Momentum Probability Oscillator [SS]This is the momentum based probability indicator.
What it does?
This takes the average of MFI, Stochastics and RSI and plots it out as an independent oscillator.
It then tracks bullish vs bearish instances. Bullish is defined as a greater move from open to high than open to low and inverse for bearish.
It stores this data and these averages and plots these levels as a graph.
The graph depicts the max bullish values at the top, the min bearish values at the bottom and the averages in between:
It will plot the average "threshold" value in yellow:
The threshold value is key. A ticker trading above the threshold is generally bullish. Below is bearish.
The threshold value frequently acts as support and resistance levels (see below):
Resistance:
Support:
The indicator also shows you the amount of time a ticker has spent in each region, over a defined lookback period (defaulted to 500):
When you see that cumulatively, more time has been spent in a bullish range or a bearish range, it can help you ascertain the prevailing sentiment at that time.
The indicator will also calculate the average price range based on the underlying oscillator value. It does this through use of ATR based techniques, as its not usually possible to calculate a price from an oscillator:
This is intended as a general reference and not a precise target, as it is using ATR as opposed to the actual technical value itself.
As this is an oscillator, you can use it to look for divergences as well. The advantage to having it formulated in this way is:
a) You get the power of all 3 indicators (stochastics, MFI and RSI) in one and
b) You are adding context to the underlying technical reading. The indicator is plotting out the average, max and min ranges for the selected ticker and performing assessments based on these ranges that add context to the current PA.
You also have the ability to see the specific technical levels associated with each specific technical indicator. If you open up the settings menu and select "Show Table", this will appear:
This will show you the exact values of each of the technicals the indicator is using in its range assessment.
And that is basically the bulk of the indicator!
I use this predominately on the smaller timeframes, especially when there is a lot of chop, to ascertain the overall sentiment.
I also will reference it on the 1 hour to see what the prevailing sentiment is and whether the stock is at an area of technical resistance or support. For example, here is what I referenced on SPY today:
QUICK NOTE:
It works best with RTH (regular trading hours) turned on and ETH (extended trading hours) turned off!
That's it!
Hopefully you like it and leave your comments and suggestions below!
In den Scripts nach "spy" suchen
LNL Trend SystemLNL Trend System is an ATR based day trading system specifically designed for intra-day traders and scalpers. The System works on any chart time frame & can be applied to any market. The study consist of two components - the Trend Line and the Stop Line. Trend System is based on a special ATR calculation that is achieved by combining the previous values of the 13 EMA in relation to the ATR which creates a line of deviations that visually look similar to the basic moving average but actually produce very different results ESPECIALLY in sideways market.
Trend Line:
Trend Line is a simple line which is basically a fast gauge represented by the 13 EMA that can change the color based on the current trend structure defined by multiple averages (8,13,21,34 EMAs). Trend Line is there to simply add the confluence for the current trend. Colors of the line are pretty much self-explanatory. Whenever the line turns red it states that the current structure is bearish. Vice versa for green line. Gray line represents neutral market structure.
Stop Line:
Stop Line is an ATR deviaton line with special calculation based on the previous bar ATRs and position of the price in relation to the current and previous values of 13 EMA. As already stated, this creates an ATR deviation marker either above or below the price that trails the price up or down until they touch. Whenever the price comes into the Stop Line it means it is making an ATR expansion move up or down .This touch will usually resolve into a reaction (a bounce) which provides trade opportunities.
Trend Bars:
When turned ON, Trend Bars can provide additional confulence of the current trend alongside with the Trend Line color. Trend Bars are based on the DMI and ADX indicators. Whenever the DMI is bearish and ADX is above 20 the candles paint themselfs red. And vice versa applies for the green candles and bullish DMI. Whenever the ADX falls below the 20, candles are netural (Gray) which means there is no real trend in place at the moment.
Trend Mode:
There are total of 5 different trend modes available. Each mode is visualizing different ATR settings which provides either aggressive or more conservative approach. The more tigher the mode, the more closer the distance between the price and the Stop Line. First two modes were designed for slower markets, whereas the "Loose" and "FOMC" modes are more suitable for products with high volatility.
Trend Modes:
1. Tight
Ideal for the slowest markets. Slowest market can be any market with unusually small average true range values or just simply a market that does have a personality of a "sleeper". Tight Mode can be also used for aggresive entries in the most ridiculous trends. Sometimes price will barely pullback to the Trend Line not even the Stop Line.
2. Normal
Normal Mode is the golden mean between the modes. "Normal" provides the ideal ATR lengths for the most used markets such as S&P Futures (ES) or SPY, AAPL and plenty of other highly popular stocks. More often than not, the length of this mode is respected considering there is no breaking news or high impact market event scheduled.
3. Loose
The "Loose" mode is basically a normal mode but a little bit more loose. This mode is useful whenever the ATRs jump higher than usual or during the days of highly anticipated news events. This mode is also better suited for more active markets such as NQ futures.
4. FOMC
The FOMC mode is called FOMC for a reason. This mode provides the maximum amount of wiggle room between the price and the Stop Line. This mode was designed for the extreme volatility, breaking news events or post-FOMC trading. If the market quiets down, this mode will not get the Stop Line touch as frequently as othete modes, thus it is not very useful to run this on markets with the average volatlity. Although never properly tested, perhaps the FOMC mode can find its value in the crypto market?
5. The Net
The net mode is basically a combination of all modes into one stop line system which creates "the net" effect. The Net provides the widest Stop Line zone which can be mainly appreciated by traders that like to use scale-in scale-out methods for their trading. Not to mention the visual side of the indicator which looks pretty great with the net mode on.
HTF (Higher Time Frame) Trend System:
The system also includes additional higher time frame (HTF) trend system. This can be set to any time frame by manual HTF mode. HTF mode set to "auto" will automatically choose the best suitable higher time frame trend system based on how appropriate the aggregation is. For everything below 5min the HTF Trend System will stay on 5min. Anything between 5-15min = 30min. 30min - 120min will turn on the 240min. 180min and higher will result in Daily time frame. Anything above the Daily will result in Weekly HTF aggregation, above W = Monthly, above M = Quarterly.
