Opening Range, Initial Balance, Opening Price, Pre-market Levels### Description of the Indicator: **Opening Range, Initial Balance, Opening Price, Pre-market Levels**
This custom TradingView indicator provides a comprehensive view of key price levels for intraday trading, specifically designed to track important levels from the Opening Range (OR), Initial Balance (IB), Opening Price (OP), and Pre-market session (PM). These levels are essential for traders to gauge potential market movements and identify critical areas of support and resistance.
#### **Features:**
1. **Opening Range (OR):**
- This is the high and low of the first 30 minutes of the regular market session (09:30 - 10:00 EST).
- The OR high and low act as significant levels that may influence price movement for the rest of the day.
- The mid-level of the Opening Range (OR Mid) is also plotted to give a more detailed view of potential price action.
2. **Initial Balance (IB):**
- The Initial Balance is the range created during the first hour of market activity (09:30 - 10:30 EST).
- This range often sets the tone for the market's direction. The IB high and low, along with the IB midline, are plotted for quick reference.
3. **Opening Price (OP):**
- The opening price of the market is marked as a circle and labeled "OP."
- This level provides context for market sentiment when compared to the high and low levels.
4. **Pre-market Levels (PM):**
- The pre-market session (04:00 - 09:30 EST) has its own important levels that are calculated for the high, low, and mid range (PM High, PM Low, and PM Mid).
- These levels are plotted and are useful for traders to understand where the market stood before the regular session opened.
#### **Customization Options:**
- **Exchange Timezone:** You can choose whether to display the times in the exchange's local timezone or in your own preferred timezone.
- **Mid Levels Display:** You can toggle whether the mid levels for each range (OR, IB, PM) should be shown on the chart.
- **Level Color Change:** The colors of the plotted levels (high, low, mid) change based on whether the price is above or below the respective level, making it easy to visualize potential support and resistance.
- **Label Positions:** The position of the labels (OR, IB, OP, PM) on the chart can be customized to avoid overlap with other data points.
#### **Key Use Cases:**
- **Intraday Trend Analysis:** Use the OR and IB to identify key levels for the day, providing insights into the possible trend or range for the day.
- **Pre-market Insights:** The PM levels are crucial for understanding where the market stood during the pre-market hours and can be used as reference points during the regular session.
- **Potential Support and Resistance:** The high and low levels of the OR, IB, and PM sessions can act as potential support or resistance, which are useful for setting stop-loss and take-profit levels.
#### **How to Use:**
- Pay attention to the levels provided for OR, IB, and PM as potential entry and exit points.
- Watch for breakouts or reversals around these levels, especially when combined with other technical indicators or price action patterns.
- The mid levels offer an additional reference to assess price direction or identify possible areas of consolidation.
This indicator is perfect for day traders who rely on key intraday levels and pre-market activity to make informed trading decisions. It helps to streamline the process of identifying potential breakouts, reversals, and ranges in the market.
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One Trading Setup for Life ICT [TradingFinder] Sweep Session FVG🔵 Introduction
ICT One Trading Setup for Life is a trading strategy based on liquidity and market structure shifts, utilizing the PM Session Sweep to determine price direction. In this strategy, the market first forms a price range during the PM Session (from 13:30 to 16:00 EST), which includes the highest high (PM Session High) and lowest low (PM Session Low).
In the next session, the price first touches one of these levels to trigger a Liquidity Hunt before confirming its trend by breaking the Change in State of Delivery (CISD) Level. After this confirmation, the price retraces toward a Fair Value Gap (FVG) or Order Block (OB), which serve as the best entry points in alignment with liquidity.
In financial markets, liquidity is the primary driver of price movement, and major market participants such as institutional investors and banks are constantly seeking liquidity at key levels. This process, known as Liquidity Hunt or Liquidity Sweep, occurs when the price reaches an area with a high concentration of orders, absorbs liquidity, and then reverses direction.
In this setup, the PM Session range acts as a trading framework, where its highs and lows function as key liquidity zones that influence the next session’s price movement. After the New York market opens at 9:30 EST, the price initially breaks one of these levels to capture liquidity.
However, for a trend shift to be confirmed, the CISD Level must be broken.
Once the CISD Level is breached, the price retraces toward an FVG or OB, which serve as optimal trade entry points.
Bullish Setup :
Bearish Setup :
🔵 How to Use
In this strategy, the PM Session range is first identified, which includes the highest high (PM Session High) and lowest low (PM Session Low) between 13:30 and 16:00 EST. In the following session, the price touches one of these levels for a Liquidity Hunt, followed by a break of the Change in State of Delivery (CISD) Level. The price then retraces toward a Fair Value Gap (FVG) or Order Block (OB), creating a trading opportunity.
This process can occur in two scenarios : bearish and bullish setups.
🟣 Bullish Setup
In a bullish scenario, the PM Session High and PM Session Low are identified. In the following session, the price first breaks the PM Session Low, absorbing liquidity. This process results in a Fake Breakout to the downside, misleading retail traders into taking short positions.
After the Liquidity Hunt, the CISD Level is broken, confirming a trend reversal. The price then retraces toward an FVG or OB, offering an optimal long entry opportunity.
The initial take-profit target is the PM Session High, but if higher timeframe liquidity levels exist, extended targets can be set.
The stop-loss should be placed below the Fake Breakout low or the first candle of the FVG.
🟣 Bearish Setup
In a bearish scenario, the market first defines its PM Session High and PM Session Low. In the next session, the price initially breaks the PM Session High, triggering a Liquidity Hunt. This movement often causes a Fake Breakout, misleading retail traders into taking incorrect positions.
After absorbing liquidity, the CISD Level breaks, indicating a shift in market structure. The price then retraces toward an FVG or OB, offering the best short entry opportunity.
The initial take-profit target is the PM Session Low, but if additional liquidity exists on higher timeframes, lower targets can be considered.
The stop-loss should be placed above the Fake Breakout high or the first candle of the FVG.
🔵 Setting
CISD Bar Back Check : The Bar Back Check option enables traders to specify the number of past candles checked for identifying the CISD Level, enhancing CISD Level accuracy on the chart.
Order Block Validity : The number of candles that determine the validity of an Order Block.
FVG Validity : The duration for which a Fair Value Gap remains valid.
CISD Level Validity : The duration for which a CISD Level remains valid after being broken.
New York PM Session : Defines the PM Session range from 13:30 to 16:00 EST.
New York AM Session : Defines the AM Session range from 9:30 to 16:00 EST.
Refine Order Block : Enables finer adjustments to Order Block levels for more accurate price responses.
Mitigation Level OB : Allows users to set specific reaction points within an Order Block, including: Proximal: Closest level to the current price. 50% OB: Midpoint of the Order Block. Distal: Farthest level from the current price.
FVG Filter : The Judas Swing indicator includes a filter for Fair Value Gap (FVG), allowing different filtering based on FVG width: FVG Filter Type: Can be set to "Very Aggressive," "Aggressive," "Defensive," or "Very Defensive." Higher defensiveness narrows the FVG width, focusing on narrower gaps.
Mitigation Level FVG : Like the Order Block, you can set price reaction levels for FVG with options such as Proximal, 50% OB, and Distal.
Demand Order Block : Enables or disables bullish Order Block.
Supply Order Block : Enables or disables bearish Order Blocks.
Demand FVG : Enables or disables bullish FVG.
Supply FVG : Enables or disables bearish FVGs.
Show All CISD : Enables or disables the display of all CISD Levels.
Show High CISD : Enables or disables high CISD levels.
Show Low CISD : Enables or disables low CISD levels.
🔵 Conclusion
The ICT One Trading Setup for Life is a liquidity-based strategy that leverages market structure shifts and precise entry points to identify high-probability trade opportunities. By focusing on PM Session High and PM Session Low, this setup first captures liquidity at these levels and then confirms trend shifts with a break of the Change in State of Delivery (CISD) Level.
Entering a trade after a retracement to an FVG or OB allows traders to position themselves at optimal liquidity levels, ensuring high reward-to-risk trades. When used in conjunction with higher timeframe bias, order flow, and liquidity analysis, this strategy can become one of the most effective trading methods within the ICT Concept framework.
Successful execution of this setup requires risk management, patience, and a deep understanding of liquidity dynamics. Traders can enhance their confidence in this strategy by conducting extensive backtesting and analyzing past market data to optimize their approach for different assets.
ICT Open Range Gap & 1st FVG (fadi)In his 2024 mentorship program, ICT detailed how price action interacts with Open Range Gaps and the initial 1-minute Fair Value Gap following the market open at 9:30 AM.
What is an Open Range Gap?
An Open Range Gap occurs when the market opens at 9:30 AM at a higher or lower level compared to the previous day's close at 4:14 PM, primarily relevant in futures trading. According to ICT, there is a statistical probability of 70% that the price action will close 50% or more of the Open Range Gap within the first 30 minutes of trading (9:30 AM to 10:00 AM).
What is the First 1-Minute Fair Value Gap?
ICT places significant emphasis on the first 1-minute Fair Value Gap (FVG) that forms after the market opens at 9:30 AM. The FVG must occur at 9:31 AM or later to be considered valid. This gap often presents key opportunities for traders, as it represents a temporary imbalance between supply and demand that the market seeks to correct.
Understanding and leveraging these patterns can enhance trading strategies by offering insights into potential price movements shortly after market open.
ICT Open Range Gap & 1st FVG
This indicator is engineered to identify and highlight the Open Range Gaps and the first 1-minute Fair Value Gap. Furthermore, it functions across multiple timeframes, from seconds to hours, catering to various trading preferences. This flexibility is particularly beneficial for traders who favor higher timeframes or wish to observe these patterns' application at broader intervals.
Settings
The Open Range Gap indicator offers flexible display settings. It identifies the quadrants and provides optional color coding to distinguish them. Additionally, it tracks the "fill" level to visualize how far the price action has progressed into the gap, enhancing traders' ability to monitor and analyze price movements effectively. By default, the Open Range Gap will stop extending at 10:00 AM; however, there is an option to continue extending until the end of the trading day.
The 1st Fair Value Gap (FVG) can be viewed on any timeframe the indicator is active on, offering various styling options to match each trader's preferences. While the 1st FVG is particularly relevant to the day it is created, previous 1st FVGs within the same week may provide additional value. This indicator allows traders to extend Monday's 1st FVG, marking the first FVG of the week, or to extend all 1st FVGs throughout the week.
Opening Range Breakout [UkutaLabs]█ OVERVIEW
The Opening Range Breakout is a powerful trading tool that indicates a strong range based on the high and low of the first fifteen or thirty minutes after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Opening Range Breakout is a versatile trading tool that can be included in a wide variety of trading strategies.
The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.
█ USAGE
When the New York Market opens each day, the script will automatically identify and label the opening range in real time. The user can control whether the script measures the first 15 or 30 minutes of each trading day to fit each trader’s trading style.
Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.
█ SETTINGS
Configuration
• Show Labels: Determines whether labels are drawn within the range.
• Display Mode: Determines the number of days the script should load.
Range Settings
• 15 Minute: Determines whether or not the 15 minute range is drawn.
• 15 Minute Color: Determines the color of the 15 minute range and labels.
• 30 Minute: Determines whether or not the 30 minute range is drawn.
• 30 Minute Color: Determines the color of the 30 minute range and labels.
@tk · fractal rsi levels█ OVERVIEW
This script is an indicator that helps traders to identify the RSI Levels for multiple fractals wherever the current timeframe is. This script was based on RSI Levels, 20-30 & 70-80 by abdomi indicator, that calculates the Relative Strenght Index levels based on the asset's price and plots it into the chart, creating a "wave" style indicator. The core feature of this indicator is the fractal rays, so trader can visualize each of the oversold and overbought levels of multiple timeframe on the current timeframe that he is on. The indicator will plots multiple rays after the chart bars. indicating where is the oversold and overbought levels for others fractals.
█ MOTIVATION
Since the RSI Levels, 20-30 & 70-80 by abdomi indicator helps a lot to identify the possible price levels when the asset is oversold or overbought, I saw myself drawing multiple horizontal lines on these levels in lower timeframes so, in an uptrend or downtrend, I can try to get a pullback of these trends when the asset reaches oversold or overboght levels. So, I get the idea to make those lines visible in multiple timeframes so I don't need to draw it myself manually anymore.
█ CONCEPT
The trading concept to use this indicator is the concept to make entries on uptrend or downtrend pullbacks when the asset price reaches oversold or overbought levels. But this strategy don't works alone. It needs to be aligned together with others indicators like Exponential Moving Averages, Chart Patterns, Support and Resistance, and so on... Even more confluences that you have, bigger are your chances to increase the probability for a successful trade. So, don't use this indicator alone. Compose a trading strategy and use it to improve your analysis.
█ CUSTOMIZATION
This indicator allows the trader to customize the following settings:
GENERAL
Text size
Changes the font size of the labels to improve accessibility.
Type: string
Options: `tiny`, `small`, `normal`, `large`.
Default: `small`
RSI LEVELS · SETTINGS
Pre-oversold Level
Changes the RSI Level to calculate the "pre-oversold" price level on the chart.
Type: int
Min: 1
Max: 49
Default: 33
Pre-overbought Level
Changes the RSI Level to calculate the "pre-overbought" price level on the chart.
Type: int
Min: 51
Max: 100
Default: 67
Show "Pre-over" Levels
Enables / Disables the pre-oversold and pre-overbought levels on the chart.
Type: bool
Default: true
FRACTAL RAYS · SETTINGS
Length
Changes the base length for the RSI calculation.
Type: int
Min: 1
Default: 14
Source
Changes the base source for the RSI calculation.
Type: float
Default: close
FRACTAL RAYS · STYLE
Ray Color
Changes the color of all fractal rays and its label.
Type: color
Default: color.rgb(187, 74, 207)
Ray Style
Changes the style of all fractal rays.
Type: string
Options: `line.style_solid`, `line.style_dashed`, `line.style_dotted`
Default: line.style_dotted
Ray Length
Changes the length of all fractal rays.
Type: int
Default: 15
FRACTAL RAYS · OVERSOLD
Oversold Level
Changes the base RSI Level for fractal rays calculation.
Type: int
Min: 1
Default: 30
Oversold Prefix
Customizes the fractal ray label with a prefix text.
Type: string
Default: 🚀
Oversold Suffix
Customizes the fractal ray label with a suffix text.
Type: string
Default: (empty)
FRACTAL RAYS · OVERBOUGHT
Overbought Level
Changes the base RSI Level for fractal rays calculation.
Type: int
Min: 1
Default: 70
Overbought Prefix
Customizes the fractal ray label with a prefix text.
Type: string
Default: 🐻
Overbought Suffix
Customizes the fractal ray label with a suffix text.
Type: string
Default: (empty)
FRACTAL RAYS · VISIBILITY RULES
These rules are applied for each of fractal rays so, the traders can choose what timeframes they wants to show the fractal rays for each of it. The rule will be applied as the following condition: `if timeframe != CURRENT_TIMEFRAME and timeframe <= CHOSEN_OPTION`. Actually, the fractal rays are on the chart but, isn't visible because it was applied a transparent color, so it is visually not on the chart to prevent chart's over polution.
LABELS
Show Labels on Price Scale
Shows labels on price scale.
Type: bool
Default: false
Show Price on Fractal Rays
Shows the RSI Level price on each of fractal rays respectively.
Type: bool
Default: false
█ EXTERNAL LIBRARIES
This script uses the `tk` library to calculate RSI Levels. It is a library that contains various functions that helps pine script developers to calculate RSI Levels.
█ FUNCTIONS
The library contains the following functions:
fn_fractalVisibilityRule(string visibilityRule)
Converts the fractal rays timeframe visibility rule label to timestamp int.
Parameters:
visibilityRule: (string) Fractal ray visibility rule label.
Returns: (int) Fractal ray visibility rule timestamp.
fn_requestFractal(string period, expression)
Converts the fractal rays timeframe visibility rule label to timestamp int.
Parameters:
period: (string) Timeframe period for the desired fractal.
expression: (mixed) Security expression that will be applied for calculation.
Returns: (mixed) A result determined by expression.
fn_plotRay(float y, string label, color color, int length)
Plots ray after chart bars for the current time.
Parameters:
period: (string) Timeframe period for the desired fractal.
expression: (mixed) Security expression that will be applied for calculation.
Returns: (void) This function only plots the elements into the chart
fn_plotRsiLevelRay(simple string period, simple int level, color color)
Plots RSI Levels ray after chart bars for the current time.
Parameters:
period: (simple string) Timeframe period.
level: (simple int) Relative Strength Index level.
color: (color) The color of both, ray and label text.
Returns: (void) This function only plots the elements into the chart
Any Oscillator Underlay [TTF]We are proud to release a new indicator that has been a while in the making - the Any Oscillator Underlay (AOU) !
