Big Candle Touches Bollinger BandWhat It Does:
This indicator helps you spot important trading signals by combining Bollinger Bands with big candles.
Key Features:
Bollinger Bands: These bands show the average price (middle band) and the range of price movement (upper and lower bands) over a set period. The bands widen when prices are more volatile and narrow when they are less volatile.
Big Candle Detection: A "big candle" is a candle that has a larger body compared to the average price movement over a period. This is determined using the Average True Range (ATR), which measures market volatility.
How It Works:
Detects Big Candles: It checks if a candle’s body (the difference between its open and close prices) is bigger than usual, based on a multiplier of the ATR.
Touching Bollinger Bands: It looks for candles that touch or cross the upper or lower Bollinger Bands.
Highlights Important Signals:
Sell Signal: When a big candle touches the upper Bollinger Band, it marks it as a "Sell" signal with a red label.
Buy Signal: When a big candle touches the lower Bollinger Band, it marks it as a "Buy" signal with a green label.
Alerts:
You'll get alerts when a big candle touches the upper or lower Bollinger Bands, so you don’t miss these potential trading opportunities.
Visuals:
Bollinger Bands: Shown as three lines on the chart — the upper band (red), the lower band (green), and the middle band (blue).
Labels: Red labels for sell signals and green labels for buy signals when a big candle touches the bands.
This indicator helps you identify potential trading opportunities by focusing on significant price movements and how they interact with the Bollinger Bands.
Candlestick analysis
Big Volumes HighlighterBig Volumes Highlighter
Overview:
The "Big Volume Highlighter" is a powerful tool designed to help traders quickly identify candles with the highest trading volume over a specified period. This indicator not only highlights the most significant volume candles but also color-codes them based on the candle's direction—green for bullish (close > open) and red for bearish (close < open). Whether you're analyzing volume spikes or looking for key moments in price action, this indicator provides clear visual cues to enhance your trading decisions.
Features:
Customizable Lookback Period: Define the number of candles to consider when determining the highest volume.
Automatic Color Coding: Candles with the highest volume are highlighted in green if bullish and red if bearish.
Visual Clarity: The indicator marks the significant volume candles with a triangle above the bar and changes the background color to match, making it easy to spot important volume events at a glance.
Use Cases:
Volume Spike Detection:
Quickly identify when a large volume enters the market, which may indicate significant buying or selling pressure.
Trend Confirmation: Use volume spikes to confirm trends or potential reversals by observing the direction of the high-volume candles.
Market Sentiment Analysis: Understand market sentiment by analyzing the direction of the candles with the biggest volumes.
How to Use:
Add the "Big Volume Highlighter" to your chart.
Adjust the lookback period to suit your analysis.
Observe the highlighted candles for insights into market dynamics.
This script is ideal for traders who want to incorporate volume analysis into their technical strategy, providing a simple yet effective way to monitor significant volume changes in the market.
Artaking 2Components of the Indicator:
Moving Averages:
Short-Term Moving Average (MA): This is a 50-period Simple Moving Average (SMA) applied to the closing price. It is used to track the short-term trend of the market.
Long-Term Moving Average (MA): This is a 200-period SMA used to track the long-term trend.
Day Trading Moving Average: A 20-period SMA is used specifically for day trading signals, focusing on shorter-term price movements.
Purpose:
The crossing of these moving averages (short-term crossing above or below long-term) provides basic buy and sell signals, indicative of potential trend reversals or continuations.
ADX (Average Directional Index) for Trend Strength:
ADX Calculation: The ADX is calculated using a 14-period length with 14-period smoothing. The ADX value indicates the strength of a trend, regardless of direction.
Strong Trend Condition: The indicator considers a trend to be strong if the ADX value is above 25. This threshold helps filter out trades during weak or sideways markets.
Purpose:
To ensure that the strategy only generates signals when there is a strong trend, thus avoiding whipsaws in low volatility or range-bound conditions.
Support Levels:
Support Level Calculation: The indicator calculates the lowest close over the last 100 periods. This level is used to identify significant support zones where the price might find a floor.
Purpose:
Support levels are critical in identifying potential areas where the price might bounce, making them ideal for setting stop losses or identifying buy opportunities.
Volatility Spike (Proxy for News Trading):
ATR (Average True Range) Calculation: The indicator uses a 14-period ATR to measure market volatility. A volatility spike is identified when the ATR is greater than 1.5 times the 14-period SMA of the ATR.
Purpose:
This serves as a proxy for news events or other sudden market movements that could make the market unpredictable. The indicator avoids generating signals during these periods to reduce the risk of being caught in a volatile, potentially news-driven move.
Fibonacci Retracement Levels:
61.8% Fibonacci Level: Calculated from the highest high and lowest low over the long MA period, this retracement level is widely regarded as a significant support or resistance level.
Purpose:
Position traders often use Fibonacci levels to identify potential reversal points. The indicator incorporates the 61.8% level to fine-tune entries and exits.
Candlestick Patterns for Price Action Trading:
Bullish Engulfing Pattern: A bullish reversal pattern where a green candle fully engulfs the previous red candle.
Bearish Engulfing Pattern: A bearish reversal pattern where a red candle fully engulfs the previous green candle.
Purpose:
These patterns are classic signals used in price action trading to identify potential reversals at key levels, especially when they align with other conditions like support/resistance or Fibonacci levels.
Signal Generation:
The indicator generates buy and sell signals by combining the above elements:
Buy Signal:
A buy signal is triggered when:
The short-term MA crosses above the long-term MA (indicating a potential uptrend).
