Candle Patterns with Volume ValidationHey Guys !
█ This indicator shows validated Hammer and Shooting Star candle patterns based on volume.
This indicator identifies Hammer and Shooting Star patterns and validates them using volume analysis.
Hammer and Shooting Star patterns are candlestick patterns that signal potential reversals in the market.
█ Usages:
A hammer is formed when in a session, the price has fallen, only to reverse and recover to close back near the opening price. This is a sign of strength with the selling having been absorbed in sufficient strength for the buyers to overwhelm the sellers, allowing the market to recover. The hammer is so called as it is ‘hammering out a bottom’, and just like the shooting star, is immensely powerful when combined with Volume Price Analysis (VPA).
The shooting star is a bearish reversal pattern that appears at the top of uptrends. It signifies that prices have peaked and a downward reversal is likely. The presence of high volume strengthens this signal, indicating that the insiders are offloading their positions.
When combined with volume analysis, these patterns become powerful signals. The volume provides context to the price action, helping traders confirm the validity of the pattern. For example, a hammer with high volume suggests strong buying interest, whereas a shooting star with high volume indicates strong selling pressure.
█ Features:
• Detects Hammer and Shooting Star patterns.
• Validates patterns with volume thresholds.
• Color codes patterns based on volume validation.
• Allows customization of volume thresholds and pattern criteria.
• Option to show or hide signals.
█ Parameters:
• Volume Average Period: The period used to calculate the average volume.
• Higher Volume Multiplier: Multiplier to define higher volume threshold.
• Much Higher Volume Multiplier: Multiplier to define much higher volume threshold.
• Enormous Volume Multiplier: Multiplier to define enormous volume threshold.
• Body/Shadow Ratio for Hammer and Shooting Star: Ratio of body to shadow for pattern validation.
• Upper Shadow Limit for Hammer: Upper shadow limit for Hammer pattern.
• Lower Shadow Limit for Shooting Star: Lower shadow limit for Shooting Star pattern.
• Show Hammer Signals: Display signals for Hammer patterns.
• Show Shooting Star Signals: Display signals for Shooting Star patterns.
Enjoy !
Candlestick analysis
Jobinsabu014This Pine Script code is for an advanced trading indicator that displays enhanced moving averages with buy and sell labels, trend probability, and support/resistance levels. Here’s a detailed description of its components and functionality:
### Description:
1. **Indicator Initialization**:
- The indicator is named "Enhanced Moving Averages with Buy/Sell Labels and Trend Probability" and is set to overlay on the chart.
2. **Input Parameters**:
- **Moving Averages**: Four different moving averages (short and long periods for default and enhanced) with customizable periods.
- **Probability Threshold**: Determines the threshold for trend probability.
- **Support/Resistance Lookback**: Number of bars to look back for calculating support and resistance levels.
- **Signals Valid From**: Timestamp from which the signals are considered valid.
3. **Moving Averages Calculation**:
- **Default Moving Averages**: Calculated using simple moving averages (SMA) for the specified periods.
- **Enhanced Moving Averages**: Calculated using SMAs for different specified periods.
4. **Plotting Moving Averages**:
- Plots the default and enhanced moving averages with different colors for distinction.
5. **Crossover Detection**:
- Detects when the short moving average crosses above or below the long moving average for default moving averages.
6. **Buy/Sell Signal Labels**:
- Adds "BUY" and "SELL" labels on the chart when crossovers are detected after the specified valid timestamp.
- Tracks entry prices for buy/sell signals and adds labels when the price moves +100 points.
7. **Trend Detection for Enhanced Indicator**:
- Detects uptrend or downtrend based on the enhanced moving averages.
- Calculates a simple probability of trend based on price movement and EMA.
- Determines buy and sell signals based on trend conditions and volume-based buy/sell pressure.
8. **Plot Buy/Sell Signals for Enhanced Indicator**:
- Plots buy/sell signals based on the enhanced conditions.
9. **Background Color for Trends**:
- Changes the background color to green for uptrend and red for downtrend.
10. **Trend Lines**:
- Draws imaginary trend lines for uptrend and downtrend based on enhanced moving averages.
11. **Support and Resistance Levels**:
- Calculates and plots support and resistance levels using the specified lookback period.
- Stores and plots previous support and resistance levels with dashed lines.
12. **Expected Trend Labels**:
- Adds labels indicating expected uptrend or downtrend based on buy/sell signals.
13. **Alerts**:
- Sets alert conditions for buy and sell signals, triggering alerts when these conditions are met.
14. **Demand and Supply Zones**:
- Draws and extends horizontal lines for demand (support) and supply (resistance) zones.
### Summary:
This script enhances traditional moving average crossovers by adding trend probability calculations, volume-based pressure, and support/resistance levels. It visualizes expected trends and provides comprehensive buy/sell signals with corresponding labels, background color changes, and alerts to help traders make informed decisions.
Prometheus OscillatorThis oscillator is a tool meant to determine an up or down trend using a measure of volatility and what skews the market has.
Calculation
The first thing to do is normalize the price to have a 0 handle and be a decimal. The reason to do this is to get the 0 line for every asset.
After the source value has been normalized calculate standard deviation and skew.
Standard Deviation
To calculate standard deviation Prometheus uses Pinescript's built-in function.
standard_dev = ta.stdev(src, len, true)
Standard deviation is a decent and quick estimation of historical volatility over a period of time specified by the user.
Skew
Skew is calculated as follows:
mean = ta.sma(src, len)
m3 = math.sum(math.pow(src - mean, 3), len) / len
m2 = math.pow(math.sum(math.pow(src - mean, 2), len) / len, 1.5)
skew = m3 / m2
Skew is a value used to determine how far on one side of a distribution a value is. When the market is aggressively moving higher the skew will be a bigger positive number. When it is moving lower, a negative number. When the values are small, still either positive or negative, is when the market is moving calmly in either direction.
Adding these two values together provides us with our oscillator.
Trade Examples
A simple way to use this tool is to use 0-line crosses as bullish or bearish alerts
Step 1: Cross above 0 line, long alert. The price proceeds to move up.
Step 2: Cross below 0 line, short alert. The Price moves down.
Step 3: Cross above 0 line, long alert. The price chops then the price proceeds to move up.
0 line crosses can work but may not always be reliable.
Step 1: Cross above 0 line, long alert. The price proceeds to move up.
Step 2: Cross below 0 line, short alert. The Price bounces as the downtrend is signaled, but then continues to sell off.
Step 3: Cross above 0 line, long alert. The price chops at the high and then reverses.
Step 4: Cross below 0 line, short alert. proceeds to move down.
Step 5: Cross above 0 line, long alert. The price proceeds to move up.
Not every alert will be perfect, we encourage traders to use tools as well as their own discretion.
Previous highs and lows may be a good tell if the alert will be true.
Step 1: Cross above 0 line, long alert. The price proceeds to move up.
Step 2: Cross below 0 line, short alert. The Price bounces as the downtrend is signaled, false alert.
Step 3: Cross above 0 line, long alert. The price chops at the high and then moves up.
Step 4: Cross below 0 line, short alert. The price chops a lot with a false break to the upside, the oscillator itself does not move fast or high which could have been a sign it was false.
Step 5: Step 3's downtrend continues.
Step 6: Cross above the 0 line. A new up trend emerges.
