WTI waiting to leapOn 4H, we are on the uptrend.
On 1H, Price is now at lower BB.
Wait for reversal pattern on 1H then enter long.
Bollingerbandstrategy
Does SPY want a correction? Maybe not but it will get one.SPY has had a good run this spring. However, things are changing. Just this week, the debt \
ceiling got raised. The fed will be auctioning large amounts of treasuries to pay bills. This is
money that will not go into the equities markets. Buying volume on a dollar basis will likely go
down as a consequence.
On the daily chart with a double Bollinger Band setup, SPY is more overbought than ever.
The part of the body of the last candle of this past week went outside of both the inner and
outer bands. Looking back this has not occurred in well over a year. Candle wicks did go
outside the bands in late October 22 and mid-December 22. On lower time-frames SPY
has already pulled back into the Bollinger Bands and begun a reversal. I believe that
many traders will take their profits off the table and take another look at bonds and treasuries.
ETFs like TLT and TMF may see significant inflows no matter for stocks in general may not.
I see this as a SPY pullback or correction upcoming for which to take a short trade.
I will look at SPY and QQQ put options with very short DTEs as well as call options on SQQQ.
For stock purchases, I might go with the ETFs SPXS and SPXU. The simple and basic analysis is
their chart shows price candles partially below the lower Bollinger Bands, the inverse of
the SPY. They are oversold and accordingly available for purchase at a discount.
Why we don't use indicators?Many traders apply indicators for their analysis in their next trade.
However, indicators formulate with historical price movement to tell us what is happening right now. It is not so much of telling us what is going to happen.
The reason is simple, it is like economic policies, can manipulate the economy figure. But it doesn't tell us exactly the expectation of the market, such as big players or hot money flow.
If you are using bollinger band on HSI the past 1 week, you would have made huge losses. Because the indicators is just using the average of previous price to plot the possible oversold point.
HSI has been in the oversold 5 days including the moment we are posting here.
Therefore, it is less efficient in telling us what is happening right now. Which is very important for trader to know what is the current big players sentiment. Rather just based on what happened before that could affect the present.
What we eat few days back doesn't mean the output will be the same as what we had few days back. (unless is constipation)
3rd Pine Script Lesson: Open a command & send it to a Mizar BotWelcome back to our TradingView tutorial series! We have reached lesson number 3 where we will be learning how to open a command on TradingView and send it to a Mizar Bot.
If you're new here and missed the first two lessons, we highly recommend starting there as they provide a solid foundation for understanding the concepts we'll be covering today. In the first lesson, you will be learning how to create a Bollinger Band indicator using Pine Script:
In the second lesson, you will be guided through every step of coding the entry logic for your own Bollinger Band indicator using Pine Script:
In this brief tutorial, we'll walk you through the process of utilizing your custom indicator, Mikilap, to determine the ideal timing for sending a standard JSON command to a Mizar DCA bot. By the end of this lesson, you'll have the ability to fine-tune your trading strategies directly on Mizar using indicators from TradingView. So, sit back, grab a cup of coffee (or tea), and let's get started!
To establish a common starting point for everyone, please use the following code as a starting point. It incorporates the homework assignment from our Pine Script lesson number 2. By using this code as our foundation, we can collectively build upon it and delve into additional concepts together. So, sit back, grab a cup of coffee (or tea), and let's get started!
// This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org
// Mizar Example Code - Lesson I - Coding an indicator
// version 1.0 - April 2023
// Intellectual property © Mizar.com
// Mizar-Killer-Long-Approach ("Mikilap")
//@version=5
// Indicator script initiation
indicator(title = "Mizar-Killer-Long-Approach", shorttitle = "Mikilap", overlay = true, max_labels_count = 300)
// Coin Pair with PREFIX
// Bitcoin / USDT on Binance as example / standard value on an 60 minutes = 1 hour timeframe
string symbol_full = input.symbol(defval = "BINANCE:BTCUSDT", title = "Select Pair:", group = "General")
string time_frame = input.string(defval = "60", title = "Timeframe:", tooltip = "Value in minutes, so 1 hour = 60", group = "General")
int length = input.int(defval = 21, title = "BB Length:", group = "Bollinger Band Setting")
src = input(defval = close, title="BB Source:", group = "Bollinger Band Setting")
float mult = input.float(defval = 2.0, title="BB Standard-Deviation:", group = "Bollinger Band Setting")