The trend is strong (ADX > 25).
The current price is near or below the 61.8% Fibonacci retracement level, suggesting a potential reversal.
No significant volatility spike is detected, ensuring the market isn’t reacting unpredictably to news.
Sell Signal:
A sell signal is triggered when:
The short-term MA crosses below the long-term MA (indicating a potential downtrend).
The trend is strong (ADX > 25).
The current price is near or above the 61.8% Fibonacci retracement level, suggesting potential resistance.
No significant volatility spike is detected.
Day Trading Signals:
Independent of the main trend signals, the indicator also generates intraday buy and sell signals when the price crosses above or below the 20-period day trading MA.
Price Action Signals:
The indicator can trigger buy or sell signals based purely on price action, such as the occurrence of bullish or bearish engulfing patterns. This is optional and can be enabled or disabled.
Alerts:
The indicator includes built-in alert conditions that notify the trader when a buy or sell signal is generated. This allows traders to act immediately without having to constantly monitor the charts.
Practical Application:
This indicator is versatile and can be used across various trading styles:
Position Trading: The long-term MA, Fibonacci retracement, and ADX provide a solid foundation for identifying long-term trends and potential entry/exit points.
Day Trading: The short-term MA and day trading MA offer quick signals for intraday trading.
Price Action: Candlestick pattern recognition allows for precise entry points based on market sentiment and behavior.
News Trading: The volatility spike filter helps avoid trading during periods of market instability, often driven by news events.
Conclusion:
The Comprehensive Trading Strategy Indicator is a robust tool designed to help traders navigate various market conditions by integrating multiple strategies into a single, coherent framework. It provides clear, actionable signals while filtering out potentially dangerous trades during volatile or weak market conditions. Whether you're a long-term trader, a day trader, or someone who relies on price action, this indicator can be a valuable addition to your trading toolkit.
Comparative Relative Strength - HongQuanTraderThis script is designed to enhance your trading strategy by comparing the current symbol with another comparative symbol. The goal is to trade a symbol only when its Relative Strength (RS) value surpasses the long moving average of the RS value, ensuring more informed and strategic trading decisions.
Default Mode
In the default mode, the RS value is calculated by simply dividing the base symbol by the comparative symbol:
RS_SIMPLE = baseSymbol / comparativeSymbol
Period Mode
When you enable the “use period” option, the script uses the RS_PERIOD equation. This mode is particularly useful for comparing multiple symbols against the same comparative symbol, with the output normalized around 1.0 for easier comparison:
RS_PERIOD = baseSymbol / baseSymbol / (comparativeSymbol / comparativeSymbol )
By leveraging these calculations, you can gain deeper insights into the relative performance of different symbols, allowing you to make more precise and confident trading decisions. Whether you’re comparing stocks, currencies, or any other assets, this script provides a robust framework for enhancing your trading strategy.
The GOD's EYE V1Here's a description for your script that aligns with the guidelines provided:
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**Title:** The GOD's EYE V1
**Description:**
"The GOD's EYE V1" is a powerful technical analysis tool designed for Forex traders who seek to identify high-probability trading opportunities based on price action and trend-following strategies.
**Key Features:**
1. **Dynamic Channel with Upper and Lower Bands:**
- The script uses a custom EMA-based channel to identify significant price levels. The upper and lower bands are dynamically calculated by adjusting the central EMA line with a fixed pip distance, providing a clear visual of potential support and resistance zones.
2. **Engulfing Candle Detection:**
- The script identifies bullish and bearish engulfing patterns, which are key reversal signals. These patterns are used in conjunction with the EMA channel to confirm potential trade entries.
- **Bullish Engulfing:** Triggered when a bearish candle is followed by a bullish candle that engulfs the previous candle's body, combined with the EMA cross above the upper band.
- **Bearish Engulfing:** Triggered when a bullish candle is followed by a bearish candle that engulfs the previous candle's body, combined with the EMA cross below the lower band.
3. **Customizable Parameters:**
- Traders can adjust the EMA length and the distance of the upper and lower lines from the central EMA to tailor the indicator to their specific trading strategy.
4. **Visual and Alert System:**
- The script provides clear visual signals on the chart, marking potential buy and sell opportunities with triangles above or below the candles. Alerts are also integrated to notify traders in real-time when a bullish or bearish engulfing pattern is detected.
**How It Works:**
- The indicator plots two key levels on the chart (Upper and Lower) based on the central EMA. These levels act as dynamic support and resistance.
- When the fast EMA crosses above the upper band and a bullish engulfing pattern is detected, a potential buying opportunity is signaled.
- Conversely, when the fast EMA crosses below the lower band and a bearish engulfing pattern is detected, a potential selling opportunity is signaled.
**Usage:**
- This indicator is designed for traders who prefer a trend-following approach combined with price action analysis. It is especially useful for those who trade on higher timeframes like the 4H or 1H charts.
- The alerts and visual signals help traders to stay on top of potential trades without constantly monitoring the charts.
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This description provides a clear overview of the indicator, explaining its features, how it works, and how traders can use it effectively. This should meet the publication guidelines for closed-source scripts.
Relative Range at Time/ Relative volatility / High−Low This script is designed to help you compare the size of the current price candle (the difference between the highest and lowest prices in a given time period) to the average size of the last several candles. It does this by calculating the average range of a certain number of previous candles (you can set how many with the "Length" input) and then dividing the current candle's range by this average. The result is plotted on the chart as a bar: if the current candle's range is larger than the average, the bar is green; if it's smaller, the bar is red. A horizontal line is also drawn at the value of 1, so you can easily see whether the current candle's range is above or below the average. If there’s an issue with the data, the script will show an error message to let you know.
