Plotchar - How to draw external symbols on a chartHey everyone
It's been a while :) but still on holidays and working on the website. I'll resume the scripts sharing shortly once I'll get back home
For today, I wanted to share a very useful script that is going to make you a top of money 100% guaranteed and you'll even have a Lamborghini delivered at your place by tomorrow... (imagine some followers would believe me for this)
This "script" is a proof of concept that you can draw external Unicode symbols on a chart.
If you're tired with the plotshape shapes by default, you can use some others - I usually find mine there emojipedia.org
What are the use cases?
- Draw a dead skeleton when your stop-loss is hit
- Draw a winning cup when your take profit is hit
- Draw a coffin when you run out of capital
FAQ
Q: Does this script has any interest?
A: I'm not sure myself
Q: Will you make money using it?
A: I'm not a financial advisor but ... very likely NO
Q: Is it cool though?
A: Hell yeah!!
Be sure to hit the thumbs up so that I'll share real scripts the next times and not "joke scripts". I promise it's the first and last time I'm sharing such a script
Dave
____________________________________________________________
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
Поиск скриптов по запросу "THE SCRIPT"
How to avoid repainting when using security() - PineCoders FAQNOTE
The non-repainting technique in this publication that relies on bar states is now deprecated, as we have identified inconsistencies that undermine its credibility as a universal solution. The outputs that use the technique are still available for reference in this publication. However, we do not endorse its usage. See this publication for more information about the current best practices for requesting HTF data and why they work.
This indicator shows how to avoid repainting when using the security() function to retrieve information from higher timeframes.
What do we mean by repainting?
Repainting is used to describe three different things, in what we’ve seen in TV members comments on indicators:
1. An indicator showing results that change during the realtime bar, whether the script is using the security() function or not, e.g., a Buy signal that goes on and then off, or a plot that changes values.
2. An indicator that uses future data not yet available on historical bars.
3. An indicator that uses a negative offset= parameter when plotting in order to plot information on past bars.
The repainting types we will be discussing here are the first two types, as the third one is intentional—sometimes even intentionally misleading when unscrupulous script writers want their strategy to look better than it is.
Let’s be clear about one thing: repainting is not caused by a bug ; it is caused by the different context between historical bars and the realtime bar, and script coders or users not taking the necessary precautions to prevent it.
Why should repainting be avoided?
Repainting matters because it affects the behavior of Pine scripts in the realtime bar, where the action happens and counts, because that is when traders (or our systems) take decisions where odds must be in our favor.
Repainting also matters because if you test a strategy on historical bars using only OHLC values, and then run that same code on the realtime bar with more than OHLC information, scripts not properly written or misconfigured alerts will alter the strategy’s behavior. At that point, you will not be running the same strategy you tested, and this invalidates your test results , which were run while not having the additional price information that is available in the realtime bar.
The realtime bar on your charts is only one bar, but it is a very important bar. Coding proper strategies and indicators on TV requires that you understand the variations in script behavior and how information available to the script varies between when the script is running on historical and realtime bars.
How does repainting occur?
Repainting happens because of something all traders instinctively crave: more information. Contrary to trader lure, more information is not always better. In the realtime bar, all TV indicators (a.k.a. studies ) execute every time price changes (i.e. every tick ). TV strategies will also behave the same way if they use the calc_on_every_tick = true parameter in their strategy() declaration statement (the parameter’s default value is false ). Pine coders must decide if they want their code to use the realtime price information as it comes in, or wait for the realtime bar to close before using the same OHLC values for that bar that would be used on historical bars.
Strategy modelers often assume that using realtime price information as it comes in the realtime bar will always improve their results. This is incorrect. More information does not necessarily improve performance because it almost always entails more noise. The extra information may or may not improve results; one cannot know until the code is run in realtime for enough time to provide data that can be analyzed and from which somewhat reliable conclusions can be derived. In any case, as was stated before, it is critical to understand that if your strategy is taking decisions on realtime tick data, you are NOT running the same strategy you tested on historical bars with OHLC values only.
How do we avoid repainting?
It comes down to using reliable information and properly configuring alerts, if you use them. Here are the main considerations:
1. If your code is using security() calls, use the syntax we propose to obtain reliable data from higher timeframes.
2. If your script is a strategy, do not use the calc_on_every_tick = true parameter unless your strategy uses previous bar information to calculate.
3. If your script is a study and is using current timeframe information that is compared to values obtained from a higher timeframe, even if you can rely on reliable higher timeframe information because you are correctly using the security() function, you still need to ensure the realtime bar’s information you use (a cross of current close over a higher timeframe MA, for example) is consistent with your backtest methodology, i.e. that your script calculates on the close of the realtime bar. If your system is using alerts, the simplest solution is to configure alerts to trigger Once Per Bar Close . If you are not using alerts, the best solution is to use information from the preceding bar. When using previous bar information, alerts can be configured to trigger Once Per Bar safely.
What does this indicator do?
It shows results for 9 different ways of using the security() function and illustrates the simplest and most effective way to avoid repainting, i.e. using security() as in the example above. To show the indicator’s lines the most clearly, price on the chart is shown with a black line rather than candlesticks. This indicator also shows how misusing security() produces repainting. All combinations of using a 0 or 1 offset to reference the series used in the security() , as well as all combinations of values for the gaps= and lookahead= parameters are shown.
The close in the call labeled “BEST” means that once security has reached the upper timeframe (1 day in our case), it will fetch the previous day’s value.
The gaps= parameter is not specified as it is off by default and that is what we need. This ensures that the value returned by security() will not contain na values on any of our chart’s bars.
The lookahead security() to use the last available value for the higher timeframe bar we are using (the previous day, in our case). This ensures that security() will return the value at the end of the higher timeframe, even if it has not occurred yet. In our case, this has no negative impact since we are requesting the previous day’s value, with has already closed.
The indicator’s Settings/Inputs allow you to set:
- The higher timeframe security() calls will use
- The source security() calls will use
- If you want identifying labels printed on the lines that have no gaps (the lines containing gaps are plotted using very thick lines that appear as horizontal blocks of one bar in length)
For the lines to be plotted, you need to be on a smaller timeframe than the one used for the security() calls.
Comments in the code explain what’s going on.
Look first. Then leap.
Cumulative Buying and Selling Volume with 3 Lookback PeriodsScript Overview:
This script is designed to help traders identify market momentum by analyzing buying and selling volume. It calculates the cumulative buying and selling pressure over three different lookback periods, providing insights into whether the bulls or bears are dominating at any given time. The script does this by computing the cumulative buying and selling volume for each period and comparing them through exponential moving averages (EMA) to smooth out short-term fluctuations.
Purpose and Use:
The primary goal of this script is to highlight shifts in market sentiment based on volume dynamics. Volume is a critical component in market analysis, often signaling the strength behind price movements. By focusing on cumulative buying and selling pressure, the script gives traders an idea of whether the market is trending towards more buying or selling during specific periods. Traders can use this tool to:
Identify potential entry points when buying pressure is strong.
Recognize potential selling opportunities when selling pressure is increasing.
Detect periods of indecision when neither buying nor selling dominates.
Key Concepts:
1. Buying Volume (BV):
The buying volume is calculated based on the price range of each candle. It represents the volume allocated to the bullish side of the market:
When the close is near the high, the buying volume is higher.
Formula: BV = volume * (close - low) / (high - low).
2. Selling Volume (SV):
Similarly, selling volume is derived based on the position of the close relative to the low:
When the close is near the low, selling volume is higher.
Formula: SV = volume * (high - close) / (high - low)
3. Lookback Periods:
The script allows users to define three different lookback periods (5, 10, and 20 by default). These periods smooth out the cumulative buying and selling volumes using EMA calculations:
Shorter periods capture more immediate changes in volume dynamics.
Longer periods provide a broader perspective on market trends.
4. Cumulative Volume Calculation:
For each lookback period, cumulative buying and selling volumes are tracked separately and then smoothed with EMA:
emaBuyVol and emaSellVol are the smoothed values for buying and selling volumes over the lookback periods.
5. Market Pressure Comparison:
Buying Pressure: If the EMA of buying volume is greater than the EMA of selling volume for a particular lookback period, the script considers that buying pressure dominates for that period.
Selling Pressure: Conversely, if selling volume dominates over buying volume for a period, the script registers selling pressure.
