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[Opening Range Breakout] S&R Strategy with Backtest (TSO) S&R Strategy with Backtest (TSO) =========================================================================== =========================================================================== This indicator serves as a comprehensive full-cycle trading system, providing alerts at each stage of the trade, from opening to closure. The algorithm initiates by calculating the Opening/Pre-Market Price Range, waiting for a breakout to generate signals, and establishing TP (Take Profit and SL (Stop Loss) levels. The Opening/Pre-Market range, known for its robust support and resistance levels, is a key element. To filter out false breakouts and capture valid ones, the indicator incorporates a Smart Breakout feature, requiring confirmation through an initial breakout, a confirmation bounce, and a subsequent confirmation breakout. The indicator offers a variety of automated approaches for TP (Take-Profit) and SL (Stop-Loss) settings. These include leveraging opening range levels, both the most recent and historical S&R (Support and Resistance) levels, and an ATR (Average True Range) trailing stop-loss. This diverse set of tools ensure flexibility in tailoring TP (Take-Profit) and SL (Stop-Loss) parameters to different market conditions, contributing to a more adaptive and robust trading system. Additionally, a series of signal analysis tools, including candle bar analysis, divergence, and volume, enhance the precision of trading signals. * Works with popular timeframes: 1M, 3M, 5M, 15M, 30M, 45M, 1H. * Works best with Indices, Stocks, and Commodities, since there is pre-market price movement, which is used to obtain support and resistance price range. * Every action of the trade is calculated on a confirmed closed candle bar state (barstate.isconfirmed), so the indicator will never repaint. ============================================================== Indicator visual examples with various instruments: --------------------------------------------------------------------------- Strategy Config: ORB_AAPL(NASDAQ)_15M Example of Signal Cleanup confirmations via SMA and ATR. Take-Profit is calculated per optimal S&R (resistance) most recent levels. --------------------------------------------------------------------------- Strategy Config: ORB_AMD(NASDAQ)_5M Example of optimal S&R (resistance) level from previous day for Take-Profit 1 target, which gets hit. --------------------------------------------------------------------------- Strategy Config: ORB_META(NASDAQ)_5M Example of dynamic SL (Stop-Loss), which reduces the risk by moving to the new support level, which is at the same time is below the current price. Also Signal Cleanup confirmations via SMA, ATR and VWAP --------------------------------------------------------------------------- Strategy Config: ORB_MSFT(NASDAQ)_15M Example of automated ATR Trail Stop-Loss activation at no optimal S&R (support) feature. --------------------------------------------------------------------------- Strategy Config: ORB_NFLX(NASDAQ)_3M Example of a skipped LONG trade due to no optimal S&R (support) for Stop-Loss (can be seen per chart that it would be a loss trade). On another side, a SHORT SMA Confirmed trade hits all 3 profit targets. --------------------------------------------------------------------------- Strategy Config: ORB_NVDA(NASDAQ)_15M Example of no optimal support for SHORT Take-Profit targets, with ATR Trail Stop-Loss. --------------------------------------------------------------------------- Strategy Config: ORB_SPY(AMEX)_15M Example of several signal confirmations at the same time (SMA, VWAP, EWO) and S&R-TP-Entry-SL SL (Stop-Loss) system, which at trade open sets SL (Stop-Loss) per optimal S&R (since this is a LONG trade - support) and then moves to Entry at first take-profit. =========================================================================== Trading open/close/TP/SL labels, plots and colors explanations: --------------------------------------------------------------------------- >>> Opening/Pre-Market range: White dashed lines show opening range/pre-market levels with dotted white line extend along the Trading Schedule (if Trading Schedule is turned off - it will extend until next day). >>> Smart Breakout: 1) Initial Breakout: "init_Brekout" | 2) Confirmation Bounce: "conf_Bounce" | 3) Confirmation Breakout: "conf_Breakout" (additional lables on chart can be hidden with only Confirmation Breakout shown). >>> Additional S&R (Support and Resistance) lines: yellow - support, blue - resistance (can be hidden). >>>>> LONG open: green "house" looking arrow below candle bar. >>>>> SHORT open: red "house" looking arrow above candle bar. >>>>> LONG/SHORT take-profit target: green/red circles (multi-profit > TP2/3/4/5 smaller circles). >>>>> LONG/SHORT stop-loss target: green/red + crosses. >>>>> LONG/SHORT take-profit hits: green/red diamonds. >>>>> LONG/SHORT stop-loss hits: green/red X-crosses. >>>>> LONG/SHORT EOD (End of Day | Intraday style) close (profitable trade): green/red squares. >>>>> LONG/SHORT EOD (End of Day | Intraday style) close (loss trade): green/red PLUS(+)-crosses. =========================================================================== STATS TABLE /////////////////////////////////////////////////////////////// --------------------------------------------------------------------------- >>> Trading STATS table on the chart showing current trade direction, Last TP (Take-Profit) Taken, Current Trade PL (profit/loss in price difference from trade open to the very current state). --------------------------------------------------------------------------- CUSTOM TRADING DATE RANGE ///////////////////////////////////////////////// --------------------------------------------------------------------------- >>>>> This feature can be used to manually set indicator trading range from and to a specific date and time. NOTE: This is not intended for a very long date range backtesting, utilize TradingView Strategy Tester for that. * Use TradingView “Strategy Tester” to see Backtesting results NOTE: If Strategy Tester does not show any results with Date Ranged fully unchecked, there may be an issue where a script opens a trade, but there is not enough TradingView power to set the Take-Profit and Stop-Loss and somehow an open trade gets stuck and never closes, so there are “no trades present”. In such case - manually check “Start”/“End” dates or use “Deep Backtesting” feature! --------------------------------------------------------------------------- INTRADAY/TRADING SCHEDULE | ET (EASTERN TIMEZONE) //////////////////////// --------------------------------------------------------------------------- >>> Trading Schedule - On/Off: This is where an Intraday Session or any custom session can be turned on and then scheduled. >>>>> Trading Schedule - Time: Trade open Signals/Alerts time zone Hours. | NOTE: US Market Active Hours: 09:30 - 16:00 ET / Power Hour: 15:00 - 16:00 ET) >>> Trading Schedule - EOD(End of Day) Close - On/Off: Close trade if still open by certain hour (set below). >>>>> Trading Schedule - EOD(End of Day) Close - Hour (ET): US trading session closes at 4PM ET > 16:00. Here is when the trade will close with EOD(End of Day) Close/Trading Cut Off Hour set to 16, which is end of US trading session: 1/3/5min > will close at 15:55pm ET 15min > will close at 15:45pm ET 30min > will close at 15:30pm ET 45min > will close at 15:45pm ET 60min > will close at 16:00pm ET Here is when the trade will close with EOD(End of Day) Close/Trading Cut Off Hour set to 15, which is 1 hour before the end of US trading session (right before power hour starts): 1/3/5min > will close at 14:55pm ET 15min > will close at 14:45pm ET 30min > will close at 14:30pm ET 45min > will close at 14:45pm ET 60min > will close at 15:00pm ET --------------------------------------------------------------------------- TRADE SIGNAL CONFIGURATION //////////////////////////////////////////////// --------------------------------------------------------------------------- >>> Opening Range - Time Period (ET): Opening/Pre-Market Range time, which by default is set to US Session Pre-Market Range, can be customized to any time range as there are different market hours around the world and this setting can be customized to any time. Pre-Market Time/Price Range Hours(ET) | Pre-Market EU/Asia Hours: 4:00-9:30 ET | Pre-Market US (NY) Hours: 7:00-9:30 ET | Post-Market US Hours: 16:00-19:00 ET | First US Market Hour: 9:30-10:30 ET | Power Hour: 15:00-16:00) >>> Opening Range - Levels Structure: determines how the price range is calculated, based on the highest/lowest price zones or based on the candle body bar. >>> Opening Range - Breakout System: "Simple": bar close price has to simply break the opening range level | "Smart": After initial breakout (which is basically 'Simple' Breakout), a price come back is expected to the opening range