Impact Zones - Skylyne InvestingWhat is the Impact Zone system:
The creation of Impact Zones started with our love for trading the Bond Market. Impact Zones were originally specifically tailored for the Bond market and now have been mastered to capture most of the Asset Classes out in the market today (Please look at Impact Zone Settings section for asset classes covered by this script). The Impact Zone system is a zone break (or market level break) following system with specific take profit points already established for you on the open of the market day (depending on your asset timing will vary).
*This script was designed for Intraday Trading, Long term or Swing Trading is not recommended with this system
The script will create buy and sell signals on the break of the Impact Zones when specific criteria is met along with the break of the zone. You do not have to use only our signals provided, you can also create your own trading rules based on our script.
Items to highlight:
Skylyne Upper Zone: Green Zone
Skylyne Middle: Yellow Line
Skylyne Lower Zone: Red Zone
Skylyne Take Profit Lines: Purple Lines
Skylyne Average: Orange Line (dynamic support/resistance)
Skylyne Overnight Session: Dark Blue (No Trade Zones)
Skylyne Signals: Buy / Sell
You can think of the Upper Zone as a bull zone and Lower zone as a bear zone, when price enters these zones we want to start watching price action to determine direction the market will take on the break or specified zone, whether it be a break and reversal or a break and run. This can be confirmed with either our signals (buy & sell) or the use of the dynamic support and resistance line (Skylyne Average).
Our script is written to capture market zones and place then on your screen with ease, we also have programmed in specific take profits and stop loss levels we have found the market respects on the intraday trading based on the Impact Zone captured.
The Impact Zones and Take Profit Levels change at Market open everyday. The levels provided will stay on your chart until the next Market open where the Impact Zones and Levels will change to accommodate that trading Day.
We recommend only using that trading days levels, however; using past levels can help trades depending on the case
The three Trades we want to highlight are:
1. Break of Impact Zones
a. This trade is taken when a break of the impact zone happens either in the positive or negative direction and traded to the next zone or take profit line (stop losses can be set with zones or the dynamic skylyne average crossovers)
2. Break of Skylyne Average
a. This trade is taken when price action confirms a bullish or bearish bias on the break of the average line (we would close this trade on the reverse break of the Skylyne Average using the zones as targets)
3. Break of the Skylyne Mid:
a. This trade is taken when a break of the Skylyne Mid level occurs and we use the upper and lower bounds of the Impact Zones as take profit and stop losses
Impact Zone Settings:
*Trading Category and Overnight Category must match the Asset Class being viewed on chart for accurate signals
1. Trading Category
a. Bonds
b. Corn/Wheat
c. Stocks
d. Index Futures
e. Euro/Dollar
f. Gold/Silver
2. Overnight Category
a. Bonds
b. Corn/Wheat
c. Stocks
d. Index Futures
e. Euro/Dollar
f. Gold/Silver
3. Chart Aggregation Limit (Default Value is 25 minutes)
Impact Zone Overnight Trading:
Impact Zone Overnight sessions are highlighted in a dark blue color and we use these highlighted time sessions as a NO TRADE session. Our system was built to be traded during normal market trading hours and overnight sessions tend to be less predictive in terms of direction and or zone reliance. If you choose to trade overnight sessions with Impact Zones, make sure you make a very in depth trading plan and stick to the rules set for yourself.
Impact Zone Signals:
1. Signals for buy or sell of the asset class happen on breaks of the Impact Zones, and when specific criteria are met that we determined necessary to evaluate the overall trend of the market
2. Not every break of the Impact Zones will trigger a signal
3. No signal will be generated during overnight sessions, we recommend studying overnight sessions before beginning to create your own overnight trading session plans based on Impact Zones
4. When a signal is generated you will use the next take profit line (purple line) in the direction of your trade you are in. Other trading signals were discussed above
5. If while you are in a trade and the skylyne average (orange line) is broke in the opposite direction of your trade you will take this as a dynamic stop, and in some cases a dynamic take profit
Impact Zone Charting Timeframes:
1. Recommendation of using the 1 minute chart aggregation bars to maximize profits and limit losses
2. The script has a default charting aggregation limit of 25 minutes, adjustments to the input (in the settings) to increase the aggregation limit need to be made in order to use higher than 25 minute timeframes
Charting Example:
First note is to notice how our publish example uses the 1-minute timeframe aggregation, this is because our script was written to maximize profit on the 1 minute time frame. The script can be used on any time frame, however; make sure that you increase the aggregation limit input when using timeframes above 25 minutes.
From the chart included in the script post, you can notice that buy and sell signals happen only when specified criteria is met, and not every time there is a crossover of the Impact Zones there is a signal. You do not only have to trade the buy and sell signals that our system provides, however; our team believes that these signals are one of the best ways to trade the Impact Zone script. If you deviate from only using signals provided and choose to use the Impact Zones differently, we recommend using the next level, or zone, in the direction of your trade as your take profit (As described in trade we want to highlight section)
ค้นหาในสคริปต์สำหรับ "THE SCRIPT"
Super Cipher BThis is the first release of Super Cipher B. The script will get regular updates and includes a user manual.
This is the first release of the script which is already powerful. The script has been designed to work as a binance futures trading bot.
I only recommend using it as it is now on coins that are in a long term bullish market.
I am not responsible for possible losses using this script as no script in the world can 100% guarantee to never take any losses.
The script is a modified version with new strategies and functionality. The original script was published for free by VumanChu, this script is based on the original code of that script. This is a version of the script used for Binance Futures botting and will provide buy Dots which are more failsafe than the original green divergence dot in the VumanChu script.
All info on how to set up the script for botting is inside the user manual: The user manual also includes my current profits on 3commas.
Weis pip zigzag jayyWhat you see here is the Weis pip zigzag wave plotted directly on the price chart. This script is the companion to the Weis pip wave ( ) which is plotted in the lower panel of the displayed chart and can be used as an alternate way of plotting the same results. The Weis pip zigzag wave shows how far in terms of price a Weis wave has traveled through the duration of a Weis wave. The Weis pip zigzag wave is used in combination with the Weis cumulative volume wave. The two waves must be set to the same "wave size".
To use this script you must set the wave size. Using the traditional Weis method simply enter the desired wave size in the box "Select Weis Wave Size" In this example, it is set to 5. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method a more automatic way to set wave size would be to use ATR. This is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the pip wave will be shown.
I have put a pip zigzag of a 5 point Weis wave on the bar chart - that is a different script. I have added it to allow your eye to see what a Weis wave looks like. You will notice that the wave is not in straight lines connecting wave tops to bottoms this is a function of the limitations of Pinescript version 1. This script would need to be in version 4 to allow straight lines. There are too many calculations within this script to allow conversion to Pinescript version 4 or even Version 3. I am in the process of rewriting this script to reduce the number of calculations and streamline the algorithm.
The numbers plotted on the chart are calculated to be relative numbers. The script is limited to showing only three numbers vertically. Only the highest three values of a number are shown. For example, if the highest recent pip value is 12,345 only the first 3 numerals would be displayed ie 123. But suppose there is a recent value of 691. It would not be helpful to display 691 if the other wave size is shown as 123. To give the appropriate relative value the script will show a value of 7 instead of 691. This informs you of the relative magnitude of the values. This is done automatically within the script. There is likely no need to manually override the automatically calculated value. I will create a video that demonstrates the manual override method.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart. Weis specifically uses candle or bar closes to define all wave action ie a line chart.
David Weis did a futures io video which is a popular source of information about his method.
This is the identical script with the identical settings but without the offending links. If you want to see the pip Weis method in practice then search Weis pip wave. If you want to see Weis chart in pdf then message me and I will give a link or the Weis pdf. Why would you want to see the Weis chart for May 27, 2020? Merely to confirm the veracity of my algorithm. You could compare my Weis chart here () from the same period to the David Weis chart from May 27. Both waves are for the ES!1 4 hour chart and both for a wave size of 5.
TA Basics: further "Steps" with our Moving AverageSo far in this series of posts, we have worked thru creating a basic zero-lag moving average, then moved forward all the way to coding a "Fibonacci" Weighted Moving Average.
in this post we take a look at a technique that can help traders minimize noise in the underlying data and get better insight on the changes that are happening in the data series represented by the moving average. we'll look at adding "stepping" to our Fibonacci Moving Average as an example. we introduce the Stepping Fibonacci Moving Average , or Step_FiMA
note that you can use the same technique with any plot you may have. feel free to copy or leverage the relevant parts of the script - the script is commented to make this easier.