6. Overall Market Pressure:
The script aggregates the buying and selling pressures from the three lookback periods to determine the overall market sentiment:
If the majority of periods show buying pressure, the market is bullish.
If the majority show selling pressure, the market is bearish.
If neither side dominates, it suggests a neutral or indecisive market.
Visual Cues:
The script provides visual feedback to help traders quickly interpret the market pressure:
Background Color:
Green (#2bff00) when buying pressure dominates.
Red (#ff0000) when selling pressure dominates.
Gray (#404040) when there is no clear dominance.
Bar Color: The script also colors the price bars based on the dominant market pressure:
Green for buying pressure.
Red for selling pressure.
Gray for neutral or balanced market pressure.
Reset Mechanism:
At the start of each new candle, the cumulative volumes for all three periods are reset to zero. This ensures that the cumulative volumes are only measured for the current candle, preventing carryover from previous periods that could distort the analysis.
How Traders Can Use This Script:
Trend Confirmation: Traders can use the script as a trend confirmation tool. When the background turns green (buying dominance), it suggests bullish momentum. When red, bearish momentum is likely. This information can be used to confirm existing positions or signal new trades in the direction of the market pressure.
Reversal Detection: A sudden shift in the background color (from green to red or vice versa) can indicate a potential reversal. This can be particularly useful when combined with other technical indicators such as price action or support/resistance levels.
Multiple Timeframes: Since the script supports three different lookback periods, it provides a comprehensive view of market pressure across short-term, medium-term, and long-term perspectives. Traders can tailor the lookback periods based on their preferred timeframe to match their trading style, whether it’s intraday trading or longer-term swing trading.
Risk Management: The script's clear visual cues help traders manage risk by highlighting when selling pressure increases, allowing them to consider reducing long positions or tightening stop-losses.
Optimal Buy Day (Zeiierman)█ Overview
The Optimal Buy Day (Zeiierman) indicator identifies optimal buying days based on historical price data, starting from a user-defined year. It simulates investing a fixed initial capital and making regular monthly contributions. The unique aspect of this indicator involves comparing systematic investment on specific days of the month against a randomized buying day each month, aiming to analyze which method might yield more shares or a better average price over time. By visualizing the potential outcomes of systematic versus randomized buying, traders can better understand the impact of market timing and how regular investments might accumulate over time.
These statistics are pivotal for traders and investors using the script to analyze historical performance and strategize future investments. By understanding which days offered more shares for their money or lower average prices, investors can tailor their buying strategies to potentially enhance returns.
█ Key Statistics
⚪ Shares
Definition: Represents the total number of shares acquired on a particular day of the month across the entire simulation period.
How It Works: The script calculates how many shares can be bought each day, given the available capital or monthly contribution. This calculation takes into account the day's opening price and accumulates the total shares bought on that day over the simulation period.
Interpretation: A higher number of shares indicates that the day consistently offered better buying opportunities, allowing the investor to acquire more shares for the same amount of money. This metric is crucial for understanding which days historically provided more value.
⚪ AVG Price
Definition: The average price paid per share on a particular day of the month, averaged over the simulation period.
How It Works: Each time shares are bought, the script calculates the average price per share, factoring in the new shares purchased at the current price. This average evolves over time as more shares are bought at varying prices.
Interpretation: The average price gives insight into the cost efficiency of buying shares on specific days. A lower average price suggests that buying on that day has historically led to better pricing, making it a potentially more attractive investment strategy.
⚪ Buys
Definition: The total number of transactions or buys executed on a particular day of the month throughout the simulation.
How It Works: This metric increments each time shares are bought on a specific day, providing a count of all buying actions taken.
Interpretation: The number of buys indicates the frequency of investment opportunities. A higher count could mean more consistent opportunities for investment, but it's important to consider this in conjunction with the average price and the total shares acquired to assess overall strategy effectiveness.
⚪ Most Shares
Definition: Identifies the day of the month on which the highest number of shares were bought, highlighting the specific day and the total shares acquired.
How It Works: After simulating purchases across all days of the month, the script identifies which day resulted in the highest total number of shares bought.
Interpretation: This metric points out the most opportune day for volume buying. It suggests that historically, this day provided conditions that allowed for maximizing the quantity of shares purchased, potentially due to lower prices or other factors.
⚪ Best Price
Definition: Highlights the day of the month that offered the lowest average price per share, indicating both the day and the price.
How It Works: The script calculates the average price per share for each day and identifies the day with the lowest average.
Interpretation: This metric is key for investors looking to minimize costs. The best price day suggests that historically, buying on this day led to acquiring shares at a more favorable average price, potentially maximizing long-term investment returns.
⚪ Randomized Shares
Definition: This metric represents the total number of shares acquired on a randomly selected day of the month, simulated across the entire period.
How It Works: At the beginning of each month within the simulation, the script selects a random day when the market is open and calculates how many shares can be purchased with the available capital or monthly contribution at that day's opening price. This process is repeated each month, and the total number of shares acquired through these random purchases is tallied.
Interpretation: Randomized shares offer a comparison point to systematic buying strategies. By comparing the total shares acquired through random selection against those bought on the best or worst days, investors can gauge the impact of timing and market fluctuations on their investment strategy. A higher total in randomized shares might indicate that over the long term, the specific days chosen for investment might matter less than consistent market participation. Conversely, if systematic strategies yield significantly more shares, it suggests that timing could indeed play a crucial role in maximizing investment returns.
⚪ Randomized Price
Definition: The average price paid per share for the shares acquired on the randomly selected days throughout the simulation period.
How It Works: Each time shares are bought on a randomly chosen day, the script calculates the average price paid for all shares bought through this randomized strategy. This average price is updated as the simulation progresses, reflecting the cost efficiency of random buying decisions.
Interpretation: The randomized price metric helps investors understand the cost implications of a non-systematic, random investment approach. Comparing this average price to those achieved through more deliberate, systematic strategies can reveal whether consistent investment timing strategies outperform random investment actions in terms of cost efficiency. A lower randomized price suggests that random buying might not necessarily result in higher costs, while a higher average price indicates that systematic strategies might provide better control over investment costs.
█ How to Use
Traders can use this tool to analyze historical data and simulate different investment strategies. By inputting their initial capital, regular contribution amount, and start year, they can visually assess which days might have been more advantageous for buying, based on historical price actions. This can inform future investment decisions, especially for those employing dollar-cost averaging strategies or looking to optimize entry points.
█ Settings
StartYear: This setting allows the user to specify the starting year for the investment simulation. Changing this value will either extend or shorten the period over which the simulation is run. If a user increases the value, the simulation begins later and covers a shorter historical period; decreasing the value starts the simulation earlier, encompassing a longer time frame.
Capital: Determines the initial amount of capital with which the simulation begins. Increasing this value simulates starting with more capital, which can affect the number of shares that can be initially bought. Decreasing this value simulates starting with less capital.
Contribution: Sets the monthly financial contribution added to the investment within the simulation. A higher contribution increases the investment each month and could lead to more shares being purchased over time. Lowering the contribution decreases the monthly investment amount.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Channels With Patterns [ChartPrime]The Channels With Patterns indicator is an attempt at minimizing the delay in forming a trend channel. This indicator uses a single pivot in conjunction with a smooth version of the price to estimate the direction of an emerging trend. Using ATR, this indicator estimates the volatility of the new trend by adjusting the channel size by a multiple of the current ATR.
One of the biggest complains for any trend indicator is that it takes too long to create a channel or trend line. This indicator estimates the trend channel by checking if the price is moving in the correct direction and then it projects the channel from a single pivot. To allow for some margin of error, this script uses an offset to help center the channel.
This offset is generated from the ATR at the time of formation. In conjunction with forming estimated trend channels, this indicator features select candle stick patterns. These candle stick patterns are filtered by location in the formed trend channel. If the price is within an extremity of the trend channel it will appear. Filtering classical vanilla candle stick patterns using this methodology can result in some interesting results and possible confluence points for traders. For example; a bearish hammer appearing when filtered in an upper zone might add an extra level of realtime unique confluence traders.
Traders can use this script as a general trend line indicator that is a bit more forward looking than others, or it can be used it as its full blown trend channel estimator. Due to the fact that this is an estimate using the minimum possible information to make the channel, its accuracy will not always be perfect and can suffer compared to alternative methods.
