Percentages from 52 Week HighThis script is helpful for anyone that wants to monitor 5, 10, 20, 30, 40, 50% drops from the 52 week moving high.
I have been using a version of this script for a few years now and thought I would share it back with the community as I wrote it in 2021 to find quick deals when flipping through charts of stocks I've been watching. I never seemed to find anything doing this simple yet intuitive thing and I found myself regularly computing these lines manually on each chart. This will save you from having to do that as it automatically draws each level on your chart based on the recent 52 week or daily high.
I recently added the ability to turn on/off different levels and defaulted to setting 5, 10, and 20 % drops from the 52 week high. You can also change this to be a 52 day moving high if that's your preference.
Please let me know if you have ideas for modification as I wanted to share this with the community given I had not seen anything out there giving me what I wanted - which is why I wrote it.
All the best friends.
Chart-Muster
Prometheus IQR bandsThis indicator is a tool that uses market data to plot bands along with a price chart.
This tool uses interquartile range (IQR) instead of Standard Deviation (STD) because market returns are not normally distributed. There is also no way to tell if the pocket of the market you are looking at is normally distributed. So using methods that work better with non-normal data minimizes risk more than using a different process.
Calculation
Code for helper functions:
// Function to calculate the percentile value
percentile(arr, p) =>
index = math.floor(p * (array.size(arr) - 1) + 0.5)
array.get(arr, index)
manual_iqr(data, lower_percentile, upper_percentile)=>
// Sort the data
data_arr = array.new()
for i = 0 to lkb_
data_arr.push(close )
array.sort(data_arr)
sorted_data = data_arr.copy()
n = array.size(data_arr)
// Calculate the specified percentiles
Q1 = percentile(sorted_data, lower_percentile)
Q3 = percentile(sorted_data, upper_percentile)
// Calculate IQR
IQR = Q3 - Q1
// Return the IQR
IQR
IQRB(lkb_, sens)=>
sens_l = sens/100
sens_h = (100-sens)/100
val = manual_iqr(close, sens_l, sens_h)
sma = ta.sma(close, int(lkb_))
upper = sma + val
lower = sma - val
Percentile Calculation (percentile function):
Calculates the percentile value of an array (arr) at a given percentile (p).
Uses linear interpolation to find the exact percentile value in a sorted array.
Manual IQR Calculation (manual_iqr function):
Converts the input data into an array (data_arr) and sorts it.
Computes the lower and upper quartiles (Q1 and Q3) using the specified percentiles (lower_percentile and upper_percentile).
Computes the Interquartile Range (IQR) as IQR = Q3 - Q1.
Returns the computed IQR.
IQRB Function Calculation (IQRB function):
Converts the sensitivity percentage (sens) into decimal values (sens_l for lower percentile and sens_h for upper percentile).
Calls manual_iqr with the closing prices (close) and the lower and upper percentiles.
Calculates the Simple Moving Average (SMA) of the closing prices (close) over a specified period (lkb_).
Computes the upper and lower bands of the IQR using the SMA and the calculated IQR (val).
Returns an array containing the upper band, lower band, and SMA values.
After the IQR is calculated at the specified sensitivity it is added to and subtracted from a SMA of the specified period.
This provides us with bands of the IQR sensitivity we want.
Trade Examples
Step 1: Price quickly and strongly breaks below the bottom band and continues there for some bars.
Step 2: Price re-enters the bottom band and has a strong reversal.
Step 1: Price strongly breaks above the top band and continues higher.
Step 2: Price breaks below the top band and reverses to the downside.
Step 3: Price breaks below the bottom band after our previous reversal.
Step 4: Price regains that bottom band and reverses to the upside.
Step 5: Price continues moving higher and does not break above the top band or reverse.
Step 1: Price strongly breaks above the top band and continues higher.
Step 2: Price breaks below the top band and reverses to the downside.
Step 3: Price breaks below the bottom band after our previous reversal.
Step 4: Price regains that bottom band and reverses to the upside.
Step 5: Price strongly breaks above the top band after the previous reversal.
Step 6: Price breaks below the top band and reverses down.
Step 7: Price strongly breaks above the top band and continues moving higher.
Step 8: Price breaks below the top band and reverses down.
Step 9: Price strongly breaks above the top band and continues moving higher.
Step 10: Price breaks below the top band and reverses down.
Step 1: Price breaks above the top band.
Step 2: Price drops below the top band and chops slightly, without a large reversal from that break.
Step 3: Price breaks below the bottom band.
Step 4: Price re-enters the bottom band and just chops, no large reversal.
Step 5: Price breaks below the bottom band.
Step 6: Price retakes the bottom band and strongly reverses.
This tool can be uses to spot reversals and see when trends may continue as the stay inside the bands. No indicator is 100% accurate, we encourage traders to not follow them blindly and use them as tools.
Price Action Toolkit Lite [UAlgo]The Price Action Toolkit Lite is a comprehensive indicator designed to enhance your chart analysis with advanced price action tools. This powerful toolkit combines multiple technical analysis concepts to provide traders with a clear visualization of market structure, liquidity levels, order blocks, and trend lines. By integrating these elements, the indicator aims to offer a holistic view of price action, helping traders identify potential entry and exit points, as well as key levels of interest in the market.
🔶 Key Features
Market Structure Analysis: The indicator includes a ZigZag feature to highlight significant market highs and lows, aiding in the visualization of market structure changes and trends.
Liquidity Sweeps Detection: It identifies and displays liquidity sweeps, which are crucial for recognizing potential market reversals and areas of interest where significant price action is likely to occur.
Order Blocks: Automatically detects and draws order blocks, highlighting areas of institutional buying and selling pressure, which can serve as key support and resistance levels.
Trend Lines: The toolkit can draw and extend trend lines based on pivot points, providing a clear view of prevailing market trends and potential breakout points.
Customizable Settings: Users can adjust various settings, including the length of the ZigZag, liquidity detection sensitivity, the number of order blocks to display, and trend line detection parameters, allowing for a tailored analysis experience.
🔶 Disclaimer
The "Price Action Toolkit Lite " is intended for educational and informational purposes only.
It is not financial advice and should not be construed as such. Trading in financial markets involves substantial risk, including the risk of loss.
Past performance is not indicative of future results.
🔷 Similar Scripts
FVG Instantaneous Mitigation Signals [LuxAlgo]The FVG Instantaneous Mitigation Signals indicator detects and highlights "instantaneously" mitigated fair value gaps (FVG), that is FVGs that get mitigated one bar after their creation, returning signals upon mitigation.
Take profit/stop loss areas, as well as a trailing stop loss are also included to complement the signals.
🔶 USAGE
Instantaneous Fair Value Gap mitigation is a new concept introduced in this script and refers to the event of price mitigating a fair value gap one bar after its creation.
The resulting signal sentiment is opposite to the bias of the mitigated fair value gap. As such an instantaneously mitigated bearish FGV results in a bullish signal, while an instantaneously mitigated bullish FGV results in a bearish signal.
Fair value gap areas subject to instantaneous mitigation are highlighted alongside their average level, this level is extended until reached in a direction opposite to the FVG bias and can be used as a potential support/resistance level.
Users can filter out less volatile fair value gaps using the "FVG Width Filter" setting, with higher values highlighting more volatile fair value gaps subject to instantaneous mitigation.
