Screener - Mean Reversion Channel█ OVERVIEW
This is Screener script for Mean Reversion Channel Indicator
█ Description & How To Use
The screener works by scanning through up to 40 symbols and list down symbols that are currently within Overbought/Oversold Zone as defined by Mean Reversion Channel indicator.
The Overbought/Oversold Zone are further categorized and sorted by:
Strong : Indicated by "(Strong)" next to the symbol name
Normal : Indicated by the absence of "(Strong)" or "(Weak)" next to the symbol name
Weak : Indicated by "(Weak)" next to the symbol name
Notes: Refer to chart above to see how the Zone are categorized.
Notes: If the screener displays "Nothing Interesting". It simply means none of the screened assets are within the Overbought/Oversold Zone.
█ Features
- Scan up to 40 symbols at a time (By default, no asset is define. Once configured all the symbols you required, remember to save as default to save you from pain of configuring it again in the future)
- Options to scan by zones
- Custom Timeframe
█ Limitation
Due to multiple use of security() function required to call other symbols, expect the screener to be slow at certain times
█ Disclaimer
Past performance is not an indicator of future results.
My opinions and research are my own and do not constitute financial advice in any way whatsoever.
Nothing published by me constitutes an investment recommendation, nor should any data or Content published by me be relied upon for any investment/trading activities.
I strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Any ideas to further improve this indicator are welcome :)
Credit: QuantNomad for his script idea on custom screener
Oversold
Everything RSIThis indicator includes:
RSI Candles set to the default 14 length (un check Borders in the Style tab to see the candlesticks better)
I like using the wicks as an early warning for a possible trend change, which is generally in the opposite direction of the wicks.
It's also easier for me to draw trend lines using the RSI Candles vs the rsi plot line.
40 ema of the RSI Candles
2nd RSI set to the 20 length , which plots just inside the wicks of the RSI Candles. This RSI also highlights Oversold and Overbought levels.
I sometimes leave the RSI Candle Borders checked and use the 20 RSI plot with the wicks of the RSI Candles
Signals to look for Short or Long opportunities , which use the 5 sma of the RSI Candles crossing under the overbought and over the
oversold levels. If you'd like to plot the 5 sma, remove the // at the beginning of the code on line 72.
3nd RSI set to the default 14 length which can be set to a different timeframe as the current chart. Default setting is the 1h.
This RSI plots a + at the top of the indicator when it's above the 50 level and an x at the bottom of the indicator when it's below the 50 level.
For me, this is just a visual aid when I'm scalping on lower timeframes.
If the 1h RSI is above the 50 level, I focus on long scalps. If the 1h RSI is below the 50 level, I focus on short scalps.
RSI Cloud which is formed by filling in the area between the 14 ema of both the 7 RSI and 28 RSI.
I used part of @FnM_Capital 's Trend-Sniper script for my RSI Candles. Thank you! You're extremely talented and deserve all of the credit for your work.
I'd also like to thank @SeanNance for answering all of my random coding questions!!!
I've added the indicator to the example twice to show a couple of the ways I view the RSI's.
The top indicator shows the RSI Candle Borders "un checked" and without the 2nd RSI plot.
The bottom indicator shows RSI Candle Borders "checked", using 2nd RSI plot with the RSI Candle Wicks.
Mean Reversion Channel - (fareid's MRI Variant)Description :
Mean Reversion Channel objective, based on Mean Reversion theory ( everything has a tendency to revert back to its mean), is to help visualizing:
Inner Channel -> Dynamic Support and Resistance
Outer Channel -> Overbought/Oversold Zone which may signal consolidation phase or potential reversal due to unsustainable move
Details on some of the filtering type used for mean calculation can be read in Ehlers Technical Papers: "Swiss Army Knife Indicator" and/or his book "Cybernetics Analysis for Stock and Futures"
Disclaimer:
These study scripts was built only to test/visualize an idea to see its viability and if it can be used to optimize existing strategy.