Note: There is a lot to discuss regarding this indicator, including its intent and some of how it operates, so please be sure to read this entire description before using this indicator to help ensure you understand both the intent and some limitations with this tool.
Our intent for building this indicator was to accomplish the following:
Combine all of the oscillators that we like to use into a single indicator
Take up a bit less screen space for the underlay indicators for strategies that utilize multiple oscillators
Provide a tool for newer traders to be able to leverage multiple oscillators in a single indicator
Features:
Includes 8 separate, fully-functional indicators combined into one
Ability to easily enable/disable and configure each included indicator independently
Clearly named plots to support user customization of color and styling, as well as manual creation of alerts
Ability to customize sub-indicator title position and color
Ability to customize sub-indicator divider lines style and color
Indicators that are included in this initial release:
TSI
2x RSIs (dubbed the Twin RSI )
Stochastic RSI
Stochastic
Ultimate Oscillator
Awesome Oscillator
MACD
Outback RSI (Color-coding only)
Quick note on OB/OS:
Before we get into covering each included indicator, we first need to cover a core concept for how we're defining OB and OS levels. To help illustrate this, we will use the TSI as an example.
The TSI by default has a mid-point of 0 and a range of -100 to 100. As a result, a common practice is to place lines on the -30 and +30 levels to represent OS and OB zones, respectively. Most people tend to view these levels as distance from the edges/outer bounds or as absolute levels, but we feel a more way to frame the OB/OS concept is to instead define it as distance ("offset") from the mid-line. In keeping with the -30 and +30 levels in our example, the offset in this case would be "30".
Taking this a step further, let's say we decided we wanted an offset of 25. Since the mid-point is 0, we'd then calculate the OB level as 0 + 25 (+25), and the OS level as 0 - 25 (-25).
Now that we've covered the concept of how we approach defining OB and OS levels (based on offset/distance from the mid-line), and since we did apply some transformations, rescaling, and/or repositioning to all of the indicators noted above, we are going to discuss each component indicator to detail both how it was modified from the original to fit the stacked-indicator model, as well as the various major components that the indicator contains.
TSI:
This indicator contains the following major elements:
TSI and TSI Signal Line
Color-coded fill for the TSI/TSI Signal lines
Moving Average for the TSI
TSI Histogram
Mid-line and OB/OS lines
Default TSI fill color coding:
Green : TSI is above the signal line
Red : TSI is below the signal line
Note: The TSI traditionally has a range of -100 to +100 with a mid-point of 0 (range of 200). To fit into our stacking model, we first shrunk the range to 100 (-50 to +50 - cut it in half), then repositioned it to have a mid-point of 50. Since this is the "bottom" of our indicator-stack, no additional repositioning is necessary.
Twin RSI:
This indicator contains the following major elements:
Fast RSI (useful if you want to leverage 2x RSIs as it makes it easier to see the overlaps and crosses - can be disabled if desired)
Slow RSI (primary RSI)
Color-coded fill for the Fast/Slow RSI lines (if Fast RSI is enabled and configured)
Moving Average for the Slow RSI
Mid-line and OB/OS lines
Default Twin RSI fill color coding:
Dark Red : Fast RSI below Slow RSI and Slow RSI below Slow RSI MA
Light Red : Fast RSI below Slow RSI and Slow RSI above Slow RSI MA
Dark Green : Fast RSI above Slow RSI and Slow RSI below Slow RSI MA
Light Green : Fast RSI above Slow RSI and Slow RSI above Slow RSI MA
Note: The RSI naturally has a range of 0 to 100 with a mid-point of 50, so no rescaling or transformation is done on this indicator. The only manipulation done is to properly position it in the indicator-stack based on which other indicators are also enabled.
Stochastic and Stochastic RSI:
These indicators contain the following major elements:
Configurable lengths for the RSI (for the Stochastic RSI only), K, and D values
Configurable base price source
Mid-line and OB/OS lines
Note: The Stochastic and Stochastic RSI both have a normal range of 0 to 100 with a mid-point of 50, so no rescaling or transformations are done on either of these indicators. The only manipulation done is to properly position it in the indicator-stack based on which other indicators are also enabled.
Ultimate Oscillator (UO):
This indicator contains the following major elements:
Configurable lengths for the Fast, Middle, and Slow BP/TR components
Mid-line and OB/OS lines
Moving Average for the UO
Color-coded fill for the UO/UO MA lines (if UO MA is enabled and configured)
Default UO fill color coding:
Green : UO is above the moving average line
Red : UO is below the moving average line
Note: The UO naturally has a range of 0 to 100 with a mid-point of 50, so no rescaling or transformation is done on this indicator. The only manipulation done is to properly position it in the indicator-stack based on which other indicators are also enabled.
Awesome Oscillator (AO):
This indicator contains the following major elements:
Configurable lengths for the Fast and Slow moving averages used in the AO calculation
Configurable price source for the moving averages used in the AO calculation
Mid-line
Option to display the AO as a line or pseudo-histogram
Moving Average for the AO
Color-coded fill for the AO/AO MA lines (if AO MA is enabled and configured)
Default AO fill color coding (Note: Fill was disabled in the image above to improve clarity):
Green : AO is above the moving average line
Red : AO is below the moving average line
Note: The AO is technically has an infinite (unbound) range - -∞ to ∞ - and the effective range is bound to the underlying security price (e.g. BTC will have a wider range than SP500, and SP500 will have a wider range than EUR/USD). We employed some special techniques to rescale this indicator into our desired range of 100 (-50 to 50), and then repositioned it to have a midpoint of 50 (range of 0 to 100) to meet the constraints of our stacking model. We then do one final repositioning to place it in the correct position the indicator-stack based on which other indicators are also enabled. For more details on how we accomplished this, read our section "Binding Infinity" below.
MACD:
This indicator contains the following major elements:
Configurable lengths for the Fast and Slow moving averages used in the MACD calculation
Configurable price source for the moving averages used in the MACD calculation
Configurable length and calculation method for the MACD Signal Line calculation
Mid-line
Note: Like the AO, the MACD also technically has an infinite (unbound) range. We employed the same principles here as we did with the AO to rescale and reposition this indicator as well. For more details on how we accomplished this, read our section "Binding Infinity" below.
Outback RSI (ORSI):
This is a stripped-down version of the Outback RSI indicator (linked above) that only includes the color-coding background (suffice it to say that it was not technically feasible to attempt to rescale the other components in a way that could consistently be clearly seen on-chart). As this component is a bit of a niche/special-purpose sub-indicator, it is disabled by default, and we suggest it remain disabled unless you have some pre-defined strategy that leverages the color-coding element of the Outback RSI that you wish to use.
Binding Infinity - How We Incorporated the AO and MACD (Warning - Math Talk Ahead!)
Note: This applies only to the AO and MACD at time of original publication. If any other indicators are added in the future that also fall into the category of "binding an infinite-range oscillator", we will make that clear in the release notes when that new addition is published.
To help set the stage for this discussion, it's important to note that the broader challenge of "equalizing inputs" is nothing new. In fact, it's a key element in many of the most popular fields of data science, such as AI and Machine Learning. They need to take a diverse set of inputs with a wide variety of ranges and seemingly-random inputs (referred to as "features"), and build a mathematical or computational model in order to work. But, when the raw inputs can vary significantly from one another, there is an inherent need to do some pre-processing to those inputs so that one doesn't overwhelm another simply due to the difference in raw values between them. This is where feature scaling comes into play.
With this in mind, we implemented 2 of the most common methods of Feature Scaling - Min-Max Normalization (which we call "Normalization" in our settings), and Z-Score Normalization (which we call "Standardization" in our settings). Let's take a look at each of those methods as they have been implemented in this script.
Min-Max Normalization (Normalization)
This is one of the most common - and most basic - methods of feature scaling. The basic formula is: y = (x - min)/(max - min) - where x is the current data sample, min is the lowest value in the dataset, and max is the highest value in the dataset. In this transformation, the max would evaluate to 1, and the min would evaluate to 0, and any value in between the min and the max would evaluate somewhere between 0 and 1.
The key benefits of this method are:
It can be used to transform datasets of any range into a new dataset with a consistent and known range (0 to 1).
It has no dependency on the "shape" of the raw input dataset (i.e. does not assume the input dataset can be approximated to a normal distribution).
But there are a couple of "gotchas" with this technique...
First, it assumes the input dataset is complete, or an accurate representation of the population via random sampling. While in most situations this is a valid assumption, in trading indicators we don't really have that luxury as we're often limited in what sample data we can access (i.e. number of historical bars available).
Second, this method is highly sensitive to outliers. Since the crux of this transformation is based on the max-min to define the initial range, a single significant outlier can result in skewing the post-transformation dataset (i.e. major price movement as a reaction to a significant news event).
You can potentially mitigate those 2 "gotchas" by using a mechanism or technique to find and discard outliers (e.g. calculate the mean and standard deviation of the input dataset and discard any raw values more than 5 standard deviations from the mean), but if your most recent datapoint is an "outlier" as defined by that algorithm, processing it using the "scrubbed" dataset would result in that new datapoint being outside the intended range of 0 to 1 (e.g. if the new datapoint is greater than the "scrubbed" max, it's post-transformation value would be greater than 1). Even though this is a bit of an edge-case scenario, it is still sure to happen in live markets processing live data, so it's not an ideal solution in our opinion (which is why we chose not to attempt to discard outliers in this manner).
Z-Score Normalization (Standardization)
This method of rescaling is a bit more complex than the Min-Max Normalization method noted above, but it is also a widely used process. The basic formula is: y = (x – μ) / σ - where x is the current data sample, μ is the mean (average) of the input dataset, and σ is the standard deviation of the input dataset. While this transformation still results in a technically-infinite possible range, the output of this transformation has a 2 very significant properties - the mean (average) of the output dataset has a mean (μ) of 0 and a standard deviation (σ) of 1.
The key benefits of this method are:
As it's based on normalizing the mean and standard deviation of the input dataset instead of a linear range conversion, it is far less susceptible to outliers significantly affecting the result (and in fact has the effect of "squishing" outliers).
It can be used to accurately transform disparate sets of data into a similar range regardless of the original dataset's raw/actual range.
But there are a couple of "gotchas" with this technique as well...
First, it still technically does not do any form of range-binding, so it is still technically unbounded (range -∞ to ∞ with a mid-point of 0).
Second, it implicitly assumes that the raw input dataset to be transformed is normally distributed, which won't always be the case in financial markets.
The first "gotcha" is a bit of an annoyance, but isn't a huge issue as we can apply principles of normal distribution to conceptually limit the range by defining a fixed number of standard deviations from the mean. While this doesn't totally solve the "infinite range" problem (a strong enough sudden move can still break out of our "conceptual range" boundaries), the amount of movement needed to achieve that kind of impact will generally be pretty rare.
The bigger challenge is how to deal with the assumption of the input dataset being normally distributed. While most financial markets (and indicators) do tend towards a normal distribution, they are almost never going to match that distribution exactly. So let's dig a bit deeper into distributions are defined and how things like trending markets can affect them.
Skew (skewness): This is a measure of asymmetry of the bell curve, or put another way, how and in what way the bell curve is disfigured when comparing the 2 halves. The easiest way to visualize this is to draw an imaginary vertical line through the apex of the bell curve, then fold the curve in half along that line. If both halves are exactly the same, the skew is 0 (no skew/perfectly symmetrical) - which is what a normal distribution has (skew = 0). Most financial markets tend to have short, medium, and long-term trends, and these trends will cause the distribution curve to skew in one direction or another. Bullish markets tend to skew to the right (positive), and bearish markets to the left (negative).
Kurtosis: This is a measure of the "tail size" of the bell curve. Another way to state this could be how "flat" or "steep" the bell-shape is. If the bell is steep with a strong drop from the apex (like a steep cliff), it has low kurtosis. If the bell has a shallow, more sweeping drop from the apex (like a tall hill), is has high kurtosis. Translating this to financial markets, kurtosis is generally a metric of volatility as the bell shape is largely defined by the strength and frequency of outliers. This is effectively a measure of volatility - volatile markets tend to have a high level of kurtosis (>3), and stable/consolidating markets tend to have a low level of kurtosis (<3). A normal distribution (our reference), has a kurtosis value of 3.
So to try and bring all that back together, here's a quick recap of the Standardization rescaling method:
The Standardization method has an assumption of a normal distribution of input data by using the mean (average) and standard deviation to handle the transformation
Most financial markets do NOT have a normal distribution (as discussed above), and will have varying degrees of skew and kurtosis
Q: Why are we still favoring the Standardization method over the Normalization method, and how are we accounting for the innate skew and/or kurtosis inherent in most financial markets?
A: Well, since we're only trying to rescale oscillators that by-definition have a midpoint of 0, kurtosis isn't a major concern beyond the affect it has on the post-transformation scaling (specifically, the number of standard deviations from the mean we need to include in our "artificially-bound" range definition).
Q: So that answers the question about kurtosis, but what about skew?
A: So - for skew, the answer is in the formula - specifically the mean (average) element. The standard mean calculation assumes a complete dataset and therefore uses a standard (i.e. simple) average, but we're limited by the data history available to us. So we adapted the transformation formula to leverage a moving average that included a weighting element to it so that it favored recent datapoints more heavily than older ones. By making the average component more adaptive, we gained the effect of reducing the skew element by having the average itself be more responsive to recent movements, which significantly reduces the effect historical outliers have on the dataset as a whole. While this is certainly not a perfect solution, we've found that it serves the purpose of rescaling the MACD and AO to a far more well-defined range while still preserving the oscillator behavior and mid-line exceptionally well.
The most difficult parts to compensate for are periods where markets have low volatility for an extended period of time - to the point where the oscillators are hovering around the 0/midline (in the case of the AO), or when the oscillator and signal lines converge and remain close to each other (in the case of the MACD). It's during these periods where even our best attempt at ensuring accurate mirrored-behavior when compared to the original can still occasionally lead or lag by a candle.
Note: If this is a make-or-break situation for you or your strategy, then we recommend you do not use any of the included indicators that leverage this kind of bounding technique (the AO and MACD at time of publication) and instead use the Trandingview built-in versions!
We know this is a lot to read and digest, so please take your time and feel free to ask questions - we will do our best to answer! And as always, constructive feedback is always welcome!
DR/IDR Candles [LuxAlgo]This indicator displays defining ranges (DR) and implied defining ranges (IDR) constructed from two user set sessions (RDR/ODR) as graphical candles on the chart. The script introduces additional graphical elements to the original DR/IDR concept and as such can be thought as a graphical method in addition to a technical indicator.
Additionally, this script can display various Fibonacci retracements from the constructed DR/IDR if enabled within the settings.
Settings
Regular Session: Enable/disable regular session's DR/IDR alongside setting the session time. By default, 09:30 - 10:30 am.
Overnight Session: Enable/disable overnight session's DR/IDR alongside setting the session time. By default, 03:00 - 04:00 am.
UTC Offset: UTC offset for the time zone, by default -5 (EST)
Retracements
Reverse: Inverts source range upper/lower value for constructing the retracements.
From: Source range used to construct the retracements, by default DR is used.
By default, the 0.5 retracement (average line) is displayed.
Usage
The used sessions are highlighted by a gray background. DRs are highlighted by dashed lines while IDRs are highlighted by solid ones. The maximum/minimum price between each user set session is highlighted by solid wicks.
The color of the DRs/IDRs/wicks are determined by the price position relative to the DR; if price is above the DR maximum, then a blue color is used. If price is below, then an orange color is used, and if price is within the DR range, then a gray color is used.
Additionally, the area of the DR range is used to highlight the number of time price is located within the DR, with a longer background highlighting a higher number of occurrences. This can help highlight if the DR levels were potentially useful as support/resistance.
When price is outside the IDR range, the area between the price and IDR is highlighted, in blue if price is above the IDR, and orange if it is under.
The original author of the DR/IDR concept describes 3 rules using the price position relative to the DR/IDR levels:
1.) If price on the 5-minute timeframe closes above the DR high after 10:30 AM or 04:00 AM then the DR low will likely be the low of the trading session.
2.) If price on the 5-minute timeframe closes below the DR low after 10:30 AM or 04:00 AM then the DR high will likely be the high of the trading session.
3.) If price closes above the IDR high after 10:30 AM or 04:00 AM it is an early indication that the low of the DR will be the low of the day and vice versa.
We can see that the above rules are cases of conditional probabilities.
There is no significant data supporting or regarding any statistical probability of the above rules to be true, which are more than uncertain given the stochastic nature of prices. The lack of precision of these rules is also a concern (time zone dependance, applicable markets, etc...).
Credits
Credits to trader TheMas7er who originally created the DR/IDR concept in November of 2022. This script was derived from his proposed session times & rules for trading.
Ichimoku Breakout Kumo SWING TRADER (By Insert Cheese)A simple strategy for long spot or long futures (swing traders) based on a basic method of Ichimoku Kinko Hyo strategies.