🔹 TP/SL Areas
Users can enable take-profit/stop-loss areas. These are displayed upon a new signal formation, with an area starting from the mitigated FVG area average to this average plus/minus N ATRs, where N is determined by their respective multiplier settings.
Using a higher multiplier will return more distant areas from the price, requiring longer-term variations to be reached.
🔹 Trailing Stop Loss
A trailing-stop loss is included, increasing when the price makes a new higher high or lower low since the trailing has been set. Using a higher trailing stop multiplier will allow its initial position to be further away from the price, reducing its chances of being hit.
The trailing stop can be reset on "Every Signal", whether they are bullish or bearish, or only on an "Inverse Signal", which will reset the trailing when a signal of opposite bias is detected, this will preserve an existing trailing stop when a new signal of the same bias to the present one is detected.
🔶 DETAILS
Fair Value Gaps are ubiquitous to price action traders. These patterns arise when there exists a disparity between supply and demand. The action of price coming back and filling these imbalance areas is referred to as "mitigation" or "rebalancing".
"Instantaneous mitigation" refers to the event of price quickly mitigating a prior fair value gap, which in the case of this script is one bar after their creation. These events are indicative of a market more attentive to imbalances, and more willing to correct disparities in supply and demand.
If the market is particularly sensitive to imbalances correction then these can be excessively corrected, leading to further imbalances, highlighting a potential feedback process.
🔶 SETTINGS
FVG Width Filter: Filter out FVGs with thinner areas from returning a potential signal.
🔹 TP/SL
TP Area: Enable take-profit areas for new signals.
Multiplier: Control the distance from the take profit and the price, with higher values returning more distant TP's.
SL Area: Enable stop-loss areas for new signals.
Multiplier: Control the distance from the stop loss and the price, with higher values returning more distant SL's.
🔹 Trailing Stop
Reset Trailing Stop: Determines when the trailing stop is reset.
Multiplier: Controls the initial position of the trailing stop, with higher values returning more distant trailing stops.
Normalized Relative Strength LineNormalized Relative Strength Line Indicator
Overview
The "Normalized Relative Strength Line" indicator measures the relative performance of a stock compared to a benchmark index (e.g., NSE
). This indicator helps traders and investors identify whether a stock is outperforming or underperforming the selected benchmark over a specified lookback period. The values are normalized to a range of -100 to +100 for easy interpretation.
Key Features
Comparison Symbol: Users can select a benchmark index or any other comparison symbol to measure relative performance.
Lookback Period: A user-defined period for normalization, typically set to a number of trading days (e.g., 252 days for one year).
Relative Strength Calculation: The indicator calculates the percentage change in price for both the stock and the comparison symbol from the start of the lookback period.
Normalization: The relative strength values are normalized to a range of -100 to +100 to facilitate comparison and visualization.
Smoothing: An optional 14-period simple moving average (SMA) is applied to the normalized relative strength line for a smoother representation of trends.
Interpretation
Positive Values (+100 to 0): When the normalized relative strength (RS) line is above 0, it indicates that the stock is outperforming the comparison symbol. Higher values signify stronger outperformance.
Negative Values (0 to -100): When the normalized RS line is below 0, it indicates that the stock is underperforming the comparison symbol. Lower values signify stronger underperformance.
Horizontal Line at 0: The horizontal line at 0 serves as a reference point. Crossing this line from below indicates a shift from underperformance to outperformance, and crossing from above indicates a shift from outperformance to underperformance.
Crossovers: The points where the RS line crosses the moving average (red line) can signal potential changes in relative performance trends.
Example Use Case
If the normalized RS line of a stock consistently remains around +100, it suggests that the stock has been strongly outperforming the comparison symbol over the selected lookback period. Conversely, if it remains around -100, it suggests strong underperformance.
Equal Highs and Lows {Reh's and Rel's }# Equal Highs and Lows {Reh's and Rel's} Indicator
## Overview
The "Equal Highs and Lows {Reh's and Rel's}" indicator is designed to identify and mark equal highs and lows on a price chart. It detects both exact and relative equal levels, draws lines connecting these levels, and optionally labels them. This tool can help traders identify potential support and resistance zones based on historical price levels.
## Key Features
1. **Exact and Relative Equality**: Detects both precise price matches and relative equality within a specified threshold.
2. **Customizable Appearance**: Allows users to adjust colors, line styles, and widths.
3. **Dynamic Line Management**: Automatically extends or removes lines based on ongoing price action.
4. **Labeling System**: Optional labels to identify types of equal levels (e.g., "Equal High", "REH/Equal High").
5. **Flexible Settings**: Adjustable parameters for lookback periods, maximum bars apart, and relative equality thresholds.
## User Inputs
### Appearance
- `lineColorHigh`: Color for lines marking equal highs (default: red)
- `lineColorLow`: Color for lines marking equal lows (default: green)
- `lineWidth`: Thickness of the lines (range: 1-5, default: 1)
- `lineStyle`: Style of the lines (options: Solid, Dash, Dotted)
- `showLabels`: Toggle to show or hide labels for equal highs and lows
### Settings
- `lookbackLength`: Number of bars to look back for finding equal highs and lows (default: 200)
- `maxBarsApart`: Maximum number of bars apart for equal highs/lows to be considered (range: 2-10, default: 5)
### Relative Equality
- `considerRelativeEquals`: Enable detection of relative equal highs and lows
- `thresholdIndex`: Maximum tick difference for relative equality in index instruments (range: 1-10, default: 2)
- `thresholdStocks`: Maximum tick difference for relative equality in stock instruments (range: 5-200, step: 5, default: 10)
## How It Works
The indicator scans historical price data to identify equal or relatively equal highs and lows. It draws lines connecting these levels and updates them as new price data comes in. Lines are extended if the level holds and removed if the price breaks through. The tool adapts to different market conditions by allowing adjustments to the equality thresholds for various instrument types.
## Practical Use
Traders can use this indicator to:
- Identify potential support and resistance levels
- Spot areas where price might react based on historical turning points
- Enhance their understanding of price structure and repetitive patterns
## Disclaimer
This indicator is provided as a tool to assist in identifying potential price levels of interest. It is not financial advice. Users should not rely solely on this or any single indicator for trading decisions. Always conduct thorough analysis, consider multiple factors, and be aware that past price behavior does not guarantee future results. All trading involves risk.
Brooks 18 Bars [KintsugiTrading]Brooks 18 Bars
Overview:
This indicator allows traders to specify a time frame within each trading day and plots lines at the highest and lowest prices recorded during that period. It is particularly useful for identifying key levels of support and resistance within a specified time range.
Features:
User-Defined Time Frame: Traders can input their desired start and end times in a 24-hour format, allowing flexibility to analyze different market sessions.
High and Low Price Levels: The indicator plots lines representing the highest and lowest prices observed within the specified time frame each day.
Clear Visual Representation: The high and low lines are color-coded for easy identification, with the high & low prices in Kintsugi Trading Gold.
How to Use:
Set the Time Frame:
Adjust the "Start Time Hour" and "Start Time Minute" to define the beginning of your desired time frame.
Adjust the "End Time Hour" and "End Time Minute" to define the end of your desired time frame.
Analyze Key Levels:
Al Brooks popularized the following idea and basis for creating this indicator:
On a 5-minute chart, Bar 1 has a 20-30% chance of being the High or Low of the day.
