NSDT Fair Value GapThis script is our version of the "Fair Value Gap".
A Fair Value Gap is nothing more than a series of 3 candles with a gap between a candle high/low and a candle high/low two candles prior.
For example:
A Gap Up - the Low of a candle is higher than the High of two candles back.
A Gap Down - the High of a candle is lower than the Low of two candles back.
Typically, on a Gap Up, the trader would wait for the price to re-enter the Gap, and take a Long position.
Typically, on a Gap Down, the trader would wait for the price to re-enter the Gap, and take a Short position.
We found that simply trading through the Gaps (fill the gap) produced a better result. So we reversed the procedure and the colors to show our suggested direction.
We have added inputs so the trader can determine the size of the Gaps to be plotted on the chart. A minimum and maximum can be set.
The number of Gaps to be displayed can be adjusted.
There is a option to remove Gaps that had been filled, to help keep a clean chart.
In den Scripts nach "chart" suchen
Traffic Light Signal - POSTraffic Light Signal (TLS) is simple and most easy setup to trade.
How The Traffic Light Signal Works ?
First You have to find a Green and red candle pair or red and green candle pair then mark there highest high and lowest low with the help of line tool. if High breaks go for Buy and when low breaks go Sell. Avoid Doji candle Pair to get better result.
Additonal Indicator Used :
Relative Strength Index : To find Overbought and Oversold Zones
How to Take trade with The help of TLS indicator :
The Indicator detects the Pair candle and detect whether the pair bar high or low cross over or cross under and display the signal over the chart.
if Triangle UP Shape Appears on chart , Once the high of the signal candle breaks take entry for buy side StopLoss will be low of the signal candle.
if Triangle Down Shape Appears on chart, once the low of the signal candle breaks take entry for Short side StopLoss will be low of the signal Candle.
Always Try to take profit 1:2 or as per your risk rewards.
Note :
if you are scalping then avoid first and Last Bar of day in 1 min and 3 min timeframe only
if you are Intraday Trader Use 5 Min and 15 Min max for this strategy.
if your are positional Trader use 1hr or 1 day Timeframe to trade.
No more than 3 trades to trade on this indicator.
Use Additional Indicator for Accuracy
Indicator works on Crypto , Equity , Futures , Options.
Hope you like this if any issue with this indicator ask below or message me.
Thanks and Regards,
TradingTail
VWAP Bollinger Band Crossover Breakout with ResistanceCredit to © Jesus_Salvatierra for VWAP script
This script help you find a trend in momentum stock that is about to breakout and shows resistance point. This script utilizes Bollinger bands VWAP and is good for intra day charts.
VWAP, or Volume Weighted Average Price, is a technical analysis tool used to measure the average price a security trades at during a given time period, weighted by the trading volume for each price level. It is commonly used by traders and investors to identify the true average price of a security and to assess whether they are buying or selling at a fair price.
A Bollinger Band is a technical analysis tool that uses standard deviation to measure the volatility of a security. The Bollinger Band is typically composed of three lines: the upper band, the lower band, and the middle band. The middle band is a simple moving average of the security's price, while the upper and lower bands are calculated based on the standard deviation of the security's price.
A Bollinger Band crossover occurs when the price of a security crosses above or below one of the bands. When the price crosses above the upper band, it is considered overbought, while when it crosses below the lower band, it is considered oversold. Traders often use Bollinger Band crossovers as a signal to enter or exit a position, depending on their trading strategy.
The VWAP and Bollinger Band crossover are two separate technical analysis tools that can be used in conjunction with each other. When a security's price crosses above or below the Bollinger Band, traders may look to the VWAP to confirm whether the security is trading at a fair price. If the security is trading above the VWAP, it may be overvalued, while if it is trading below the VWAP, it may be undervalued. Similarly, traders may use the Bollinger Band crossover as a signal to enter or exit a position, while also taking into account the VWAP to assess whether the price is fair.
Gaps [Kioseff Trading]Hello!
This script "Gaps" is a continuation and improvement on a subset indicator included in the "Quartile Volume; Volume Aggregation; US Range Bars; Gaps)" script!
As advised by @thebearfib, the "Gaps" indicator is now standalone!
Features
Stat: Avg. Bars to Fill Up Gap
Stat: Avg. Bars to Fill Down Gap
Stat: Cumulative Up Gap % Increase
Stat: Cumulative Down Gap % Increase
Stat: Avg Up Gap % Increase
Stat: Avg Down Gap % Decrease
Nearest Unfilled Up Gaps and Down Gaps Displayed in Table
% Price Move Requirement, Including Dollar Amount, for Nearest Unfilled Gaps to Fill
Gaps Marked on Chart, Including Partially Filled Gaps and The % Amount a Partially Filled Gap Has Been Violated
Gaps Chart
The image above shows the data tables included in the indicator!