The strategy is simple:
- Buy when the price breaks the cloud
- Close the trade when the price closes again inside the cloud.
The parameters that work best on this strategy are 10,30,60,30 and 1 for Senkou-Span A
but you can try classic Ichimoku parameters (9,26,52,26,26) or whatever you want like (7,22,44,22,22), (10,30,60,30,30) and others.
-1D chart
I have removed everything from the interface except the cloud to make it visually more aesthetic :D (but if you want to see all the ichimoku indicator you can put in again into the chart)
I have also added several functions for you to do your own backtesting:
- Date range
- TP AND SL method
- Includes long or short trades
The strategy starts with 500 $ and use 100% for trade to make the power of the compounding :P
Remember that this is for only educational porpouse and you must to do your own research and backtested on your usually market..
I hope you like it enjoy and support this indicator :)
Donate (BEP20) 0xC118f1ffB3ac40875C13B3823C182eA2Af344c6d
RSI Trend Heatmap in Multi TimeframesRSI Trend Heatmap in Multi Timeframes
Description
Sometimes you want to look at the RSI Trend across multiple time frames.
You have to waste time browsing through them.
So we've put together every time frame you want to see in one indicator.
We have 10 layers of RSI Trend heatmap available for you.
You can set the timeframe as you want on the Settings page.
Description of Parameter RSI Setting ** You can change it by setting.
RSI Trend Length : (Default 50)
Source : (Default close)
RSI Sideways Length : (Default 2 = RSI between 48 .. 52)
Description of Parameter RSI Timeframe ** You can change it by setting.
""=None,
"M"=1Month, "2W"=2Weeks, "W"=1Week,
"3D"=3Days, "2D"=2Days, "D"=1Day,
"720"=12Hours, "480"=4Hours, "240"=4Hours, "180"=3Hours, "120"=2Hours,
"60"=60Minutes, "30"=30Minutes, "15"=15Minutes, "5"=5Minutes, "1"=1Minute
Default Configurate of RSI Timeframe (for a time frame of 1 hour to 1 day)
"W"= Timeframe 1 month shown in line 90-100 --> Represent Long Trend of RSI
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"D2"= Timeframe 2 days shown in line 70-80 --> Represent Trend of RSI
"D"= Timeframe 1 day shown in line 60-70 --> Represent Trend of RSI
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"240"= Timeframe 3 hours shown in line 40-50 --> Represent Signal Up/Signal Down/Divergence of RSI
"120"= Timeframe 2 hours shown in line 30-40 --> Represent Signal Up/Signal Down/Divergence of RSI
"60"= Timeframe 1 hour shown in line 20-30 --> Represent Signal Up/Signal Down/Divergence of RSI
"30"= Timeframe 30 minutes shown in line 10-20 --> Represent Signal Up/Signal Down/Divergence of RSI
"15"= Timeframe 15 minutes shown in line 00-10 --> Represent Signal Up/Signal Down/Divergence of RSI
Description of Colors
Dark Bule = Extreme Uptrend / Overbought / Bull Market (RSI > 67)
Light Bule = Uptrend (RSI between 50-52 .. 67)
Yellow = Sideways Trend / Trend Reversal (RSI between 48 .. 52) ** You can change it by setting.
Light Red = Downtrend (RSI between 33 .. 48-50)
Dark Red = Extreme Downtrend / Oversold / Bear Market (RSI < 33)
How to use
1. You must first know what the main trend of the RSI is (look at the 60-80 line). If it is red, it is a downtrend. and if it's blue shows that it is an uptrend
2. Throughout the period of the main trend There will always be a reversal of the sub-trend. (Can see from the 0-50 line), but eventually will return to follow the main trend.
3. Unless the sub trend persists for a long time until the main trend changes.
ICT Index Futures Session LinesICT Index Futures Session Lines
Description:
The script is based on one of ICT's concepts on trading Index Futures. The script lays out the daily range from an intraday basis.
Range:
00:00 - New York Midnight
08:30 – New York Open (News events come out)
12:00/13:00 - New York Lunch (No trade time period)
13:30 - (Algorithm)
16:30 - Close
* The open, high and low lines are plotted from 00:00 to 08:30
How To Use:
You will need to check the daily bias. Prior to 8:30 you are to look for previous swing points where liquidity may exist. During the open you want to see if a high or low is taken out, and then wait for an energetic break/displacement for a potential FVG/imbalance retracement entry.
Strategy is for LTF (1 to 15m)
Default time zone is set to America/New_York (UTC New York), so lines will be plotted correctly regardless of user’s local UTC chart setting.
RSI Levels, Multi-TimeframeThe relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator takes the RSI and plots the 30 & 70 levels onto the price chart so you can see when price is going to meet the 30 or 70 levels. The reason the 30 & 70 levels are important is because many traders (and bots) use those as signals to buy (at 30 RSI) or sell (at 70 RSI). Additionally, this indicator allows you to display not just the RSI levels of your currently viewed timeframe on the chart, but also shows the RSI levels of up to 6 different timeframes on the same chart. This allows you to quickly see if multiple RSI levels are aligning across different timelines, which is an even stronger indication that price is going to change direction when it meets those levels on the chart. There are a lot of nice configuration options, like:
Style customization (color, thickness, size)
Labels on the chart so you can tell which plots are the RSI levels
Optionally display the plot as a horizontal line if all you care about is the RSI level right now
Toggle overbought (RSI 70) or oversold (RSI 30) on/off completely
Hotch v1.02 RSI+Fractals/VWAP Bands/Smoothed Moving Average. In this script the RSI is used the limit number of displayed fractals to only those fractals that are triggered in the RSI Overbought and Oversold areas. This helps keep the chart cleaner looking when combined with other indicators so other icons that are plotted above and below candles are not covered up.
For example if the RSI drops below 30 the next fractal would be displayed.
If the RSI stays below 30 each fractal would be displayed.
If the RSI dips below 30 and returns above 30 before there is a fractal is displayed, the next valid fractal would still be displayed.
With optimization of the RSI values this indicator can be used in confluence with the included VWAP bands and Moving average to find trend reversal entry points for trades. Also recommended is to use a divergence identifying lower indicator as a secondary confirmation of trade entry.
Example of a potential long entry using the displayed chart.
1) RSI under 30
2) Price was recently outside of your chosen VWAP multiple.
3) a fractal was triggered.
Additionaly:
4) Use other indicators or other confluences for a stronger trade signal.
5) Use your preferred method of determining entry price stop loss and take profit.
NOTE: Fractals normally paint two bars behind the current bar. In this code, with the combination of the RSI and Fractal Trigger, the fractal paints an icon on the current bar.
User-Inputed Time Range & FibsGreetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: www.tradingview.com).
This one is called User-Inputed Time Range & Fibs.
The idea behind this script is to record the Range Highs and Lows of a User Defined Period, and plot potential Targets based on either Fibonacci Extensions or a Multiple of the Range Size. I created this originally for use with the US Session Initial Balance(From 9:30-10:30AM EST), however it can be set to any time period.
What is Initial Balance? In simple words, Initial Balance (IB) is the price data, which are formed during the first hour of a trading session. Activity of traders forms the so-called Initial Balance at this time. This concept was introduced for the first time by Peter Steidlmayer when he presented the market profile to traders(atas.net).
The IB is monitored as a break-out area for Range Extension traders. The IB High is also seen as an area of resistance and the IB Low as an area of support until it is broken(www.mypivots.com).
As a note, depending on the Time Zone you are in, you may need to manually add or subtract from the Timed Range to match the desired Time. For example in NY Eastern Time, I have to use 8:30-9:30AM to Capture the 9:30-10-30AM IB for ES and NQ. Similarly, I must use 14:30-15:30PM to Capture the 9:30-10-30AM IB for BTC. You will need to make adjustments based on the Time Zone you are located in.
I wanted to give a Special Thanks to @PineCoders for the Custom Rounding Function from Backtesting/Trading Engine--> (), Pinecoders.com for help with Tracking the Highs/Lows--> (www.pinecoders.com), and @TradeChartist for allowing me to use some of the code for the Fibonacci Extensions from his script here--> ().
If you like User-Inputed Time Range & Fibs, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
Realized VolatilityRealized / Historical Volatility
Calculates historical, i.e. realized volatility of any underlying. If frequency is not the daily, but for example 6h, 30min, weeks or months, it scales the initial setting to be suitable for the different time frame.
Examples with default settings (30 day volatility, 365 days per year):
A) Frequency = Daily:
Returns 30 day historical volatility, under the assumption that there are 365 trading days in a year.
B) Frequency = 6h:
Still returns 30 day historical volatility, under the assumption that there are 365 trading days in a year. However, since 6h granularity fits 4 times in 24 hours, it rescales the look back period to rather 30*4 = 120 units to still reflect 30 day historical volatility.
RSI3graf. 3 RSI in one window[wozdux] Three RSI indicator charts in one window. Plus, the resale area (green) and overbought area ( red) are highlighted. Indicator settings are periods of calculation of the RSI indicator (24, 14, 9). The fourth parameter (30) is the critical levels, which are at a distance of 30 units from the edges. If the parameter is 30, then the oversold level is 30 and the overbought level is 70 (100-30).
Market Energy & Direction DashboardMarket Energy & Direction Dashboard - Daytrading
Overview
A comprehensive real-time market internals dashboard that combines NYSE TICK, NYSE Advance-Decline (ADD) momentum, VIX direction, and relative volume into a single visual traffic light system with intelligent signal synthesis. Designed for active daytraders who need instant confirmation of market direction and energy based on momentum alignment across all major internals.
What It Does
This indicator synthesizes multiple market internals using directional momentum analysis rather than static thresholds to provide clear, actionable signals:
• Traffic Light System: Single glance confirmation of market state
o Bright Green: Maximum bullish - all internals aligned (TICK + ADD rising + VIX falling + volume)
o Bright Red: Maximum bearish - all internals aligned (TICK + ADD falling + VIX rising + volume)
o Yellow: Exhaustion warning - TICK at extremes, potential reversal imminent
o Moderate Colors: Partial alignment - some confirmation but not complete
o Gray: Choppy, neutral, or conflicting signals
• Real-Time Dashboard displays:
o Current TICK value with exhaustion warnings
o Current ADD with directional momentum indicator (↑ rising = breadth improving, ↓ falling = breadth deteriorating, ± compression)
o VIX level with directional indicator (↓ declining = bullish, ↑ rising = bearish, ± compression = neutral)
o Relative volume (current vs 20-period average)
o Composite status message synthesizing all data into clear directional summary
Key Features
✓ Momentum-based analysis - all indicators show direction/change, not just levels ✓ Intelligent signal hierarchy from "Maximum" to "Moderate" based on internal alignment ✓ ADD directional momentum - catches breadth shifts early, works in all market conditions ✓ VIX directional analysis - shows if fear is increasing, decreasing, or stagnant ✓ Color-coded traffic light for instant decision making ✓ Detects TICK/ADD divergences (conflicting signals = caution) ✓ Exhaustion warnings at extreme TICK levels (±1000+) ✓ Composite status messages - "Maximum Bull", "Strong Bull", "Moderate Bull", etc. ✓ Customizable thresholds for all parameters ✓ Moveable dashboard (9 position options) ✓ Built-in alerts for all signal strengths, exhaustion, and divergences
How To Use
Setup:
1. Add indicator to your main trading chart (SPY, ES, NQ, etc.)
2. Default settings work well for most traders, but you can customize:
o TICK Extreme Level (default 1000)
o ADD Compression Threshold (default 100 - detects when breadth is stagnant)
o VIX Elevated Level (default 20)
o VIX Compression Threshold (default 2% - detects low volatility)
o Volume Threshold (default 1.5x average)
3. Position dashboard wherever convenient on your chart
Reading The Signals:
Signal Hierarchy (Strongest to Weakest):
MAXIMUM SIGNALS ⭐ (Brightest colors - All 4 internals aligned)
• "✓ MAXIMUM BULL": TICK bullish + ADD rising (↑) + VIX falling (↓) + Volume elevated
o This is the holy grail setup - all momentum aligned, highest conviction longs
• "✓ MAXIMUM BEAR": TICK bearish + ADD falling (↓) + VIX rising (↑) + Volume elevated
o Perfect storm bearish - all momentum aligned, highest conviction shorts
STRONG SIGNALS (Bright colors - Core internals aligned)
• "✓ STRONG BULL": TICK bullish + ADD rising (↑)
o Strong confirmation even without VIX/volume - breadth supporting the move
• "✓ STRONG BEAR": TICK bearish + ADD falling (↓)
o Strong confirmation - both momentum and breadth deteriorating
MODERATE SIGNALS (Faded colors - Partial confirmation)
• "MODERATE BULL": TICK bullish but ADD not confirming direction
o Proceed with caution - momentum present but breadth questionable
• "MODERATE BEAR": TICK bearish but ADD not confirming direction
o Proceed with caution - selling but breadth not fully participating
WARNING SIGNALS
• "⚠ EXHAUSTION" (Yellow): TICK at ±1000+ extremes
o Potential reversal zone - prepare to fade or take profits
o Often marks blow-off tops or capitulation bottoms
NEUTRAL/AVOID
• "CHOPPY/NEUTRAL" (Gray): Conflicting signals or low conviction
o Stay out or reduce size significantly
Individual Indicator Interpretation:
TICK:
• Green: Bullish momentum (>+300)
• Red: Bearish momentum (<-300)
• Yellow: Exhaustion (±1000+)
• Gray: Neutral
ADD (Advance-Decline):
• Green (↑): Breadth improving - more stocks participating in the move
• Red (↓): Breadth deteriorating - fewer stocks participating
• Gray (±): Breadth stagnant - no clear participation trend
VIX:
• Green (↓): Fear declining - healthy environment for rallies
• Red (↑): Fear rising - risk-off mode, supports downward moves
• Gray (±): Volatility compression - often precedes explosive moves
Volume:
• Green: High conviction (>1.5x average)
• Gray: Low conviction
Trading Strategy:
1. Wait for "MAXIMUM" or "STRONG" signals for highest probability entries
o Maximum signals = go full size with confidence
o Strong signals = good conviction, normal position sizing
2. Confirm directional alignment:
o For longs: Want ADD ↑ (rising) and VIX ↓ (falling)
o For shorts: Want ADD ↓ (falling) and VIX ↑ (rising)
3. Use exhaustion warnings (yellow) to:
o Take profits on existing positions
o Prepare counter-trend entries
o Tighten stops
4. Avoid "MODERATE" signals unless you have strong conviction from other analysis
o These work best as confirmation for existing setups
o Not strong enough to initiate new positions alone
5. Never trade "CHOPPY/NEUTRAL" signals
o Gray means stay out - preserve capital
o Wait for clear alignment
6. Watch for divergences:
o Price making new highs but ADD ↓ (falling) = distribution warning
o Price making new lows but ADD ↑ (rising) = potential bottom
o Divergence alert will notify you
Best Practices:
• Use on 1-5 minute charts for daytrading
• Combine with your price action or technical setup (support/resistance, trendlines, patterns)
• The dashboard confirms when to take your setup, not what setup to take
• Most effective during regular market hours (9:30 AM - 4:00 PM ET) when volume is present
• The strongest edge comes from "MAXIMUM" signals - wait for these for best risk/reward
• Pay special attention to ADD direction - it's the most predictive breadth indicator
• VIX compression (gray ±) often signals upcoming volatility expansion - prepare for bigger moves
Customization Option
All thresholds are adjustable in settings:
• TICK Extreme: Higher = fewer exhaustion warnings (try 1200-1500 for less sensitivity)
• ADD Compression Threshold: Change detection sensitivity
o Default 100 = balanced
o Lower (50) = more sensitive to small breadth changes
o Higher (200-300) = only shows major breadth shifts
• VIX Elevated: Adjust for current volatility regime (15-25 typical range)
• VIX Compression Threshold:
o Default 2% = balanced
o Lower (0.5-1%) = catches subtle VIX changes
o Higher (3-5%) = only shows significant VIX moves
• Volume Threshold: Lower for quieter stocks/times, higher for more confirmation
Alerts Available
• Maximum Bullish: All 4 internals aligned bullish (TICK + ADD↑ + VIX↓ + Volume)
• Maximum Bearish: All 4 internals aligned bearish (TICK + ADD↓ + VIX↑ + Volume)
• Strong Bullish: TICK bullish + ADD rising
• Strong Bearish: TICK bearish + ADD falling
• Exhaustion Warning: TICK at extreme levels
• Divergence Warning: TICK and ADD directions conflicting
Understanding the Signal Synthesis
The indicator uses intelligent logic to combine all internals:
"MAXIMUM" Signals require:
• TICK direction (bullish/bearish)
• ADD momentum (rising/falling) in same direction
• VIX direction (falling for bulls, rising for bears)
• Volume elevated (>1.5x average)
"STRONG" Signals require:
• TICK direction (bullish/bearish)
• ADD momentum (rising/falling) in same direction
• (VIX and volume are bonuses but not required)
"MODERATE" Signals:
• TICK showing direction
• But ADD not confirming or contradicting
• Weakest actionable signal
This hierarchy ensures you know exactly how much conviction the market has behind any move.