Bar 12 has a 50% chance.
Bar 18 has an 80-90% chance.
Use the plotted lines to identify significant support and resistance levels within your specified time frame. These levels can help inform your trading decisions, such as entry and exit points.
Good luck with your trading!
Fair Value Gap (FVG) Oscillator [UAlgo]The "Fair Value Gap (FVG) Oscillator " is designed to identify and visualize Fair Value Gaps (FVG) within a given lookback period on a trading chart. This indicator helps traders by highlighting areas where price gaps may signify potential trading opportunities, specifically bullish and bearish patterns. By leveraging volume and Average True Range (ATR) data, the FVG Oscillator aims to enhance the accuracy of pattern recognition and provide more reliable signals for trading decisions.
🔶 Identification of Fair Value Gap (FVG)
Fair Value Gaps (FVG) are specific price areas where gaps occur, and they are often considered significant in technical analysis. These gaps can indicate potential future price movements as the market may return to fill these gaps. This indicator identifies two types of FVGs:
Bullish FVG: Occurs when the current low price is higher than the high price two periods ago. This condition suggests a potential upward price movement.
Obtains with:
low > high
Bearish FVG: Occurs when the current high price is lower than the low price two periods ago. This condition suggests a potential downward price movement.
Obtains with:
high < low
The FVG Oscillator not only identifies these gaps but also verifies them using volume and ATR conditions to ensure more reliable trading signals.
🔶 Key Features
Lookback Period: Users can set the lookback period to determine how far back the indicator should search for FVG patterns.
ATR Multiplier: The ATR Multiplier is used to adjust the sensitivity of the ATR-based conditions for verifying FVG patterns.
Volume SMA Period: This setting determines the period for the Simple Moving Average (SMA) of the volume, which helps in identifying high volume conditions.
Why ATR and Volume are Used?
ATR (Average True Range) and volume are integrated into the Fair Value Gap (FVG) Oscillator to enhance the accuracy and reliability of the identified patterns. ATR measures market volatility, helping to filter out insignificant price gaps and focus on impactful ones, ensuring that the signals are relevant and strong. Volume, on the other hand, confirms the strength of price movements. High volume often indicates the sustainability of these movements, reducing the likelihood of false signals. Together, ATR and volume ensure that the detected FVGs are both significant and supported by market activity, providing more trustworthy trading signals.
Normalized Values: The FVG counts are normalized to enhance the visual representation and interpretation of the patterns on the chart.
Visual Customization and Plotting: Users can customize the colors for positive (bullish) and negative (bearish) areas, and choose whether to display these areas on the chart, also plots the bullish and bearish FVG counts, a zero line, and the net value of FVG counts. Additionally, it uses histograms to display the width of verified bullish and bearish patterns.
🔶 Disclaimer:
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
60-Day Cycle Long-Only IndicatorThe following indicator generates ‘Buy’ signals based on rotating 60-day cycles. The general theory is that when buying strong, growth-oriented assets, 60-day micro-cycles culminate into larger macro-cycles.
Summary:
Explaining the Upper and Lower Bounds in the 60-Day Cycle Strategy:
1. Cycle High (Upper Bound):
The cycle high is the highest closing price of the asset over the past 60 days. This value acts as the upper boundary of the 60-day cycle, indicating the peak price level during this period. When the current closing price is above this boundary, it suggests a potential distribution phase, where the asset might be overbought, and larger players may be selling off their positions. In the strategy, the cycle high is plotted as a red line on the chart, helping traders visually identify the upper limit of the 60-day trading range.
2. Cycle Low (Lower Bound):
The cycle low is the lowest closing price of the asset over the past 60 days. This value acts as the lower boundary of the 60-day cycle, indicating the trough price level during this period. When the current closing price is below this boundary, it suggests a potential accumulation phase, where the asset might be oversold, and larger players may be accumulating positions at lower prices. In the strategy, the cycle low is plotted as an orange line on the chart, helping traders visually identify the lower limit of the 60-day trading range.
How These Bounds Are Calculated:
• Cycle High: Calculated using the highest closing price over the last 60 trading days. In Pine Script, this is achieved with the function ta.highest(close, cycle_length), where cycle_length is set to 60 days.
• Cycle Low: Calculated using the lowest closing price over the last 60 trading days. In Pine Script, this is achieved with the function ta.lowest(close, cycle_length), where cycle_length is set to 60 days.
Interpretation and Application:
• Buy Signal: A buy signal is generated when the closing price crosses above the cycle low. This indicates a potential end to the bearish phase and the start of a bullish trend.
• Distribution Phase: When the closing price crosses above the cycle high, it suggests the market is in a distribution phase, potentially signaling a bearish trend or a sell-off period.
Example:
On a trading chart, the cycle high and cycle low are plotted as horizontal lines, with their colors distinguishing them (red for cycle high and orange for cycle low). These lines create a visual range within which the asset's price has moved over the last 60 days, helping traders quickly assess whether the current price is near the upper or lower bound.
By identifying and plotting these upper and lower bounds, traders can better understand the current market phase and make more informed trading decisions based on the 60-day cycle strategy. This indicator can be used across various assets.
ThePawnAlgoThe Pawn Algo is a simple indicator that is useful for scalping in sync with a higher timeframe should only be use in clear trending markets.
What it does and How it does it?
The script is based of a simple pattern close above previous candle high means higher prices we can see it in a green bar. Close below previous candle low means lower prices we can see it in a red bar. Close inside previous candle range means price is going to consolidate do some kind of retracement or reversal we mark it in a black or dark color bar.
It plot an arrow and a liquidity level when it detects a change in sentiment from bullish to bearish or bearish to bullish.
It plot the Higher timeframe previous completed candle range into the selected Lower timeframe to easily see the HTF levels into the lower timeframe.
The HTF range change colors depending of previous HTF candles closes following the same idea, close above previous candle high means green range, close below previous candle low means red range and close inside means a gray range. Finally it plots the 50% of the HTF range and the previous close high and low.
Finally it draws a yellow value zone that is the difference between the previous candle close and 50% of the previous range. This zone is ideal for taking continuation trades in favor of the HTF trend.
How to use it?
You must first select a higher timeframe in minutes in the settings default value is 1440minutes then select a lower timeframe is the maximum timeframe in where the HTF will be visible. Default lower timeframe is 15minutes.
Then just wait for the HTF candle to close and engage in the LTF when price is around the value yellow zone in a premium or discount.
Green arrows are automatically plot when HTF is bullish and Red arrows when is bearish by default. But you can enable or disable the arrow signals liquidity levels or configure as you want. Making all signals visible or just the buys or sells.
The script is useful to easily identify the HTF draw on liquidity and recent key levels and then use the LTF structure to enter.
The indicator can be used to identify liquidity, price will seek this liquidity point sometimes sweep and then continue the move. if the liquidity or stop level is broken with a body is a clear change of direction.
Pure Price Action Structures [LuxAlgo]The Pure Price Action Structures indicator is a pure price action analysis tool designed to automatically identify real-time market structures.
The indicator identifies short-term, intermediate-term, and long-term swing highs and lows, forming the foundation for real-time detection of shifts and breaks in market structure.
Its distinctive/unique feature lies in its reliance solely on price patterns, without being limited by any user-defined input, ensuring a robust and objective analysis of market dynamics.