When configuring the indicator it is important to understand the role of each input. Here is a description of all of the settings provided:
Presets (`preset`): This input allows users to quickly configure the indicator based on the market they are trading in. Selecting "Stocks," "Forex," or "Crypto" automatically adjusts various parameters to settings deemed optimal for these markets. The "User" option lets traders manually configure settings for a more personalized approach.
Style (`style`): This setting determines how pivot points are calculated. "Wick" uses the high and low of candlesticks (including wicks), which can be more sensitive to market extremes. "Body" uses only the open and close prices (the body of the candlesticks), potentially offering a more stable pivot point calculation.
Break Style (`break_style`): This option defines what price is used to determine if a channel has been broken. "Close" uses the closing price of a candlestick, while "High/Low" uses the highest and lowest prices. This affects how channel breaks are identified and can influence trading signals.
Instant Mode (`instant`): When enabled, this feature allows the indicator to form channels more quickly by initiating them as soon as potential formations are detected. This can provide earlier signals but may increase the risk of false positives.
ATR Length (`atr_length`): This input sets the period for the Average True Range (ATR), a common volatility indicator. A longer ATR period may smooth out the channel but could delay responsiveness to market changes. A shorter period might make the channel more responsive but potentially more erratic.
Offset Center (`offset`): Adjusts the vertical positioning of the channel. This can help in aligning the channel more accurately with the price action, depending on market conditions and personal trading strategies.
Size (`atr_multiplier`): Alters the channel's size relative to the ATR. A higher multiplier makes a wider channel, which might be useful in more volatile markets. A lower multiplier tightens the channel, which could be better for less volatile conditions.
Padding % (`padding`): This setting adjusts the padding within the top and bottom quarters of the channel. It essentially fine-tunes the channel's sensitivity to price movements near its boundaries.
Pivot Length (`pivot_length`): Determines the number of bars used to calculate pivot points. A longer length may provide more significant pivot points but can reduce the number of channels formed.
Pivot Look Forward (`look_forward`): Sets the number of bars to look forward in the pivot calculation, affecting how quickly the channel adapts to new pivots.
Average H/L Length (`avg_length`): Controls the smoothing of the high and low prices used in the channel calculation. A longer average length can lead to smoother, more gradual channel slopes.
Enable Hammer (`enable_hammer`): When enabled, the indicator will highlight Hammer candlestick patterns, which are often considered bullish reversal indicators.
Enable Inverted Hammer (`enable_ihammer`): This toggles the display of Inverted Hammer patterns, typically viewed as potential bullish reversal signals.
Enable Bullish Engulfing (`enable_bullish_engulfing`): Enables the identification of Bullish Engulfing patterns, another type of bullish reversal indicator.
Enable Bearish Engulfing (`enable_bearish_engulfing`): When activated, this highlights Bearish Engulfing patterns, which are often interpreted as bearish reversal signals.
Extend Channel (`extend`): This option, when enabled, extends the drawn channels forward until they are either broken or a new channel is formed.
Show Break Label (`show_break_label`): Toggles the display of labels indicating where the channel has been broken, providing visual cues for potential trade entries or exits.
Channel History Length (`history_length`): Determines how many historical channels are displayed on the chart. This can be useful for analyzing past performance and patterns.
Channel Colors (`top_color`, `bottom_color`, `center_color`): These settings allow customization of the channel's appearance by setting the colors of the top, bottom, and center lines.
Line Transparency (`line_trans`): Adjusts the transparency of the channel lines, helping to balance visibility with chart readability.
Center Line Transparency (`center_trans`): Specifically sets the transparency level of the center line of the channel.
Channel Fill Transparency (`fill_trans`): Modifies the transparency of the filled areas between the channel lines, which can enhance chart clarity and focus on the price action.
Break Colors (`break_up_color`, `break_down_color`): Sets the colors for labels that appear when the channel is broken, either upwards or downwards.
Break Label Text Color (`text_color`): Determines the color of the text in the break labels, enhancing readability based on the chart's background and color scheme.
Candle Pattern Colors (`h_color`, `ih_color`, `bullish_engulfing_color`, `bearish_engulfing_color`): These inputs allow for the customization of the colors used to highlight various candle patterns on the chart.
Candle Pattern Text Color (`candle_text_color`): Sets the color of the text for labels associated with candle pattern indicators.
Alerts (`new_channel_alert`, `break_alert`, `hammer_alert`, `ihammer_alert`, `bullish_engulfing_alert`, `bearish_engulfing_alert`): These toggles enable or disable alerts for different events, such as the formation of new channels, channel breaks, or the appearance of specific candle patterns. This feature is crucial for traders who rely on timely notifications for potential trading opportunities.
We have provided a few presets to allow you to get a feeling for how the indicator works with different settings easily. Here is a description of the settings used in each preset:
Stocks Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Forex Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 100
Size (ATR Multiplier): 5
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Crypto Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
This script first starts by defining and collecting the relevant data for the main body of the code with data(). This generates the pivot data, the levels, the ranges, the averages, the deltas, and finally the candle sticks. Once there is a higher low, or lower high detected via the pivots and the current price it triggers the formation of the new channel. It takes the delta between the last pivot and the current average price and projects the trend channel using this delta. If the price exceeds the extremities of the channel it will classify this as a break from the estimated structure and begin looking for a new channel. The idea is that when trending, the price will oscillate between extremities as defined by a range and direction. If the price is inside of one of these extremities the script will look for candle stick patterns. This is how the script operates.
On a more technical level, this script is meant to showcase Pine Script's custom types and methods. We have made use of a properties pattern allows functions to use a minimal number of arguments. This allows you to add new inputs without modifying a string of functions. The use of methods and data structures allows the main body of the code to be easy to understand and for the script as a whole to be easily modified. We have made sure that the script is modular so that users can incorporate this into their own custom scripts. It should be easy to expand on this script as the main logic is fairly compact and open for easy modification. All features are packed into their own function for easy use elsewhere. This is particularly evident in the candle stick section. I have simplified the process of creating candle stick patterns by creating a type. All users have to do is make methods for this type.
candle()=>
polarity = open < close
body_top = math.max(open, close)
body_bottom = math.min(open, close)
body_range = body_top - body_bottom
top_wick = high - body_top
bottom_wick = body_bottom - low
average_body = ta.ema(body_range, 14)
average_top_wick = ta.ema(top_wick, 14)
average_bottom_wick = ta.ema(bottom_wick, 14)
has_body = body_range != 0
has_top_wick = top_wick != 0
has_bottom_wick = bottom_wick != 0
above_average_body = body_range > average_body
above_average_top_wick = top_wick > average_top_wick
above_average_bottom_wick = bottom_wick > average_bottom_wick
candle_data.new(
polarity
, body_top
, body_bottom
, body_range
, top_wick
, bottom_wick
, average_body
, average_top_wick
, average_bottom_wick
, has_body
, has_top_wick
, has_bottom_wick
, above_average_body
, above_average_top_wick
, above_average_bottom_wick
)
In conclusion, this script offers a blend of rapid trend channel formation and candlestick pattern recognition, making it a unique tool for traders looking for a more proactive approach to trend analysis.
No Wick Bull/Bear Candlesticks with Arrow premiumNo Wick Bull/Bear Candlesticks with Arrow premium
This script is for a custom trading indicator called "No Wick Bull/Bear Candlesticks with Arrow premium" developed by ClearTradingMind. It is designed for use with trading platforms that support scripting, such as TradingView. This indicator combines several technical analysis tools to help traders identify potential buy and sell signals in a financial market.
Key Components of the Indicator:
Moving Average (MA): The script allows users to select from various types of moving averages (SMA, EMA, HMA, etc.), which smooth out price data to identify trends. Users can set the length and type of the moving average.
Upper and Lower Bands: These bands are set at a specified deviation percentage above and below the chosen moving average. They help in identifying overbought and oversold conditions.
No Wick Bull/Bear Candlestick Identification:
Bullish Condition: A bullish candlestick is identified when the closing price is higher than the opening price, the low equals the open, and the close is above the moving average.
Bearish Condition: A bearish candlestick is identified when the closing price is lower than the opening price, the high equals the open, and the close is below the moving average.
No Wick: These conditions also imply that the candlesticks have no wicks, suggesting strong buying or selling pressure.