How is this useful?
==================
with "stepping", you get your indicator to "round" the outcome into pre-specified bands or ranges. this works very similar to how, for example, range or Renko charts work. you can easily see the difference in the chart above once we look at a non-stepped and a stepping moving average of the same length side-by-side
the more granular your timeframe is, you will see the effect of the stepping clearer - here's how the same chart looks when we go into the 1-hr aggregation
Notes about this script
====================
there are couple of pieces i wanted to highlight in the script if you plan to use some of it :
1 - the step(x) function is meant to try to automatically pick the best "suitable" step size based on the range of the underlying series (for example, the closing price). these ranges i included here in the code are just my own "best choices" - you are totally welcome to adjust these ranges and the resulting step size to your own preference
2 - we applied the stepping as a user-choice. user can choose a manual entry, or "0" to get the code to automatically pick the step size, or enter -1 (or actually any value below zero) to cancel the stepping option altogether - this gives us some flexibility on how to use the stepping in an indicator
3 - very important (and somehow confusing): on the "rounding" approach:
the magic math formula that actually creates the stepping is this one
result = round(input / step) * step
now, this tells the script to "round" the result up or down (the basic rounding) -- so for example, a price of 17 with a step of 5 would be rounded (down) to 15, where as a price of 18 would be rounded "up" to 20 -- this is not the way some of us would expect or want, cause the price never reached 20 and they would want an 18 to still be rounded to 15 - and the stepping line not to show 20 *until* the price actually hits or exceeds 20 -- in that case, you would need to replace the function "round" with the function "floor" --
so the new formula becomes: floor(input / step) * step
-- in an ideal world, we can make this rounding choice a user-option in the settings -- maybe in an improved version
4 - we kept the smoothing option, and it takes place before the stepping is applied - we continue to use that smoothing to further minimize the level changes in the FiMA line.
I hope you find this script useful in your journey with technical analysis and DIY scripting, and good luck in your trading.
GA - Momentum DivergencesGA Momentum Divergences Script highlights Trend Strength, Overbought-Oversold Conditions, Regular-Hidden Divergences. Besides, it shows the Buying-Selling Pressure.
The practical use of any Momentum Curve helps in the comprehension of:
Supply-Demand Absorption.
Thrusts and their shortening.
The reversing and the continuation of the trend.
True Strength of the Trend.
Price Strength.
Increase and Decrease in Buying-Selling Pressure.
You choose which curve to show, according to your needs. There are 2 groups of curves.
Momentum Curves
GA Momentum.
Commodity Channel Index ( CCI ).
Relative Strength Index ( RSI ).
Stochastic %K.
True Strength Indicator ( TSI ).
Money Flow Curves
GA Money Flow.
Chaikin Money Flow.
Money Flow Index.
Every Curve used in this script has 0 as center. This means that RSI and Stochastic Curves wave around 0 and not around 50.
Fractal Algorithm for Pivots and Divergences
GA Momentum script highlights Divergences. This is possible by the Fractal Calculation of Pivot Points .
The sensibility of the algorithm depends on the look back and on the look forward of pivot points . This means that it does not highlight every divergence. But it marks divergences according to settings.
Besides, the interpretation of those divergences depends on the experience of the trader.
This feature has a particular use for the purpose to simplify and optimize. Besides, it is a very important feature provided by the GA Money Flow script.
Regular and Hidden Divergences highlight the weakening and strengthening of the price behavior. They give an anticipation to price changing. Besides, they enforce the judgment on the condition that marks the price continuation.
The Fractal Algorithm can also mark a Channel. This happens enveloping the Curve between its marked pivot points .
Flags and lines mark Divergences in the Curve. GA Momentum Divergences highlights Regular Divergences and Hidden Divergences.
Price and Momentum, Volume and Money Flow
The GA Momentum script works with any marketplace. It uses price variations and volume variations, according to needs and market.
Every curve available in the script is a mathematical discretization of the market. But in those marketplaces that includes the volume you can use Money Flow Curves. Where the volume is missing the Money Flow Curves return zero. In this case, a Momentum Curve is the right choice because it uses the price variations.
GA Momentum and GA Money Flow are formulas built for this script. They include several peculiarities that are a privilege of other functions. This gives a better visual impact by their practical use.
TSI Curve or RSI Curve are the right choices to replace Money Flow Curves where the volume is not available. In the same way, RSI Curve can replace the TSI Curve for the Trend Strength. Then, the RSI Curve is universal. It works on any marketplace giving a lot of information, using it in the right way.
RSI is a slow curve. It waves above and below the middle line, according to the bullish and bearish trend . This is why it incorporates the Trend Strength in its calculation.
Instead, other choices give Faster Momentum Curves that give different advantages and peculiarities. The final result and purpose do not change.
Market Conditions
Overbought and Oversold Conditions could not cause the immediate reversing of the trend. The changing occurs according to Thrusts and their shortening.
This happens by one or more rebounds in the price action. Indeed, this marks hesitation to continue the advancing or the declining of the price.
The Momentum Curve can highlight the absorption of Supply Pressure and Supporting Demand. This precedes the Climactic Point so as a Thrust during the advancing or declining of the price.
True Strength and Money Flow curves follow the trend. They show where the trend is weakening or strengthening.
When these curves rise together with the trend, this confirms the trend. Instead, when these curves hesitate, they are marking a changing.
TSI and Money Flow have advantages. They show the continuation of the trend by its positive or negative value. Besides, they show the shortening of the trend. Moreover, the curve anticipates the shortening of the thrust.
Money Flow Curves highlights the prevailing of Buying Pressure of Selling Pressure. This is possible because their formulas includes the volume . But the TSI discretization that uses prices, works giving a fair result.
This returns an unconditional conclusion. The volume has a high relevance because of the correlation between effort and result. But despite this, the mathematical discretization of the market can work without it.
Short and Long Signal Lines
The GA Momentum plots 2 extra curves to support the market momentum interpretation. They are Exponential Moving Average applied to the momentum curve.
The Short Signal Line follows the main curve and it gives the first crossing for an entry signal. Of course, this is useful only when there are the right condition for an entry point.
Instead, the Long Signal Line exists to be a trending indicator. When the main curve is approaching it, rebounds, the shortening of the thrust, can mark a changing. Following the thrust, these curves become closer and closer for some waves. This becomes better visible by the plotting of the Histogram.
The Histogram shows the difference between the main curve and the Long Signal Line. The distance between those curves becomes relevant and helpful in many circumstances. This highlights the changing in the Strength or Weakness of the trend.
Short and Long Signal Curves can have a partial plotting. This reduces the impact of those curves on screen. The script can show them only when they give a relevant visual impact for the trading practice.
Coloring
GA Momentum Script colors curve and price bars. It highlights conditions where the price is Overbought or Oversold. But it highlights also divergences with labels and colored lines.
The script plots colors on bars with extended prices. Besides, the script plots colors on bars that are the ending of divergences
GA Momentum script colors the price bars using the same criteria applied to color curves. Color used on the Curve are the same used on the price bars.
True Strength Curve and Momentum Curves color price bars. This happens for the entire Trend Strength. Then the prevailing of the Buying Pressure or Bearish Pressure is also visible on bars. This occurs by the persistent green or red colors according to Pressure and Trend.
Alerts
GA Momentum provides 2 alerts for Bearish and Bullish Signals. Both uses the crossing of Short and Long Signals in the same direction.
Note: I restrict access to the tool.
Regards
Girolamo Aloe
Founder of Profiting Me
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.
Dragon-Bot - Default ScriptDragon-Script is a framework to make it as easy as possible to test your own strategies and set alerts for external execution bots. This is the alerts version of the script.
The script has many features build in, like:
1) A ping/pong mechanism between longs and shorts
2) A stop-loss
3) Trailing Stops with several ways to calculate them.
4) 2 different ways to flip from long to short.
The script is divided into several parts.
The first part of the script is used to set all the variables. You should normally never change the first part except for the comments at the top.
The second part of the script is the part where you initialise all your indicators. Several indicators can be found on Tradingview and on other sites. Please keep in mind that all the variable names used in the indicator should be unique. (all the … = … parts)
The third part of the script, is the most important part of the script. Here you can create the entry and exit points.
