2bandHello traders
In this script, I have defined two bands with a deviation of 2 and 3
I designed the setup so that the upper lines represent red resistance, the lower lines represent green support, and the blue line represents the average price of the previous 20 candles in each time frame.
This code can be used mostly in time frames above 30 minutes and somehow predict possible price targets.
For example, if the price closes above the blue line in the one-hour time frame, the two fixed lines above are considered as targets and vice versa.
I have also added the pivot point calculation formula in orange
Most importantly, I added the closing price of the previous days in black
I hope it will be used by dear traders and you will support more for new works.
Pivot points and levels
GCMML [Orderflowing]GCMML | Gaussian Channel Murray Math Lines | Trend Analysis | Extremity Analysis
Built using Pine Script V5.
Introduction
The GCMML (Gaussian Channel & Murray Math Lines) Indicator is a TA tool that combines the precision of Gaussian Channels with the strategic insights of Murray Math Lines (MMLE).
This indicator is designed for traders seeking analysis of market trends and volatility while also keeping an eye on extreme pivot levels, offering a unique mix of technical analysis methods.
Innovation and Inspiration
Thank you Matt S. for the idea to create this indicator: www.tradingview.com
GCMML is inspired by the need to integrate the robustness of Gaussian Channels with the extremities of MMLE.
This hybrid approach provides traders with a more nuanced tool for market analysis.
The innovation lies in seamlessly blending these two methodologies to offer a trend & volatility perspective.
Core Features
Gaussian Channel: Uses Gaussian Channels for trend analysis, offering a view of market direction and potential reversals.
Murray Math Lines (MMLE): Incorporates MMLE for precise support and resistance levels, used for pivotal decision-making.
Customizable Settings: Offers flexibility in setting the number of bars for MMLE, type of moving average for Gaussian Channels, and various other parameters to tailor the indicator to individual trading styles.
Input Parameters
MMLE Settings: Adjust the number of bars, level display options, and price wick inclusion for MMLE calculations.
Gaussian Channel Settings: Choose the number of poles, sampling period, and multiplier for the Gaussian Channel. Options for less lag or fast modes for custom analysis.
Smoothing Options: Select from various smoothing methods like HMA, SMA, EMA, WMA, DEMA, and TEMA for color change in the Gaussian Channel.
Functionality
Adaptive Analysis: Dynamically adjusts to market conditions, providing relevant insights through the Gaussian Channel and MMLE.
Visual: Offers clear visual cues through color-coded bands and levels, aiding in quick interpretation of market trends and potential pivot points.
Analysis and Interpretation
Market Trends: The Gaussian Channel provides a visual representation of the market trend, with color changes indicating shifts in momentum.
Support and Resistance: MMLE levels offer critical insights into potential support and resistance areas, guiding traders in making informed decisions.
Usage and Applications
Trend Identification: Use the Gaussian Channel for identifying market trends and potential reversal points.
Strategic Decision-Making: Leverage MMLE levels for setting stop-losses, take-profits, and identifying entry and exit points.
Comprehensive Market Analysis: Combine insights from both Gaussian Channels and MMLE for a more thorough analysis of market movements.
Example - Only Displaying the Gaussian Channel:
Example - Disable Fast Response & Reduced Lag Mode:
Example - Multi-Timeframe (6H Calculation / 4H Chart - 32Bars MMLE - GC Default Settings):
The Value
GCMML stands out as a unique and valuable technical analysis tool.
Its innovative combination of Gaussian Channels and MMLE, along with customizable settings, gives the trader an edge in market analysis.
The indicator's ability to provide customizable analysis justifies its position as a closed-source product.
Conclusion
The GCMML indicator is a new dual tool that offers traders a method to analyze market trends and volatility. Its approach of combining Gaussian Channels with MMLE provides a comprehensive view of the market, making it a niche addition to a trader's toolkit.
It is recommended to use GCMML in conjunction with other trading strategies.