🔶 USAGE
Market structure is a crucial aspect of understanding price action. The script automatically identifies real-time market structure, enabling traders to comprehend market trends more easily. It assists traders in recognizing both trend changes and continuations.
Market structures are constructed from three sets of swing points, short-term swings, intermediary swings, and long-term swings. Market structures associated with longer-term swing points are indicative of longer-term trends.
A market structure shift (MSS), also known as a change of character (CHoCH), is a significant event in price action analysis that may signal a potential shift in market sentiment or direction. Conversely, a break of structure (BOS) is another significant event in price action analysis that typically indicates a continuation of the prevailing trend.
However, it's important to note that while an MSS can be the first indication of a trend reversal and a BOS signifies a continuation of the prevailing trend, they do not guarantee a complete reversal or continuation of the trend.
In some cases, MSS and BOS levels may also act as liquidity zones or areas of price consolidation, rather than indicating a definitive change in market direction or continuation. Traders should approach them with caution and consider additional factors to confirm the validity of the signal before making trading decisions.
🔶 DETAILS
🔹 Market Structures
Market structures are based on the analysis of price action and aim to identify key levels and patterns in the market, where swing point detection is one of the core concepts within ICT trading methodologies and teachings.
Swing points are automatically detected solely based on market movements, without any reliance on user-defined input.
🔹 Utilizing Swing Points
Swing points are not identified in real time as they occur. While short-term swing points may be displayed with a delay of at most one bar, the identification of intermediate and long-term swing points depends entirely on market movements. Furthermore, detection is not limited by any user-defined input but relies solely on pure price action. Consequently, swing points are not typically utilized in real-time trading scenarios.
Traders often analyze historical swing points to discern market trends and pinpoint potential entry and exit points for their trades. By identifying swing highs and lows, traders can:
Recognize Trends: Swing highs and lows help traders identify the direction of the trend. Higher swing highs and higher swing lows indicate an uptrend, while lower swing highs and lower swing lows indicate a downtrend.
Identify Support and Resistance Levels: Swing highs often serve as resistance levels, known in ICT terminology as Buyside Liquidity Levels, while swing lows function as support levels, also referred to in ICT terminology as Sellside Liquidity Levels. Traders can utilize these levels to strategize entry and exit points for their trades.
Spot Reversal Patterns: Swing points can form various reversal patterns, such as double tops or bottoms, head and shoulders patterns, and triangles. Recognizing these patterns can signal potential trend reversals, allowing traders to adjust their strategies accordingly.
Set Stop Loss and Take Profit Levels: In the context of ICT teachings, swing levels represent specific price levels where a concentration of buy or sell orders is anticipated. Traders can target these liquidity levels/pools to accumulate or distribute their positions, essentially using swing points to establish stop loss and take profit levels for their trades.
Overall, swing points provide valuable information about market dynamics and can assist traders in making more informed trading decisions.
🔶 SETTINGS
🔹 Structures
Swings and Size: Toggles the visibility of the structure's highs and lows, assigns an icon corresponding to the structures, and controls the size of the icons.
Market Structures: Toggles the visibility of the market structures.
Market Structure Labels: Controls the visibility of labels that highlight the type of market structure.
Line Style and Width: Customizes the style and width of the lines representing the market structure.
Swing and Line Colors: Customizes colors for the icons representing highs and lows, and the lines and labels representing the market structure.
🔶 RELATED SCRIPTS
Market-Structures-(Intrabar).
Buyside-Sellside-Liquidity.
Candle Patterns with Volume ValidationHey Guys !
█ This indicator shows validated Hammer and Shooting Star candle patterns based on volume.
This indicator identifies Hammer and Shooting Star patterns and validates them using volume analysis.
Hammer and Shooting Star patterns are candlestick patterns that signal potential reversals in the market.
█ Usages:
A hammer is formed when in a session, the price has fallen, only to reverse and recover to close back near the opening price. This is a sign of strength with the selling having been absorbed in sufficient strength for the buyers to overwhelm the sellers, allowing the market to recover. The hammer is so called as it is ‘hammering out a bottom’, and just like the shooting star, is immensely powerful when combined with Volume Price Analysis (VPA).
The shooting star is a bearish reversal pattern that appears at the top of uptrends. It signifies that prices have peaked and a downward reversal is likely. The presence of high volume strengthens this signal, indicating that the insiders are offloading their positions.
When combined with volume analysis, these patterns become powerful signals. The volume provides context to the price action, helping traders confirm the validity of the pattern. For example, a hammer with high volume suggests strong buying interest, whereas a shooting star with high volume indicates strong selling pressure.
█ Features:
• Detects Hammer and Shooting Star patterns.
• Validates patterns with volume thresholds.
• Color codes patterns based on volume validation.
• Allows customization of volume thresholds and pattern criteria.
• Option to show or hide signals.
█ Parameters:
• Volume Average Period: The period used to calculate the average volume.
• Higher Volume Multiplier: Multiplier to define higher volume threshold.
• Much Higher Volume Multiplier: Multiplier to define much higher volume threshold.
• Enormous Volume Multiplier: Multiplier to define enormous volume threshold.
• Body/Shadow Ratio for Hammer and Shooting Star: Ratio of body to shadow for pattern validation.
• Upper Shadow Limit for Hammer: Upper shadow limit for Hammer pattern.
• Lower Shadow Limit for Shooting Star: Lower shadow limit for Shooting Star pattern.
• Show Hammer Signals: Display signals for Hammer patterns.
• Show Shooting Star Signals: Display signals for Shooting Star patterns.
Enjoy !
Jobinsabu014This Pine Script code is for an advanced trading indicator that displays enhanced moving averages with buy and sell labels, trend probability, and support/resistance levels. Here’s a detailed description of its components and functionality:
### Description:
1. **Indicator Initialization**:
- The indicator is named "Enhanced Moving Averages with Buy/Sell Labels and Trend Probability" and is set to overlay on the chart.
2. **Input Parameters**:
- **Moving Averages**: Four different moving averages (short and long periods for default and enhanced) with customizable periods.
- **Probability Threshold**: Determines the threshold for trend probability.
- **Support/Resistance Lookback**: Number of bars to look back for calculating support and resistance levels.
- **Signals Valid From**: Timestamp from which the signals are considered valid.
3. **Moving Averages Calculation**:
- **Default Moving Averages**: Calculated using simple moving averages (SMA) for the specified periods.
- **Enhanced Moving Averages**: Calculated using SMAs for different specified periods.
4. **Plotting Moving Averages**:
- Plots the default and enhanced moving averages with different colors for distinction.
5. **Crossover Detection**:
- Detects when the short moving average crosses above or below the long moving average for default moving averages.
6. **Buy/Sell Signal Labels**:
- Adds "BUY" and "SELL" labels on the chart when crossovers are detected after the specified valid timestamp.
- Tracks entry prices for buy/sell signals and adds labels when the price moves +100 points.
7. **Trend Detection for Enhanced Indicator**:
- Detects uptrend or downtrend based on the enhanced moving averages.
- Calculates a simple probability of trend based on price movement and EMA.
- Determines buy and sell signals based on trend conditions and volume-based buy/sell pressure.
8. **Plot Buy/Sell Signals for Enhanced Indicator**:
- Plots buy/sell signals based on the enhanced conditions.
9. **Background Color for Trends**:
- Changes the background color to green for uptrend and red for downtrend.
