I am gonna call it the Bayesian Q Oscillator I suppose. The goal of the script is to solve an issue both indicators on their own suffer from. QQE signals are not new and often the problem has always been false signals for them. They are good for scalping but the difference between a quality move and a small to nearly nonexistent move following a signal is not so clear. Kivanc made his normalized version to help reduce this problem by adding colors to his histogram type verision that would essentially represent if price was a trending move or in a ranging structure. As you can see I have kept this Idea but instead opted for lines as the oscillator. two yellow line (default color) is a ranging sideways area and when there is red or green it is trending up or down. I wanted to take this to the next level with combining the Bayesian probability oscillator that tista put together.
The Bayesian indicator is the opposite for its issue as it is a probability indicator that shows which candle or price movement is more likely to come next. Red rising means possibly down move soon and green means up soon. I will not go into the complex details of this indicator but will suggest others take a look at his and others to understand the idea behind them. The point I am driving at is that it show probabilities or likelyhood without the most effecient signal device to match it. This original was line form and now it is background filled colors.
The idea. is that you can potentially get some stronger and more accurate reversal signals with these two paired together. when you see a sell signal or cross with the towering or rising red... maybe it is a good jump potentially. The same for green. At the same time it is a double added filter effect from just having yellow represent it is ranging... but now if you get a buy signal (example) and have yellow lines (example) along wi5h a red rising or mountain color background... it not only is an indication of ranging, but also that there is potentially even a counter move coming based on the probabilities. Also if you get into a good trade and see dual yellow qqe crosses with no color represented by the bayesian background... it is possible it might only be noise.
I have found them to work decently in the 1 hour timframe. Let me know your experience.
I hope everyone takes a look at the originals to understand them. Full credit goes to those guys for this to be here. Let me know how it is working out for you.
Here are the original links.
It is a good oscillator on its own standing and I think paired with the bayesian / qqe. It has quite a bit of power and confluence when it comes to reversal and movement anticipation as well as overbought and oversold readings. I will leave a link to the original. and I would like to thank my friend @markbench for once again making it possible. Maybe you have a stradegy you would like made. Perhaps you can hire him haha
Be sure to see blackcats original bakers oscillator and swing trade guage to understand how to read it and how it can be paired with and made better use of in sync with the bayesian. good luck all and tell me how you like this setup in comparison
В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения. Вы можете добавить этот скрипт в избранное и использовать его на графике.
Thanks for your indicator.
I'm not expert of pinecode script but in my opinion the modification that should be done to this indicator is to highlight better the zones of overbought/oversold of the Banker indicator that in the standalone Banker indicator are well highlighted.
Thanks for your attention.