The indicator has more than one use. Detecting false moves in a greater trend is advantageous to not get faked out.
Step 1: Price moves up, however, the oscillator does not break 0, and the trend remains bearish before a true break of 0 line and moves up.
Step 2: While the oscillator is below the 0 line the price moves up. The oscillator does not change its sign and the downtrend continues until a true break of 0 line and moves up.
Inputs:
Len: Lookback length for how many bars back to go to calculate the oscillator.
No indicator is 100% accurate, use them along with your own discretion.
All Divergences with trend / SL - Uncle SamThanks to the main inspiration behind this strategy and the hard work of:
"Divergence for many indicators v4 by LonesomeTheBlue"
The "All Divergence" strategy is a versatile approach for identifying and acting upon various divergences in the market. Divergences occur when price and an indicator move in opposite directions, often signaling potential reversals. This strategy incorporates both regular and hidden divergences across multiple indicators (MACD, Stochastics, CCI, etc.) for a comprehensive analysis.
Key Features:
Comprehensive Divergence Analysis: The strategy scans for regular and hidden divergences across a variety of indicators, increasing the probability of identifying potential trade setups.
Trend Filter: To enhance accuracy, a moving average (MA) trend filter is integrated. This ensures trades align with the overall market trend, reducing the risk of false signals.
Customizable Risk Management: Users can adjust parameters for long/short stop-loss and take-profit levels to match their individual risk tolerance.
Additional Risk Management (Optional): An experimental MA-based risk management feature can be enabled to close positions if the market shows consecutive closes against the trend.
Clear Visuals: The script plots pivot points, divergence lines, and stop-loss levels on the chart for easy reference.
Strategy Settings (Defaults):
Enable Long/Short Strategy: True
Long/Short Stop Loss %: 2%
Long/Short Take Profit %: 5%
Enable MA Trend: True
MA Type: HMA (Hull Moving Average)
MA Length: 500
Use MA Risk Management: False (Experimental)
MA Risk Exit Candles: 2 (If enabled)
Pivot Period: 9
Source for Pivot Points: Close
Backtest Details (Example):
The strategy has been backtested on XAUUSD 1H (Goold/USD 1 hour timeframe) with a starting capital of $1,000. The backtest period covers around 2 years. A commission of 0.02% per trade and a 0.1% slippage per trade were factored in to simulate real-world trading costs.
Disclaimer:
This strategy is for educational and informational purposes only. Backtested results are not indicative of future performance. Use this strategy at your own risk. Always conduct your own analysis and consider consulting a financial professional before making any trading decisions.
Important Notes:
The default settings are a good starting point, but feel free to experiment to find optimal parameters for your specific trading style and market.
The MA-based risk management is an experimental feature. Use it with caution and thoroughly test it before deploying in live trading.
Backtest results can vary depending on the market, timeframe, and specific settings used. Always consider slippage and commission fees when evaluating a strategy's potential profitability.
Candle Body Support/Resistance [LuxAlgo]The Candle Body Support/Resistance indicator is a tool that provides Support/Resistance levels from high-volatility candles, a concept originally described by Steve Nison in "Beyond Candlesticks".
Users can define the candle body percentage used to set the detected support/resistance levels. Occurrences of price testing the returned levels are highlighted using user-customizable dots.
🔶 USAGE
Support/Resistance levels are drawn from volatile candles, that is candles having a body (range between opening and closing price) whose magnitude is larger than the Volatility Threshold , which is determined by the multiplicative factor of an ATR (Average True Range) using a user set length.
The level starts from the opening price +/- a percentage of the open-close range. Users can adjust the percentage of the candle body used as support/resistance levels respectively, with higher percentage values returning levels prone to get reached sooner by the price.
A test is considered valid when a wick passes through the Support/Resistance level while the closing price is not breaking it.
Two modes are included, Trailing and Historical , both affecting the displayed elements of the indicator, these are described in the sub-section below.
🔹 Historical
The Historical Mode will draw a separate line from every Volatile Candle . When this line is tested, a dot will be drawn.
In the above example, the red resistance line was tested once until a bullish volatile candle formed, which closed just below the resistance level. The resistance level was tested again, after which the newly created support level was broken quickly, and the price decreased. These levels proved helpful later, acting as resistance/support levels (illustrated by the extra manually drawn dashed white lines).
To prevent cluttering Support/Resistance , lines will be deleted when the line is mitigated and hasn't been tested.
When a Support/Resistance line reaches its Maximum Line Length , it will also be deleted when it has not been tested.
🔹 Trailing
When a new volatile candle of the same type (bullish/bearish) appears while the Support/Resistance isn't broken, this line will be updated with the values of the new volatile candle. This creates a trailing line and a less cluttered chart.
Unlike the Historical mode , a line will not be deleted after a while or when it is mitigated. Instead, the line won't be updated anymore. A new line will start from the next found volatile candle.
Using the same situation as the Historical Mode example, we can note the future significance of old support/resistance levels (illustrated by the extra manually drawn dashed white lines).
The user can switch between these 2 modes, each offering a unique perspective on the market. This provides a more in-depth examination of the market, enhancing the user's trading analysis.
Using a copy of our indicator while using both modes can also be helpful.
🔶 DETAILS
The Support level is the opening price of a bullish volatile candle plus a user-set percentage of the candle's body, while the Resistance level is the opening price of a bearish volatile candle minus a percentage of the candle's body.
The following example illustrates the ATR with the multiplicative factor (Volatility Threshold) where the body of Volatile candles exceeds the ATR limits. Changing the Volatility Threshold and ATR length gives users extra flexibility to adjust to their needs.
🔹 Max Line Length
When using the Historical Mode and the duration of a displayed level reaches the user-set Max Line Length value, the level will return to the last test or be deleted when it has not been tested.
🔶 SETTINGS
Display Mode: Display mode of the indicator.
Support %: Sets the distance of the Support Line from the opening price relative to the candle body.
Resistance %: Sets the distance of the Resistance Line from the opening price relative to the candle body.
🔹 Filter
Length ATR: Amount of bars for the calculation of the Average True Range.
Volatility Threshold: multiplicative factor of ATR.
Max Line Length: Maximum allowed duration/length (in bars) of a Support/Resistance level.
United HUN CityPurpose and Usage
The purpose of this strategy is to create a composite indicator that combines the signals from the MFI, Fisher Transform, and Bollinger Bands %b indicators. By normalizing and averaging these indicators, the script aims to provide a smoother and more comprehensive signal that can be used to make trading decisions.
MFI (Money Flow Index): Measures buying and selling pressure based on price and volume.
Fisher Transform: Highlights potential reversal points by transforming price data to a Gaussian normal distribution.
Bollinger Bands %b: Indicates where the price is relative to the Bollinger Bands, helping to identify overbought or oversold conditions.
The combined indicator can be used to identify potential buy or sell signals based on the smoothed composite value. For instance, a high combined indicator value might indicate overbought conditions, while a low value might indicate oversold conditions.
Smoothed Heiken Ashi Candles with Delayed SignalsThis is a trend-following approach that uses a modified version of Heiken Ashi candles with additional smoothing. Here are the key components and features:
1. Heiken Ashi Modification: The strategy starts by calculating Heiken Ashi candles, which are known for better trend visualization. However, it modifies the traditional Heiken Ashi by using Exponential Moving Averages (EMAs) of the open, high, low, and close prices.