10. **Trend Lines**:
- Draws imaginary trend lines for uptrend and downtrend based on enhanced moving averages.
11. **Support and Resistance Levels**:
- Calculates and plots support and resistance levels using the specified lookback period.
- Stores and plots previous support and resistance levels with dashed lines.
12. **Expected Trend Labels**:
- Adds labels indicating expected uptrend or downtrend based on buy/sell signals.
13. **Alerts**:
- Sets alert conditions for buy and sell signals, triggering alerts when these conditions are met.
14. **Demand and Supply Zones**:
- Draws and extends horizontal lines for demand (support) and supply (resistance) zones.
### Summary:
This script enhances traditional moving average crossovers by adding trend probability calculations, volume-based pressure, and support/resistance levels. It visualizes expected trends and provides comprehensive buy/sell signals with corresponding labels, background color changes, and alerts to help traders make informed decisions.
High & Low Of Custom Session - Breakout True Open [cognyto]This indicator is based on the High & Low Of Custom Session - OpeningRange Breakout (Expo) created by Zeiierman.
It adds new functionality and enhances existing settings, targeting ES, NQ, and YM:
Manages session defaults to 12:00 to 13:00
New true opening fully customizable (default 13:00)
Manages timeframe visualization (default 15m and below)
Manages session draw length until the end of the current session (default NY)
Manages previous sessions, allowing the to be hidden
Improves timezone selection (default NY)
Following the strategy called Paradox detailed by DayTradingRauf, it works with indices like ES, NQ, and YM.
The rules consider three possible profiles:
First
AM session as consolidation (08:00-12:00)
Lunch hour range as consolidation (less than 100 points)
PM session breaking either side of the session range
Second
AM session trending lower (08:00-12:00)
Lunch hour range as consolidation (less than 100 points)
PM session trending higher
Third
AM session trending higher (08:00-12:00)
Lunch hour range as consolidation (less than 100 points)
PM session trending lower
After the session ends, the opening price at 13:00 is automatically drawn as it is a key point for the entry strategy.
The strategy can be monitored using a 5-minute or 15-minute timeframe as follows:
- Wait for a liquidity hunt (either the high or low of the lunch session range or AM is taken).
- If liquidity is taken, switch to the 1-minute timeframe and wait for a CISD (change in the state of delivery), where the price closes below an OB, or consider a breaker block or iFVG to enter the trade.
- Bullish entries should happen below the opening price at 13:00, and bearish entries should happen above.
- Consider a 1:2 reward ratio. However, runners can target the opposite side of the range that was not yet taken.
This indicator is for informational purposes only and you should not rely on any information it provides as legal, tax, investment, financial or other advice. Nothing provided by this indicator constitutes a solicitation, recommendation, endorsement or offer by cognyto or any third party service provider to buy or sell any securities or other financial instruments in this or any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Smoothed Heiken Ashi Strategy Long OnlyThis is a trend-following approach that uses a modified version of Heiken Ashi candles with additional smoothing. Here are the key components and features:
1. Heiken Ashi Modification: The strategy starts by calculating Heiken Ashi candles, which are known for better trend visualization. However, it modifies the traditional Heiken Ashi by using Exponential Moving Averages (EMAs) of the open, high, low, and close prices.
2. Double Smoothing: The strategy applies two layers of smoothing. First, it uses EMAs to calculate the Heiken Ashi values. Then, it applies another EMA to the Heiken Ashi open and close prices. This double smoothing aims to reduce noise and provide clearer trend signals.
3. Long-Only Approach: As the name suggests, this strategy only takes long positions. It doesn't short the market during downtrends but instead exits existing long positions when the sell signal is triggered.
4. Entry and Exit Conditions:
- Entry (Buy): When the smoothed Heiken Ashi candle color changes from red to green (indicating a potential start of an uptrend).
- Exit (Sell): When the smoothed Heiken Ashi candle color changes from green to red (indicating a potential end of an uptrend).
5. Position Sizing: The strategy uses a percentage of equity for position sizing, defaulting to 100% of available equity per trade. This should be tailored to each persons unique approach. Responsible trading would use less than 5% for each trade. The starting capital used is a responsible and conservative $1000, reflecting the average trader.
This strategy aims to provide a smooth, trend-following approach that may be particularly useful in markets with clear, sustained trends. However, it may lag in choppy or ranging markets due to its heavy smoothing. As with any strategy, it's important to thoroughly backtest and forward test before using it with real capital, and to consider using it in conjunction with other analysis tools and risk management techniques.
This has been created mainly to provide data to judge what time frame is most profitable for any single asset, as the volatility of each asset is different. This can bee seen using it on AUXUSD, which has a higher profitable result on the daily time frame, whereas other currencies need a higher or lower time frame. The user can toggle between each time frame and watch for the higher profit results within the strategy tester window.
Other smoothed Heiken Ashi indicators also do not provide buy and sell signals, and only show the change in color to dictate a change in trend. By adding buy and sell signals after the close of the candle in which the candle changes color, alerts can be programmed, which helps this be a more hands off protocol to experiment with. Other smoothed Heiken Ashi indicators do not allow for alarms to be set.
This is a unique HODL strategy which helps identify a change in trend, without the noise of day to day volatility. By switching to a line chart, it removes the candles altogether to avoid even more noise. The goal is to HODL a coin while the color is bullish in an uptrend, but once the indicator gives a sell signal, to sell the holdings back to a stable coin and let the chart ride down. Once the chart gives the next buy signal, use that same capital to buy back into the asset. In essence this removes potential losses, and helps buy back in cheaper, gaining more quantitity fo the asset, and therefore reducing your average initial buy in price.
Most HODL strategies ride the price up, miss selling at the top, then riding the price back down in anticipation that it will go back up to sell. This strategy will not hit the absolute tops, but it will greatly reduce potential losses.
Visible Range Support and Resistance [AlgoAlpha]🌟 Introducing the Visible Range Support and Resistance 🌟
Discover key support and resistance levels with the innovative "Visible Range Support and Resistance" indicator by AlgoAlpha! 🚀📈 This advanced tool dynamically identifies significant price zones based on the visible range of your chart, providing traders with crucial insights for making informed decisions.
Key Features:
Dynamic support and resistance levels based on visible chart range 📏
User-defined resolution for tailored analysis 🎯
Clear visual representation of significant key zones 🖼️
Easy integration with any trading strategy 💼
How to Use:
🛠 Add the Indicator : Add the indicator to favourites. Adjust settings like resolution and horizontal extension to suit your trading style.
📊 Market Analysis : Identify key support and resistance zones based on the highlighted areas. These zones indicate significant price levels where the market may react.
How it Works:
The indicator segments the price range into user-defined resolutions, analyzing the highest and lowest points to establish boundaries. It calculates the frequency of price action within these segments, highlighting key levels where price movements are least concentrated (areas where price tends to pivot). Customizable settings like resolution and horizontal extension allow for tailored analysis, while the intuitive visual representation makes it easy to spot potential support and resistance zones directly on your chart.
By leveraging this indicator, you can gain deeper insights into market dynamics and improve your trading strategy with data driven support and resistance analysis. Happy trading! 💹✨
Adaptive Bollinger-RSI Trend Signal [CHE]Adaptive Bollinger-RSI Trend Signal
Indicator Overview:
The "Adaptive Bollinger-RSI Trend Signal " (ABRT Signal ) is a sophisticated trading tool designed to provide clear and actionable buy and sell signals by combining the power of Bollinger Bands and the Relative Strength Index (RSI). This indicator aims to help traders identify potential trend reversals and confirm entry and exit points with greater accuracy.