Settings
The image above shows various settings for the indicator!
The image above shows how partially filled gaps are marked using the default settings.
Exceeded price areas are shaded darker; however, by selecting the "No Partially Filled Gaps" option, the indicator will treat partially filled gaps differently.
The image above shows alternative behavior! Instead of the gap changing color it narrows in size.
The image above shows the indicator's behavior when selecting to show gap data in labels.
Therefore, when a gap is small and the box text is imperceptible, you can select to show the data in a label.
Additionally, you can select to display a "Gaps Chart".
The image above shows this feature enabled. The gaps chart shows the sequence of price gaps for the asset as candlesticks.
Thank you for checking this out; if you'd like other features included please let me know!
RedK EVEREX - Effort Versus Results ExplorerRedK EVEREX is an experimental indicator that explores "Volume Price Analysis" basic concepts and Wyckoff law "Effort versus Result" - by inspecting the relative volume (effort) and the associated (relative) price action (result) for each bar - showing the analysis as an easy to read "stacked bands" visual. From that analysis, we calculate a "Relative Rate of Flow" - an easy to use +100/-100 oscilator that can be used to trigger a signal when a bullish or bearish mode is detected for a certain user-selected length of bars.
Basic Concepts of VPA
-------------------------------
(The topics of VPA & Wyckoff Effort vs Results law are too comprehensive to cover here - So here's just a very basic summary - please review these topics in detail in various sources available here in TradingView or on the web)
* Volume Price Analysis (VPA) is the examination of the number of shares or contracts of a security that have been traded in a given period, and the associated price movement. By analyzing trends in volume in conjunction with price movements, traders can determine the significance of changes in price and what may unfold in the near future.
* Oftentimes, high volumes of trading can infer a lot about investors’ outlook on a market or security. A significant price increase along with a significant volume increase, for example, could be a credible sign of a continued bullish trend or a bullish reversal. Adversely, a significant price decrease with a significant volume increase can point to a continued bearish trend or a bearish trend reversal.
* Incorporating volume into a trading decision can help an investor to have a more balanced view of all the broad market factors that could be influencing a security’s price, which helps an investor to make a more informed decision.
* Wyckoff's law "Effort versus results" dictates that large effort is expected to be accompanied with big results - which means that we should expect to see a big price move (result) associated with a large relative volume (effort) for a certain trading period (bar).
* The way traders use this concept in chart analysis is to mainly look for imbalances or invalidation. for example, when we observe a large relative volume that is associated with very limited price change - that should trigger an early flag/warning sign that the current price trend is facing challenges and may be an early sign of "reversal" - this applies in both bearish and bullish conditions. on the other hand, when price starts to trend in a certain direction and that's associated with increasing volume, that can act as kind of validation, or a confirmation that the market supports that move.
How does EVEREX work
---------------------------------
* EVEREX inspects each bar and calculates a relative value for volume (effort) and "strength of price movement" (result) compared to a specified lookback period. The results are then visualized as stacked bands - the lower band represents the relative volume, the upper band represents the relative price strength - with clear color coding for easier analysis.
* The scale of the band is initially set to 100 (each band can occupy up to 50) - and that can be changed in the settings to 200 or 400 - mainly to allow a "zoom in" on the bands.
* Reading the resulting stacked bands makes it easier to see "balanced" volume/price action (where both bands are either equally strong, or equally weak), or when there's imbalance between volume and price (for example, a compression bar will show with high volume band and very small/tiny price action band) - another favorite pattern in VPA is the "Ease of Move", which will show as a relatively small volume band associated with a large "price action band" (either bullish or bearish) .. and so on.
* a bit of a techie piece: why the use of a custom "Normalize()" function to calculate "relative" values in EVEREX?
When we evaluate a certain value against an average (for example, volume) we need a mechanism to deal with "super high" values that largely exceed that average - I also needed a mechanism that mimics how a trader looks at a volume bar and decides that this volume value is super low, low, average, above average, high or super high -- the issue with using a stoch() function, which is the usual technique for comparing a data point against a lookback average, is that this function will produce a "zero" for low values, and cause a large distortion of the next few "ratios" when super large values occur in the data series - i researched multiple techniques here and decided to use the custom Normalize() function - and what i found is, as long as we're applying the same formula consistently to the data series, since it's all relative to itself, we can confidently use the result. Please feel free to play around with this part further if you like - the code is commented for those who would like to research this further.
* Overall, the hope is to make the bar-by-bar analysis easier and faster for traders who apply VPA concepts in their trading
What is RROF?