Background Clouds:
In terms of visualization, each trend system is fully customizable through the inputs settings. There is also an option to turn on/off the background clouds behind the stop lines. These clouds can make the charts more clean & visible.
Tips & Tricks:
1. Different Trend Modes
Try out different modes in different markets. There is no one single mode that will fit to everyone on the same type of market. I myself actually prefer more Loose than the Normal.
2. Stop Line Mirroring
Whenever the Stop Lines start to mirror each other (there is one above the price and one below) this means the price is entering a ranging sideways market. It does not matter which Stop Line will the price touch first. They can both be faded until one of them flips.
3. Signs of the Ranging Market
Watch out for signs of ranging market. Whenever the Trend System looses its colors whether on trend line or trend bars, if everything turns neutral (gray) that is usually a solid indication of a range type action for the following moments. Also as already stated before, the Stop Line mirroring is a good sign of the range market.
4. Trailing Tool, Trend System as an Additional Study?
In case you are not a fan of the colorful green / red charts & candles. You can switch all of them off and just leave the Stop Line on. This way you can use the benefits of the trend system and still use other studies on top of that. Similarly as the Parabolic SAR is often used.
5. The Flip Setup
One of my favorite trades is the Flip Setup on the 5min charts. Whenever the Stop Line is broken , the very first opposing touch after the Trend System flips is a usually a highly participated touch. If there is a strong reaction, this means this is likely a beginning of a new trend. Once I am in the position i like to trail the Stop Line on the 1min charts.
Hope it helps.
All Candlestick Patterns Screener [By MUQWISHI]▋ INTRODUCTION :
The Candlestick Patterns Screener has been designed to offer an advanced monitoring solution for up to 40 symbols. Utilizing a log screener style, it efficiently gathers information on confirmed candlestick pattern occurrences and presents it in an organized table. This table includes essential details such as the symbol name, signal price, and the corresponding candlestick pattern name.
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▋ OVERVIEW:
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▋ CREDIT:
Credit to public technical “*All Candlestick Patterns*” indicator.
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▋ USAGE:
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▋ Final Comments:
For best performance, add the Candlestick Patterns Screener on active symbol chart like QQQ, SPY, AAPL, BTCUSDT, ES, EURUSD or …etc.
Candlestick patterns are not a major concept to build a trading decision.
Personally, I see candlestick patterns as a means to comprehend the psychology of the market, and help to follow the price action.
Please let me know if you have any questions.
Thank you.
Bull / Bear Market RegimeBull / Bear Market Regime
Instructions:
- A simple risk on or risk off indicator based on CBOE's Implied Correlation and VIX to highlight and indicate Bull / Bear Markets. To be used with the S&P500 index as that's the source from where the CBOE calculates and measures implied volatility & implied correlation. Can also be used with the other indices such as: Dow Jones, S&P 500, Nasdaq, & Nasdaq100, & Index ETF's such as DIA, SPY, QQQ, etc.
- Know the active regime, see the larger picture using the Daily or Weekly view, and visualize the current "Risk On (Bull) or Risk Off (Bear)" environment.
Description:
- Risk On and Risk Off simplified & visualized. Know if we are in a RISK ON or RISK OFF environment (Bull or Bear Market). (Absolute bottoms and tops will occur BEFORE a Risk On (Bull Market) or Risk Off (Bear Market) environment is confirmed!) This indicator is not meant to bottom tick or uptick market price action, but to show the active regime.
- Green: Bull Market, Risk On, low volatility, and low risk.
- Red: Bear Market, Risk Off, high volatility, and higher risk.
Buy & Sell Indicators (DAILY time frame)
- Nothing is 100% guaranteed! Can be used for short to medium term trades at the users discretion in BEAR MARKETS!!
- These signals are meant to be used during a RISK OFF / BEAR MARKET environment that tends to be accompanied with high volatility. A Risk on / Bull Market environment tends to have low volatility and endless rallies, so the signals will differ and in most instances not apply for Bull market / Risk on regime.
- The SELL signal will more often than not signal that a pullback is near in a BULL market and that a BMR-Bear Market Rally is almost over in a BEAR market.
- The BUY signal will have far more accuracy in a BEAR market-high volatility environment and can Identify short-term and major bottoms.
Always use proper sizing and risk management!
VIX HeatmapVIX HeatMap
Instructions:
- To be used with the S&P500 index (ES, SPX, SPY, any S&P ETF) as that's the input from where the CBOE calculates and measures the VIX. Can also be used with the Dow Jones, Nasdaq, & Nasdaq100.
Description:
- Expected Implied Volatility regime simplified & visualized. Know if we are in a high, medium, or low volatility regime, instantly.
- Ranges from Hot to Cold: The hotter the heat-map, the higher the implied volatility and fear & vice versa.
- The VIX HeatMap, color-maps important VIX levels (7 in this case) in measuring volatility for day trading & swing trading.
Using the VIX HeatMap:
- A LOW level volatility environment: Represented by "cooler" colors (Blue & White) depicts that the level of volatility and fear is low. Percentage moves on the index level are going to be tame and less volatile more often than not. Low fear = low perceived risk.
- A MEDIUM level volatility environment: Represented by "warmer" colors (Green & Yellow) depicts that the markets are transitioning from a calmer period or from a more fearful period. Market volatility here will be higher and provide more volatile swings in price.
- A HIGH level volatility environment: Represented by "hotter" colors (Orange, Red, & Purple) depicts that the markets are very fearful at the moment and will have big swings in both directions. Historically, extreme VIX levels tend to coincide with bottoms but are in no way predictive of the exact timing as the volatile moves can continue for an extended period of time.