level, a bounce, then a confirmation breakout with price closing ahead of the initial breakout. >>>>> Opening Range - Smart Breakout: # of bars until Initial Breakout becomes invalid >>>>> Opening Range - Smart Breakout: Bounce Settings, "Cross-Return" - LONG: Price has to cross down the initial breakout S&R, but never close below it; SHORT: Price has to cross up the initial breakout S&R, but then close above it; ||| "Cross-Close-Return" - LONG: At least 1 candle has to close below initial breakout S&R; SHORT: At least 1 candle has to close above initial breakout S&R. >>>>> Alerts - Opening Range - Smart Breakout: Confirmation Bounce Alert. Trigger an alert at confirmation bounce. This is for live trading (especially scalping) Smart Breakout approach - to get ready to open the trade in the correct direction. --------------------------------------------------------------------------- TAKE-PROFIT/STOP-LOSS CONFIGURATION /////////////////////////////////////// --------------------------------------------------------------------------- >>> TP (Take-Profit) and SL (Stop-Loss): S&R Search - Left Bars: This setting is for calculating optimal S&R (Support and Resistance) levels (in combination with below - Right Bars) for S&R (Support and Resistance) TP (Take-Profit) levels calculations. NOTE: if at any point - there will be no available S&R (Support & Resistance) found for SL (Stop-Loss, 'S&R-Dynamic-SL' or 'S&R-Static-SL' setting, since both settings search for optimal SL (Stop-Loss) at trade open) or TP (Take-Profit, at any setting, since at trade open, an optimal TP (Take-Profit) level is searched) > SL (Stop-Loss) will automatically switch to trailing ATR-Trailing-SL and the trade will continue to run until it either hits ATR-Trailing-SL (Stop-Loss) or closes at EOD (End of Day). >>> TP (Take-Profit) and SL (Stop-Loss): S&R Search - Right Bars: This setting is for calculating optimal S&R (Support and Resistance) levels (in combination with above - Left Bars) for S&R (Support and Resistance) TP (Take-Profit) levels calculations. NOTE: if at any point - there will be no available S&R (Support & Resistance) found for SL (Stop-Loss, 'S&R-Dynamic-SL' or 'S&R-Static-SL' setting, since both settings search for optimal SL (Stop-Loss) at trade open) or TP (Take-Profit, at any setting, since at trade open, an optimal TP (Take-Profit) level is searched) > SL (Stop-Loss) will automatically switch to trailing ATR-Trailing-SL and the trade will continue to run until it either hits ATR-Trailing-SL (Stop-Loss) or closes at EOD (End of Day). >>> TP (Take-Profit) and SL (Stop-Loss): S&R Search - Custom Resolution: This is a custom timeframe setting specifically for S&R Search, it disregards current chart timeframe. This is great to use for scalping, for example: with main chart set to 1min and the custom timeframe set to 3min or 5min - there will be stronger support/resistance levels with more detailed price action. >>> TP (Take-Profit) and SL (Stop-Loss): # of Bars (5000 max) to search back for optimal Support and Resistance levels: This is how many candles will be searched backwards for previous S&Rs (Support and Resistance) to find the optimal levels for TP (Take-Profit) and SL (Stop-Loss). NOTE: If SL (Stop-Loss) System is set to 'ATR-Trailing-SL' - this setting is only relevant for searching TP (Take-Profit) levels. >>> TP (Take-Profit) and SL (Stop-Loss): At Trade Open - No S&R (Support and Resistance) found behavior: 'Skip Trade': If at trade open there are no S&R (Support and Resistance) levels for TP1 (Take-Profit 1) or SL (Stop-Loss) - trade is skipped. 'Open/ATR-Trailing-SL': If at trade open there are no S&R (Support and Resistance) levels for TP1 (Take-Profit 1) or SL (Stop-Loss), the trade will still be open with SL (Stop-Loss) set to 'ATR-Trailing-SL'. >>> TP (Take-Profit) System: Pre-Market-Range-TP: All TP (Take-Profit) targets are calculated at trade open using the distance between Support and Resistance per Opening Pre-market Range and then divided by TP (Take-Profit) Divider, which can be set below; S&R-Current-Optimal-TP1: TP1 (Take-Profit) level is set per currently available S&R (Support & Resistance), if none available - historical S&R (Support & Resistance) levels will be searched, remaining TP (Take-Profit) targets (if selected, up to 5 # of TPs) are searched through most recent closest historical S&R (Support & Resistance) levels; S&R-Historic-Optimal-TP1: TP1 (Take-Profit) level is set per historically most recent closest available S&R (Support & Resistance) to the Entry price, remaining TP (Take-Profit) targets (if selected, up to 5 # of TPs) are searched through historical S&R (Support & Resistance) levels as well. >>> TP (Take-Profit, Pre-Market-Range-TP) Divider #: This is for 'Pre-Market-Range-TP' setting only, where TP (Take-Profit) level is the distance between top/bottom levels of the opening range. It can be reduced by the divider #. (1 - full distance; 2 - 1/2 distance; 3 - 1/3 distance; etc. >>> TP (Take-Profit) # of targets: It is wise to divide the trade into several profit targets. With this setting - up to 5 TP (Take-Profit) targets can be approached. The trade will be equally divided up by the selected # of TP (Take-Profit) targets. >>> TP (Take-Profit) target(s) Consumed: Signal Bar consuming Take-Profits - trade signal bar is big enough to 'consume'/close ahead of the first TP setting > the signal can either be skipped, or all Take-Profit targets pushed ahead by average bar size). >>> TP (Take-Profit) Offset - On/Off: This is a feature where TP (Take-Profit) target will be considered taken even if the price never crosses the target(s), but comes close enough (based on the offset amount). Set the offset amount below. >>>>> TP (Take-Profit) Offset - Amount: Some Examples: (for SPY 0.1 would be $0.10 offset - if TP1 is $400 and price hits $399.90 > TP1 considered taken/signal shown/alert) | NOTE: For EURUSD, it is very different and if wrong will show TP1 immediately at trade open, typical good offset for EURUSD is: 0.0005 | Similar for BTCUSD, for example: 10 - $10 offset, if TP is $15,000 > $14,990. >>> SL (Stop-Loss) System: 'Pre-Market-Range-SL': SL (Stop-Loss) is set to the opposite market range level from trade direction; 'S&R-Static-SL': SL (Stop-Loss) is set at trade open per optimal most recent S&R level and remains there until trade closes; 'S&R-Dynamic-SL': SL (Stop-Loss) is set at a trade open per optimal S&R (Support and Resistance) level from the most recent AND historical S&Rs (Support and Resistance), with every bar closed it will check if there are new S&Rs (Support and Resistance) levels, if these levels appear closer to the current price then current level - it will move SL (Stop-Loss) to that level, therefore reducing the risk; 'ATR-Trailing-SL': SL (Stop-Loss) is trail-following the ATR (Average True Range) line, NOTE: If at signal trigger, ATR will be against the trade direction - trade open signal will be skipped; 'S&R-TP-Entry-SL': SL (Stop-Loss) initially is set per S&R, then moves to Entry price at the very first TP (Take-Profit) hit and remains there until trade closes; 'S&R-TP-Trail-SL': SL (Stop-Loss) initially is set per S&R, then moves to Entry at TP1 (Take-Profit 1) hit, then keeps trailing per previously taken profit targets (TP2 taken, SL moves to TP1 | TP3 taken, SL moves to TP2 | TP4 taken, SL moves to TP3). NOTE: 'ATR-Trailing-SL' will not switch automatically if 'S&R-Dynamic-SL', S&R-TP-Entry-SL', 'S&R-TP-Trail-SL' system is selected, as already the most optimal SL (Stop-Loss) level is calculated - it will switch automatically only with 'S&R-Static-SL' system. >>> SL (Stop-Loss) - On/Off: Without SL (Stop-Loss), unless EOD (End of Day) Close is turned on - there will be no SL (Stop-Loss) at all! --------------------------------------------------------------------------- SIGNAL ANALYSIS AND CLEANUP /////////////////////////////////////////////// --------------------------------------------------------------------------- >>> Signal Cleanup - Bar Color: Include Bar Color (bullish/bearish) confirmation, LONG signal will only be opened if signal bar is green/bullish, SHORT if red/bearish. >>> Signal Cleanup - Bar Directional Structure: Skip opposite bar structure types signals (For example: bearish green hammer). >>> Signal Cleanup - Bar Doji Skip: Skip doji (indecisive) candles signals. >>> Signal Cleanup - EWO (Elliott Wave Oscillator): Include EWO (Elliott Wave Oscillator), LONG will only be opened if EWO is bullish / SHORT if EWO is bearish. >>> Signal Cleanup - VWAP (Volume-Weighted Average Price): Include VWAP (Volume-Weighted Average Price), LONG will only be opened if price is above VWAP / SHORT if price is below VWAP. >>> Signal Cleanup - MA (Moving Average) Confirmation: Include MA (Moving Average), LONG will only be opened if MA is bullish / SHORT if MA is bearish. >>> Signal Cleanup - ATR (Average True Range): Include ATR (Average True Range) confirmation, LONG will only be opened if