Any ideas to further improve this indicator are welcome :)
Triple RSIThis idea behind this indicator was to show an un cluttered view of the RSI on 3 different timeframes. The RSI for the current chart highlights Lime/Red when it crosses the Overbought and Oversold levels, which are editable in the Inputs tab. RSI 2 defaults to the 1h timeframe and prints a lime dot at the top of the indicator when it's above the 50 level and a Red Dot at the bottom of the indicator when it's below the 50 level. It can also be viewed as a plot line that changes color when it's above or below the 50 level. RSI 3 defaults to the 4h timeframe and prints a blue square at the top of the indicator when it's above the 50 level and an orange square at the bottom of the indicator when it's below the 50 level. It also can be viewed as a plot line that changes color when it's above or below the 50 level.
I've added the indicator multiple times to show a few of the different viewing options, with the default settings at the very bottom.
REDWOOD MTF MacD Stochastic RSIOne of out most premium indicators is this MTF MacD Stochastic RSI combo.
This is calculated with specific conditions to give the best signals for market reversals or continued trends.
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For a detailed description of how the REDWOOD MacD works, see profile (links of personal indicators arent posting for some reason)
For a detailed description of how the REDWOOD Stochastic RSI works, see profile
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These are both powerful indicators alone, but together they work very well together to confirm positions or see new entries or exits.
Without giving too much away on how it is made, this takes trades when the MacD is weak, with a confirming signal from the Stoch RSI
just the other way, it takes trades when the MacD is strong, and the Stoch RSI confirms trend.
This was made to reduce clutter of watching multiple indicators, while still giving you a chance to see what both indicators are doing and how they are flowing together.
Custom alerts are set so you never miss a trade opportunity! Get alerted on all reversals, strong signals, or even signals from the MacD or Stochastic RSI crosses!
This is a Multi Timeframe indicator so you can see what is happening on a long term time frame while trading short time frame bars, getting a better position in the market.
Best trades are when the alert or indicator is signaling, and the close of the MacD is about to happen on the MTF time frame set. All timeframes for both MacD and Stoch can be customized, and they do come with default settings.
Best MTF Time frames are longer timeframes (1hr, 4hr, D) but it can work well with current timeframe and lower timeframes (15min, 30min)
All settings for the MacD and Stoch are the same as the original, you can remove the MacD or histogram, remove or see crosses, and even color in pivot points in the MacD
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Added feature is this indicator by default shows the MacD to tell you the overall trend, but you can uncheck the Show MacD setting to remove the MacD and check the Show Stoch RSI to have the indicator show you the Stoch RSI all in the same indicator! This is extremely useful to see where the Stoch RSI is at when the MacD is turning or pivoting. If the stoch is turning as well and overbought or oversold, it is a good time to enter or exit a position.
Dark Green is showing buy signals, and dark maroon is showing sell signals.
The coloring in the background (red, lime) is showing the trend we are riding and when the color goes away it is an indication of a possible trend reversal or dip coming. These are mostly used to confirm positions.
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The timeframes I recommend would be the 4hr on both, althought it has proven to work well (if you want more signals) to have either the MacD or Stoch RSI on a higher timeframe and the opposite on a lower timeframe.
All plots and inputs can be customized to your own liking, and there is the option to color the bars with the Stoch RSI being overbought or oversold.
Best Trading Strategy : Enter positions according to the colors being alerted (green = buy, red = sell) when the FIRST is alerted. This is the ideal and best entry.
For safer trading you can wait for a second to confirm and enter there.
Trades can be taken on the shading colors too, trading on trend waves, although this is risky as some waves end abruptly. Best signals are as stated above.
This indicator works very well on its own but can work well along side our other indicators listed here :
Bishop MA's or MA Cloud with Fill
This can be a very useful indicator, and I'm sure some may find settings that work even better
than the default or recommended settings.
This indicator works on all markets, forex, cryptocurrency, and stocks.
For access to this and all indicators available, please DM me here or See profile.
We are here to help each other succeed! The more one succeeds the more we all succeed! We are all in this
together and every person deserves to be financially independent and confident when taking trades
and investing.
REDWOOD MTF Stochastic RSI
This MTF Stochastic RSI is custom made to help give you an edge while trading.
As you see the MTF Stochastic RSI is colored depending on the trend and if "K" is above or below "D".