- Transitioning between the 7 VIX Zones: Each and every one of these specific VIX zone levels is important.
1. Extreme low: <16
2. Low: 16 to 20
3. Normal: 20 to 24
4. Medium: 24 to 28
5. Med-High: 28 to 32
6. High: 32 to 36
7. Extreme high: >36
- These VIX levels in particular measure volatility changes that have a major impact on switching between smaller time frames and measuring depths of a sell move and vice versa. Each level also behaves as its own support & resistance level in terms of taking a bit of effort to switch regimes, and aids in identifying and measuring the potential depth of pullbacks in bull markets and bounces in bear markets to reveal reversal points.
- Examples of VIX level supports depicted on the chart marked with arrows. From left to right:
1. March 10th: Markets jumped 2 volatility levels in 2 days. The fluctuations from blue to yellow to green where a sign that price action would reverse from the selloff.
2. March 28th: As soon as we move from green to the blue VIX level (<20), markets began to rally and only ended when the volatility level moved sub VIX 16 (white).
3. May 4th & 24th: Next we see the 2 dips where volatility levels went from blue to green (VIX > 20), marked bottoms and reversed higher.
4. June 1st: We see a change in VIX regime yet again into lower VIX level and markets rocket higher.
Knowing the current VIX regime is a very important tool and aid in trading, now easily visualized.
Leveraged Share VolumeHello everyone,
Did this quick reference indicator and figured I would share it as nothing like it exists that I could find.
What this does is it pulls leveraged share data and displays the bull share and bear share volume.
There are 5 pre-programmed shares. These include:
SPY
Pulls bull share data from: SPXL and UPRO
Pulls bear share data from: SPXU and SPXS
IWM
Pulls bull share data from: TNA
Pulls bear share data from: TZA
DIA
Pulls bull share data from: UDOW
Pulls bear share data from: SDOW
QQQ
Pulls bull share data from: TQQQ
Pulls bear share data from: SQQQ
XLE
Pulls bull share data from: ERX
Pulls bear share data from: ERY
As there continues to be more leveraged shares available (for example, AAPU, APPD, MSFT, TSLA, etc.) there is also the option to use these manual tickers as these shares become available. The image below shows the data input screen:
The indicator will default to show the data as a ratio. The ratio is calculated by the total bear shares over the total bull shares (sell to buy ratio). If you unselect the Ratio option (displayed in the image above), it will show the raw volume.
When data is displayed as a ratio, you will see the white SMA line. This will show you the average ratio over a 14 period lookback. This is customizeable under the SMA Length input (shown in the image above).
Indicator's purpose:
The aim of the indicator is to provide context as to where the current sentiment is. Its similar in concept to a put to call ratio. The idea is, the more bearish people are, the more inverse shares are being bought, the higher the ratio or raw volume for bear shares and vice versa for bullish situations.
If you would like some more contextual information about the powers of tracking this type of data for trading purposes, you can check out this idea I published about the relationship between leveraged shares and market sentiment/behaviour:
Otherwise, the indicator is pretty straight forward!
Its not meant to be anything but a reference indicator to help give you context of the current market positioning.
If you have any questions or suggestions, please feel free to leave them below.
Thank you for reading and checking out the indicator!
Safe trades everyone!
Hobbiecode - RSI + Close previous dayThis is a simple strategy that is working well on SPY but also well performing on Mini Futures SP500. The strategy is composed by the followin rules:
1. If RSI(2) is less than 15, then enter at the close.
2. Exit on close if today’s close is higher than yesterday’s high.
If you backtest it on Mini Futures SP500 you will be able to track data from 1993. It is important to select D1 as timeframe.
Please share any comment or idea below.
Have a good trading,
Ramón.
Hobbiecode - Five Day Low RSI StrategyThis is a simple strategy that is working well on SPY but also well performing on Mini Futures SP500. The strategy is composed by the followin rules:
1. If today’s close is below yesterday’s five-day low, go long at the close.
2. Sell at the close when the two-day RSI closes above 50.
3. There is a time stop of five days if the sell criterium is not triggered.
If you backtest it on Mini Futures SP500 you will be able to track data from 1993. It is important to select D1 as timeframe.
Please share any comment or idea below.
Have a good trading,
Ramón.
Hobbiecode - SP500 IBS + HigherThis is a simple strategy that is working well on SPY but also well performing on Mini Futures SP500. The strategy is composed by the followin rules:
1. Today is Monday.
2. The close must be lower than the close on Friday.
3. The IBS must be below 0.5.
4. If 1-3 are true, then enter at the close.
5. Sell 5 trading days later (at the close).
If you backtest it on Mini Futures SP500 you will be able to track data from 1993. It is important to select D1 as timeframe.
Please share any comment or idea below.
Have a good trading,
Ramón.
Cobra's CryptoMarket VisualizerCobra's Crypto Market Screener is designed to provide a comprehensive overview of the top 40 marketcap cryptocurrencies in a table\heatmap format. This indicator incorporates essential metrics such as Beta, Alpha, Sharpe Ratio, Sortino Ratio, Omega Ratio, Z-Score, and Average Daily Range (ADR). The table utilizes cell coloring resembling a heatmap, allowing for quick visual analysis and comparison of multiple cryptocurrencies.
The indicator also includes a shortened explanation tooltip of each metric when hovering over it's respected cell. I shall elaborate on each here for anyone interested.
Metric Descriptions:
1. Beta: measures the sensitivity of an asset's returns to the overall market returns. It indicates how much the asset's price is likely to move in relation to a benchmark index. A beta of 1 suggests the asset moves in line with the market, while a beta greater than 1 implies the asset is more volatile, and a beta less than 1 suggests lower volatility.
2. Alpha: is a measure of the excess return generated by an investment compared to its expected return, given its risk (as indicated by its beta). It assesses the performance of an investment after adjusting for market risk. Positive alpha indicates outperformance, while negative alpha suggests underperformance.