--------------------------
* Once we have the values of relative volume and relative price strength, it's easy from there to combine these values into a moving index that can be used to track overall strength and detect reversals in market direction - if you think about it this a very similar concept to a volume-weighted RSI. I call that index the "Relative Rate of Flow" - or RROF (cause we're not using the direct volume and price values in the calculation, but rather relative values that we calculated with the proprietary "Normalize" function in the script.
* You can show RROF as a single or double-period - and you can customize it in terms of smoothing, and signal line - and also utilize the basic alerts to get notified when a change in strength from one side to the other (bullish vs bearish) is detected
* In the chart above, you can see how the RROF was able to detect change in market condition from Bearsh to Bullish - then from Bullish to Bearish for TSLA with good accuracy.
Other Usage Options in EVEREX
------------------------------------
* I wrote EVEREX with a lot of flexibility and utilization in mind, while focusing on a clean and easy to use visual - EVEREX should work with any time frame and any instrument - in instruments with no volume data, only price data will be used.
* You can completely hide the "EVEREX bands" and use EVEREX as a single or dual period strength indicator (by exposing the Bias/Sentiment plot which is hidden by default) -
here's how this setup would look like - in this mode, you will basically be using EVEREX the same way you're using a volume-weighted RSI
* or you can hide the bias/sentiment, and expose the Bulls & Bears plots (using the indicator's "Style" tab), and trade it like a Bull/Bear Pressure Index like this
* you can choose Moving Average type for most plot elements in EVEREX, including how to deal with the Lookback averaging
* you can set EVEREX to a different time frame than the chart
* did i mention basic alerts in this v1.0 ?? There's room to add more VPA-specific alerts in future version (for example, when Ease-of-Move or Compression bars are detected...etc) - let me know if the comments what you want to see
Final Thoughts
--------------------
* EVEREX can be used for bar-by-bar VPA analysis - There are so much literature out there about VPA and it's highly recommended that traders read more about what VPA is and how it works - as it adds an interesting (and critical) dimension to technical analysis and will improve decision making
* RROF is a "strength indicator" - it does not track price values (levels) or momentum - as you will see when you use it, the price can be moving up, while the RROF signal line starts moving down, reflecting decreasing strength (or otherwise, increasing bear strength) - So if you incorporate EVEREX in your trading you will need to use it alongside other momentum and price value indicators (like MACD, MA's, Trend Channels, Support & Resistance Lines, Fib / Donchian..etc) - to use for trade confirmation
Failed Breakdown Detection'Failed Breakdowns' are a popular set up for long entries.
In short, the set up requires:
1) A significant low is made ('initial low')
2) Initial low is undercut with a new low
3) Price action then 'reclaims' the initial low by moving +8-10 points from the initial low
This script aims at detecting such set ups. It was coded with the ES Futures 15 minute chart in mind but may be useful on other instruments and time frames.
Business Logic:
1) Uses pivot lows to detect 'significant' initial lows
2) Uses amplitude threshold to detect a new low beneath the initial low; used /u/ben_zen script for this
3) Looks for a valid reclaim - a green candle that occurs within 10 bars of the new low
4) Price must reclaim at least 8 points for the set up to be valid
5) If a signal is detected, the initial low value (pivot low) is stored in array that prevents duplicate signals from being generated.
6) FBD Signal is plotted on the chart with "X"
7) Pivot low detection is plotted on the chart with "P" and a label
8) New lows are plotted on the chart with a blue triangle
Notes:
User input
- My preference is to use the defaults as is, but as always feel free to experiment
- Can modify pivot length but in my experience 10/10 work best for pivot lows
- New low detection - 55 bars and 0.05 amplitude work well based on visual checks of signals
- Can modify the number of points needed to reclaim a low, and the # of bars limit under which this must occur.
Alerts:
- Alerts are available for detection of new lows and detection of failed breakdowns
- Alerts are also available for these signals but only during 7:30PM-4PM EST - 'prime time' US trading hours
Limitations:
- Current version of the script only compares new lows to the most recent pivot low, does not look at anything prior to that
- Best used as a discretionary signal
Visit /u/ben_zen's Profile:
www.tradingview.com
Profile Link www.tradingview.com
Range ( Adjustable ) HLLSfor range of the price ( Adjustable )
This indicator shows you in what price range it may move.
This indicator is adjustable. You must set your installation to the past of its chart. (depends on timeframe)
Pay attention to adapt it in different time frames and with your strategy.
The function of this indicator is simple.
Based on the first factor (the number of previous candles), you can adjust average range channel with the second factor for height of the channel.
Indecision Indicator [CHE]"In times of great uncertainty, indecision is often the wisest course of action."
Introduction:
The Indecision Indicator is a custom script for use in Trading View. The script is designed to help traders determine potential reversal points in financial markets, by displaying different levels of indecision or rejection.
Glossary:
Indecision: Indicates a situation where the market is uncertain and can move in either direction.