ATR is bullish / SHORT if ATR is bearish. >>> Signal Cleanup - Divergence(RSI + MACD): Include Divergence (RSI + MACD ) confirmation, LONG will only be opened if Divergence is bullish / SHORT if Divergence is bearish. >>> Signal Cleanup - Volume % Strength: Include Volume strength/percentage confirmation, LONG/SHORT will only be opened with strong Volume matching the signal direction | By default, strong Volume percentage is set to 150% and weak to 50%. >>> Signal Cleanup - Volume Above Average: Include Volume Above Moving Average (Volume closing bar closes above volume moving average) confirmation, LONG/SHORT will only be opened with Volume above average - Volume closed bar color must match the closed price color (bullish/bearish direction) + Volume bar must be closed above volume MA line). --------------------------------------------------------------------------- =========================================================================== ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| TP System - VERY IMPORTANT INFO! ------------------------------------------------------------------------------------------------------------------- "TP PERCENTAGE" - amount by which current trade/position needs to be reduced/partially closed/sold. ------------------------------------------------------------------------------------------------------------------- TP System: Dynamic "TP PERCENTAGE" - will always be the same amount (trade/position size divided by the # of take-profit(TP) targets) and percentage to be closed will always be of the ORIGINAL trade/position. ------------------------------------------------------------------------------------------------------------------- TP System: Static "TP PERCENTAGE" - will always be the same amount IF take-profit(TP) targets are hit 1-by-1 (TP1 > TP2 > TP3 > TP4 > TP5), otherwise it will vary and unless it is a 1st take-profit(TP1), the REMAINING trade/position size will always be smaller than original and therefore the percentage to be closed will always be of the REMAINING trade/position and NOT the original one! ------------------------------------------------------------------------------------------------------------------- "TP PERCENTAGE" CheatSheet (these are the only percentages you may see) ----------------------------------------------------------------------- TP PERCENTAGE---Close/Sell Amount-------------Example (trade size: 50 stocks) 20%-------------trade size * 0.2--------------50 * 0.2 = 10 stocks 25%-------------trade size * 0.25-------------50 * 0.25 = 12.5(~13) stocks 34%-------------trade size * 0.34-------------50 * 0.34 = 17 stocks 40%-------------trade size * 0.4--------------50 * 0.4 = 20 stocks 50%-------------trade size * 0.5--------------50 * 0.5 = 25 stocks 60%-------------trade size * 0.6--------------50 * 0.6 = 30 stocks 66%-------------trade size * 0.66-------------50 * 0.66 = 33 stocks 75%-------------trade size * 0.75-------------50 * 0.75 = 37.5(~38) stocks 80%-------------trade size * 0.8--------------50 * 0.8 = 40 stocks 100%------------trade size--------------------50 = 50 stocks ----------------------------------------------------------------------- If for any reason a portion of the current/remaining trade closed at such occurrence was slightly wrong, it is not an issue. Such occurrences are rare and with slight difference in partial TP closed is not significant to overall performance of our algorithms. ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| =========================================================================== Alert Settings (you don’t have to touch this section unless you will be using TradingView alerts through a Webhook to use with trading bot) --------------------------------------------------------------------------- Here is how a LONG OPEN alert looks like. NOTE: Each label , , etc. is customizable, you can change the text of it within indicator Input settings. ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> COIN: BTCUSD TIMEFRAME: 15M LONG: OPEN ENTRY: 20000 TP1: 20500 TP2: 21000 TP3: 21500 TP4: 22500 TP5: 23500 SL: 19000 Leverage: 0 --------------------------------------------------------------------------- Here is how a TP1 alert will look with 5 TPs breakdown of the trade. NOTE1: Next to TP1 taken it will show at which price it was triggered. NOTE2: Next to "TP Percentage" it shows how much of the CURRENT/ACTIVE/REMAINING trade needs to be closed. NOTE2: If TP2/3/4/5 comes before TP1 - the alert will tell you exactly how many percent of the trade needs to be closed! ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> COIN: BTCUSD TIMEFRAME: 15M LONG: TP1 TP1: 20500 TP Percentage: 20% --------------------------------------------------------------------------- Here is how an alert will look for LONG - STOP-LOSS. ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> COIN: BTCUSD TIMEFRAME: 15M ENTRY: 20000 LONG: SL SL: 19000 --------------------------------------------------------------------------- Here is how an alert will look for LONG - EOD (End of Day) In Profit close. ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> COIN: BTCUSD TIMEFRAME: 15M LONG: EOD-Close (profit) ENTRY: 20000 EOD-Close: 21900 =========================================================================== Adding Alerts in TradngView --------------------------------------------------------------------------- -Add indicator to chart and make sure the correct strategy is configured (check Backtesting results) -Right-click anywhere on the TradingView chart -Click on Add alert -Condition: Select this indicator by it’s name -Immediately below, change it to "alert() function calls only", as other wise there will be 2 alerts for every alert! -Expiration: Open-ended (that may require higher tier TradingView account, otherwise the alert will need to be occasionally re-triggered) -Alert name: Whatever you desire -Hit “Create” -Note: If you change ANY Settings within the indicator – you must DELETE the current alert and create a new one per steps above, otherwise it will continue triggering alerts per old Settings! =========================================================================== If you have any questions or issues with the indicator, please message me directly via TradingView. --------------------------------------------------------------------------- Good Luck! (NOTE: Trading is very risky, past performance is not necessarily indicative of future results, so please trade responsibly!) --------------------------------------------------------------------------- NOTE: There seems to be a strange glitch when strategy is running live, it will show "double-take" take-profits labels on the chart. This is not affecting the script logic and backtesting results, if you simply change the timeframe real quick to something else then back - it will no longer show the duplicate orders... this must be some sort of a glitch as every alert was thoroughly tested to make sure everything is working!
Pine Script™ strategy
by tso_trade
Trailing Stop-Loss Indicator (FinnoVent)The Dynamic 9 EMA Trailing Stop-Loss Indicator is a specialized tool designed for the TradingView community to enhance risk management in trading. This script dynamically adjusts a trailing stop-loss level based on the position of the price relative to a 9-period Exponential Moving Average (EMA), offering traders a systematic approach to protect potential profits and limit downside risk. Functionality: Adaptive Trailing Stop: The indicator calculates a trailing stop-loss that adjusts with the 9 EMA, providing a responsive method to secure gains or prevent extensive losses. EMA Trend Indicator: The 9-period EMA serves as a momentum indicator, with the script adjusting the trailing stop-loss accordingly — above the EMA for short positions and below for long positions. Entry Signal Visualization: Entry signals are visualized on the chart, indicating potential long and short positions based on price crossovers with the EMA. Application: This indicator is ideal for traders who utilize technical analysis to make informed decisions. By automatically adjusting the stop-loss level to the evolving market conditions, it is particularly useful for: Day traders looking to capitalize on short-term price movements. Swing traders aiming to secure positions during more extended market waves. Any trading strategy that benefits from dynamic stop-loss management. Usage: To use the indicator, simply add it to your TradingView chart, and it will automatically plot the trailing stop levels. The green and red lines represent the trailing stops for long and short positions, respectively, providing clear visual cues for potential exit points. Compliance with TradingView House Rules: This script is provided for educational purposes and does not constitute investment advice. It is a unique creation that has been developed to contribute to the TradingView community by offering a tool that helps traders manage their trades more effectively.