Let’s look at the OPENLONG function to explain this part: The first variables are all the possible entries; These are longentry1 till longentry5. You can add many more if you like.
The variables are all initialised as being false. This way the script can set a value to true if an entry happens.
The if function is the actual logic: You could say “if this is true” then (the line below the if function) longentry1 := (becomes) true.
In this case we have said: “if this is true” then (the line below the if function) longentry1 := (becomes) true when the current close is larger than the close that is 1 back.
The last part is the makelong_funct. This part says that if any of the entries are true, the whole function is true.
The last part of the script is the actual execution. Here the alerts are plotted and the back test strategies are opened and closed.
We hope you guys like it and all feedback is welcome!
Engulfing Candle Marking🔑 Access Request Instructions
This script is published as invite-only.
To request access, please send me a private message on TradingView including:
Your TradingView username
Intended use / timeframe (optional)
Confirmation that you have gifted a 1-month TradingView subscription to my profile
Once the gifted subscription is verified, your access will be activated for 30 days.
💳 Access Policy (Paid/Free Model)
Access to this script is not free.
➡️ Users who gift a 1-month TradingView subscription to my profile receive 30 days of access to the script.
➡️ Each new gifted subscription extends access by an additional 30 days.
This is a transparent and fully compliant “gift-based access” model within TradingView’s policy framework.
⚖️ Terms of Use
By requesting access, you agree to the following:
The script code is private and may not be shared, copied, or resold.
Access is for personal use only.
Reverse-engineering or attempting to extract the source code is strictly prohibited.
This script does not provide financial advice.
Access may be revoked in case of policy violations or misuse.
⚠️ Disclaimer
This script is for educational and analytical purposes only.
It does not guarantee profits and should not be used as investment advice.
All trading decisions are made at your own risk.
⏱ Approval Time
Access requests are typically processed within 0–24 hours.
Once the gifted subscription is confirmed, access is granted promptly.
Thank You for Your Support
Every gifted subscription helps support the continuous development of this script.
Your contribution ensures ongoing improvements, updates, and new features.
ZenAlgo - DetectorThis script combines multiple volume data sources, calculates several forms of volume-based metrics, displays a table for Spot vs. Perpetual volumes, and visualizes several technical elements (such as cumulative delta, divergences, fractals, and specialized moving averages). The primary objective is to help analyze volume activity across different exchanges, compare Spot vs. Perpetual markets, and observe how shifting volumes may coincide with price action characteristics. This description aims to clarify each component, explain how the calculations are performed, and show you how to interpret the various chart markings.
Why Combine These Metrics in One Script?
Many publicly available volume-related tools focus only on a single exchange or a single type of volume (like spot or futures). This script merges multiple exchange sources for spot and perpetual data into a unified view. By doing so, users can detect discrepancies or confirm alignment between different markets without juggling multiple indicators. It also processes volume-derived signals (delta, divergences, fractals, etc.) in one place, sparing you from manually combining various standalone scripts. Through this integration, it becomes easier to observe how price and volume interact across different market segments.
Core Concept: Aggregated Volume
The script begins by collecting volumes from multiple exchanges in two categories:
Spot volumes – Typically aggregated under symbols ending with "USDT" or a user-selected currency, and
Perpetual volumes – From perpetual futures contracts (e.g., symbols ending in "USD.P" or "USDT.P").
All these exchange volumes are requested via the built-in request.security() function in a single line for each exchange. The user can enable or disable each exchange in the inputs. The script then calculates an "aggregated volume" for Spot, an aggregated volume for Perpetual, and an overall combined total.
This aggregated volume is used later to break down how much of each bar's volume can be considered "buy" or "sell" based on the bar's candle structure (body vs. wicks).
Volume-Based Calculations: Buy vs. Sell Volume and Delta
For each bar, the script estimates how much of the aggregated volume can be associated with a "buy side" and a "sell side."
Volume Buy is computed if the bar's close is above the open , giving more weight to the candle's body and allocating some portion of volume to the wicks as well.
Volume Sell is similarly computed if the bar's close is below the open .
This results in a Delta value: Delta = (Buy Volume) – (Sell Volume).
Additionally, the script accumulates these values over a user-defined "lookback length" to provide Cumulative Delta . This can help show longer-term directional volume bias.
Table: Spot vs. Perpetual Comparison
There is a toggle ("Show Spot vs Perpetual Table") that displays an on-chart table comparing volumes:
Buy Volume and Sell Volume for each aggregated category (Spot, Perp, and their sum).
Delta (the difference between Buy and Sell).
Percentage breakdowns of buy vs. sell portions.
This table only appears on the most recent bar and helps users quickly assess how Spot and Perpetual volumes compare, plus the overall total.
PVSRA Color Coding
A "PVSRA-style" color approach classifies each bar based on volume and candle range:
Climax Up (lime) or Climax Down (red) occurs if volume is extremely high relative to a simple moving average of volume and range.
Above-Average Up (blue) or Down (fuchsia) occurs if volume is moderately higher than average.
Otherwise, colors fall back to neutral up/down colors.
This allows you to spot potentially high-volume "climax" bars vs. bars with only moderate or typical volume levels.
Fractals and Divergences
The script detects certain fractal points on the aggregated volumes (sum of buy or sell volumes). It looks for a 5-bar pattern (with the current bar in the middle for top or bottom fractals).
When a fractal is confirmed on buy volume, the script checks if new higher price highs coincide with lower buy-volume peaks (or vice versa) to highlight regular or hidden divergences.
Similar logic is applied on the sell-volume side if new lower price lows occur alongside higher sell-volume troughs (or the opposite).
If enabled in the settings, lines and labels may appear on the chart to mark these divergence points.
"Delta Dot" Events
This script draws small circles above or below bars when the total delta changes magnitude relative to the previous bar by certain user-defined multipliers. It segregates "tiny," "small," "large," and "extra" expansions in bullish or bearish delta.
Bullish Dots : Appear above the bar when the new positive delta is multiple times bigger than the previous positive delta.
Bearish Dots : Appear below the bar in a similar fashion for negative delta.
These dots emphasize large or sudden shifts in buy/sell pressure from one bar to the next.
Delta MA and its Direction
A moving average is calculated on the total delta and optionally multiplied by a factor (in the code, by 4) to make it visually prominent. The user can pick from SMA, EMA, WMA, RMA, or HMA as the smoothing technique.
Delta MA Direction : The script compares the current delta MA to a short SMA of itself to define whether it is rising or falling.
A color is assigned—blue if rising, orange if falling, gray if they're roughly equal.
This helps quickly visualize longer-term momentum in the net delta metric.
Divergences on the Delta MA
After computing the "Delta MA" line, the script detects pivot highs or lows on that line. If the price makes a new high but the Delta MA pivot is lower (and vice versa), it draws lines and small labels indicating potential divergence.
Bearish Divergence : Price makes a higher high, while the Delta MA pivot forms a lower high.
Bullish Divergence : Price makes a lower low, while the Delta MA pivot forms a higher low.
RSI + MFI Computation
The script also calculates a simplified form of RSI+MFI by comparing (close – open) / (high – low) * a multiplier , then smoothing it with a simple average. This is purely for an optional observational measure to see if the price action is leaning bullish or bearish in terms of these combined indicators.
EMA Overlay and Diamond Shapes
There are two standard EMAs (13 and 21). The script checks whether price is above or below these EMAs, in addition to other conditions (like changes in delta, volume, or RSI+MFI direction) to draw diamond shapes at the top or bottom of the chart:
Green Diamonds near the bottom if the conditions line up to suggest that the environment is more favorable for bullish pressure.
Red Diamonds near the top if the environment suggests more bearish pressure.
These diamonds come in two sizes:
Normal – More pronounced, typically plotted if RSI+MFI result is above/below zero.
Small – Plotted if RSI+MFI is on the other side of that threshold.
An optional "Hardcore Mode" adds special tiny diamonds under specific delta color/condition mismatches.
How to Interpret the Chart Elements
Line Plots of Buy and Sell Volumes : A positive line for buy volume, a negative line for sell volume, and a zero-line for reference. This provides at-a-glance perspective on how buy or sell volumes add up per bar.
Histogram "Total Delta" : A color-coded bar that quickly shows whether overall buy vs. sell volume is dominant. The color is governed by the PVSRA logic (e.g., potential climax or above-average conditions).