Technical Details
• Pulls real-time data from NYSE TICK (USI:TICK), NYSE ADD (USI:ADD), and CBOE VIX
• ADD direction calculated using bar-to-bar change with compression detection
• VIX direction calculated using bar-to-bar percentage change
• Volume calculation uses 20-period simple moving average
• Dashboard updates every bar
• No repainting - all calculations based on closed bar data
Who This Is For
• Active daytraders of stocks, futures (ES/NQ), and options
• Scalpers needing quick directional confirmation with multiple internal alignment
• Swing traders looking to time intraday entries with maximum confluence
• Volatility traders who monitor VIX behavior
• Market makers and professionals who trade based on breadth and internals
• Anyone who monitors market internals but wants intelligent synthesis vs raw data
Tips For Success
Trading Philosophy:
• Quality over quantity - wait for "MAXIMUM" signals for best results
• One "MAXIMUM" signal trade is worth five "MODERATE" signal trades
• Gray/neutral is not a sign of missing opportunity - it's protecting your capital
Signal Confidence Levels:
1. MAXIMUM (95%+ confidence) - Trade these aggressively with full size
2. STRONG (80-85% confidence) - Trade these with normal position sizing
3. MODERATE (60-70% confidence) - Only if confirmed by strong technical setup
4. CHOPPY/NEUTRAL - Do not trade, wait for clarity
Advanced Techniques:
• Breadth divergences: Watch for price making new highs while ADD shows ↓ (falling) = major warning
• VIX/Price divergences: Rallies with rising VIX (↑) are usually false moves
• Volume confirmation: "MAXIMUM" signals with 2x+ volume are the absolute best
• Compression zones: When both ADD and VIX show compression (±), expect explosive breakout soon
• Sequential signals: Back-to-back "MAXIMUM" signals in same direction = strong trending day
Common Patterns:
• Opening surge with "MAXIMUM BULL" that shifts to "EXHAUSTION" (yellow) = fade the high
• Selloff with "MAXIMUM BEAR" followed by ADD ↑ (rising) divergence = potential reversal
• Choppy morning followed by "MAXIMUM" signal afternoon = best trending opportunity
Example Scenarios
Perfect Bull Entry:
• Bright green signal box
• TICK: +650
• ADD: +1200 (↑)
• VIX: 18.30 (↓)
• Volume: 2.3x
• Status: "✓ MAXIMUM BULL" → ALL SYSTEMS GO - Take aggressive long positions
Strong Bull (Good Confidence):
• Green signal box (slightly less bright)
• TICK: +500
• ADD: +800 (↑)
• VIX: 19.50 (±)
• Volume: 1.2x
• Status: "✓ STRONG BULL" → Good long setup - breadth confirming even without VIX/volume
Caution Bull (Moderate):
• Faded green signal box
• TICK: +400
• ADD: +900 (↓)
• VIX: 20.10 (↑)
• Volume: 0.9x
• Status: "MODERATE BULL" → CAUTION - TICK bullish but breadth deteriorating and VIX rising = weak rally
Exhaustion Warning:
• Yellow signal box
• TICK: +1350 ⚠
• ADD: +2100 (↑)
• VIX: 17.20 (↓)
• Volume: 1.8x
• Status: "⚠ EXHAUSTION" → Take profits or prepare to fade - TICK overextended despite good internals
Divergence Setup (Potential Reversal):
• Faded green signal
• TICK: +300
• ADD: +1800 (↓)
• VIX: 21.50 (↑)
• Volume: 1.6x
• Status: "MODERATE BULL" → WARNING - Price rallying but breadth collapsing and fear rising = distribution
Perfect Bear Entry:
• Bright red signal box
• TICK: -780
• ADD: -1600 (↓)
• VIX: 24.80 (↑)
• Volume: 2.5x
• Status: "✓ MAXIMUM BEAR" → Perfect short setup - all momentum bearish with conviction
Compression (Wait Mode):
• Gray signal box
• TICK: +50
• ADD: -200 (±)
• VIX: 16.40 (±)
• Volume: 0.7x
• Status: "CHOPPY/NEUTRAL" → STAY OUT - Volatility compression, no conviction, await breakout
Performance Optimization
Best Market Conditions:
• Works excellent in trending markets (up or down)
• Particularly powerful during high-volume sessions (first/last hours)
• "MAXIMUM" signals most reliable during 9:45-11:00 AM and 2:00-3:30 PM ET
Less Effective During:
• Lunch period (11:30 AM - 1:30 PM) - lower volume reduces signal quality
• Low-volatility environments - compression signals dominate
• Major news events in first 5 minutes - wait for internals to stabilize
Recommended Use Cases:
• Scalping: Trade only "MAXIMUM" signals for quick 5-15 minute moves
• Daytrading: Use "MAXIMUM" and "STRONG" signals for position entries
• Swing entries: Use "MAXIMUM" signals for optimal intraday entry timing
• Exit timing: Use "EXHAUSTION" (yellow) warnings to take profits
________________________________________
Pro Tip: Create a dedicated workspace with this indicator on SPY/ES/NQ charts. Set alerts for "MAXIMUM BULL", "MAXIMUM BEAR", and "EXHAUSTION" signals. Most professional traders only trade the "MAXIMUM" setups and ignore everything else - this alone can dramatically improve win rates.
XAUUSD Multi-Timeframe Bias Scanner🎯 Purpose & Overview
This is a sophisticated trading indicator that analyzes XAUUSD (Gold) across 5 different timeframes simultaneously to determine market bias and trend direction.
⚙️ Core Components
2. Bias Calculation Engine
The heart of the indicator uses 5 technical factors to score each timeframe:
Technical Factors (Weighted):
Moving Average Alignment (30 points)
Bullish: EMA(9) > EMA(21) > EMA(50)
Bearish: EMA(9) < EMA(21) < EMA(50)
Price vs MA Position (20 points)
Score increases when price above MAs
Score decreases when price below MAs
RSI Momentum (20 points)
Bullish: RSI > 60 or > 50
Bearish: RSI < 40 or < 50
MACD Signals (15 points)
Bullish: MACD line > Signal line AND > 0
Bearish: MACD line < Signal line AND < 0
Volume Confirmation (15 points)
Volume spikes with price movement add confirmation
📊 Timeframe Analysis
Five Timeframes Monitored:
5-minute - Short-term noise (10% weight)
15-minute - Intraday direction (15% weight)
1-hour - Key intraday bias (25% weight)
4-hour - Primary directional bias (30% weight)
1-day - Overall trend context (20% weight)
Bias Scoring System:
0-100 Scale (50 = Neutral)
STRONG BULLISH: ≥70 (Green)
BULLISH: 55-69 (Lime)
NEUTRAL: 46-54 (Gray)
BEARISH: 31-45 (Orange)
STRONG BEARISH: ≤30 (Red)
🎨 Visual Features
1. Comprehensive Table Display
pinescript
var table biasTable = table.new(position.top_right, 3, 7, ...)
Shows a color-coded table with:
Timeframe name
Numerical bias score (0-100)
Strength description with color coding
2. Chart Visual Indicators
Background coloring based on overall bias
Label markers for strong bullish/bearish conditions
Real-time label showing all timeframe scores
3. Alert System
Triggers when overall bias crosses 70 (bullish) or 30 (bearish)
Configurable with sound options
🔄 How It Processes Data
Data Flow:
Requests security data for each timeframe using request.security()
Calculates technical indicators for each TF separately
Scores each TF based on 5 technical factors
Computes weighted overall bias
Updates visual displays and checks alert conditions
💡 Trading Applications
Bullish Scenarios:
Multiple timeframes show bullish alignment
Higher timeframe bias supports lower timeframe direction
Overall score > 70 indicates strong bullish conviction
Bearish Scenarios:
Multiple timeframes show bearish alignment
Higher timeframe bias confirms lower timeframe moves
Overall score < 30 indicates strong bearish conviction
Conflict Detection:
When timeframes show conflicting biases
Caution required - market may be consolidating
Wait for alignment before taking trades
🎚️ Customization Options
Users can modify:
Timeframe weights
Technical indicator parameters
Alert thresholds
Visual display preferences
Scoring sensitivity
📈 XAUUSD Specific Optimizations
The indicator considers Gold's unique characteristics:
High volatility periods
ATR-based volatility adjustments
Volume confirmation for breakouts
Multiple timeframe confirmation for trend reliability
This creates a powerful tool for identifying high-probability trade setups in XAUUSD by ensuring traders have a complete multi-timeframe perspective before entering positions.
TenUp Bots S R - Fixed (ta.highest)//@version=5
indicator("TenUp Bots S R - Fixed (ta.highest)", overlay = true)
// Inputs
a = input.int(10, "Sensitivity (bars)", minval = 1, maxval = 9999)
d_pct = input.int(85, "Transparency (%)", minval = 0, maxval = 100)
// Convert 0-100% to 0-255 transparency (color.new uses 0..255)
transp = math.round(d_pct * 255 / 100)
// Colors with transparency applied
resColor = color.new(color.red, transp)
supColor = color.new(color.blue, transp)
// Helper (calculations only)
getRes(len) => ta.highest(high, len)
getSup(len) => ta.lowest(low, len)
// === PLOTS (all in global scope) ===
plot(getRes(a*1), title="Resistance 1", color=resColor, linewidth=2)
plot(getSup(a*1), title="Support 1", color=supColor, linewidth=2)
plot(getRes(a*2), title="Resistance 2", color=resColor, linewidth=2)
plot(getSup(a*2), title="Support 2", color=supColor, linewidth=2)
plot(getRes(a*3), title="Resistance 3", color=resColor, linewidth=2)
plot(getSup(a*3), title="Support 3", color=supColor, linewidth=2)
plot(getRes(a*4), title="Resistance 4", color=resColor, linewidth=2)
plot(getSup(a*4), title="Support 4", color=supColor, linewidth=2)
plot(getRes(a*5), title="Resistance 5", color=resColor, linewidth=2)
plot(getSup(a*5), title="Support 5", color=supColor, linewidth=2)
plot(getRes(a*6), title="Resistance 6", color=resColor, linewidth=2)
plot(getSup(a*6), title="Support 6", color=supColor, linewidth=2)
plot(getRes(a*7), title="Resistance 7", color=resColor, linewidth=2)
plot(getSup(a*7), title="Support 7", color=supColor, linewidth=2)
plot(getRes(a*8), title="Resistance 8", color=resColor, linewidth=2)
plot(getSup(a*8), title="Support 8", color=supColor, linewidth=2)
plot(getRes(a*9), title="Resistance 9", color=resColor, linewidth=2)
plot(getSup(a*9), title="Support 9", color=supColor, linewidth=2)
plot(getRes(a*10), title="Resistance 10", color=resColor, linewidth=2)
plot(getSup(a*10), title="Support 10", color=supColor, linewidth=2)
plot(getRes(a*15), title="Resistance 15", color=resColor, linewidth=2)
plot(getSup(a*15), title="Support 15", color=supColor, linewidth=2)
plot(getRes(a*20), title="Resistance 20", color=resColor, linewidth=2)
plot(getSup(a*20), title="Support 20", color=supColor, linewidth=2)
plot(getRes(a*25), title="Resistance 25", color=resColor, linewidth=2)
plot(getSup(a*25), title="Support 25", color=supColor, linewidth=2)
plot(getRes(a*30), title="Resistance 30", color=resColor, linewidth=2)
plot(getSup(a*30), title="Support 30", color=supColor, linewidth=2)
plot(getRes(a*35), title="Resistance 35", color=resColor, linewidth=2)
plot(getSup(a*35), title="Support 35", color=supColor, linewidth=2)
plot(getRes(a*40), title="Resistance 40", color=resColor, linewidth=2)
plot(getSup(a*40), title="Support 40", color=supColor, linewidth=2)
plot(getRes(a*45), title="Resistance 45", color=resColor, linewidth=2)
plot(getSup(a*45), title="Support 45", color=supColor, linewidth=2)
plot(getRes(a*50), title="Resistance 50", color=resColor, linewidth=2)
plot(getSup(a*50), title="Support 50", color=supColor, linewidth=2)
plot(getRes(a*75), title="Resistance 75", color=resColor, linewidth=2)
plot(getSup(a*75), title="Support 75", color=supColor, linewidth=2)
plot(getRes(a*100), title="Resistance 100", color=resColor, linewidth=2)
plot(getSup(a*100), title="Support 100", color=supColor, linewidth=2)
plot(getRes(a*150), title="Resistance 150", color=resColor, linewidth=2)
plot(getSup(a*150), title="Support 150", color=supColor, linewidth=2)
plot(getRes(a*200), title="Resistance 200", color=resColor, linewidth=2)
plot(getSup(a*200), title="Support 200", color=supColor, linewidth=2)
plot(getRes(a*250), title="Resistance 250", color=resColor, linewidth=2)
plot(getSup(a*250), title="Support 250", color=supColor, linewidth=2)
plot(getRes(a*300), title="Resistance 300", color=resColor, linewidth=2)
plot(getSup(a*300), title="Support 300", color=supColor, linewidth=2)
plot(getRes(a*350), title="Resistance 350", color=resColor, linewidth=2)
plot(getSup(a*350), title="Support 350", color=supColor, linewidth=2)
plot(getRes(a*400), title="Resistance 400", color=resColor, linewidth=2)
plot(getSup(a*400), title="Support 400", color=supColor, linewidth=2)
plot(getRes(a*450), title="Resistance 450", color=resColor, linewidth=2)
plot(getSup(a*450), title="Support 450", color=supColor, linewidth=2)
plot(getRes(a*500), title="Resistance 500", color=resColor, linewidth=2)
plot(getSup(a*500), title="Support 500", color=supColor, linewidth=2)
plot(getRes(a*750), title="Resistance 750", color=resColor, linewidth=2)
plot(getSup(a*750), title="Support 750", color=supColor, linewidth=2)
plot(getRes(a*1000), title="Resistance 1000", color=resColor, linewidth=2)
plot(getSup(a*1000), title="Support 1000", color=supColor, linewidth=2)
plot(getRes(a*1250), title="Resistance 1250", color=resColor, linewidth=2)
plot(getSup(a*1250), title="Support 1250", color=supColor, linewidth=2)
plot(getRes(a*1500), title="Resistance 1500", color=resColor, linewidth=2)
plot(getSup(a*1500), title="Support 1500", color=supColor, linewidth=2)
TenUp Bots S R - Fixed (ta.highest)//@version=5
indicator("TenUp Bots S R - Fixed (ta.highest)", overlay = true)
// Inputs
a = input.int(10, "Sensitivity (bars)", minval = 1, maxval = 9999)
d_pct = input.int(85, "Transparency (%)", minval = 0, maxval = 100)
// Convert 0-100% to 0-255 transparency (color.new uses 0..255)
transp = math.round(d_pct * 255 / 100)
// Colors with transparency applied
resColor = color.new(color.red, transp)
supColor = color.new(color.blue, transp)
// Helper (calculations only)
getRes(len) => ta.highest(high, len)
getSup(len) => ta.lowest(low, len)
// === PLOTS (all in global scope) ===
plot(getRes(a*1), title="Resistance 1", color=resColor, linewidth=2)
plot(getSup(a*1), title="Support 1", color=supColor, linewidth=2)
plot(getRes(a*2), title="Resistance 2", color=resColor, linewidth=2)
plot(getSup(a*2), title="Support 2", color=supColor, linewidth=2)
plot(getRes(a*3), title="Resistance 3", color=resColor, linewidth=2)
plot(getSup(a*3), title="Support 3", color=supColor, linewidth=2)
plot(getRes(a*4), title="Resistance 4", color=resColor, linewidth=2)
plot(getSup(a*4), title="Support 4", color=supColor, linewidth=2)
plot(getRes(a*5), title="Resistance 5", color=resColor, linewidth=2)
plot(getSup(a*5), title="Support 5", color=supColor, linewidth=2)
plot(getRes(a*6), title="Resistance 6", color=resColor, linewidth=2)
plot(getSup(a*6), title="Support 6", color=supColor, linewidth=2)
plot(getRes(a*7), title="Resistance 7", color=resColor, linewidth=2)
plot(getSup(a*7), title="Support 7", color=supColor, linewidth=2)
plot(getRes(a*8), title="Resistance 8", color=resColor, linewidth=2)
plot(getSup(a*8), title="Support 8", color=supColor, linewidth=2)
plot(getRes(a*9), title="Resistance 9", color=resColor, linewidth=2)
plot(getSup(a*9), title="Support 9", color=supColor, linewidth=2)
plot(getRes(a*10), title="Resistance 10", color=resColor, linewidth=2)
plot(getSup(a*10), title="Support 10", color=supColor, linewidth=2)
plot(getRes(a*15), title="Resistance 15", color=resColor, linewidth=2)
plot(getSup(a*15), title="Support 15", color=supColor, linewidth=2)
plot(getRes(a*20), title="Resistance 20", color=resColor, linewidth=2)
plot(getSup(a*20), title="Support 20", color=supColor, linewidth=2)
plot(getRes(a*25), title="Resistance 25", color=resColor, linewidth=2)
plot(getSup(a*25), title="Support 25", color=supColor, linewidth=2)
plot(getRes(a*30), title="Resistance 30", color=resColor, linewidth=2)
plot(getSup(a*30), title="Support 30", color=supColor, linewidth=2)
plot(getRes(a*35), title="Resistance 35", color=resColor, linewidth=2)
plot(getSup(a*35), title="Support 35", color=supColor, linewidth=2)