Pine Script™ indicator
by FinnoVent
Candlestick Patterns [NAS Algo]Candlestick Patterns plots most commonly used chart patterns to help and understand the market structure. Bullish Reversal Patterns: Hammer: Appearance: Small body near the high, long lower shadow. Interpretation: Indicates potential bullish reversal after a downtrend. Inverted Hammer: Appearance: Small body near the low, long upper shadow. Interpretation: Signals potential bullish reversal, especially when the preceding trend is bearish. Three White Soldiers: Appearance: Three consecutive long bullish candles with higher closes. Interpretation: Suggests a strong reversal of a downtrend. Bullish Harami: Appearance: Small candle (body) within the range of the previous large bearish candle. Interpretation: Implies potential bullish reversal. Bearish Reversal Patterns: Hanging Man: Appearance: Small body near the high, long lower shadow. Interpretation: Suggests potential bearish reversal after an uptrend. Shooting Star: Appearance: Small body near the low, long upper shadow. Interpretation: Indicates potential bearish reversal, especially after an uptrend. Three Black Crows: Appearance: Three consecutive long bearish candles with lower closes. Interpretation: Signals a strong reversal of an uptrend. Bearish Harami: Appearance: Small candle (body) within the range of the previous large bullish candle. Interpretation: Implies potential bearish reversal. Dark Cloud Cover: Appearance: Bearish reversal pattern where a bullish candle is followed by a bearish candle that opens above the high of the previous candle and closes below its midpoint. Continuation Patterns: Rising Three Methods: Appearance: Consists of a long bullish candle followed by three small bearish candles and another bullish candle. Interpretation: Indicates the continuation of an uptrend. Falling Three Methods: Appearance: Consists of a long bearish candle followed by three small bullish candles and another bearish candle. Interpretation: Suggests the continuation of a downtrend. Gravestone Doji: Appearance: Doji candle with a long upper shadow, little or no lower shadow, and an opening/closing price near the low. Interpretation: Signals potential reversal, particularly in an uptrend. Long-Legged Doji: Appearance: Doji with long upper and lower shadows and a small real body. Interpretation: Indicates indecision in the market and potential reversal. Dragonfly Doji: Appearance: Doji with a long lower shadow and little or no upper shadow. Interpretation: Suggests potential reversal, especially in a downtrend.
Pine Script™ indicator
by ultraalgotech
1
FalconRed 3 Candlestick LevelsThis Pine Script indicator is designed to enhance price action analysis by identifying specific candle patterns that signal potential buying and selling levels. The analysis is based on the characteristics of the current candle and its two immediate predecessors. For identifying buying levels, the script examines the wicks of the candles, highlighting areas where buying and selling struggle is evident. The indicator recognizes significant breaks above wick levels, especially when followed by a subsequent candle with a lower wick. This combination suggests that previous selling pressure has been challenged and overcome. Buy breakout and retest levels are highlighted with green color, providing a clear visual indication of potential buying opportunities. The indicator draws horizontal lines that extend to the right, offering insights into the frequency of retests and the recurrence of similar patterns in specific price zones, thereby confirming and reinforcing the observed price action. Similarly, the indicator scrutinizes the selling side, pinpointing breakdown and retest levels. These areas are highlighted with red color, aiding in the identification of potential selling opportunities. This indicator serves as a valuable tool for analyzing price action levels and visualizing buying and selling areas. It can be effectively combined with other technical indicators to enhance confidence in trading decisions. Gain deeper insights into market dynamics and improve decision-making by integrating this candle pattern analysis indicator into your trading strategy.
Pine Script™ indicator
by falcon_red
TheSandyBananaTheSandyBanana is a comprehensive trading indicator designed for various asset classes. It combines multiple technical analysis tools to provide buy and sell signals, aiding traders in making informed decisions. This script is suitable for traders who prefer a combination of trend-following and momentum strategies. Features: RSI-Based Signals: Utilizes a modified Relative Strength Index (RSI) with an extended period of 200 bars for smoothing, providing a less reactive but more stable momentum indicator. RSI EMA: Applies an Exponential Moving Average (EMA) with a 100-bar period to the RSI, further smoothing the RSI and aiding in the identification of longer-term momentum trends. ATR for Volatility Analysis: Employs the Average True Range (ATR) over a 100-bar period, adjusted with a multiplier of 1. This is used to gauge market volatility and filter signals based on market dynamics. Peak and Trough Detection: Detects peaks and troughs in the RSI EMA using refined logic and a lookback period of 33 bars, helping in pinpointing potential reversal points. Dynamic Buy and Sell Signals: Generates buy signals when a trough is identified, and the RSI is below 50, indicating potential upward momentum. Sell signals are generated at peaks when the RSI is above 50, suggesting possible downward momentum. 333-Period EMA: Features a long-term 3333-period EMA, plotted on the chart for trend analysis and potential dynamic support or resistance levels. Alert Conditions: Includes conditions for buy and sell alerts, making it easier for traders to be notified of potential trading opportunities. Usage: This indicator is best suited for traders looking for a blend of trend and momentum analysis. The extended periods used in RSI and EMA calculations make this indicator more suitable for medium to long-term trading strategies. Traders should consider combining this indicator with other forms of analysis (like fundamental analysis or additional technical indicators) for comprehensive trading strategies. Disclaimer: Trading involves risk. This script is provided for informational purposes only and should not be considered as financial advice. Traders should always conduct their own due diligence and use the script in a simulated environment before applying it to live trading.
Pine Script™ indicator
by brendan333
MTF EMA Monitor CQENGLISH This Dashboard allows you to monitor the Dollar difference between EMAS, if the Dollar difference between EMAS is around $200 on all 3, it is a good entry point for the time frame in which it is happening. It allows you to monitor 15M, 1H, 4H, 1D and 1W timeframes. SPANISH Este tablero permite monitorear la diferencia en Dolares entre EMAS, Si la diferencia es de alrededor de $200 en las 3 EMAS, podria ser una buena entrada para la temporalidad en que esta sucediendo. Permite monitorear temporalidades de 15M, 1H, 4H, 1D y 1S.
Pine Script™ indicator
by CQuevedo345
4
G2RIntroducing G2R – The Universal Indicator! Unlock the secret to trading success with G2R an extraordinary indicator that provides automatic signals across every time frame and market, from forex, crypto, stocks, & options with over 80% signal accuracy. Say goodbye to guesswork and hello to precision as G2R empowers you with real-time insights , giving you the edge to seize opportunities in any market condition . Elevate your trading strategy and conquer the financial world with G2R – your ultimate guide to profitable trading! Features • Bollinger bands • 2 exponential moving averages • Automatic buy and sell signals • Works for Forex, Crypto, Indices, Stocks, & Options • Tailored for all Timeframes Trading Tips • Trading Signals • 30 Secs - 1 Min | SCALPING • 3 Min - 5 Min | DAY TRADING • 15 Min - 1 Hr | SWING & POSITION • Take signal trades during London, New York, & Asia sessions • Take Profits are found on the 15 Min, 30 Min, & 1 Hr timeframe at the trend channel or Moving Averages • Stop loss are found above or below trend channel or moving averages Warning Never blindly take a trade on a G2R - wait for a proper market structure to occur before considering a trade.
Pine Script™ indicator
by HighConsciousTrading
3
Vertical and Horizontal Lines on given DatesThis simple indicator is to show the impact of given dates on the chart: The dates need to be entered in a yyyy-MM-dd format, separated by comma (,) or space+comma ( ,). The event can be shown on the chart with a vertical highlighting. The midpoint of the price action that day can be shown as a vertical line. Hint: If you load a lot of dates into it, best disable the "Indicator Arguments" in "Chart Settings" -> "Status line" to not have the chart littered with these date arguments.
Pine Script™ indicator
by Vollchaot
9
Measured MoveThis indicator was made for those who look to profit on “Measured Moves.” Upon opening the settings one will need to set the time to begin (Start Time in settings) the colored background of the potential move areas, and the high (First Price Level in settings) and low (Second Price Level in settings) prices for the measured area for the measured move. After those are selected they can be easily moved on the chart. I created a table for the user to tap with the pointer to highlight the setting lines for easy adjustment. Measured moves are used by some algo’s and some traders to determine the take profit levels. They are moves from a particular pattern conclusion to a distance equal to that distance in the desired direction. This is an image of the measured move which occurred on Dec 13th, 2023 at about 1pm on the ES 1m chart: The center area in lightly shaded blue is the measured area. The green and red would be the same distance and would equate to the measured move distance. This example shows the same day – the second move up was a measured move by some traders: www.tradingview.com Again, the same day on the way down. This one didn’t quite complete the move: Again, same day on the way back up – almost perfect: And, finally, the same day for the last move up: This indicator will require the user to know what to look for in creating the measured movement. The script is quite simple – but, can be effective in assisting a user to know potential profit targets. I conducted several searches for “measured move” and found no other indicators that provide this functionality. I understand that one could use fibs to do the same thing – but, I didn’t want to have to alter the fib settings (which I use for actual fibs) to perform this functionality. Please comment with any questions/suggestions/etc.
