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Six PillarsGeneral Overview The "Six Pillars" indicator is a comprehensive trading tool that combines six different technical analysis methods to provide a holistic view of market conditions. These six pillars are: Trend Momentum Directional Movement (DM) Stochastic Fractal On-Balance Volume (OBV) The indicator calculates the state of each pillar and presents them in an easy-to-read table format. It also compares the current timeframe with a user-defined comparison timeframe to offer a multi-timeframe analysis. A key feature of this indicator is the Confluence Strength meter. This unique metric quantifies the overall agreement between the six pillars across both timeframes, providing a score out of 100. A higher score indicates stronger agreement among the pillars, suggesting a more reliable trading signal. I also included a visual cue in the form of candle coloring. When all six pillars agree on a bullish or bearish direction, the candle is colored green or red, respectively. This feature allows traders to quickly identify potential high-probability trade setups. The Six Pillars indicator is designed to work across multiple timeframes, offering a comparison between the current timeframe and a user-defined comparison timeframe. This multi-timeframe analysis provides traders with a more comprehensive understanding of market dynamics. Origin and Inspiration The Six Pillars indicator was inspired by the work of Dr. Barry Burns, author of "Trend Trading for Dummies" and his concept of "5 energies." (Trend, Momentum, Cycle, Support/Resistance, Scale) I was intrigued by Dr. Burns' approach to analyzing market dynamics and decided to put my own twist upon his ideas. Comparing the Six Pillars to Dr. Burns' 5 energies, you'll notice I kept Trend and Momentum, but I swapped out Cycle, Support/Resistance, and Scale for Directional Movement, Stochastic, Fractal, and On-Balance Volume. These changes give you a more dynamic view of market strength, potential reversals, and volume confirmation all in one package. What Makes This Indicator Unique The standout feature of the Six Pillars indicator is its Confluence Strength meter. This feature calculates the overall agreement between the six pillars, providing traders with a clear, numerical representation of signal strength. The strength is calculated by considering the state of each pillar in both the current and comparison timeframes, resulting in a score out of 100. Here's how it calculates the strength: It considers the state of each pillar in both the current timeframe and the comparison timeframe. For each pillar, the absolute value of its state is taken. This means that both strongly bullish (2) and strongly bearish (-2) states contribute equally to the strength. The absolute values for all six pillars are summed up for both timeframes, resulting in two sums: current_sum and alternate_sum. These sums are then added together to get a total_sum. The total_sum is divided by 24 (the maximum possible sum if all pillars were at their strongest states in both timeframes) and multiplied by 100 to get a percentage. The result is rounded to the nearest integer and capped at a minimum of 1. This calculation method ensures that the Confluence Strength meter takes into account not only the current timeframe but also the comparison timeframe, providing a more robust measure of overall market sentiment. The resulting score, ranging from 1 to 100, gives traders a clear and intuitive measure of how strongly the pillars agree, with higher scores indicating stronger potential signals. This approach to measuring signal strength is unique in that it doesn't just rely on a single aspect of price action or volume. Instead, it takes into account multiple factors, providing a more robust and reliable indication of potential market moves. The higher the Confluence Strength score, the more confident traders can be in the signal. The Confluence Strength meter helps traders in several ways: It provides a quick and easy way to gauge the overall market sentiment. It helps prioritize potential trades by identifying the strongest signals. It can be used as a filter to avoid weaker setups and focus on high-probability trades. It offers an additional layer of confirmation for other trading strategies or indicators. By combining the Six Pillars analysis with the Confluence Strength meter, I've created a powerful tool that not only identifies potential trading opportunities but also quantifies their strength, giving traders a significant edge in their decision-making process. How the Pillars Work (What Determines Bullish or Bearish) While developing this indicator, I selected and configured six key components that work together to provide a comprehensive view of market conditions. Each pillar is set up to complement the others, creating a synergistic effect that offers traders a more nuanced understanding of price action and volume. Trend Pillar: Based on two Exponential Moving Averages (EMAs) - a fast EMA (8 period) and a slow EMA (21 period). It determines the trend by comparing these EMAs, with stronger trends indicated when the fast EMA is significantly above or below the slow EMA. Directional Movement (DM) Pillar: Utilizes the Average Directional Index (ADX) with a