It is not recommended to use the GCMML by itself for trading decisions.
Consolidation FilterDescription:
Consolidation is a technical analysis term used to describe a assets's price movement within a given support and resistance range for a period of time. Consolidations happen either during trending market phases or before a new trend. Consolidation is generally interpreted as market indecisiveness and uncertainty as to which way the market will go next caused due to trader indecisiveness, which ends when the asset's price moves above or below the trading level. A consolidation level could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders.
Markets spend a great amount of time ranging and going sideways. It pays off to know how to identify and trade consolidations because they happen so frequently.
Periods of consolidation can be found in price charts for any time interval, and these periods can last for days, weeks, or months. Technical traders look for support and resistance levels in price charts and then use these levels to make buy and sell decisions. Typically, traders look for certain consolidation patterns: sideways ranges, downward or upward sloping ranges (also called flags), or triangular consolidations (triangles, wedges and pennants).
In contrast, this script offers an alternative, fairly straightforward but effective, way to pinpoint consolidation periods using a forecast oscillator method and simply highlighting relevant regions in the chart (with a yellow background).
In the settings menu you can select one of the three calculation methods, but all of them are based on the forecast oscillator. The indicator settings depend on the asset and on the timeframe. For example for the 2H timeframe BTSUSD preferred settings are period:10/method:2/threshold:0.2, and for the 15M timeframe BTSUSD the settings are period:10/method:2/threshold:0.02. Feel free to experiment with settings to suit your needs.
Fair Value Gap Finder with Integrated Gann BoxTitle: Fair Value Gap Finder with Integrated Gann Box Analysis
Description:
The "Fair Value Gap Finder with Integrated Gann Box Analysis" is a unique technical indicator designed for traders who wish to incorporate the concepts of Fair Value Gaps (FVG) and Gann Box methodologies into their trading strategy. This tool is beneficial for both trend-following and scalping techniques across various markets and timeframes.
Functionality:
The indicator identifies Fair Value Gaps, which are areas on the chart where price has skipped a range, creating a 'gap'. Recognizing these zones can be crucial for understanding potential price support and resistance areas. Alongside FVG detection, this script employs Gann Box principles to project potential levels of interest. Gann Boxes are drawn automatically when an FVG is identified, providing additional insights based on W.D. Gann's theories, which relate to time and price symmetry.
Usage:
Upon detecting an FVG, the indicator will highlight the gap on the chart and overlay a Gann Box between the high and low points of the gap. Traders can use these zones to make informed decisions about entry and exit points, stop loss, and take profit levels. The script offers customization options for the appearance and behavior of the FVG boxes and Gann Lines, allowing users to adapt the tool to their preferences.
Originality:
What sets this indicator apart is the integration of FVG with Gann Box levels within a single tool, streamlining the analysis process. It takes the classic approach of identifying gaps and enriches it with the geometric significance of Gann's work, all while allowing users to visualize and interact with these levels in a user-friendly manner.
Open-Source Nature:
This script is open-source, making it a transparent solution for those who wish to understand the underlying calculations. While not all traders are versed in Pine Script, the logic of identifying FVGs and applying Gann Box levels is explained through the script's annotations and the user interface itself.
Instructions for Use:
Apply the script to your chart, and it will automatically detect FVGs.
Adjust the settings in the indicator's input menu to match your trading style and preferences.
Use the FVG and Gann Box levels as potential areas of interest for trade setups.
This script does not guarantee profits and should be used as part of a comprehensive trading plan. It is best used in conjunction with other analysis methods to confirm signals and strategies.
PercenageDropFromATHINFO:
The PercenageDropFromATH script is fairly simple indicator, which is able to:
detect the last ATH (real ATH of the full chart, not related to the selected timeframe) and plot it
user can select a percentage of drop from this price, and once reached can receive a notification
Note that if the ATH is outside of the visibility of the currently selected timeframe the indicator will not be able to show it. Recommended settings is 1D TF!