Rejection: Indicates a situation where the market has rejected a certain price level and is likely to move in the opposite direction.
Totalwick: The total length of the upper and lower shadows on a candlestick chart.
MACD: Moving Average Convergence Divergence, a popular momentum indicator.
Inputs:
Rejection: Allows the user to choose between the different types of indecision to display, including Indecision, Rejection, Totalwick, All, and MACD.
Indecision Length: The number of candles used to calculate the indecision level.
Length: The length of the Moving Average used to smooth the indecision or rejection levels.
Trigger Length: The number of candles used to calculate the trigger line, which is used to indicate potential reversal points.
Output:
The script calculates the lower and upper rejection levels, as well as the indecision level, and displays them as lines on the chart. The lines are color-coded to indicate whether the market is in a state of indecision or rejection, and whether it is likely to move up or down.
Best regards
Chervolino
Three Bar Gap (Simple Price Action - with 1 line plot)This script is tailored towards experienced traders who prefer to view raw price charts during live execution. It searches for a three-bar pattern of what is colloquially called "fair value gap", or "imbalance" and uses a single line to plot the results. The goal is to display price in a way that is as simple as possible so that chart readers who don't prefer to add indicators on their screen will still find this indicator as an acceptable option to consider for.
From a code perspective, this script explores a new PineScript feature called UDT (user-defined types). This is an incredible update because it brings developers one step close to having the ability to create abstract data types.
█ What is price action?
Experienced traders will tell you that the chart that they use for live execution is raw, clean, and uses no indicators. They say they execute on price action, so what exactly is price action?
There is no formal definition to it, but one can agree that it implies the process of analyzing price without considering the fundamentals, without needing to know what the news was about, and without needing to know any of the Greeks (except for the desire to “seek alpha” Ha.haa...). This is not to say that price action traders are executing in their own vacuums without the need to know what is happening around the world. Surely fundamentals and financial models can be used beforehand for developing a bias for what is being traded, but it’s price-first at the moment of execution. That said, Factor (A) is Price.
Factor (B) is time-perception, it’s how the trader reads the tape. How the trader perceives price to change with respect to time is valuable information. Interpretation of "time" will be elaborated in the next section that talks about candlestick patterns detected by this script.
Putting this together, price action means the analysis of price movement by only considering (A) price, and (B) time, to predict which direction the market will move. A speculative trader is timing the market with the expectation to make a quick in-and-out profit; she/she is using price action. On the other hand, a long term investor holding a diversified portfolio with a strategy based on modern portfolio theory combined with fundamental analysis (at this point candlesticks are irrelevant) but has one additional criteria of, say, can only go Long on a stock when it has closed Green on Daily; he/she is also considered to be executing on price action.
█ Candlestick patterns
This script calculates the displacement of highs and lows over three consecutive bars.
A) Down move = When High of the recent confirmed bar is lower than the Low of the previous-previous candle
B) Up move = When Low of the recent confirmed bar is higher than the High of the previous-previous candle
(Note that its the confirmed bar that is being talked about, so it does not repaint)
An ATR filter will be applied to reduce the number of lines generated as many times they might just be associated with minor price changes.
Interpretations:
When price moves quickly across three bars, it can be thought that it has gapped. Although the candle in the middle appears to be solid, it’s not from a conceptual perspective. This is because time itself is arbitrary; timeframes don’t necessarily have to be fixed intervals. Take stocks with regular trading hours for example, if price makes a breakaway gap and you bundle the after-hours and pre-market sessions together as one candle, never minding that intervals should be fixed, then you will see the exact three-bar-gap patterns. Similar happens during intraday sessions on lower timeframes, if you zoom-in closer, you’ll see that ticks within the middle candle are sparsely dispersed. This is why it's called a gap.
█ Parameters with fixed inputs & assumptions used:
ATR is used for filtering out minor movements that will likely be deemed as irrelevant by trader for the purpose of live execution. The following inputs are required:
A) ATR lookback period
B) Multiplier
The product of ATR(len=A) and B produces a threshold for minimum distance that price must gap by. Initially, it was proposed to be only based on one ATR, but often an ATR is too wide and using it will filter out too many lines. Because of this observation, a multiplier (Parameter B) has been introduced to allow users to apply fractional ATR as a threshold.
█ Applications:
For trend followers: Follow the direction of the gap. Entering above recent high/low points above/below the first impulse with a stop-limit order is a viable tactic.
For contrarians fading a trend: The mid-point is a good point of reference for predicting potential areas of support/resistance.
WRBHG with visual gap blockCredit to AkifTokuz
I would like to give the credit to AkifTokuz, I built this indicator based on AkifTokuz's WRBHD indicator code.
What is added?