Pine Script™ indicator
by shaneaus
4
Hammer and inverted Hammer The "Hammer and Inverted Hammer" indicator is straightforward and effective. It automatically spots key candlestick patterns for you, making it easier to see potential market turns. You can also adjust a few settings to fit your trading style. Simple, yet quite handy for traders! Alerts for Hammer Pattern: When the script identifies a Hammer pattern, it can trigger an alert. This is particularly useful if you're looking for potential bullish reversal signals and don't want to miss them. Alerts for Inverted Hammer Pattern: Similarly, when an Inverted Hammer pattern is detected, the script can also trigger an alert. This is helpful for spotting potential bearish reversal signals. SETTINGS EXPLAINED Minimum Lower Tail Length (%): This setting allows you to define what percentage of the total candle size should be considered a significant lower tail. This is important for identifying the Hammer pattern. Number of Consecutive Candles (for Lower Tails): This input lets you choose how many consecutive candles with significant lower tails must be present to identify a pattern. Percentage of Candle Below Previous Low: This setting determines what percentage of the candle's range must extend below the lowest low of a specified number of previous candles. It's used to assess the significance of a Hammer pattern. Number of Previous Candles for Lowest Low: This decides how many previous candles the script should look at to calculate the lowest low, which is then used in the Hammer pattern analysis. Minimum Upper Tail Length (%): Similar to the lower tail setting, this defines the significant length of an upper tail, used for identifying the Inverted Hammer pattern. Number of Consecutive Candles (for Upper Tails): This input is for setting how many consecutive candles with significant upper tails are required to confirm an Inverted Hammer pattern. Percentage of Candle Above Previous High: This setting is used to determine how much of the candle's range must be above the highest high of a set number of previous candles, aiding in the identification of the Inverted Hammer pattern. Number of Previous Candles for Highest High: It specifies the number of past candles to consider for calculating the highest high, which is important for the analysis of Inverted Hammer patterns. These settings allow you to customize how the script identifies Hammer and Inverted Hammer patterns, making it adaptable to different trading strategies and market conditions.
Pine Script™ indicator
by FogWalkerTrader
1
Peak & Valley Levels [AlgoAlpha]The Peak & Valley Levels indicator is a sophisticated script designed to pinpoint key support and resistance levels in the market. By utilizing candle length and direction, it accurately identifies potential reversal points, offering traders valuable insights for their strategies. Core Components: Peak and Valley Detection: The script recognizes peaks and valleys in price action. Peaks (potential resistance levels) are identified when a candle is longer than the previous one, changes direction, and closes lower, especially on lower volume. Valleys (potential support levels) are detected under similar conditions but with the candle closing higher. Color-Coded Visualization: Red lines mark resistance levels, signifying peaks in the price action. Green lines indicate support levels, representing valleys. Dynamic Level Adjustment: The script adapts these levels based on ongoing market movements, enhancing their relevance and accuracy. Rejection Functions: Bullish Rejection: Determines if a candlestick pattern rejects a level as potential support. Bearish Rejection: Identifies if a pattern rejects a level as possible resistance. Usage and Strategy Integration: Visual Aid for Support and Resistance: The indicator is invaluable for visualizing key market levels where price reversals may occur. Entry and Exit Points: Traders can use the identified support and resistance levels to fine-tune entry and exit points in their trading strategies. Trend Reversal Signals: The detection of peaks and valleys serves as an early indicator of potential trend reversals. Application in Trading: Versatile for Various Trading Styles: This indicator can be applied across different trading styles, including swing trading, scalping, or trend-following approaches. Complementary Tool: For best results, it should be used alongside other technical analysis tools to confirm trading signals and strategies. Customization and Adaptability: Traders are encouraged to experiment with different settings and timeframes to tailor the indicator to their specific trading needs and market conditions. In summary, the Peak & Valley Levels by AlgoAlpha is a dynamic and adaptable tool that enhances a trader’s ability to identify crucial market levels. Its integration of candlestick analysis with dynamic level adjustment offers a robust method for spotting potential reversal points, making it a valuable addition to any trader's toolkit.
Pine Script™ indicator
by AlgoAlpha
13
Linear Reg CandlesThe provided Pine Script is a TradingView script for creating a technical analysis indicator called "Humble LinReg Candles." This script includes features such as linear regression for open, high, low, and close prices, signal smoothing with simple or exponential moving averages, and a trailing stop based on Average True Range (ATR). Additionally, the script contains a screener section to display signals for a list of specified symbols. Here is a breakdown of the script: Indicator Settings: It defines various input parameters such as signal smoothing length, linear regression settings, and options for using simple moving averages. Linear regression is applied to open, high, low, and close prices based on user-defined settings. ATR Trailing Stop: It calculates the Average True Range (ATR) and uses it to determine a trailing stop for buy and sell signals. Signals are generated based on whether the close price is above or below the ATR trailing stop. Plotting: The script plots the calculated signal on the chart using the plot function. Buy and Sell Conditions: Buy and sell conditions are defined based on the relationship between the close price and the ATR trailing stop. Plot shapes and bar colors are used to visually represent buy and sell signals on the chart. Alerts: Alerts are triggered when buy or sell conditions are met. Screener Section: The script defines a screener section to display a watchlist of symbols with long and short signals. The watchlist includes a set of predefined symbols with corresponding long and short signals. Table Theme Settings: The script allows customization of the table theme, including background color, frame color, and text color. The size and location of the table on the chart can also be customized. Screener Function: A function getSignal is defined to determine long and short signals for each symbol in the watchlist. The getSym function is used to extract the symbol name from the symbol string. Dashboard Creation: The script creates a table (dashboard) to display long and short signals for the symbols in the watchlist. The table includes headers for "Long Signal" and "Short Signal" and lists the symbols with corresponding signals. Overall, the script combines technical analysis indicators and a screener to help traders identify potential buy and sell signals for a set of specified symbols.
Pine Script™ indicator
by Venkat7070
6
41-80 F&O MA ScreenerThis Pine Script is a TradingView indicator named "41-80-F&O EMA Screener." It calculates and displays four moving averages (MA1, MA2, MA3, and MA4) and the Relative Strength Index (RSI) on a chart. The script generates buy and short signals based on certain conditions involving the moving averages and RSI. Additionally, it includes a screener section that displays a table of symbols with buy and short signals. Here's a breakdown of the key components: Moving Averages (MAs): MA1: Simple Moving Average with length len1 (green line). MA2: Simple Moving Average with length len2 (red line). MA3: Simple Moving Average with length len3 (orange line). MA4: Simple Moving Average with length len4 (black line). Relative Strength Index (RSI): The RSI is calculated with a length of rsiLengthInput and a source specified by rsiSourceInput. Conditions for Buy and Short Signals: Buy Signal: When MA1 is above MA2 and MA3, and RSI is above 50. Short Signal: When MA1 is below MA2 and MA3, and RSI is below 50. Signal Plots: Buy signals are plotted as "B" below the corresponding bars. Short signals are plotted as "S" above the corresponding bars. Background Coloring: Bars are colored based on their opening and closing prices. Screener Section: The script defines a watchlist (gticker) with 40 predefined symbols. It then calls the getSignal function for each symbol to identify buy and short signals. The results are displayed in a table with long signals in green and short signals in red. Table Theming: The script allows customization of the table's background, frame, and text colors, as well as the text size. The table's location on the chart can also be customized. Please note that the script uses the Mozilla Public License 2.0. Make sure to review and comply with the terms of this license if you plan to use or modify the script.
Pine Script™ indicator
by Venkat7070
1
1-40-F&O EMA ScreenerThis Pine Script is a TradingView indicator named "1-40-F&O EMA Screener." It calculates and displays four moving averages (MA1, MA2, MA3, and MA4) and the Relative Strength Index (RSI) on a chart. The script generates buy and short signals based on certain conditions involving the moving averages and RSI. Additionally, it includes a screener section that displays a table of symbols with buy and short signals. Here's a breakdown of the key components: Moving Averages (MAs): MA1: Simple Moving Average with length len1 (green line). MA2: Simple Moving Average with length len2 (red line). MA3: Simple Moving Average with length len3 (orange line). MA4: Simple Moving Average with length len4 (black line). Relative Strength Index (RSI): The RSI is calculated with a length of rsiLengthInput and a source specified by rsiSourceInput. Conditions for Buy and Short Signals: Buy Signal: When MA1 is above MA2 and MA3, and RSI is above 50. Short Signal: When MA1 is below MA2 and MA3, and RSI is below 50. Signal Plots: Buy signals are plotted as "B" below the corresponding bars. Short signals are plotted as "S" above the corresponding bars. Background Coloring: Bars are colored based on their opening and closing prices. Screener Section: The script defines a watchlist (gticker) with 40 predefined symbols. It then calls the getSignal function for each symbol to identify buy and short signals. The results are displayed in a table with long signals in green and short signals in red. Table Theming: The script allows customization of the table's background, frame, and text colors, as well as the text size. The table's location on the chart can also be customized.