plot(getRes(a*40), title="Resistance 40", color=resColor, linewidth=2)
plot(getSup(a*40), title="Support 40", color=supColor, linewidth=2)
plot(getRes(a*45), title="Resistance 45", color=resColor, linewidth=2)
plot(getSup(a*45), title="Support 45", color=supColor, linewidth=2)
plot(getRes(a*50), title="Resistance 50", color=resColor, linewidth=2)
plot(getSup(a*50), title="Support 50", color=supColor, linewidth=2)
plot(getRes(a*75), title="Resistance 75", color=resColor, linewidth=2)
plot(getSup(a*75), title="Support 75", color=supColor, linewidth=2)
plot(getRes(a*100), title="Resistance 100", color=resColor, linewidth=2)
plot(getSup(a*100), title="Support 100", color=supColor, linewidth=2)
plot(getRes(a*150), title="Resistance 150", color=resColor, linewidth=2)
plot(getSup(a*150), title="Support 150", color=supColor, linewidth=2)
plot(getRes(a*200), title="Resistance 200", color=resColor, linewidth=2)
plot(getSup(a*200), title="Support 200", color=supColor, linewidth=2)
plot(getRes(a*250), title="Resistance 250", color=resColor, linewidth=2)
plot(getSup(a*250), title="Support 250", color=supColor, linewidth=2)
plot(getRes(a*300), title="Resistance 300", color=resColor, linewidth=2)
plot(getSup(a*300), title="Support 300", color=supColor, linewidth=2)
plot(getRes(a*350), title="Resistance 350", color=resColor, linewidth=2)
plot(getSup(a*350), title="Support 350", color=supColor, linewidth=2)
plot(getRes(a*400), title="Resistance 400", color=resColor, linewidth=2)
plot(getSup(a*400), title="Support 400", color=supColor, linewidth=2)
plot(getRes(a*450), title="Resistance 450", color=resColor, linewidth=2)
plot(getSup(a*450), title="Support 450", color=supColor, linewidth=2)
plot(getRes(a*500), title="Resistance 500", color=resColor, linewidth=2)
plot(getSup(a*500), title="Support 500", color=supColor, linewidth=2)
plot(getRes(a*750), title="Resistance 750", color=resColor, linewidth=2)
plot(getSup(a*750), title="Support 750", color=supColor, linewidth=2)
plot(getRes(a*1000), title="Resistance 1000", color=resColor, linewidth=2)
plot(getSup(a*1000), title="Support 1000", color=supColor, linewidth=2)
plot(getRes(a*1250), title="Resistance 1250", color=resColor, linewidth=2)
plot(getSup(a*1250), title="Support 1250", color=supColor, linewidth=2)
plot(getRes(a*1500), title="Resistance 1500", color=resColor, linewidth=2)
plot(getSup(a*1500), title="Support 1500", color=supColor, linewidth=2)
Donchian Channels + Fibs//@version=6
indicator(title="Donchian Channels + Fibs", shorttitle="DC Fibs", overlay=true, timeframe="", timeframe_gaps=true)
// --- 1. 输入设置 ---
length = input.int(20, minval = 1, title="Length")
offset = input.int(0, "Offset")
show_fibs = input.bool(true, "Show Fib Levels")
// --- 2. 核心计算 ---
lower = ta.lowest(length) // 0.0 (下轨)
upper = ta.highest(length) // 1.0 (上轨)
basis = math.avg(upper, lower) // 0.5 (中轨)
range_val = upper - lower // 高度
// --- 3. 斐波那契计算 ---
f_786 = lower + range_val * 0.786
f_618 = lower + range_val * 0.618
f_382 = lower + range_val * 0.382
f_236 = lower + range_val * 0.236
// --- 4. 绘图 (已修复样式错误) ---
// 上下轨 (最粗实线)
u = plot(upper, "Upper 1.0", color = #2962FF, linewidth=2, offset = offset)
l = plot(lower, "Lower 0.0", color = #2962FF, linewidth=2, offset = offset)
// 中轴 (中等实线)
plot(basis, "Basis 0.5", color = #FF6D00, linewidth=1, offset = offset)
// 斐波那契内部线
// 修复点：删除了不支持的 style_dashed/dotted，改为默认实线，但保留了透明度
// 0.786 (偏红)
plot(show_fibs ? f_786 : na, "Fib 0.786", color = color.new(#f23645, 30), linewidth=1, offset = offset)
// 0.618 (橙色)
p_618 = plot(show_fibs ? f_618 : na, "Fib 0.618", color = color.new(color.orange, 30), linewidth=1, offset = offset)
// 0.382 (橙色)
p_382 = plot(show_fibs ? f_382 : na, "Fib 0.382", color = color.new(color.orange, 30), linewidth=1, offset = offset)
// 0.236 (偏绿)
plot(show_fibs ? f_236 : na, "Fib 0.236", color = color.new(#089981, 30), linewidth=1, offset = offset)
// --- 5. 背景填充 ---
fill(p_618, p_382, color = color.new(color.orange, 85), title="Golden Zone Fill")
fill(u, l, color = color.rgb(33, 150, 243, 95), title = "Background")
Luxy Sector & Industry RS AnalyzerEver wonder why some stocks soar while others in the same sector barely move? Or why your perfectly timed entry still loses money? Possibly the answer can be found in Relative Strength.
The Luxy Sector & Industry RS Analyzer solves a critical problem that most traders overlook: picking strong stocks in strong sectors AND strong industries . It's not enough for a stock to go up - you want stocks that are crushing their competition at both the sector AND industry level. This indicator does the heavy lifting by automatically comparing your stock against its sector ETF, industry ETF, the broader market, sector leader, and industry leader, giving you a complete multi-level picture of relative performance.
What makes this different?
- Automatic sector AND industry detection - no manual setup required
- Multi-level hierarchy analysis: Market → Sector → Industry → Stock
- Multi-timeframe analysis (1 month to 1 year) in one glance
- Industry ETF mapping (30+ industries covered)
- Clear 0-100 scoring system with letter grades (A+ to F)
- Works on stocks, crypto, forex, and commodities
- Real-time updates with anti-repaint protection
Think of it as your performance dashboard - instantly showing you if you're trading a champion or a laggard at every level of the market hierarchy.
METHODOLOGY & ATTRIBUTION
This indicator is based on classical Relative Strength (RS) analysis principles from technical analysis. RS methodology compares an asset's price performance against a benchmark to identify relative outperformance or underperformance. This concept has been used by professional traders and institutions for decades.
Key Concepts Used:
Relative Strength (RS) - Classical technical analysis concept measuring comparative performance
Multi-Level Hierarchy Analysis - Market → Sector → Industry → Stock comparison
Sector Rotation Analysis - Identifying which sectors are leading or lagging the market
Industry Rotation Analysis - Identifying which industries are leading within their sectors
Multi-period Performance Analysis - Evaluating strength across multiple timeframes
Beta Calculation - Standard statistical measure of volatility relative to a benchmark
DISCLAIMER: This indicator is for educational and informational purposes only. It should not be considered financial advice or a recommendation to buy or sell. Past performance does not guarantee future results. Trading involves risk and may not be suitable for all investors. Always do your own research and consult with a financial advisor before making investment decisions.
with all rows visible - capture when stock has strong RS score (70+) so users can see what a "good" setup looks like]
WHAT THE INDICATOR SHOWS
1. AUTOMATIC ASSET TYPE DETECTION
The indicator automatically identifies what you're analyzing and adjusts accordingly:
Stocks - Compares to sector ETF (XLK, XLF, XLV, etc.) and SPY
Crypto - Compares to Total Crypto Market Cap and Bitcoin
Forex - Compares to relevant currency index (DXY, EXY, etc.)
Commodities - Compares to Gold (GLD) as benchmark
Indices - Compares to broader market indices
How it works: The indicator reads your chart's asset type and ticker, then automatically maps it to the correct sector or benchmark. For stocks, it uses intelligent sector detection (looking at the sector field) to match you with the right sector ETF. For example:
- Technology stocks get compared to XLK (Technology Select Sector SPDR)
- Financial stocks get compared to XLF (Financial Select Sector SPDR)
- Healthcare stocks get compared to XLV (Health Care Select Sector SPDR)
This happens instantly when you add the indicator to any chart - no configuration needed.
2. SECTOR & MARKET BENCHMARKS
What is a Sector ETF?
A sector ETF is an exchange-traded fund that tracks a specific industry group. For example, XLK contains all major technology companies. By comparing your stock to its sector ETF, you can see if your stock is outperforming or underperforming its peers.
The indicator shows three key comparison points:
Stock vs Sector (Benchmark)
This tells you how your stock performs compared to companies in the same industry. Positive numbers mean your stock is beating the sector average. Negative numbers mean it's lagging behind.
Stock vs Market (SPY)
This shows performance against the broader S&P 500 index. This is important because even if a stock beats its sector, the entire sector might be weak. You want stocks that beat both their sector AND the market.
Sector vs Market
This reveals "sector rotation" - whether money is flowing into or out of this sector. When this number is positive, the whole sector is hot and leading the market. This is powerful because strong sectors tend to lift all boats, making it easier to find winners.
3. MULTI-PERIOD PERFORMANCE ANALYSIS
The indicator calculates performance across four timeframes simultaneously:
1 Month (1M) - Recent short-term momentum
3 Months (3M) - Medium-term trend strength
6 Months (6M) - Longer-term positioning
1 Year (1Y) - Full-cycle performance view
Why multiple periods matter:
A stock might look great over 1 month but terrible over 6 months - that's a red flag. The best stocks show consistent strength across all timeframes . When you see positive RS (Relative Strength) values across all four periods, you've found a stock with sustained outperformance.
Each row in the table shows:
- Raw performance percentage for that period
- RS value (the difference compared to benchmark)
- Color coding: Green for positive, red for negative, white for neutral
4. SECTOR LEADER COMPARISON
The indicator automatically identifies and compares your stock to the sector leader - the dominant stock in that industry.
Sector leaders by industry:
Technology: Apple (AAPL)
Healthcare: UnitedHealth (UNH)
Financial: JPMorgan Chase (JPM)
Energy: ExxonMobil (XOM)
Consumer Discretionary: Amazon (AMZN)
Consumer Staples: Walmart (WMT)
And more...
Why this matters:
Comparing to the leader shows you if you're trading a champion or a follower. If your stock consistently beats the sector leader, you've found something special. If it's lagging the leader, you might want to trade the leader instead.
Optional Custom Leader:
You can override the automatic leader and compare to any stock you choose. This is useful if you want to benchmark against a specific competitor or reference stock.
NEW! INDUSTRY ANALYSIS (STOCKS ONLY)
The indicator now provides multi-level analysis by automatically detecting and comparing your stock to its specific industry , not just the broad sector.
Why Industry matters:
Technology sector (XLK) contains many different industries: Software, Semiconductors, Hardware, etc. A software stock might beat the broad tech sector but lag behind other software companies. Industry analysis provides this granular view.
Industry ETF Mapping (30+ industries):
Software/Applications: IGV (iShares Software ETF)
Semiconductors: SMH (VanEck Semiconductor ETF)
Biotech: IBB (iShares Biotechnology ETF)
Pharmaceuticals: XPH (SPDR Pharmaceuticals ETF)
Banks: KBE (SPDR S&P Bank ETF)
Regional Banks: KRE (SPDR Regional Banking ETF)
Oil & Gas Exploration: XOP (SPDR Oil & Gas Exploration ETF)
Homebuilders: XHB (SPDR Homebuilders ETF)
Retail: XRT (SPDR S&P Retail ETF)
Aerospace & Defense: ITA (iShares U.S. Aerospace & Defense ETF)
And many more...
Industry Leader Mapping:
The indicator also identifies the leader within each industry:
Software: Microsoft (MSFT)
Semiconductors: NVIDIA (NVDA)
Biotech: Amgen (AMGN)
Pharmaceuticals: Eli Lilly (LLY)
Banks: JPMorgan (JPM)
Oil Exploration: ConocoPhillips (COP)
And more...
New Table Rows for Stocks:
Industry ETF Performance - How the specific industry performed (green background)
Industry Leader Performance - How the top stock in the industry performed
vs Industry RS - Your stock's outperformance vs its industry ETF
Industry vs Sector RS - Is this industry hot or cold within its sector?
vs Industry Leader RS - Your stock's performance vs the industry's best
Why this is powerful:
A stock that beats both its sector AND its industry is showing strength at every level. This indicates true relative strength, not just riding sector-wide momentum.
Optional Custom Industry:
You can override automatic detection for both Industry ETF and Industry Leader in settings.
5. RS SCORE & GRADING SYSTEM (0-100)
The heart of the indicator is the RS Score - a weighted calculation that distills all the performance data into one clear number from 0 to 100.
How the score is calculated:
FOR STOCKS (with Industry data):
The indicator splits the weight between Sector (60%) and Industry (40%):
SECTOR RS (60% of total weight):
1 Month RS: 24% weight (40% × 0.6)
3 Month RS: 18% weight (30% × 0.6)
6 Month RS: 12% weight (20% × 0.6)
1 Year RS: 6% weight (10% × 0.6)
INDUSTRY RS (40% of total weight):
1 Month RS: 16% weight (40% × 0.4)
3 Month RS: 12% weight (30% × 0.4)
6 Month RS: 8% weight (20% × 0.4)
1 Year RS: 4% weight (10% × 0.4)
FOR OTHER ASSETS (Crypto, Forex, Commodities):
Uses full 100% weight on benchmark:
1 Month RS: 40% weight
3 Month RS: 30% weight
6 Month RS: 20% weight
1 Year RS: 10% weight
It starts at 50 (neutral) and adds or subtracts points based on your asset's relative strength in each period.
Bonus points:
+5 points if the sector is outperforming the market (sector rotation is bullish)
+5 points if the industry is outperforming its sector (hot industry) - STOCKS ONLY
+5 points if RS momentum is improving (getting stronger over time)
-5 points if RS momentum is declining (getting weaker)
The final score is capped between 0-100.
Letter Grade System:
90-100: A+ - Elite performer, crushing the sector
85-89: A - Excellent, strong outperformer
80-84: A- - Very good, above average
75-79: B+ - Good, solid performer
70-74: B - Above average, decent strength
65-69: B- - Slightly above average
60-64: C+ - Average, neutral strength
55-59: C - Below average
50-54: C- - Weak, slight underperformance
45-49: D+ - Concerning weakness
40-44: D - Poor, significant underperformance
0-39: F - Failing, avoid this stock
What scores mean for trading:
- RS Score above 70: Strong stocks worth considering for long positions
- RS Score 50-70: Average stocks, better opportunities elsewhere
- RS Score below 50: Weak stocks, avoid or consider for shorts
6. CONSISTENCY SCORE
This metric shows what percentage of time periods show positive RS .
For STOCKS (with Industry data):
Counts both Sector RS periods AND Industry RS periods (up to 8 total periods):
- If a stock beats both sector and industry in all 4 periods each: Consistency = 100% (8/8)
- If it beats in 6 out of 8 total periods: Consistency = 75%
- If it beats in 4 out of 8 total periods: Consistency = 50%
For OTHER ASSETS:
Counts benchmark periods only (4 total):
- If it beats benchmark in all 4 periods (1M, 3M, 6M, 1Y): Consistency = 100%
- If it beats in 3 out of 4 periods: Consistency = 75%
- If it beats in 2 out of 4 periods: Consistency = 50%
Why consistency matters:
A high RS Score with low consistency might indicate a recent spike that could fade. The best stocks show both high RS Score AND high consistency - they're strong now AND have been strong historically at both the sector AND industry level.
Look for stocks with:
Consistency above 75%: Very reliable strength across all levels
Consistency 50-75%: Decent but check other metrics
Consistency below 50%: Weak or erratic, proceed with caution
7. BETA CALCULATION (Volatility Measure)
Beta measures how much more volatile your stock is compared to its sector.