I have added the visual block to show the hidden gap (HG). The visual dovetailed the full range of the hidden gap. The size of the block give you a good idea on the strength of the hidden gap, namely a bigger block, a stronger support/resisdence encoutnered. I have also added the direction color code to the indicator, Green block is bull hidden gap and red block is bear hidden gap.
How to use the indicator?
Refer to the chart.
After a hidden gap appear, it has to be tested before placing a trade. Say if a green block appear, the price action tell some bullish traders want to move up the price by creating the price up thrust, however whether those traders are strong enought to continue or whether the market would agree that movement, it has to be tested.
The Test - if the hidden gap can withhold the retracement without being broken, it passed the test and order can be placed accordingly.
Hopes you find this indicator useful and my help you to develop a good winning strategy.
Simple STRAT Tool by nnamWhat this Indicator Does
This indicator is a very simple tool created specifically for experienced Straters. It was created for those Straters who fully understand the 1-2-3 Strat Scenarios, are in need of an easy to use tool, and do not want or need a lot of messy markings on their chart.
The indicator simply allows the user to color code the Strat 1, 2 ,3 (Inside /Outside /Up / Down) Bars as desired and by default extends lines to the right of the chart from the Highs and Lows of the previous 2 Bars giving the user a simple reference for Strat scenario structure breaks.
As shown above, the bars are color coded, but the original bar color is maintained via the border and wick.
If a bar is an Outside Bar or an Inside Bar, it is still easy to identify whether or not the bar was a Bullish or Bearish 1 or 3.
The same goes for 2UP and 2Down Bars - It is easy to identify Bullish or Bearish UP or DOWN Bars.
Optionally, as show in the screenshot below, the user can extend the lines in both directions to get an "at a glance" better understanding of where price is currently vs previous support and resistance areas.
For Straters that prefer to trade only INSIDE BAR BREAKOUTS there is an optional input setting labeled "Trade Inside Bars ONLY".
This setting turns OFF the lines that extend from the 2nd previous bar back and only displays and extend lines from the previous bar IF and ONLY IF the current bar is an INSIDE (one) bar. .
The User Input settings allow for the following customizations:
1. Custom Outside Bar Color
2. Custom Inside Bar Color
3. Custom 2 Up Bar Color
4. Custom 2 Down Bar Color
5. Turn ON or OFF color coded bars
6. Trade only INSIDE Bar Breakouts
7. Extend Lines Both Directions
8. Hide all Lines
The customizable settings above allow the user to hide all lines and turn OFF color coding without having to fully remove the indicator from the chart. This is convenient when the user has another indicator that uses color coded bars or the lines conflict with another indicator and they need to be temporarily disabled.
If you have any questions regarding this indicator please let me know. If you have any suggestions for minor tweaks to the indicator do not hesitate to ask for them.
I hope you enjoy this indicator and get some usefulness from it... HAPPY TRADING!!
HSupertrendLibrary "HSupertrend"
Supertrend implementation based on harmonic patterns
hsupertrend(zProperties, pProperties, errorPercent, showPatterns, patternColor)
derives supertrend based on harmonic patterns
Parameters:
zProperties : ZigzagProperties containing Zigzag length and source array
pProperties : PatternProperties used for calculation
errorPercent : Error threshold for scanning patterns
showPatterns : Draw identified patterns structure on chart
patternColor : Color of the pattern lines to be drawn
Returns:
ZigzagProperties
ZigzagProperties contains values required for zigzag calculation
Fields:
length : Zigzag length
source : Array containing custom OHLC. If not set, array.from(high, low) is used
PatternProperties
PatternProperties are essential pattern parameters used for calculation of bullish and bearish zones
Fields:
base : Base for calculating entry and stop of pattern. Can be CD, minmax or correction. Default is CD
entryPercent : Distance from D in terms of percent of Base in the direction of pattern
stopPercent : Distance from D in terms of percent of Base in the opposite direction of pattern
useClosePrices : When set uses close price for calculation of supertrend breakout
Market Crashes/Chart Timeframes HighlightThis extremely helpful indicator allows you to highlight 7 custom date-based timeframes on your charts.
The default dates selected are what I consider to be the most significant 7 most recent market declines, including and since the 87 flash crash.
Note: The default dates are approximate but good enough to highlight the key timeframes of these pullbacks/crashes/corrections.
It's simple to use and does exactly what it should.
I created this indicator to make it easier when looking at the overall story of a chart. I found it helpful to highlight these areas to see how a market or equity has responded during these significant market pullbacks.
The highlight alone I’ve found helpful, and it becomes more powerful if you combine it with your own trusted trade system.