DETAILS:
The purpose of the script is to serve to ease passive investments in ETFs and indices, once those are dropping below certain point from the ATH.
Individual stocks are not really recommended in my view, as unlike the indices which are cherry picking the best companies from the sector, individual companies can always start drifting away.
Anyway, the indicator should work on all assets, including crypto, gold, etc.
Example usage could be of setting an alert for 25% drop in SPY, and start accumulating positions on every next 10% additional drop, so DCA can be done with favorable prices.
SETTINGS
The settings are pretty straight forward:
ATH Source - source for computing the ATH, default to "high", but user can select to check only on open/close/low as well
Percentage drop target from ATH - self explaining, default to 20
ATH color - only the last ATH until the current bar is been drawn
Plot ATH drop target price - optionally the target price after the percentage drop can be plotted as well
ATH drop target color - the color of the price after the percentage drop from ATH
BreakoutTrendFollowingINFO:
The "BreakoutTrendFollowing" indicator is a comprehensive trading system designed for trend-following in various market environments. It combines multiple technical indicators, including Moving Averages (MA), MACD, and RSI,
along with volume analysis and breakout detection from consolidation, to identify potential entry points in trending markets. This strategy is particularly effective for assets that exhibit strong trends and significant price movements.
Note that using the consolidation filter reduces the amount of entries the strategy detects significantly, and needs to be used if we want to have an increased confidence in the trend via breakout.
However, the strategy can be easily transformed to various only trend-following strategies, by applying different filters and configurations.
The indicator can be used to connect to the Signal input of the TTS (TempalteTradingStrategy) by jason5480 in order to backtest it, thus effectively turning it into a strategy (instructions below in TTS CONNECTIVITY section)
DETAILS:
The strategy's core is built upon several key components:
Moving Average (MA): Used to determine the general trend direction. The strategy checks if the price is above the selected MA type and length.
MACD Filter: Analyzes the relationship between two moving averages to confirm the trend's momentum.
Consolidation Detection: Identifies periods of price consolidation and triggers trades on breakouts from these ranges.
Volume Analysis: Assesses trading volume to confirm the strength and validity of the breakout.
RSI: Used to avoid overbought conditions, ensuring trades are entered in favorable market situations.
Wick filters: make sure there is not a long wick that indicates selling pressure from above
The strategy generates buy signals when several conditions are met concurrently (each one of them can be individually enabled/disabled)"
The price is above the selected MA.
A breakout occurs from a configurable consolidation range.
The MACD line is above the signal line, indicating bullish momentum.
The RSI is below the overbought threshold.
There's an increase in trading volume, confirming the breakout's strength.
Currently the strategy fires SL signals, as the approach is to check for loss of momentum - i.e. crossunder of the MACD line and signal line, but that is to everyone to determine the exit conditions.
The buy and SL signals are set on the chart using green or orange triangles on the below/above the price action.
SETTINGS:
Users can customize various parameters, including MA type and period, MACD settings, consolidation length, and volume increase percentage. The strategy is equipped with alert conditions for both entry (buy signals) and exit (set stop loss) points, facilitating both manual and automated trading.
Each one of the technical indicators, as well as the consilidation range and breakout/wick settings can be configured and enabled/disabled individually.
Please thoroughly review the available settings of the script, but here is an outline of the most important ones:
Use bar wicks (instead of open/close) - the ref_high/low will be taken based on the bar wicks, rather than the open/close when determining the breakout and MA
Enter position only on green candles - additional filters to make sure that we enter only on strong momentum
MA Filter: (enable, source, type, length) - general settings for MA filter to be checked against the stock price (close or upper wick)
MACD Filter: (enable, source, Osc MA type, Signal MA type, Fast MA length, Slow MA length, Low MACD Hist) - detailed settings for fine MACD tuning
Consolidation:
Consolidation Type: we have two different ways of detecting the consolidation, note the types below.