Arrows for Trading Signals:
No lower wick bull bar
No upper wick bear bar
When a bullish condition is met, a green upward-pointing triangle is plotted below the candlestick, indicating a potential buy signal.
When a bearish condition is met, a red downward-pointing triangle is plotted above the candlestick, indicating a potential sell signal.
EMA 20: An additional Exponential Moving Average with a length of 20 periods is plotted for further trend analysis.
Background Color Changes: The script changes the background color to blue if the EMA 20 is above the upper band, and to red if it is below the lower band, providing visual cues about the market trend.
How It Works:
Traders can input their preferences for the moving average type and length, source of the MA (like closing prices), and the deviation percentage for the bands.
The script then calculates the moving average, upper and lower bands, and checks for bullish or bearish candlestick conditions without wicks.
When such conditions are met, it plots arrows to suggest buy or sell signals.
The EMA 20 and background color changes offer additional trend information.
Usage:
This indicator is particularly useful in markets with clear trends. The no wick bull/bear candlesticks indicate strong buying or selling pressure, and the arrows provide clear visual signals for traders to consider entering or exiting positions. As with all trading indicators, it's recommended to use this tool in conjunction with other forms of analysis to confirm trading signals.
Reversal Signals [LuxAlgo]The Reversal Signals indicator is a technical analysis tool that aims to identify when a trend is fading and potentially starting to reverse.
As a counter-trend tool, the Reversal Signals indicator aims to solve the problem of several technical analysis indicators that perform well during trending markets but struggle in ranging markets. By understanding the key concepts and applications of the tool, traders can enhance their market timing and improve their trading strategies.
Note: It's important to explore the settings of the indicator to customize to your own usage & display as there are various options available as covered below.
🔶 USAGE
The Reversal Signals indicator is comprised of two main phases: Momentum Phase and Trend Exhaustion Phase . These phases help identify potential trend reversals in bullish, bearish, and ranging markets.
🔹The Momentum Phase
The momentum phase consists of a 9-candle count and in rare cases 8-candle count. In a bullish trend, a starting number ‘1’ is plotted if a candle closes higher than the close of a candle four periods ago. In a bearish trend, a starting number ‘1’ is plotted if a candle closes lower than the close of a candle four periods ago.
The following numbers are plotted when each successive candle satisfies the four-period rule. The potential reversal point comes when the Reversal Signals plot a label on top of a candle in a bullish trend or at the bottom of a candle in a bearish trend. The momentum phase is immediately canceled if, at any point, a candle fails to satisfy the four-period rule.
Based on the extremes of the momentum phase, the Reversal Signals generate support & resistance levels as well as risk/stop levels.
🔹 The Trend Exhaustion Phase
The trend exhaustion phase starts after completing the momentum phase and consists of a 13-candle count. In a bullish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be greater than the close two periods earlier. In a bearish trend exhaustion phase, each candle’s close is compared to the close of two candles earlier, and the close must be lower than the close two periods earlier.
The trend exhaustion phase does not require a consecutive sequence of candles; if the order of candles is interrupted, the trend exhaustion phase is not canceled. The trend exhaustion phase generates stronger trading signals than the momentum phase, with the potential for longer-lasting price reversals.
🔹 Trading Signals
The Reversal Signals script presents an overall setup and some phase-specific trade setup options, where probable trades might be considered. All phase-specific trade setups, presented as options, are triggered once the selected phase is completed and followed by a price flip in the direction of the trade setup.
Please note that those setups are presented for educational purposes only and do not constitutes professional and/or financial advice
- Momentum: Enter a trade at momentum phase completion, and search for buy (sell) when the bullish (bearish) momentum phase pattern is complete. Ideally, the momentum phase completion should close near its support/resistance line but shall not be above them, which indicates continuation of the trend
- Exhaustion: Enter a trade on trend exhaustion phase completion, and search for buy (sell) when the bullish (bearish) trend exhaustion phase is complete
- Qualified: Buy (sell) when a bullish (bearish) trend exhaustion phase combined with another bullish (bearish) momentum phase sequence is complete
Long trade setups are presented with "L" label and short trade setups with "S" label, where the content of the label displays details related to the probable trade opportunity
Once a phase-specific trade setup is triggered then the Reversal Signals script keeps checking the status of the price action relative to the phase-specific trade setups and in case something goes wrong presents a caution label. Pay attention to the content of the caution labels as well as where they appear. A trade signal, followed immediately by a warning indication can be assumed as a continuation of the underlying trend and can be traded in the opposite direction of the suggested signal
It is strongly advised to confirm trading setups in conjunction with other forms of technical and fundamental analysis, including technical indicators, chart/candlestick pattern analysis, etc.
🔶 DETAILS
The Reversal Signals script performs the detection of the phases by counting the candlestick meeting the specific conditions, which includes:
- Detection of the 8th and 9th candle perfection during the momentum phase
- In some cases, the 8th count will be assumed as momentum phase completion
- Trend exhaustion phase counting stops in case any type of momentum phase completion is detected during the counting process
- Postponing the last count of the trend exhaustion phase, the 13th candle must be below/above the 8th candle and if not the candles will be indicated with '+' sign under them and the script continues to search for a 13th candle at the next ones until the conditions are met
🔶 ALERTS
When an alert is configured, the user will have the ability to be notified in case;
Momentum / Trend Exhaustion phase completion
Support & Resistance level cross detection
Stop / Risk level cross detection
Long / Short Trade Setups are triggered
Please note, alerts are available with 'any alert() function call' and the alerts will be received only for the features that are enabled during alert configuration
🔶 SETTINGS
🔹 Momentum Phase
Display Phases: displays the momentum phases, where the Completed option allows the display of only completed momentum phases. The detailed option allows the display of the entire process of the momentum phase processes
Support & Resistance Levels: Toggles the visibility of the Support & Resistance Levels and Line Styling options
Momentum Phase Risk Levels: Toggles the visibility of the momentum phase Stop/Risk Levels and Line Styling options
For color options please refer to the options available under the style tab
🔹 Trend Exhaustion Phase
Display Phases: displays the trend exhaustion phases, where the Completed option allows the display of only completed trend exhaustion phases. The detailed option allows the display of the entire process of the trend exhaustion phase processes
Trend Exhaustion Phase Risk Levels: Toggles the visibility of the trend exhaustion phase Stop/Risk Levels
Trend Exhaustion Phase Target Levels: Toggles the visibility of the trend exhaustion phase Target Levels
For color options please refer to the options available under the style tab
🔹 Trade Setups
Overall Trend Direction & Trade Setup: displays the overall trend and probable trade setup levels, the users should search for a price flip and confirm with other means of technical and fundamental analysis for the trade setups once the label is plotted
Phase-Specific Trade Setup Options
Momentum: Searches for a trade setup after momentum phase completion
Exhaustion: Searches for a trade setup after trend exhaustion phase completion, stronger trend reversal possibility compared to momentum phase setup
Qualified: Searches for a trade setup after the trend exhaustion phase followed by a momentum phase completion
None: No trade setups are presented
Price Flips against the Phase Specific Trade Setups: enables checking the price action relative to the phase-specific trade setups
🔶 RELATED SCRIPTS
Here are the scripts that may add additional insight during potential trading decisions.
Buyside-Sellside-Liquidity
Support-Resistance-Classification
Engulfing and Doji Scanner with SLThe Bullish Engulfing pattern occurs when the close is higher than the open, and scripts will look for this pattern by checking the difference in the close and open prices sufficiently in pips. Likewise, the Bearish Engulfing pattern occurs when the close is lower than the open, and scripts will look for this pattern by checking for sufficient difference in the open and close in pips.
The Doji pattern occurs when the absolute difference between the open and close prices is very small compared to the price range for that period. The script will look for these patterns by comparing the difference between the open and close prices by a certain percentage of the price range.
After the patterns are detected, the script will calculate the Stop Loss (SL) and Take Profit (TP) levels based on the parameters set. The SL level will be determined based on the lowest price range with certain adjustments, while the TP level is calculated using a 1:1 ratio to the SL distance.
This script will display arrows and Stop Loss and Take Profit labels on the chart to assist traders in identifying relevant patterns and levels. However, it is important to remember that these scripts only assist in the analysis of patterns and levels, and a more complete trading strategy and decision-making remains the responsibility of the trader.
Multiple Divergences (UDTs - objects) - Educational█ OVERVIEW
This script highlights the usage of User-defined Types (UDTs) and objects , and bullish /bearish divergences.