This indicator shows the crossover or crossunder of these values with the colored circles that
are plotted. This can be a very useful indicator to show you Oversold or Overbought areas of an
asset, giving you ideas of when to take profit or enter a new trade.
For more information on Stochastic RSI in general (for reference) Please see the detailed
description here : www.investopedia.com(StochRSI)%20is,than%20to%20standard%20price%20data.
This Stochastic RSI is a Multi Time frame Stochastic, meaning it can show you higher or lower
timeframes of the Stochastic RSI no matter what current time frame your chart is on. This is
applied in the settings of the indicator by default, with a default timeframe of 1hr.
You can easily change back to the current time frame by checking the box "Use current Timeframe?".
This can be very useful to get into a trend early, entering or exiting on low time frame bars while
seeing the live Long time frame Stoch RSI.
All inputs of K, D, RSIlength, Stochlength, Overbought and Oversold areas can be customized to
your liking. By default these run on the recommended Stoch RSI settings and values on tradingview
with overbought and oversold areas at 80 & 20.
There are inputs that will color the bars depending on if the Stoch is showing Overbought(red) or
Oversold(lime) regions, and a separate color setting that colors bars with the color of the Stoch
itself, showing when K is over D and vise versa.
For trading with this indicator, it works very well with a indicator confirming the position or
potential change that is happening, I recommend the MacD. Specifically, the REDWOOD MTF MacD.
When K crosses D and is showing the Stoch green or lime, this is when to take a Long or buy
position.
When D crosses K and is showing the Stoch red, this is when to take a short or sell position.
To filter out false crosses or trades, this is where I recommend the MacD, taking trades on the
Stoch when the MacD is showing signs of a reversal or crosses itself. These provide the strongest
signals and buy and sell positions.
This is recommended as a swing indicator, but can be used for scalping at your own risk.
As for recommended time frames to use for the MTF settings, I would stick to longer timeframes to
show the overall trend. With that being said, it can be used on shorter timeframes as well and
works good. I would sick to the 1hr or 4hr timeframes, and for lower I recommend the 15min or
30min timeframes. The lower you go the more signals will be provided, but with that lots more
false signals will show as well if the asset is volatile.
All settings, colors, and plots can be customized, and all are labeled to make it easy for you.
Alerts for each setting will be added in the future for simplicity, as of now the alerts can be
made as usual, having the indicator plot K crossing the indicator plot D, telling you of a change
in the Stoch.
This can be a very useful indicator, and I'm sure some may find settings that work even better
than the default or recommended settings.
This indicator works on all markets, forex, cryptocurrency, and stocks.
For access to this and all indicators available, please DM me here or See profile. We are here
to help each other succeed! The more one succeeds the more we all succeed! We are all in this
together and every person deserves to be financially independent and confident when taking trades
and investing.
G-RSI&EMA channel v.1This my 2nd indicator : It's just a Strenghtening of trend channal
If price can come up on the green line it's mean price is side way or maybe bullish
and if price can come up on RSI (14)50 and EMA50 it have problaby to bullish trend
If the price have blue ball it's mean crazy strong bullish trend
If the price have red ball it's mean crazy strong bearish trend
you can use my 1st script together : 1st is " G-Bollingerbands Volatility breakout "
My 1st script detect the price begin to have volatility
My 2nd scrit detect the trend
Goodluck :D
PS: My 2nd script develop from someone in tradingview RSI script i'm sorry I can't remember but thank you very much.
Simple CCI Spotter™TradeChartist Simple CCI Spotter is an elegant version of the classic CCI indicator and helps spot price trends using visually engaging and appealing CCI plot and background. The Bull and the Bear background fills are highly useful for traders who like to visually understand areas of entry and exit based on CCI .
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What does Simple CCI Spotter do?
Plots CCI with visually engaging colours for Bull and Bear zones (Green and Red) with optional background fill.
Plots CCI coloured bars on main chart based on user preferred Upper and Lower CCI bands (Default - 25/-25).
Plots CCI based on EMA smoothing (1 for Regular CCI without smoothing).