CONSOLIDATION_BASIC - consolidation areas by looking for the pivot point of a trend and counts the number of bars that have not broken the consolidation high/low levels.
CONSOLIDATIO_RANGE_PERCENT - identifies consolidation by comparing the range between the highest and lowest price points over a specified period.
So in summary the CONSOLIDATIO_RANGE_PERCENT uses a percentage-based range to define consolidation, while CONSOLIDATION_BASIC uses a count of bars within a high-low range to establish consolidation.
Thus the former is more focused on the tightness of the price range, whereas the latter emphasizes the duration of the consolidation phase.
The CONSOLIDATIO_RANGE_PERCENT might be more sensitive to recent price movements and suitable for shorter-term analysis, while CONSOLIDATION_BASIC could be better for identifying longer-term consolidation patterns.
Min consolidation length - applicable for CONSOLIDATION_BASIC case, the min number of bars for the price to be in the range to consider consolidation
Consolidation Loopback period - applicable for CONSOLIDATION_BASIC case, the loopback number of bars to look for consolidation
Consolidation Range percent - applicable for CONSOLIDATIO_RANGE_PERCENT, the percent between the high and low in the range to consider consolidation
Plot consolidation - enables plotting of the consolidation (only for debug purposes)
Breakout: (enable, low, high) - the definition of the breakout from the previous consolidation range, the price should be between to determine the breakout as successfull
Upper wick: (enable, percent) - defines the percent of the upper wick compared to the whole candle to allow breakout (if the wick is too big part of the candle we can consider entering the position riskier)
RSI: (enable, length, overbought) - general settings for RSI TA
Volume (enbale, percentage increase, average volume filter en, loopback bars) - percentage of increase of the volume to consider for a breakout. There are two modes - percentage increase compared to the previous bar, or percentage against the average volume for the last loopback bars.
Note that there are many different configuration that you can play with, and I believe this is the strength of the strategy, as it can provide a single solution for different cases and scenarios.
My advice is to try and play with the different options for different markets based on the approach you want to implement and try turning features on/off and tuning them further.
TTS SETTINGS (NEEDED IF USED TO BACKTEST WITH TTS):
The TempalteTradingStrategy is a strategy script developed in Pine by jason5480, which I recommend for quick turn-around of testing different ideas on a proven and tested framework
I cannot give enough credit to the developer for the efforts put in building of the infrastructure, so I advice everyone that wants to use it first to get familiar with the concept and by checking
by checking jason5480's profile www.tradingview.com
The TTS itself is extremely functional and have a lot of properties, so its functionality is beyond the scope of the current script -
Again, I strongly recommend to be thoroughly explored by everyone that plans on using it.
In the nutshell it is a script that can be feed with buy/sell signals from an external indicator script and based on many configuration options it can determine how to execute the trades.
The TTS has many settings that can be applied, so below I will cover only the ones that differ from the default ones, at least according to my testing - do your own research, you may find something even better :)
The current/latest version that I've been using as of writing and testing this script is TTSv48
Settings which differ from the default ones:
Deal Conditions Mode - External (take enter/exit conditions from an external script)
🔌Signal 🛈➡ - BreakoutTrendFollowing: 🔌Signal to TTS (this is the output from the indicator script, according to the TTS convention)
Order Type - STOP (perform stop order)
Distance Method - HHLL (HigherHighLowerLow - in order to set the SL according to the strategy definition from above)
The next are just personal preferences, you can feel free to experiment according to your trading style
Take Profit Targets - 0 (either 100% in or out, no incremental stepping in or out of positions)
Dist Mul|Len Long/Short- 10 (make sure that we don't close on profitable trades by any reason)
Quantity Method - EQUITY (personal backtesting preference is to consider each backtest as a separate portfolio, so determine the position size by 100% of the allocated equity size)
Equity % - 100 (note above)
Tennis Ball ActionInspired by Mark Minervini's sell rules in "Think and Trade Like a Champion".