2. Double Smoothing: The strategy applies two layers of smoothing. First, it uses EMAs to calculate the Heiken Ashi values. Then, it applies another EMA to the Heiken Ashi open and close prices. This double smoothing aims to reduce noise and provide clearer trend signals.
3. Long-Only Approach: As the name suggests, this strategy only takes long positions. It doesn't short the market during downtrends but instead exits existing long positions when the sell signal is triggered.
4. Entry and Exit Conditions:
- Entry (Buy): When the smoothed Heiken Ashi candle color changes from red to green (indicating a potential start of an uptrend).
- Exit (Sell): When the smoothed Heiken Ashi candle color changes from green to red (indicating a potential end of an uptrend).
5. Position Sizing: The strategy uses a percentage of equity for position sizing, defaulting to 100% of available equity per trade. This should be tailored to each persons unique approach. Responsible trading would use less than 5% for each trade. The starting capital used is a responsible and conservative $1000, reflecting the average trader.
This strategy aims to provide a smooth, trend-following approach that may be particularly useful in markets with clear, sustained trends. However, it may lag in choppy or ranging markets due to its heavy smoothing. As with any strategy, it's important to thoroughly back test and forward test before using it with real capital, and to consider using it in conjunction with other analysis tools and risk management techniques.
Other smoothed Heiken Ashi indicators do not provide buy and sell signals, and only show the change in color to dictate a change in trend. By adding buy and sell signals after the close of the changing candle, alerts can be programmed, which helps this be a more hands off protocol to experiment with. Other smoothed Heiken Ashi indicators do not allow for alarms to be set.
This is a unique HODL strategy which helps identify a change in trend, without the noise of day to day volatility. By switching to a line chart, it removes the candles altogether to avoid even more noise. The goal is to HODL a coin while the color is bullish in an uptrend, but once the indicator gives a sell signal, to sell the holdings back to a stable coin and let the chart ride down. Once the chart gives the next buy signal, use that same capital to buy back into the asset. In essence this removes potential losses, and helps buy back in cheaper, gaining more quantitity fo the asset, and therefore reducing your average initial buy in price.
Most HODL strategies ride the price up, miss selling at the top, then riding the price back down in anticipation that it will go back up to sell. This strategy will not hit the absolute tops, but it will greatly reduce potential losses.
Tapak 20RThis strategy originally developed by Jatrader. Kudos to him for giving me chance to develop this indicator.
This script should be use Light Crude Oil Futures 20 Range chart. (This strategy only proven for 20R range chart, Crude Oil.)
How it works?
If current 20R candle is closed green, the closing value must be higher than previous candle to take long position.
If not, it stays as previous direction.
If current candle is closed red, the closing value must be lower than previous candle to take short position.
If not, it stays as previous direction.
How to use this indicator?
1. First, determine the stoploss point from high or low candle.(if current candle is green, stoploss is set higher than high candle and vice versa)
2. Determine how many tick you want to allowed for stoploss, how much profit (ticks) you want to achieve.
3. Determine the color and thickness of each line.
The table will display all value involved with this strategy such as entry value, stoploss value and target profit value.
Please kept in mind that, this is scalping strategy. So, the recommended target profit should be around 10 - 20 ticks.
Thank you.
Futures Weekly Open RangeThe weekly opening range ( high to low ) is calculated from the open of the market on Sunday (1800 EST) till the opening of the Bond Market on Monday morning (0800 EST). This is the first and most crucial range for the trading week. As ICT has taught, price is moving through an algorithm and as such is fractal; because price is fractal, the opening range can be calculated and projected to help determine if price is trending or consolidating. As well; this indicator can be used to incorporate his PO3 concept to enter above the weekly opening range for shorts if bearish, or entering below the opening range for longs if bullish.
This indicator takes the high and low of weekly opening range, plots those two levels, plots the opening price for the new week, and calculates the Standard Deviations of the range and plots them both above and below of the weekly opening range. These are all plotted through the week until the start of the new week.
The range is calculated by subtracting the high from the low during the specified time.
The mid-point is half of that range added to the low.
The Standard deviation is multiples of the range (up to 10) added to the high and subtracted
from the low.
At this time the indicator will only plot the Standard deviation lines on the minutes time frame below 1 hour.
Only the range and range lines will be plotted on the hourly chart.
ICT opening price lineShows you the opening price of a certain time of day. I will show as line starting from the time selected and ending a few bars into the future. Available times are the ones ICT said are relevant for framing a premium and discount using opening prices: 00:00, 8:30 and 13:30. To show all 3 you have to add the indicator 3 times.
The script offers some customization on how the line should look line and if you want a label telling the time of it after the line.
Time - Bar StatusCandlestick analysis
The Indicator "Bar Status" will display the current open candle state and the last three close candles state based on the logic below.
Abbreviations.
OC = Open Candle (if in no state listed below)
FB = False Break
BO = Break Out
IN = Inside Bar
FBR = False Break Reversal
Logic:
OC = This is the current open candle yet to close. Its status will change as it progresses through time until close.
Green False Break Revers (FBR) = bar Close is higher than previous bar Close AND bar High is higher than previous bar High AND bar Low is lower than previous bar Low.
Green False Break (FB) = bar Close is lower than previous bar High AND bar High is higher than previous bar High.
Green Breakout (BO) = bar Close is higher than previous bar Close AND bar High is higher than previous bar High.
Green Inside Bar (IN) = bar High is lower than previous bar High AND bar Low is higher than previous bar Low.
Red False Break Revers (FBR) = bar Close is lower than previous bar Close AND bar Low is lower than previous bar Low AND bar High is Higher than previous bar High.
Red False Break (FB) = bar Close is higher than previous bar Low AND bar Low is lower than previous bar Low.
Red Breakout (BO) = bar Close is lower than previous bar Close AND bar Low is lower than previous bar Low.
Red Inside Bar (IN) = bar High is lower than previous bar High AND bar Low is higher than previous bar Low.
The end column is the current open candle/bar.
The second from the end column is the last closed candle/bar.
The third from the end column is the second closed candle/bar.
The forth from the end column is the third closed candle/bar.
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Also Includes candle countdown timer, of various candles. i.e. 4 hour, 1 hour, 15min, 5 min.
FVG & IFVG ICT [TradingFinder] Inversion Fair Value Gap Signal🔵 Introduction
🟣 Fair Value Gap (FVG)
To spot a Fair Value Gap (FVG) on a chart, you need to perform a detailed candle-by-candle analysis.
Here’s the process :
Focus on Candles with Large Bodies : Identify a candle with a substantial body and examine it alongside the preceding candle.
Check Surrounding Candles : The candles immediately before and after the central candle should have long shadows.
Ensure No Overlap : The bodies of the candles before and after the central candle should not overlap with the body of the central candle.
Determine the FVG Range : The gap between the shadows of the first and third candles forms the FVG range.
🟣 ICT Inversion Fair Value Gap (IFVG)
An ICT Inversion Fair Value Gap, also known as a reverse FVG, is a failed fair value gap where the price does not respect the gap. An IFVG forms when a fair value gap fails to hold the price and the price moves beyond it, breaking the fair value gap.
This marks the initial shift in price momentum. Typically, when the price moves in one direction, it respects the fair value gaps and continues its trend.