Plots Heikin Ashi CCI if enabled from indicator settings.
Plots CCI highs of Bull Zone and RSI lows of Bear Zone. Helps visually spot divergences.
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Note:
Default Settings:
5 period EMA Smoothed CCI .
For Heikin Ashi CCI on normal bars, enable ᴜsᴇ ʜᴇɪᴋɪɴ ᴀsʜɪ ᴄᴄɪ and change EMA CCI sᴍᴏᴏᴛʜɪɴɢ to 1.
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[blackcat] L2 VWAP CCI Trading SystemLevel: 2
Background
Volume-Weighted Average Price (VWAP) is a trading benchmark used by traders that indicates the average price that a security has traded for throughout the day based on volume and price. This is important as it gives traders insight into the trend and value of a security.
The Commodity Channel Index (CCI) indicator was created to identify bullish and bearish market cycles, as well as to define market turning points and the strongest and weakest market periods. CCI was developed for commodities and quickly found application in other markets, including forex.
Function
blackcat L2 VWAP CCI Trading System is an innovative indicator that combines vwap and cci indicator together. Not only long and short entries can be disclosed, but also the overbought and oversold zones are clearly observed.
Key Signal
cci ---> vwap cci indicator output
long --> long entry condition
short --> short entry condition
backtest --> indicator backtest scheme "NLX-L3 Backtest" required input source for strategy backtest
longentry --> visual long entry
shortentry --> visual short entry
Pros and Cons
Pros:
1. exact long and short entries are produced by overbought and oversold conditions
2. support "NLX-L3 Backtest" framework
Cons:
1. noise may be produced under extreme market condition
2. due to this is un-optimized version, time frame and trading pairs need to be selected
Remarks
Courtesy of @nilux "NLX-L3 Backtest" easy backtest framework for dummies.
Step by step backtest guide with "NLX-L3 Backtest" framework:
STEP1: Add this indicator into your chart
STEP2: Add "NLX-L3 Backtest" into your chart
STEP3: Click "Settings" gear icon of "NLX-L3 Backtest" to select "Select L2 Indicator" in the 1st line as "blackcat L2 VWAP CCI Trading System: backtest"
STEP4: Configure your backtest other settings under "NLX-L3 Backtest" framework
STEP5: Click "OK" and view the results in "Strategy Tester" tab
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Ehlers Adaptive Commodity Channel Index V1 [CC]The Adaptive Commodity Channel Index V1 was created by John Ehlers (Rocket Science For Traders pgs 236-237) and this is the typical Commodity Channel formula with the introduction of adaptive lengths based on his earlier work with indicators such as the Mother of Adaptive Moving Averages. For longer term signals you would get a bullish signal when CCI is above 0 and a bearish signal when CCI falls below 0. For shorter term signals you would get a bullish signal when crosses over it's overbought level or when it crosses above it's oversold level or vice versa. I have included both signals to make it easier.
Let me know if you want a custom script written or if you have a special request for me
dirt cheap yet elegant RSI StrategyFor Educational Purposes. Results can differ on different markets and can fail at any time. Profit is not guaranteed.
This only works in a few markets and in certain situations. Changing the settings can give better or worse results for other markets. This is a good way to show off a good looking strategy, atleast in paper, with minimal effort involved in the making and usage. It can be made with the most minimal lines of code if needed to bring shame unto others. It only works in a few markets and who knows if it will actually rebound from the overbought or oversold levels but in case it doesn't I put in a time-based stop to exit in case of that worst case scenario. There's not much to it, good for trolling others, or serious business, you decide.
RSI TrendsRSI is a momentum indicator, however most people seem to be using it to go against the momentum by trying to identify tops/bottoms using it. Its in my opinion the wrong way to be using it. It can be easily used for trend following which seems like a better use for it.
Uptrend - RSI > 60
Downtrend - RSI < 40
Sideways - RSI between 40 and 60
If however not interested in filtering for sideways trends and convert it to a long-short only strategy that stays in market all the time then it can be simply modified by setting both overbought/oversold thresholds to 50. In such a case uptrend will be above 50 and downtrend will be less than 50.