float lower_dev = input.float(defval = 0.1, title = "BB Lower Deviation in %:", group = "Bollinger Band Setting") / 100
int length_rsi = input.int(defval = 12, title = "RSI Length:", group = "RSI Setting")
src_rsi = input(defval = low, title="RSI Source;", group = "RSI Setting")
int rsi_min = input.int(defval = 25, title = "", inline = "RSI band", group = "RSI Setting")
int rsi_max = input.int(defval = 45, title = " < min RSI max > ", inline = "RSI band", group = "RSI Setting")
// Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors
Function_Mikilap(simple string coinpair, simple string tf_to_use) =>
int function_result = 0
bool barstate_info = barstate.isconfirmed
open_R, high_R, low_R, close_R = request.security(coinpair, tf_to_use, )
// Bollinger part of MIKILAP
src_cp = switch src
open => open_R
high => high_R
low => low_R
=> close_R
lower_band_cp = ta.sma(src_cp, length) - (mult * ta.stdev(src_cp, length))
lower_band_cp_devup = lower_band_cp + lower_band_cp * lower_dev
lower_band_cp_devdown = lower_band_cp - lower_band_cp * lower_dev
bool bb_entry = close_R < lower_band_cp_devup and close_R > lower_band_cp_devdown and barstate_info
// RSI part of MIKILAP
src_sb = switch src_rsi
open => open_R
high => high_R
low => low_R
=> close_R
rsi_val = ta.rsi(src_sb, length_rsi)
bool rsi_entry = rsi_min < rsi_val and rsi_max > rsi_val and barstate_info
// Check if all criteria are met
if bb_entry and rsi_entry
function_result += 1
if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair
label LE_arrow = label.new(x = bar_index, y = low_R, text = " 🢁 LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25),
style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R))
function_result
// Calling the Mikilap function to start the calculation
int indi_value = Function_Mikilap(symbol_full, time_frame)
color bg_color = indi_value ? color.rgb(180,180,180,75) : color.rgb(25, 25, 25, 100)
bgcolor(bg_color)
// Output on the chart
// plotting a band around the lower bandwith of a Bollinger Band for the active CoinPair on the chart
lower_bb = ta.sma(src, length) - (mult * ta.stdev(src, length))
lower_bb_devup = lower_bb + lower_bb * lower_dev
lower_bb_devdown = lower_bb - lower_bb * lower_dev
upper = plot(lower_bb_devup, "BB Dev UP", color=#faffaf)
lower = plot(lower_bb_devdown, "BB Dev DOWN", color=#faffaf)
fill(upper, lower, title = "BB Dev Background", color=color.rgb(245, 245, 80, 80))
Open a command to send to a Mizar Bot.
Let‘s continue coding
Our target: Use our own indicator: Mikilap, to define the timing to send a standard JSON command to a Mizar DCA bot.
(1) define the JSON command in a string, with variables for
- API key
- BOT id
- BASE asset (coin to trade)
(2) send the JSON command at the beginning of a new bar
(3) setup the TradingView alert to transport our JSON command via
Webhook/API to the Mizar DCA bot
Below you can see the code, which defines the individual strings to prepare the JSON command. In the following, we will explain line by line, what each individual string and command is used for.
// Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors
Function_Mikilap(simple string coinpair, simple string tf_to_use) =>
int function_result = 0
bool barstate_info = barstate.isconfirmed
open_R, high_R, low_R, close_R = request.security(coinpair, tf_to_use, )
//Text-strings for alerts via API / Webhook
string api_key = "top secret" // API key from MIZAR account
string symbol_prefix = str.replace(symbol_full, "BINANCE:", "", 0)
string symbol_name = str.replace(symbol_prefix, "USDT", "", 0)
string bot_id = "0000" // BOT id from MIZAR DCA bot
// String with JSON command as defined in format from MIZAR.COM
// BOT id, API key and the BASE asset are taken from separate variables
DCA bot identifier:
string api_key = "top secret"
string bot_id = "0000"
These both strings contain the info about your account (BOT owner) and the unique id of your bot, which should receive the JSON command.
BASE asset:
string symbol_prefix = str.replace(symbol_full, "BINANCE:", "", 0)
string symbol_name = str.replace(symbol_prefix, "USDT", "", 0)
The shortcut of the base asset will be taken out of the complete string for the coin pair by cutting out the CEX identifier and the quote asset.
JSON command for opening a position:
Entry_message = '{ "bot_id": "' + bot_id + '", "action": "' + "open-position" + '", "base_asset": "' + symbol_name + '", "quote_asset": "' + "USDT" + '", "api_key": "' + api_key + '" }'
If you want to have more info about all possible JSON commands for a DCA bot, please look into Mizar‘s docs: docs.mizar.com
As the JSON syntax requires quotation marks (“) as part of the command, we define the string for the entry message with single quotations ('). So please ensure to open and close these quotations before or after each operator (=, +, …).
Current status:
- We have the entry logic and show every possible entry on the chart => label.
- We have the JSON command ready in a combined string (Entry_message) including the BOT identifier (API key and BOT id) as well as the coin pair to buy.
What is missing?