However, if a fair value gap is violated, it acts as an inversion fair value gap, indicating the first change in price momentum, potentially leading to a short-term reversal or a subsequent change in direction.
🟣 Bullish Inversion Fair Value Gap (Bullish IFVG)
🟣 Bearish Inversion Fair Value Gap (Bearish IFVG)
🔵 How to Use
🟣 Identify an Inversion Fair Value Gap
To identify an IFVG, you first need to recognize a fair value gap. Just as fair value gaps come in two types, inversion fair value gaps also fall into two categories:
🟣 Bullish Inversion Fair Value Gap
A bullish IFVG is essentially a bearish fair value gap that is invalidated by the price closing above it.
Here’s how to identify it :
Identify a bearish fair value gap.
When the price closes above this bearish fair value gap, it transforms into a bullish inversion fair value gap.
This gap acts as support for the price and drives it upwards, indicating a reduction in sellers' strength and an initial shift in momentum towards buyers.
🟣 Bearish Inversion Fair Value Gap
A bearish IFVG is primarily a bullish fair value gap that fails to hold the price, with the price closing below it.
Here’s how to identify it :
Identify a bullish fair value gap.
When the price closes below this gap, it becomes a bearish inversion fair value gap.
This gap acts as resistance for the price, pushing it downwards. A bearish inversion fair value gap signifies a decrease in buyers' momentum and an increase in sellers' strength.
🔵 Setting
🟣 Global Setting
Show All FVG : If it is turned off, only the last FVG will be displayed.
S how All Inversion FVG : If it is turned off, only the last FVG will be displayed.
FVG and IFVG Validity Period (Bar) : You can specify the maximum time the FVG and the IFVG remains valid based on the number of candles from the origin.
Switching Colors Theme Mode : Three modes "Off", "Light" and "Dark" are included in this parameter. "Light" mode is for color adjustment for use in "Light Mode".
"Dark" mode is for color adjustment for use in "Dark Mode" and "Off" mode turns off the color adjustment function and the input color to the function is the same as the output color.
🟣 Logic Setting
FVG Filter
When utilizing FVG filtering, the number of identified FVG areas undergoes refinement based on a specified algorithm. This process helps to focus on higher quality signals and eliminate noise.
Here are the types of FVG filters available :
Very Aggressive Filter : Introduces an additional condition to the initial criteria. For an upward FVG, the highest price of the last candle must exceed the highest price of the middle candle. Similarly, for a downward FVG, the lowest price of the last candle should be lower than the lowest price of the middle candle. This mode minimally filters out FVGs.
Aggressive Filter : Builds upon the Very Aggressive mode by considering the size of the middle candle. It ensures the middle candle is not too small, thereby eliminating more FVGs compared to the Very Aggressive mode.
Defensive Filter : In addition to the conditions of the Very Aggressive mode, the Defensive mode incorporates criteria regarding the size and structure of the middle candle. It requires the middle candle to have a substantial body, with specific polarity conditions for the second and third candles relative to the first candle's direction. This mode filters out a significant number of FVGs, focusing on higher-quality signals.
Very Defensive Filter : Further refines filtering by adding conditions that the first and third candles should not be small-bodied doji candles. This stringent mode eliminates the majority of FVGs, retaining only the highest quality signals.
Mitigation Level FVG and IFVG : Its inputs are one of "Proximal", "Distal" or "50 % OB" modes, which you can enter according to your needs. The "50 % OB" line is the middle line between distal and proximal.
🟣 Display Setting
Show Bullish FVG : Enables the display of demand-related boxes, which can be toggled on or off.
Show Bearish FVG : Enables the display of supply-related boxes along the path, which can also be toggled on or off.
Show Bullish IFVG : Enables the display of demand-related boxes, which can be toggled on or off.
Show Bearish IFVG : Enables the display of supply-related boxes along the path, which can also be toggled on or off.
🟣 Alert Setting
Alert FVG Mitigation : If you want to receive the alert about FVG's mitigation after setting the alerts, leave this tick on. Otherwise, turn it off.
Alert Inversion FVG Mitigation : If you want to receive the alert about Inversion FVG's mitigation after setting the alerts, leave this tick on. Otherwise, turn it off.
Message Frequency : This parameter, represented as a string, determines the frequency of announcements. Options include: 'All' (triggers the alert every time the function is called), 'Once Per Bar' (triggers the alert only on the first call within the bar), and 'Once Per Bar Close' (activates the alert only during the final script execution of the real-time bar upon closure). The default setting is 'Once per Bar'.
Show Alert time by Time Zone : The date, hour, and minute displayed in alert messages can be configured to reflect any chosen time zone. For instance, if you prefer London time, you should input 'UTC+1'. By default, this input is configured to the 'UTC' time zone.
Display More Info : The 'Display More Info' option provides details regarding the price range of the order blocks (Zone Price), along with the date, hour, and minute. If you prefer not to include this information in the alert message, you should set it to 'Off'.
Hourly Trading System (Zeiierman)█ Overview
The Hourly Trading System (Zeiierman) is designed to enhance your trading by highlighting critical price levels and trends on an hourly basis. This indicator plots the open prices of hourly and 4-hour candles, visualizes retests, displays average price lines, and overlays higher timeframe candlesticks. It is particularly beneficial for intraday traders seeking to capitalize on short-term price movements and volume patterns.
█ How It Works
This indicator works by plotting significant price levels and zones based on hourly and 4-hour candle opens. It also includes functionalities for identifying retests of these levels, calculating and displaying average prices, and showing high and low labels for each hour.
█ Timeframe
The Hourly Trading System is designed to be used on the 1-minute or 5-minute timeframe. This system is tailored for intraday trading, allowing traders to find optimal entries around hourly opening levels and providing an easy method to identify the hourly trend. It works effectively on any market.
█ How to Use
Trend Analysis
Quickly gauge where the current price stands relative to key hourly and 4-hour levels. The plotted lines and zones serve as potential support and resistance areas, helping traders identify crucial points for entry or exit.
Utilize the 1-hour average and higher timeframe candles to understand the overall market trend. Aligning intraday strategies with larger trends can enhance trading decisions.
Use the bar coloring to quickly gauge the 1-hour trend on a lower timeframe. The bar colors indicate whether the hourly trend is bullish (green) or bearish (red), helping traders make quicker decisions in alignment with the overall trend.
Retest Identification
Enable retest signals to see where the price retested the hourly open levels. These retest points often signal strong price reactions, offering opportunities for trades based on support/resistance flips.
One effective strategy to incorporate is looking for price flips when a new hour starts. This approach involves monitoring price action at the beginning of each hour. If the price breaks and retests the hourly open level with strong momentum, it could indicate a potential trend reversal or continuation. This strategy is effective in volatile markets where price movements are significant at the start of each new hour.
Liquidity Sweep Strategy
Another common and effective strategy is the liquidity sweep. This involves identifying key levels where liquidity is likely to accumulate, such as previous hour highs and lows, and observing how the price interacts with these price levels. When the price sweeps through these levels, triggering stop-loss orders or pending orders, it often results in a sharp price movement followed by a reversal. Traders can capitalize on these movements by entering trades in the direction of the reversal once the liquidity sweep has occurred.
