Sword of a Thousand Truths (Wyckoff Sniper)
This identifies hidden pivot points in price action by uniquely identifying Wyckoff patterns and signatures.
If you aren't familiar with Wyckoff, it is strongly advised that you at a minimum learn about accumulation and distribution (school.stockcha...ts.com/doku.php?id=market_...)
Settings and Configs
Scanning Length -- this is how many candles are considered into each phase of Wyckoff accumulation or distribution. The longer you set this length, the more certainty in the indicators signals. You can think of this akin to that of a higher time frame.
Green/Red Clouds are Wyckoff regions of accumulation and distribution (supports, resistances) -- if price enters into these regions, it is likely to experience volatility in the opposite direction. However, if the price escapes these regions, it will most likely dip or rip in the opposite direction. (e.g., if the price is riding within the distribution region in an upward trend, and then breaksout, this is a confirmed distribution and upward price movement will typically ensue)
Red/green lines are the moving averages of accumulation and distribution. These lines are absolutely critical to keep an eye on, because they are the gateway to a greater macro-trend. When any interaction takes place with these lines (e.g., price, accum./dist. regions, etc), there is a greater force at play, presenting itself. Just like a MACD represents two different moving averages... any cross is significant... this principal also applies to the clouds of accum./dist. and their EMA lines.
Green/Red Lines are the exponential moving averages (200) of each confirmed Wyckoff Spring /UTAD occurrences. When price interacts w/ this line, it will either cause volatility . If price recovers off of the spring EMA , it is a sign of strength. If it is rejected off of the UTAD EMA , it is a sign of weakness or an SOS (sign of strength)
Buy/sell signals (red/green arrows) are signals that confirm trend. You can interpret these as buy/sell signals. But you should always be aware of what the greater macro trend is. If your 4h chart is showing a resistance at the 200 dist. EMA, but your 5 minute is showing a resistance, you should interpret this bearishly. But again, this is all contextual.
Other tidbits and utterances
Remember to determine the macro-trend before committing to any ideas of what your security is likely to do.
It is highly recommended that you use multiple instances of this script to gain a composite-view of what the security is doing. To do this, add another instance, and set your scanning length to a different value than the others. When you combine multiple instances of this, you can gain an even greater insight. For example, when accumulation regions overlap, this is a bullish signal. (The practical translation is: if accumulation regions overlap from 2 different timeframes, then typically a MM/Institution will seek a higher range to accumulate, later distribute, because 2 different timeframes have no more range to the downside to accumulate)
Be sure to use your utmost curiosity when factoring this script into your analysis, there are tons of interactions that the data of this script presents. (i.e., spring and UTAD clouds will sometimes bounce right off of each other in succession, which is a golden-occurrence and can lead to significant upside. (You can see this on the 1d, 1w chart of BTC )
All feedback, critiques, observations, etc, are welcomed and requested.
Cheers
If you aren't familiar with Wyckoff, it is strongly advised that you at a minimum learn about accumulation and distribution (school.stockcha...ts.com/doku.php?id=market_...)
Settings and Configs
Scanning Length -- this is how many candles are considered into each phase of Wyckoff accumulation or distribution. The longer you set this length, the more certainty in the indicators signals. You can think of this akin to that of a higher time frame.
Green/Red Clouds are Wyckoff regions of accumulation and distribution (supports, resistances) -- if price enters into these regions, it is likely to experience volatility in the opposite direction. However, if the price escapes these regions, it will most likely dip or rip in the opposite direction. (e.g., if the price is riding within the distribution region in an upward trend, and then breaksout, this is a confirmed distribution and upward price movement will typically ensue)
Red/green lines are the moving averages of accumulation and distribution. These lines are absolutely critical to keep an eye on, because they are the gateway to a greater macro-trend. When any interaction takes place with these lines (e.g., price, accum./dist. regions, etc), there is a greater force at play, presenting itself. Just like a MACD represents two different moving averages... any cross is significant... this principal also applies to the clouds of accum./dist. and their EMA lines.
Green/Red Lines are the exponential moving averages (200) of each confirmed Wyckoff Spring /UTAD occurrences. When price interacts w/ this line, it will either cause volatility . If price recovers off of the spring EMA , it is a sign of strength. If it is rejected off of the UTAD EMA , it is a sign of weakness or an SOS (sign of strength)
Buy/sell signals (red/green arrows) are signals that confirm trend. You can interpret these as buy/sell signals. But you should always be aware of what the greater macro trend is. If your 4h chart is showing a resistance at the 200 dist. EMA, but your 5 minute is showing a resistance, you should interpret this bearishly. But again, this is all contextual.
Other tidbits and utterances
Remember to determine the macro-trend before committing to any ideas of what your security is likely to do.