Volume Table (when enabled): Summarizes volumes in numeric and percentage form for Spot, Perp, and total categories on the last bar.
Delta Dots : Small circles highlighting abrupt changes in delta magnitude. Larger multiples indicate bigger jumps compared to the previous bar.
Fractals & Divergence Lines : Connect pivot points in buy/sell volume or in the Delta MA line with price highs/lows to indicate potential divergences.
Delta MA Plot : Smooth curve (scaled up x4) to reflect longer-term accumulation or distribution in the delta. Colored by whether the MA is above or below a short average of itself.
Diamonds : Appear when certain volume, price, RSI+MFI, and delta conditions converge. Green diamonds near the bottom typically coincide with bullish conditions, red diamonds near the top with bearish conditions.
Practical Usage Notes
Use the Spot vs. Perp breakdown to see if these two market segments differ significantly in their contributions to total volume. This can be informative when a certain type of market (futures vs. spot) might be "driving" price action.
The PVSRA color scheme highlights "climax" or "above-average" volume bars, which can sometimes appear around major reversals or breakouts.
Observing divergences in aggregated buy/sell volume (or in the Delta MA line) can provide additional context on whether certain price moves are backed by strong volume involvement.
The script's fractal divergences rely on short pivot detection. Signals will appear only after enough bars have passed for confirmation, so these are effectively "after-the-fact" notations to illustrate possible volume/price divergences.
The diamonds do not necessarily instruct any buy/sell action; rather, they mark conditions where multiple volume and momentum criteria line up in one direction.
Important Considerations
This script displays aggregated volumes from potentially multiple exchanges. Each exchange or pair might have different time zones, liquidity, or data availability, which can occasionally result in incomplete or zero values.
All references to "buy" or "sell" volume are approximate breakdowns based on candle structure. They are not absolute measures of real-time order flow.
Divergences and fractal points are provided strictly for analytical insight. They can repaint or shift if the fractal conditions were not fully confirmed in real time.
The color-coded lines, histograms, diamonds, and tables are strictly to guide analysis of volume fluctuations and do not claim to predict future price performance.
If you enable "Hardcore Mode," you will see additional diamond markers. This mode is mainly intended as an extra highlight of certain "contradictory" delta conditions.
Summary
The "ZenAlgo - Detector" script brings together a variety of volume-based analyses:
Aggregated volumes from multiple exchanges
A breakdown into Spot vs. Perpetual activity
Delta calculations, fractal divergences, and a specialized Delta Moving Average
Color-coded bars reflecting possible PVSRA concepts
A table to highlight numeric differences and percentages
Additional overlays (e.g., diamonds, RSI+MFI synergy, etc.)
In contrast to many free, single-exchange indicators, this script centralizes multiple exchange volumes in one place, making it easier to observe and compare volume flows across different market types (spot vs. perpetual). Users no longer need to rely on scattered tools or separate overlays to check volume divergences, fractals, or specialized MA calculations—everything is unified here. By carefully monitoring the table, Delta histogram, color-coded bars, divergence lines, and diamond markers, traders can more comprehensively evaluate how volume and price interact. Each plot is designed to showcase different aspects of volume flow—such as whether spot or derivatives markets dominate, if volume is skewed toward buying or selling, and if there are divergences between volume momentum and price movement.
All computations are displayed to help you carry out a more informed market analysis. It is strongly advised to combine these observations with other risk management or analytical methods, rather than relying on any single indicator alone.
Multi-Indicator Signals with Selectable Options by DiGetMulti-Indicator Signals with Selectable Options
Script Overview
This Pine Script is a multi-indicator trading strategy designed to generate buy/sell signals based on combinations of popular technical indicators: RSI (Relative Strength Index) , CCI (Commodity Channel Index) , and Stochastic Oscillator . The script allows you to select which combination of signals to display, making it highly customizable and adaptable to different trading styles.
The primary goal of this script is to provide clear and actionable entry/exit points by visualizing buy/sell signals with arrows , labels , and vertical lines directly on the chart. It also includes input validation, dynamic signal plotting, and clutter-free line management to ensure a clean and professional user experience.
Key Features
1. Customizable Signal Types
You can choose from five signal types:
RSI & CCI : Combines RSI and CCI signals for confirmation.
RSI & Stochastic : Combines RSI and Stochastic signals.
CCI & Stochastic : Combines CCI and Stochastic signals.
RSI & CCI & Stochastic : Requires all three indicators to align for a signal.
All Signals : Displays individual signals from each indicator separately.
This flexibility allows you to test and use the combination that works best for your trading strategy.
2. Clear Buy/Sell Indicators
Arrows : Buy signals are marked with upward arrows (green/lime/yellow) below the candles, while sell signals are marked with downward arrows (red/fuchsia/gray) above the candles.
Labels : Each signal is accompanied by a label ("BUY" or "SELL") near the arrow for clarity.
Vertical Lines : A vertical line is drawn at the exact bar where the signal occurs, extending from the low to the high of the candle. This ensures you can pinpoint the exact entry point without ambiguity.
3. Dynamic Overbought/Oversold Levels
You can customize the overbought and oversold levels for each indicator:
RSI: Default values are 70 (overbought) and 30 (oversold).
CCI: Default values are +100 (overbought) and -100 (oversold).
Stochastic: Default values are 80 (overbought) and 20 (oversold).
These levels can be adjusted to suit your trading preferences or market conditions.
4. Input Validation
The script includes built-in validation to ensure that oversold levels are always lower than overbought levels for each indicator. If the inputs are invalid, an error message will appear, preventing incorrect configurations.
5. Clean Chart Design
To avoid clutter, the script dynamically manages vertical lines:
Only the most recent 50 buy/sell lines are displayed. Older lines are automatically deleted to keep the chart clean.
Labels and arrows are placed strategically to avoid overlapping with candles.
6. ATR-Based Offset
The vertical lines and labels are offset using the Average True Range (ATR) to ensure they don’t overlap with the price action. This makes the signals easier to see, especially during volatile market conditions.
7. Scalable and Professional
The script uses arrays to manage multiple vertical lines, ensuring scalability and performance even when many signals are generated.
It adheres to Pine Script v6 standards, ensuring compatibility and reliability.
How It Works
Indicator Calculations :
The script calculates the values of RSI, CCI, and Stochastic Oscillator based on user-defined lengths and smoothing parameters.
It then checks for crossover/crossunder conditions relative to the overbought/oversold levels to generate individual signals.
Combined Signals :
Depending on the selected signal type, the script combines the individual signals logically:
For example, a "RSI & CCI" buy signal requires both RSI and CCI to cross into their respective oversold zones simultaneously.
Signal Plotting :
When a signal is generated, the script:
Plots an arrow (upward for buy, downward for sell) at the corresponding bar.
Adds a label ("BUY" or "SELL") near the arrow for clarity.
Draws a vertical line extending from the low to the high of the candle to mark the exact entry point.
Line Management :
To prevent clutter, the script stores up to 50 vertical lines in arrays (buy_lines and sell_lines). Older lines are automatically deleted when the limit is exceeded.
Why Use This Script?
Versatility : Whether you're a scalper, swing trader, or long-term investor, this script can be tailored to your needs by selecting the appropriate signal type and adjusting the indicator parameters.
Clarity : The combination of arrows, labels, and vertical lines ensures that signals are easy to spot and interpret, even in fast-moving markets.
Customization : With adjustable overbought/oversold levels and multiple signal options, you can fine-tune the script to match your trading strategy.
Professional Design : The script avoids clutter by limiting the number of lines displayed and using ATR-based offsets for better visibility.
How to Use This Script
Add the Script to Your Chart :
Copy and paste the script into the Pine Editor in TradingView.
Save and add it to your chart.
Select Signal Type :
Use the "Signal Type" dropdown menu to choose the combination of indicators you want to use.
Adjust Parameters :
Customize the lengths of RSI, CCI, and Stochastic, as well as their overbought/oversold levels, to match your trading preferences.
Interpret Signals :
Look for green arrows and "BUY" labels for buy signals, and red arrows and "SELL" labels for sell signals.
Vertical lines will help you identify the exact bar where the signal occurred.
Tips for Traders
Backtest Thoroughly : Before using this script in live trading, backtest it on historical data to ensure it aligns with your strategy.
Combine with Other Tools : While this script provides reliable signals, consider combining it with other tools like support/resistance levels or volume analysis for additional confirmation.