Equal Highs and Lows Strategy
The Equal Highs and Lows strategy leverages the concept of identifying levels where the price forms multiple highs or lows at the same level over different hourly periods. These equal highs and lows often indicate strong support or resistance levels where liquidity is accumulated. When the price approaches these levels, it is likely to trigger stop-loss orders and lead to significant price movements. Traders can look for breakouts or reversals around these levels to enter trades with higher probability setups.
█ Settings
Zone Width: Specifies the width of the zone around the 1-Hour Open as a percentage. Adjust this to widen or narrow the zone.
Show Retests: Enables or disables the display of retest markers. Retest markers show where the price has retested the 1-Hour Open line.
Number of Retests: Sets the number of retests to display. Adjust this to see more or fewer retest markers.
Volume Filter: Enables or disables the volume filter for retests. Use this to highlight retests with significant volume.
Volume Filter Length: Sets the length of the volume filter, smoothing the volume data to reduce noise.
1-Hour Average Line: Enables or disables the 1-hour average price line. This line shows the average price over the past hour.
Hourly High & Low Labels: Enables or disables the display of hourly high and low labels, marking the highest and lowest prices within each hour.
Candlesticks: Enables or disables the display of candlesticks on the chart, providing a detailed view of price action.
Bar Color: Enables or disables bar coloring based on price direction, with up bars in green and down bars in red.
Timeframe: Sets the timeframe for higher timeframe candles. Adjust this to match the period you want to analyze.
Number of Candles: Sets the number of higher timeframe candles to display. Increase this to see more candles on the chart.
Location: Sets the location for higher timeframe candles, allowing you to position them left or right on the chart.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Market Structure & Session Alerts### Market Structure & Session Alerts Indicator
#### Overview
The "Market Structure & Session Alerts" indicator is a comprehensive tool designed to assist traders in identifying key market structure levels, detecting liquidity sweeps, and receiving alerts for specific trading sessions. This indicator is particularly useful for traders who want to keep an eye on previous high and low levels and be alerted during pre-London and pre-New York sessions.
#### Features
1. **Previous High/Low Levels:**
- **Daily, Weekly, and Monthly Highs and Lows:** The indicator plots the previous day, week, and month high and low levels on the chart. These levels can be crucial for identifying support and resistance zones.
- **Toggle Display:** Users can choose to show or hide these levels using the "Show Previous Day/Week/Month High/Low" option.
2. **Liquidity Sweep Detection:**
- **Liquidity Sweep Identification:** The indicator detects liquidity sweeps when the current price closes above the previous day's high. This can signal potential reversals or continuations in the market.
- **Visual Alerts:** When a liquidity sweep is detected, a green triangle is plotted below the bar.
3. **Session Alerts:**
- **Session Timings:** Users can set specific start and end times for the pre-London and pre-New York sessions to match their timezone.
- **Visual Background Highlight:** The background of the chart is highlighted in yellow during the defined session times to provide a visual cue.
- **Alert Messages:** The indicator can generate alerts to notify traders when the market enters the pre-London or pre-New York session.
4. **Current Price Line:**
- The current price is plotted as a black line, providing a clear visual reference for the current market price.
#### How to Use
1. **Input Parameters:**
- `Show Previous Day/Week/Month High/Low`: Enable or disable the display of previous high/low levels.
- `Show Liquidity Sweep`: Enable or disable the detection and display of liquidity sweeps.
- `Show Session Alerts`: Enable or disable session alerts and background highlights.
2. **Session Timing Adjustments:**
- Set the `Pre-London Start`, `Pre-London End`, `Pre-New York Start`, and `Pre-New York End` times according to your timezone to ensure accurate session alerts.
3. **Alerts:**
- Make sure alerts are enabled in your TradingView settings to receive notifications when the market enters the pre-London or pre-New York sessions.
#### Example Use Cases
- **Day Traders:** Identify potential support and resistance levels using the previous day's high and low.
- **Swing Traders:** Use weekly and monthly high and low levels to determine significant market structure points.
- **Scalpers:** Detect liquidity sweeps to identify potential quick trades.
- **Session Traders:** Be alerted when the market enters key trading sessions to align your trading strategy with major market activities.
This indicator combines multiple market analysis tools into one, providing a robust system for traders to enhance their trading decisions and market awareness.
Relative Equal Highs/LowsThis Pine script indicator is designed to create a visual representation of the relative equal highs & lows formed and automatically removed mitigated ones. Unlike indicators designed to show exact equal high/lows this indicator allows a small, configurable degree of variance between price to identify areas where price stops.
Relevance:
Relative Equal highs and lows can serve as valuable tools in identifying potential shifts in trend direction. They come into play when the price hits a support or resistance level and can’t advance further, signaling a possible reversal or pivot point. When the price sufficiently retreats from these levels, relative equal highs and lows can also indicate liquidity draws where buy/sell stops might be positioned, in accordance with SMC/ICT concepts.
How It Works:
The indicator tracks all unmitigated highs & lows within the chart’s present timeframe, limited to the user-defined max bars lookback for optimal performance. If the prices are within the configured variance they are marked as relatively equal and at that point are visually identified by a horizontal line, which connects the two (or more) points of price. Depending on configuration of the indicator, a line is rendered from the 1st, last or both values within the relatively equal range of price. A unique feature of this indicator is its ability to remove the line once the price mitigates the relative equal high/low by falling below the lows or rising above highs. This ensures the chart remains uncluttered and highlights only the currently relevant levels, setting it apart from other indicators providing similar functionality.
Configurability:
The indicator offers five style settings for complete customization of the lines that represent equal highs/lows. These settings include line style, color, and width, along with an option to extend the lines to the right of the chart for enhanced visibility of equal high/low levels. To optimize performance, the indicator allows users to configure the lookback length, determining how far back the price history should be examined. In most instances, the default setting of 500 bars proves more than adequate. Additionally, you can set thresholds via separate configs for stocks & indices that will determine if the price is relatively equal and lastly allow you to configure where the indicator line should be drawn, the first, last or all the values.
Additional notes:
This uses a different approach then my “equal highs/lows” indicator to identify price levels and because it focuses specifically on relative as opposed to exact values it is entirely different and may show “weaker”, but still important levels of liquidity. This indicator is more suited for analysis of stocks and indices or higher-timeframes where price-action rarely forms exact equal values instead more frequently forming almost equal values. My other indicator is more suited for smaller (15m or less) timeframe on indices where exact equal prices are often identical. Depending on situation different indicators should be used.
Moving Average CyclesMoving Average Cycles Indicator
Description:
The Moving Average Cycles indicator is a versatile tool designed to help traders identify and analyze bullish and bearish cycles based on price movements relative to a moving average. This indicator offers valuable insights into market trends and potential reversal points.
Key Features:
Customizable Moving Average: Users can adjust the MA period and resolution (Daily, Weekly, Monthly) to suit their trading style.
Cycle Identification: The indicator tracks bull and bear cycles, providing visual cues through color-coded histograms.
Comprehensive Metrics: A detailed table displays crucial cycle statistics, including:
Current cycle information (candles and % distance from MA)
Maximum and average cycle lengths (in candles)
Maximum and average percentage distances from the MA
How to Use:
Apply the indicator to your chart and adjust the MA period and resolution as needed.
Green histograms represent bullish cycles, while red histograms indicate bearish cycles.
Use the metrics table to gain insights into historical cycle behavior and current market positioning.