default period of 14. It measures trend strength, with values above 25 indicating a strong trend. It also considers the Positive and Negative Directional Indicators (DI+ and DI-) to determine trend direction. Momentum Pillar: Uses the Moving Average Convergence Divergence (MACD) with customizable fast (12), slow (26), and signal (9) lengths. It compares the MACD line to the signal line to determine momentum strength and direction. Stochastic Pillar: Employs the Stochastic oscillator with a default period of 13. It identifies overbought conditions (above 80) and oversold conditions (below 20), with intermediate zones between 60-80 and 20-40. Fractal Pillar: Uses Williams' Fractal indicator with a default period of 3. It identifies potential reversal points by looking for specific high and low patterns over the given period. On-Balance Volume (OBV) Pillar: Incorporates On-Balance Volume with three EMAs - short (3), medium (13), and long (21) periods. It assesses volume trends by comparing these EMAs. Each pillar outputs a state ranging from -2 (strongly bearish) to 2 (strongly bullish), with 0 indicating a neutral state. This standardized output allows for easy comparison and aggregation of signals across all pillars. Users can customize various parameters for each pillar, allowing them to fine-tune the indicator to their specific trading style and market conditions. The multi-timeframe comparison feature also allows users to compare pillar states between the current timeframe and a user-defined comparison timeframe, providing additional context for decision-making. Design From a design standpoint, I've put considerable effort into making the Six Pillars indicator visually appealing and user-friendly. The clean and minimalistic design is a key feature that sets this indicator apart. I've implemented a sleek table layout that displays all the essential information in a compact and organized manner. The use of a dark background (#030712) for the table creates a sleek look that's easy on the eyes, especially during extended trading sessions. The overall design philosophy focuses on presenting complex information in a simple, intuitive format, allowing traders to make informed decisions quickly and efficiently. The color scheme is carefully chosen to provide clear visual cues: White text for headers ensures readability Green (#22C55E) for bullish signals Blue (#3B82F6) for neutral states Red (#EF4444) for bearish signals This color coding extends to the candle coloring, making it easy to spot when all pillars agree on a bullish or bearish outlook. I've also incorporated intuitive symbols (↑↑, ↑, →, ↓, ↓↓) to represent the different states of each pillar, allowing for quick interpretation at a glance. The table layout is thoughtfully organized, with clear sections for the current and comparison timeframes. The Confluence Strength meter is prominently displayed, providing traders with an immediate sense of signal strength. To enhance usability, I've added tooltips to various elements, offering additional information and explanations when users hover over different parts of the indicator. How to Use This Indicator The Six Pillars indicator is a versatile tool that can be used for various trading strategies. Here are some general usage guidelines and specific scenarios: General Usage Guidelines: Pay attention to the Confluence Strength meter. Higher values indicate stronger agreement among the pillars and potentially more reliable signals. Use the multi-timeframe comparison to confirm signals across different time horizons. Look for alignment between the current timeframe and comparison timeframe pillars for stronger signals. One of the strengths of this indicator is it can let you know when markets are sideways – so in general you can know to avoid entering when the Confluence Strength is low, indicating disagreement among the pillars. Customization Options The Six Pillars indicator offers a wide range of customization options, allowing traders to tailor the tool to their specific needs and trading style. Here are the key customizable elements: Comparison Timeframe: Users can select any timeframe for comparison with the current timeframe, providing flexibility in multi-timeframe analysis. Trend Pillar: Fast EMA Period: Adjustable for quicker or slower trend identification Slow EMA Period: Can be modified to capture longer-term trends Momentum Pillar: MACD Fast Length MACD Slow Length MACD Signal Length These can be adjusted to fine-tune momentum sensitivity DM Pillar: ADX Period: Customizable to change the lookback period for trend strength measurement ADX Threshold: Adjustable to define what constitutes a strong trend Stochastic Pillar: Stochastic Period: Can be modified to change the sensitivity of overbought/oversold readings Fractal Pillar: Fractal Period: Adjustable to identify potential reversal points over different timeframes OBV Pillar: Short OBV EMA Medium OBV EMA Long OBV EMA These periods can be customized to analyze volume trends over different timeframes These customization options allow traders to experiment with different settings to find the optimal configuration for their trading strategy and market conditions. The flexibility of the Six Pillars indicator makes it adaptable to various trading styles and market environments.