[1] Dynamic Support and Resistance with breakout [Dr Future]This script appears to be designed to identify and visualize dynamic support and resistance levels on a price chart, along with potential breakout signals.
Key Components & Functionality (Inferred):
Dynamic Support and Resistance: The script likely employs algorithms to calculate and plot support and resistance levels that adjust in real-time as price action evolves.
Breakout Detection: The script probably incorporates logic to recognize when the price breaks out of these dynamic support or resistance zones. This could trigger alerts or visual cues on the chart.
Dr Future's Approach: It's worth noting the " " tag, suggesting the script might be based on specific methodologies or insights associated with a trader or analyst known as "Dr Future." Without more context on their strategies, it's difficult to pinpoint the exact techniques used.
Potential Benefits:
Adaptive Levels: Dynamic support and resistance can offer a more responsive approach compared to static levels, as they account for changing market conditions.
Breakout Opportunities: Identifying breakouts can help traders spot potential entry or exit points.
Visual Clarity: Plotting these levels directly on the chart can provide a clearer picture of the current market structure and potential turning points.
Caveats:
False Signals: Like any technical tool, dynamic support and resistance can generate false signals. Breakouts might not always lead to sustained trends.
Parameter Sensitivity: The script's effectiveness likely depends on how its parameters are configured. Fine-tuning might be required to suit different markets or timeframes.
"Dr Future" Factor: The script's performance could be tied to the specific strategies of "Dr Future," which might not be universally applicable.
Important Note:
Without access to the actual code and a deeper understanding of "Dr Future's" methods, this description is based on inference and general knowledge of technical analysis.
Recommendation:
If you're considering using this script, it would be prudent to:
Backtest Thoroughly: Test the script on historical data to assess its performance and identify potential pitfalls.
Understand the Parameters: Familiarize yourself with the script's settings and how they impact the plotted levels and breakout signals.
Combine with Other Tools: Use this script in conjunction with other technical indicators and risk management strategies for a more holistic trading approach.
Linear and Logarithmic Fibonacci Levels and (Price&Time) FansIntroduction
The Fibonacci Retracement tool is a go-to for traders looking to spot potential support and resistance levels. By measuring the distance between swing highs and lows, you can apply Fibonacci ratios like 0.236, 0.382, and 0.618 to predict key market levels.
Traditionally, these levels are set by dividing this distance into equal parts—known as Linear Levels. A more refined approach, Logarithmic Price and Time Levels, divides the distance into proportionally equal segments. Plus, this indicator now includes Fibonacci fans, adding another layer of analysis by projecting potential price levels using trendlines based on Fibonacci ratios.
This tool makes it easier to identify both Linear and Logarithmic levels while also leveraging Fibonacci fans for a more complete market view.
Applications
Logarithmic Levels and Fibonacci fans are ideal for volatile markets. In crypto, they’re especially effective for BTCUSDT (check out the wick from January 23, 2024). They also help spot accumulation and distribution patterns in high-volume altcoins like FETUSDT . In traditional markets, they’re useful for tracking stocks like TSLA and NVDA with extreme price swings, as well as indices in inflation-affected markets like XU100 , or recession-hit currency pairs like JPYUSD .
How to Use
This indicator is intuitive and similar to TradingView’s Fibonacci Tool. Select your reference levels (Level 1 and Level 0), then tweak the settings to customize your analysis, including adding Fibonacci fans for extra insights.
Why It’s Different
Unlike TradingView’s tool, which forces you to switch to a logarithmic scale (messing with other indicators and trend lines), this indicator lets you view both Linear and Logarithmic levels—and Fibonacci fans on Price and Time Series—without changing your chart’s scale. The original Fibonacci Code was derived from zekicanozkanli, modified and upgraded to plot fib front and back fans as well. Due to TV Max Plot restrictions I need to publish just Front and Back and Front Fibs separately.
Gap Percentage Highlighter (1Day)b]🇬🇧 ENGLISH
The "Gap Percentage Highlighter" script is a useful tool for traders who want to visually highlight and analyze price gaps on their charts.
Features:
Identification of Price Gaps (Gaps):
The script automatically highlights candles where the opening price significantly differs from the previous day's closing price.
Percentage Display of the Gap:
The percentage change between the closing price and the opening price is displayed directly on the chart.
Customizable Gap Size:
Users can set the minimum size of the price gap in percentage terms through a simple input field, determining when the script marks a gap as significant.
Visual Highlighting:
Gap-ups (positive gaps) are highlighted in green, and gap-downs (negative gaps) are highlighted in red, making them easy to identify.
Use Case:
This script is ideal for traders who utilize gaps in their analyses to identify potential market movements. It allows for quick and visual identification of significant price gaps directly on the chart and offers the flexibility to adjust the definition of "significant" to match individual needs.
Disclaimer:
This script is for educational purposes only. Trading involves risks and is not suitable for every investor.
(c) BS IMPACT SCALE GmbH
🇩🇪 GERMAN
Das "Gap Percentage Highlighter" Skript ist ein nützliches Tool für Trader, die Kurslücken (Gaps) auf ihren Charts visuell hervorheben und analysieren möchten.
Funktionen:
Identifizierung von Kurslücken (Gaps):
Das Skript hebt automatisch Kerzen hervor, bei denen der Eröffnungskurs vom Schlusskurs der vorherigen Kerze auf Tagesbasis signifikant abweicht.