Pivotpoints are used to find divergences, the result of this script will be different against other public multiple divergences scripts.
FOR Pine Script™ CODERS
Besides the information found in CONCEPTS , the comments in the script will, hopefully ), guide you through my thought process.
█ CONCEPTS
The main principle of this script are bullish /bearish divergences, this with 3 different oscillators ( RSI , CCI , MFI )
If you want to know more about divergences, have a look at some Education and Research idea's .
On every bar, an object HLs is made, containing bar_index , high , low , and 2 bool variables ( isPh , isPl ).
On every bar, an object Osc is made, containing bar_index , o (oscillator value), and 2 bool variables ( isPh , isPl ).
If a pivothigh (ph ) is found, isPh will be true on that bar, false otherwise.
If a pivotlow (pl) is found, isPl will be true on that bar, false otherwise.
These objects are added to an array, with limited size.
If a ph is found, the script draws a testline from that ph to every previous ph , found in the array.
Then every high in between these 2 points are checked if they don't pierce the testline .
If the testline isn't broken, the Reg_Div_Piv() function will give 4 values, 1 check (not pierced) variable and the 4 points of the line.
The testline is deleted.
Once a positive check is found, the script will perform the same, but now with the Osc objects.
The script will ONLY compare Osc pivots which are maximum 1 bar away from the high/low pivot .
If everything is confirmed, a line is drawn, visible on the chart.
█ REMARKS
A label will be visible with a number, this is the amount of divergences found with the according oscillator .
EXAMPLE
Div with RSI and CCI -> 2
Div with MFI alone -> 1
Div with RSI and CCI and MFI -> 3
...
Divergences should only be used when confirmed, this is after bar close .
As an aid, lines that are not confirmed will be dotted , if confirmed, they will be solid .
The divergence check start when a ph/pl is found, after which oscillator pivot are checked.
Optionally the same can be done, when a oscillator pivot is found and then check the ph/pl ,
this should give more results, although it can make the script slower.
█ SETTINGS
Left - amount of bars at the left which needs to be lower/higher
Right - amount of bars at the right which needs to be lower/higher
Max values - maximum values in array of objects
3 oscillator settings with
• ON/OFF
• Length
• color bullish divergence
• color bearish divergence
Have FUN !
Multi PivotsThis script is meant for day traders. It's based on the CPR concepts. The pivots plots based on the timeframe, means less that 15minuts it will plot daily pivots, less that daily tf, it plots weekly and then monthly. It also includes Camarillas, ADR levels, Fibonacci levels based on last 500 candles, Fib pivots, Pivot zones, developing pivot, Vwap, Dashboard shows RSI,ADX,Vwap,SuperTrend and day price difference. Options available to plot Day HighLow, Initial Balance levels as well. There is option to show running CPR which highlights virgin CPR. It can plot next day pivots as well
I dont own any of codes or ideas in the script. Codes are taken from different scripts and altered based on the requirements. Kudos to all the great pinecoders who provided their codes as public which helps everyone. Thanks
Bitcoin Risk Long Term indicatorOBJECTIVE:
The purpose of this indicator is to synthesize via an average several indicators from a wide choice with in order to simplify the reading of the bitcoin price and that on a long term vision.
Useful for those who want to see things simply, typically to make a smart DCA based on risk.
I originally used this script as a sandbox to understand and test the usefulness of several indicators, and to develop my PineScript skills, but finally the Risk Indicator output seems relevant so I decided to share it.
USAGE:
The selected indicators are the ones that I think give the best market bottoms, but the idea here is that anyone can try and use any set of indicators based on those preferences (post in comments if you find a relevant config)
Most of the indicator inputs are configurable. And some are not taken into account in the calculation of the Risk indicator because I consider them not relevant, this script is also a test more than a final version.
NOTES :
If you have any idea of adding an indicator, modification, criticism, bug found: share them, it is appreciated!
In the future I will create another more versatile Risk indicator that will not be focused on bitcoin in weekly. (this indicator is still usable on other assets and timeframe)
THANKS:
to Benjamin Cowen for inspiring me with his Bitcoin Risk metric
to Lazybear for his Wavetrend Indicator and all the scripts he shares
to Mabonyi for his Bitcoin Logarithmic Growth Curves & Zones script
to VuManChu for his VMC Cypher B Divergence
to the Trading view team for developing TV and PineScript
And to all the community for all the published codes that allowed me to progress and create this script
---- FR ----
OBJECTIF :
L'objectif de cet indicateur est de synthétiser via une moyenne plusieurs indicateurs parmi un large choix avec afin de simplifier la lecture du cours de bitcoin et cela sur une vision longue terme.
Utile pour ceux qui veulent voir les choses simplement, typiquement faire un DCA intelligent en fonction du risque.
À la base j'ai utilisé ce script comme un bac à sable pour comprendre puis tester l'utilité de plusieurs indicateurs, et développer mes compétences PineScript, mais finalement l'output Risk Indicateur me semble pertinent donc autant le partager.
UTILISATION :
Les indicateurs sélectionnés sont ceux qui permettent selon moi d'avoir les meilleurs point bas de marché, mais l'idée ici est que chacun puisse essayer et utiliser n'importe quel ensemble d'indicateur en fonction de ces préférences (poster en commentaire si vous trouvez une configuration pertinente)
La plupart des inputs indicateurs sont paramétrables. Et certains ne sont pas pris en compte dans le calcul du Risk indicateur car je les estime non pertinent, ce script est aussi un essai plus qu'une version finale.
NOTES :
Si vous avez la moindre idée d'ajout d'indicateur, modification, critique, bug trouvé : partagez-les, c'est apprécié !
à l'avenir je créerais un autre Risk indicator plus polyvalent qui ne sera pas focalisé sur bitcoin en weekly. (cet indicateur est tout de même utilisable sur d'autre actif et timeframe)
REMERCIEMENT :
à Benjamin Cowen pour m'avoir inspiré avec son Bitcoin Risk metric
à Lazybear pour son Wavetrend Indicator et globalement tout les scripts qu'il partage
à Mabonyi pour son script Bitcoin Logarithmic Growth Curves & Zones
à VuManChu pour son VMC Cypher B Divergence
à l'équipe Trading view pour avoir développé TV et PineScript
Et à toute la communauté pour tous les codes publiés qui m'ont permis de progresser et de créer ce script
Advanced Volume ProfileTHIS SCRIPT CURRENTLY ONLY WORKS FOR ASSETS THAT TRADE 24/7 OR CBOE FUTURES HOURS!
This script plots volume relative to an asset's historical volume profile.
Usage:
As a companion to my "Unusual Time Frame Volume" (UTF Volume) script, this plots volume against the same historical volume profile used for UTF Volume.
The same high volume (relative to historical) threshold alert is available (yellow bar).
Likewise, if the volume exceeds the historical threshold, but is below the alert threshold, the bar color is orange.
At the top of the chart is an indicator which is green if a bar has higher volume than the previous bar.
You can also set a threshold for this such that if the volume of a bar exceeds the previous bar by a certain multiplier which will turn the indicator yellow.
For example, if the threshold is set to "1.5", then the indicator will be yellow (instead of green) on an increase in volume over the previous bar of 1.5x.
NOTES:
Again, this script currently only works for assets that trade 24/7 or CBOE Futures hours!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting.
For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m.
If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If the settings are not set appropriately, the output will be incorrect/invalid.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error.
I suggest playing with settings from "1" (compares volume to the previous day's volume) to the highest number that doesn't break the script.
For example, at a 2m time frame, the maximum look-back will be "6" or "7" depending on which mode you are using.
Longer chart time settings allow larger look-back values.
I find that the default value ("6") does a decent job in general.
Please feel free to reuse or further develop this script.
I would greatly appreciate it if you would send me a message below if you find it useful.
[CLX][#03] Object-Stack (Labels/Lines/Boxes)This script shows an example of how to manage objects (lines/labels/boxes) and prevent the need of garbage collecting and missing objects.
You only have to push your object into the right array.
*_FIXED (left-lock) or *_FORWARD (right-lock)
We hope you enjoy it! 🎉
CRYPTOLINX - jango_blockchained 😊👍
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely.
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold cryptolinx TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
[CLX][#02] Registry (type-based)This script only provides a basic __setter and __getter registration function with a type-based limitation.