Avoid Overloading the Chart : If you notice too many signals, try tightening the overbought/oversold levels or switching to a combined signal type (e.g., "RSI & CCI & Stochastic") for fewer but higher-confidence signals.
Key Levels Suite - By LeviathanThis is a comprehensive script, designed to display over 100 key price levels across multiple dimensions, including volume profile levels, HTF levels, VWAPs, SMAs/EMAs, market session levels, day of week levels and more. The indicator offers high flexibility in features, settings and visual appearance.
● The script organizes levels into six main categories:
Higher Timeframe (HTF) Levels
- Current and/or previous period: Open, High, Low, and Midpoint for Daily, Weekly, Monthly, Quarterly, and Yearly timeframes (eg. levels for current weekly high/low and previous weekly high/low).
- These levels provide a clear structure for identifying key support and resistance zones. Traders often use HTF levels to anticipate price reactions, such as bounces or rejections, at major highs and lows. For example, a price nearing the weekly high could signal an area of resistance.
VWAP Levels
- Current and/or previous period: VWAP and upper/lower standard deviations for Daily, Weekly, Monthly, Quarterly, and Yearly timeframes (eg. levels for current daily VWAP and previous weekly VWAP).
- VWAP levels give traders insight into whether the current price is above or below the fair market value for a given period. It’s often used as a reference point for trend direction or S/R. If the price remains above VWAP, the trend may be seen as bullish, while breaks below VWAP can suggest a shift toward bearish sentiment. Standard deviations help identify areas where the price may be overextended, offering opportunities for mean reversion trades.
Moving Average Levels
- EMA and SMA for three customizable lengths (eg. levels for 200 EMA, 50 EMA and 100 SMA).
- These levels act as dynamic support and resistance lines that adjust with price movement. Traders use them to confirm trend direction and watch for reactions around these levels, particularly in trending markets. For example, when the price pulls back to a 200 EMA, it could present an opportunity to enter a trade in line with the prevailing trend.
Volume Profile Levels
- Current and previous: Point of Control (POC), Value Area High (VAH), and Value Area Low (VAL) for Daily, Weekly, Monthly, Quarterly, and Yearly timeframes (eg. levels for current day POC and previous day POC).
- Volume Profile levels highlight price areas where significant trading occurred. The POC indicates the price where the most volume was traded and can act as a strong magnet for price. VAH and VAL mark the boundaries of value areas, making them excellent spots for breakout or mean reversion trades. Traders look for price reactions around these zones to either join or fade moves.
Market Session Levels
- Current and previous: Open, high, low, and midpoint for three user-defined sessions, with default being Tokyo, London, and New York (eg. levels for current New York session open and previous New York session high and low).
- Session levels allow traders to track how price behaves across different global market sessions. For instance, the New York open often brings increased liquidity and volatility. Traders often use these levels to anticipate sharp moves or continuations, especially after session highs and lows are broken, signaling shifts in market momentum.
Day of Week Levels
- Open, high, low, and midpoint for Monday through Sunday (eg. levels for Monday's high and low and Tuesday open).
- These levels help traders identify recurring intraday or intraweek price behaviors. For example, highs or lows established earlier in the week can serve as benchmarks for breakouts or retracements later on. Monday’s open or Friday’s high/low often reflect market sentiment going into or out of the weekend, providing valuable clues for planning trades.
● About the script
I published this script because it was heavily requested by my Tradingview followers who wanted a clean and feature-rich indicator that can display various levels they use in their analysis. The indicator can display levels that are not available in other similar public scripts and makes sure to calculate and load calculation-intensive levels (like volume profile levels, higher timeframe vwap levels, etc) as fast and efficiently as possible. It is one of the only scripts I've published that is not open source. The code is protected because it includes some proprietary calculations (eg: for POC/VAH/VAL), that I don't wish to open source, but I still want to publish a heavily requested script in a public and free format.
● How to use the script
1. Add the script to your chart
Start by adding the script to your chart like any other indicator.
2. Open the indicator settings
Click the settings icon to access all customization options.
3. Select which level groups to display
In the "Controls" section, choose which groups of levels (HTF, VWAP, Moving Averages, etc.) you want displayed. This allows you to quickly toggle between different sets of levels depending on your analysis needs, without overcrowding the chart.
4. Adjust group-specific settings
Scroll down to access detailed settings for each group. For any group, you can choose:
- The relevant time parameter (e.g., Daily, Weekly, Monthly, etc for HTF/VWAP/Volume Profile levels, length for Moving Average levels, day for Day of Week Levels, etc).
- Specific levels to display (e.g., Open/High/Low/Midpoint for HTF, VWAP, Day of Week, Session levels and POC/VAH/VAL for Volume Profile levels).
- For applicable groups, you can also toggle previous period levels by selecting them from the row starting with the "↳" icon.
5. Customize visual appearance
In the "Appearance" section, you have full control over how the levels and labels look. You can:
- Choose what details appear in the labels (e.g., level name, price, or percentage distance from current price).
- Pick from different line types, line style (solid, dashed, dotted), adjust line width, and manage the length of the lines using "Offset Right" and "Offset Left" settings.
- Modify font, label size, and color options. If multiple levels overlap at the same price, use the “Merge Levels” option to combine them into one, reducing visual clutter.
6. Customize level names to your preference
In the "Labels" section, you can rename any parameter to match your preferred abbreviations (e.g., change “Weekly Open” to “wO” or any other shorthand that works for you).
● Key Features:
- Display various different important levels, all in one indicator
- Seamless control of which group of levels / specific level to display
- Choose from various line and label styles to display levels.
- Labels can show the level's title (customizable abbreviations), price, and percentage distance from the current price.
- Merge nearby levels to reduce chart clutter, either for identical levels or those within a user-defined percentage range.
- Fully customizable visual appearance of levels to suit individual preferences.
FxASTLite [ALLDYN]This script, titled "FxASTLite " or "FxAST LX," is a Pine Script indicator designed for trading systems that use multiple technical analysis tools such as EMAs (Exponential Moving Averages) and PSAR (Parabolic Stop and Reverse). The script is overlaid on the price chart, providing insights into market trends and potential buy or sell signals.
### Key Features:
1. **EMA (Exponential Moving Averages)**
- The script plots several EMAs (5, 8, 13, 21, 50, and 200) based on the Heiken Ashi close price. EMAs are helpful in identifying trends, momentum, and potential entry/exit points.
- The script highlights key relationships between the EMAs, such as the crossover or crossunder of faster EMAs (like the 8 EMA) with slower ones (like the 21 EMA). These events often signal potential trend reversals or continuation.
2. **PSAR (Parabolic Stop and Reverse)**
- The script uses the PSAR indicator, which is a trend-following indicator that highlights potential points where the market might reverse direction.
- The script identifies bullish PSAR flips (when the PSAR value moves below the price, signaling a potential upward trend) and bearish PSAR flips (when the PSAR value moves above the price, signaling a downward trend).
- The PSAR flips are used to generate buy or sell signals.
3. **Heiken Ashi Candles**
- It uses Heiken Ashi candles to smooth out price action and better identify trends. Heiken Ashi candles help filter out market noise and make trends clearer compared to regular candlestick charts.
4. **Session Times**
- The script allows traders to track different market sessions (e.g., London, New York, Asia). It identifies and allows users to analyze price action during specific trading hours.
5. **Buy and Sell Signals**
- The script defines multiple conditions for buy and sell signals:
- **Buy Signals**: Generated when certain conditions are met, such as the price moving above key EMAs, bullish PSAR flips, and bullish Heiken Ashi candles.
- **Sell Signals**: Generated when conditions like bearish PSAR flips, bearish candles, and price moving below EMAs are met.
- These signals are designed to guide traders on when to enter or exit trades.
6. **Alerts**
- The script comes with alert conditions, which can be used to set automated alerts for when buy or sell signals occur. This allows the trader to stay informed without constantly monitoring the chart.
### How It Works:
1. **EMA-Based Trend Identification:**
- EMAs help identify the overall market trend. For example, if the 8-period EMA crosses above the 21-period EMA, it signals a potential bullish trend. Conversely, if the 8 EMA crosses below the 21 EMA, it may signal a bearish trend.
2. **PSAR for Trend Reversals:**
- PSAR values provide insight into potential trend reversals. When the PSAR flips (moving from above to below the price or vice versa), the script highlights these flips as potential buy/sell signals.