- To send this message at the opening of a new bar as soon as the entry logic is true. As we know these moments already, because we are placing a label on the chart, we can use this condition for the label to send the message as well.
alert(): built-in function
- We recommend checking the syntax and parameters for alert() in the Pine Script Reference Manual. As we want to send only one opening command, we are using the alert.freq_once_per_bar. To prepare for more complex Pine Scripts, we have placed the alert() in a separate local scope of an if condition, which is not really needed in this script as of now.
if bb_entry and rsi_entry
function_result += 1
if function_result == 1
alert(Entry_message, alert.freq_once_per_bar)
if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair
label LE_arrow = label.new(x = bar_index, y = low_R, text = " 🢁 LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25),
style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R))
IMPORTANT REMARK:
Do not use this indicator for real trades! This example is for educational purposes only!
Configuration of the TradingView alert: on the top right of the chart screen, you will find the clock, which represents the alert section
a) click on the clock to open the alert section
b) click on the „+“ to create a new alert
c) set the condition to our indicator Mikilap and the menu will change its format (configuration of the TradingView alert)
For our script nothing else is to do (you may change the expiration date and alert name), except to add the Webhook address in the Notification tab.
Webhook URL: api.mizar.com
Congratulations on finishing the third lesson on TradingView - we hope you found it informative and engaging! You are now able to code a well-working easy Pine Script indicator, which will send signals and opening commands to your Mizar DCA bot.
We're committed to providing you with valuable insights and practical knowledge throughout this tutorial series. So, we'd love to hear from you! Please leave a comment below with your suggestions on what you'd like us to focus on in the next lesson.
Thanks for joining us on this learning journey, and we're excited to continue exploring TradingView with you!
BUD - Hail the King of BeerHere on a daily chart, I have plotted the ratio of the dynamic share price of BUD compared
with TAP. The thesis is that TAP ( Coors / Molson) may have had a share price rise while
BUD dropped its own as a reaction to its adverse ad campaign which resulted in a social media
disaster. BUD is global with only 25% of its market in North America while TAP is more like
North America predominantly. The ad campaign and social media backlash is only North
America over time is impact will be nil.
The thesis is that BUD will recover and that astute contrarian investors and traders can profit
from the dynamic which in the greater and longer picture has been a dip for BUD representing
a buying opportunity. As can be seen on the chart, the DUD/TAP ratio is at the bottom and
outside of the boundary of the lower Bollinger Bands and now reentering the bands.
The ratio is also in the demand/support zone where it was last October. The action
of the ratio was a double top "M" pattern which has now played out . Finally, the AI predictive
algo of Luxalgo predicts a ratio rise between now and the end of the month as the ratio
heads to the midline of the Bollinger Bands. Overall, the analysis is that either BUD will rise
or TAP will drop or some combination. Overall, I conclude that BUD could easily rise from
this dip over the next ten calendar days. I will take a position in call options with 30- 45 DTE.
USOUSD rises on reversal USOUSD today on the 15-minute chart dropped on a downtrend outside the Bollinger (lower)
Band (49, ohlc,2) hit a Doji candle and then started the upward retracement. The RSI indicator
shows relative strength hitting a bottom and bouncing up. RSI is about to go over 50. Price
is currently below the high volume area with the POC line aligned with the basis center line
of the Bollinger Bands. The ECHO indicator, a predictive algo tool is for a 2.5 % upward trend
over the next 2-3 days. I see this as a good entry point for a long leveraged forex trade.
UVXY Volatility Index ETFUVXY as shown in the 15 minute chart is slightly above the basis line on the Bollinger Bands
as shown also on the BB indicator or Luxalgo. Price is slightly below the mean VWAP of the
anchored VWAP situated in the fair value area as also confirmed by the volume profile and
its POC line confluent with the VWAP bands. Given impending federal data reports and news,
I expect volatility will rise. UVXY could have positive price action in the range of 10% in
tomorrow's trading day which can be day traded or scalped.
2nd Pine Script Lesson: Coding the Entry Logic - Bollinger BandWelcome back to our Trading View tutorial series! In this second lesson, be learning how to code the entry logic for a Bollinger Band indicator using Pine Script.
If you're new here and missed the first lesson, we highly recommend starting there as it provides a solid foundation for understanding the concepts we'll be covering today:
In this hands-on lesson, we'll guide you through every step of coding the entry logic for your own Bollinger Band indicator using Pine Script. By the end of this lesson, you'll have a functional indicator that you can use to inform your trading decisions. So, sit back, grab a cup of coffee, and let's get started!
Code the entry logic
a) This is where we are calling the Mikilap function with two arguments:
- the coinpair and
- the timeframe we want to use.
// Calling the Mikilap function to start the calculation
int indi_value = Function_Mikilap(symbol_full, time_frame)
b) In the function initiation we convert the strings into simple strings.
