OPEN-SOURCE SCRIPT
Price Predictor
Updated
Greetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: tradingview.com/u/DayTradingOil/).
This one is called Price Predictor.
How To Use Price Predictor
Price Predictor acquires potential targets by measuring the Average Change of Price from a user-defined resolution, from Open to Open. By default, the Resolution is set to 1 Day, however you can play around with Weekly, Monthly, etc. When a new resolution period begins, Price Predictor will automatically adjust based on the new Average Change of Price.
Due to the avoidance of Security() in this script, you may have to play around with the Timeframe that you use it in to ensure that you have enough bars on your chart to process the User-Defined Resolution.
The first Target Zone represents Target 5 of my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/)(Given that you set the Target Multiple and Default Threshold Inputs as the same in each script), and is the most likely to be hit before the end of the resolution period.
In addition to a User-Defined Resolution, you also have the option of using a Custom Price to define Target Zones, however I'd recommend using my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/), if the volatility of the Instrument isn't too high.
I wanted to give a Special Thanks to PineCoders for the Custom RoundToTick Function from The Backtesting/Trading Engine --> (![Backtesting & Trading Engine [PineCoders]](https://s3.tradingview.com/d/dYqL95JB_mid.png)
If you like Price Predictor, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
This one is called Price Predictor.
How To Use Price Predictor
Price Predictor acquires potential targets by measuring the Average Change of Price from a user-defined resolution, from Open to Open. By default, the Resolution is set to 1 Day, however you can play around with Weekly, Monthly, etc. When a new resolution period begins, Price Predictor will automatically adjust based on the new Average Change of Price.
Due to the avoidance of Security() in this script, you may have to play around with the Timeframe that you use it in to ensure that you have enough bars on your chart to process the User-Defined Resolution.
The first Target Zone represents Target 5 of my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/)(Given that you set the Target Multiple and Default Threshold Inputs as the same in each script), and is the most likely to be hit before the end of the resolution period.
In addition to a User-Defined Resolution, you also have the option of using a Custom Price to define Target Zones, however I'd recommend using my other script, Trade Manager(tradingview.com/script/M926eZzM-Trade-Manager/), if the volatility of the Instrument isn't too high.
I wanted to give a Special Thanks to PineCoders for the Custom RoundToTick Function from The Backtesting/Trading Engine --> (
If you like Price Predictor, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
Release Notes
Updated Code ReadabilityRelease Notes
Updated Chart Background ImageOpen-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
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.