3. **Combining Signals:**
- The script combines multiple indicators (EMAs, PSAR, and Heiken Ashi candles) to provide stronger confirmations of potential entry and exit points. By using multiple indicators, the script reduces the likelihood of false signals.
4. **Visual Overlay:**
- The script overlays key information on the price chart, such as EMAs and PSAR dots, which makes it easy for traders to visualize market conditions in real-time.
### Benefits of Using This Script:
1. **Trend Identification:**
- The combination of EMAs and PSAR helps traders identify trends early. The visual display of these indicators directly on the chart makes it easier to detect shifts in market sentiment.
2. **Smoothed Candlesticks:**
- By using Heiken Ashi candles, the script smooths out noisy price action, making it easier to spot trends and reduce the likelihood of making impulsive decisions based on short-term volatility.
3. **Buy and Sell Signals:**
- The script generates clear buy and sell signals based on a combination of multiple technical factors (EMAs, PSAR, and Heiken Ashi). This can help traders time their entries and exits more effectively.
4. **Multi-Timeframe Alerts:**
- With the built-in alert functionality, traders can set up alerts for specific signals (like a PSAR flip or EMA crossover) across different timeframes. This helps traders stay informed without having to watch the chart constantly.
5. **Session Management:**
- The ability to track different market sessions allows traders to focus on times of high liquidity and volatility, which are often the best times to trade.
6. **Customizability:**
- The script allows traders to customize the settings for each indicator (e.g., EMA lengths, PSAR settings, session times) according to their trading preferences.
### Use Cases:
- **Trend Trading:**
- Traders who follow market trends can benefit from this script as it uses EMAs and PSAR to identify trending conditions and potential trend reversals.
- **Swing Trading:**
- Swing traders looking to capitalize on medium-term market moves can use the script to identify optimal entry and exit points based on momentum shifts.
- **Intraday Trading:**
- The inclusion of market sessions and real-time alerts makes the script useful for intraday traders who want to focus on specific trading hours, such as the opening of the London or New York sessions.
Overall, this script is designed for traders who rely on technical indicators to guide their trading decisions. The combination of EMAs, PSAR, and Heiken Ashi candles provides a well-rounded view of market trends and potential entry/exit points, making it a powerful tool for traders looking to improve their strategy.
Smart Money Concepts (SMC)Introductions:
Before explaining the functions of this indicator to you, we need to talk about what theoretical knowledge we need to have. Many different price approaches have been developed over the decades with different analysis methods and are still evolving. Some theories used in classical trend analysis methods are interpreted or blended with different perspectives over time and we try to make more successful analyses by having a consistent market reading strategy. While analyzing the classical market structure with the price action method, some issues that are missing and do not fit into place are brought to light with a higher level analysis method known as the smart money concept.
As a result of the research and developments we have done on this subject from many different sources for a long time, I personally think that the most efficient and logical concept is the smart money concept. Of course, no matter which method we use, acting within a risk management and remaining strictly loyal to our conditions should be our first priority so that we can talk about sustainable success in the market. In light of all this, we decided to make an indicator of this concept, which we believe is consistent.
In order to analyze the market structure correctly, we must first draw fractal structures and interpret them correctly. Because the market consists of fractal structures. Regardless of the technique, if we cannot draw fractals correctly or if we make an incorrect interpretation while determining them, our market structure analysis may also be incorrect.
Instead of manually identifying fractal structures, script writers often choose the following method for ease of use; They leave the number of candles to the user's choice, detect the highest and lowest points among x number of candles, and draw fractal structures accordingly, but in fact this is not an accurate detection method. In the visual I have prepared below, you can see how the correct fractal structures should be drawn. Fractal structures should be made based on the previous and next candle levels, not from a certain group of candles.
To identify market structures, we make an interpretation based on these fractal movements.
While classic market structure analysis with traditional price action follows a relatively simpler path as shown in the example below, this situation is a bit more detailed in the smart money concepts.
To explain the situation in the smart money concept in an easily understandable way, it is as follows; imagine an uptrend that progresses by creating levels HH and HL, when the price creates a new HL, we call this point as inducement and we move this level up as each new HL is formed. When drawing structures in this way, when the price falls below the inducement level, the peak is confirmed. To explain it with a different approach, the price must first get liquidity from these last rising bottoms in order to make a break of structure (BOS). The break of structure occurs when the price passes the approved peak. When BOS occurs, the lowest point between this point and the previous peak is defined as the Swing Low and this is the level that needs to be protected in uptrend. When BOS occurs, the last HL point that made this BOS is also defined as inducement and it continues to move as new HL is formed until the new peak is confirmed. If the price somehow "closes" below the Swing Low point that needs to be protected, CHOCH (change of character) has occurred and the trend direction has changed. After CHOCH, we start applying the same logic for the downtrend, the last LH peak formed after is defined as inducement and as the fractal structure continues downward, this level is also carried as the inducement level until the Swing Low level is determined. An important note is; In order for BOS and CHOCH to be valid, "a closing must definitely occur". If it remains in the form of a wick, we call it a liquidity sweep and the end point of this wick is updated as the point where we need to look for a closing in order to be able to say that the BOS or CHOCH level is determined. By the way, We call these liquidity sweep points as "x" in the indicator.
It may be easier to explain this topic with a few sample images that I have shared below.
The thing to consider in the smart money concept is that if you are going to take a long trade in an uptrend, you should wait for the price to fall below the inducement level or if you are going to take a short trade in a downtrend, you should wait for the price to rise above the inducement level and only then look for suitable structures, order flows, order blocks, price gaps and other structures before this are considered traps in this concept. I have some strategies that I personally apply, but since these are my personal preferences, I do not find it right to share them here in order not to affect your opinions, but I am basically careful to act as I stated above.
While preparing this script, we paid attention to the fact that it can be interpreted with a real human eye, provides ease at the speed of machine language and can work extremely flawlessly.
From the first moment we started preparing the script, we went through a long and seriously laborious preparation process that lasted months until now, which we happily share.
We brought this code to life by putting on the table almost everything the user may want in terms of both flawlessly fulfilling the conditions specified by the concept and convenience.
If we touch on the function of the code in order, our code finds the following;
It perfectly identifies the fractals that form the basis of the market structure, within the framework of the rules that I mentioned above, we taught to the script.
According to smart money concepts, as I explained in detail above, it provides great convenience in this regard by skillfully identifying the direction of the market in the time period you are in, rather than traditional methods.
In addition to identifying the direction of the market, it also detects the direction changes taking place in the internal structure. Indicator tries to detect even the slightest direction changes by making a stricter interpretation while determining the trend and bottom-top points in the internal structure. Theoretically, it determines the top point in a downward fractal breakout, and marks the bottom point in an upward fractal breakout.
In this context, it also uniquely identifies the candle flow direction and we can observe it on the table. I explained this issue in the first image about fractal determination, you can read that part again.
When you identify swing structures correctly, you will also determine the area you need to focus on, and we have also included this in the script.
Another one of our favorite features on the chart is that it can show active swing areas live by following the BOS, CHOCH and Inducement lines. So, I believe that this gives it a more professional appearance.
In the light of all these functions, it provides great ease of use while presenting data on the direction of the market in a table not only in the current time frame but also in 6 different time frames that the user can choose according to his/her preference, including seconds timeframes (1 sec., 5 sec., 15 sec., 30 sec. etc.)
In order to speed up the user, it instantly informs the selected parity and all structural changes (Bos, Choch, Inducement, Liquidity Sweeps etc.) that occur on the market structure of this timeframe by setting a single alarm.
In the settings window, you will find the following settings that we have personalized for you:
Main Options;
Fractal Lines box: You can check this box to see whether the fractals that form the basic interpretation structure of the indicator are visible or not.
Swing Lines box: You can use this box to turn on or off the Bos, Choch, Inducement and Liquidity Sweeps lines, which are the main elements of the market structure.
Internal Structures box: You can check this box to observe the H and L points in the internal structure of the graph and therefore the direction in the internal structure.
Live Bos / Choch / Inducement Lines box: You can turn on / off the visibility of the lines belonging to the current and active Bos, Choch and Inducement levels on the chart.
Range Lines box: You can use it to turn on / off the visibility of range lines drawn between the active Swing high and Swing low points on the chart.
Multitimeframe Tables box: It allows you to open and close the table where you can observe the main trend direction of the current parity on the screen, its internal structure and the candle flow direction in 6 different time frames.