Prozentuale Anzeige der Kurslücke:
Die prozentuale Veränderung zwischen Schlusskurs und Eröffnungskurs wird direkt auf dem Chart angezeigt.
Anpassbare Gap-Größe:
Nutzer können über ein einfaches Eingabefeld die minimale Größe der Kurslücke in Prozent festlegen, ab der das Skript die Lücke als relevant markiert.
Visuelle Hervorhebung:
Gap-Ups (positive Lücken) werden in Grün und Gap-Downs (negative Lücken) in Rot hinterlegt, sodass sie leicht identifiziert werden können.
Anwendungsbereich:
Dieses Skript ist ideal für Trader, die Gaps in ihren Analysen nutzen, um potenzielle Marktbewegungen zu identifizieren. Es ermöglicht eine schnelle und visuelle Erkennung von signifikanten Kurslücken direkt auf dem Chart und bietet die Flexibilität, die Definition von "signifikant" an die eigenen Bedürfnisse anzupassen.
Haftungsausschluss:
Dieses Skript dient ausschließlich zu Bildungszwecken. Trading beinhaltet Risiken und ist nicht für jeden Anleger geeignet.
(c) BS IMPACT SCALE GmbH
Imbalance FVG SIBI BISIImbalance Detection Script
Author: © teshmi9z
Script Name: Imbalance FVG
Version: Pine Script® v5
Description:
This script detects and highlights imbalances on the chart, areas where price movement has created a gap without immediate return, signaling potential zones of future support or resistance.
The script identifies two types of imbalances:
Bullish Imbalance: Occurs when the low of two bars ago is less than or equal to the previous bar's open, and the current bar's high is greater than or equal to the previous bar's close.
Bearish Imbalance: Occurs when the high of two bars ago is greater than or equal to the previous bar's open, and the current bar's low is less than or equal to the previous bar's close.
These imbalances are visualized as semi-transparent yellow boxes on the chart, which can be adjusted for transparency.
Parameters:
Transparency (FVG): Adjust the transparency of the yellow boxes, from 0 (opaque) to 100 (fully transparent).
Usage:
This script helps traders quickly identify and visualize potential reversal zones or areas of interest on the chart. It’s a useful tool for pinpointing where significant price reactions may occur.
Anomaly Detection with Standard Deviation [CHE]Anomaly Detection with Standard Deviation in Trading
Application for Traders
Traders can use this indicator to identify potential turning points in the market. Anomalies above the upper threshold may indicate overbought conditions, suggesting a possible reversal or sell opportunity. Conversely, anomalies below the lower threshold might signal oversold conditions, presenting a potential buying opportunity. By combining these signals with other technical analysis tools, traders can make more informed decisions and refine their trading strategies.
Introduction
Welcome to this presentation on Anomaly Detection using Standard Deviation in the context of trading. This method helps traders identify unusual price movements that may indicate potential trading opportunities. We will walk through the concept, explain how to set up the indicator, and discuss how traders can utilize it effectively.
Concept Overview
Anomaly Detection using Standard Deviation is a statistical method that identifies price points in a financial market that deviate significantly from the norm. The method relies on calculating the moving average and the standard deviation of a chosen price indicator over a specified period. By defining thresholds (e.g., 3 standard deviations above and below the mean), the method flags these deviations as anomalies, which can signal potential trading opportunities.
1. Selecting the Data Source
Description: The first step in setting up the indicator is choosing the price data that will be analyzed. Common options include the closing price, opening price, highest price, lowest price, or a combination of these (such as the average of the open, high, low, and close prices, known as OHLC4).
Importance: The choice of data source affects the sensitivity and relevance of the detected anomalies.
2. Setting the Calculation Period
Description: The calculation period refers to the number of time units (such as days, hours, or minutes) used to compute the moving average and standard deviation. A typical default period might be 20 units.
Importance: A shorter period makes the indicator more responsive to recent changes, while a longer period smooths out short-term fluctuations and highlights more significant trends.
3. Determining the Number of Displayed Lines and Labels
Description: Traders can configure how many anomaly lines and labels are displayed on the chart at any given time. This is crucial for maintaining a clear and readable chart, especially in volatile markets.
Importance: Limiting the number of displayed anomalies helps avoid clutter and focuses attention on the most recent or relevant data points.
4. Calculating the Mean and Standard Deviation
Description: The mean (or moving average) represents the central tendency of the price data, while the standard deviation measures the dispersion or volatility around this mean.
Importance: These statistical measures are fundamental to determining the thresholds for what constitutes an "anomaly."
5. Defining Anomaly Thresholds
Description: Anomaly thresholds are typically set at 3 standard deviations above and below the mean. Prices that exceed these thresholds are considered anomalies, signaling potential overbought (above the upper threshold) or oversold (below the lower threshold) conditions.
Importance: These thresholds help traders identify extreme market conditions that might present trading opportunities.
6. Identifying Anomalies
Description: The indicator checks whether the high or low prices exceed the defined thresholds. If they do, these price points are flagged as anomalies.
Importance: Identifying these points can alert traders to unusual market behavior, prompting them to consider buying, selling, or holding their positions.
7. Visualizing the Anomalies
Description: The indicator plots the thresholds on the chart as lines, with anomalies highlighted through additional visual cues, such as labels or lines.
Importance: This visualization makes it easy for traders to spot significant deviations from the norm, which might warrant further analysis or immediate action.
8. Managing Displayed Anomalies
Description: To keep the chart organized, the indicator automatically removes the oldest lines and labels when the number exceeds the user-defined limit.