Note: wait for close for current bar to be confirmed as RSI is calculated at close
RSI with Self-Adjusting Linear Regression Bands (Expo)RSI with Self-Adjusting Linear Regression Bands (Expo) makes use of RSI and Linear Regression to create an RSI that follows the current trend. The indicator has an upper and lower self-adjusting Linear Regression Band that act as RSI boundaries.
HOW TO USE
The indicator can be used in multiple ways, for instance, to find overbought and oversold areas. Or to identify trends as well as pullbacks in trends.
INDICATOR IN ACTION
This indicator is a modification of RafaelZioni's work "Linear Regression Trend bands"
Credit to: RafaelZioni
I hope you find this indicator useful , and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments!
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Disclaimer
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
L1 Bottomline Reversal IndicatorLevel: 1
Background
Identify the trend - By filtering the trend, traders can select entry points using overbought and overbought signals In an uptrend, for example, traders filter for oversold signals as “long entry” points that correlate with the direction of the trend.
Function
L1 Bottomline Reversal Indicator utilizes three levels of support moving averages as detector of oversold behavior. Once the close breakout the 3rd level, it indicates bottom line appear and long entry there is commonly safe.
Key Signal
sma13 --> typical price trend
lifeline --> bull life line. if close is above lifeline, it indicates bullish state.
costline --> the 1st level of support which may have rebounce once the price drop on it for the first time.
lowbuy --> the 2nd level of support, which indicates oversold starts.
bottomline --> the 3rd level of support, which indicate extreme oversold, long entry there is safe in common sense.
Pros and Cons
Pros:
1. mid-long term trading guide
2. helpful for large time frame e.g. day or week
Cons:
1. Not so stable for small time frame
2. No exit scheme is disclosed.
Remarks
NA
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
PT MSTx StochasticVersion 1.0 of our MSTx Stochastic indicator helps determine when a trend is strong vs. exhausted. The indicator is a modified version of the original stochastic. We added a second line for further confluence, which acts as support & resistance. The added smoothing toggle of the indicator can help you get a different perspective of the move. We also added a series of Fibonacci levels that act as pivotal areas. We have two highlighted areas that offer volatility. Our Red zone (upper fibs) should prompt you to look for short entries & our Grey zone (mid fibs), which acts as a neutral/range area.
Main line – Faster settings that move through support/resistance quicker.
Signal line- Slower settings that tend to act as support/resistance for our main line.
Strategy:
Shorting- Look for the Main line to cross down into the Signal line & then retest the Signal line. Stronger signal if algo is active (Maroon).
Longing – Look for the Main line to cross up into the Signal line & then retest the Signal line. Stronger signal if algo is active (Green).
This Oscillator was built around our buy sell indicator & it is used on all time frames for swinging & scalping. It is included as part of the library. Just message us for access!
SSHSH_ScalpWhen the trend is already determined You have to use some filter to define trade entries.
With the UpTrend it's better to start buying when this market-pulse indicator is at it's bottom, and vice versa for the DownTrend.
It's better to do that with the overbought / oversold areas:
- simply buy when the area is below the lower band;
- and sell when the area is above the upper band.
Use it with the faster tuning when You trade the higher timeframes, and with the slower tuning on a lower timeframes.
{PM me in TradingView to arrange subscription access}
SSHSH_DevVolatility is a market pulse, like breathing. And it's deviations is being considered as a signal attenuation.
When You want to know how far is the current price of it's mean value, You can use this indicator to determine 3-sigma rule.
The mean line (like moving average) shows if the market is in it's UpTrend state or the DownTrend state.
When it hits it's upper level - so we can say that the Uptrend has ended. The vice versa for the DownTrend.
Use it with the faster tuning when You trade the higher timeframes, and with the slower tuning on a lower timeframes.
{PM me in TradingView to arrange subscription access}
SSHSHThis indicator is designed to determine overbought / oversold areas, taking into account the general direction of the trend.
It's being considered as an UpTrend while the area is above it's middle value, and also it's being a signal attenuation when the area is above the upper band.
Vice versa it's being considered as a DownTrend while the area is below it's middle value, and also it's being a signal attenuation when the area is below the lower band.