Used to determine if a stock is behaving well after a breakout
Used to determine when it might by prudent to reduce a position or sell
Used as a visual aid, but based purely off price and volume action
Here's a breakdown of what each condition checks for:
Up Close Counter: Checks for a sequence of upward closes. If there are 12 or more up closes in the last 15 days, it flags up_days as true.
Upper 50% Range Condition: Determines if 9 or more out of the last 15 closes are in the upper 50% of the price range.
Bullish Engulfing: Identifies a bullish engulfing candlestick pattern where the close is higher than the previous high and the open is lower than the previous low.
Stock Up 3% or More: Flags when the stock is up 3% or more on the day.
Inside Day Condition: Checks if the current day's high is lower than the previous day's high and the current day's low is higher than the previous day's low.
Close Below 50-day SMA: Indicates a negative confirmation when the stock closes below the 50-day Simple Moving Average (SMA).
Weak Close Condition: Similar to the Upper 50% Range Condition, but looking for lower closes.
Close Below 20-day SMA: Another negative confirmation when the stock closes below the 20-day SMA.
Three Lower Lows: Identifies a pattern where the current close is lower than the previous two closes.
Down on Above Average Volume: Flags when the stock closes lower than the previous day's close and the volume is higher than the 20-day SMA of volume.
The script then tallies up the confirmations and violations based on these conditions and plots them on a histogram. Confirmations are represented in green, violations in red.
This indicator evaluates both bullish and bearish signals based on various technical conditions to assist traders in decision-making. The confirmations suggest potential bullish movements, while violations indicate potential bearish movements in the stock.
Support and Resistance (MTF) | Flux Charts💎 GENERAL OVERVIEW
Introducing a groundbreaking support and resistance indicator designed to revolutionize your trading experience on TradingView! This innovative tool operates across three distinct timeframes, offering a comprehensive view of market dynamics to help you make informed trading decisions.
The indicator offers a large variety of features :
Select Up To 3 Timeframes
Select Strength Of Supports & Resistances
Select Between Zones & Lines
Show Breaks & Restests
Break & Retest Alerts
Avoid False Breaks
Inverse Color After Broken
Expand Lines & Zones
🚩UNIQUENESS
What sets this indicator apart is its ability to seamlessly integrate and analyze support and resistance levels across multiple timeframes simultaneously. By combining data from three different timeframes, this indicator provides a holistic perspective on market trends and key levels. The adaptive nature of this tool ensures a dynamic assessment of support and resistance zones, empowering traders to adapt to changing market conditions efficiently.
⚙️SETTINGS
1. General Configration
Support & Resistance Count -> Select between 1-3 support & resistance zones for each timeframe.
Pivot Range -> The pivot range is taken into calculations when finding high & low pivots in the chart. Increase if you need a more general look at the support & support zones, or decrease if you need a more detailed look.
Strength -> The strength of the support & resistance zones are determined by how many times the price touched the zone in the past. You can increase the strength up to 4.
Expand Lines & Zones -> If enabled, the support & resistance zones will be expanded to both left and right infinitely. If disabled, the support & resistance zones will be clamped between the time they are first seen, and the time they become broken.
2. Support & Resistance Zones
Enable Zones -> The support & resitsance lines will be converted to zones if enabled.
Zone Width -> The width of the zones. 1 -> %0.05, 2 -> %0.06, 3 -> %0.075.
3. Timeframes
Enable & Disable up to 3 different timeframes using the checkboxes. You can set the timeframes using the selectboxes.
4. Breaks & Retests
Show Breaks -> Points the break points with a blue label with the text "B" on it.
Show Retests -> Points the times when the support & resistance zones are being retested in the current chart.
Avoid False Breaks -> If enabled, the algorithm will try to avoid false break points by comparing the average volume of the point to a longer average volume.
Break Volume Threshold % -> If "Avoid False Breaks" option is enabled, the average volume of the break point should surpass the general average volume by this percent. Higher values mean it's less likely to be a break.