This indicator is designed to complement your existing trading strategy by providing a clear visual representation of market cycles and detailed statistical information. It can be particularly useful for identifying potential trend reversals and gauging the strength of current trends compared to the past.
Note: Past performance does not guarantee future results. This indicator is meant for informational purposes only and should not be considered as financial advice. Always combine multiple analysis tools and conduct your own research before making trading decisions.
This script is published as open-source under the Mozilla Public License 2.0. Feel free to use and modify it, but please provide appropriate credit if you build upon this work.
I hope you find this Moving Average Cycles indicator helpful in your trading journey. If you have any questions or suggestions for improvement, please feel free to leave a comment below.
Symbols Correlation, built for pair tradingOverview:
This script is designed for pairs trading. If you are not familiar with pairs trading, I suggest learning about it, as it can be a profitable strategy in neutral markets (or neutral trends between two assets). The correlation between two assets is the foundation of pairs trading, and without it, the chances of making a profit are low.
Correlation can be described in two opposite ways:
1: Absolute positive correlation (meaning the asset prices move together).
-1: Absolute negative correlation (meaning the asset prices move in opposite directions).
Any value between 1 and -1 indicates some degree of correlation, but generally, values higher than 0.7 or lower than -0.7 are considered significant.
Features:
Typically, correlation is measured using the closing prices. This script adds three more correlation studies based on open, high, and low prices. By using all four lines, we can get a better understanding of the pair's correlation.
How to Read This Indicator:
To use this indicator effectively, you need to input your pair as a ratio. For example, if your pair is TSN and ZBH, enter it in the symbol search as: TSN/ZBH
Gray Area : This area indicates "no high correlation" (default is between -0.8 and 0.8, adjustable in the settings).
Gray Line : This represents the close correlation within the "no high correlation" range.
Green Line : This represents the close correlation within the "high correlation" range.
Dot Lines : These represent the open, high, and low correlations.
Example Interpretations:
A : All four lines are close together & the line is green – very good correlation!
B : The line is gray, and the dot lines are apart – not a strong correlation.
C : When the close correlation remains green for a long time, it signals a strong correlation.
Application in Pairs Trading:
In pairs trading, aim for the highest possible correlation, and it is important to have a sustained correlation over a long period. Pairs that correlate only part of the year but not consistently are less reliable for pairs trading.
This is an example for good correlation for pairs trading:
This is an example for bad correlation for pairs trading:
Here is a view of my full indicators when doing pairs trading:
Engulfing Pattern @Ray_SP500NISAEngulfing Patterns
Bullish and bearish hugging candlesticks are powerful reversal formations that generate signals of potential reversals. These patterns are popular candlestick patterns because they are easy to spot and trade.
When the second candlestick completely wraps around the previous candlestick, it is a signal for a market reversal. A positive line encircled by a negative line may indicate a decline, while a negative line encircled by a positive line may indicate an upturn.
The system is simple enough to display these signs in red for a negative line and in green for a positive line. We hope this helps you in your investment life.
Translated with DeepL.com (free version)
Capitulation Candle for Bitcoin and Crypto V1.0 [ADRIDEM]Overview
The Capitulation Candle for Bitcoin and Crypto script identifies potential capitulation events in the cryptocurrency market. Capitulation candles indicate a significant sell-off, often marking a potential market bottom. This script highlights such candles by analyzing volume, price action, and other technical conditions. Below is a detailed presentation of the script and its unique features.
Unique Features of the New Script
Volume-Based Analysis : Uses a volume multiplier to detect unusually high trading volumes, which are characteristic of capitulation events. The default multiplier is 5.0, but it can be adjusted to suit different market conditions.
Support Level Detection : Looks back over a customizable period (default is 150 bars) to find support levels, helping to identify significant price breaks.
ATR-Based Range Condition : Ensures that the price range of a capitulation candle is a multiple of the Average True Range (ATR), confirming significant price movement. The default ATR multiplier is 10.0.
Dynamic Dot Sizes : Plots dots of different sizes below capitulation candles based on volume thresholds, providing a visual indication of the volume's significance.
Visual Indicators : Highlights capitulation candles and plots support levels, offering clear visual cues for potential market bottoms.
Originality and Usefulness
This script uniquely combines volume analysis, support level detection, and ATR-based range conditions to identify capitulation candles. The dynamic dot sizes and clear visual indicators make it an effective tool for traders looking to spot potential reversal points in the cryptocurrency market.
Signal Description
The script includes several features that highlight potential capitulation events:
High Volume Detection : Identifies candles with unusually high trading volumes using a customizable volume multiplier.
Support Level Breaks : Detects candles breaking significant support levels over a customizable lookback period.
ATR Range Condition : Ensures the candle's range is significant compared to the ATR, confirming substantial price movement.
Dynamic Dot Sizes : Plots small, normal, and large dots below candles based on different volume thresholds.
These features assist in identifying potential capitulation events and provide visual cues for traders.
Detailed Description
Input Variables
Volume Multiplier (`volMultiplier`) : Detects high-volume candles using this multiplier. Default is 5.0.
Support Lookback Period (`supportLookback`) : The period over which support levels are calculated. Default is 150.
ATR Multiplier (`atrMultiplier`) : Ensures the candle's range is a multiple of the ATR. Default is 10.0.
Small Volume Multiplier Threshold (`smallThreshold`) : Threshold for small dots. Default is 5.
Normal Volume Multiplier Threshold (`normalThreshold`) : Threshold for normal dots. Default is 10.
Large Volume Multiplier Threshold (`largeThreshold`) : Threshold for large dots. Default is 15.
Functionality
High Volume Detection : The script calculates the simple moving average (SMA) of the volume and checks if the current volume exceeds the SMA by a specified multiplier.
```pine
smaVolume = ta.sma(volume, supportLookback)
isHighVolume = volume > smaVolume * volMultiplier
```
Support Level Detection : Determines the lowest low over the lookback period to identify significant support levels.
```pine
supportLevel = ta.lowest(low , supportLookback)
isLowestLow = low == supportLevel
```
ATR Range Condition : Calculates the ATR and ensures the candle's range is significant compared to the ATR.
```pine
atr = ta.atr(supportLookback)
highestHigh = ta.highest(high, supportLookback)
rangeCondition = (highestHigh - low ) >= (atr * atrMultiplier)
```
Combining Conditions : Combines various conditions to identify capitulation candles.
```pine
isHigherVolumeThanNext = volume > volume
isHigherVolumeThanPrevious = volume > volume
bodySize = math.abs(close - open )
candleRange = high - low
rangeBiggerThanPreviousBody = candleRange > bodySize
isCapitulationCandle = isHighVolume and isHigherVolumeThanPrevious and isHigherVolumeThanNext and isLowestLow and rangeCondition and rangeBiggerThanPreviousBody
```
Dynamic Dot Sizes : Determines dot sizes based on volume thresholds and plots them below the identified capitulation candles.