// Definition of a Pine Script individual function to handle the Request and avoid Repainting Errors
Function_Mikilap(simple string coinpair, simple string tf_to_use) =>
c) As we are calling the function to get an integer value, we have to define an output variable as an integer and place this variable as the last line in the local scope of the function code to return the integer value.
int function_result = 0
// placeholder for indicator calculations
function_result
Step 1:
Using the lower bandwidth of the Bollinger Band based on SMA (close, 21) and a standard deviation of 2.0 and try to highlight bars, where close is next to the lower band
a) Requesting the values for the coinpair with request.security()
= request.security(coinpair, tf_to_use, )
We recommend using repainting functions like request or barstate only in a local scope (inside a function) and not to request complex calculated values. For saving calculation capacity it is useful to only request the classic four OHLCs and do any calculation with these four after the r equest.security() .
b) Calculation of the lower Bollinger Bands values as we need the global info, which type of source, length, and deviation value to use for the calculation, let‘s cut & paste the input for the Bollinger Band in the general starting section of the code and as we want to look for close values „next“ to the lower bandwidth, we need to define what „next“ means; let‘s do it in another input variable, perhaps we want to play with the definition later.
string symbol_full = input.symbol(defval = "BINANCE:BTCUSDT", title = "Select Pair:", group = "General")
string time_frame = input.string(defval = "60", title = "Timeframe:", tooltip = "Value in minutes, so 1 hour = 60", group = "General")
int length = input.int(defval = 21, title = "BB Length:", group = "Bollinger Band Setting")
src = input(defval = close, title="BB Source", group = "Bollinger Band Setting")
float mult = input.float(defval = 2.0, title="BB Standard-Deviation", group = "Bollinger Band Setting")
float lower_dev = input.float(defval = 0.1, title="BB Lower Deviation in %", group = "Bollinger Band Setting")/100
First, let‘s make it visible on the chart by re-writing the Bollinger Bandplot, which is not needed anymore.
// Calling the Mikilap function to start the calculation
int indi_value = Function_Mikilap(symbol_full, time_frame)
// Output on the chart
// Part 2 - plotting a Band around the lower bandwidth of a Bollinger Band for the active CoinPair on the chart
lower_bb = ta.sma(src, length) - (mult*ta.stdev(src, length))
lower_bb_devup = lower_bb + lower_bb * lower_dev
lower_bb_devdown = lower_bb - lower_bb * lower_dev
upper = plot(lower_bb_devup, "BB Dev UP", color=#faffaf)
lower = plot(lower_bb_devdown, "BB Dev DOWN", color=#faffaf)
fill(upper, lower, title = "BB Dev Background", color=color.rgb(245, 245, 80, 80))
c) Now we use the same calculation for the coinpair inside the function and start with the selection of the source (OHLC) to use, which is activein the respective input variable.
// Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors
Function_Mikilap(simple string coinpair, simple string tf_to_use) =>
int function_result = 0
bool barstate_info = barstate.isconfirmed
= request.security(coinpair, tf_to_use, )
src_cp = switch src
open => open_R
high => high_R
low => low_R
=> close_R
lower_band_cp = ta.sma(src_cp,length) - (mult*ta.stdev(src_cp, length))
lower_band_cp_devup = lower_band_cp + lower_band_cp * lower_dev
lower_band_cp_devdown = lower_band_cp - lower_band_cp * lower_dev
// placeholder for indicator calculations
d) As the bandwidth for the interesting close values is defined by our band, the only thing missing for the part of the Bollinger Band in our Mikilap indicator is to check if the close value of a bar is inside our band. As we are talking about closed bars, let‘s be sure that it is really closed by using barstate.isconfirmed (repainting built-in function!) and save it in a variable in the head of the function to avoid requesting this info too often.
bool barstate_info = barstate.isconfirmed
Now let‘s check if the close value of a bar is inside our band.
bool bb_entry = close_R < lower_band_cp_devup and close_R > lower_band_cp_devdown and barstate_info
And increase the output variable by 1 in case the close value is inside.
if bb_entry
function_result += 1
By using bb_entry , we are referring to the last bar next to the actual bar, because we want to enter on the opening of the bar after the criteria has been met.
e) And to make these possible entries visible, we want to place a label below the bar and show the entry price (=open value of the bar) as mouseover (tooltip). This should only happen if the active coinpair on the chart is the same coinpair, which is in the calculation of the function.
if function_result == 1 and ticker.standard(syminfo.tickerid) == coinpair
label LE_arrow = label.new(x = bar_index, y = low_R, text = " ↑ LE", yloc = yloc.belowbar, color = color.rgb(255,255,255,25),style = label.style_none, textcolor = color.white, tooltip = str.tostring(open_R))
Note:
You will love labels (!) and in case you are looking for text symbols that can be used as labels, look here: www.messletters.com
If you need help use the Pine Script Reference Manual, which explains 99% of everything in Pine Script, here: www.tradingview.com
f) As our function now returns different integer values (0 or 1), we can use this info to color the background on the actual chart in case it is 1.