Key Features:
1. Bollinger Bands Integration:
- Utilizes Bollinger Bands to detect price volatility and identify overbought or oversold conditions.
- Configurable parameters: Length, Source, and Multiplier for precise adjustments based on trading preferences.
- Color customization: Change the colors of the basis line, upper band, lower band, and the fill color between bands.
2. RSI Integration:
- Incorporates the Relative Strength Index (RSI) to validate potential buy and sell signals.
- Configurable parameters: Length, Source, Upper Threshold, and Lower Threshold for customized signal generation.
3. Signal Generation:
- Buy Signal: Generated when the price crosses below the lower Bollinger Band and the RSI crosses above the lower threshold, indicating a potential upward trend.
- Sell Signal: Generated when the price crosses above the upper Bollinger Band and the RSI crosses below the upper threshold, indicating a potential downward trend.
- Color customization: Change the colors of the buy and sell signal labels.
4. State Tracking:
- Tracks and records crossover and crossunder states of the price and RSI to ensure signals are only generated under the right conditions.
- Monitors the basis trend (SMA of the Bollinger Bands) to provide context for signal validation.
5. Counters and Labels:
- Labels each buy and sell signal with a counter to indicate the number of consecutive signals.
- Counters reset upon the generation of an opposite signal, ensuring clarity and preventing signal clutter.
6. DCA (Dollar-Cost Averaging) Calculation:
- Stores the close price at each signal and calculates the average entry price (DCA) for both buy and sell signals.
- Displays the number of positions and DCA values in a label on the chart.
7. Customizable Inputs:
- Easily adjustable parameters for Bollinger Bands, RSI, and colors to suit various trading strategies and timeframes.
- Boolean input to show or hide the table label displaying position counts and DCA values.
- Intuitive and user-friendly configuration options for traders of all experience levels.
How to Use:
1. Setup:
- Add the "Adaptive Bollinger-RSI Trend Signal " to your TradingView chart.
- Customize the input parameters to match your trading style and preferred timeframe.
- Adjust the colors of the indicator elements to your preference for better visibility and clarity.
2. Interpreting Signals:
- Buy Signal: Look for a "Buy" label on the chart, indicating a potential entry point when the price is oversold and RSI signals upward momentum.
- Sell Signal: Look for a "Sell" label on the chart, indicating a potential exit point when the price is overbought and RSI signals downward momentum.
3. Trade Execution:
- Use the buy and sell signals to guide your trade entries and exits, aligning them with your overall trading strategy.
- Monitor the counter labels to understand the strength and frequency of signals, helping you make informed decisions.
4. Adjust and Optimize:
- Regularly review and adjust the indicator parameters based on market conditions and backtesting results.
- Combine this indicator with other technical analysis tools to enhance your trading accuracy and performance.
5. Monitor DCA Values:
- Enable the table label to display the number of positions and average entry prices (DCA) for both buy and sell signals.
- Use this information to assess the cost basis of your trades and make strategic adjustments as needed.
Conclusion:
The Adaptive Bollinger-RSI Trend Signal is a powerful and versatile trading tool designed to help traders identify and capitalize on trend reversals with confidence. By combining the strengths of Bollinger Bands and RSI, this indicator provides clear and reliable signals, making it an essential addition to any trader's toolkit. Customize the settings, interpret the signals, and execute your trades with precision using this comprehensive indicator.
Symbolik SequentialThe Symbolik Sequential indicator aims to identify potential trend exhaustion points and trend reversals in the market. It consists of two main components: Setup and Countdown.
Setup:
A bullish setup occurs when there are 9 consecutive closes lower than the close 4 bars earlier.
A bearish setup occurs when there are 9 consecutive closes higher than the close 4 bars earlier.
When a setup is completed, it's called "perfected" and is shown as a triangle on the chart (green triangle for bullish, red for bearish).
Countdown:
After a setup is perfected, a countdown begins.
For a bullish countdown, it counts up to 13 when the close is lower than the low two bars earlier.
For a bearish countdown, it counts up to 13 when the close is higher than the high two bars earlier.
Countdown numbers are displayed on the chart (green at the bottom for bullish, red at the top for bearish).
Why it Signals:
The indicator signals potential trend exhaustion and reversal points.
A perfected setup (triangle) suggests that the current trend might be losing momentum.
A completed countdown (reaching 13) indicates a higher probability of a trend reversal.
Trend is weakening when both bearish and bullish countdowns are occurring at the same time.
How to Best Use It:
Setup Signals:
When you see a green triangle (bullish setup), it might indicate a potential bottom. Consider looking for buying opportunities.
When you see a red triangle (bearish setup), it might indicate a potential top. Consider looking for selling opportunities.
However, don't rely solely on these signals; use them in conjunction with other technical analysis tools.
Countdown:
As the countdown progresses, be increasingly cautious about the current trend.
When the countdown reaches 13, it signals a high probability of a trend reversal. Consider closing positions or preparing for a potential reversal.
Conflicting Signals:
The indicator doesn't show a bullish setup signal if there's an active bearish countdown, and vice versa. This helps avoid conflicting signals.
Expectation Breakers [QuantVue]In technical analysis, an "Expectation Breaker" refers to a market event where price action defies typical patterns and anticipated movements, signaling potential shifts in market sentiment and direction.
This indicator looks to take advantage of these opportunities by identifying 2 types of Expectation Breakers: Downside Reversal Buybacks and Upside Reversal Sellbacks.
Downside Reversal
A downside reversals occur when a stock reaches a new high for the user defined lookback period (65 bars by default), and then experiences a larger-than-average drop and closes near its lows. This usually indicates that the market has overextended itself. The expectation is that there will be 2-3 bars of significant selling, following the downside reversal.
However, a notable sign of strength is if the stock rebounds and closes above the downside reversal bar's high within 1-3 bars. This is known as a Downside Reversal Buyback. A rapid recovery following a downside reversal is a powerful bullish indicator, breaking the expectation of lower prices. The quicker price recovers from a downside reversal, the more meaningful it is. Such a swift rebound suggests that the market's strength was underestimated, as downside reversals typically signal a short-term decline.
Upside Reversal
An upside reversal occurs when a stock reaches a new low for the user-defined lookback period (65 bars by default), and then experiences a larger-than-average rise and closes near its highs. This usually indicates that the market has overextended itself to the downside. The expectation is that there will be 2-3 bars of significant buying, following the upside reversal.
However, a notable sign of weakness is if the stock falls back and closes below the upside reversal bar's low within 1-3 bars. This is known as a Upside Reversal Sellback. A rapid fallback following an upside reversal is a powerful bearish indicator, breaking the expectation of higher prices. The quicker price falls back from an upside reversal, the more meaningful it is. Such a swift fallback suggests that the market's weakness was underestimated, as upside reversals typically signal a short-term rally.
The Expectation Breakers indicator identifies these opportunities by first identifying new highs and lows within a defined lookback period. It then compares the true range (TR), average true range (ATR), and closing range to confirm the significance of these reversals. The use of TR and ATR ensures that the reversals are substantial enough to indicate a genuine shift in market sentiment, helping to identify when price action breaks expectations.