Pine Script™ indicator
by smraikai
2
Extension %This is a tracking tool to measure two different kinds of distances: - Gaps, from the open/close or the high/low value to the nearest open/close or high/low value. - Price extensions of one or two candles from a preferred starting point (open, high, low or close) to a final point (open, high, low or close). The two-candles mode includes an optional rectangle to help you visualize the first and the last point of the measurement. The script will plot a label with a percentage when the extension reaches the value you set. Unless you choose to track the one-candle price extension, the label will always be displayed on the high/low value of the second candle.
Pine Script™ indicator
by valpatrad
DMI With Crosses (MyNewTrade)Directional Movement Indicator: +DI and -DI I changed the color of the bar bars according to the crossed of +DI and -DI . It helps us to have an idea of whether the trend is continuing or not. +DI crossover to -DI barcolor is Aqua, if not bar color is Red. It also helps us to find the lowest and highest points of the graph according to the positions of Adx +DI and -DI . It gives warnings at the lowest and highest points, which helps us to detect the direction of the trend.
Pine Script™ indicator
by MyNewTrading
26
Candle Percent Volatility by AllenlkThis indicator gives you the percentage movement of each candle. Measurements are taken between the candle High point and Low point, and also between the Open and Close and calculated in percent %. From there it smooths out the data with a moving average. This gives you an idea of how much volatility is within each candle given the time resolution of the chart. I like to use this information as a way to turn off a strategy, or select a proper time resolution for a strategy. If each candle has less than 2.5% Volatility most strategies will typically buy and sell rapidly at prices that are too close together, potentially losing money. During those times it seems best to either temporarily turn off the strategy, change the time resolution or switch to another strategy.
Pine Script™ indicator
by allenlk
2
ADX Histogram with DI linesInspired by the user scarf from Tradingview. In contrast with that other indicator, this one instead of a simple moving average (SMA) for the ADX calculations, uses a running moving average (RMA) or also known as Wilder's Average. I like having a histogram for the DI lines over just having lines alone because it makes it easier to see. In addition I made it so that values less than 5 for the DI lines are colored lightly to note that the movement was less significant(might not matter but some might care about it, atleast I do). The ADX has a color fainting effect too, and when it goes above the threshold then it becomes black to note that it is trending, as the indicator suggests. The advantages with these additions and changes are that it shows a more traditional moving average like the original author Wellers Wilder suggested and you can see the crossings and directional movement changes easier from seeing the colors on the histogram easier than you would by looking at the DI lines alone. The disadvantages are you won't be able to tell when the ADX line is above both DI lines and when the ADX then makes a decrease from there(which can sometimes show a reversal), but personally it doesn't matter too much to me and perhaps to those who care more about seeing the direction than having to focus on all those 3 lines crossing all over the place.
Pine Script™ indicator
by SparkyFlary
7
Commercial Movement Index-BuschiEnglish Inspired by the book "The Commitments of Traders Bible" by Stephen Briese, this indicator is a follow-up of my already published "Commercial Index-Buschi". Here, the Commercial Index isn't shown in values from 0 to 100, but in how far the value changed from a given timeframe (default Movement Reference: 6 weeks). Therefore it ranges from 100 (bullish move from the Commercials during the last weeks) to -100 (bearish move). Deutsch Inspiriert durch das Buch "The Commitments of Traders Bible" by Stephen Briese, ist dieser Indikator eine Weiterentwicklung meines bereits veröffentlichten Skriptes "Commercial Index-Buschi". Hier wird der Commercial Index nicht in Werten von 0 bis 100 angezeigt, sondern in wieweit er sich innerhalb eines vorgegebenen Zeitfensters (Standard: Movement Reference: 6 Wochen) verändert hat. Daher schwankt er zwischen 100 (bullishe Bewegung der Commercials innerhalb der letzten Wochen) und -100 (bearishe Bewegung).