// Calling the Mikilap function to start the calculation
int indi_value = Function_Mikilap(symbol_full, time_frame)
color bg_color = indi_value ? color.rgb(180,180,180,75) : color.rgb(25,25,25,100)
bgcolor(bg_color)
g) To finish this little Pine Script lesson and to achieve our initial targets, we just need to integrate the second indicator (RSI) into the function. We want to use the RSI for 0,5 days (12 hours) and use it to ensure to not go into a long entry in an oversold (< 25) or overbought (> 70) market. We will use RSI (low, 12) within 25 to 45 as the range to go for.
Your tasks:
define new input variables for RSI: src_rsi and length_rsi
define new input variables for the RSI range we want to use: rsi_minand rsi_max(please use the „inline“ format of an input type)
calculate the RSI (src_rsi, length_rsi) inside our Mikilap-function
define a boolean variable (rsi_entry) to check if the calculated RSI value is inside the range (please add as last check the barstate_info)
add the RSI entry check to the Bollinger Band entry check to combine them
Congratulations on finishing the second lesson on Trading View - we hope you found it informative and engaging!
We're committed to providing you with valuable insights and practical knowledge throughout this tutorial series. So, we'd love to hear from you! Please leave a comment below with your suggestions on what you'd like us to focus on in the next lesson.
Thanks for joining us on this learning journey, and we're excited to continue exploring Trading View with you!
PacWest - Bollinger Bands breakouton 5 min time frame, using indicator BB with RSI, entry taken as per Divergence, movement confirmation with Stoch RSI, Heikin-Ashi, Gap up opening confirmed reversal to the price calculated earlier on weekend for price to open @ $5.50 wherein pre market showed jump in price due to dividend cut decision by bank to -96%, total duration of trade is around 1 hr 30 min. Was able to achieve target defined with almost 14% gain. Closed the trade as per candle confirmation (hammer candle formed at the bottom - which gave upward confirmation to closed the trade.
1st Pine Script Lesson: Coding an Indicator - Bollinger Band
Welcome to this lesson on Trading View, where we will be learning how to create a Bollinger Band indicator using Pine Script.
Bollinger Bands are a popular tool that helps measure an asset's volatility and identify potential trends in price movement. Essentially, the indicator consists of three lines: a middle line that's a simple moving average (SMA), and an upper and lower band that are two standard deviations away from the SMA. The upper band represents the overbought level, meaning the price of the asset is considered high and may be due for a correction. The lower band represents the oversold level, meaning the price is considered low and may be due for a rebound.
Pine Script is a programming language specifically used for creating custom indicators and strategies on Trading View. It's a powerful tool that allows traders to customize their technical analysis to fit their special trading needs and gain deeper insights into the markets..
In this lesson, we'll be taking a hands-on approach to learning. We'll walk through each step of creating our own Bollinger Band indicator using Pine Script, with the goal of helping you gain confidence in your ability to customize and create indicators that meet your unique trading needs. So, grab a cup of coffee and let's get started!
Step 1: Set up a new chart
Let‘s set up a new clean chart to work with for this example. You will find the menu to manage your layouts on the top right of the TradingView screen.
a) add a new layout
b) rename it to „Mizar Example“
c) select BTCUSDT from Binance
d) set the time frame to 1 hour
e) clean the screen (closing the Volume indicator)
f) save it
Step 2: Coding an indicator
Let‘s code our new indicator („Mizar-Killer-Long-Approach“)and make the possible entry moments visible on the chart. You will find the Pine Editor on the bottom left of the TradingView screen.
a) open the Pine Editor
b) use „Open“ in the Pine Editor menu bar
c) use the item: create a new indicator
d) let‘s use full screen for a better overview use the three dots on the right end of the Pine Editor menu bar and open the script in a separate new browser tab
e) rename it to “Mikilap“ by clicking on the current name
f) save it
Step 3: Coding an indicator
Let‘s start coding Our target:
1. create an own new indicator: Mikilap, which bases in general on RSI and Bollinger Band
2. define the parameter for Mikilap, to select the long entries
3. show the long entries on the chart by - putting a label below the bar - change the background color of the timeframe for the bar on the chart
Initiation/Generals
• Indicator initiation
//Indicator script initiation
indicator(title = "Mizar-Killer-Long-Approach", shorttitle = "Mikilap", overlay = true, max_labels_count = 300)
indicator = Pine keyword for an indicator script
title = Long form of the name
short title = Short form of the name as shown on the chart
overlay = true: output like labels, boxes, … are shown on the chart
false: output like plots, … are shown in a separate pane
• General variables and input
// Coin Pair with PREFIX
// Bitcoin / USDT on Binance as an example / standard value on an 60 minutes = 1-hour timeframe
string symbol_full = input.symbol(defval = "BINANCE:BTCUSDT", title = "Select Pair:", group = "General")
string time_frame = input.string(defval = "60", title = "Timeframe:", tooltip = "Value in minutes, so 1 hour = 60", group = "General")
Using the input type of a variable allows you to change this setting in the setup on the chart without changing the Pine Script code.