Importance: This feature ensures that the chart remains clear and focused on the most relevant data points, preventing information overload.
Conclusion
The Anomaly Detection with Standard Deviation indicator is a powerful tool for identifying significant deviations in market behavior. By customizing parameters such as the calculation period and the number of displayed anomalies, traders can tailor the indicator to suit their specific needs, leading to more effective trading decisions.
Best regards
Chervolino
Opening Price LinesThis script allows the user to set 16 custom opening time price lines and labels, as well as 4 vertical lines to delineate times of the day.
Opening price is crucial for PO3 and OHLC/OLHC market strategies. If you are bearish, you want to get in above the opening price of a candle; conversely if you are bullish you want to enter below the opening price of a candle.
This indicator will aid in identifying time clusters in price as well as identifying important times for whatever strategy the user employs.
*Many thanks to TFO for the framework from which this indicator was created.*
Combined Bitcoin CME Gaps and Weekend DaysScript Description: Combined Bitcoin CME Gaps and Weekend Days
Author: NeoButane (Bitcoin CME Gaps), JohnIsTrading (Day of Week),
Contributor : MikeTheRuleTA (Combined and optimizations)
This Pine Script indicator provides a combined view of Bitcoin CME gaps and customizable weekend day backgrounds on your chart. It’s designed to help traders visualize CME gaps along with customizable weekend day highlights.
Features:
CME Gaps Visualization:
Enable CME Gaps: Toggle the display of CME gaps on your chart.
Show Real vs. CME Price: Choose whether to display chart prices or CME prices for gap analysis.
Weekend Gaps Only: Filter to show only weekend gaps for a cleaner view (note: this may miss holidays).
CME Gaps Styling:
Weekend Background Highlighting:
Enable Weekend Background: Toggle the weekend day background highlight on or off.
Timezone Selection: Choose the relevant timezone for accurate weekend highlighting.
Customizable Weekend Colors: Define colors for Saturday and Sunday backgrounds.
How It Works:
CME Gaps: The script identifies gaps between CME and chart prices when the CME session is closed. It plots these gaps with customizable colors and line widths.
You can choose to see gaps based on CME prices or chart prices and decide whether to include only weekends.
Weekend Backgrounds: The script allows for background highlighting of weekends (Saturday and Sunday) on your chart. This can be enabled or disabled and customized with specific colors.
The timezone setting ensures that the background highlights match your local time settings.
Inputs:
CME Gaps Settings:
Enable CME Gaps
Show Real vs. CME Price
Only Show Weekend Gaps
CME Gaps Style:
Gap Fill Color Up
Gap Fill Color Down
Gap Fill Transparency
Weekend Settings:
Enable Weekend Background
Timezone
Enable Saturday
Saturday Color
Enable Sunday
Sunday Color
Usage:
Add this script to your TradingView chart to overlay CME gaps and weekend highlights.
Adjust the settings according to your preferences for a clearer view of gaps and customized weekend backgrounds.
This indicator provides a comprehensive tool for tracking CME gaps and understanding weekend market behaviors through visual enhancements on your trading charts.
Open Lines (Daily/W/M/Q/Yearly)Overview
This script draws horizontal lines based on the opening prices of daily, weekly, monthly, quarterly, and yearly candles. A unique feature of this script is the ability to overlay lines from previous periods onto the current period. For example, it can draw the opening price line of the current month as well as the line from the previous month. This allows you to observe not only the battle between bullish and bearish candles of the current period but also the battle over whether the current candle engulfs the previous candle.
Settings
1. Common Settings for Daily to Yearly
On: Toggles the line drawing ON/OFF.
Line: Sets how many periods back the line should be drawn from the current period.
Extend: Sets how many periods into the future the lines from past candles should be extended.
Typically, an Extend value of 1 is sufficient, but you can increase this value if you want to observe engulfing patterns spanning multiple periods.
2. Style Settings
To differentiate between the current and past lines, the following settings are available:
Current session line style: Sets the style for the line representing the opening price of the current candle.
Next session line style: Sets the style for the line representing the opening price of past candles.
Available styles are as follows:
sol: solid line
dsh: dashed line
dot: dotted line
3. Other Settings
Allow overlapping of different session lines: By default, this setting prevents overlapping lines when candles from different periods open at the same time. Enabling this option allows lines from different periods, such as quarterly and monthly, to be drawn simultaneously if they overlap. By default, only the lines from the higher time frame are drawn.
Big Bar Followed by Doji/PinbarUsed find doji/pinbars after a Big candle showing the potential Morning/Evening star formation after x amount of consecutive up moves.
1. Doji Threshold (dojiThreshold)
What is a Doji?: A doji is a candlestick pattern where the opening and closing prices are very close to each other. It represents indecision in the market.
Threshold Explanation: The dojiThreshold is used to define what qualifies as a doji by comparing the size of the candle's body (the difference between the opening and closing prices) to the total range of the candle (the difference between the high and low prices).
How it works:
The formula in the script checks if the absolute difference between the close and open is less than or equal to a percentage of the entire candle's range.
Example: If the dojiThreshold is set to 0.1 (or 10%), this means that for a candle to be considered a doji, the size of the body (the difference between the open and close) must be 10% or less of the total candle's range (the difference between the high and low prices).
In other words, if the body is small enough (based on the threshold), the candle is considered a doji.
2. Pinbar Body Size (pinbarBodySize)
What is a Pinbar?: A pinbar (short for "pinocchio bar") is a candlestick pattern with a small body and a long wick (or shadow) on one side, indicating a potential reversal. The longer wick represents a rejection of a certain price level.