Also, to get the most out of using the default dates it’s important to understand the narrative behind each pullback/crash. Here’s the list of what I consider significant pullbacks:
Black Monday - Oct 87
1990s Recession - Jul 90 to Mar 91
Dot Com Bubble - 2000 to 2002 or so
Real Estate 2008 Crisis - I choose 2007-2009 to cover full insider knowledge and aftermath
2016 - 2018 - This isn't seen as a pullback, but I have it as significant because in many markets and equities, this was an almost equal percentage pullback as 2008. See Notes below
2020 Crash - Covid-19 and related shenanigans pullback
April 2021 to August 2022 - I believe we are in a current SHORT cycle so I've highlighted April 2021 as the start of what might be the start of a major decline testing Dot Com or lower levels.
A few notes on the above.
You'll find on most of the pullbacks listed above most equities and related markets behave similarly or have similar patterns.
The 2016-18 pullback is the most difficult to track. For instance, GE in this timeframe had a -80% decline, whereas BA depending on how you want to measure it had a 50-110% gain.
DR/IDR V1Defining Range DR and Implied Defining Range IDR for regular Session and overnight Session
This script is showing the IDR and DR for the regular trading session and for the overnight session based on the rules from the creator of the DR/IDR concept.
It works for all major Forex Pairs, BTC, ETH and the US Equity indices. This concept is based on rules and has a 80 % probability to be correct.
It should be applied in the 5 Min. Timeframe.
The timings for the RDR are from 09.30 - 10.30 am New York local time.
The timings for the ODR are from 03.00 - 04.00 am New York local time.
Rules:
1. If price in the 5 Min timeframe closes above the DR high after 10.30 am or 04.00 am then the DR low will be with 80 percent probability the low of the trading session. This is called confirmation.
2. If price in the 5 Min timeframe closes below the DR low after 10.30 am or 04.00 am then the DR high will be with 80 percent probability the high of the trading session. This is called confirmation.
3. If price closes above the IDR high after 10.30 am or 04.00 am it is an early indication that the low of the DR will be the low of the day and vice versa.
Credits:
This script imports the recently published (VisibleChart) library containing functions that return values calculated from the range of visible bars on the chart.
bmistiaen helped me a lot with this script. Thank you a lot.
Electrocardiogram ChartThis is an attempt to develop alternative visualisation of financial charts. This script also makes use of new pine feature types which represents User Defined Object Types. You can refer to below documentation to understand more about this feature:
www.tradingview.com
www.tradingview.com
🎲 Structure of new chart components
🎯Instead of candles/bars, this type of chart contains Electrocardiogram blocks which resembles the heartbeat signals on electrocardiogram.
Body color of the block is defined by the open and close prices of the bar. If close is greater than open, body is green. Otherwise, the body is painted red.
Border color of the block is defined by the close prices of current and previous bar. If the close of current bar is greater than that of last bar, then the border color is green. Otherwise, border color is painted red.
🎯Inside each blocks there will be 5 connecting lines called the signal lines.
open-open
open-firstPeak(high or low of the bar whichever comes first)
firstPeak-secondPeak(high or low of the bar whichever comes last)
secondPeak-close
close-close
🎯 Color of the signal lines are determined by which among the high/low of the bar comes last. If highest part of the bar reached after reaching the lowest part of the bar, then signal lines are coloured green signifying bullish sentiment towards the end of bar. If lowest part of the bar reached after reaching the highest part of the bar, then signal lines are coloured red signifying bearish sentiment towards the end of bar.
Pictorial examples here:
🎲 Limitations with pinescript implementation
Since, pinescript can only use maximum 500 lines and each block will take 1 box and 5 lines, it is not possible to display more than 100 bars.
Each block of new Electrocardiogram chart will take the space of 7 bars of candlestick chart. Due to this, the alignment of regular OHLC candles is not inline with the new chart type. Background highlighting is done for the part of the OHLC candles where Electrocardiogram blocks are plotted so that it helps users to map the bars manually
Thanks to @theheirophant for suggestion of name :)
Inside Candle and mother candle range with alert++>>This script allows you the inside bar candle and the cnadle is shown in white.
The range of the mother candle is identified and tracked until it breaks.
Once the first range is over ridden then the next similar pattern will be occured and the tracking will be done for the mother candle latest occurrence.
It also has the alert mechanism where you can go and the alert for the indicator in Alerts.
5 min is the most preferrable time frame and while saving the alert Note to save the time frame of the chart. For which ever time frame is saved the Alert will be triggered for the same .
And when th inside bar is triggered it throws an alert condition. this alert condition has to be configured in your alerts and will be buzzing on the screen.
Oct 20
Release Notes: updated with Mother candle top and bottom lines of previous occurrences and tracks the current latest Inside bar mother candle
Release Notes: this script allows you the inside bar cnadle and the cnadle is shown in white. highlighter is configurable and line colors as well.