Framework Code on Main Level
• Framework code on the main level around the indicator calculation function
// Defintion of a Pine Script individual function to handle the Request and avoid Repainting Errors
Function_Mikilap(simple string coinpair, simple string tf_to_use) =>
int function_result = 0
// placeholder for indicator calculations
function_result
// Calling the Milky Way function to start the calculation
int indi_value = Function_Mikilap(symbol_full, time_frame)
Output on the chart - Part 1
// Output on the chart
// Part 1 - plotting a Bollinger Band for the active CoinPair on the chart
int length = input.int(defval = 21, title = "BB Length:", group = "Bollinger Band Setting")
src = input(defval = close, title="BB Source", group = "Bollinger Band Setting")
float mult = input.float(defval = 2.0, title="BB Standard-Deviation", group = "Bollinger Band Setting")
upper_band = ta.sma(src, length) + (mult * ta.stdev(src, length))
lower_band = ta.sma(src, length) - (mult * ta.stdev(src, length))
upper = plot(upper_band, "BB Upper", color=#faffaf)
lower = plot(lower_band, "BB Lower", color=#faffaf)
fill(upper, lower, title = "BB Background", color=color.rgb(245, 245, 80, 80))
Done for today!
• Let‘s save our current script and take a look if we see our Bollinger Band plotted on the chart.
• Step 1: Save (top right)
• Step 2: check in the compiling section, that there are no errors (separate pane below the code)
• Step 3: go to the Mizar Example chart and add an Indicator
How does it look now?
You will see the Bollinger Band as a yellow area around the candles. By pressing the „Settings“ button behind the name of our indicator, the menu for Mikilap will open and you can adjust all the settings we have done with input type variables.
Congrats if you‘ve made it until here! Get prepared for the next lesson, where we will continue with the indicator/entry logic.
USDCAD on a fall USDCAD since early this morning is on a consistent fall on the 15 minute chart.
AMEX:USD Dollar strength issues have continued with the latest hike in prime interest rates
trying to cool down inflation. Canadian dollar is buoyed by the rising spot price of
gold and oil which are more prominent parts of the Canadian economy than they
are in the USA> The chart shows a ride down the lower Bollinger Bands with no
signs of reversal as of yet. As a leveraged forex trade heading into the market close
I will open a good sized position scalping into 5-10 minutes before the close for the
week,
XAGUSD Spot Gold Cup and Handle Bull Trend ResumptionXAUUSD on the daily chart has a long-term cup and handle now in its final formation.
Spot gold price has risen above the lip of the cup and is in position to ascend from there
the height /depth of the cup for about another $100 on the current price based on
the pattern to occur over the width of the cup or about 6-8 months. Any gold related
instruments including miners, junior miners, ETFs like GLD, JNUG , NUGT and
gold itself on the forex markets should be in an overall uptrend. Any further degradation
in the AMEX:USD will further support Spot Gold rising.
Using the Bollinger Band oscillator or Luxalgo I will try to buy when XAUUSD is at the bottom
of the Bollinger Bands ( Red Histogram is high / Green Histogram is low ) and sell in
an opposite fashion with positions on and off to profit from the uptrend ongoing.
Bollinger Bands; Key to boost your profitThe Bollinger Bands indicator is one of the popular technical analysis tools used in Forex trading. Here are some ways you can use Bollinger Bands in Forex trading:
Identifying support and resistance levels
The Bollinger Bands indicator can help you identify support and resistance levels. If the price of a currency pair approaches the lower line of the Bollinger Bands, this may suggest that it is a support level. On the other hand, when the price approaches the upper line, it may suggest that it is a resistance level. You can then look for confirmation of these levels using other indicators or technical analysis methods to decide whether to enter a long or short position.
Identifying trends
The Bollinger Bands indicator can also help you identify trends. If the price of a currency pair exceeds the upper line of the Bollinger Bands, it means that the uptrend will continue, and if the price falls below the lower line, the downtrend will continue. Then you can look for confirmation with other indicators or technical analysis methods to decide whether to enter a long or short position.