Pine Script™ indicator
by Venkat7070
3
Price SandwichFor the script in question This script acts as an indicator that a potential short term or long term trend reversal is coming. Note that not every candle can be used as an indication and the smaller ones tend to have little to no effect, however they can be used alongside orderblocks or future support/resistance areas. The best timeframes I've found these to be useable are on the 1m, 2m, or second charts. You may use this as an added confluence that a trend is ending either short term or long term. You may also decide to use this with other indicators to build further confluence. Note that this is just something I've noticed personally most likely does not apply to all trend reversals. Some ideas on how to use it: If you extend a rectangle out from the block itself, you can often find the next high or low overlaps with said rectangle. They may also overlap with a fair value gap that could make that gap have more potential. Hope this is of use and can help with that added confluence or early warning signal of a potential reversal. This should not be used alone and it's recommended to not use this as a surefire indication of whether to take a trade.//Krindler Script Breakdown //@version=5 // this makes the script v5 friendly indicator("Price Sandwich", overlay=true) //makes this script an indicator, overlay=true to make it a part of the main chart // User input for the highlight color userColor = input(color.green, title="Highlight Color") //This allows you to choose what color you want the candle to be in the settings //Function to check the custom candle pattern based on whether the candle is being englulfed by both preceding and latter candle. isCustomPattern() => //let's me look for a custom candle pattern high > high and high < high and low < low and low > low //this checks the candle before and the candle after to check that the candle in the middle doesn't escape the range of the candle before, or the candle afters highs and lows thus making it a sandwiched candle. //high > high and high < high and low < low and low > low basically says: candle 1 high must be greater than candle 2 high and candle 2 high must be less than candle 3 high and candle 1 low must be less than candle 2 low and candle 2 low must be greater than candle 3 low. Thus making sure that candle 2 is within the range of candle's 1 and 3 and doesn't have a high or low that is either above or below candle 1 and 3. 'and' is the operator to make sure that all of these values must be true in order for that candle to meet the criteria of getting colored. // Apply bar color to Sandwiched candle if candle is found. barcolor(isCustomPattern() ? userColor : na, offset=-1) //this targets the findings from isCustomPattern() and uses the user color chosen in settings and colors the middle bar by using offset=-1, otherwise it would color candle 3, so offset goes back 1 candle to color the middle candle. If this script is already in circulation, please let me know and i'll remove it immediately. I checked but couldn't find one that did it.
Pine Script™ indicator
by Krindler
Divergence Indicator [Trendoscope®]🎲 New Divergence Indicator by Trendoscope Our latest Divergence Indicator revolutionizes the way traders identify market trends and potential reversals. Built upon the robust foundation of the Zigzag Trend Divergence Detector and inline with our recent implementation of the Divergence Goggles indicator, this tool is designed to be intuitive yet powerful, making it an essential addition to any trader's toolkit. We received several queries on extending the Divergence Goggles to last N bars instead of using an interactive widget. Though it is possible, we thought the better approach is to enable the indicator to use any oscillator and trend indicator in order to define the divergence. 🎯 Key Features Flexible Oscillator Integration : Choose from a wide range of built-in oscillators or import your own, including options like the innovative Multiband Oscillator. This versatility extends to using volume indicators like OBV for divergence calculations, broadening the scope of analysis. Trend Identification Versatility : Utilize built-in methods like Zigzag and MA Difference, or integrate external trend indicators. Our system adapts to various methods, ensuring you have the right tools for precise trend identification. Customizable Zigzag Sensitivity : Adjust the Zigzag based on your chosen oscillator's sensitivity to ensure divergence lines are accurate and visually coherent. Repainting vs. Delayed Signals : Tailor the indicator to your strategy by choosing between immediate repainting signals and slightly delayed but more stable signals. 🎯 Understanding Divergence: Key Rules Bullish Divergence Happens only in downtrend Observed on Pivot Lows Price makes lower low whereas oscillator makes higher low, indicating weakness and possible reversal Bearish Divergence Happens only in uptrend Observed on Pivot Highs Price makes higher high whereas oscillator makes lower high, indicating weakness and possible reversal Bullish Hidden Divergence Happens only in uptrend Observed on Pivot Lows Price makes higher low, whereas indicator makes lower low due to price consolidation. In bullish trend, this is considered as bullish as the price gets a breather and get ready to surge further. Bearish Hidden Divergence Happens only in downtrend Observed on Pivot Highs Price makes lower high whereas oscillator makes higher high due to price consolidation. In bearish trend, this is considered as bearish as the price gets a breather and get ready to fall further. 🎯 Visual Insights: Divergence and Hidden Divergence For a clearer understanding, refer to our visual guides: 🎲 Using the Divergence Indicator: A Step-by-Step Guide 🎯 Step 1 - Selecting the Oscillator Customize your analysis by choosing from a variety of oscillators or importing your preferred one. Options are available to select a range of built-in oscillators and the loopback length. However, if the oscillator that user want to use is not in the list, they can simply load the oscillator from the indicator library and use it as an external signal. In our current example, we are using a custom oscillator called - Multiband Oscillator This also means, the indicator option is not limited to oscillators. Users can even make use of volume indicators such as OBV for the calculation of divergence. 🎯 Step 2 - Choosing the Trend Identification Method Select from our built-in methods or integrate an external indicator to accurately identify market trends. Trend is one of the key parameters of divergence type identification. Trend can be identified mathematically by various methods. Some of them are as simple as above or below 200 moving average and some can follow trend based indicators such as supertrend and others can be very complex. To cater for a wider audience, here too we have provided the option to use an external trend indicator. The simple condition for the external trend indicator is that it should return positive value for uptrend and negative value for downtrend. Other than that, we also have 2 built in trend identification methods. Zigzag - The trend is defined by the starting pivot of divergence line. If the starting pivot is Higher High or Higher Low, then it is considered uptrend. And if the starting pivot is either Lower Low or Lower High, then we consider it as downtrend. MA Difference - In this case, the difference between the moving average of pivots joining the divergence line will determine the trend. It is considered uptrend if the moving average increased from starting pivot to ending pivot of the divergence line, and it is considered downtrend if the moving average decreased from starting pivot to the ending pivot of the divergence line. 🎯 Step 3 - Adjusting Zigzag Sensitivity Fine-tune the Zigzag to match the oscillator's sensitivity, ensuring divergence lines are accurate and visually coherent. 🎯 Step 4 - Managing Repainting Understand the implications of repainting in the last pivot of the Zigzag and choose between immediate or delayed signals based on your trading strategy. The last pivot of the zigzag repaint by design. This is not necessarily a bad thing. Users can just choose not to use the last pivot, but instead use the last but one for all the calculations. But, this also means, the signals will be delayed. Indicator provides option to use repainting signal vs delayed signal. If you select the repaint option, the signals are shown immediately as and when they occur. But, there is a possibility that these signals change when the new price candles change zigzag pivot. If you chose not to select the repaint option, then the divergence signals may lag by a few bars.