3. Sharpe Ratio: measures the risk-adjusted return of an investment or portfolio. It evaluates the excess return earned per unit of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, as it reflects a higher return for each unit of volatility or risk.
4. Sortino Ratio: is a risk-adjusted measure similar to the Sharpe ratio but focuses only on downside risk. It considers the excess return per unit of downside volatility. The Sortino ratio emphasizes the risk associated with below-target returns and is particularly useful for assessing investments with asymmetric risk profiles.
5. Omega Ratio: measures the ratio of the cumulative average positive returns to the cumulative average negative returns. It assesses the reward-to-risk ratio by considering both upside and downside performance. A higher Omega ratio indicates a higher reward relative to the risk taken.
6. Z-Score: is a statistical measure that represents the number of standard deviations a data point is from the mean of a dataset. In finance, the Z-score is commonly used to assess the financial health or risk of a company. It quantifies the distance of a company's financial ratios from the average and provides insight into its relative position.
7. Average Daily Range: ADR represents the average range of price movement of an asset during a trading day. It measures the average difference between the high and low prices over a specific period. Traders use ADR to gauge the potential price range within which an asset might fluctuate during a typical trading session.
Utility:
Comprehensive Overview: The indicator allows for monitoring up to 40 cryptocurrencies simultaneously, providing a consolidated view of essential metrics in a single table.
Efficient Comparison: The heatmap-like coloring of the cells enables easy visual comparison of different cryptocurrencies, helping identify relative strengths and weaknesses.
Risk Assessment: Metrics such as Beta, Alpha, Sharpe Ratio, Sortino Ratio, and Omega Ratio offer insights into the risk associated with each cryptocurrency, aiding risk assessment and portfolio management decisions.
Performance Evaluation: The Alpha, Sharpe Ratio, and Sortino Ratio provide measures of a cryptocurrency's performance adjusted for risk. This helps assess investment performance over time and across different assets.
Market Analysis: By considering the Z-Score and Average Daily Range (ADR), traders can evaluate the financial health and potential price volatility of cryptocurrencies, aiding in trade selection and risk management.
Features:
Reference period optimization, alpha and ADR in particular
Source calculation
Table sizing and positioning options to fit the user's screen size.
Tooltips
Important Notes -
1. The Sharpe, Sortino and Omega ratios cell coloring threshold might be subjective, I did the best I can to gauge the median value of each to provide more accurate coloring sentiment, it may change in the future.
The median values are : Sharpe -1, Sortino - 1.5, Omega - 20.
2. Limitations - Some cryptos have a Z-Score value of NaN due to their short lifetime, I tried to overcome this issue as with the rest of the metrics as best I can. Moreover, it limits the time horizon for replay mode to somewhere around Q3 of 2021 and that's with using the split option of the top half, to remain with the older cryptos.
3. For the beginner Pine enthusiasts, I recommend scimming through the script as it serves as a prime example of using key features, to name a few : Arrays, User Defined Functions, User Defined Types, For loops, Switches and Tables.
4. Beta and Alpha's benchmark instrument is BTC, due to cryptos volatility I saw no reason to use SPY or any other asset for that matter.
[TT] Sectors Dist % From MA- The script shows the distance in percentages from the 200 MA (or any other MA period) , for the 11 SP500 sectors.
- It works based on the current time frames.
Could be useful when working with mean reversion strategies to detect extremes zones and overbought/oversold conditions in the given sectors compared others.
BUY/SELL + ADVANCE DECLINEThis script is a custom trading view indicator that helps to identify potential buy and sell signals based on the RSI (Relative Strength Index) and SMA (Simple Moving Average) indicators. The script also identifies potential reversals using a combination of RSI and price action. It plots buy, sell, and reversal signals on the chart along with an SMA line. Additionally, it provides alerts based on the buy, sell, and reversal conditions.
Changes made to the original script:
Fixed the undeclared identifier 'c' error by calculating the difference between the current closing price and the previous closing price: c = close - close .
Added an "ADD Value Floating Label" to the chart. The label shows the difference between the current and previous closing prices (ADD value) along with a "Bullish" or "Bearish" indicator based on the value of 'c'. The label is positioned at the top right of the visible chart area and remains static.
Here's a summary of the major components of the script:
Input settings: Define the input parameters for RSI and SMA.
Calculation of RSI and SMA: Compute the RSI and SMA values based on the input parameters.
Color definitions: Define colors for different conditions and levels.
Condition definitions: Define various conditions for buy, sell, reversal, and other criteria.
Buy and sell conditions: Determine buy and sell signals based on RSI, SMA, and price action.
Reversal conditions: Identify potential reversals using RSI and price action.
Plot signals: Display buy, sell, and reversal signals on the chart.
Bar colors: Color the bars based on the identified signals.
Plot SMA: Display the SMA line on the chart.
Alert conditions: Set up alerts for buy, sell, and reversal conditions.
ADD Value Floating Label: Add a label to the chart showing the ADD value and a "Bullish" or "Bearish" indicator.
Divergences in 52 Week Moving Averages, Adjusted and SmoothedThis script description is intended to be holistic and comprehensive for the understanding of the interested parties who view the script.
Following the PineCoders suggestions, I have provided detailed breakdowns both within the code and in the description immediately below:
► Description
This description is intended to be detailed and meaningful, conveying the understanding of the script’s intention to the user:
The theory: Divergences and extreme readings in 52-Week highs on major indexes can provide a view into a potential pending move in the opposite direction of how the market has been trending. By comparing the 52-Week Hi/Lo indices and applying an Exponential Moving Average (EMA), we can assess how extreme a move is from the average. If the move provides an extreme reading, it would potentially be beneficial to “fade” the move (take a position in the opposing direction).