Body Size Explanation: The pinbarBodySize defines the maximum proportion of the candle's total range that the body can occupy for the candle to be considered a pinbar.
How it works:
The script compares the size of the body to the total range of the candle.
Example: If pinbarBodySize is set to 0.3 (or 30%), the body of the candle must be 30% or less of the total range for it to be considered a pinbar. This ensures that the candle has a small body and, therefore, a relatively long wick on one side.
The script then checks whether the longer wick is on the upper or lower side of the candle to determine if it's a valid pinbar pattern.
Summary:
Doji: The dojiThreshold parameter sets how close the open and close prices need to be relative to the candle's range for the candle to be considered a doji.
Pinbar: The pinbarBodySize parameter sets the maximum size of the body relative to the candle's total range to qualify it as a pinbar.
Both of these thresholds are adjustable in the script, allowing you to fine-tune what qualifies as a doji or pinbar based on your trading style and the market conditions you're analyzing.
Buy and Sell Alerts using VWAPThis is my first script, which I hope you'll enjoy.
The script generates alerts for buy and sell trades using VWAP and volume threshold that you select.
Indicators and Moving Averages :
This script allows you to choose which moving averages like VWAP, 9EMA, 10, 20, 50, 100, 200, and 325 SMAs you want to see on your chart.
Volume Threshold :
You can set a volume threshold, which is the minimum required volume required for buy and sell signals to be considered valid. (For example, I like 60,000 on SPY, 5 minute chart.)
Buy and Sell Signals :
The script checks if the stock prices crosses above or below the VWAP and if the trading volume is above the threshold you set.
If the price crosses above the VWAP and the volume is sufficient, a "Buy" signal is generated.
If the price crosses below the VWAP and the volume is sufficient, a "Sell" signal is generated.
This hopefully user-friendly indicator will alert you when certain conditions trading conditions are met, helping to make it a little easier to make informed trading decisions.
Open Interest (OI) Delta [UAlgo]The Open Interest (OI) Delta indicator is a tool designed to provide insights into the dynamics of Open Interest changes within the futures market. Open Interest (OI) refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. The OI Delta measures the change in Open Interest over a specified period, allowing traders to assess whether new money is entering the market or existing positions are being closed.
This indicator offers two distinct display modes to visualize OI Delta, along with customizable levels that help in categorizing the magnitude of OI changes. Additionally, it provides the option to color-code the bars on the price chart based on the intensity and direction of OI Delta, making it easier for traders to interpret market sentiment and potential future price movements.
🔶 Key Features
Two Display Modes: Choose between two different modes for visualizing OI Delta, depending on your analysis preferences:
Mode 1: Displays the OI Delta directly as positive or negative values.
Mode 2: Separates positive and negative OI Delta values, displaying them as absolute values for easier comparison.
Customizable Levels: Set up to four levels of OI Delta magnitude, each with customizable thresholds and colors. These levels help categorize the OI changes into Normal, Medium, Large, and Extreme ranges, allowing for a more nuanced interpretation of market activity.
MA Length and Standard Deviation Period: Adjust the moving average length and standard deviation period for OI Delta, which smooths out the data and helps in identifying significant deviations from the norm.
Color-Coded Bar Chart: Optionally color the price bars on your chart based on the OI Delta levels, helping to visually correlate price action with changes in Open Interest.
Heatmap Display: Toggle the display of OI Delta levels on the chart, with the option to fill the areas between these levels for a more visually intuitive understanding of the data.
🔶 Interpreting Indicator
Positive vs. Negative OI Delta:
A positive OI Delta indicates that the Open Interest is increasing, suggesting that new contracts are being created, which could imply fresh capital entering the market.
A negative OI Delta suggests that Open Interest is decreasing, indicating that contracts are being closed out or settled, which might reflect profit-taking or a reduction in market interest.
Magnitude Levels:
Level 1 (Normal OI Δ): Represents typical, less significant changes in OI. If the OI Delta stays within this range, it may indicate routine market activity without any substantial shift in sentiment.
Level 2 (Medium OI Δ): Reflects a more significant change in OI, suggesting increased market interest and possibly the beginning of a new trend or phase of market participation.
Level 3 (Large OI Δ): Indicates a strong change in OI, often associated with a decisive move in the market. This could signify strong conviction among market participants, either bullish or bearish.
Level 4 (Extreme OI Δ): The highest level of OI change, often preceding major market moves. Extreme OI Δ can be a signal of potential market reversals or the final phase of a strong trend.
Color-Coded Bars:
When enabled, the color of the price bars will reflect the magnitude and direction of the OI Delta. This visual aid helps in quickly assessing the correlation between price movements and changes in market sentiment as indicated by OI.
This indicator is particularly useful for futures traders looking to gauge the strength and direction of market sentiment by analyzing changes in Open Interest. By combining this with price action, traders can gain a deeper understanding of market dynamics and make more informed trading decisions
🔶 Disclaimer
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
PDHL Sweep + C123 (by Veronica)The "PDHL Sweep + C123" is an indicator to identify potential reversal or continuation patterns in the market by combining key price levels from the previous day with a custom three-candle pattern analysis.
Key Features:
1. Previous Day High/Low Sweep:
The indicator automatically plots horizontal lines marking the previous day's high and low prices.
If the price crosses these key levels, the lines will change from solid to dashed, indicating a potential sweep or breakout.
2. Three-Candle Pattern Analysis:
The indicator identifies specific three-candle patterns that could signal a bullish or bearish setup. The pattern is validated if certain conditions are met, including the relationship between candle bodies and whether the price has crossed the previous day's high or low.