Inverse Color After Broken -> As broken support & resistance zones often become resistance & support zones respectively, if you enable this option the broken zones will inverse their color.
5. Alerts
To make the alerts work, you'll need to add an alert to the chart using the TradingView® alert feature.
Enable Retest Alerts -> You will receive alerts when restests happen on any of the support & resistance zones. "Show Retests" option needs to be enabled to get alerts of this category.
Enable Break Alerts -> You will receive alerts when breaks happen on any of the support & resistance zones.
Opening/Closing Highs and LowsDescription:
This indicator tracks the daily, monthly, and yearly opening, closing, highs, and lows in the stock market. It's designed to display crucial price points within different time frames, aiding traders in assessing significant market movements.
Features:
Daily View: Shows the opening, closing, highest, and lowest prices within each trading day.
Monthly Overview: Highlights the monthly opening, closing, highs, and lows to offer insights into broader market trends.
Yearly Perspective: Presents the annual opening, closing, highs, and lows, aiding in long-term market analysis.
How to Use:
Daily Analysis: Monitor daily fluctuations and spot intraday trends by observing the daily opening/closing ranges.
Monthly Trends: Identify monthly patterns by reviewing the monthly opening/closing levels.
Yearly Insights: Gain a broader perspective on yearly market movements by analyzing the annual highs and lows
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.
Open Interest by strikeOverview :
What is open interest (OI)? Is the total number of open derivative contracts, such as options, that have not been settled. These positions have been opened, but have not been closed out, expired, or exercised. This indicator helps with giving the open interest of selected equities on the market. It will give you the current weekly expiration date and has also the option to give the monthly expiration date (3rd Friday of the month).
How it works/Calculations :
This indicator will bring the data from an outside source and will have the closest options strikes to the current spot price of the underlying. The bars size will be equivalent to the amount of open interest. In the settings, you can see current weekly expiration options OI or have the option to see monthly expiration. When the weekly expiration is the monthly expiration week, then monthly expiration will show the next monthly expiration. (Example: On December 6, 2023 you will see weekly expiration of Dec 8, 2023 and monthly expiration will be Dec 15, 2023. On December 11, 2023 you will see weekly expiration of Dec 15, 2023 and monthly expiration will be Jan 19, 2024). You will also have the option to see the values or hide them. Also can see delta OI (for each strike subtract the calls and puts and display the remaining values). Open Interest updaters once a day, this indicator will update as well to give the most current values.
Current equities available for the data :
1. XLK 2. XLY 3. XLV 4. XLI 5. XLF 6. AAPL 7. MSFT 8. NVDA 9. AMD 10. V 11. Crm 12. Meta 13. Goog 14. NFLX 15. Amzn 16. Tsla 17. HD 18. Low 19. TGT 20. Wmt 21. XOM 22. Cvx 23. JPM 24. AXP 25. GS 26. ABBV 27. Cat 28. DE 29. BA 30. Fdx 31. UPS 32. Shop 33. SQ 34. Abnb 35. Snow 36. Coin 37. Crwd 38. Uber 39. SBUX 40. ENPH 41. XLP 42. XLE 43. XLB 44. NKE 45. UPS
How to use :
You should not be using this indicator for entries or stop. This indicator will help you see where there are possible levels that will serve as imaginary support and resistance.
Settings:
As above, you can choose weekly or monthly expiration date as explained above. Also you can choose to see the values or delta OI or no values.
Disclaimer:
This is still an indicator that in no way should be used alone.
The information contained in this script does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts are only for educational purposes!
William's Magic GridHere is an accurate and adaptive SR grid.
Best settings:
Zones: Large
Turn off Daily High and Low lines
5m TF
Steps:
1. Wait for price to get in a zone. Use break of structure and pullbacks to determine trend and safe entry.
2. Enter trade. Set TP a little before next zone. Set SL as desired.
3. Enjoy profits.
More edits to come.