The intention: The intentionality of this script is to provide a visualization of when the highly-probable opportunity to fade over a multi-day or multi-week period arises. In addition to this, based on backtesting prior moves and reading the various levels of significant reversals, three tiers: “Standard”, “Sensitive”, and “Highly Sensitive” have been applied, the user can choose which sensitivity level they would like to see, there are far less false positives on the Standard and Sensitive settings, while Highly Sensitive often signals multiple times with the move coming a few days later.
The application: The settings allow the user to customize their sensitivity to the fade signals, with the ability to customize the visual that shows up as well. For higher-highs that are fade-worthy, the signal will appear on the top of the candle, for lower-lows that are fade-worthy, the signal will appear on the bottom of the candle. The users risk criteria should be the primary driver of the entry/exit, although when backtesting it appears that the significant move is typically completed within a 2-4 week period at max and 3-5 day period at minimum.
A personal note: I am a futures trader intraday but would very strongly caution users when using this strategy with futures (unless their risk tolerance is higher than most). The most beneficial strategy when fading moves would be to enter in tranches, starting at the first signal and adding on any pullback (as long as the pullback is not below the initial entry point). 1-6 Week Date-To-Expiry options would be the primary method for applying this strategy. I would also like to add that SPY/SPX options (SPDR S&P 500 ETF Trust / CBOE S&P 500 Index) are the most liquid options that could be applied in this strategy.
► Description (additional)
With the understanding that few users can read pinescript (Pine), the description above contains all of the necessary information that is necessary for a user to understand the intention for script utilization. For those who do understand Pine, the code is commented in each section in order to provide an understanding of the underlying functions, calculations, and thought process that went on during the writing of the script.
► Description (additional)
This script’s description contains no delegations, all aspects of the script as well as the initial idea behind it are contained in the description above, which is self-contained in it’s entirety with a clear and defined purpose that is written with the intent to holistically capture the intent of the potential use for this indicator.
► General House Rule #2
This script and the description (as well as my profile) contain no links or associations to promotion of any kind, I am not a business, I am not an individual that will in any way make money from this script or the promotion of another person, idea, company, entity, or legal persons (foreign or domestic).
► Originality and usefulness
This is an original and custom script (and idea) that is not a rehashing or a copy of any code from any other programmers in the tradingview community.
ThiccZonesThis indicator is a formula that includes 4 different zones which are different sizes based on the ticker you decide to use. It was optimized for SPY and other market ETFs but works well for all stocks on the market. The formula puts a zone at the previous day's high and low, and the previous 5 day's high and low. These zones are meant to be used as support and resistance and can even overlap, creating a 'master zone'. This is different than other zone indicators because the formula for these zones is something I created myself and have been unable to find on here. I have had the most success using a 1-15 minute chart and using my zones for reversal areas. I often look for other indications of reversal as well that line up with the area of the zones. It can also be used on the break and retest of these zones. I have found that when a stock breaks one of these zones it will often retest and continue that trend.
Percent of U.S. Stocks Above VWAPThis indicator plots a line reflecting the percentage of all U.S. stocks above or below their VWAP for the given candle. Horizontal lines have been placed at 40% (oversold), 50% (mid-line), and 60% (overbought). I recommend using this indicator as a market breadth indicator when trading individual stocks. In my experience, this indicator is best utilized while trading the major indices (SPX, SPY, QQQ, IWM) or their futures (ES, NQ, RTY) in the following manner:
- When the line crosses 50%, a green or red triangle is plotted indicating the majority of market momentum has turned bullish or bearish based on price positioning vs. VWAP. Look for longs when the line is rising (green) or above 50%, or shorts when the line is falling (red) or below 50%.
- When the line is below 40%, indicator shows red shading; I would not be long anything during this period. When the line exits this level, I begin looking for long entries. This line is adjustable in the indicator settings if you prefer to use a tighter or looser oversold level.
- When the line is above 60%, indicator shows green shading; I would not be short anything during this period. When the line exits this level, I begin looking for short entries. This line is adjustable in the indicator settings if you prefer to use a tighter or looser overbought level.
This indicator uses the TradingView ticker “PCTABOVEVWAP.US”, thus it only updates during NY market hours. If trading futures, I recommend applying VWAP to your chart and using that as the level to trade against in a similar manner, along with your personal price action analysis and other indicators you find useful.
RD Key Levels (Weekly, Daily, Previous vWAP)The RexDog Key Levels indicator plots the weekly open, daily open, and the previous day vWAP close.
These are all critical price levels (zones) to know when trading any market or instrument. These areas are also high probability reaction areas that you can trade using simple confirmation trading patterns.
First, I'll cover an overview of the indicator then I'll share general usage tips.
Weekly Open - default is white/orange. White is when price is above the weekly open. Orange is when price is below the weekly open.
Weekly High/Low - there are options to turn on the weekly high and lows. Default plot is circles. Green is the high. Red is the low.
Daily Open - default is green/red. Green is when price is above the daily open. Red is when price is below the daily open.
Previous vWAPs - aqua single lines. These are the closing price of the daily vWAPs.
Top Indicators - The triangles at the top of the chart signify is price is currently above or below the weekly open. This is helpful on lower timeframe charts (5m, 15m) to get a quick indication when price is far extended beyond the weekly open. Green triangle = above weekly open. Red triangle = below weekly open.
General Usage
Each one of these levels are important levels markets look use for continuation or failure of momentum and bias. I also find it extremely helpful to think of these levels as magnets, dual magnets. They both attract and repel price at the same time. Now you might say, how is that helpful to have opposing views at the same time? Be indifferent to direction, create your own rules on when these price zones repel or attract price, I have my own.
Here's the easiest way to use these price levels.
As price approaches one of these levels to expect a reaction. A reaction is price is going in one direction and price hits a price level zone and reacts in the opposite direction.
These are price zones, sometimes you will see a reaction right at the price but visualize these areas as zones of reaction.
A high percentage of the time when price approaches these level zones there will be a reaction. So trade the reaction .
How do you do that?