3. Marubozu Condition (Optional):
Users can enable a condition that checks if the Candle 1 and 3 in the pattern is a Marubozu, with a customizable body size percentage.This adds an extra layer of confirmation to the pattern. Default is switch on for both candle 1 and 3.
4. Customizable Alerts:
Users can set alerts for when a "Buy" or "Sell" signal is triggered, allowing them to stay informed of potential trading opportunities without constantly monitoring the charts.
Callout Signals:
When a valid bullish or bearish pattern is identified, the indicator places a "Buy" or "Sell" callout on the chart for clear visual signaling.
5. Customizable colour and text:
Users can customize the color and text of these callouts to suit their preferences.
How to Use:
Bullish Signal: A "Buy" callout will appear when a valid three-candle bullish pattern is detected and the price has crossed below the previous day's low.
Bearish Signal: A "Sell" callout will appear when a valid three-candle bearish pattern is detected and the price has crossed above the previous day's high.
Customize the appearance of the indicator, including line colors, callout colors, and text colors, to match your charting style.
This indicator is ideal for traders who rely on price action and key levels for their trading decisions. It provides clear signals and alerts, helping you stay on top of potential market reversals or continuations.
Low Volatility Range Breaks [BigBeluga]Low Volatility Range Breaks
The Low Volatility Range Breaks indicator is an advanced technical analysis tool designed to identify periods of low volatility and potential breakout opportunities. By visualizing low volatility ranges as ranges and tracking subsequent price movements, this indicator helps traders spot potential high-probability trade setups.
🔵 KEY FEATURES
● Low Volatility Detection
Identifies periods of low volatility based on highest and lowest periods and user-defined sensitivity
Uses a combination of highest/lowest price calculations and ATR for dynamic adaptation
● Volatility Box Visualization
Creates a box to represent the low volatility range
Box height is adjustable based on ATR multiplier
Includes a mid-line for reference within the box
● Breakout Detection
Identifies when price breaks above or below the volatility box
Labels breakouts as "Break Up" or "Break Dn" on the chart
Changes box appearance to indicate a completed breakout
● Probability Tracking
Counts the number of closes above and below the box's mid-line
Displays probability counters for potential upward and downward moves
Resets counters after a confirmed breakout
🔵 HOW TO USE
● Identifying Low Volatility Periods
Watch for the formation of volatility boxes on the chart
These boxes represent periods where price movement has been confined
● Anticipating Breakouts
Monitor price action as it approaches the edges of the volatility box
Use the probability counters to gauge the likely direction of the breakout
● Trading Breakouts
Consider posible entering trades when price breaks above or below the volatility box
Use the breakout labels ("Break Up" or "Break Dn") as a trading opportunity
● Managing Risk
Use the opposite side of the volatility box as a potential invalidation level
Consider the box height for position sizing and risk management
● Trend Analysis
Multiple upward breakouts may indicate a developing uptrend
Multiple downward breakouts may suggest a forming downtrend
Use in conjunction with other trend indicators for confirmation
🔵 CUSTOMIZATION
The Low Volatility Box Breaks indicator offers several customization options:
Adjust the volatility length to change the period for highest/lowest price calculations
Modify the volatility level to fine-tune the sensitivity of low volatility detection
Adjust the box height multiplier to change the size of volatility boxes
By fine-tuning these settings, traders can adapt the indicator to various market conditions and personal trading strategies.
The Low Volatility Range Breaks indicator provides a unique approach to identifying potential breakout opportunities following periods of consolidation. By visually representing low volatility periods and tracking subsequent price movements, it offers traders a powerful tool for spotting high-probability trade setups.
This indicator can be particularly useful for traders focusing on breakout strategies, mean reversion tactics, or those looking to enter trades at the beginning of new trends. The combination of visual cues (boxes and breakout labels) and quantitative data (probability counters) provides a comprehensive view of market dynamics during and after low volatility periods.
As with all technical indicators, it's recommended to use the Low Volatility Range Breaks indicator in conjunction with other forms of analysis and within the context of a well-defined trading strategy. While this indicator can provide valuable insights into potential breakouts, it should be considered alongside other factors such as overall market trends, volume, and fundamental analysis when making trading decisions.
Envelope with Kernel Selection [CHE] Envelope with Kernel Selection Indicator Overview
The "Envelope with Kernel Selection " is a versatile technical analysis tool designed to help traders identify market trends and trading signals. This indicator allows traders to spot signals in two primary ways: through the plotshape markers, which indicate specific price crossovers, and via the background color, which visually represents the current market trend.
Key Features and Advantages:
1. Dual Signal Mechanism:
- Plotshape Markers: The indicator uses visual markers (arrows) on the chart to highlight when the price crosses above or below the envelope bands. These markers act as clear trade signals, helping traders identify potential buy or sell opportunities.
- Background Color for Trend Identification: In addition to plotshape markers, the indicator can also use the chart's background color to indicate overall market direction. A green background suggests a bullish trend, while a red background indicates a bearish trend. This dual signal mechanism provides traders with both precise entry/exit points and an easy-to-read trend indicator.
2. Customizable Background Color Feature:
- Background Color Toggle: The background color feature can be turned on or off using the `bgColorEnabled = input.bool(true, "Background Color On / Off")` setting. When this setting is enabled (`true`), the background color dynamically changes based on the market's trend, offering an additional visual cue. If the setting is disabled (`false`), the background color remains neutral, allowing traders to focus solely on the plotshape signals or other chart elements.