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slope-velocityDescription
This Pine Script indicator, named "slope-velocity," calculates and visualizes the slope of a moving average (MA) in degrees, allowing users to observe the rate of change of the MA over time. Here's a breakdown of its components and functionality:
Inputs:
option: A dropdown menu allowing the user to select the type of moving average (SMA, EMA, DEMA).
length: An integer input for specifying the period length of the moving average.
source: The data source for the moving average calculation, defaulting to the close price.
Variable Initialization:
ma: A variable to store the moving average value, initialized as na.
Moving Average Calculation:
Depending on the selected option, the script calculates the appropriate moving average:
ta.sma(source, length) for Simple Moving Average (SMA).
ta.ema(source, length) for Exponential Moving Average (EMA).
ta.dema(source, length) for Double Exponential Moving Average (DEMA).
Slope Calculation:
slope_ma: The script calculates the slope of the moving average by subtracting the previous period's MA value from the current period's MA value (ma - ma ).
Slope Conversion to Degrees:
slope_degrees_ma: The slope is converted to degrees using the math.atan function to compute the arctangent of the slope, followed by math.todegrees to convert the result from radians to degrees. The result is rounded to the nearest integer using math.round.
Plotting Reference Lines:
Horizontal lines are plotted at specific degree values (0, 10, 20, -10, -20) to provide reference points for the slope's visualization.
Plotting the Slope:
The slope in degrees is plotted as a histogram. The color of the histogram bars is determined by the sign of the slope: green for positive slopes and red for negative slopes.
Additional Comments
The script includes some commented-out sections related to plotting acceleration and displaying labels for slope differences, which are not active in the current implementation.
The script is designed to provide a visual representation of the moving average's rate of change, making it easier to identify periods of rapid price movement and potential trend reversals.
FVG & IFVG ICT [TradingFinder] Inversion Fair Value Gap Signal🔵 Introduction
🟣 Fair Value Gap (FVG)
To spot a Fair Value Gap (FVG) on a chart, you need to perform a detailed candle-by-candle analysis.
Here’s the process :
Focus on Candles with Large Bodies : Identify a candle with a substantial body and examine it alongside the preceding candle.
Check Surrounding Candles : The candles immediately before and after the central candle should have long shadows.
Ensure No Overlap : The bodies of the candles before and after the central candle should not overlap with the body of the central candle.
Determine the FVG Range : The gap between the shadows of the first and third candles forms the FVG range.
🟣 ICT Inversion Fair Value Gap (IFVG)
An ICT Inversion Fair Value Gap, also known as a reverse FVG, is a failed fair value gap where the price does not respect the gap. An IFVG forms when a fair value gap fails to hold the price and the price moves beyond it, breaking the fair value gap.
This marks the initial shift in price momentum. Typically, when the price moves in one direction, it respects the fair value gaps and continues its trend.
However, if a fair value gap is violated, it acts as an inversion fair value gap, indicating the first change in price momentum, potentially leading to a short-term reversal or a subsequent change in direction.
🟣 Bullish Inversion Fair Value Gap (Bullish IFVG)
🟣 Bearish Inversion Fair Value Gap (Bearish IFVG)
🔵 How to Use
🟣 Identify an Inversion Fair Value Gap
To identify an IFVG, you first need to recognize a fair value gap. Just as fair value gaps come in two types, inversion fair value gaps also fall into two categories:
🟣 Bullish Inversion Fair Value Gap
A bullish IFVG is essentially a bearish fair value gap that is invalidated by the price closing above it.
Here’s how to identify it :
Identify a bearish fair value gap.
When the price closes above this bearish fair value gap, it transforms into a bullish inversion fair value gap.
This gap acts as support for the price and drives it upwards, indicating a reduction in sellers' strength and an initial shift in momentum towards buyers.
🟣 Bearish Inversion Fair Value Gap
A bearish IFVG is primarily a bullish fair value gap that fails to hold the price, with the price closing below it.
Here’s how to identify it :
Identify a bullish fair value gap.
When the price closes below this gap, it becomes a bearish inversion fair value gap.
This gap acts as resistance for the price, pushing it downwards. A bearish inversion fair value gap signifies a decrease in buyers' momentum and an increase in sellers' strength.
🔵 Setting
🟣 Global Setting
Show All FVG : If it is turned off, only the last FVG will be displayed.
S how All Inversion FVG : If it is turned off, only the last FVG will be displayed.
FVG and IFVG Validity Period (Bar) : You can specify the maximum time the FVG and the IFVG remains valid based on the number of candles from the origin.
Switching Colors Theme Mode : Three modes "Off", "Light" and "Dark" are included in this parameter. "Light" mode is for color adjustment for use in "Light Mode".
"Dark" mode is for color adjustment for use in "Dark Mode" and "Off" mode turns off the color adjustment function and the input color to the function is the same as the output color.
🟣 Logic Setting
FVG Filter
When utilizing FVG filtering, the number of identified FVG areas undergoes refinement based on a specified algorithm. This process helps to focus on higher quality signals and eliminate noise.
Here are the types of FVG filters available :
Very Aggressive Filter : Introduces an additional condition to the initial criteria. For an upward FVG, the highest price of the last candle must exceed the highest price of the middle candle. Similarly, for a downward FVG, the lowest price of the last candle should be lower than the lowest price of the middle candle. This mode minimally filters out FVGs.
Aggressive Filter : Builds upon the Very Aggressive mode by considering the size of the middle candle. It ensures the middle candle is not too small, thereby eliminating more FVGs compared to the Very Aggressive mode.
Defensive Filter : In addition to the conditions of the Very Aggressive mode, the Defensive mode incorporates criteria regarding the size and structure of the middle candle. It requires the middle candle to have a substantial body, with specific polarity conditions for the second and third candles relative to the first candle's direction. This mode filters out a significant number of FVGs, focusing on higher-quality signals.
Very Defensive Filter : Further refines filtering by adding conditions that the first and third candles should not be small-bodied doji candles. This stringent mode eliminates the majority of FVGs, retaining only the highest quality signals.
Mitigation Level FVG and IFVG : Its inputs are one of "Proximal", "Distal" or "50 % OB" modes, which you can enter according to your needs. The "50 % OB" line is the middle line between distal and proximal.
🟣 Display Setting
Show Bullish FVG : Enables the display of demand-related boxes, which can be toggled on or off.
Show Bearish FVG : Enables the display of supply-related boxes along the path, which can also be toggled on or off.
Show Bullish IFVG : Enables the display of demand-related boxes, which can be toggled on or off.
Show Bearish IFVG : Enables the display of supply-related boxes along the path, which can also be toggled on or off.
🟣 Alert Setting
Alert FVG Mitigation : If you want to receive the alert about FVG's mitigation after setting the alerts, leave this tick on. Otherwise, turn it off.
Alert Inversion FVG Mitigation : If you want to receive the alert about Inversion FVG's mitigation after setting the alerts, leave this tick on. Otherwise, turn it off.
Message Frequency : This parameter, represented as a string, determines the frequency of announcements. Options include: 'All' (triggers the alert every time the function is called), 'Once Per Bar' (triggers the alert only on the first call within the bar), and 'Once Per Bar Close' (activates the alert only during the final script execution of the real-time bar upon closure). The default setting is 'Once per Bar'.