Simple. Trade patterns that repeat. I have 3 solid patterns I trade around these key levels:
The first pattern is early entry with precise scale in rules and a very effective protective stop loss placement.
The second pattern is wait for confirmation that the level holds. This requires more patience and for you to fully trust the chart. The benefit of this pattern is with confirmation you have even more precise stop placement.
There is a bonus third pattern I trade around these levels. I call this the confirmation and bluff entry. It's a combination of both of the patterns above. You wait for confirmation but on any pull back you call the bluff on the market and enter on key test. Trade management here is critical. In addition to the pattern you trade you should have a series of failure patterns that tell you to get out of the trade, I use 2 primary failure patterns.
I trade all markets, same system, same rules, so I'll show a few examples.
Usually I start with Bitcoin but let's start with equities:
BA - Boeing - 8 Trades
Here we see weekly low patterns, previous week low test, vwAP hold patterns, day magnets and day holding. Then 2 week failures and a double hold pattern.
These are all straightforward trades to execute following really simple patterns.
BTCUSD Previous vWAP and Day Open Trades
We see here on the circle areas both daily open and previous day vWAP zone tests. Within this chart are all 3 highly effective patterns I trade.
SPY - 7 High Probability Trades
Here we see a pDay vWAP mixed with a daily failure. Next a daily retest, then a pDay vWAP failure, then a vWAP capture and test. Then a double weekly failure test (great trade there) and finally a daily test.
I could provide more examples but most are just derivatives of the above examples.
ADD 2This is a modification to the original ADD script by Tom1trader
I added the option to choose the timeframe, moving average type and length.
Note from the original script:
"This is the NYSE Advancers - decliners which the SPX pretty much follows. You can chart it like any index (ADD -NYSE $ADV MINUS $DECL) but I find it more useful in a separate panel with colors for direction.
The level gives an idea of days move (example: plus or minus 500 is not much movement through the session) but I follow the direction as when more stocks advance (green) or decline (red) the index tends to track it pretty closely.
On SPX , SPY and correlates - very useful for intra-day trading (Scalping or 0DTE option trades) but not for higher time frames at all. If you chart the ADD in a chart and compare 5 minute to daily you will see what I mean."
Stock Data Table█ OVERVIEW
This is a table that shows some information about stocks. It is divided into four sections:
1) Correlation
2) Shares
3) Daily Data
4) Extended Session Data
The table is completely modular, which means you can add or remove each element from the settings menu, and it will automatically rearrange its spaces.
It is also highly customizable, to the extent that you can change almost any color, remove or change titles, invert section rows, and much more.
1) Correlation
The script checks if the stock is listed on NASDAQ, and if so, uses the QQQ (Nasdaq-100 ETF) as the reference index in the first cell; otherwise, it uses the SPY (S&P 500 ETF). The length of the correlation is shown in the second cell. The table then displays the correlation between the reference index and the other index, and the correlation between the reference index and the stock.
To make it easier to interpret the correlation values, each row's last cell is color-coded with a gradient to highlight the type of correlation, and the direction of the gradient can be customized.
The correlation coefficient is a statistical measure that quantifies the strength and direction of the relationship between two variables, indicating how changes in one variable are associated with changes in the other variable, so it can be used to identify patterns and trends.
If you are interested in correlation, I suggest taking a look at my dedicated indicator:
2) Shares
This feature provides you with quick access to key information about shares and market capitalization.
On one row, you can view the total shares outstanding and the market capitalization for the fiscal year or the quarterly year. The total shares outstanding represents the total number of shares of the stock that have been issued and are currently outstanding, regardless of whether they are held by insiders or public investors. The market capitalization is a widely used measure of the company's value as determined by the stock market, calculated by multiplying its current stock price with the total number of outstanding shares.
The other row shows the float, which is the number of shares of a company that are available for public trading, and the corresponding free-float market cap, calculated by multiplying the company's current stock price with the float. Because Pine Script does not allow retrieving information about quarterly year float, you can view the float and the free-float market cap of the fiscal year only. The data can be displayed at all times or only when the difference between the total shares outstanding and the float is significant enough to result in a difference between the market cap and free-float market cap.
The classification for market cap and free-float market cap is set in this way:
Mega Cap: $200 billion or more
Large Cap: between $10 billion and $200 billion
Mid Cap: between $2 billion and $10 billion
Small Cap: between $300 million and $2 billion
Micro Cap: less than $300 million
Penny Stocks: less than $5 (customizable)
Comparing the free-float market cap to the market cap can provide insights into the liquidity of a stock. In fact, if the float is relatively small compared to the total shares outstanding, it may be more difficult to find buyers or sellers, which could lead to increased volatility. On the other hand, a larger float indicates that the stock is more liquid and may be easier to trade, potentially resulting in lower volatility. However, market conditions can change quickly and significantly, especially for intraday traders, and the free-float can also change as insiders or other large shareholders buy or sell shares. Therefore, comparing the data of the fiscal year with that of the quarterly year may not provide the most up-to-date and accurate information for making trading decisions. This limitation can be mitigated by combining those data with other indicators and tools, such as technical analysis or news events, to gain a better understand of the stock's performance and potential trading opportunities.
3) Daily Data
This section is available on daily charts only due to the lack of accuracy of real-time daily data on other time frames. Here, you can view the Average Daily Volume (ADV) over a preferred time range (20 days by default), and the Daily Change, which represents the percentage difference between the closing price on two consecutive trading days.
ADV is useful in measuring the stock's volatility, as it provides an indication of how much trading activity there is in it. Generally speaking, stocks with higher trading volume tend to be less volatile than stocks with lower trading volume. High trading volume means there are more buyers and sellers actively trading the stock, which makes it easier for investors to buy and sell shares at fair prices. This increased liquidity can help to stabilize the stock price, reducing the potential for large swings in either direction. On the other hand, stocks with lower trading volume may experience greater volatility, as there are fewer buyers and sellers actively trading the stock. This can result in larger price swings, as it may be more difficult for investors to buy or sell shares at fair prices.