It is highly recommended that you use multiple instances of this script to gain a composite-view of what the security is doing. To do this, add another instance, and set your scanning length to a different value than the others. When you combine multiple instances of this, you can gain an even greater insight. For example, when accumulation regions overlap, this is a bullish signal. (The practical translation is: if accumulation regions overlap from 2 different timeframes, then typically a MM/Institution will seek a higher range to accumulate, later distribute, because 2 different timeframes have no more range to the downside to accumulate)
Be sure to use your utmost curiosity when factoring this script into your analysis, there are tons of interactions that the data of this script presents. (i.e., spring and UTAD clouds will sometimes bounce right off of each other in succession, which is a golden-occurrence and can lead to significant upside. (You can see this on the 1d, 1w chart of BTC )
All feedback, critiques, observations, etc, are welcomed and requested.
Cheers
Versionshinweise:
(Change chart shown on preview of script page)
Versionshinweise:
Refactored springs/utads
Added new signals that indicate what phase of Wyckoff the chart is in
Detect Redistribution
Volume-based signals
Added new signals that indicate what phase of Wyckoff the chart is in
Detect Redistribution
Volume-based signals
Versionshinweise:
Additional options and an easter egg
Versionshinweise:
- Updated formula for calculating distribution cloud (more aggressive at detecting downward pressure)
- Toggle signals on/off
- Toggle signal descriptions on/off
- NEW - Latent price action indicators (whenever Wyckoff signatures interact bullishly or bearishly, will indicate on the chart)
- NEW - "Golden" signals; events of price action defined as heavily bullish
- Short-term accumulation crossover long-term accumulation
- Short-term accumulation crossover long-term distribution
- (... Many more to come!)
- UI tidying-up, colors are less abrasive, indicator-visuals take up less of your charts real estate (sorry about that)
- Changed default scanning length to 21 (will be tinkering with this more in the near future)
Versionshinweise:
Adjusted formulas across the board (you'll see :))
Versionshinweise:
- Additional UI clean ups
- New signals for exiting and entering accumulation
- New signals for exiting and entering accumulation
Versionshinweise:
Make love, not war.
Versionshinweise:
(updating change log later)
Versionshinweise:
... more to explain later
Versionshinweise:
Implement show/hide liquidity clouds
Versionshinweise:
Change green UI-elements to blue
Versionshinweise:
Changed formula for all calculations -- more accurate :)
Versionshinweise:
NEW - "Rubberband" MAs (serves as quick-reacting moving averages for reaccumulation/redistribution; dotted lines)
Versionshinweise:
Numerous additions and fixes
Added options to show/hide everything on the chart (e.g., clouds, moving averages, etc)
Added linear regression function for spring/utad trends
Added custom lengths for capturing spring/UTAD levels
and much much more but too tired to document right now
Added options to show/hide everything on the chart (e.g., clouds, moving averages, etc)
Added linear regression function for spring/utad trends
Added custom lengths for capturing spring/UTAD levels
and much much more but too tired to document right now
Versionshinweise:
Change linear regression lines to dotted-lines for easier distinguishing when using multiple metrics
Versionshinweise:
GUI update
Versionshinweise:
Fix for calculating spring
Versionshinweise:
Add Status Dashboard to Chart
Versionshinweise:
Change calculation engine for accumulation and distribution ranges
Versionshinweise:
Final adjustment to calculation-engine
Versionshinweise:
Hey y'all!
The love and support for this project has been heartwarming.
This started as a hunch about market-tendencies, and turned into something worthwhile, and a community that feels the same.
I've been hard at work on a very special baby of mine, OnlyFlows. OnlyFlows is an all-in-one market data and social media platform for traders and investors. We have a wide variety of tools, features, and resources that I use every single day. All of these were hand-built by me, and now with a team of numerous developers and staff.
Shortly, Wyckoff Sniper (Sword of a Thousand Truths) will be retired from TradingView, and will be ported over to OnlyFlows as a stay-home feature. In the mean time, this baby of ours is back to functioning.
Thank you all for the messages and comments. If you'd like to support me or my projects, grab a subscription from OnlyFlows!
Thank you all
Regards,
Sam (Astro)
The love and support for this project has been heartwarming.
This started as a hunch about market-tendencies, and turned into something worthwhile, and a community that feels the same.
I've been hard at work on a very special baby of mine, OnlyFlows. OnlyFlows is an all-in-one market data and social media platform for traders and investors. We have a wide variety of tools, features, and resources that I use every single day. All of these were hand-built by me, and now with a team of numerous developers and staff.
Shortly, Wyckoff Sniper (Sword of a Thousand Truths) will be retired from TradingView, and will be ported over to OnlyFlows as a stay-home feature. In the mean time, this baby of ours is back to functioning.
Thank you all for the messages and comments. If you'd like to support me or my projects, grab a subscription from OnlyFlows!
Thank you all
Regards,
Sam (Astro)