Pine Script™ indicator
by MagicEins
2
Combo Strategy 123 Reversal and ADXR This is combo strategies for get a cumulative signal. Result signal will return 1 if two strategies is long, -1 if all strategies is short and 0 if signals of strategies is not equal. First strategy This System was created from the Book "How I Tripled My Money In The Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies. The strategy buys at market, if close price is higher than the previous close during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50. The strategy sells at market, if close price is lower than the previous close price during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50. Secon strategy The Average Directional Movement Index Rating (ADXR) measures the strength of the Average Directional Movement Index (ADX). It's calculated by taking the average of the current ADX and the ADX from one time period before (time periods can vary, but the most typical period used is 14 days). Like the ADX, the ADXR ranges from values of 0 to 100 and reflects strengthening and weakening trends. However, because it represents an average of ADX, values don't fluctuate as dramatically and some analysts believe the indicator helps better display trends in volatile markets. WARNING: - For purpose educate only - This script to change bars colors.
Pine Script™ indicator
by HPotter
Average Directional Movement Index Rating Strategy The Average Directional Movement Index Rating (ADXR) measures the strength of the Average Directional Movement Index (ADX). It's calculated by taking the average of the current ADX and the ADX from one time period before (time periods can vary, but the most typical period used is 14 days). Like the ADX, the ADXR ranges from values of 0 to 100 and reflects strengthening and weakening trends. However, because it represents an average of ADX, values don't fluctuate as dramatically and some analysts believe the indicator helps better display trends in volatile markets. WARNING: - This script to change bars colors.
Pine Script™ indicator
by HPotter
CMYK MOVEMENT / FORCE ◊ Introduction Price Movement / Force A script that uses Volume and price movement to indicate Bullish/Bearish momentum, like a hindsight MACD. ◊ Origin This is a part of Project XIAM. ◊ Theoretical Approach Philosophy γ :: consequential ◊ Usage Early Indication of Bullish/Bearish momentum, before price reversal. CLEANSIGNAL can be used as input source, for more reliable results. Currently BTC◊USD ETH◊USD XRP◊USD Are available in my scripts. Otherwise the ticker's volume is used as input. My own indicators will be updated soon, to include source selection in their settings. ◊ Features BULL / BEAR Phase to open orders. ( HINT : combine with RSI ? ) EXIT sweep : to find appropriate exit moments, to close opened orders. Sweep is muffled if Phase continues. Sweep Finalize send final EXIT signal. ◊ Community Wanna share your findings ? or need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg
Pine Script™ indicator
by MVPMC
3
Seismic Market Spike Detector v1.0 Seismic Market Spike Detector v1.0 This indicator helps identify spikes in market activity , typified by bars with extreme open / close or high / low prices. This indicator plots 2 lines. The Blue line simply depicts extreme price movements with in that bar regardless of the initial opening price of the closing price of the bar. This allows you to get an insight into the current volatility of the price at that time in the market. Quite often big price swings with in bars are missed as people pend to tunnel vision on the open or close price - or other indicators derived from open / close. The Red line is similar to the blue bar as it depicts extreme price movements with in the bar , but it will show the direction the market moved in by the close of the bar - and relatively how much the market moved. This is helpful for spotting breakout price action or short term spikes. Quite often after a breakout the market will restore itself to an equilibrium in the opposite direction. Sometimes this happens with an opposing aggressive spike , some times it makes a steady return to a known price level. Either way its a great time to place entry orders if you are looking to turn a fast profit or alternatively a good warning of forth coming price volatility. Here are some tips for analysing the red and blue lines : 1)If the red line is pointing upwards , this indicates a sharp rise in the price. 2)If the red line is pointing downwards , this indicates a sharp fall in the price. 3)If the red line is flat but the blue line is spiked in either direction - this indicates the price was volatile with in the bar , but the price closed relatively near to the surrounding price bars. Perhaps a limit / stop triggered by this kind of activity - this is an easy way to determine why and re-enter. 4)If the red and the blue lines are flat - the price is steadily moving with a trend or trading sideways in a confined range.
Pine Script™ indicator
by MichaelWithersOne
3
Ease of Movement (EOM) This indicator gauges the magnitude of price and volume movement. The indicator returns both positive and negative values where a positive value means the market has moved up from yesterday's value and a negative value means the market has moved down. A large positive or large negative value indicates a large move in price and/or lighter volume. A small positive or small negative value indicates a small move in price and/or heavier volume. A positive or negative numeric value. A positive value means the market has moved up from yesterday's value, whereas, a negative value means the market has moved down.
Pine Script™ indicator
by HPotter