```pine
isSmall = volume > smaVolume * smallThreshold and volume <= smaVolume * normalThreshold
isNormal = volume > smaVolume * normalThreshold and volume <= smaVolume * largeThreshold
isLarge = volume > smaVolume * largeThreshold
plotshape(series=isCapitulationCandle and isSmall, location=location.belowbar, offset=-1, color=color.rgb(255, 82, 82, 40), style=shape.triangleup, size=size.small)
plotshape(series=isCapitulationCandle and isNormal, location=location.belowbar, offset=-1, color=color.rgb(255, 82, 82, 30), style=shape.triangleup, size=size.normal)
plotshape(series=isCapitulationCandle and isLarge, location=location.belowbar, offset=-1, color=color.rgb(255, 82, 82, 20), style=shape.triangleup, size=size.large)
```
Plotting : The script plots support levels and highlights capitulation candles with different sizes based on volume significance.
```pine
plot(supportLevel, title="Support Level", color=color.rgb(255, 82, 82, 50), linewidth=1, style=plot.style_line)
```
How to Use
Configuring Inputs : Adjust the volume multiplier, support lookback period, ATR multiplier, and volume thresholds as needed.
Interpreting the Indicator : Use the plotted support levels and highlighted capitulation candles to identify potential market bottoms and reversal points.
Signal Confirmation : Look for capitulation candles with high volumes breaking significant support levels and meeting the ATR range condition. The dynamic arrow sizes help to assess the volume's significance.
This script provides a detailed and visual method to identify potential capitulation events in the cryptocurrency market, aiding traders in spotting possible reversal points and making informed trading decisions.
Scalp Slayer (i)📊 The Foundation: Core Parameters and Inputs
Filter Number: This parameter is the cornerstone of the script’s sensitivity control. It adjusts the threshold for market volatility that the script considers significant enough for a trade. By default, it's set to 1.5, striking a balance between aggressiveness and conservatism. Traders can tweak this number to make the script more or less sensitive to price fluctuations. A higher number captures smaller, more frequent price movements, ideal for an aggressive trading style. Conversely, a lower number filters out minor noise, focusing on more substantial movements.
EMA Trend Period: The Exponential Moving Average (EMA) is critical for identifying the market's direction. The script uses an EMA calculated over a default period of 50 bars to discern whether the market is trending up or down. This helps in making decisions that align with the overall market trend, thereby increasing the likelihood of successful trades.
Lookback Period: This parameter, set to 20 periods by default, is used to calculate recent highs and lows. These values are crucial for setting realistic take profit and stop-loss levels, as they reflect recent market behavior. The lookback period helps the script adapt to current market conditions by analyzing recent price actions to identify key support and resistance levels.
Color Settings: For enhanced visualization, the script allows customization of colors for take profit and stop-loss markers. By default, take profit levels are marked in orange, and stop-loss levels in red. This color coding helps traders quickly identify important levels on the chart.
Visibility Controls: The script includes options to toggle the display of buy and sell labels, as well as to enable or disable strategy plotting for backtesting and real-time analysis. These controls help traders tailor the script’s visual output to their preferences, making it easier to focus on key trading signals.
🛠️ The Mechanics: How "Scalp Slayer (i)" Operates
1. Calculating the Trading Range and Trend EMA
True Range Calculation: The script begins by calculating the true range, which is the difference between the high and low prices of a bar. This measure of volatility is crucial for identifying significant price movements.
EMA of True Range: The script then smooths the true range using an Exponential Moving Average (EMA). This helps filter out minor price fluctuations, ensuring that the script only reacts to meaningful changes in price. The sensitivity of this filter is adjusted by the filter number, which multiplies the EMA to fine-tune the script's responsiveness to price changes.
Trend EMA: To determine the market’s trend, the script calculates an EMA over the close prices for the specified trend period (default is 50). This trend EMA acts as a benchmark for identifying whether the market is trending up or down. The script uses this trend filter to ensure trades are made in the direction of the prevailing market trend, thereby reducing the risk of trading against the trend.
2. Identifying Recent Highs and Lows
Recent Highs and Lows: The script uses the lookback period to identify the highest and lowest prices over a set number of bars. These recent highs and lows serve as reference points for setting take profit and stop-loss levels. By analyzing recent price action, the script ensures that these levels are relevant to current market conditions, providing a dynamic and contextually accurate approach to risk management.
🔄 Strategic Entry and Exit Conditions
3. Defining Buy and Sell Conditions
Buy Condition: The script establishes a set of criteria for entering a buy trade. First, the closing price must be above the trend EMA, indicating an upward trend. Additionally, the script looks for a sequence of candles showing progressively higher closes, signifying strong upward momentum. The current trading range must exceed the EMA of the true range, confirming that the market is experiencing significant movement. This combination of trend alignment and momentum ensures that buy trades are placed in favorable market conditions.
Sell Condition: Similarly, for sell trades, the script requires the closing price to be below the trend EMA, indicating a downward trend. It also checks for a sequence of candles with progressively lower closes, indicating strong downward momentum. The trading range must again exceed the EMA of the true range, ensuring that the market is moving significantly. These conditions help ensure that sell trades are only taken when the market is likely to continue moving downwards, increasing the chances of profitable trades.
4. Executing Trades and Setting Profit Targets
Long Entry: When the buy condition is met, the script enters a long position at the closing price of the confirmation bar. It then sets a take profit level at the recent high, which serves as a realistic target based on recent price action. The stop-loss level is set at the recent low, providing a safety net against adverse price movements. This approach ensures that trades are closed at optimal points, maximizing profit while minimizing risk.
Short Entry: When the sell condition is met, the script enters a short position at the closing price of the confirmation bar. The take profit level is set at the recent low, and the stop-loss level is set at the recent high. This setup ensures that short trades are closed at favorable levels, capturing gains while protecting against potential losses.
5. Managing Take Profit and Stop Loss
Take Profit and Stop Loss Mechanism: The script continually monitors the market for conditions that meet the take profit or stop-loss criteria. For long trades, the script closes the position if the price reaches or exceeds the take profit level, ensuring profits are locked in. It also closes the position if the price drops to or below the stop-loss level, preventing further losses. For short trades, the script closes the position if the price drops to or below the take profit level, or rises to or above the stop-loss level. This dynamic management of trades helps ensure that profits are maximized while risks are minimized.
🌟 Enhanced Visuals and Debugging Features
Customizable and Informative Plots
Buy and Sell Labels: The script includes options to display labels for buy and sell signals on the chart. These labels provide clear visual cues for trading opportunities, making it easy to identify entry points at a glance. Traders can customize the visibility of these labels based on their preferences, helping them focus on the most important signals.
Take Profit and Stop Loss Markers: To aid in monitoring trades, the script displays distinctive markers for take profit and stop-loss levels. These markers are color-coded for easy differentiation and are placed on the chart to provide clear indications of where trades are likely to be closed. This visual representation helps traders quickly assess the status of their trades and make informed decisions.
Trend and Price Plots: The script plots the trend EMA and recent highs/lows on the chart for quick reference. These plots provide a visual representation of key levels and trends, helping traders make more informed decisions based on current market conditions. By displaying these critical levels, the script enhances situational awareness and aids in the decision-making process.
Debugging and Validation Tools
Bar Index Plotting: For those interested in validating the script's performance, the script includes options to plot the bar index. This feature allows traders to monitor the script's behavior in real-time, ensuring that it is functioning as expected. This can be particularly useful for debugging and optimizing the script.
Condition Printing: The script also includes options to print detailed information about take profit and stop-loss conditions. This feature provides insights into the script's decision-making process, helping traders understand why certain trades were executed or closed. By providing transparency into the script's logic, this feature aids in fine-tuning and improving the script's performance.
