Hot off the press, I present this next generation "Leavitt Convolutions Multicator" employing PSv4.0, originally formulated by Jay Leavitt, Ph.D. for TASC - January 2020 Traders Tips. Basically it's an all-in-one combination of three Leavitt indicators. This triplet indicator, being less than a 60 line implementation at initial release, is a heavily modified version of the original indicator using novel techniques, surpassing Leavitt's original intended design.
Utilizing the "Power of Pine", I included the maximum amount of features I could surmise in an ultra small yet powerful package. Configurations are displayed above in multiple scenarios that should be suitable for most traders.
Features List Includes: Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting AND much, much more... You have the source!
For those of you who are new to Pine Script, this script may also help you understand advanced programming techniques in Pine and how they may be utilized in a most effective manner. Most notably, the script shows how to potentially combine three indicators in one with Pine. This is commonly what my dense intricate code looks like behind the veil, and if you are wondering why there is no notes, that's because the notation is in the variable naming.
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Информация о релизе
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Added Leavitt Projection along with plotcandle(). Provided independent inputs() for the different algorithms. Also, I dramatically improved the visual appeal with some color finesse.
Some explanations about how to read the curves would be welcome.
ImmortalFreedom
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@Optionopedia, To answer your question, I'm just providing coverage for the source code in Pine for the Tradingview platform. Most of the originating technical insight you may be seeking will be found here: technical.traders.com/archive/combo/display5.asp?author=Jay A Leavitt PhD. It's published and referenced in numerous articles spanning a period of time in years for subscribing members to the magazine.
Optionopedia
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@midtownsk8rguy, thanks, I know the articles by Leavitt nearly by heart. I definitely don't see the bridge
between his studies and your curves. What does the transition between green and red mean? The crossovers between the yellow and the blue lines are representing what? Your indicators are of 0 value if there is no explanation about how they are to be read in the light of the Leavitt's studies.
ImmortalFreedom
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@Optionopedia, I prefer to provide different visual appeals and techniques in my indicators, as is done on different platforms in certain cases. Instead of creating 3 separate indicators, I chose to provide, what I would define in terminology, a generic bare bones multicator, being Leavitt's formulations come from the same genetic code tree. In some of the images I saw, they were using red/green columns instead of a simple line. The yellow line(#FFFF00ff in source) is just close. If was trying to display a crossover, I would may have provided fill() between the two plot()s. I'm sure there is better ways to visually represent the indicators, I just simply haven't had sufficient time in the past to really color finesse the indicators to my higher standards of color magic. I'm open to any suggestions you may have to incorporate into the script, especially when member expectations demand it. You may contact me via TV chat in private to provide more detailed information if you so wish. That way, I can provide the value ,respect, and justice you feel it deserves. A revision is always an option when it comes to visual details.
ImmortalFreedom
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@Optionopedia, Revised the indicator today. Took me hours, but this is a superior presentation compared to my original release. I never could figure out how to keep plot(style=plot.style_histogram) from distorting the indicator scaling, one of my previous hindrances with my initial release. I should inquire about this anomaly with TV staff... Lastly, I don't have the time to write a book about this triplet indicator when TASC has published an abundance of information in regards to Leavitt's suggested application of these indicators. TV Members now have the code to explore novel avenues of indicator evolution with Leavitt's algorithms.
IdeasSJ
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@midtownsk8rguy, With all respect to your point of "no time for write a book about this multicator", let me tell you that your great hard work will give any value to the community only when you are able to give few steps on how to use this enhanced version of Leavitt's work. So request you to put few lines, when your time permit.
ImmortalFreedom
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@IdeasSJ, One of the things about these multiple algos is it spanned multiple articles in TASC magazine over months with the author's explanations, which has copyrights. I'm not attempting to advertise for them through this reply, only that they possess the multiples keys of understanding for these algos. It wouldn't be compact enough to fit in a blurb I could write without it taking me a few days to write an original step by step guide. I will say that archives of those articles can be obtained, however that entails obtaining access to their detailed literature through various and modest methods to acquire access. Leavitt's works won't be the only items in their literary treasure trove either. Right now, I'm especially entangled with insufficient time concerning matters I won't divulge here. I haven't had much free time in a while to publish recent creations either...
IdeasSJ
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@midtownsk8rguy, Thank you.
tanvo86
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Any idea why your bottom 2 panes are not shown in my panel?
It currently just plots your top panel as a second panel below my normal candle stick chart
ImmortalFreedom
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@tanvo86, The method to move a non-overlay indicator into the the overlay panel is as such: Ensure the indicator is directly below the overlay panel -> Hover the indicator controls -> ...(More) -> Move To -> Existing Pane Above