Fractal Settings;
In this section, you can choose the colors, style and thickness of the fractal lines as you wish.
Swing Settings;
In this section you can choose the colors of the Swing High and Swing Low points, their shape and size.
Likewise, you can choose the colors, line style, thickness and text size of Bos and Choch lines for bullish and bearish situations.
There are also settings where you can choose the colors, style, line thickness and text size of the Liquidity Sweep and Inducement lines.
Internal Swing Settings;
In this section, you can determine the colors of the High and Low points detected in the internal structure and select the label size, style and thickness of the direction change lines.
Live BOS / CHOCH / IDM Lines;
In this section, you can select the colors, label sizes, line style and thickness of the bos, choch and inducement lines that show the important levels followed in the current status of the chart.
Range Settings;
As mentioned above, you can choose the color, style, thickness of the range lines drawn between the active swing high and swing low points and the size of the price tags of these levels.
Multitimeframe Table Settings;
In this section, there are settings boxes for 6 selectable timeframes, 9 different position alternatives where you can change the position of the table, and a section where you can find 2 different options to express the directions in the table. In addition to these, you will also be able to choose the background color of the table and the color of the text used to express the directions in the table.
We hope that this script will reach a wide audience by becoming a tool that will be used with pleasure and indispensable, while providing convenience to all users, as we have dreamed of and expected from the first moment we started writing it.
DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for the documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. We are not responsible for any losses you may incur. Please invest wisely.
Best regards and enjoy it.
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!
No Wick Bull/Bear Candlesticks with Arrow premiumNo Wick Bull/Bear Candlesticks with Arrow premium
This script is for a custom trading indicator called "No Wick Bull/Bear Candlesticks with Arrow premium" developed by ClearTradingMind. It is designed for use with trading platforms that support scripting, such as TradingView. This indicator combines several technical analysis tools to help traders identify potential buy and sell signals in a financial market.
Key Components of the Indicator:
Moving Average (MA): The script allows users to select from various types of moving averages (SMA, EMA, HMA, etc.), which smooth out price data to identify trends. Users can set the length and type of the moving average.
Upper and Lower Bands: These bands are set at a specified deviation percentage above and below the chosen moving average. They help in identifying overbought and oversold conditions.
No Wick Bull/Bear Candlestick Identification:
Bullish Condition: A bullish candlestick is identified when the closing price is higher than the opening price, the low equals the open, and the close is above the moving average.
Bearish Condition: A bearish candlestick is identified when the closing price is lower than the opening price, the high equals the open, and the close is below the moving average.
No Wick: These conditions also imply that the candlesticks have no wicks, suggesting strong buying or selling pressure.
Arrows for Trading Signals:
No lower wick bull bar
No upper wick bear bar
When a bullish condition is met, a green upward-pointing triangle is plotted below the candlestick, indicating a potential buy signal.
When a bearish condition is met, a red downward-pointing triangle is plotted above the candlestick, indicating a potential sell signal.
EMA 20: An additional Exponential Moving Average with a length of 20 periods is plotted for further trend analysis.
Background Color Changes: The script changes the background color to blue if the EMA 20 is above the upper band, and to red if it is below the lower band, providing visual cues about the market trend.
How It Works:
Traders can input their preferences for the moving average type and length, source of the MA (like closing prices), and the deviation percentage for the bands.
The script then calculates the moving average, upper and lower bands, and checks for bullish or bearish candlestick conditions without wicks.
When such conditions are met, it plots arrows to suggest buy or sell signals.
The EMA 20 and background color changes offer additional trend information.
Usage:
This indicator is particularly useful in markets with clear trends. The no wick bull/bear candlesticks indicate strong buying or selling pressure, and the arrows provide clear visual signals for traders to consider entering or exiting positions. As with all trading indicators, it's recommended to use this tool in conjunction with other forms of analysis to confirm trading signals.
Thunderbird PoCWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (daily/weekly/monthly) to catch significant moves/trends in the market. While many are aware of the power of trend following, not all have the tools to execute it effectively. Our scripts are tailored to pinpoint and capitalise on long-term market trends.
What does this script do?
The Thunderbird PoC is a tool for investors looking to capitalise on breakout opportunities. When a breakout of the Donchian occurs, the script produces a signal. This signal is then used to display the entry, stop, and compound levels in the data window. One of its standout features is its ability to show levels for the bar where the mouse is hovering. This allows investors to analyse entry levels from past signals retrospectively. All this information is also conveniently displayed in the data window.
How is the PoC produced?
The PoC is meticulously calculated using a formula the encapsulates ATR. Upon a breakout signal, an entry-level is determined. For a bullish breakout, the entry is set a fixed % leve above the high, and for a bearish breakout, at a fixed % level below. The stop loss level is then calculated by using the ATR formula below the entry for long positions and above for short positions. The compound level is also set using an ATR formula above the entry for long positions and below for short ones.
What is the best timeframe to use the script?
The Thunderbird PoC is optimised for the daily timeframe. This is where the breakout signals are most effective and reliable. By focusing on the daily timeframe, investors can capture significant market movements and avoid the noise of shorter timeframes.
What makes this script unique?
The Thunderbird PoC stands out in its ability to provide investors with a retrospective view of the market. By allowing users to see the levels for the bar where the mouse is, it offers a unique perspective on past signals, enabling investors to learn and adapt from historical data. This feature, combined with its detailed display in the data window, makes it an invaluable tool for those looking to use trend-following techniques.
This tool removes the need of manually having to calculate the entry, stop loss, compound and risk-free levels yourself.
This script has been coded specifically for the daily timeframe to:
Highlight the start of potential long-term trends.
Confirm entry points at the end of the trading day, absorbing intraday noise.
Reduce fake breakouts in a trend.
Continue to create entry points as the trend develops to allow for compounding.
Filter out breakouts in a sideways market.
This entry signal script helps investors focus on the quality of a potential position when investing in long-term market trends.
Sublime Trading | Trailing StoplossWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (weekly/daily) to catch the large moves/trends in the market.
Most have heard of long-term trend following. Few know how to execute the strategy.
Our scripts are designed specifically to identify and invest in long-term market trends.
What does this script do?
The exit from a position is arguably more important than the entry.
Traders/Investors will regularly find themselves in an asset based on some logic, but the exit management is very much an afterthought.
Hence why traders often take profit too early and hold onto losing positions. It is emotionally driven.
The Trailing Stoploss script is designed to remove the guesswork and show you precise levels you will want to consider exiting a position when an asset reverses.
How is the trailing stoploss produced?
The script uses the formula ATR 15 x 4.
We use ATR as it produces a stoploss which is unique to the volatility of the asset. The more volatile the asset, the wider the stoploss.
We use ATR 15 as it brings an average reading across half a month, incorporating days of extreme volatility.
The multiplier 4 works well to avoid positions being stopped out prematurely on pullbacks.
When the trailing stoploss is hit, this is where you will want to consider taking profit.
What is the best timeframe to use the script?
We recommend the daily timeframe as this is where trend followers enter assets to maximise the potential of long-term trends.
The higher timeframes are where traders and investors take fewer positions and hold for longer time periods.
The trailing stoploss follows the price of the asset a distance away to give the trend structure enough space and time to develop.
A trend is ultimately a function of time. If you eliminate time, you eliminate the trend. If you eliminate the trend, you eliminate profit.
The Trailing Stoploss script is necessary for investors who appreciate that profit is accumulated by letting winning positions run and not taking profit too early.
What makes this script unique?
Exit management and knowing when to let go of an asset is one of the main struggles budding investors face. This script has been coded specifically for the daily timeframe to:
Create a trailing stoploss that is unique to the volatility of the asset.
Allow investors to stay in positions for the duration of the trend over many months.
To distinguish between a pullback and a market reversal, allowing for discretion.
This TSL script is designed to manage positions investors take in line with long-term market trends.
Sublime Trading | Donchian Breakout SignalsWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (weekly/daily) to catch the large moves/trends in the market.
Most have heard of long-term trend following. Few know how to execute the strategy.
Our scripts are designed specifically to identify and invest in long-term market trends.
What does this script do?
It produces entry signals in a confirmed bull and bear trend.
The logic is based on Donchian 20, which serves the following two purposes:
1. Confirms end-of-day entry points in a long-term trend
2. Filters out entry points in a sideways market
The signal is produced on a break and close of the Donchian 20 high in a bull trend and a break and close of the Donchian 20 low in a bear trend.