CE_ZLSMA_5MIN_CANDLECHART-- Overview
The "CE_ZLSMA_5MIN_CANDLECHART" strategy, developed by DailyPanda, is a comprehensive trading strategy designed for analyzing trading on 5-minute candlestick charts.
It aims to use some indicators calculated from a Hekin Ashi chart, while running it on a normal candlestick chart, making sure that no price distortion affects the strategy results .
It also brings a feature to show, on the candlestick chart, where the entries would take place on the HA chart, to also be able to study the effect that the price distortion would make on your backtest.
-- Credit
The code in this script is based on open-source indicators originally written by veryfid and everget, I've made significant changes and additions to the scripts but all credit for the idea goes to them, I just built on top of it:
-- Key Features
It incorporate already built indicators (ZLSMA) and CandelierExit (CE)
-- Zero Lag Least Squares Moving Average (ZLSMA) - by veryfid
The ZLSMA is used to detect trends with minimal lag, improving the accuracy of entry and exit signals.
It incorporates a double-smoothed linear regression to minimize lag and enhance trend-following capabilities.
Buy signals are generated when the price closes above the ZLSMA together with the CE signal.
It is calculated based on the HA candlestick pattern.
-- Chandelier Exit (CE) - by everget
The Chandelier Exit indicator is used to dynamically manage stop-loss levels based on the Average True Range (ATR).
It ensures that stop-loss levels are adaptive to market volatility, protecting profits and limiting losses.
The ATR period and multiplier can be customized to fit different trading styles and risk tolerances.
It is calculated based on the HA candlestick pattern.
-- Heikin Ashi Candles
The strategy leverages Heikin Ashi candlesticks to be able identify trends more clearly and leverage this to stay on winning trades longer.
Traders can choose to display Heikin Ashi candlesticks and order fills on the chart for better visualization.
-- Risk Management
The strategy includes multiple risk management options to protect traders' capital.
Maximum intraday loss limit based on a percentage of equity.
Maximum stop-loss in points to filter out entries with excessive risk.
Daily profit target to stop trading once the goal is achieved.
Options to use fixed contract sizes or dynamically adjust based on a percentage of equity.
These features help traders manage risk and ensure sustainable trading practices.
Moving Averages
Several moving averages (EMA 9, EMA 20, EMA 50, EMA 72, EMA 200, SMA 200, and SMA 500) are plotted to provide additional context and trend confirmation.
A "Zone of Value" is highlighted between the EMA 200 and SMA 200 to identify potential support and resistance areas.
-- Customizable Inputs
The strategy includes various customizable inputs, allowing traders to tailor it to their specific needs.
Start and stop trading times.
Risk management parameters (e.g., maximum stop-loss, daily drawdown limit, and daily profit target).
Display options for Heikin Ashi candles and moving averages.
ZLSMA length and offset.
-- Usage
-- Setting Up the Strategy
Configure the start year for the strategy and the trading hours using the input fields. The first candle of each day will be filled black for easy identification, while candles that are outside the allowed time range will be filled purple.
Customize the risk management parameters to match your risk tolerance and trading style.
Enable or disable the display of Heikin Ashi candlesticks and moving averages as desired.
-- Interpreting Signals
Buy signals are indicated by a "Buy" label when the Heikin Ashi close price is above the ZLSMA and the Chandelier Exit indicates a long position.
The strategy will automatically enter a long position with a stop-loss level determined the swing low.
Positions are closed when the close price falls below the ZLSMA.
-- Risk Management
The strategy monitors the maximum intraday loss and stops trading if the loss limit is reached.
If enabled, also stops trading once the daily profit target is achieved, helping to lock in gains.
You have the option to filter operations based on a maximum accepted stop-loss level, based on your risk tolerance.
You can also operate with a fixed amount of contracts or dynamically adjust it based on your allowed risk per trade, ensuring optimal protection of capital.
-- Visual Aids
The strategy plots various moving averages to provide additional trend context.
The "Zone of Value" between the EMA 200 and SMA 200 highlights potential support and resistance areas.
Heikin Ashi candlesticks and order fills can be displayed to enhance the difference this strategy would take if you were to backtest it on a Heikin Ashi chart.
-- Table of results
This strategy also breaks down the results on a monthly basis for better understanding of your capital development along the way.
-- Conclusion
The "CE_ZLSMA_5MIN_CANDLECHART" strategy is a tool for intraday traders looking to understand and leaverage the Heikin Ashi chart while still using the normal candle chart. Traders can customize the strategy to fit their specific needs, making it a versatile addition to any trading toolkit.
ICT Balance Price Range [UAlgo]The "ICT Balance Price Range " indicator identifies and visualizes potential balance price ranges (BPRs) on a price chart. These ranges are indicative of periods where the market exhibits balance between bullish and bearish forces, often preceding significant price movements.
🔶 What is Balanced Price Range (BPR) ?
Balanced Price Range is a concept based on Fair Value Gap. Balanced price range (BPR) is the area on price chart where two opposite fair value gaps overlap.
When price approaches the Balanced Price Range (BPR), we assume that the price will react quickly and strongly here. This is because its the combination of two fair value gaps and being a good point of interest for smart money traders.
🔶 Key Features:
Bars to Consider: Determines the number of bars to evaluate for BPR conditions.
Threshold for BPR: Sets the minimum range required for a valid BPR to be identified.
Remove Old BPR: Option to automatically remove invalidated BPRs from the chart.
Bearish/Bullish Box Color: Customizable colors for visual representation of bearish and bullish BPRs.
🔶 Disclaimer
This indicator is provided for educational and informational purposes only.
It should not be considered as financial advice or a recommendation to buy or sell any financial instrument.
The use of this indicator involves inherent risks, and users should employ their own judgment and conduct their own research before making any trading decisions. Past performance is not indicative of future results.
🔷 Related Scripts
Fair Value Gaps (FVG)
Sniper Entry using RSI confirmationThis is a sniper entry indicator that provides Buy and Sell signals using other Indicators to give the best possible Entries (note: Entries will not be 100 percent accurate and analysis should be done to support an entry)
Moving Average Crossovers:
The indicator uses two moving averages: a short-term SMA (Simple Moving Average) and a long-term SMA.
When the short-term SMA crosses above the long-term SMA, it generates a buy signal (indicating potential upward momentum).
When the short-term SMA crosses below the long-term SMA, it generates a sell signal (indicating potential downward momentum).
RSI Confirmation:
The indicator incorporates RSI (Relative Strength Index) to confirm the buy and sell signals generated by the moving average crossovers.
RSI is used to gauge the overbought and oversold conditions of the market.
A buy signal is confirmed if RSI is below a specified overbought level, indicating potential buying opportunity.
A sell signal is confirmed if RSI is above a specified oversold level, indicating potential selling opportunity.
Dynamic Take Profit and Stop Loss:
The indicator calculates dynamic take profit and stop loss levels based on the Average True Range (ATR).
ATR is used to gauge market volatility, and the take profit and stop loss levels are adjusted accordingly.
This feature helps traders to manage their risk effectively by setting appropriate profit targets and stop loss levels.
Combining the information provided by these, the indicator will provide an entry point with a provided take profit and stop loss. The indicator can be applied to different asset classes. Risk management must be applied when using this indicator as it is not 100% guaranteed to be profitable.
Goodluck!
