OPEN-SOURCE SCRIPT
Price Action
Updated
First, you have to know price action, RTM price action Handbook could help you
this indicator shows you base and momentum candles
base candles could be zones of trade that show you fighting of bulls and bears, and momentum candles could show the power of those zones.
Base candles are white in the chart, and you can place your order at the good zone.
Rally candles and drop candles are momentum candles, and bold rally and bold drop show that it is more powerful than its before candle.
Zigzag compression is one way that shows the compression in trend.
it looks like the Wedges pattern at classic technical that shows pending orders are closed, so the target zone could be powerful to reverse the trend.
Black background of candle means that candle doesn't reach its before candle and so it is poor candle, I named it domination.
It is better to do not trade at poor candles.
At the end, I find Price action the best way to trade, and it makes you free of other indicator, even volume indicator.
This indicator is good for those who use price action strategy to trade and those who want to learn the price action.
It could be so helpful and reliable way to find the zones, and place buy or sell order and the target, specially for scalping.
this indicator shows you base and momentum candles
base candles could be zones of trade that show you fighting of bulls and bears, and momentum candles could show the power of those zones.
Base candles are white in the chart, and you can place your order at the good zone.
Rally candles and drop candles are momentum candles, and bold rally and bold drop show that it is more powerful than its before candle.
Zigzag compression is one way that shows the compression in trend.
it looks like the Wedges pattern at classic technical that shows pending orders are closed, so the target zone could be powerful to reverse the trend.
Black background of candle means that candle doesn't reach its before candle and so it is poor candle, I named it domination.
It is better to do not trade at poor candles.
At the end, I find Price action the best way to trade, and it makes you free of other indicator, even volume indicator.
This indicator is good for those who use price action strategy to trade and those who want to learn the price action.
It could be so helpful and reliable way to find the zones, and place buy or sell order and the target, specially for scalping.
Release Notes
In this version it help you find some patterns like3Drive
Rectangle
Triangle
You should change patterns sensitivity to find more.
I'll be happy if you have an idea to enhance this indicator
Release Notes
EnhancedRelease Notes
Now we have 3 views view 1 shows the base, momentum candles
view 2 shows RBR, RBD, DBD, DBR patterns
view 3 shows only base candles to keep the chart clear for you
RBR and DBD are continuing patterns.
RBD and DBR are return patterns.
Change pattern sensitivity up to find bigger 3Drive or triangle or rectangle pattern.
Special thanks to @CryptoTWFBIG
Release Notes
Little changeschar "✵" in view 2 shows the rally drop or drop rally candles
power sr finds rally drop drop or drop rally rally candles
Release Notes
enhancedRelease Notes
Big updateQuality zone mode now find best zones for trade.
At first, set the time you want to find the zones after
then the indicator will find the zones for you.
Use Quality zone mode and power sr to trade better.
Special thanks to tejaswim99
Release Notes
Authentic check to check the zones and sr being authentic
Authentic zone means it is not reaction to other old zone.
Authentic zones are original and powerful.
Release Notes
Dark colors in candles view show the high momentum of price.Darker means more momentum and more power of momentum candles.
Dark red and dark blue.
Low momentum show that there might be SR near the price, specially it is helpful when the price is near the zones.
Release Notes
enhancedRelease Notes
Enhancednow swing option help you find the momentum of swings and behavior of price near the zone
Release Notes
Nowyou can change indicator's timeframe, so it will show another timeframe's base candles or zones for you.
Use MPL option to find MPLs and Quasimodo(QM)
quality zone now will find double maru too.
I want to explain for you how to work with this indicator and what it uses for
RTM (read the market) is one of the price action method, and it follows the big companies way and smart money for trade.
In this method you find the zones for entry price and put stop price below the zone then you wait and follow the behavior of price near the zone
for example, 3drive near the zone shows you that zone most probably could be work.
This indicator find zones and check the behavior of price, but if you want to do it your self you can choose base mode, so it just shows you the base candles that are usable for zone finding.
How does it work?
when you click on price action at indicator list, it wants you to select time.
Since that time you've selected, it will find zones for you.
If you want to change this time, you should just click on the indicator name below the currency name at top left and change the place of the vertical line.
More info: [url= tradingview.com/blog/en/pine-scripts-are-now-interactive-27147/] tradingview.com/blog/en/pine-scripts-are-now-interactive-27147/
watch the animation.
Double-click on the indicator name to open the option list.
At input window you see
- [1.] Timeframe
[2.] View
[3.] Zone options
[4.] compression
[5.] color of pattern
[6.] background color
[7.] pattern
[8.] pattern size
[9.] history zone
TIMEFRAME
if you click on <<Able to change>> you can select time frame from the list and indicator will be computed at that time frame
it means it will show you that time frame's zone or anything.
VIEW
you can select the view of indicator at your chart.
For example, when you choose quality zone it will find you the zones or when you choose patterns it will show the rally base rally or more patterns.
ZONE OPTIONS
when you select <<Authentic check>> option, it will reverse the zones, so you can check it not to be reacted to the other past zone.
Reacted to the past zone will weaken the zone.
When you select <<strongest zone>> it will choose the strongest zones and disappear other zones.
When you select <<hidden base>> it will show you the hidden bases.
Price could react to the hidden base, but this reaction may not be a major reaction.
When you select <<power sr>> it will find powerful support and resistance.
When you select <<MPL>> it will find MPL or QM for you so you can check the behavior of price and wait to react to that MPL zone.
QM and MPL zone are power zones, specially when it occurs at major pivots.
change the pattern size at the end of the option list to find more MPLs and change the history zone time to find more past MPLs.
COMPRESSION
Compression is one of the behavior of price near the zone that means the zone could work.
<<zig zag cp>> help you find zig zag compression.
<<swing>> will show the momentum of price.
Change the pattern size up to find bigger waves.
7.5% up at 15h in comparison with 6.5% up at 9h means bullish momentum is going weak!
PATTERN
<<triangle>> will find triangle for you so you can trade at triangle like classical technical method.
<<3 drive>> is one of the price behavior near the zones.
<<rectangle>> is one of the classic technical method.
PATTERN SIZE
change the patterns size like triangle or rectangle or 3D or…
HISTORY ZONE
you select it at the first you run the indicator, and it could be changed by entering the calendar manually.
Note:never trade against the trend, means do not get long position at downtrend.
Glad to give you this good news that a new indicator will be prepared soon
that will complete price action indicator to make more profit for you.
I hope more profit for you.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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