With Special Thanks to Everyone who has gone before me, and who have both allowed me given me permission to bring my version of Market Cipher to the World Especially LazyBear for his amazing Wave Trend Oscillator and for Aevir, falconCoin, vumanchu, Crypto_Spike and others who have freely brought MarketCipher to the Tradingview Community Also special mention to RicardoSantos for his Divergence script
MarketVision B - My take on MarketCipher B / Market Cipher B, Ive just put outlines on the Wave Trend to add to the Visual Appeal and Added a Trend Meter and a few more options for the Oscillators Nice To Look At Oscillator 1 Choose Between - RSI, MFI and Ultimate Oscillator For Stochastics Choose Between Standard and RSI Stochastics and for the source you can choose On Balance Volume Wave Trend Money Flow Trend Meter & Signals Bar Divergences are marked, However they are easy to spot and it is better to train your eyes to spot them before the indicator marks them out Lots of Alerts and Loads of ways to trade using MarketVision
PS: You can make this look like the original by adjusting the parameters in the menu
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Major Changes Changed Defaults for cleaner look and turned on Money Flow Outline as most YouTube Tutorials utilise this for their strategies Changed Stochastic Color to blue to be easier on the eyes Added Long Term K Double Stochastic option Modified Alerts
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Added option for another Double Stochastic value Added Alert for RSI Signal Line Color Change Changed Money Flow
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Added more options for Money Flow
In my testing I have found that the absolute best Money Flow is indicated by the RSI being above or below 50 (Please note that for MFI and RSI the 50 line gets shifted down to the Zero line for the Money Flow indicator). I have turned the Money Flow on by default for this version though if you have the RSI turned on for Oscillator 1 you will be able to turn the Money Flow off and just look if the RSI (Oscillator 1) is above or below the 50 line
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As per request Changed Money Flow settings to SMA 60 to match Money Flow on similar indicators
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Major Update
Added Williams %R option for oscillator 1 Fixed money flow Adjusted settings and defaults
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Optimised Trend Meters and Trend Meter Setups
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Adjusted Defaults
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Converted to Pine Version 4 - Unfortunately V4 allows less outputs so I have had to remove Divergences from Oscillator 1 and Most Alerts - Alerts can still be found in MarketVision A Updated settings Menu to make it more user friendly (Thanks to Pine V4) Changed the Overall Look of the Indicator Made Wave Trend Divergences Adjustable Added More Options for Money Flow - Please Try the New 'Dynamic Money Flow' it is Volume Based and works very well for confirming Money Flow
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Adjusted brightness of of Wave Trend Blue Wave
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Adjusted Trend Meter Brightness - Version 4 Conversion changed some of the colors
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Pine Version 4 Introduced Limits To The Number of Outputs That Can Be Displayed For This Reason I have Added The Ability to Apply The Short Term Divergences Intended For Stochastics onto the Wave Trend Instead This Results in The Wave Trend Displaying Both A Short Term Divergence and a Longer Term Adjustable Divergence
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Added 'Double RSI's' Derived From The Original MarketCipher B
'Double RSI's' are infact Not RSI's at all but actually Pseudo RSI's They consist of a Fast and a Slow Standard Stochastic K Fast K = 40 and Slow K = 81"
When selecting 'Double RSI's' for Oscillator 1 you may want to untick the Stochastics to make the 'Double RSI's' easier to see and to unclutter the indicator
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Adjusted transparency of Back Ground Level Lines to make it easier on the eyes Stochastic Default changed to RSI Stochastic which has a longer length by default - This helps you spot divergences easier and means that the chart is less clogged up
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Adjusted Stochastic setting to 13 Enhanced code
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Changed Wave Trend Wave 1 Fill Characteristics to be nicer on the eyes in dark mode
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Enhanced the look of the Money Flow Trend Meter
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Added Signal for when Trend Meter Signal Lines up with Wave Trend Cross
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Added Indication for Positive or Negative Pressure
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Changed Color of Pos/Neg Pressure Dots
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Updated chart
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Updated settings
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Changed the size of the dots within the Wave Trend
I have to say this by far the most useful indicator I have come across in tradingview. You did absolutely amazing job with this and I’m sure this took a ton of time to code. Honestly this is the best replica of mcb I have came across.im not sure how close the money flow is to the original but it looks nearly identical when I’m watching live streams on YouTube! The only thing I would upgrade would be the ability to change the size of the green red dots to a smaller dot and I would make an option for those big bitboy bottom dots. I use this daily in my trading and investing! I like to be able to front run these divergences but I’m not sure how to do that with the offset or pivot count. Any advice on this? Beautifully done sir thank you for providing this to the tradingview community!
benny7284
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First of all I want to bow down to you for providing us with this gem, FOR FREE!!! Secondly, just some suggestions from an actual MarketCipher user: 1. If you could make the Lightblue Wavetrend "line" to an "area" like the Blue Wave is that would be sick as then it would match the Market Cipher B original look. 2. Also make the Buy/Sell circles smaller like in the original version (they seem too big and chunky for some reason), and add the bitboy greendots. 3. The moneyflow trend meter at the bottom is a little bit too high, in the original its lower in the indicator field.
In all other aspects, this thing rocks and it's the best replica of the original!!!
acom
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Agreed @benny7284, except for the Money Flow indicator which isn't the same (it's quite different even often opposite to MC)
CHurlowInvesting
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@acom, not in my experience watching live streams on YouTube. It looks nearly identical to me
balmer_michael_
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Thank you a lot for making this indicator available!
However, I feel a bit overwhelmed because I am relatively new and not familiar with some of the parameters. Are the default settings fine for trading crypto on daily/weekly or do you suggest some changes?
Many thanks
Lij_MC
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@balmer_michael_, Thanks, I can understand how it can look overwhelming, the default levels are fine for all timeframes, though to make it not so overwhelming you can always turn certain elements of the indicator off.
Also for new traders I would recommend learning how price action and market structure work before moving onto indicators
Lij_MC
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@balmer_michael_, Hopefully this last update makes it a little less overwhelming and easier on the eyes
balmer_michael_
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@Lij_MC, Thanks! As you suggested, I turned off some of the indicators that I don't (know how to) use. My main focus are MoneyFlow and RSI, however I am still a bit confused about all the various dots on the waves.
I am approaching it cautiously, trying to back-test some strategies. I have been learning to use the Ichikomo cloud, fractals and HeikinAshi candles, as well as recognizing Wyckoffian structures. Is there other things you reccomend looking into?
SoneDHmoltFort
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Great job man! Thanks alot for sharing it to the comunity!
I was checking all the alerts, but im not clear about wich of the wave trend alerts, its the one for the green and red dots when wavetrend changes direction, any hints?
Lij_MC
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@SoneDHmoltFort, Alert- Wave Trend - Pos X
or
Alert- Wave Trend - Neg X