The daily percentage change can provide an indication of the stock's volatility, with larger values indicating greater volatility and risk. It can also be compared to that of a benchmark such an index or other stocks in the same sector, helping to determine whether the stock is outperforming or underperforming relative to them.
4) Extended Session Data
The fourth section is available on intraday charts only. This section provides two pieces of information: the Extended Session Change and the Pre-Market Volume.
The Extended Session Change indicates the percentage difference between the previous day's closing price and the latest price in the extended session. This gives you the extent and the direction of the price gap that occurred during extended trading hours.
The Pre-Market Volume shows the sum of all shares traded during the pre-market session. This can be helpful in understanding how much interest the stock gained before the market opened.
By default, the two rows will be visible at all times. They will stop updating after the end of their respective time range, and resume updating when it starts again. However, you can choose to automatically hide them outside of their time ranges.
Both the extended session and pre-market time ranges can be customized. Please note that if you select time ranges outside of the regular market session (as set by default), you must enable the extended session to view the corresponding rows.
█ GENERAL NOTES
• Total Shares Outstanding, Float, Average Daily Volume and Pre-Market Volume cells use a customizable color system based on two thresholds, to help you quickly identify whether the value is "too low/acceptable/too high" or "too low/not enough high/acceptable".
• If you cannot see certain data, that simply means it is not available.
Stock Relative Strength Power IndexAs always, this is not financial advice and use at your own risk. Trading is risky and can cost you significant sums of money if you are not careful. Make sure you always have a proper entry and exit plan that includes defining your risk before you enter a trade.
This idea recently came out of some discussions I stumbled across in a trading group I am a part of regarding Relative Strength and Relative Weakness (shortened to RS and RW from here on out). The whole mechanism behind this trading system is to filter out underperforming securities relative to the current market direction to be in only the strongest or weakest stocks when the market is currently experiencing a bullish or bearish cycle. The idea behind this is there is no point in parking your money into a stock that is treading water or even going down if the market is making strong moves upwards. At that point, you are at worst losing money, and at best trading equal to the index/ETF, in which case the argument is why are you not just trading the index/ETF instead? RS or RW will filter out these sector laggards and allow you to position yourself into strong (or the strongest) stocks at any given time to help improve portfolio performance. Further, not only does it protect your position should the market shift against you briefly, it also often sees exceptional performance in the same cycle. For example, if $SPY makes a 5% move over the course of a month, a stock with RS/RW may make a 10% move, or more, allowing you to see increased profit potential.
RS/RW is based on the idea of performance, that is the raw percent change of a security over a given time period relative to a benchmark. This benchmark is often the S&P500 (ES/SPX/SPY and their derivatives). I have to stress that this is not beta, which measures the volatility of a stock over a given period (i.e. if $SPY moves $1, $NVDA will often move $1.74). This is a measurement of the market (i.e. $SPY) has moved 1% over the course of a day, $NVDA has moved 8% over the course of the day. This is very often used as a signal of institutional interest as apart from some very unique moments, retail traders cannot and will not provide enough market pressure to move a market outside of a stock's normal trading range, nor will they outperform the sector or market as a whole consistently over time without some big money to make them move. The problem with running strict performance analysis (i.e. % change from period T ago to period T + n at present) is that while it gives us a baseline of how much the stock has moved, it doesn't overall mean much. For instance, if a $100 stock has moved 5% today, but has been experiencing a period of increased volatility and it's Average True Range (ATR) (the amount a stock will move over X number of periods, on average) is $7, performance seems impressive but is actually generally fairly weak to what the stock has been doing recently. Conversely, if we take a second stock, this time worth $20, and it too has moved 5% in one day but has an ATR of only $0.25, that stock has made an exceptional move and we want to be part of that.
Here, I have created an indicator called the Stock Relative Strength Power Index. This takes the stock's rate of change (ROC) (the % move it has made over X number of periods), the stock's normalized ATR (the ATR represented as a percentage instead of a raw value), and compares these to one another to get the "Power Rating": a representation of the true strength of a stock over X number of periods. The indicator does two things. First, the raw ROC is divided by the stock's normalized ATR to assess whether the stock is moving outside of its normal range of variation or not. Second, since we are interested in trading only stocks with exceptional RS/RW to the market, I have also applied this same calculation to the S&P500 ($SPY) and the various SPDR sector indexes. These comparisons allow for a rapid and accurate assessment of the true strength of a stock at any given time on any given time frame. To cycle back above to our examples, the $100 stock has a Power Rating of only 0.71 (i.e. it is trading less than its current average), while our $20 stock has a Power Rating of 5. If we then compare these to both the market as a whole and the sector that the stock is a part of, we get a much clearer indication of the true buying or selling pressure imposed on the stock at any given time.
Use:
The indicator has 3 lines. The blue line is the security of interest, the red line is the market baseline (i.e. the sector ETF $SPY), and the white line is the sector index. I have given an example above on the semiconductor/tech stock $NVDA on a 30min timeframe. You can see that since the start of 2023, $NVDA has generally been strong to the market and its own sector since the blue line is greater than both the red and white lines over many days. This would have provided some nice day trading opportunities, or even some nice short term swing trades. The values themselves are generally meaningless outside of either the 1 or -1 value lines. All that matters is that the current ticker is surpassing both the market and the sector while being > 1.0 for a long trade or less than -1.0 for a short trade. However, I must stress this indicator gives no trade signals on its own, it is purely a confirmation indicator. An example of a trade would be if you had a trade signal given by either an indicator or by price action suggesting to buy some $NVDA for a trade to the upside, the Power Rating indicator would confirm this by showing if $NVDA was actually showing true strength by being both greater than 1 (the cutoff for it surpassing its ATR) and being above both the red and white lines. Further, you can see $NVDA has been stronger than the market when using the comparison function as well, but the has fluxed in and out of strength intraday when using the actual indicator vs. the static performance ratio chart (plotted as line graphs on the chart).