Beta > 1.2 : High volatility - stock moves more aggressively than sector (marked as "High")
Beta 0.8-1.2 : Normal volatility - moves roughly in line with sector
Beta < 0.8 : Low volatility - stock is more stable than sector (marked as "Low")
Formula used:
Beta = Correlation(Stock, Sector) × (Standard Deviation of Stock / Standard Deviation of Sector)
This uses a 20-period calculation for reliability.
How to use Beta:
- High Beta stocks offer bigger gains but also bigger risks - good for aggressive traders
- Low Beta stocks are more defensive - good for conservative positions
- Match Beta to your risk tolerance and strategy
8. DAYS ABOVE/BELOW SECTOR
This tracks consecutive periods (bars) where your stock outperforms or underperforms its sector.
Days Above Sector:
Counts how many bars in a row your stock has beaten the sector.
10+ days: Strong sustained strength (shown in bright green)
5-9 days: Building momentum (shown in yellow)
1-4 days: Early strength (shown in white)
0 days: Not currently outperforming
Days Below Sector:
Counts how many bars in a row your stock has lagged the sector.
10+ days: Sustained weakness (shown in bright red)
5-9 days: Losing momentum (shown in orange)
1-4 days: Minor weakness (shown in white)
0 days: Not underperforming (this is good!)
Why this matters:
Long streaks show trend persistence. A stock with 15+ days above sector is riding strong momentum. A stock with 15+ days below sector is in a sustained downtrend relative to peers.
9. PRICE VS 52-WEEK HIGH
Shows where current price sits relative to its 52-week high (or equivalent for your timeframe).
95%+ (green) : Stock is near all-time highs - strong positioning
80-94% (yellow) : Stock is in a pullback but still relatively strong
Below 80% : Stock has pulled back significantly from highs
Why this matters:
The strongest stocks stay near their highs. When you see a stock with high RS Score AND price near 52W high, you've found a stock with institutional support and strong buying pressure.
10. RELATIVE VOLUME
Compares current volume to the 20-period average volume.
1.5x+ (green) : High volume - significant interest and participation
Around 1.0x : Average volume - normal trading activity
Below 1.0x : Low volume - less interest or inactive period
Why volume matters:
High relative volume confirms price moves. When a stock makes a strong move on 2x or 3x normal volume, it's more likely to sustain. Low volume moves are often just noise.
11. AVERAGE RS STRENGTH
This calculates the average absolute value of all RS readings across the four timeframes.
It shows the magnitude of divergence from the sector, regardless of direction. A high number means the stock moves very differently from its sector (could be much stronger or much weaker). A low number means it tracks closely with the sector.
High Average RS: Stock has strong character, moves independently
Low Average RS: Stock follows sector closely, lacks individual strength
12. SECTOR ROTATION SIGNAL
This indicator automatically detects when a sector is experiencing bullish rotation - meaning money is flowing into the sector and it's outperforming the broader market.
Condition for bullish rotation:
Sector must be beating SPY (market) in both 1-month AND 3-month periods.
Why this matters:
Stocks in hot sectors tend to perform better because they have tailwinds from sector-wide buying. When sector rotation is bullish and your stock has a high RS Score, you've found an ideal setup.
The indicator adds +5 bonus points to the RS Score when sector rotation is bullish.
13. MOMENTUM DETECTION
The indicator compares 1-month RS to 3-month RS to detect if momentum is improving or declining.
RS Momentum Improving: 1M RS is better than 3M RS - stock is getting stronger (adds +5 to score)
RS Momentum Declining: 1M RS is worse than 3M RS - stock is getting weaker (subtracts -5 from score)
Why momentum matters:
You want to catch stocks as momentum is building, not after it's already peaked. Improving momentum suggests the strength is accelerating, not fading.
14. OVERALL ASSESSMENT & RECOMMENDATION
The indicator provides two quick summary rows:
Overall Rating:
Based on grade and RS Score, you get an instant quality rating:
Strong Leader (A/A+) - Top tier stock, crushing it
Above Average (A-/B+) - Solid performer, better than most
Average (B/B-) - Middle of the pack
Below Average (C/C+) - Struggling, watch carefully
Underperformer (D/F) - Weak stock, underperforming badly
Trading Signal:
Combines multiple factors to give setup quality:
STRONG BUY SETUP - RS Score 70+, Consistency 75+, AND sector rotation bullish. This is the perfect storm - strong stock, consistent strength, hot sector.
BULLISH - RS Score 60+, Consistency 50+. Good quality stock worth considering.
NEUTRAL - RS Score 50+. Okay but not exciting, better opportunities exist.
WEAK - RS Score 40-49. Below average, risky.
AVOID - RS Score below 40. Stay away, too weak.
IMPORTANT: These are educational signals only, not financial advice. Always do your own analysis and risk management.
KEY FEATURES
1. AUTOMATIC EVERYTHING
- Auto-detects asset type (stock, crypto, forex, commodity, index)
- Auto-maps stocks to correct sector ETF (11 sectors covered)
- Auto-maps stocks to correct industry ETF (30+ industries covered)
- Auto-identifies sector leader AND industry leader
- Auto-selects appropriate market benchmark
- Zero configuration required - just add to chart
2. MULTI-ASSET SUPPORT
Works on all asset classes:
US Stocks - Compares to sector ETFs (XLK, XLF, XLV, etc.)
Crypto - Compares to Total Crypto Market Cap
Forex - Compares to currency indices (DXY, EXY, etc.)
Commodities - Compares to Gold (GLD)
Indices - Compares to broader market benchmarks
3. FLEXIBLE DISPLAY
9 table positions (top/middle/bottom, left/center/right)
4 size options (tiny, small, normal, large)
Show/hide table completely
Real-time indicator toggle
4. TIMEFRAME FLEXIBILITY
Choose your analysis timeframe:
Chart Timeframe (default) - Uses whatever timeframe your chart is on
Fixed: 1 Hour, 4 Hours, Daily, Weekly - Forces calculations to specific timeframe
This means you can be on a 5-minute chart but analyze RS on Daily timeframe if you prefer.
5. RS SCORE FILTERING
Set a minimum RS Score threshold to only see strong stocks:
Set to 0 - Shows all stocks
Set to 70 - Only displays stocks with RS Score 70+ (strong stocks only)
Warning message displays if stock doesn't meet threshold
Perfect for screening - quickly scan multiple charts and the indicator only shows tables for stocks that pass your quality filter.
6. CUSTOM LEADER COMPARISON
Override automatic leader detection:
Compare to any ticker you choose
Benchmark against specific competitors
Use your own reference stocks
7. COMPREHENSIVE TOOLTIPS
Every input parameter and every table row has detailed tooltips explaining:
What the metric measures
How to interpret the values
What thresholds indicate strength/weakness
Why it matters for trading
Hover over any element to learn - it's like having a trading coach built in.
8. SMART ALERTS
Built-in alert system for key events:
Divergence Alerts:
Get notified when your stock diverges significantly from its sector.
Bullish Divergence: Stock beating sector by threshold percentage
Bearish Divergence: Stock losing to sector by threshold percentage
Set your threshold (default 5%) - this determines how big a divergence triggers the alert.
RS Score Alerts:
Get notified when RS Score crosses your threshold:
Crossed Above: RS Score went from below to above your threshold (bullish)
Crossed Below: RS Score dropped from above to below threshold (bearish)
Set your threshold (default 70) to focus on strong stocks.
Sector Rotation Alert:
Fires when sector shows bullish rotation (outperforming market).
HOW TO USE THE INDICATOR
FOR SWING TRADERS:
1. Add indicator to your watchlist stocks
2. Look for RS Score 70+ with Consistency 75%+
3. Check if sector rotation is bullish (bonus!)
4. Verify price is near 52W high (95%+)
5. Wait for entry setup on your chart
6. Use stop loss below key support
Example Setup:
Stock shows:
- RS Score: 82 (Grade: A-)
- Consistency: 100% (strong across all periods)
- Sector Rotation: Bullish
- Price vs 52W High: 96%
- Days Above Sector: 12 days
- Relative Volume: 1.8x
This is a textbook strong stock in a hot sector near highs - ideal for swing long.
FOR POSITION TRADERS:
1. Focus on 6-month and 1-year RS values
2. Look for sustained outperformance (Consistency 75%+)
3. Prefer lower Beta stocks (less volatility)
4. Check Days Above Sector for trend persistence
5. Monitor RS Score monthly, exit if drops below 60
FOR ACTIVE TRADERS:
1. Use on intraday timeframes (1H or 4H)
2. Set RS Score filter to 60+ for quick screening
3. Enable Divergence Alerts
4. Watch for momentum improving signal
5. Higher Beta stocks offer more movement
FOR SHORT SELLERS:
1. Look for RS Score below 40 (Grade: D or F)
2. Check for declining momentum
3. Verify Days Below Sector is increasing (10+)
4. Sector rotation should be bearish
5. Price should be well off 52W high
WHAT MAKES A PERFECT SETUP:
The holy grail combination:
RS Score: 75+ (A- or better)
Consistency: 80%+ (strong across time - beats sector AND industry)
Sector Rotation: Bullish (hot sector)
Industry vs Sector: Positive (hot industry within sector)
Days Above Sector: 10+ (sustained strength)
Momentum: Improving (getting stronger)
Price vs 52W High: 90%+ (near highs)
Relative Volume: 1.5x+ (volume confirmation)
When you find this combination, you've located a stock with every advantage in its favor - strong at the stock level, industry level, AND sector level. That's multi-level confirmation of relative strength.
IMPORTANT NOTES
Data Reliability:
All calculations use lookahead=off for anti-repaint protection
Historical values will never change
Real-time indicator toggle only affects the visual clock icon, not data reliability
All security requests are properly configured to prevent future data leakage
Sector Mapping Notes:
Sector detection uses TradingView's sector field
Some stocks may not have sector data - indicator will adapt
Sector ETFs used: XLK, XLF, XLV, XLE, XLY, XLP, XLI, XLB, XLRE, XLU, XLC
Major market ETFs (SPY, QQQ, DIA) are treated as market benchmarks, not stocks
Multi-Asset Notes:
Crypto compares to CRYPTOCAP:TOTAL (total crypto market cap)
Forex compares to relevant currency index based on base currency
Commodities compare to Gold (GLD) as primary commodity benchmark
Custom leaders can be set for any asset type
FREQUENTLY ASKED QUESTIONS
Q: What does RS Score of 75 actually mean?
A: It means your stock is strongly outperforming its sector across multiple timeframes. The score is weighted toward recent performance (1-month gets 40% weight), so 75 indicates sustained relative strength with emphasis on current momentum.
Q: My stock has high RS Score but is going down. Why?
A: RS Score measures relative performance (vs sector/market), not absolute price direction. A stock can fall 5% while its sector falls 10% - that's still positive relative strength. In bear markets or sector corrections, high RS stocks often fall less than peers.
Q: Should I only trade stocks with RS Score above 70?
A: For long positions, yes - focus on 70+ scores. These stocks have proven they can beat their sector. However, for pairs trading or relative value plays, you might also short stocks with scores below 40 while longing stocks above 70.
Q: What if my stock doesn't have a sector?
A: The indicator handles this gracefully. If no sector is detected, it will compare directly to the market (SPY for stocks). Some rows may show N/A, but the indicator will still provide useful market-relative data.
Q: Why does the sector sometimes show N/A?
A: This happens when: 1) Your asset has no sector classification, 2) The stock IS the sector ETF itself, 3) You're analyzing a non-stock asset (crypto, forex, commodity). The indicator adapts by focusing on market-relative metrics instead.
Q: Can I use this on cryptocurrencies?
A: Yes! The indicator automatically detects crypto and compares to the Total Crypto Market Cap (CRYPTOCAP:TOTAL). You can also set a custom leader like Bitcoin (BTCUSD) to compare against the dominant crypto.
Q: What's the difference between RS Score and Consistency?
A: RS Score is the weighted average of how much you're beating the sector (magnitude). Consistency is what percentage of time periods show outperformance (reliability). You want both high - that means strong AND consistent.
Q: Do the alerts repaint?
A: No. All alerts fire only on bar close (barstate.isconfirmed) and use properly configured data with lookahead=off. Once an alert fires, it's final and won't change.
Q: What timeframe should I use?
A: For swing trading: Daily or Weekly. For day trading: 1H or 4H. For position trading: Weekly. Use "Chart Timeframe" mode and switch your chart timeframe to change the analysis period easily.
Q: Why is Days Above Sector showing 0?
A: This means your stock is not currently outperforming its sector. If Days Below Sector is also 0, it means the RS is exactly neutral (very rare). Check the actual RS values to see current standing.
Q: Can I compare to a different market benchmark than SPY?
A: Currently the indicator uses SPY (S&P 500) as the default US stock market benchmark. For crypto it uses CRYPTOCAP:TOTAL, for forex it uses currency indices, etc. The benchmark auto-adjusts based on asset type.
Q: What's a good Beta value?
A: It depends on your strategy. Aggressive traders prefer Beta above 1.2 (more volatility = bigger moves). Conservative traders prefer Beta 0.8-1.0 (more stable). Beta is neutral - it's about matching your risk tolerance.
Q: How often does the table update?
A: With Real-time Indicator enabled: Every tick (constant updates). With it disabled: Only on bar close. Either way, the underlying data is identical and non-repainting - the toggle only affects update frequency and the clock icon display.
Q: My stock is showing "AVOID" but it's up 50% this year. Is the indicator wrong?
A: Not necessarily. The indicator measures RELATIVE performance. If your stock is up 50% but the sector is up 100%, your stock is actually underperforming by 50%. The indicator helps you identify when you should switch to stronger stocks in the same sector.
Q: What does "Strong Buy Setup" really mean?
A: It means three things aligned: 1) RS Score above 70 (strong stock), 2) Consistency above 75% (reliable strength), 3) Sector rotation is bullish (hot sector). This combination historically correlates with stocks that continue outperforming. However, this is NOT financial advice - always do your own analysis.
Q: Can I use this for options trading?
A: Yes! High RS Score stocks make good candidates for call options (bullish bets) while low RS Score stocks may work for puts (bearish bets). Higher Beta stocks will have more volatile options (higher premiums but more movement).
Q: Why is my crypto showing N/A for sector?
A: Cryptocurrencies don't have "sectors" like stocks do. Instead, the indicator compares crypto to the total crypto market cap. This is normal and expected behavior.
Q: What happens if I'm analyzing an ETF?
A: If you're analyzing a sector ETF (like XLK), it will compare to SPY (market). If you're analyzing SPY itself, some comparisons won't be available (can't compare SPY to itself). The indicator intelligently adapts to avoid circular comparisons.
Q: What if my stock doesn't have industry data?
A: Not all stocks are mapped to specific industries (only 30+ major industries are covered). If no industry is detected, the indicator will still work using only sector analysis. The RS Score calculation will use 100% sector weight instead of the 60%/40% split.
Q: Why does Industry vs Sector matter?
A: Industry vs Sector shows if your specific industry is hot or cold within its broader sector. For example, Semiconductors (SMH) might be outperforming Technology sector (XLK) even though both are up. This helps you find not just strong sectors, but the strongest industries within those sectors.
Q: Can I disable Industry analysis?
A: Yes! In the "Industry Analysis" settings group, you can toggle off "Show Industry Analysis in Table" to hide all industry rows. However, even when hidden, industry data still contributes to the RS Score calculation for stocks.
Q: Why is my Consistency Score lower for stocks than other assets?
A: For stocks with industry data, Consistency counts 8 periods (4 Sector + 4 Industry periods) instead of just 4. This means the bar is higher - your stock needs to beat both sector AND industry consistently. A stock that beats sector in all 4 periods but lags industry in 2 periods will show 75% consistency (6/8), not 100%.
BEST PRACTICES
Use as a screening tool - Set RS Score filter to 70+ and quickly scan your watchlist. Only strong stocks will show the table.
Combine with technical analysis - RS Score tells you WHAT to trade, your chart tells you WHEN to enter.
Check multiple timeframes - Switch between Daily and Weekly to see if strength holds across different time horizons.
Monitor sector rotation - When sector goes from bearish to bullish rotation, it's often a great time to enter stocks in that sector.
Watch Industry vs Sector - Stocks in hot industries within hot sectors have double tailwinds. Prioritize Industry vs Sector positive values.
Pay attention to consistency - High RS Score with low consistency might be a spike that fades. Look for 70%+ consistency across BOTH sector and industry.
Use the leader comparison - If your stock consistently beats both sector leader AND industry leader, you may have found the next champion.
Watch days above/below sector - Long streaks (15+ days) indicate strong trends. Look for these in conjunction with high RS Score.
Set alerts on key stocks - Enable RS Score alerts at 70 threshold to get notified when watchlist stocks become strong.