Custom Text LevelsDescription:
The Multi-Level Custom Text and Line Indicator is a versatile tool designed for traders who need to mark specific price levels on their charts with personalized text and visual cues. This indicator allows users to input up to three distinct levels, each with its custom text annotation, making it ideal for highlighting support/resistance levels, pivot points, or any significant price points relevant to their trading strategy.
Features:
Customizable Text for Each Level: Enter specific annotations for up to three different levels. Ideal for labeling key price points, notes, or reminders directly on the chart.
Adjustable Levels: Set the exact price level for each text annotation, enabling precise placement at critical price points.
Color Customization: Choose the color for the line at each level, enhancing visual clarity and chart aesthetics.
Line Style and Thickness: Customize the appearance of the line at each level, with options for solid, dotted, or dashed lines and adjustable thickness, providing clarity and emphasis where needed.
Text Offset Control: Adjust the horizontal position of the text relative to the current bar, allowing for a cleaner and more organized chart layout.
Text Size Options: Select from small, normal, or large text sizes to ensure the annotations are easily readable and suit your chart's scale and layout.
Use Cases:
Marking Support and Resistance Levels: Quickly annotate key support and resistance levels with descriptive texts.
Highlighting Pivot Points: Label pivot points or other significant price levels for easy reference.
Trade Setup Notes: Annotate potential trade setups or entry/exit points along with specific price levels.
How to Use:
Input Custom Text: Enter the text you want to display for each level in the 'Custom Text' fields.
Set Levels: Specify the price levels where you want the lines and text annotations to appear.
Customize Appearance: Choose line colors, styles, and text sizes according to your preference and chart needs.
Adjust Text Offset: Use the offset feature to position the text left or right of the current bar for a neat and organized layout
Adaptive MFT Extremum Pivots [Elysian_Mind]Adaptive MFT Extremum Pivots
Overview:
The Adaptive MFT Extremum Pivots indicator, developed by Elysian_Mind, is a powerful Pine Script tool that dynamically displays key market levels, including Monthly Highs/Lows, Weekly Extremums, Pivot Points, and dynamic Resistances/Supports. The term "dynamic" emphasizes the adaptive nature of the calculated levels, ensuring they reflect real-time market conditions. I thank Zandalin for the excellent table design.
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Chart Explanation:
The table, a visual output of the script, is conveniently positioned in the bottom right corner of the screen, showcasing the indicator's dynamic results. The configuration block, elucidated in the documentation, empowers users to customize the display position. The default placement is at the bottom right, exemplified in the accompanying chart.
The deliberate design ensures that the table does not obscure the candlesticks, with traders commonly situating it outside the candle area. However, the flexibility exists to overlay the table onto the candles. Thanks to transparent cells, the underlying chart remains visible even with the table displayed atop.
In the initial column of the table, users will find labels for the monthly high and low, accompanied by their respective numerical values. The default precision for these values is set at #.###, yet this can be adjusted within the configuration block to suit markets with varying degrees of volatility.
Mirroring this layout, the last column of the table presents the weekly high and low data. This arrangement is part of the upper half of the table. Transitioning to the lower half, users encounter the resistance levels in the first column and the support levels in the last column.
At the center of the table, prominently displayed, is the monthly pivot point. For a comprehensive understanding of the calculations governing these values, users can refer to the documentation. Importantly, users retain the freedom to modify these mathematical calculations, with the table seamlessly updating to reflect any adjustments made.
Noteworthy is the table's persistence; it continues to display reliably even if users choose to customize the mathematical calculations, providing a consistent and adaptable tool for informed decision-making in trading.
This detailed breakdown offers traders a clear guide to interpreting the information presented by the table, ensuring optimal use and understanding of the Adaptive MFT Extremum Pivots indicator.
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Usage:
Table Layout:
The table is a crucial component of this indicator, providing a structured representation of various market levels. Color-coded cells enhance readability, with blue indicating key levels and a semi-transparent background to maintain chart visibility.