We don't want to blow the code with additional conditions. The suggestion was to get the basic functionality.
Benefits:
- Get/set/update global-like variables between functions
- No init needed. You can call a entry before you set it.
Get-Functions:
- f_reg_getInt(_key)
- f_reg_getFloat(_key)
- f_reg_getBool(_key)
- f_reg_getString(_key)
- f_reg_getColor(_key)
- f_reg_getLabel(_key)
- f_reg_getLine(_key)
Set-Functions:
- f_reg_setInt(_key, _value)
- f_reg_setFloat(_key, _value)
- f_reg_setBool(_key, _value)
- f_reg_setString(_key, _value)
- f_reg_setColor(_key, _value)
- f_reg_setLabel(_key, _value)
- f_reg_setLine(_key, _value)
Feel free to contribute for an extended version. :)
We hope you enjoy it! 🎉
CRYPTOLINX - jango_blockchained 😊👍
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely.
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script.
Repulse-AORepulsion Engine is a proof of concept for a series of indicators using repulsion, as re-contextualized from the following:
www.quantamagazine.org
In my view, the technique is unique, and therefore a new category of indicator, but that distinction will, obviously, be left to the community and to the moderators. One thing that can be said is repulsion appears to be applicable to more than RSI, and while it's not featured here, it has been tested in other related work using SMA, EMA and HMA signal artefacts. Still, the script is raw and not overly clean. One might hope for a git-like versioning system and vertically oriented script window, but that would be playing the blame game, and I would lose that battle. Trading View is awesome as it is and getting better all the time.
This script features an experimental oscillator branch, also utilising some off-in-left-field number theory by which a link is posited to have been made to a fractal domain, around which the oscillator 'more subtly' picks up price movement. Three interrelated pairs are involved, but to avoid long-winded explanation, you might want to just play with changing out XRPUSDT and XRPBTC for two other similarly related securities. Several other scripts on the workbench over here automate this process.
No doubt, more able programmers will easily enhance this and other scripts which arise. If there's interest in this one, more of the raw 'it's not really ready' scripts will likely follow, so people can dig in and do their own mashups sooner rather than later, tossing what is bad and enhancing what is good.
It might be better, and garner a lot less flaming, if this indicator is described as experimental all the way through.
Stubs are present here for users to test performance on their own.
I hope you get something out of it, and if you make one of your own or move this along to a higher standard that you drop me a line to let me know. I'm always eager to learn and to grow.
Pearsons R historic breaks ( for making strategy out of it )Pearsons R adjustments of linear regressions is a good tool to analyse visually the trend basis channeling of the market,
one of the common challenges in the scripts which i came across the tradingview community is the lack of the historic places put over the charts where the price actually crossed up/below the channel boundaries,
For me in order to do so we would have to replay the scripts over and over.
So I came up with an addon extension to a good script on the community ()
I have added the historic marks over the charts ( blue/green/red/orange Arrows which you see on the charts)
These arrows are the places where the price have crossed the channel boundaries historically
So,
Blue arrow = Bull Intent ,Place where the upper channel boundary line have been crossed
Orange arrow = Bear Intent , Place where the Lower channel boundary line have been crossed
Green arrow = Bull Max , Place where the Maximum Upper channel boundary line have been crossed
Red arrow = Bear Max , Place where the Minimum Lower channel boundary line have been crossed
For me this type of approach is good for making a strategy out of the concepts visually, in congestion to other indicators
I would suggest you guys to check this on alert basis with your setups to derive out the best from linear regressions
Lastly it would be a pleasure to give credits to the creators of Pearsons R scripts in Tradingview
@midtownsk8rguy
@TradeBoneDogs
@x11joe
Also thanking Tradingview for providing us such an awesome community and platform :)
Support Resistance - DynamicThis is Dynamic Support / Resistance script.
How it Works?
It finds Pivot Points and creates channels for each Pivot Point. Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance. in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.
Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)
Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/Rs only for visible area in the chart.
There is option to Show S/R lines as Solid, Dotted or Dashed.
Enjoy!
Trend Follower - Light Mode | jhFollow up script for my Trend Follower script.
I'm used to dark mode, so I coded a few key plots in white, so those are changed into black on the script.
Notably:
- > 1 ATR in black dots along the baseline
- Current and previous ATR text labels to the right of the price
- A text label spacing input that allows you to adjust the spacing for text label from price.
This is a trend following system that combines 3 indicators which provide different functionalities, also a concept conceived by VP's No Nonsense FX / NNFX method.
1. Baseline
The main baseline filter is an indicator called Modular Filter created by Alex Grover
- www.tradingview.com
- Alex Grover - Modular Filter
-------
That's the moving average like baseline following price, filtering long and short trends and providing entry signals when the price crosses the baseline.
Entry signal indicated with arrows.
2. Volume/Volatility, I will called it Trend Strength
The next indicator is commonly known as ASH, Absolute Strength Histogram.
This indicator was shared by VP as a two line cross trend confirmation indicator, however I discovered an interesting property when I modified the calculation of the histogram.
- Alex Grover Absolute Strength
-------
My modification and other info here
- Absolute Strength Histogram v2
-------
I simplified the display of the trend strength by plotting squares at the bottom of the chart.
- Lighted Squares shows strength
- Dimmed Squares shows weakness
3. Second Confirmation / Exits / Trailing Stop
Finally the last indicator is my usage of QQE (Qualitative Quantitative Estimation), demonstrated in my QQE Trailing Line Indicator
- QQE Trailing Line for Trailing Stop
-------
Three usages of this amazing indicator, serving as :
- Second trend confirmation
- Exit signal when price crosses the trailing line
- Trailing stop when you scaled out the second trade
This indicator is plotted with crosses.
Additional plots and information
Bar Color
- Green for longs, Red for shorts, White when the baseline direction conflicts with the QQE trailing line direction
- When it's white, it's usually ranging and not trending, ASH will also keep you off ranging periods.
-------
ATR Filter
- White circles along the baseline, they will show up if the price has moved more than one ATR from the baseline
- The default allowance is 1 ATR.
-------
The previous and current ATR value
- Label on the right side of the chart showing the previous and current value of ATR
Trend Direction Helper (ZigZag and S/R and HH/LL labels)Hey everyone
First of all, I'd like to thank Ricardo Santos, Backtest Rookies for the inspiration for this script.
Actually, most of it is coming from them and I only mixed them up (and added my secret sauce ^^). If some of you are not thinking about a trading secret sauce, please get serious for a moment :)
Some of you asked me how I do to set the trend direction. You all understood that if you get an UP label, then the price should go up and vice-versa for down.
But it's not so easy to define the good signals for each asset and each timeframe. I'm going to repeat what I said yesterday because ... well... that's what trading is about
So quoting myself here "The inputs set by default will have to be changed for your asset/timeframe and can't be generic for everything. You have to play with the inputs until the signals will make sense to you
The indicator/strategy with a unique configuration that you'll never check or update according to the market condition DOES NOT exit. "
BUT... a bit of patience and practice and you might do wonders.
The Method
I never realized until now but by connecting the higher highs/lower lows, I was drawing zigzag lines.
The Zig Zag Master is Ricardo Santos . Please give him a follow, he's awesome
For those who don't want to draw on the chart or (my preferred choice) need some inspiration to define your trend directions, this script is for YOU (and your family, your pet, your girlfriend/boyfriend, ...)
I think that each asset/timeframe chart has its own history. What worked in a post could work in the future.
In that regard, if a trend direction worked in the past, that's the parameter that I'll use to trade with it in a demo account and make sure it's relevant. If not then I will adjust
If you're trading with new indicators or a new method right away on your real trading account, you're gonna have a bad time imgflip.com
Lines EVERYWHERE
The script draws the classical horizontal pivots + the zig zag lines + the Higher Highs/Lower Lows label in just 1 script. I'm very excited to share a script (on which I coded 100 lines out of 500) but no one else did it
The horizontal pivots part are coming from Backtest Rookies
For more security, you can add a pullback on a moving average after getting a signal. Pullbacks are necessary to limit any eventual loss or maximize your gains by getting in the trend sooner.
I really give you a solid method and a great script in my opinion. 6 years of experience given away for FREE :p (when Dave will start thinking as a business man instead :O)
Does it repaint ?