Each market (stocks, futures, currencies etc.) has it's own individual parameters, properties and characteristics: so it's better to use tuning depending on the timeframe You choose (the bigger the timeframe is - the lower/faster tuning has to be chosen, and vice versa).
{PM me in TradingView to arrange subscription access}
MTF Stoch RSI ScreenerDisplays when multiple timeframes of Stochastic RSI are overbought/oversold. Multiple consecutive timeframes being overbought/oversold can signify a short term top or bottom.
Thanks to Micse in Pinescripters telegram who helped remove a few errors from this.
Momentum Drift Oscillator™TradeChartist Momentum Drift Oscillator is a elegantly designed Oscillator that uses both trend following and mean reversion models, that helps visualize the price momentum, based on user defined lookback period and standard deviation.
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Momentum Drift Oscillator ( MDO ) Features:
MDO shows how far away the price is, from the mean, based on Lookback Length (21, 34, 55, 89, 144, 233) and Standard Deviation input (Min - 0.236, Max - 2.0) , and helps understand potential price reversal points based on mean reversion principles.
Drift Visualizer helps visualise the velocity with which Price moves and helps the trader spot various momentum drift zones like Fuel zones, Overbought/Oversold areas and Bull/Bear Exhaustion limits. Drift Visualizer above 150 is usually Overbought and value above 200 is Super Overbought. Similarly, value below -150 is usually Oversold and value below -200 is Super Oversold.
Option to enable and disable coloured bars based on Momentum Drift. (Colour intensity on Price bars helps visualise the price momentum - 2 Colour Schemes available from the settings - Chilli and Flame).
Long and Short Trade Alerts can be created using Once Per Bar Close .
The indicator does not repaint. Alerts may display potential repaint warning, but this is because the code uses bar index for Drift Visualizer labels. For confidence in the indicator, it can be tested using bar replay to make sure the real-time and bar replay trade entries and plots stay on the same bar/timestamp.
MDO can be connected to ™TradeChartist Plug and Trade to generate Trade Entries, Targets, Sop Loss plots etc and to create all types of alerts.
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Why is Momentum Drift Oscillator ( MDO ) different from traditional Momentum based indicators?
This Momentum Drift model truly combines mean reversion and trend following principles, but with a unique original idea.
It needs 2 user defined inputs - Lookback length and Standard Deviation. If for example, say the trend is Bullish and MDO is above 0, the Oscillator doesn't go below 0, even if there is extreme bull exhaustion, if the trend based on lookback and standard deviation is not favorable to reverse trades.
Only Fibonacci lookback periods (21, 34, 55, 89, 144, 233) are used as they have been found more effective than other periods. The default Lookback period is 55 and Standard Deviation is 1, but this can be changed from the settings. Lower values of Lookback period go well with higher Standard Deviation and higher values of Lookback period go well with lower Standard Deviation (0.5, 0.618, 0.786, 0.886, 1 etc.), based on trading style and personal risk strategy.
The indicator includes a Drift Visualizer that helps spot important trade zones based on Price Velocity, calculated dynamically for every bar based on user defined parameters. The first move above or below 0 always opens at Bull Fuel or Bear Fuel zone and the exhaustion zones are reached only at the time of price returning to the mean. But it doesn't change direction if the trend is still up, so the trader can make an informed decision as to when to reverse trades, based on another confirmator.
Similarly, when the Visualizer reaches Fuel or Support/Resistance zones, it normally needs a bit of a push to reach the Overbought - Super Overbought/Oversold - Super Oversold levels where the price normally starts reversing back to the mean and this whole process can be visualized through Visualizer labels on MDO. This process eliminates a lot of noise that normally comes with traditional Momentum indicators.
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Example Charts:
1. XAU-USD 1hr chart - Lookback - 55, Std Dev - 2
2. ADA-USDT 4hr chart - Lookback - 89, Std Dev - 1
3. WTI - USOIL Daily chart - Lookback - 34, Std Dev - 1.618
4. SPX Daily chart - Lookback - 144, Std Dev - 0.236
5. GBP-USD 15m chart - Lookback - 144, Std Dev - 0.618
6. BTC-USD 1hr connected to Plug and Trade - Lookback - 55, Std Dev - 1
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
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CryptoSignalScanner - OverBought/OverSold Zone IndicatorDESCRIPTION:
This indicator has been designed to do some swing trading on 4 hour and daily candles.