HL-AverageThis script extracts the highest price "ta.highest" and lowest price "ta.lowest" over a period of time, obtains the average value "array.avg" and plots it on a chart. At the same time, it also plots high and low prices, so you can use the volatility over a period of time and its center point as a reference for trading. The pine code is as simple as possible, so there is no difficulty. You can also change the period. We sincerely hope that this script will help you in your trading.
[Sniper] SSL Hybrid + QQE MOD + Waddah Attar StrategyHi. I’m DuDu95.
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This is the script for the series called "Sniper".
*** What is "Sniper" Series? ***
"Sniper" series is the project that I’m going to start.
In "Sniper" Series, I’m going to "snipe and shoot" the youtuber’s strategy: to find out whether the youtuber’s video about strategy is "true or false".
Specifically, I’m going to do the things below.
1. Implement "Youtuber’s strategy" into pinescript code.
2. Then I will "backtest" and prove whether "the strategy really works" in the specific ticker (e.g. BTCUSDT) for the specific timeframe (e.g. 5m).
3. Based on the backtest result, I will rate and judge whether the youtube video is "true" or "false", and then rate the validity, reliability, robustness, of the strategy. (like a lie detector)
*** What is the purpose of this series? ***
1. To notify whether the strategy really works for the people who watched the youtube video.
2. To find and build my own scalping / day trading strategy that really works.
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*** Strategy Description ***
This strategy is from "SSL QQE MOD 5MIN SCALPING STRATEGY" by youtuber "Daily Investments".
"Daily Investments" claimed that this strategy will make you some money from 100 trades in any ticker in 5 minute timeframe.
### Entry Logic
1. Long Entry Logic
- close > SSL Hybrid Baseline.
- QQE MOD should turn into blue color.
- Waddah Attar Explosion indicator must be green.
2. Short Entry Logic
- close < SSL Hybrid Baseline
- QQE MOD should turn into red color.
- Waddah Attar Explosion indicator must be red.
### Exit Logic
1. Long Exit Logic
- When QQE MOD turn into red color.
2. Short Entry Logic
- When QQE MOD turn into blue color.
### StopLoss
1. Can Choose Stop Loss Type: Percent, ATR, Previous Low / High.
2. Can Chosse inputs of each Stop Loss Type.
### Take Profit
1. Can set Risk Reward Ratio for Take Profit.
- To simplify backtest, I erased all other options except RR Ratio.
- You can add Take Profit Logic by adding options in the code.
2. Can set Take Profit Quantity.
### Risk Manangement
1. Can choose whether to use Risk Manangement Logic.
- This controls the Quantity of the Entry.
- e.g. If you want to take 3% risk per trade and stop loss price is 6% below the long entry price,
then 50% of your equity will be used for trade.
2. Can choose How much risk you would take per trade.
### Plot
1. Added Labels to check the data of entry / exit positions.
2. Changed and Added color different from the original one. (green: #02732A, red: #D92332, yellow: #F2E313)
3. SSL Hybrid Baseline is by default drawn on the chart.
4. If you check EMA filter, EMA would be drawn on the chart.
5. Should add QQE MOD and Waddah Attar Explosion indicator manually if you want to see QQE MOD.
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*** Rating: True or False?
### Rating:
→ 1.5 / 5 (0 = Trash, 1 = Bad, 2 = Not Good, 3 = Good, 4 = Great, 5 = Excellent)
### True or False?
→ False
→ Doesn't Work on 5 minute timeframe. Also, it doesn't work on crypto.
### Better Option?
→ Use this for Day trading or Swing Trading, not for Scalping. (Bigger Timeframe)
→ Although the result was bad at 5 minute timeframe, it was profitable in 1h, 2h, 4h, 8h, 1d timeframe.
→ BTC, ETH was ok.
→ The result was better when I use EMA filter (only on longer timeframe).
### Robust?
→ So So. Although result was bad in short timeframe (e.g. 30m 15m 5m), backtest result was "consistently" profitable on longer timeframe.
→ Also, MDD was not that bad under risk management option on.
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*** Conclusion?
→ Don't use this on short timeframe.
→ Better use on longer timeframe with filter, stoploss and risk management.
STOCASTIC RSI WITH ALARMS
I added alarms for buying and selling. I just did because ı wanted to see the alarm on the chart. I hope ıt will work it for you.
Monthly Returns of a Strategy in a ChartIt's a simple example of how you can present your strategy's monthly performance in a chart.
You maybe know that there is no support of these kind of charts in TradingView so this chart is actually a table object under the hood.
Table visual appearance is customizable, you can change:
Location
Bar Width / High
Colors
Thanks to @MUQWISHI for hard work, for helping me coding it.
It's not about the strategy itself but the way you display returns on your chart. So pls don't critique my choice of the strategy and its performance 🙂
Disclaimer
Please remember that past performance may not be indicative of future results.