Show Alert time by Time Zone : The date, hour, and minute displayed in alert messages can be configured to reflect any chosen time zone. For instance, if you prefer London time, you should input 'UTC+1'. By default, this input is configured to the 'UTC' time zone.
Display More Info : The 'Display More Info' option provides details regarding the price range of the order blocks (Zone Price), along with the date, hour, and minute. If you prefer not to include this information in the alert message, you should set it to 'Off'.
Candlestick Structure [LuxAlgo]The Candlestick Structure indicator detects major market trends and displays various candlestick patterns aligning with the detected trend, filtering out potentially unwanted patterns as a result. Multiple trend detection methods are included and can be selected by the users.
A dashboard showing the alignment percentage of each individual pattern is also provided.
🔶 USAGE
By distinguishing major and minor trend detection, we can still detect patterns based on minor trends, yet filter out the patterns that do not align with the major trend.
By detecting candlestick patterns that align with a major trend, we can effectively detect the ending points of retracements, potentially providing various entry points of interest within a trend.
Users are able to track the alignment of each candlestick pattern in the dashboard to reveal which patterns typically align with the trend and which may not.
Note: Alignment % only checks if the pattern's direction is the same as the current trend direction. These are only raw readings and not any type of confidence score.
🔶 DETAILS
In this indicator, we are identifying and tracking 16 different Candlestick Patterns.
🔹 Bullish Patterns
Hammer: Identified by a small upper wick (or no upper wick) with a small body, and an elongated lower wick whose length is 2X greater than the candle body’s width.
Inverted Hammer: Identified by a small lower wick (or no lower wick) with a small body, and an elongated upper wick whose length is 2X greater than the candle body’s width.
Bullish Engulfing: A 2 bar pattern identified by a large bullish candle body fully encapsulating (opening lower and closing higher) the previous small (bearish) candle body.
Rising 3: A 5 bar pattern identified by an initial full-bodied bullish candle, followed by 3 bearish candles that trade within the high and low of the initial candle, followed by another full-bodied bullish candle closing above the high of the initial candle.
3 White Soldiers: Identified by 3 full-bodied bullish candles, each opening within the body and closing below the high, of the previous candle.
Morning Star: A 3 bar pattern identified by a full-bodied bearish candle, followed by a small-bodied bearish candle, followed by a full-bodied bullish candle that closes above the halfway point of the first candle.
Bullish Harami: A 2 bar pattern, identified by an initial bearish candle, followed by a small bullish candle whose range is entirely contained within the body of the initial candle.
Tweezer Bottom: A 2 bar pattern identified by an initial bearish candle, followed by a bullish candle, both having equal lows.
🔹 Bearish Patterns
Hanging Man: Identified by a small upper wick (or no upper wick) with a small body, and an elongated lower wick whose length is 2X greater than the candle body’s width.
Shooting Star: Identified by a small lower wick (or no lower wick) with a small body, and an elongated upper wick whose length is 2X greater than the candle body’s width.
Bearish Engulfing: A 2 bar pattern identified by a large bearish candle body fully encapsulating (opening higher and closing lower) the previous small (bullish) candle body.
Falling 3: A 5 bar pattern identified by an initial full-bodied bearish candle, followed by 3 bullish candles that trade within the high and low of the initial candle, followed by another full-bodied bearish candle closing below the low of the initial candle.
3 Black Crows: Identified by 3 full-bodied bearish candles, each open within the body and closing below the low, of the previous candle.
Evening Star: A 3 bar pattern identified by a full-bodied bullish candle, followed by a small-bodied bullish candle, followed by a full-bodied bearish candle that closes below the halfway point of the first candle.
Bearish Harami: A 2 bar pattern, identified by an initial bullish candle, followed by a small bearish candle whose range is entirely contained within the body of the initial candle.
Tweezer Top: A 2 bar pattern identified by an initial bullish candle, followed by a bearish candle, both having equal highs.
🔹 Trend Types
Major trend is displayed at all times, the display will change depending on the trend method selected.
The minor trend can also be visualized; to avoid confusion, the minor trend can optionally be displayed through the candle colors.
Supertrend: Displays Upper and Lower SuperTrend, When we break above the upper, it is considered an Uptrend. When we break below the lower, it is considered a Downtrend.
EMAs: Displays Fast and Slow EMAs, When Fast>Slow, it is considered an Uptrend. When Fast<Slow, it is considered a Downtrend.
ChoCh: Displays ChoCh Lines and Labels, When a Bullish ChoCh occurs, it is now considered as an Uptrend. When a Bearish ChoCh occurs, it is now considered a Downtrend.
Donchian Channel: Displays the Highest and Lowest Values, When we break above the Highest, it is considered an Uptrend. When we break below the Lowest, it is considered a Downtrend.
Below is an example of the Change of Character (ChoCh) method of trend detection.
Note: In this description, each screenshot has a different trend method in use, scroll through if you are looking for a specific one.
🔶 SETTINGS
Candlestick Patterns: Choose which candlestick patterns to include in calculations.
Minor Trend Length: Determines the Donchian Channel length to use for minor trend identification.
Major Trend Method: Determines which trend method to use for identifying Major Trend.
Major Trend Parameters: Various inputs for controlling Major trends, depending on the specific method you have selected.
Color Candles: Colors the chart candles based on minor trend.
Dashboard: Control display size and location of Alignment Dashboard.
Correlation Analysis Tool📈 What Does It Do?
Correlation Calculation: Measures the correlation between a selected asset (Asset 1) and up to four additional assets (Asset 2, Asset 3, Asset 4, Asset 5).
User Inputs: Allows you to define the primary asset and up to four comparison assets, as well as the period for correlation calculations.
Correlation Matrix: Displays a matrix of correlation coefficients as a text label on the chart.
🔍 How It Works
Inputs: Enter the symbols for Asset 1 (main asset) and up to four other assets for comparison.
Correlation Period: Specify the period over which the correlations are calculated.
Calculations: Computes log returns for each asset and calculates the correlation coefficients.
Display: Shows a textual correlation matrix at the top of the chart with percentage values.
⚙️ Features
Customizable Assets: Input symbols for one primary asset and up to four other assets.
Flexible Period: Choose the period for correlation calculation.
Correlation Coefficients: Outputs correlation values for all asset pairs.
Textual Correlation Matrix: Provides a correlation matrix with percentage values for quick reference.
🧩 How to Use
Add the Script: Apply the script to any asset’s chart.
Set Asset Symbols: Enter the symbols for Asset 1 and up to four other assets.
Adjust Correlation Period: Define the period for which correlations are calculated.
Review Results: Check the correlation matrix displayed on the chart for insights.
🚨 Limitations
Historical Data Dependency: Correlations are based on historical data and might not reflect future market conditions.
No Visual Plots Yet: This script does not include visual plots; it only provides a textual correlation matrix.
💡 Best Ways To Use
Sector Comparison: Compare assets within the same sector or industry for trend analysis.
Diversification Analysis: Use the correlations to understand how different assets might diversify or overlap in your portfolio.
Strategic Decision Making: Utilize correlation data for making informed investment decisions and portfolio adjustments.
📜 Disclaimer
This script is for educational and informational purposes only. Please conduct your own research and consult with a financial advisor before making investment decisions. The author is not responsible for any losses or damages resulting from the use of this script.
