge can be displayed either vertically (default) or horizontally. The colors employ a gradient, adapting based on the number's movement. Overall, the gauge library provides a flexible and comprehensive tool for visualizing and interpreting numerical values within a specified range.