How is the entry price produced?
The entry is based on a percentage value of the range of the breakout bar added to the high of the bar in a bull trend.
In a bear trend, the percentage is subtracted from the low of the bar.
This gives an objective entry when placing a position once the OHLC of a bar is confirmed at the end of the trading day.
How is the stoploss price produced?
The script uses the formula ATR 15 x 4.
We use ATR as it produces a stoploss which is unique to the volatility of the asset. The more volatile the asset, the wider the stoploss.
We use ATR 15 as it brings an average reading across half a month, incorporating days of extreme volatility.
The multiplier 4 works well to avoid positions being stopped out prematurely on pullbacks.
When the stoploss is hit, there is when traders and investors may consider exiting positions.
What is the best timeframe to use the script?
We recommend the daily timeframe as this is where trader and investors identify and enter long-term market trends.
The higher timeframes are where traders and investors take fewer positions but hold for longer time periods.
As a result, trend followers place priority on the quality of the entry rather than quantity.
What makes this script unique?
This script has been coded specifically for the daily timeframe to:
Highlight the start of a potential long-term trends.
Confirm entry points at the end of the trading day, absorbing intraday noise.
Reduce fake breakouts in a trend.
Continue to create entry points as the trend develops to allow for compounding.
Filter out breakouts in a sideways market.
This entry signal script helps traders and investors focus on the quality of a potential position when investing in long-term market trends.
Liquidation Ranges + Volume/OI Dots [Kioseff Trading]Hello!
Introducing a multi-faceted indicator "Liquidation Ranges + Volume Dots" - this indicator replicates the volume dot tools found on various charting platforms and populates a liquidation range on crypto assets!
Features
Volume/OI dots populated according to user settings
Size of volume/OI dots corresponds to degree of abnormality
Naked level volume dots
Fixed range capabilities for volume/OI dots
Visible time range capabilities for volume/OI dots
Lower timeframe data used to discover iceberg orders (estimated using 1-minute data)
S/R lines drawn at high volume/OI areas
Liquidation ranges for crypto assets (10x - 100x)
Liquidation ranges are calculated using a popular crypto exchange's method
# of violations of liquidation ranges are recorded and presented in table
Pertinent high volume/OI price areas are recorded and presented in table
Personalized coloring for volume/OI dots
Net shorts / net long for the price range recorded
Lines shows reflecting net short & net long increases/decreases
Configurable volume/OI heatmap (displayed between liquidation ranges)
And some more (:
Liquidation Range
The liquidation range component of the indicator uses a popular crypto exchange's calculation (for liquidation ranges) to populate the chart for where 10x - 100x leverage orders are stopped out.
The image above depicts features corresponding to net shorts and net longs.
The image above shows features corresponding to liquidation zones for the underlying coin.
The image above shows the option to display volume/oi delta at the time the corresponding grid was traded at.
The image above shows an instance of using the "fixed range" feature for the script.
*The average price of the range is calculated to project liquidation zones.
*Heatmap is calculated using OI (or volume) delta.
Huge thank you to Pine Wizard @DonovanWall for his range filter code!
Price ranges are automatically detected using his calculation (:
Volume / OI Dots
Similar to other charting platforms, the volume/OI dots component of the indicator distinguishes "abnormal" changes in volume/OI; the detected price area is subsequently identified on the chart.
The detection method uses percent rank and calculates on the last bar of the chart. The "agelessness" of detection is contingent on user settings.
The image above shows volume dots in action; the size of each volume dot corresponds to the amount of volume at the price area.
Smaller dots = lower volume
Larger dots = higher volume
The image above exemplifies the highest aggression setting for volume/OI dot detection.
The table oriented top-right shows the highest volume areas (discovered on the 1-minute chart) for the calculated period.
The open interest change and corresponding price level are also shown. Results are listed in descending order but can also be listed in order of occurrence (most relevant).
Additionally, you can use the visible time range feature to detect volume dots.
The feature shows and explains how the visible range feature works. You select how many levels you want to detect and the script will detect the selected number of levels.
For instance, if I select to show 20 levels, the script will find the 20 highest volume/OI change price areas and distinguish them.
The image above shows a narrower price range.
The image above shows the same price range; however, the script is detecting the highest OI change price areas instead of volume.
* You can also set a fixed range with this feature
* Naked levels can be used
Additionally, you can select for the script to show only the highest volume/ OI change price area for each bar. When active, the script will successively identify the highest volume / OI change price area for the most recent bars.
Naked Levels
The image above shows and explains how naked levels can be detected when using the script.
And that's pretty much it!
Of course, there're a few more features you can check out when you use the script that haven't been explained here (:
Thank you again to @DonovanWall
Thank you to @Trendoscope for his binary insertion sort library (:
Thank you to @PineCoders for their time library
Thank you for checking this out!
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.
Harmonic ScannerThe concept of harmonic patterns was introduced in H.M. Gartley's book "Profits in the Stock Market" around 1935. Gartley formation was based on XABCD framework with particular values from Fibonacci values set. With only XABCD frame and Fibonacci values we have over 4 000 atomic combinations. Gartley formation is composed from two atomic combinations. Since then, numerous other combinations have been proposed and can be found on various internet sources. Our objective is not only to utilize known combinations, but also to develop a methodology for identifying combinations that best fit the price changes of a particular financial instrument.
The Harmonic Scanner searches for popular harmonic patterns on a chart and tracks them using typical take profit and stop loss values. The script calculates ideal efficiency by entering a position at the D point and exiting either on the stop loss or at the highest take profit value.
Furthermore, you can enable the "relaxed formations" feature to search for generalized variants of the patterns.
This script can be used by any user. There is no need to have a PRO or PREMIUM account.
Harmonic Scanner is just one component of larger "Harmonic" package, which is designed to simplify the use of the ideas proposed by Gartley and to customize them for various financial instruments.
The Harmonic package includes:
⠀⠀Harmonic Scanner - A classic harmonic patterns detector that checks efficiency by entering in D point and trading move to the take profit value.
⠀⠀Harmonic Predictor - A harmonic pattern detector that checks efficiency by entering at the C point and trading the move to the D point.
⠀⠀Harmonic Scanner TakeProfitMap - A supporting script for scanner, that tracks highest potencial profits from historical transactions to better determine the appropriate take profit values for a given financial instrument.
⠀⠀More components is under developement...
If you prefer a video explanation, please refer to the "HowTo: Harmonic Idea" video.
Script with limited access, contact author to get authorization
Script settings:
Extreme area - Specifies the range in which low/high need to be the lowest/highest bar to be counted as XABCD point.
XA limit - Specifies the maximum distance between successive points in XABCD formation pattern.
Inaccuracy ‰ - It determines the maximum deviation from the conditions that must be met by the pattern. Larger value will produce more duplicates.
Relaxed formations - Formations marked with * will be relaxed on CBD retracement.
Eliminate duplicates - Eliminates formation duplicates. We can precise the maximum deviation of results that are threaded as the same (duplicates).
Verify Predictor - Special mode what can be used to verify results from the Harmonic Predictor script.
List of formations, each letter enables specific formation.
Visualization section with independent settings for the folowing groups:
- Estimated formations ( high or low are still unconfirmed but their confirmation will add new formations),
- Positions (formations tracked for statistics)
- Traded (xlosed positions, either on take profit or stop loss)
For each group of formations following settings can be customized:
- Color used for drawing formation shape
- Checkbox for enabling/disabling shape visualization
- Checkbox for enabling/disabling target visualization
- Picker for selecting the label type
⠀⠀- h(ide)
⠀⠀- s - Labels with small font
⠀⠀- S - Labels with normal font
ShapeBox - Displays a box over formations with the formation name (useful for identifying specific formations).
Color settings - Customize the color of filled and unfilled targets.
Transparency settings - Adjust the transparency of formation shapes and targets.
Statistics - Picker for statistics table type:
H(ide) - Hides the statistics table.
P(ositions) - Shows a list of positions with their corresponding stop loss and take profit values. Take profit values that have been reached are highlighted.
% - Displays the efficiency of formations, split by take profit values.
%W - Displays the efficiency of formations, split by take profit values and weighted by formation size.
Position filter - A filter that works with the P(ositions) statistics.
Troubleshooting:
In case of any problems, please send error details to the author of the script.
