TanHef Ranks ScreenerTanHef Ranks Screener: A Numeric Compass to Market Tops and Bottoms
█ Simple Explanation:
The TanHef Ranks Screener illustrates the ‘TanHef Ranks’ indicator, designed to signal 'buy low and sell high' opportunities through numerical rankings. Larger numbers represent stronger signals, with negative numbers indicating potential ‘buy’ opportunities and positive numbers suggesting possible ‘sell’ moments.
█ TanHef Ranks Indicator:
View the TanHef Ranks Indicator description prior to using the screener.
█ Ticker Input Method:
Add tickers to the screener using a text area list in a CSV-styled (comma-separated values) list and/or through individual ticker inputs. The text area supports various delimiters, including commas, spaces, semicolons, apostrophes, and new lines. To ensure the expected exchange is used, the exchange prefix should be included when using a text area list.
█ Pair Configuration:
Quickly set up specific trading pairs by comparing tickers to the chart’s symbol or a specified input. This feature is useful for identifying opportunities in obscure trading pairs.
█ Total Combined Average Rank:
Compute the average rank of all tickers to highlighting overall market opportunities. When combined with the 'Pair Configuration' settings, it allows for identifying specific opportunities where one ticker may present a better trading opportunity relative to others.
█ Screener Display Settings:
Customize color-coded rank thresholds, text details, toggle visibility of numerical rankings, and other display settings. Hover over tickers for tooltips with full ticker names and rankings, ideal for small fonts or screens.
█ Alerts:
Set up alerts for individual ticker ranks or total average ranks. To avoid inconsistent or excessive alerts within a short period of time due to TradingView's alert frequency limits, it is recommended to use alerts set to occur at bar close to guarantee alerts. For immediate alerts, consider configuring them directly within the ‘TanHef Ranks’ indicator for better reliability. For the most up-to-date suggestions, hover the tooltips within the indicator’s alert settings.
█ Additional Clarity:
All the settings and functionality are described in detail within the tooltips beside each setting in the indicator’s settings. Hover over each tooltip for comprehensive explanations and guidance on how to configure and use the screener effectively.
█ How To Access:
Follow the Author's Instructions below to get access.
Tanhef
TanHef RanksTanHef Ranks: A numeric compass to market tops and bottoms.
█ Simple Explanation:
This indicator is designed to signal 'buy low and sell high' opportunities through numerical rankings, where larger numbers represent stronger signals. These numbered rankings are negative for potential ‘buy’ opportunities and positive for possible ‘sell’ moments.
█ Understanding Numerical Rankings:
The numerical rankings (from +18 to -18) identify and take advantage of market tendencies of prices reverting back to their historical average, also known as mean reversion. It operates on a simple principle: smaller values signal a potential for short-term mean reversion, while larger values suggest a probable shift in both short and long-term mean reversion. These values are derived from a careful analysis of both short and long-term mean reversions, providing traders with a nuanced understanding of market movements.
█ Analyzing Numeric Ranking Extremes:
The historical occurrences of numeric rankings are recorded into a table to help identify the previous extreme rankings (for example anything -10/+10 is considered extreme), which historically signal key turning points in market movements. The previously extreme rankings offer insights into potential end-of trend scenarios or trend reversals, thereby attempting to make high-probability trading decisions.
█ Risk Management Integration:
This indicator combined with disciplined risk management, offers a more secure trading approach. Applying a stop-loss near lows after entries on the oversold side (negative rankings) protects from large losses. Additionally, once prices reach overbought territories (positive rankings) applying a tight stop-loss helps to lock in profits while continuing exposure to the aggressive upwards momentum.
█ Calculation Methodology:
The indicator evaluates market momentum by analyzing upward and downward movements. It does this by referencing the 10 'length' input parameters, where 'length' refers to the number of price bars referenced. Each 'length' increases in value to analyze trends from short to long-term. A numerical rank is given when these trends align, with higher ranks requiring agreement across both short and longer-term lengths. This alignment across different time periods helps to ensure the indicator's signals are robust.
█ Indicator Stability (No Repainting):
When a price bar closes, its associated ranking is fixed and remains unchanged (some other indicators repaint, which means signals can change after a bar closes). While a price bar is open, its numeric ranking may increase in absolute value but never decrease towards zero, ensuring further stability. This stability and consistency is crucial for reliable back-testing and real-time analysis. Notably, in the highly improbable scenario where a ranking may exhibit both a positive and negative value simultaneously during extreme volatility, both the positive and negative numeric ranking is displayed.
█ Practical Application:
Pro Tip: Use at a minimum -4/+4 rank as potential basic buy/sell signals. Higher absolute numeric rankings are ideal as they indicate stronger reversal potential due to higher rankings identifying longer period reversals.
Entry Scenario: Refer to the chart below. The -9 ranking (3 occurrences in the table) indicates potential oversold conditions, suggesting a buy. Add a stop-loss near recent lows to protect against losses.
Exit Scenario: Refer to the chart below. The +7 ranking (6 occurrences in the table) indicates potential overbought conditions, suggesting a sell. Place a stop-loss to protect profits and remain exposed to further gains.
█ Indicator Settings:
Additional Timeframe: Allows users to include an extra timeframe's data in the analysis for more nuanced insights.
Lengths: Defines the periods over which the indicator calculates its rankings, affecting the sensitivity and time horizon of the signals.
Max Number Calculated: Sets the upper limit for the numerical rankings the indicator can output, tuning the extremity of the signals it identifies. (Reducing improves indicator load time)
Visual Styling (Current Timeframe): Customizes the appearance of the indicator's output on the chart for the selected timeframe, enhancing visibility and readability.
Table Settings: Adjusts the display properties of the table that lists numerical rankings, including its visibility, location, and size on the chart.
Indicator Display Type: Selects the mode in which the indicator presents its data, either overlaying the main chart or in a separate pane as an oscillator.
Alerts: Configures the conditions and frequency at which the indicator will trigger trading alerts, based on the numeric rankings and user-defined parameters.
█ How To Access:
You can see the Author's Instructions below to get access.
MTF RSI + Average (Multi-Timeframe) [TH]Multi-Timeframe Relative Strength Index --- MTF RSI
Eliminates having to change time intervals to view a different Time Interval's RSI value (up to 5 time intervals possible through the settings).
The RSI values from Multiple Time Frames can be averaged together to show one single RSI.
A table overlay (info box) makes it easy to quickly identify RSI values on the multiple different time frames.