Due to various factors, including changing market conditions, the strategy may no longer perform as well as in historical backtesting.
This post and the script don’t provide any financial advice.
[FrizLabz] FVGFVG indicator --
Allows your Charts to stay CLEAN for your T.A. by plotting the FVGs on top of the Candles inside of its Borders
FVGs can also be turned off and you can Remove the Bar Color only
Each FVG has a tooltip that you can hover your mouse over to get the (Type of FVG, Size, Top, Middle, Bottom, Time)
FVGs Using Plots so that they go all the way back in history you can have more than 500 on the chart
Uses 4 Plots to achieve this 4 are used to prevent the fill() from carrying over to the next bar if there are 2 FVGs
Can remove Bar Color - Theres no option to change Bar Color because it will cover up the FVG
Hope you guys Enjoy,
Impactful pattern and candles pattern AlertThe Alertion indicator!
impactful pattern:
pattern that happen near the zone or in the zone at lower timeframe and give us entry and stop limit price.
It is helpful for price action traders and those who want to decrease their risk.
There are 3 IP patterns:
Quasimodo
Head and shoulder
whipsaw engulfing
These patterns may occur near the zone or may not occur but by them, you can decrease your trading risk for example you can
trade with half lot before IP pattern and enter with other half after pattern.
how to use?
for example:
you find zone at 1h timeframe for short position
when price enter to your zone
you run this indicator and choose your lower timeframe, for example 15m and click on short position.
Then make the alert by right-click on your chart and choose the add alert and at condition box choose the impactful pattern and then click on create
now wait for message :)
Candles pattern:
like reversal bar, key reversal bar, exhaustion bar, pin bar, two-bar reversal, tree-bar reversal, inside bar, outside bar
these occur when the trend turn, so it is usable when the price enter to your zone or near your zone.
This pattern can decrease your risk.
Inside bar and outside bar:
if this pattern engulf up, it is bullish pattern and if engulf down, it is bearish pattern.
what does this indicator do?
this indicator is for making alert
it helps you to decrease your risk and failure.
You optimize it to alert you when IP pattern happen or candle pattern happen or inside bar or outside bar engulfing or all of them.
For IP pattern, it will message you entry and stop limit price.
It works at 2 different timeframes, so you can make alert for example in 1h TF for candles pattern and 15m TF for IP pattern.
Indicator will alert you for candles pattern at your chart timeframe and for IP pattern at timeframe you've chosen when you run the indicator, and it is changeable
in setting.
setting options
TIMEFRAME
IP: select the timeframe for IP patterns it means when IP pattern happen at that timeframe the indicator will alert you
example = your TF is 1h, you found the supply zone and want to trade, note that IP pattern happen in lower TF, so you select 15m TF or TF lower than 1h.
Short position: select it if you want to make short position.
BUFFERING
indicator send you entry and stop limit price
you can change it by amount of percent
it is your strategy to change your entry and stop loss or not
example= in head and shoulder pattern at short position, the stop limit is high price of head in pattern
so the indicator will message you the exact price but if you want to put
your stop limit 5 percent upper than exact price you can enter 5 in front of stop loss
or you want to enter 5 percent lower than exact high price of shoulder, you can optimize it.
ALERTION
you choose what alert you want
IP alert or candle alert or inside and outside bar alert
type your text for alert
you can write additional text for your message
ADVANCE
IP alert frequency option:
1. Once per bar : indicator will alert you for IP pattern once at your chat timeframe bar, and you should wait til next bar for next alert.
2. Once per bar close : alert you when your chart timeframe bar closed and next alert will happen when next bar is closed.
3. All: alert you all the times IP pattern happen
pivot left and right bars: lower will find smaller pattern
at the END:
this indicator is not strategy
it is part of your strategy that help you to increase your winning rate.
It is helpful for scalping and candle patterns finding.
After you make an alert, you can delete the indicator or change your timeframe or make another alert, your previous alert won’t change.
Thank you all.
[Any Timeframe]-Homerun3 line strike - Basic chart pattern identification (Script code is now open to anyone to view)
-Plots on the chart for you (the visual experience is their for the end user. They can see ‘why’ item plotted)
i.e; patterns identified
Bullish
Why = Green candle + Green candle + Green candle + Red candle
Bearish
Why = Red candle + Red candle + Red candle + Green candle
-Dynamic alerts
What’s this for
Why = Chats gets updated when end of current real-time candle and plots on the chart if pattern found. You can setup TradingView alerts to specific plots on the chart (i.e; then it can notify you via normal website alert methods)
NOTE;
thinking of adding to this chart
-table of patterns found for that day
-more user input fields
-script modularity (easy plugin new code without interfering with anything already their)