- Visual Clarity: When enabled, the background color helps traders quickly gauge the market's trend without analyzing detailed chart patterns, making it easier to identify whether the market is in a bullish or bearish phase.
3. Customizable Kernel Selection for Enhanced Smoothing:
- Diverse Kernel Options: The indicator provides six different kernel functions (Linear, Exponential, Epanechnikov, Triangular, Cosine, Gauss) for smoothing price data. Traders can select the kernel that best suits their analysis style, allowing for precise adjustment to market conditions.
- Improved Trend Accuracy: By choosing the appropriate kernel function, traders can either focus on short-term price movements or capture broader trends more effectively, thus improving the accuracy of their market analysis.
4. Non-Repainting Signals for Reliability:
- Consistency in Signals: The indicator’s non-repainting nature ensures that once a signal (such as a crossover or trend change) is generated, it does not change with future price movements. This consistency is crucial for making reliable trading decisions, especially when backtesting or executing strategies based on historical data.
- Dependable Trading: Traders can rely on the signals provided by this indicator to remain consistent, which enhances confidence in decision-making and reduces the risk of false signals.
5. Dynamic Trend Bands:
- Adaptive Support and Resistance: The indicator calculates and displays upper and lower trend bands around a midline based on the selected kernel function. These bands act as dynamic support and resistance levels, guiding traders in identifying potential reversal zones.
- Versatility in Various Market Conditions: The bands can be adjusted for different market volatilities using the bandwidth setting, making the indicator suitable for both trending and ranging markets.
6. Clear Visual Indicators for Crossovers:
- Easy-to-Spot Trade Signals: The indicator uses arrows to mark when the price crosses the upper or lower bands. A green arrow indicates a potential buy signal, while a red arrow indicates a potential sell signal. These visual markers simplify the identification of entry and exit points.
- Enhanced Precision: By clearly marking crossover points, the indicator helps traders execute trades with greater precision, reducing the likelihood of missed opportunities.
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In summary, the "Envelope with Kernel Selection " offers traders a powerful combination of visual signals through plotshape markers and background color changes. Its customizable kernel selection, non-repainting nature, and dynamic trend bands make it a comprehensive and reliable tool for market analysis and trading. Whether you prefer clear trade signals or broader trend identification, this indicator provides the flexibility and accuracy needed to make informed trading decisions.
Best regards
Chervolino
Midpoint Candle and BodyThis script provides the options to mark the:
1. Midpoint of the candle body and/or
2. Midpoint of the full candle (including the wicks)
Works on all timeframes. This indicator can be used to help determine the mean (midpoint) reversion of price.
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Curious Buy - Sell Indicator - Institutional Zones (Smart Money)How the Script Works:
1. The Scripts identifies Institutional Demand , Supply & Neutral Zones with FIBS on the scripts with Rectangle BOX with labels in advance. User can insert desired start and end value to plot institutional zones
2. Script generates BUY - SELL signals shape based on candle stick formation in live market and labels with BUY - SELL image for easy identification
3. Script gives pop message EXIT SHORT once Buy spotted and candle close above the buy signal and same way EXIT LONG once Sell spotted and candle close below the buy signal
4. Scripts identifies the candle closing above the BUY - SELL signals Eg - If buy spotted the candle closing above the BUY signal with display with BLUE color Candle same way for sell signal the candle closing below the sell signal candle with display with BLACK color candle.
5. Script spots fake signals which are not valid and can be ignored by the end user
6. Three EMA's 20,50,200 has implemented to identify the strength of the market
7. Scripts identifies OPEN = LOW & OPEN = HIGH candle stick to spot the Institutional BUY - SELL activity
8. The script provides visual clues on the chart to help users identify potential trading opportunities.
9. The script provides visual clues on the chart to help users identity potential trading opportunities in live market
10. The looks and parameters of the script can be modified by end user to customize and adapt to different strategy.
11. With the script user can check higher time frame DAILY \ WEEKLY BUY - SELL signals to plan intraday trades and plan safe BUY - SELL positions.
How Users Can Make Profit Using This Script:
1. Identify potential BUY - LONG opportunities: When a valid BUY is detected and condition is met, it is suggested to opening BUY position with stoploss below the BUY signal spotted candle.
Safe users can execute BUY position once BLUE COLOR candle is formed, Wait for pull back to reduce the stoploss
2. Identify potential SELL - SHORT opportunities: When a valid SELL is detected and condition is met, it suggests a potential opening SELL positions with stoploss above the BUY signal spotted candle. Safe users can execute SELL position once BLACK COLOR candle is formed, Wait for pull back to reduce the stoploss.
3. Script generated BUY - SELL signal met target with the Institutional zone. Eg if BUY spotted at demand zone target will be neutral zone & Supply zone.
4. Script designed for user to spot high probability trades when BUY SIGNAL SPOTTED at the Institutional Demand zone same way SELL SIGNAL SPOTTED AT INSTITUTIONAL supply zone.
5. Combine with additional analysis: Users can utilize this script as a tool in their overall trading strategy. They can combine the signals with fundament analysis , market sentiment to make more informed trading decision
6.Set risk management measures: It is important for users to implement proper risk management strategies when trading based on the scripts signals. To avoid potential losses user once spotted BUY - SELL execute the long or short position. Ensure to place the stoploss to avoid potential losses and place the target. Once your trade is moving in your favor
can trial your stoploss to cost and protect the profits.
LPP by NanoLimitThis indicator allows you to create a line like the MA but for a percentage below the price line