I have made it possible to change the colour of the plots and the line levels. The adjustment of the line levels gives the trader the flexibility to change their target breakout level (i.e. only trading stocks that have a Power Rating > 2, for example, meaning they are trading at least 2X their normal trading range). The third security comparison is flexible and can be used to compare to the sector ETF (initial intention) or it can be used to compare to other tickers within the same sector, for example. The trader should select the appropriate ETF for the given security of interest to avoid false confirmation if they want to use an ETF as their third input. The proper sector should be readily available on most online websites and accessible in a matter of seconds meaning that the delay is minimal, at worst. If a trader wishes to add additional functionality, such as a crypto trader using BTCUSD as the benchmark instead of $SPY, I encourage them to copy and paste this script and modify as needed since I have made this open source.
This indicator works on all timeframes. The lookback period can be changed, so a day trader who may use a 5min chart (and use a period of 12 to get the hourly Power Rating) will find this equally useful as someone who may be a core trader who wants to look at the performance over the course of years and may use a 60 period on a monthly chart.
Happy trading and I hope this helps!
VIX OscillatorThis is my VIX Oscillator indicator.
About it:
This indicator takes the Z-Score of the VIX and of the current ticker you are on and presents them in the format of an oscillator.
Key parts of the indicator:
A diagram of the key elements of the indicator are displayed above.
Purple Line: Represents the Z-Score of the current Ticker.
Blue Line: Represents the Z-Score of the VIX
Green fill line: Represents bullish divergence
Red fill line: Represents bearish divergence
How to use it:
Characteristics for long entries:
- Look for recent bullish divergence (green fill line)
- Look for the ticker line (purple line) to be holding above 0 (neutrality)
- look for a bullish cross (purple line (ticker) crossing over blue line (VIX))
Characteristics for short entries:
- Look for recent Bearish divergence
- Look for the VIX line (blue line) to be holding above 0 and the Ticker
- Look for the ticker line to be holding below 0
- Look for a bearish cross (blue crossing above purple)
Some principles:
The bands represent oversold, overbought and neutral.
0 is absolute neutrality. No bias here.
Anything towards + 2.5 is considered normal, moving towards overbought (2.5 or higher).
Anything towards -2.5 is considered normal, moving towards oversold (-2.5 or lower).
+2.5 or higher is overbought.
-2.5 or lower is oversold.
As always, I have prepared a quick tutorial video for your reference of this indicator:
Please let me know your questions, comments or suggestions about this indicator below.
Thank you for checking it out!
Channel Lookback: Average Moving Price (CLAMP)How it works
This is a confirmation indicator based on moving averages. It compares the current price to a previous candle N periods ago, then smooths the result.
What makes this indicator novel is that it takes the smoothed curve and compares it to the previous value to see whether the slope is increasing or decreasing. Combined with a zero-cross baseline channel, we can compare the relative position of the curve, slope, or closing price to create entry signals. There are several hardcoded conditions that it checks, but this is easily changed.
Markets
The default values are best used on the SPY daily chart. With backtesting, it seemed to perform fairly well during the last year. It seems to be more accurate during choppy/bear markets, and very inaccurate during a trending market.
Eg, if you look at the period of growth that occurred during 2020, it basically said to keep shorting for months at a time. Not good. If you look at other markets (such as gold or uranium), it worked, but only if you inversed what the signal told you to do (eg going long when it says to go short). This is something you will have to test yourself, since every system and market is different. Please don't use this indicator by itself.
How to use
When combined with other indicators, this tells you whether to go long (green), go short (red), or no trade (gray). It is meant to be used as a confirmation indicator, so it will help verify other trade signals.
You can sometimes ignore the first grey circle and reuse the previous colored signal. There are a few markets (such as gold) I noticed this was helpful on; this will depend on your own trade rules and indicator system.
If you enable "simple mode" on the settings, it will draw only the final signal (long, short, no signal). I included this because it helps to reduce visual clutter.
Morning Option Pullback IndicatorI designed this indicator to help me identify Option CALL and PUT signals for the QQQ and SPY on the 1 min chart.
Summary of how it works
1. It identifies the Pre-Market channel High and Low and draws green and red lines for the day at these levels.
2. Waits for a morning or afternoon sessions breakout/breakdown of price out of that channel.
3. The buy a CALL or PUT signal is when price pulls back to the EMA Medium line after breaking out of the channel.
4. Settings allow adjusting of when the signal happens
5. EMA Short (5) and EMA Medium (20) must stay apart for a selectable number of bars
6. For a CALL signal, the Price and EMA Medium (20) must be above the Pre Market High line when price pulls back to EMA Medium (20) line
7. There is a selectable adjustment to allow the signal to trigger when the price comes within a close enough range of the EMA Medium and PM High lines
8. There is a TICK.US filter that you can use to only signal a CALL when the TICK.US 10 min chart shows the average of the EMA5 and EMA20 is over 100
9. It has Buy and Sell signal Alerts and user adjustable Stop Loss and Profit Taker settings.
10. EMA Settings are adjustable and can show up to 3 EMA's on the chart. I personally like the EMA5 and 20. Others may use something similar like 9 and 21. It's user selectable.
Simple Momentum and Trend, Fixed PnL Strategy for SPY 1D [SR]This strategy uses an ATR rule to assess momentum and a TSI rule to assess bullish or bearishness
It has a fixed stop at 50 points, and fixed take profit at 300 pips
It provides a very satisfyingly smooth equity line with a max drawdown below 5% and realized profit over 200%
This is the initial version as I work out optimizations and add plots to the chart based on the strategy's actions.
I would love to get the community's feedback and help as I'm new. Not sure how to limit the date range of the backtest to make it more realistic. I'm also not certain how to plot it best.