Price fluctuation analysis
The Bollinger Bands indicator can also help you analyze price fluctuations. When the prices of a currency pair are close to the lower Bollinger Bands line, it means that the currency pair is undervalued, so you can consider buying. On the other hand, when prices are near the upper line of the Bollinger Bands, it means that the currency pair is overvalued, so you can consider selling.
Detecting periods of volatility
The Bollinger Bands indicator can also help detect periods of volatility. When the Bollinger Bands lines are narrowed, it means that the currency pair is in a period of low volatility, so this may suggest that the following trend or price movement may be sharp. On the other hand, when the lines are widened, it means that the currency pair is in a period of high volatility, so the price movement may be more stable.
In conclusion, the Bollinger Bands indicator can be a useful tool in Forex technical analysis. It can help identify support and resistance levels, identify trends, analyze.
At Manticore investments we use it in conjunction with Haiken Ashi candles and RSI in our scalping - swing strategy. This combination allows us to more effectively read the supports and resistances of the bollinger bands and whether the price will break through them or not.
GBPNZD I STRONG set up coming this week! Here's How to trade it.Welcome back! Let me know your thoughts in the comments!
** GBPNZD Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
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MAHINDRA & MAHINDRA FINANCIAL SERVICES - Multiple Indicators 📊 Script: M_MFIN (MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED)
📊 Nifty50 Stock: NO
📊 Sectoral Index: NIFTY MIDCAP / NIFTY 500 /NIFTY FINANCIAL SERVICES
📊 Sector: Financial Services - Financial Services
📊 Industry: Finance - Non Banking Financial Company (NBFC)
Key highlights: 💡⚡
📈 Script is trading at upper band of Bollinger Bands (BB) and going to give breakout of it.
📈 MACD is giving crossover.
📈 Double Moving Averages also giving crossover.
📈 Volume is increasing along with price which is volume breakout.
📈 Current RSI is around 68.
📈 One can go for Swing Trade.
⏱️ C.M.P 📑💰- 229
🟢 Target 🎯🏆 - 259
⚠️ Stoploss ☠️🚫 - 217
⚠️ Important: Always maintain your Risk & Reward Ratio.
⚠️ Purely technical based pick.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Eat🍜 Sleep😴 TradingView📈 Repeat🔁
Happy learning with trading. Cheers!🥂
#CUMMINSIND - Bearish RSI Divergence!!! CUMMINSIND Weekly & Daily Chart showing bearish divergence between its PRICE and RSI.
Price is trading at all time high price. If price forms any negative price formation or bearish candle than only we can expect god fall towards downside.
CMP -- 1600
CHFJPY 200pips SHORT Idea CHFJPY is getting really weak, SUITE B already confirmed the INCOMING correction leg.
#1 ENTRY (Risk Entry, Good Reward) -: Enter SHORT when CHFJPY reaches UPPER BAND
#2 Entry (Confirmed Entry, Minimal Reward) -: Enter SHORT when CHFJPY breaks BELWO the BL after touching UB. (Not advisable on this current structure)
INVALIDATION
On #1 Entry, Set a 50pips SL from UB tap.
On #2 Entry, when price rejects back BELOW BL , the SUITE INDICATORS will print a SL zone on the chart for you, use it. (OR 50pips)
TARGETS
Target is simple here, we are looking at TP around BL on H4 or PMthH on D1
P.S I will post money making trades like this everyday and everything you see on my chart is
from the HOOD SUITE INDICATORS, everything you need is right in front on you inside the indicator.
(The key zones, Levels for manipulation, visible SL for invalidation, Alert when trade setup is ready).
No trend lines or complicated analysis, all you have to do is FOLLOW!
CADJPY 200pips High Quality SetupCADJPY just hd a massive rally to the upside and soon will be CORRECTING which is why we are looking to enter SHORT at the peak around the PMthH (Previous Month High)
#1 ENTRY (Risk Entry, Good Reward) -: Enter SHORT when price reaches PMthL
#2 Entry (Confirmed Entry, Minimal Reward) -: Enter SHORT when CJ breaks BELWO the BL after touching PMthH.
INVALIDATION
On #1 Entry, Set a 50pips SL from PMthH tap.
On #2 Entry, when price rejects back ABOVE BL , the SUITE INDICATORS will print a SL zone on the chart for you, use it. (OR 50pips)
TARGETS
If the SHORT trigger comes, we are looking to exit at the first EMA Cloud touch on D1.
P.S I will post money making trades like this everyday and everything you see on my chart is
from the HOOD SUITE INDICATORS, everything you need is right in front on you inside the indicator.
(The key zones, Levels for manipulation, visible SL for invalidation, Alert when trade setup is ready).
No trend lines or complicated analysis, all you have to do is FOLLOW!
