OPEN-SOURCE SCRIPT
Aktualisiert Candle Bias Forecast
Candle Bias Forecast Indicator
Description:
The Candle Bias Forecast Indicator is an original multi‐timeframe analysis tool that generates price forecast levels based on the difference between candle biases on two different timeframes. It uses innovative calculations to provide potential forecast levels that align with current price action.
How It Works:
1. Candle Bias Calculation:
For each candle, the indicator computes a “candle bias” using the formula:
candleBias = (((open + close)/2 - (high + low)/2) + ((close - open)/(high - low)))/2
This measure captures both the positioning of the candle’s body within its range and the normalized move from open to close.
2. Multi-Timeframe Analysis:
The script uses multiple timeframe pairs (e.g., 5-minute vs. 30-minute, 10-minute vs. 60-minute, etc.). For each pair, the bias is computed on the lower timeframe and on the higher timeframe.
3. Normalization with ATR:
To translate the dimensionless bias difference into price terms, the indicator multiplies the difference by the lower timeframe’s Average True Range (ATR). This scales the forecast adjustment to current market volatility.
4. Forecast Computation:
The forecast level for each pair is then calculated as:
forecast = close + (lowerTF_ATR * (lowerTF_bias - higherTF_bias))
This yields forecast levels that are plotted on the chart and connected by lines for a visual guide.
How to Use:
- Visual Confirmation: Add the indicator to your 1 to 15 minute chart to see forecast levels overlaid on the price.
- Supplementary Analysis: Use these forecast levels as an additional tool alongside your other analysis methods. They can help indicate potential support/resistance areas or directional bias.
Important Notes:
- Not a Standalone Signal: This indicator is intended to supplement your analysis. Always combine it with other tools and sound risk management practices.
- For Educational & Research Use: The indicator is provided “as is” without any guarantee of performance. It is designed to illustrate an innovative approach to multi-timeframe analysis.
- Disclaimer: Past performance is not indicative of future results. Use this tool at your own risk.
By combining candle bias with ATR-based normalization and multi-timeframe analysis, this indicator offers a unique perspective on market dynamics that can enrich your trading strategy.
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*This is an original script designed to add value to the TradingView community. Please test and validate its outputs thoroughly before using it in live trading.*
Description:
The Candle Bias Forecast Indicator is an original multi‐timeframe analysis tool that generates price forecast levels based on the difference between candle biases on two different timeframes. It uses innovative calculations to provide potential forecast levels that align with current price action.
How It Works:
1. Candle Bias Calculation:
For each candle, the indicator computes a “candle bias” using the formula:
candleBias = (((open + close)/2 - (high + low)/2) + ((close - open)/(high - low)))/2
This measure captures both the positioning of the candle’s body within its range and the normalized move from open to close.
2. Multi-Timeframe Analysis:
The script uses multiple timeframe pairs (e.g., 5-minute vs. 30-minute, 10-minute vs. 60-minute, etc.). For each pair, the bias is computed on the lower timeframe and on the higher timeframe.
3. Normalization with ATR:
To translate the dimensionless bias difference into price terms, the indicator multiplies the difference by the lower timeframe’s Average True Range (ATR). This scales the forecast adjustment to current market volatility.
4. Forecast Computation:
The forecast level for each pair is then calculated as:
forecast = close + (lowerTF_ATR * (lowerTF_bias - higherTF_bias))
This yields forecast levels that are plotted on the chart and connected by lines for a visual guide.
How to Use:
- Visual Confirmation: Add the indicator to your 1 to 15 minute chart to see forecast levels overlaid on the price.
- Supplementary Analysis: Use these forecast levels as an additional tool alongside your other analysis methods. They can help indicate potential support/resistance areas or directional bias.
Important Notes:
- Not a Standalone Signal: This indicator is intended to supplement your analysis. Always combine it with other tools and sound risk management practices.
- For Educational & Research Use: The indicator is provided “as is” without any guarantee of performance. It is designed to illustrate an innovative approach to multi-timeframe analysis.
- Disclaimer: Past performance is not indicative of future results. Use this tool at your own risk.
By combining candle bias with ATR-based normalization and multi-timeframe analysis, this indicator offers a unique perspective on market dynamics that can enrich your trading strategy.
---
*This is an original script designed to add value to the TradingView community. Please test and validate its outputs thoroughly before using it in live trading.*
Versionshinweise
Now uses 3 period moving average of CBOVersionshinweise
normalize candle bias valuesVersionshinweise
uses higher timeframe ATR nowVersionshinweise
fix broken codeVersionshinweise
long-term averagingVersionshinweise
color change optionVersionshinweise
fix Versionshinweise
fixVersionshinweise
option to change period and bias displayVersionshinweise
bias makes sense nowVersionshinweise
fix bias calculationVersionshinweise
ROC, volume and divergence calculationsVersionshinweise
use lower timeframe atrOpen-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.