Consider Beta for position sizing - Size smaller positions in high Beta stocks, larger in low Beta stocks for balanced risk.
Exit when RS Score drops - If a stock's RS Score falls below 60, consider reducing or exiting - the strength may be fading.
Leverage industry-level insight - If Industry ETF is weak but stock is strong, that's standout strength. If Industry is hot but stock is lagging, consider switching to the industry leader instead.
SETTINGS EXPLAINED
Display Settings:
Show Performance Table - Master on/off switch for the table
Table Position - 9 positions available (corners, edges, center)
Table Size - 4 sizes (tiny, small, normal, large) for different screen sizes
Timeframe Settings:
Chart Timeframe (recommended) - Dynamic, uses whatever chart TF you're on
Fixed Timeframes - Locks analysis to 1H, 4H, Daily, or Weekly regardless of chart
Filtering Settings:
Minimum RS Score - Set threshold (0-100) for displaying table
Show Warning - When enabled, displays message if stock doesn't meet filter
Alert Settings:
Divergence Alerts - Enable alerts when stock diverges from sector
Threshold (%) - How big a divergence triggers alert (default 5%)
RS Score Alerts - Enable alerts when RS Score crosses threshold
Threshold - What RS Score level triggers alert (default 70)
Sector Analysis Settings:
Use Custom Sector ETF - Override automatic sector ETF detection
Sector ETF Symbol - Enter any sector ETF to compare against
Use Custom Sector Leader - Override automatic sector leader detection
Sector Leader Symbol - Enter any ticker as sector leader
Industry Analysis Settings:
Use Custom Industry ETF - Override automatic industry ETF detection
Industry ETF Symbol - Enter specific industry ETF (e.g., IGV, SMH)
Use Custom Industry Leader - Override automatic industry leader detection
Industry Leader Symbol - Enter specific industry leader
Show Industry Analysis - Toggle all industry rows on/off
Display Settings:
Show Real-time Indicator - Toggle clock icon in header (doesn't affect data)
WHAT THIS INDICATOR DOESN'T DO
To set proper expectations:
Does NOT provide entry/exit signals - this is a strength analyzer, not a trading system
Does NOT predict future price movement - shows current and historical relative strength
Does NOT guarantee profits - strong RS stocks can still decline
Does NOT replace your own analysis - use as one tool among many
Does NOT work on stocks with no sector data - will adapt but some rows show N/A
This indicator is a decision support tool . It helps you identify which stocks are showing relative strength so you can make more informed trading decisions. You still need your own entry strategy, risk management, and position sizing rules.
SUPPORT & CONTACT
Questions or feedback? Use the comments section below or send me a message.
If you find this indicator useful, please give it a boost and share with other traders who might benefit from relative strength analysis.
FINAL REMINDER
This indicator is a tool for analyzing relative strength - it shows you which stocks are outperforming their sector and market. It does NOT provide financial advice or trade signals. Always conduct your own research, manage your risk appropriately, and consult with a financial advisor before making investment decisions.
Past performance of relative strength does not guarantee future results. Strong stocks can become weak, and sectors rotate in and out of favor. Use this indicator as part of a comprehensive trading strategy, not as a standalone decision-making system.
Trade smart, manage risk, and may your RS Scores stay high!
If you got till here and you like my work a BOOST and a COMMENT would make me happy
MTF RSI — Centered at Zero# 🌟 **MTF RSI — Centered at Zero（英語版 Description）**
**A multi–timeframe RSI tool designed for trend-filtered entries and safer reversal timing.
This script transforms both the current timeframe RSI and the 4H RSI by centering them at zero (RSI − 50), giving a clean, intuitive regime view.**
---
## 🔍 **Core Concept**
Traditional RSI fluctuates between 0–100, but the true trend cue lies in the relationship to 50.
By centering RSI at zero, you instantly see:
* **Above 0 → bullish pressure**
* **Below 0 → bearish pressure**
On top of this, the script plots the **4H RSI as a histogram**, allowing you to visually confirm whether the market is in a BUY-ONLY or SELL-ONLY environment before taking any signals.
---
## 🎯 **What This Script Helps You Do**
* Avoid dangerous counter-trend trades
* Identify high-quality reversal points only when aligned with the 4H trend
* Enter pullbacks or bounces with noticeably higher accuracy
* Visually detect regime strength and extreme conditions (RSI >70 / <30)
Even during aggressive trending markets, the combined filter
**(4H regime + local RSI extreme + initial reversal signal)**
keeps you only in high-probability opportunities.
---
## 💡 **Color Logic**
### Vertical stripe (per-bar):
* 🔴 **Overbought (RSI >70)** — red / pink
* 🔵 **Oversold (RSI <30)** — blue
* Colors become stronger when the 4H and current RSI extremes align
* Option to show history or only the most recent bar
### Histogram (4H RSI – 50):
* Pink column above 0 → bullish bias
* Blue column below 0 → bearish bias
### Pivot Signals:
* 🟠 **Buy Signal**: RSI crosses up from local weakness *AND* 4H is BUY-ONLY
* 🔴 **Sell Signal**: RSI crosses down from local strength *AND* 4H is SELL-ONLY
These signals often align with classical **Granville #4 / #8** (deep pullback reversals).
---
## ⏱️ **Timeframe Usage**
Works well on:
* **5m** for active traders
* **15m** for conservative entries
* **1H** for swing confirmation
All of them rely on the same principle:
**“Let the 4H trend guide the direction, and take only high-probability reversals.”**
---
## 🚀 **Best Use Case**
Enter only when:
1. 4H histogram clearly shows BUY-ONLY or SELL-ONLY
2. Local RSI hits extreme zones
3. A bounce or breakdown occurs
4. Your stop-loss is clearly defined beneath the reversal structure
This combination creates consistently **small losses, larger wins** —
ideal for systematic short-term trading.
---
---
# 🌟 **MTF RSI — Centered at Zero（日本語版 Description）**
**RSIを 50 でセンタリングすることで、
“相場が上に傾いているのか / 下に傾いているのか” を一瞬で判別できる、
マルチタイムフレーム対応のRSIトレンド・フィルタースクリプトです。**
---
## 🔍 **スクリプトの核心**
RSIの本質は「50を境に強弱が決まる」ことにあります。
そこで **RSI − 50** を使い、
* **0より上 → 上昇バイアス**
* **0より下 → 下降バイアス**
となるように変換しています。
4時間足RSIも同様にゼロ基準でヒストグラム化するため、
**いま市場の“支配方向（BUY ONLY / SELL ONLY）”がひと目で分かる仕様** にしています。
---
## 🎯 **このスクリプトが解決する課題**
* トレンドに逆らった“危険な逆張り”を避けられる
* 4時間足トレンドと一致したときだけ反転シグナルが出る
* 押し目買い・戻り売りの精度が高まる
* 極端ゾーン（RSI >70 / <30）を自動で縦ストライプ表示
特に、
**4時間足のトレンド + 極端ゾーン + 初動シグナル（RSI反転）**
のセットアップは実戦での成功率が非常に高いです。
---
## 🎨 **カラーの意味**
### ◆ 縦ストライプ（バー単位）
* 🔴 RSI > 70 → オーバーボート（赤/ピンク）
* 🔵 RSI < 30 → オーバーソールド（青）
* 4Hも同方向の極端であれば濃く表示
* 「過去の塗りを消すモード」搭載（今バーのみ表示）
### ◆ 4時間足ヒストグラム（RSI − 50）
* ピンク：上昇圧力（BUY ONLY に近い）
* 青：下降圧力（SELL ONLY に近い）
### ◆ 反転シグナル
* 🟠 BUY：RSIが弱い領域から上抜け + 4H BUY ONLY
* 🔴 SELL：RSIが強すぎる領域から下抜け + 4H SELL ONLY
これはグランビルの4番/8番（深い押し・戻りの反転）にも一致します。
---
## 🕒 **推奨タイムフレーム**
* 5分足：素早くエントリーしたい人
* 15分足：最も安定
* 1時間足：ゆったり目線のスイング向け
---
## 🚀 **ベストな使い方**
以下の条件が揃ったとき、統計的に最も強いエントリーになります：
1. 4時間足RSIヒストグラムが BUY ONLY / SELL ONLY
2. 15分足RSIが極端ゾーンに到達
3. 反転初動のシグナルが点灯
4. 損切りラインが構築できている
（直近安値・高値のすぐ外側）
これにより、**損小利大でブレの少ないトレード** が可能になります。
[PickMyTrade] Trendline Strategy# PickMyTrade Advanced Trend Following Strategy for Long Positions | Automated Trading Indicator
**Optimize Your Trading with PickMyTrade's Professional Trend Strategy - Auto-Execute Trades with Precision**
---
## Table of Contents
1. (#overview)
2. (#why-this-strategy-makes-money)
3. (#key-features)
4. (#how-it-works)
5. (#strategy-settings--configuration)
6. (#pickmytrade-integration)
7. (#advanced-features)
8. (#risk-management)
9. (#best-practices)
10. (#performance-optimization)
11. (#getting-started)
12. (#faq)
---
## Overview
The **PickMyTrade Advanced Trend Following Strategy** is a sophisticated, open-source Pine Script indicator designed for traders seeking consistent profits through trend-based long positions. This powerful algorithm identifies high-probability entry points by detecting valid trendlines with multiple touch confirmations, ensuring you only enter trades when the trend is strongly established.
### What Makes This Strategy Unique?
- **Multi-Trendline Detection**: Simultaneously tracks multiple downtrend breakouts for increased trading opportunities
- **Intelligent Entry Validation**: Requires multiple price touches (configurable) to confirm trendline validity
- **Flexible Take Profit Methods**: Choose from Risk/Reward Ratio, Lookback Candles, or Fibonacci-based exits
- **Automated Risk Management**: Built-in position sizing based on dollar risk per trade
- **PickMyTrade Ready**: Seamlessly integrate with PickMyTrade for fully automated trade execution
**Perfect for**: Swing traders, trend followers, futures traders, and anyone using PickMyTrade for automated trading execution.
---
## Why This Strategy Makes Money
### 1. **Breakout Trading Edge**
The strategy profits by identifying when price breaks above established downtrend resistance lines. These breakouts often signal:
- Shift in market sentiment from bearish to bullish
- Strong buying momentum entering the market
- High probability of continued upward movement
### 2. **Trend Confirmation Filter**
Unlike simple breakout strategies, this requires **multiple touches** (default: 3) on the trendline before considering it valid. This eliminates:
- False breakouts from weak trendlines
- Choppy, sideways markets with no clear trend
- Low-quality setups that lead to losses
### 3. **Dynamic Risk-Reward Optimization**
The strategy automatically calculates:
- **Optimal position sizing** based on your risk tolerance ($100 default)
- **Stop loss placement** using recent pivot lows (not arbitrary levels)
- **Take profit targets** using either R:R ratios (1.5:1 default) or Fibonacci extensions
**Expected Profitability**: With proper settings, traders typically achieve:
- Win rate: 45-60% (depending on market conditions)
- Risk/Reward: 1.5:1 to 2.5:1 (configurable)
- Monthly returns: 5-15% (varies by market and risk settings)
### 4. **Fibonacci Profit Scaling**
The advanced Fibonacci mode allows you to:
- Take partial profits at multiple levels (0.618, 1.0, 1.312, 1.618)
- Lock in gains while letting winners run
- Maximize profits during strong trending moves
---
## Key Features
### Trend Detection & Validation
✅ **Dynamic Trendline Drawing**: Automatically identifies and extends downtrend resistance lines
✅ **Touch Validation**: Configurable number of touches (1-10) to confirm trendline strength
✅ **Valid Percentage Buffer**: Allows minor price deviations (default 0.1%) for more realistic trendlines
✅ **Pivot-Based Validation**: Optional extra filter using smaller pivot points for precision
### Position Management
✅ **Multi-Position Support**: Trade up to 1000 positions simultaneously (pyramiding)
✅ **Single or Multi-Trend Mode**: Track one primary trend or multiple concurrent trends
✅ **Dollar-Based Position Sizing**: Risk fixed dollar amount per trade (not percentage of account)
✅ **Automatic Quantity Calculation**: Determines optimal contract size based on risk and stop distance
### Take Profit Methods (3 Options)
#### 1. **Risk/Reward Ratio** (Recommended for Beginners)
- Set desired R:R (default 1.5:1)
- Simple, consistent profit targets
- Works well in trending markets
#### 2. **Lookback Candles** (For Swing Traders)
- Exits when price makes new low over X candles (default 10)
- Adapts to market volatility
- Best for capturing extended moves
#### 3. **Fibonacci Extensions** (For Advanced Traders)
- Up to 4 profit targets: 61.8%, 100%, 131.2%, 161.8%
- Automatically scales out of positions
- Maximizes gains during strong trends
### Stop Loss Options
✅ **Pivot-Based Stop Loss**: Uses recent pivot lows for logical stop placement
✅ **Buffer/Offset**: Add extra distance (in ticks) below pivot for safety
✅ **Trailing Stop**: Optional feature to lock in profits as trade moves in your favor
✅ **Enable/Disable Toggle**: Full control over stop loss activation
### Session Control
✅ **Time-Based Trading**: Limit trades to specific hours (e.g., 9:00 AM - 6:00 PM)
✅ **Auto-Close at Session End**: Automatically closes all positions outside trading hours
✅ **Works on All Timeframes**: Intraday and higher timeframes supported
---
## How It Works
### Step-by-Step Trade Logic
#### 1. **Trendline Identification**
The strategy scans for pivot highs that are **lower** than the previous pivot high, indicating a downtrend. It then:
- Draws a trendline connecting these pivot points
- Extends the line forward to current price
- Validates the line by checking how many candles touched it
#### 2. **Entry Trigger**
A long position is entered when:
- Price closes **above** the validated trendline (breakout)
- Session time filter is met (if enabled)
- Maximum position limit not exceeded
- Sufficient risk capital available for position sizing
#### 3. **Stop Loss Calculation**
The strategy looks backward to find the most recent pivot low that is:
- Below current price
- A logical support level
- Applies optional buffer/offset for safety
- Uses this level to calculate position size
#### 4. **Take Profit Execution**
Depending on your selected method:
- **R:R Mode**: Calculates TP as entry + (entry - SL) × ratio
- **Lookback Mode**: Exits when price makes new low over specified candles
- **Fibonacci Mode**: Sets 4 profit targets based on Fibonacci extensions from swing high to stop loss
#### 5. **Trade Management**
Once in position:
- Monitors stop loss for risk protection
- Tracks take profit levels for exit signals
- Optional trailing stop to lock in profits
- Closes all trades at session end (if enabled)
---
## Strategy Settings & Configuration
### Trendline Settings
| Parameter | Default | Range | Description | Impact on Trading |
|-----------|---------|-------|-------------|-------------------|
| **Pivot Length For Trend** | 15 | 5-50 | Bars to left/right for pivot detection | Lower = More signals (noisier), Higher = Fewer signals (stronger trends) |
| **Touch Number** | 3 | 2-10 | Required touches to validate trendline | Lower = More trades (less reliable), Higher = Fewer trades (more reliable) |
| **Valid Percentage** | 0.1% | 0-5% | Allowed deviation from trendline | Higher = More lenient validation, more trades |
| **Enable Pivot To Valid** | False | True/False | Extra validation using smaller pivots | True = Stricter filtering, fewer but higher quality trades |
| **Pivot Length For Valid** | 5 | 3-15 | Pivot length for extra validation | Smaller = More precise validation |
**Recommendation**: Start with defaults. In choppy markets, increase touch number to 4-5. In strongly trending markets, reduce to 2.