Getting this question twice a day. You guys are obsessed with the repainting :)
Short answer, yes because it will calculate the pivots and zig zags whenever new higher highs/lower lows will be formed.
However, the trend direction code is based on the candle close so it shouldn't repaint. If it does, please let me know
See you all on Monday
Love you all
Dave
____________________________________________________________
Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :) (tips are accepted too)
- If you want to suggest some indicators that I can develop and share with the community, please use my personal TRELLO board
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
Disclaimer:
Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you.
Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur.
Trading also involves risks of gambling addiction.
Please notice I do not provide financial advice - my indicators, strategies, educational ideas are intended to provide only some source code for anyone interested in improving their trading
The proprietary indicators and strategies developed by Best Trading Indicator, the object of intellectual property rights are and remain the exclusive property of Best Trading Indicator, at the exclusion of images and videos and texts free of rights or provided by the Company or external legal or physical person.
No assignment of intellectual property rights is carried out through these Terms and Conditions.
Any total or partial reproduction, modification or use of these properties for any reason whatsoever is strictly prohibited without the express written authorization of the Company.
G&S SMT### Description of the Pine Script
This Pine Script is designed to identify **Smart Money Technique (SMT)** setups between **Gold (GC1!)** and **Silver (SI1!) Futures** on a **15-minute timeframe**. It specifically looks for divergences between the price movements of Gold and Silver over the last 4 candles and compares it with the next candle's price movement. The script provides **Bullish** and **Bearish** signals for SMT during a specified time range of **8:45 AM EST to 10:30 AM EST**.
### Key Features of the Script:
1. **Futures Symbols**:
- The script uses **Gold Futures (GC1!)** and **Silver Futures (SI1!)** on a 15-minute timeframe to monitor their price movements.
2. **Time Range Filtering**:
- The signals are only active between **8:45 AM EST and 10:30 AM EST**, ensuring that the script only signals within the most relevant trading hours for your strategy.
3. **SMT Calculation (Last 4 Candles vs Next Candle)**:
- **Gold and Silver Price Change Calculation**: The script compares the price changes of **Gold** and **Silver** over the **last 4 candles** and then compares them with the price movement of the **next candle**:
- **Bullish SMT**: Occurs when Gold shows an increase in the last 4 candles while Silver shows a decrease, and both Gold and Silver show an increase in the next candle.
- **Bearish SMT**: Occurs when Gold shows a decrease in the last 4 candles while Silver shows an increase, and both Gold and Silver show a decrease in the next candle.
4. **Bullish and Bearish Signals**:
- **Bullish SMT Signal**: The script will plot a **green** arrow below the bar when a Bullish SMT setup is identified.
- **Bearish SMT Signal**: A **red** arrow above the bar is plotted when a Bearish SMT setup is identified.
5. **Gold and Silver Difference Plot**:
- The difference between the prices of **Gold** and **Silver** is plotted as a **blue line**, giving a visual representation of the relationship between the two assets. When the difference line moves significantly, it can indicate a potential divergence or convergence in the prices of Gold and Silver.
### Script Logic Breakdown:
1. **Price Change for Last 4 Candles**:
- The script calculates the price change for Gold and Silver from the 4th-to-last candle to the last candle.
- `gold_change_last4` and `silver_change_last4` calculate these price differences.
2. **Price Change for Next Candle**:
- It then calculates the price change from the last candle to the next candle.
- `gold_change_next` and `silver_change_next` calculate these price differences.
3. **Bullish SMT Condition**:
- If Gold increased while Silver decreased in the last 4 candles, and both Gold and Silver show an increase in the next candle, it indicates a **Bullish SMT**.
4. **Bearish SMT Condition**:
- If Gold decreased while Silver increased in the last 4 candles, and both Gold and Silver show a decrease in the next candle, it indicates a **Bearish SMT**.
5. **Time Filter**:
- Signals are only plotted when the current time is between **8:45 AM EST and 10:30 AM EST** to match your preferred trading hours.
### Visualization:
- **Bullish Signals**: Plotted as **green arrows** below the bars when a Bullish SMT setup is identified.
- **Bearish Signals**: Plotted as **red arrows** above the bars when a Bearish SMT setup is identified.
- **Gold - Silver Difference**: A **blue line** is plotted to show the price difference between Gold and Silver, helping visualize any divergence.
### How It Helps:
- **Divergence Identification**: This script highlights potential divergences between Gold and Silver Futures, which can provide insights into market sentiment and smart money movements.
- **Focus on Relevant Time Frame**: By filtering signals between 8:45 AM EST and 10:30 AM EST, you are focusing on a timeframe that can be more beneficial for trading.
- **Visual Clarity**: The arrows and the price difference line provide clear signals and a visual representation of the relationship between Gold and Silver, helping you make informed trading decisions.
This script is an automated approach to detecting **SMT setups** and helping traders recognize when Gold and Silver might be signaling a bullish or bearish move based on their divergence patterns.
Weighted Fourier Transform: Spectral Gating & Main Frequency🙏🏻 This drop has 2 purposes:
1) to inform every1 who'd ever see it that Weighted Fourier Tranform does exist, while being available nowhere online, not even in papers, yet there's nothing incredibly complicated about it, and it can/should be used in certain cases;
2) to show TradingView users how they can use it now in dem endevours, to show em what spectral filtering is, and what can they do with all of it in diy mode.
... so we gonna have 2 sections in the description
Section 1: Weighted Fourier Transform
It's quite easy to include weights in Fourier analysis: you just premultiply each datapoint by its corresponding weight -> feed to direct Fourier Transform, and then divide by weights after inverse Fourier transform. Alternatevely, in direct transform you just multiply contributions of each data point to the real and imaginary parts of the Fourier transform by corresponding weights (in accumulation phase), and in inverse transform you divide by weights instead during the accumulation phase. Everything else stays the same just like in non-weighted version.
If you're from the first target group let's say, you prolly know a thing or deux about how to code & about Fourier Transform, so you can just check lines of code to see the implementation of Weighted Discrete version of Fourier Transform, and port it to to any technology you desire. Pine Script is a developing technology that is incredibly comfortable in use for quant-related tasks and anything involving time series in general. While also using Python for research and C++ for development, every time I can do what I want in Pine Script, I reach for it and never touch matlab, python, R, or anything else.
Weighted version allows you to explicetly include order/time information into the operation, which is essential with every time series, although not widely used in mainstream just as many other obvious and right things. If you think deeply, you'll understand that you can apply a usual non-weighted Fourier to any 2d+ data you can (even if none of these dimensions represent time), because this is a geometric tool in essence. By applying linearly decaying weights inside Fourier transform, you're explicetly saying, "one of these dimensions is Time, and weights represent the order". And obviously you can combine multiple weightings, eg time and another characteristic of each datum, allows you to include another non-spatial dimension in your model.
By doing that, on properly processed (not only stationary but Also centered around zero data), you can get some interesting results that you won't be able to recreate without weights:
^^ A sine wave, centered around zero, period of 16. Gray line made by: DWFT (direct weighted Fourier transform) -> spectral gating -> IWFT (inverse weighted Fourier transform) -> plotting the last value of gated reconstructed data, all applied to expanding window. Look how precisely it follows the original data (the sine wave) with no lag at all. This can't be done by using non-weighted version of Fourier transform.
^^ spectral filtering applied to the whole dataset, calculated on the latest data update
And you should never forget about Fast Fourier Transform, tho it needs recursion...
Section 2: About use cases for quant trading, about this particular implementaion in Pine Script 6 (currently the latest version as of Friday 13, December 2k24).
Given the current state of things, we have certain limits on matrix size on TradingView (and we need big dope matrixes to calculate polynomial regression -> detrend & center our data before Fourier), and recursion is not yet available in Pine Script, so the script works on short datasets only, and requires some time.
A note on detrending. For quality results, Fourier Transform should be applied to not only stationary but also centered around zero data. The rightest way to do detrending of time series
is to fit Cumulative Weighted Moving Polynomial Regression (known as WLSMA in some narrow circles xD) and calculate the deltas between datapoint at time t and this wonderful fit at time t. That's exactly what you see on the main chart of script description: notice the distances between chart and WLSMA, now look lower and see how it matches the distances between zero and purple line in WFT study. Using residuals of one regression fit of the whole dataset makes less sense in time series context, we break some 'time' and order rules in a way, tho not many understand/cares abouit it in mainstream quant industry.