I think ONGUSDT will increas foward daysI think ONGUSDT will increase foward days bollinger band sequeze and chart is depent on momentum
📊Bollinger Bands In A Trending MarketBollinger Bands are a widely used chart indicator for technical analysis created by John Bollinger in the 1980s. They offer insights into price and volatility and are used in many markets, including stocks, futures, and currencies. Bollinger Bands have multiple uses, such as determining overbought and oversold levels, as a trend following tool, and for monitoring for breakouts.
📍 Strategy
Bollinger Bands measure deviation and can be helpful in diagnosing trends. By generating two sets of bands using different standard deviation parameters, traders can gauge trends and define buy and sell zones. The bands adapt dynamically to price action, widening and narrowing with volatility to create an accurate trending envelope. A touch of the upper or lower band is not a signal in and of itself, and attempting to "sell the top" or "buy the bottom" can lead to losses. Standard deviation is a statistical measure of the amount of variation or dispersion of a set of prices or returns from its average value. The higher the standard deviation, the wider the Bollinger Bands, indicating greater price volatility, and vice versa. Traders may use standard deviation to set stop-loss and take-profit levels or to help determine the risk-to-reward ratio of a trade.
📍 Calculation
First, calculate a simple moving average. Next, calculate the standard deviation over the same number of periods as the simple moving average. For the upper band, add the standard deviation to the moving average. For the lower band, subtract the standard deviation from the moving average.
Typical values used:
Short term: 10 day moving average, bands at 1.5 standard deviations. (1.5 times the standard dev. +/- the SMA)
Medium term: 20 day moving average, bands at 2 standard deviations.
Long term: 50 day moving average, bands at 2.5 standard deviations.
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IOTX/USDT looking good for a potential short! Hey guys 👋
IOTX coin is going to be the first coin of the day. Where currently sitting just below that resistance we see a good potential for a short position here. BUckle up and let's go!
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Disclamer:
We are not financial advisors. The content that we share on this website are for educational purposes and are our own personal opinions.
Testing a Famous Indicator 2 (& 3) Steps Beyond Moving AveragesSince trading is all about having a statistical edge (well, if you wanna make a living at it)...
How about we use an indicator with deeper insight than averages?
It’s called the Bollinger Band, and it’s what we’re testing today.
What the Heck Is a Bollinger Band?
Without getting all mathy on you (the formula is gnarly), imagine slicing up a regular bell curve in sections.
The middle section (first standard deviation) has about 68% of the data.
A broader chunk (2 standard deviations, which includes the first) has about 95%.
And the widest chunk (3 standard deviations, including the first 2) has 99.7%
Whenever price pierces one of the bands, we look to take a trade. We’ll test this in 3 ways, which we’ll dig into after laying out our basic setup…
The Trading Truth Test Setup
Market: the S&P 500 index (using SPY to trade it, assuming SPY is exactly 1/10th the S&P 500 Index price)
Timeframe: Jan 2, 2008 to March 28, 2023
Bar interval: 1 hour
Moving averages: 50 bars (simple moving averages, meaning every bar gets equal weight, unlike with exponential)
Starting Equity: $25,000
Max % of Equity Per Trade: 3%
Commissions, fees and taxes. To keep things super simple, we’re assuming these are all zero.
Our 3 Tests
Test A:
Any time a high pierces the upper band 2 standard deviations away, go short (if we’re not already in a trade).
Any time a low pierces the upper band 2 standard deviations below, go long (if we’re not already in a trade).
Take profits and losses 2 average true ranges (ATRs) away from the previous close.
Test B:
The same as Test A, except we’ll use 3 standard deviations, instead of 2.
Test C:
Any time a high pierces the 3-standard-deviations upper band, exit a long position and go short.
Any time a low pierces the 3-standard-deviations lower band, exit a short position and go long.
We’re not using ATRs to take profits and losses on this one.
The Test Results
Test A ended down at $20,810.61, down 16.8%. From equity high to equity low, this strategy had a 19.0% drawdown.
Test B ended with $22,818.73. So, we lost 8.7%, with a 9.2% peak-to-trough drawdown. Waiting for price to pierce 3 standard deviations helped reduce our loss.
Test C ended with $25,127.75, a 0.5% gain, with a 15.1% equity high-to-low drawdown.
But but but… buy and hold once again came out the winner by far, up 173.1%.
Note: I did this analysis in a spreadsheet, with exported TradingView data. If you see any errors, please let me know.
What Test Tweaks We Could Make
For Tests A and B, I’d be curious to test waiting for at least a 1-bar price reversal after a Bollinger Band is pierced.
That way, we’d have some momentum back in the trade direction before jumping in.
Test C seems to show this, since we only exit trades when a band gets pierced going in the opposite direction. Still, the results are basically breakeven, so some other rule(s) may help there.
What would you test? And what else would you like to see tested?
Comment below!