Pine Script™ indicator
by Trendoscope
32
Digital Market Insight's Dream IndicatorWhy the Digital Market Insight’s Dream Indicator Blends Sixteen Technical Indicators Analyzing markets can be overwhelming with so many technical indicators available. Choosing the right ones and combining them effectively can be a challenge. This indicator simplifies this by leveraging the power of collaboration. Unleashing the power of automation, Digital Market Insight's Dream Indicator simplifies both day trading and long-term investing by automatically generating buy and sell signals. This user-friendly indicator simplifies everything, making it easy to identify profitable trades where other indicators usually fall short. Instead of relying on a few popular indicators, the Digital Market Insight’s Dream Indicator incorporates sixteen diverse metrics. Each offers unique insights into different aspects of market behavior, giving you a complete picture that goes beyond what any single indicator can provide. Combining indicators that analyze trends, momentum, volume, and volatility allows you to see the market from different angles. This combination creates a powerful tool that can uncover opportunities missed by traditional indicators. Digital Market Insight’s Dream Indicator uses sophisticated algorithms to balance the influence of each individual indicator. This ensures that no single metric dominates the analysis, providing a more objective perspective. In short, Digital Market Insight’s Dream Indicator makes the complex task of choosing and combining indicators seamless and automated. This allows traders of all experience levels to benefit from powerful technical analysis, unlocking potentially profitable opportunities they might have missed otherwise. Leveraging sixteen popular technical indicators, the Dream Indicator from Digital Market Insight meticulously dissects trends, momentum, volume, and volatility to offer comprehensive market insights. Inspired by the Relative Strength Index (RSI), it scales these indicators and identifies breakouts with optimized overbought and underbought thresholds. This combined data is compared to the security, generating a divergence line. The line's magnitude and speed are monitored, leading to the creation of buy and sell signals. The following is a list of the sixteen indicators that it tracks: • Parabolic SAR • Directional Movement Index • Chande Momentum Oscillator • Commodity Channel Index • Volume-Weighted Average Price • On-Balanced Volume • Money Flow Index • Relative Strength Index • Moving average convergence divergence • Bollinger Band • Stochastic • True Strength Index • Chaikin Money Flow • Williams %R • Sentiment • Supertrend While the combination of technical indicators is intriguing, the Dream Indicator's true power lies in its dynamic false signal suppression settings. This system can adapt to frequent market changes in real-time, allowing for a nuanced understanding of market direction. Imagine a rapid price swing triggered by a news announcement. While other indicators provide static signals, the Dream Indicator takes a dynamic approach. By offering multiple adjustable factors, it allows users to customize the indicator to their specific needs and preferences, potentially revealing deeper insights into market trends. The following is the list of suppression settings: • Suppress Using an SMA Window? Size? This suppresses when the security price varies outside a simple moving average window. The window size can be adjusted. • Suppress Using Supertrend Direction? Factor? This suppresses when the Supertrend’s direction, increasing or decreasing, is contrary to the security’s gain. The Supertrends factor can be adjusted. • Suppress Using Security ROC? ROC? This suppresses when the security’s rate of change (ROC) is above a selectable value. • Suppress Unfavorable Convergence/Divergence? The buy alert is suppressed when the faster exponential moving average is less than the slower exponential moving average for both the sentiment and standard MACD. The sell alert is suppressed when the slower exponential moving average is less than the faster exponential moving average for both the sentiment and standard MACD. • Suppress Unfavorable Trending Sentiment? This suppresses buy alerts when the sentiment value is lowering and its value is currently below zero. This suppresses sell alerts when the sentiment value is rising and its value is currently above zero. • Suppress Using Contrary Accumulated Forecast? Suppress when the combined buy/sell signal is contrary to the security trend. • Don’t Suppress First Alert? Always Display First Alert. How to use: 1. Activate the Indicator: • Add the Digital Market Insight’s Dream Indicator. • Select a security. • Adjust the Alert Frequency, if desired. • Configure the ATR Multiplier for optimal trailing stop orders, if desired. 2. Set audible alerts, if desired: 1. Select a security and adjust settings if you haven’t yet. 2. Select Alert at the top of the TradingView window or press + . 3. Select Digital Market Insight’s Dream Indicator across from Condition. 4. Select Alert for Buy across from Condition. 5. Select Once Per Bar Close across from Trigger. 6. Select Notifications at the top of the Create Alert window. 7. Select the Play sound checkbox. 8. Select the Create button at the bottom of the Create Alert window. 9. Repeat steps 2–8, substituting Alert for Sell in step 4. 3. Watch displayed information for opportunities: • Circle Alerts: Green circles indicate buy signals, red ones signal sell opportunities. Larger circles are audible, providing immediate trading prompts. • SMA Gain: This metric reflects the average profit potential per trade, assuming a sideways trend. 4. Utilize False-Signal Suppression: • Select the appropriate false-signal suppression methods based on your trading strategy and risk tolerance. • Monitor the SMA Gain and Circle Alerts as you adjust these settings to see their impact. • Eliminate misleading signals and gain a clearer picture of the market. 5. Combine with Other Indicators: • Consider displaying the Sentiment MACD and Divergence RSI for further insights. • Utilize these additional indicators alongside Dream Indicator's signals for a more comprehensive analysis. The following describes the displayed information and how to use it. It is in three levels: location/displayed text/description. Upper Left/Week:/ Displays week gain. Upper Left/Day:/ Displays day’s gain. Upper Left/SMA:/ Displays SMA’s gain. The SMA gain is calculated from the average difference between the buy and sell alerts and a simple moving average. This makes it easy to compare differences between securities and setting changes. Basically, the SMA gain is the average profit that can be expected from a single buy sell trade, assuming that the security is trending sideways. Note: With a free TradingView account, the data will be limited, and therefore this value will be less accurate. Upper Center/Misc. text/ A variety of security information is displayed here, including description, country, type, sector, and industry. The analyst's recommendation is also displayed when selected in the settings section. Upper Right/ #🕪⚠:/ Displays number of audible alerts. This shows how many audible alerts you’ll get per day on average for the selected security. You will see this number change as you adjust the Alert Frequency setting in the indicator settings section. Lower Right/ ATR × X.X:/ Displays the Average True Range (ATR) multiplied by a multiplier that is located in the indicator settings section. The upper and lower ATR values are also displayed. The Average True Range is a measure of price volatility and can be used for things like trailing stop orders. Place your stop-loss order a multiple of the ATR below your entry price for long trades and above your entry price for short trades. This will give your trade some room to breathe while still protecting you from significant losses. Adjust the multiple based on market volatility. In more volatile markets, use a larger multiple to account for potentially wider price swings. The following is a description of important items in the indicator settings section: --- MISC. SETTINGS --- Alert Frequency Alert Frequency will increase or decrease both the displayed alerts and audible alerts. This is one of the more important indicator settings and should be adjusted according to your investing style. If you have a large number of active alerts, you may want to reduce the alert frequency to avoid being overwhelmed. However, if you set this too low, you may miss some trading opportunities. ATR Multiplier The ATR multiplier is a multiplier for the Average True Range which is described above. It can help with finding trailing stop order values. Use Sentiment Coloring This changes the color of some graphs to a color gradient, indicating the security's sentiment, and may help you identify trend changes. Sentiment Calc Index This setting mainly affects the sentiment color scheme and the displayed sentiment graph. Adjust it to match the index in which the security is traded. You can find it at the top left of the TradingView window. Display Analyst’s Recommendations This will display the analyst's recommendations and could be handy when unsure whether a security is worth investing in. :-) --- GRAPH DISPLAY SETTINGS --- These are additional graphs that can be displayed and can be a valuable addition to your investing. Consider displaying the Sentiment MACD and the Divergence RSI which are both variations of the standard MACD and RSI indicators. --- FALSE ALERT SUPPRESSION --- These settings will allow suppression of false signals and are an important feature of this indicator. They will manipulate the gain. Watch the displayed SMA Gain and Circle Alerts as you toggle some of these settings. Some Circle Alerts will appear or vanish, and the SMA Gain will change. Remember, the larger circle alerts are the only ones that will be audible. Both small and large circles indicate a buy or sell alert: green for buy and red for sell. Disclaimer: This is not Investment Advice. Trading involves inherent risks, and all decisions should be made at your own discretion.
Pine Script™ indicator
by robertkyllo
NAS100 - 5 Minute Opening Range with EMAsThis indicator is designed for traders who focus on the opening range breakout strategy and use EMAs as part of their trading decisions. The script markes the first 5 min opening candle and generates Buy and Sell signals calculating EMA. Basic features are : User Inputs: Allows users to enable/disable alerts and choose to display Exponential Moving Averages (EMAs) for 5, 20, and 50 periods. Opening Range Calculation: It calculates the first five minutes of the trading day, adjusting for different chart timeframes. New Day Detection: Determines if the current bar is the first bar of a new day. Data Storage: Utilizes arrays to store opening range highs, lows, start bars, and last bars for the last five days. Daily Updates: Updates the stored data at the start of each new day, maintaining data for only the last five days. Opening Range Plotting: Plots the opening ranges (high and low) for the past five days, with special plotting and filling for the current day. EMA Calculation and Plotting: Calculates and plots EMAs (5, 20, and 50 periods) if enabled. Alert Conditions: Sets up conditions for alerts when the price crosses above or below the current day's opening range. Signal Generation: Generates buy and sell signals based on the relationship of the closing price to the opening range and the position of EMA5 relative to EMA50. Signal Plotting: Plots buy and sell signals as triangles on the chart.