Two ways of using the script:
Spectral Gating aka Spectral filtering. Frequency domain filtering is quite responsive and for a greater computational cost does not introduce a lag the way it works with time-domain filtering. Works this way: direct Fourier transform your data to get frequency & phase info -> compute power spectrum out of it -> zero out all dem freqs that ain't hit your threshold -> inverse Fourier tranform what's left -> repeat at each datapoint plotting the very first value of reconstructed array*. With this you can watch for zero crossings to make appropriate trading decisions.
^^ plot Freq pass to use the script this way, use Level setting to control the intensity of gating. These 3 only available values: -1, 0 and 1, are the general & natural ones.
* if you turn on labels in script's style settings, you see the gray dots perfectly fitting your data. They get recalculated (for the whole dataset) at each update. You call it repainting, this is for analytical & aesthetic purposes. Included for demonstration only.
Finding main/dominant frequency & period. You can use it to set up Length for your other studies, and for analytical purposes simply to understand the periodicity of your data.
^^ plot main frequency/main period to use the script this way. On the screenshot, you can see the script applied to sine wave of period 16, notice how many datapoints it took the algo to figure out the signal's period quite good in expanding window mode
Now what's the next step? You can try applying signal windowing techniques to make it all less data-driven but your ego-driven, make a weighted periodogram or autocorrelogram (check Wiener-Khinchin Theorem ), and maybe whole shiny spectrogram?
... you decide, choice is yours,
The butterfly reflect the doors ...
∞
Options Series - Technical Analysis Chart➤ Simple Technical Chart Only:
➤ With MA-20 Overlay and Volatility background bars:
➤ With RSI Candles:
⭐ Overview and How It Works:
This script provides a multi-asset analysis tool to assess various market conditions across four symbols simultaneously. It combines several indicators such as daily price change, Moving Averages (MA), Bollinger Bands (BB), Parabolic SAR, RSI, and VWAP to generate buy/sell signals and trend indicators. Its strength lies in the layered use of indicators to enhance signal reliability, making it valuable for traders needing cross-validation in decision-making.
⭐ Key Features and Functionality:
The script evaluates each symbol's price against various indicators and conditions:
Daily Price Conditions: It checks if each symbol’s close price is above or below the previous day’s open, close, and intra-day ranges, forming a foundational bullish/bearish condition.
Range Breakout 1st 5min Candle (ORB): Opening Range Breakout levels are calculated and compared with current close prices, detecting breakout/breakdown conditions.
ORB Body: This basically calculates the previous day Daily candle body size, if todays Daily candle body size is greater than previous day, then we can say that we are having good momentum else its likely to be in-sidebar trading.
Moving Averages (MA): It leverages EMA-20, 2-day, and 3-day exponential moving averages to gauge short to medium-term trends.
RSI and VWAP: Relative Strength Index (RSI) determines overbought or oversold conditions, while VWAP compares prices to volume-weighted levels.
Bollinger Bands and Trend Analysis: Detects volatility and potential breakout conditions.
Concept of ORB Body:
Current_PrevDay_Body = (math.max(var_Current_PrevD_Open, var_Current_PrevD_Close) - math.min(var_Current_PrevD_Open, var_Current_PrevD_Close))
Current_Upper_ORB = var_Current_D_Open + Current_PrevDay_Body
Current_Lower_ORB = var_Current_D_Open - Current_PrevDay_Body
Current_TodayDay_Body = math.max(var_Current_D_Open, var_Current_Close) - math.min(var_Current_D_Open, var_Current_Close)
Current_ORBBody = Current_TodayDay_Body > Current_PrevDay_Body
Current_Upper_ORB_bull = (var_Current_Close > Current_Upper_ORB)
Current_Lower_ORB_bear = (var_Current_Close < Current_Lower_ORB)
🎨 Visualizations and User Experience:
The script can dynamically display colored backgrounds indicating trends when conditions are met. For example, the bgcolor function changes the background when certain trend-based criteria are satisfied, offering visual cues to users. Additionally, the checkbox input toggles trend bar visualizations, enhancing user experience by providing a quick visual reference without needing to interpret individual data points manually.
RSI-Based Candle Coloring:
➤ The script customizes candle colors based on RSI thresholds, specifically defining upper (60) and lower (40) RSI levels. When the RSI value exceeds the upper threshold, candles are colored as bullish (green), and if it falls below the lower threshold, candles are colored as bearish (red). Neutral RSI values result in a default color (gray).
➤ This setup offers a visually intuitive way to identify potential trend directions based on RSI levels, making it ideal for traders looking to gauge momentum visually.
⭐ Settings and Customization:
With multiple user-configurable inputs, the script allows for tailored analysis. Customizable parameters, such as enabling/disabling trend bars and setting various look-back periods for indicators like Bollinger Bands and Moving Averages, make it adaptable to various trading styles and preferences. It also allows users to modify visual elements like colors and styles, improving flexibility.
⭐ Uniqueness of the Concept:
The unique aspect of this script is its multi-symbol approach combined with complex conditions. By comparing not only one but four symbols simultaneously, it provides a broader market view and allows traders to correlate signals across different assets, offering a potential edge for diversified or comparative strategies. Additionally, the incorporation of ORB and multi-timeframe MAs gives it a robustness often lacking in simpler single-symbol scripts.
🚀 Conclusion:
This script is a powerful multi-indicator tool suited for traders looking for a comparative, multi-symbol analysis. With features like ORB, Bollinger Band-based trend detection, and MA cross-verification, it can assist traders in identifying and validating trend signals across assets. The user-friendly visualizations and customizable settings further enhance its usability, making it versatile for various trading strategies and preferences.
European and American Trading Sessions (Blue)The European and American trading sessions, in particular, are known for their volatility and volume, making them key periods for traders to watch.
This Pine Script indicator, "European and American Trading Sessions," helps traders visually distinguish these sessions directly on their charts by shading the background during active hours. We use this indicator in combination with the one that highlights the nighttime phases in white.
Here's a breakdown of how the indicator works:
Key Features of the Script:
Timezone Configuration:
The script allows users to select a timezone from a predefined list that includes UTC, London, Rome, New York, and Tokyo. This flexibility ensures that the session times are accurately displayed regardless of the server or local time of the user.
European Session Parameters:
Users can set the start and end times for the European session. By default, the session runs from 08:00 to 12:00, but the input options make it customizable down to the minute. The European session is highlighted with a light blue background (36% opacity) to avoid overwhelming the chart while still providing a clear visual cue.
American Session Parameters:
Similar to the European session, the American session can be customized. The default times are set from 12:01 to 20:59. This session is highlighted in a slightly darker blue (80% opacity), providing a distinct visual difference from the European session.
Session Timing Calculation:
The script calculates the start and end times for each session based on the selected timezone. It uses the timestamp() function to account for year, month, day, hour, and minute, ensuring that session timings are accurately applied to each day’s trading activity.
Background Highlighting:
Once the session times are defined, the script checks if the current chart time (time) falls within the European or American trading session. If the condition is true, the corresponding background color is applied, visually highlighting the active session directly on the chart. This feature makes it easy to identify when the European or American markets are in play.
Benefits for Traders:
Clear Session Visibility: The color-coded background makes it effortless for traders to identify when key trading sessions are active without needing to constantly check the clock.
Customizable to Your Needs:
With full control over the start and end times for both sessions, traders can adapt the indicator to fit their specific trading hours or preferences.
Timezone Flexibility:
No matter where you're trading from, the ability to set the timezone ensures that the sessions are displayed correctly according to your local time.
Explanation of the Code:
Timezone Selection:
Allows the user to select a timezone from predefined options such as Europe/Rome, America/New_York, etc. This timezone will be used to calculate session start and end times.
Session Timing Inputs:
The script takes user inputs for the start and end times of the European and American trading sessions. These inputs include the hour and minute for both sessions.
Colors:
The color of the European session is set to a blue shade with 36% opacity.
The American session is also colored blue but with a higher opacity of 80%.
Timestamp Calculation:
The timestamp() function converts the input hours and minutes into a time value, accounting for the selected timezone.
Session Conditions:
The script checks if the current time (time) falls within the European or American session. If true, it applies the respective background color for that session. This approach creates clear visual highlights on the chart, marking the active hours of the European and American trading sessions based on user inputs.