It also gives good results on the lower timeframes 5m, 15m and 1h but trading on those levels is time consuming and stressful.
• This indicator is based on RSI, Stochastic RSI and some other indicator(s).
• This indicator is based on our "CryptoSignalScanner - Advanced BUY/SELL Indicator" but with a small difference in calculation to define the OverBought and OverSold zones.
• It displays the OverBought and OverSold zones.
• It is also possibility to set an OverBought/OverSold, OverBought and OverSold alert.
HOW TO USE:
• When the OverBought zone is displayed it means that the trading pair is OverBought. Wait for the reversal to SELL. Use the Fibonacci tool together with the Eliot Waves Theory to SELL.
• When the OverSold zone is displayed it means that the trading pair is OverSold. Wait for the reversal to BUY. Use the Fibonacci tool together with the Eliot Waves Theory to BUY.
FEATURES:
• You can adjust the OverBought and OverSold zones.
• You can display/hide the RSI.
• You can adjust RSI values.
• You can display/hide the Stochastic RSI.
• You can adjust Stochastic RSI values.
• You can display/hide the ...
• You can adjust the ...
• You can set OverBought/OverSold alert.
• You can set OverBought alert.
• You can set OverSold alert.
• Etc...
REMARKS:
• This advice is NOT financial advice.
• We do not provide personal investment advice and we are not a qualified licensed investment advisor.
• All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice.
• We will not and cannot be held liable for any actions you take as a result of anything you read here.
• We only provide this information to help you make a better decision.
• While the information provided is believed to be accurate, it may include errors or inaccuracies.
HOW TO GET ACCESS TO THE SCRIPT:
• Use the link below to subscribe to our indicators.
Good Luck,
SEOCO
Cyber ChannelStandard deviation levels to determine if the price is over-extended in the positive/negative direction about the user defined MA line.
Historical confluence with the different levels can be used to estimate and predict the probability of a significant price retracement within given time-scale; and to help anticipate if the price is nearing local or all-time highs/lows.
ATR Auto Oscillator [DepthHouse]The ATR Auto Oscillator uses advanced range calculations to determine a dynamic range that the applied market moves within. Like an RSI , the ATR Auto Oscillator measures the speed and change of price movements through a given range. Unlike an RSI , the ATR Auto Oscillator automatically re-configures range values dependent on the user set lookback.
The oscillator ranges between (0.1) and 1.1. Generally, the market is oversold while the bands are below 0.2 and is overbought while above 0.8.
The two bands displayed are used to determine short term trend directions and the oversold/undersold state of the applied market. Crossovers of these bands could give a hint to the direction the market is moving.
The fast band (green) is the direct value of where the market is within its calculated range; 1.1 representing the top of range, and -0.1 representing the bottom. Even when this value is near the bottom of the top of the range, the auto oscillator will readjust to create a new range that the market travels within.
The slow band (red) is a lagging version of the fast band which is used to determine the oversold/overbought signals. When this band travels within the oversold and overbought regions the background color will change to signal a warning. If the fast band crosses the slow band within these zones, an opaque signal will appear. These signals are used to catch possible trend reversals.
Breakout Signals ( BETA ):
Breakout signals are the up and down arrows displayed on the top and bottom of the oscillator. A refined range is generated by the user set 'High Low Length'; it is then displayed by the light gray horizontal lines. If the user set band (fast or slow) returns into the range within a given period (breakout offset) then a signal will generate.
Built in Alerts (must be set up by user):
Bullish & Bearish Crossovers within the oversold and overbought ranges.
Bullish & Bearish Breakout alerts (beta)
Users can also set custom alerts. Example: Fast Band crossing up Value: 0.7
To gain access to this indicator please follow the link below.
Feel free to message me with any questions directly here on TradingView.