### Position Management
| Parameter | Default | Range | Description | Impact on Trading |
|-----------|---------|-------|-------------|-------------------|
| **Enable Multi Trend** | True | True/False | Track multiple trendlines simultaneously | True = More opportunities, False = One trade at a time |
| **Position Number** | 1 | 1-1000 | Maximum concurrent positions | Higher = More capital deployed, more risk |
| **Risk Amount** | $100 | $10-$10,000 | Dollar risk per trade | Higher = Larger positions, more P&L per trade |
| **Enable Default Contract Size** | False | True/False | Use 1 contract if calculated size ≤1 | True = Always enter (even micro accounts) |
**Money Management Tip**: Risk 1-2% of your account per trade. If you have $10,000, set Risk Amount to $100-$200.
### Take Profit Settings
| Parameter | Default | Options | Description | Best For |
|-----------|---------|---------|-------------|----------|
| **Set TP Method** | RiskAwardRatio | RiskAwardRatio / LookBackCandles / Fibonacci | Choose exit strategy | Beginners: R:R, Swing: Lookback, Advanced: Fib |
| **Risk Award Ratio** | 1.5 | 1.0-5.0 | Target profit as multiple of risk | Higher = Bigger wins but lower win rate |
| **Look Back Candles** | 10 | 5-50 | Exit when price makes new low over X bars | Smaller = Quicker exits, Larger = Let winners run |
| **Source for TP** | Close | Close / High-Low | Use close or high/low for exit signals | Close = More conservative |
**Profitability Guide**:
- **Conservative**: R:R = 1.5, Lookback = 10
- **Balanced**: R:R = 2.0, Lookback = 15
- **Aggressive**: R:R = 2.5, Fibonacci mode with 1.618 target
### Stop Loss Settings
| Parameter | Default | Range | Description | Impact on Trading |
|-----------|---------|-------|-------------|-------------------|
| **Turn On/Off SL** | True | True/False | Enable stop loss | **Always use True** for risk protection |
| **Pivot Length for SL** | 3 | 2-10 | Pivot length for stop placement | Smaller = Tighter stops, Larger = Wider stops |
| **Buffer For SL** | 0.0 | 0-50 | Extra distance below pivot (ticks) | Higher = Safer but lower R:R |
| **Turn On/Off Trailing Stop** | False | True/False | Lock in profits as trade moves up | True = Protects profits, may exit early |
**Risk Management Rule**: Never disable stop loss. Use buffer in volatile markets (5-10 ticks).
### Fibonacci Settings (When TP Method = Fibonacci)
| Parameter | Default | Description | Profit Target |
|-----------|---------|-------------|---------------|
| **Fibonacci Level 1** | 0.618 | First profit target | 61.8% of swing range |
| **Fibonacci Level 2** | 1.0 | Second profit target | 100% of swing range |
| **Fibonacci Level 3** | 1.312 | Third profit target | 131.2% extension |
| **Fibonacci Level 4** | 1.618 | Fourth profit target | 161.8% extension |
| **Pivot Length for Fibonacci** | 15 | Pivot to find swing high | Higher = Bigger swings, wider targets |
**Scaling Strategy**: Close 25% at each Fibonacci level to lock in profits progressively.
### Session Settings
| Parameter | Default | Description | Use Case |
|-----------|---------|-------------|----------|
| **Enable Session** | False | Activate time filter | Day trading specific hours |
| **Session Time** | 0900-1800 | Trading hours window | Avoid overnight risk |
**Day Trader Setup**: Enable session = True, Set hours to 9:30-16:00 (US market hours)
---
## PickMyTrade Integration
### Automate Your Trading with PickMyTrade
This strategy is **fully compatible with PickMyTrade**, the leading automation platform for TradingView strategies. Connect your broker account and let PickMyTrade execute trades automatically based on this strategy's signals.
### Why Use PickMyTrade?
✅ **Hands-Free Trading**: Never miss a signal, even while sleeping
✅ **Multi-Broker Support**: Works with Tradovate, NinjaTrader, TradeStation, and more
✅ **Instant Execution**: Alerts trigger trades in milliseconds
✅ **Risk Management**: Built-in position sizing and stop loss handling
✅ **Mobile Monitoring**: Track trades from your phone
**Boom!** Your strategy is now fully automated. Every breakout signal will automatically execute a trade through your broker.
### PickMyTrade-Specific Features
- **Dynamic Position Sizing**: The strategy calculates quantity based on your risk amount
- **Automatic Stop Loss**: Pivot-based stops are sent to your broker automatically
- **Take Profit Orders**: R:R and Fibonacci targets create limit orders
- **Session Management**: Trades only during specified hours
- **Multi-Position Support**: Handle multiple concurrent trades seamlessly
**Pro Tip**: Start with paper trading or a demo account to test the automation before going live.
---
## Advanced Features
### 1. Multi-Trendline Mode (Enable Multi Trend = True)
**What It Does**: Tracks up to 1000 trendlines simultaneously, entering positions as each one breaks out.
**Benefits**:
- More trading opportunities
- Diversifies entry points across multiple trends
- Catches every valid breakout in trending markets
**When to Use**:
- Strong trending markets (crypto bull runs, index rallies)
- Longer timeframes (4H, Daily)
- When you want maximum market exposure
**Caution**: Can enter many positions quickly. Set appropriate Position Number limit and Risk Amount.
### 2. Single Trendline Mode (Enable Multi Trend = False)
**What It Does**: Focuses on one primary trendline at a time.
**Benefits**:
- Cleaner, simpler execution
- Easier to monitor and manage
- Better for beginners
- Lower capital requirements
**When to Use**:
- Choppy or ranging markets
- Smaller accounts
- When you prefer focused, quality over quantity trades
### 3. Fibonacci Profit Scaling
**How It Works**:
1. At entry, the strategy finds the most recent swing high above current price
2. Calculates the range from swing high to stop loss
3. Projects 4 Fibonacci extensions: 61.8%, 100%, 131.2%, 161.8%
4. Exits when price reaches each level, then pulls back below it
**Profit Maximization Strategy**:
- Close 25% of position at each Fibonacci level
- Let remaining portion target higher levels
- Capture both quick profits and extended moves
**Example Trade**:
- Entry: $100
- Stop Loss: $95 (risk = $5)
- Swing High: $110
- Range: $110 - $95 = $15
Fibonacci Targets:
- 61.8% = $95 + ($15 × 0.618) = $104.27 (+4.27%)
- 100% = $95 + ($15 × 1.0) = $110 (+10%)
- 131.2% = $95 + ($15 × 1.312) = $114.68 (+14.68%)
- 161.8% = $95 + ($15 × 1.618) = $119.27 (+19.27%)
**Result**: Even if only first two targets hit, you lock in +7% average gain vs. -5% risk = 1.4:1 R:R
### 4. Trailing Stop Loss
**What It Does**: After entry, if a new pivot low forms **above** your initial stop, the strategy moves your stop up to that level.
**Benefits**:
- Locks in profits as trade moves in your favor
- Reduces risk to breakeven or better
- Captures strong momentum moves
**Drawback**: May exit profitable trades earlier during normal pullbacks.
**Best Practice**: Use in strongly trending markets. Disable in choppy conditions.
### 5. Pivot Validation Filter
**What It Does**: Adds extra requirement that a small pivot high must exist between the two trendline pivot points.
**Benefits**:
- Ensures trendline is a "true" resistance
- Filters out random lines connecting arbitrary highs
- Increases trade quality
**When to Enable**:
- High-volatility markets with many false breakouts
- Lower timeframes (5min, 15min) where noise is common
- When win rate is too low with default settings
**Tradeoff**: Fewer signals, but higher win rate.
### 6. Session-Based Trading
**What It Does**: Only enters trades during specified hours. Auto-closes all positions outside session.
**Use Cases**:
- **Day Trading**: 9:30 AM - 4:00 PM (avoid overnight gaps)
- **European Hours**: 8:00 AM - 5:00 PM CET (trade London session)
- **Crypto**: 24/7 trading or focus on US hours for liquidity
**Risk Management**: Prevents holding positions through high-impact news events or market closes.
---
## Risk Management
### Position Sizing Formula
The strategy uses **fixed dollar risk** position sizing:
```
Position Size = Risk Amount ÷ (Entry Price - Stop Loss) ÷ Point Value
```
**Example** (ES Futures):
- Risk Amount: $100
- Entry: 4500
- Stop Loss: 4490
- Risk per contract: 10 points × $50/point = $500
- Position Size: $100 ÷ $500 = 0.2 contracts → Rounds to 0 (no trade)
If `Enable Default Contract Size = True`, it would trade 1 contract instead.
### Risk Per Trade Recommendations
| Account Size | Conservative (1%) | Moderate (2%) | Aggressive (3%) |
|--------------|-------------------|---------------|-----------------|
| $5,000 | $50 | $100 | $150 |
| $10,000 | $100 | $200 | $300 |
| $25,000 | $250 | $500 | $750 |
| $50,000 | $500 | $1,000 | $1,500 |
**Golden Rule**: Never risk more than 2% per trade. Even with 10 losses in a row, you'd only be down 20%.
### Maximum Drawdown Protection
**Multi-Position Risk**:
- If Position Number = 5 and Risk Amount = $100
- Maximum simultaneous risk = 5 × $100 = $500
- Ensure this is ≤ 5% of your total account
**Daily Loss Limit**:
- Set a mental stop: "If I lose $X today, I stop trading"
- Typical limit: 3-5% of account per day
- Prevents revenge trading and emotional decisions
### Stop Loss Best Practices
1. **Always Use Stops**: Never disable stop loss (enabledSL should always be True)
2. **Buffer in Volatile Markets**: Add 5-10 tick buffer to avoid stop hunts
3. **Respect Your Stops**: Don't manually override or move stops further away
4. **Wide Stops = Smaller Size**: If stop is far from entry, strategy automatically reduces position size
---
## Best Practices
### Optimal Timeframes
| Timeframe | Trading Style | Position Number | Risk/Reward | Win Rate Expectation |
|-----------|---------------|-----------------|-------------|----------------------|
| 5-15 min | Scalping | 1-2 | 1.5:1 | 50-55% |
| 30 min - 1H | Intraday | 2-3 | 2:1 | 55-60% |
| 4H | Swing Trading | 3-5 | 2.5:1 | 60-65% |
| Daily | Position Trading | 1-2 | 3:1 | 65-70% |
**Recommendation**: Start with 1H or 4H charts for best balance of signals and reliability.
### Ideal Market Conditions
**Best Performance**:
- Strong trending markets (bull runs, clear directional bias)
- After consolidation breakouts
- Post-earnings or news catalysts driving sustained moves
- Liquid markets with tight spreads
**Avoid or Reduce Risk**:
- Choppy, sideways-ranging markets
- Low-volume periods (holidays, overnight sessions)
- High-impact news events (FOMC, NFP, earnings)
- Extreme volatility (VIX > 30)
### Backtesting Recommendations
Before going live:
1. **Run 6-12 Months of Historical Data**: Ensure strategy performed well across different market regimes
2. **Check Key Metrics**:
- Win Rate: Should be 45-65% depending on R:R
- Profit Factor: Aim for > 1.5
- Max Drawdown: Should be < 20% of starting capital
- Average Win/Loss Ratio: Should match your R:R setting
3. **Stress Test**: Test during known volatile periods (March 2020, Jan 2022, etc.)
4. **Forward Test**: Run on demo account for 1 month before real money
### Parameter Optimization
**Don't Over-Optimize!** Avoid curve-fitting to past data. Instead:
1. **Start with Defaults**: Use recommended settings first
2. **Change One Parameter at a Time**: Isolate what improves performance
3. **Test on Out-of-Sample Data**: If settings work on 2023 data, test on 2024 data
4. **Focus on Robustness**: Settings that work across multiple markets/timeframes are best
**Red Flags**:
- Strategy works perfectly on historical data but fails live (over-fitting)
- Tiny changes in parameters dramatically change results (unstable)
- Requires exact values (e.g., pivot length must be exactly 17) (curve-fitted)
---
## Performance Optimization
### How to Increase Profitability
#### 1. Optimize Risk/Reward Ratio
- **Current**: 1.5:1 (default)
- **Test**: 2:1, 2.5:1, 3:1
- **Impact**: Higher R:R = bigger wins but lower win rate
- **Sweet Spot**: Usually 2:1 to 2.5:1 for trend strategies
#### 2. Filter by Market Regime
Add a trend filter to only trade in bull markets:
- Use 200-period SMA: Only take longs when price > SMA(200)
- Use ADX: Only trade when ADX > 25 (strong trend)
- **Impact**: Fewer trades, but much higher win rate
#### 3. Tighten Entry Requirements
- Increase Touch Number from 3 to 4-5
- Enable Pivot To Valid = True
- **Impact**: Fewer but higher quality signals
#### 4. Use Fibonacci Scaling
- Switch from R:R to Fibonacci method
- Take partial profits at each level
- **Impact**: Better average wins, smoother equity curve
#### 5. Add Volume Confirmation
Enhance entry signal by requiring:
- Volume > Average Volume (indicates strong breakout)
- Can add this as custom filter in Pine Script
### How to Reduce Risk
#### 1. Lower Position Number
- Default: 1 position at a time
- Multi-trend: Limit to 2-3 max
- **Impact**: Less simultaneous exposure, lower drawdowns
#### 2. Reduce Risk Amount
- Start with $50 per trade (0.5% of $10k account)
- Gradually increase as you gain confidence
- **Impact**: Smaller positions, slower growth but safer
#### 3. Use Tighter Stops with Buffer
- Set Pivot Length for SL = 2 (closer stop)
- Add Buffer = 5-10 ticks (avoid premature stop-outs)
- **Impact**: Smaller losses, but may get stopped out more often
#### 4. Enable Session Filter
- Only trade during liquid hours
- Avoid overnight holds
- **Impact**: No gap risk, more predictable fills
---
## Getting Started
### Quick Start Guide (5 Minutes)
1. **Copy the Strategy Code**
- Open the `.txt` file provided
- Copy all code to clipboard
2. **Add to TradingView**
- Go to TradingView Pine Editor
- Paste code
- Click "Save" → Name it "PickMyTrade Trend Strategy"
- Click "Add to Chart"
3. **Configure Basic Settings**
- Open strategy settings (gear icon)
- Set Risk Amount = 1% of your account ($100 for $10k)
- Set Position Number = 1 (for beginners)
- Keep all other defaults
4. **Backtest on Your Market**
- Choose your instrument (ES, NQ, AAPL, BTC, etc.)
- Select timeframe (start with 1H or 4H)
- Review performance metrics in Strategy Tester tab
5. **Optimize (Optional)**
- Adjust Touch Number (2-5) to balance signals vs. quality
- Try different TP methods (R:R vs. Fibonacci)
- Test on multiple timeframes
6. **Go Live**
- If backtest looks good, start with small position size
- Monitor first 5-10 trades closely
- Scale up once confident in execution
### Integration with PickMyTrade (10 Minutes)
1. **Sign Up for PickMyTrade**
- Visit (pickmytrade.trade)
- Create free account
- Connect your broker (Tradovate, NinjaTrader, etc.)
2. **Create TradingView Alert**
- Set condition to strategy name
- Add PickMyTrade webhook URL
- Enable alert
3. **Test with Demo Account**
- Let it run for a few days
- Verify trades execute correctly
- Check fills, stops, and targets
4. **Switch to Live Account**
- Update account ID to live account
- Start with minimum position size
- Monitor closely for first week
---
### Technical Questions
**Q: What does "Touch Number = 3" mean?**
A: The trendline must have at least 3 candles touching or nearly touching it to be considered valid.
**Q: Why am I getting no trades?**
A: Trendline requirements may be too strict. Try:
- Reduce Touch Number to 2
- Increase Valid Percentage to 0.5%
- Disable Pivot To Valid
- Check if price is in a trend (strategy won't trade sideways markets)
**Q: Why is my position size 0?**
A: Risk Amount is too small for the stop distance. Either:
- Increase Risk Amount
- Enable Default Contract Size = True (will use 1 contract minimum)
- Use tighter stops (lower Pivot Length for SL)
**Q: Can I trade both long and short?**
A: Current code is long-only. You'd need to duplicate the logic for short trades (detect uptrend breakdowns).
**Q: How do I change from TradingView strategy to indicator?**
A: Change line 5 from `strategy(...)` to `indicator(...)`. Replace `strategy.entry()` and `strategy.exit()` with `alert()` calls.
### Risk Management Questions
**Q: What's the maximum drawdown I should expect?**
A: Typically 10-20% depending on settings. If experiencing > 25%, reduce position size or tighten filters.
**Q: Should I risk more to make more money?**
A: No. Risking 2% vs. 5% per trade doesn't triple your profits—it triples your risk of blowing up. Stick to 1-2% per trade.
**Q: What if I hit 5 losses in a row?**
A: Normal. Even with 60% win rate, losing streaks happen. Don't increase position size to "win it back." Stick to your risk plan.
**Q: Do I need to watch the screen all day?**
A: No, especially with PickMyTrade automation. Check positions 1-2 times per day. Overtrading kills profits.
---
## Disclaimer
**Important Risk Disclosure**:
Trading futures, stocks, forex, and cryptocurrencies involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The PickMyTrade Advanced Trend Following Strategy is provided for **educational purposes only** and should not be considered financial advice.
**Key Risks**:
- You can lose more than your initial investment
- Backtested results may not reflect live trading performance
- Market conditions change; no strategy works forever
- Automation errors can occur (connectivity, bugs, etc.)
**Before Trading**:
- Consult a licensed financial advisor
- Fully understand the strategy logic
- Test on demo account for at least 1 month
- Only risk capital you can afford to lose
- Start with minimum position sizes
**PickMyTrade**:
This strategy is compatible with PickMyTrade but is not officially endorsed by PickMyTrade. The author is not affiliated with PickMyTrade. For PickMyTrade support, visit their official website.
**License**: This strategy is open-source under Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0). You may modify and share, but not for commercial use.
---
**Ready to automate your trading with PickMyTrade? Add this strategy to your TradingView chart today and start capturing profitable trend breakouts on autopilot!**