Pine Script™ indicator
by isiklar_fx
Bolingger Bands + Inside Bar BoxesBollinger Bands are a technical analysis tool consist of three bands—an upper, middle, and lower band—that are used to spotlight extreme short-term prices in a security. The upper band represents overbought territory, while the lower band can show you when a security is oversold. Most technicians will use Bollinger Bands® in conjunction with other analysis tools to get a better picture of the current state of a market or security. An Inside Bar is a two-bar price action trading strategy in which the inside bar is smaller and within the high to low range of the prior bar. Inside bars show a period of consolidation in a market. They often form following a strong move in a market, as it ‘pauses’ to consolidate before making its next move. However, they can also form at market turning points and act as reversal signals from key support or resistance levels.
Pine Script™ indicator
by Hampeh
Protected Highs & Lows [TFO]This indicator presents an alternative approach to identify Market Structure. The logic used is derived from learning material created by @DaveTeaches When quantifying Market Structure, it is common to use fractal highs and lows to identify "significant" swing pivots. When price closes through these pivots, we may identify a Market Structure Shift (MSS) for reversals or a Break of Structure (BOS) for continuations. The main difference with this "protected" logic is in how we determine the pivots/levels that are utilized to determine a valid MSS or BOS. Nonetheless, the significance of our swing pivots is still governed by the input Pivot Strength parameter, which requires valid swing pivots to be compared to this many bars to the left and right of them. This is an optional parameter as it is traditionally set to 1 by default. When identifying a BOS: When price closes below a valid swing low, we look back from the current bar to find the highest high that was made in that range. This becomes our protected high; similarly, when price closes above a valid swing high, we look back from the current bar to find the lowest low that was made in that range, which then becomes our protected low. Note these valid highs and lows are the first swing pivots created after a MSS/BOS. For example, when price makes a bullish BOS/MSS and then trades away, a swing high is formed. This first swing high is what needs to be traded through to see a valid BOS. When identifying a MSS: If the current trend is bearish and we're looking for a bullish reversal, we would need price to close above the most recent protected high. When this happens, we still look back to find the lowest low that was created in that range, and make that our new protected low. Likewise when looking for a bearish reversal, price would need to close below the most recent protected low, which would then give us a new protected high as a result (the highest point in that range). The Trend Candles option allows users to easily visualize the current state of Market Structure with bullish and bearish colors. Users may also show BOS and MSS labels if desired. Show Protected Highs & Lows will annotate the protected highs and lows, just note that the labels themselves are plotted in the past due to the lookback function required to identify them. Lastly, the Show Protected Trail option will draw a line to essentially indicate a trailing stop-like line to denote the most recent protected low (if bullish) or protected high (if bearish). I am simply a student of Dave's concepts, so please feel free to leave feedback if you are familiar with his concepts and have suggestions/improvements.
Pine Script™ indicator
by tradeforopp
69
WinningWave By Sercan V1Winningwave is a hurricane algorithm that works in all time frames and all transactions (stock exchange-coin), is too comprehensive to be explained in detail and includes many strategies. To explain briefly; It is a layered oracle algorithm that gives signals by filtering the formations (Normal and Harmonic formations) created by multiple account movements containing many calculations and algorithms, based on the instantaneous momentum of the price and the overbought or oversold levels in a certain time period. Of course, formations refer to situations in which price movements occur in a certain order in financial markets. These patterns are specific patterns seen on the price chart and can often provide clues about future movements of prices. For example; Reverse Shoulder, Head and Shoulder, Symmetrical Triangle etc. Dozens of formation formation conditions and targets were filtered and made suitable for signaling. It also creates bands using YDK3 with the channel algorithm it contains. This band is usually calculated using the standard deviation method to measure price movements and indicate a specific deviation. The upper and lower bands obtained as a result of standard deviation calculations are drawn on the price chart. After a certain band is created, automatic expansion is carried out in order to predict possible movements of future prices. Additionally, Winningwave includes Ema calculations and has identified stop points after the main entry signal to help you in case you miss the main exit signal or choose a different strategy. STRATEGY 1: As I mentioned in the general statement, the signals that emerged after many formations were filtered in 2 stages (SMI and CCI values served as filters for the formations) and the false signal rate was reduced to a minimum. You can combine signals into your own strategy using oscillators and tactics you trust. It is important to remember that no indicator or tactic works 100% accurately. That's why filters and combinations are the right methods for you. STRATEGY 2: Channel programs often create bands using the standard deviation method to indicate price movements and a specific deviation. Standard deviations are a measure of how far prices are generally from the mean. Channel programs draw price charts by creating upper and lower bands using these standard deviation values. These bands can become very narrow depending on the playability of the price and the strength of the trends. In this way it can change the normal range of movement of prices and indicate potential overbought or oversold. Once the channel is created, it is automatically expanded and gives us some clues about the direction of price movements. This expansion automatically signals the change according to the price movements of the bands. This feature becomes a predictive tool to predict price movements on the indicator. Thus, using channel updates and standard deviation, the bands show the normal range of prices and these bands expand or contract dynamically, giving an idea about possible changes in prices. This can help investors gain insight into potential trend reversals or overbought or oversold prices. In channel band strategy . It is a second strategy in which we calculate the profit rate with the most logical calculations when the prices touch the channel bottoms and channel tops and move up or down. STRATEGY 3: We aimed to create a stop zone by blending the most appropriate ema values with buy signals. In some cases where you don't want to follow the signals or are confident in the transaction (written to filter out successive sell signals where price action generally rises without correction), it has created a more reliable stopping point for your trading strategy. It gives you a stopping point. *** Calculations and mathematical settings will be in the menu. For healthy signals and filters, do not play with the numbers. For your personal use, color options or On-Off settings of each feature are available in the menu.
Pine Script™ indicator
by Secorx
NisonCandleScannerNison Candle Scanner (NCS) - the only indicator personally designed and tested by the acknowledged Western world’s top candlestick expert Steve Nison. Harness the proprietary technology of NCS to reveal important candle signals to quickly uncover potential entry and exit signals in any market and time frame. NCS is easy to set up and use... Discover for yourself how quickly it will boost your trading and investing confidence. *Highlight 28 different candle patterns in either standard or strict criteria *Strict Criteria candle patterns provide a tighter and higher quality definition of a pattern *Utilize either pattern abbreviations or full names highlighted on your charts *Scan for and be alerted to any or all of the candle patterns in any time frame, and any market I’ve spent over 30 years totally immersed in candlestick charting techniques and using them correctly to help traders and investors around the world (my book has been translated in 22 languages and we have students from over 85 countries.) Now using my decades of real world experience, I designed the easy to use tools in Nison Candle Scanner™ (NCS) to highlight, scan, and alert you to the 28 most powerful candle patterns that I personally use in my own trading. The research into this software was originally intended to save me hours of time to find in minutes the best potential setups in any market and any time frame. I’ve now opened up the power of NCS to TradingView and all of its users. Since candle signals require both the correct shape of the candle lines AND the correct prior trend, we derived our proprietary formula to accurately take trend and the shape of the candle lines to ensure accurate results. NCS will highlight these candle patterns for you in either full name or abbreviations, scan for any or all 28 of those patterns in your watchlists and time frames of choice, and then alert you to these critical candle signals in real time! NCS will help you quickly find potential entry/exit points in any market and time frame before your competition. Example of Highlighting Patterns with either Full Names or Pattern Abbreviations Select between Yes, No, or Strict on 28 Different Candle Patterns Bull : Hammer Inverted Hammer Bull Counter Attack Bullish Engulfing Bull Harami Piercing Bull Sash Bull Seperating Line Tweezers Bottom Rising Window Morning Star Rising Three Three White Soldiers Bear Hanging Man Shooting Star Bear Counter Attack Bearish Engulfing Bear Harami Dark Cloud Cover Bear Sash Bear Seperating Line Tweezers Top Falling Window Evening Star Falling Three Three Black Crows Neutral Doji High Wave Scan for and Be alerted to any or all of the 28 patterns in your watchlists and timeframes For those with proper candle education, the ability to highlight, scan, and be alerted to candle patterns will aide in identifying reversal and continuation patterns. Utilize Nison Candle Scanner to find the best potential setups that fit your criteria!
Pine Script™ indicator
by NisonCandleScanner