1. Utilizing a Table for Enhanced Visibility:
In presenting this wealth of information, the indicator employs a table format beneath the chart. The use of a table is deliberate and offers several advantages:
2. Structured Organization:
The table organizes the diverse data into a structured format, enhancing clarity and making it easier for traders to locate specific information.
3. Concise Presentation:
A table allows for the concise presentation of multiple data points without cluttering the main chart. Traders can quickly reference key levels without distraction.
4. Dynamic Visibility:
As the market dynamically evolves, the table seamlessly updates in real-time, ensuring that the most relevant information is readily visible without obstructing the candlestick chart.
5. Color Coding for Readability:
Color-coded cells in the table not only add visual appeal but also serve a functional purpose by improving readability. Key levels are easily distinguishable, contributing to efficient analysis.
Data Values:
Numerical values for each level are displayed in their respective cells, with precision defined by the iPrecision configuration parameter.
Configuration:
// User configuration: You can modify this part without code understanding
// Table location configuration
// Position: Table
const string iPosition = position.bottom_right
// Width: Table borders
const int iBorderWidth = 1
// Color configuration
// Color: Borders
const color iBorderColor = color.new(color.white, 75)
// Color: Table background
const color iTableColor = color.new(#2B2A29, 25)
// Color: Title cell background
const color iTitleCellColor = color.new(#171F54, 0)
// Color: Characters
const color iCharColor = color.white
// Color: Data cell background
const color iDataCellColor = color.new(#25456E, 0)
// Precision: Numerical data
const int iPrecision = 3
// End of configuration
The code includes a configuration block where users can customize the following parameters:
Precision of Numerical Table Data (iPrecision):
// Precision: Numerical data
const int iPrecision = 3
This parameter (iPrecision) sets the precision of the numerical values displayed in the table. The default value is 3, displaying numbers in #.### format.
Position of the Table (iPosition):
// Position: Table
const string iPosition = position.bottom_right
This parameter (iPosition) sets the position of the table on the chart. The default is position.bottom_right.
Color preferences
Table borders (iBorderColor):
// Color: Borders
const color iBorderColor = color.new(color.white, 75)
This parameters (iBorderColor) sets the color of the borders everywhere within the window.
Table Background (iTableColor):
// Color: Table background
const color iTableColor = color.new(#2B2A29, 25)
This is the background color of the table. If you've got cells without custom background color, this color will be their background.
Title Cell Background (iTitleCellColor):
// Color: Title cell background
const color iTitleCellColor = color.new(#171F54, 0)
This is the background color the title cells. You can set the background of data cells and text color elsewhere.
Text (iCharColor):
// Color: Characters
const color iCharColor = color.white
This is the color of the text - titles and data - within the table window. If you change any of the background colors, you might want to change this parameter to ensure visibility.
Data Cell Background: (iDataCellColor):
// Color: Data cell background
const color iDataCellColor = color.new(#25456E, 0)
The data cells have a background color to differ from title cells. You can configure this is a different parameter (iDataColor). You might even set the same color for data as for the titles if you will.
---
Mathematical Background:
Monthly and Weekly Extremums:
The indicator calculates the High (H) and Low (L) of the previous month and week, ensuring accurate representation of these key levels.
Standard Monthly Pivot Point:
The standard pivot point is determined based on the previous month's data using the formula:
PivotPoint = (PrevMonthHigh + PrevMonthLow + Close ) / 3
Monthly Pivot Points (R1, R2, R3, S1, S2, S3):
Additional pivot points are calculated for Resistances (R) and Supports (S) using the monthly data:
R1 = 2 * PivotPoint - PrevMonthLow
S1 = 2 * PivotPoint - PrevMonthHigh
R2 = PivotPoint + (PrevMonthHigh - PrevMonthLow)
S2 = PivotPoint - (PrevMonthHigh - PrevMonthLow)
R3 = PrevMonthHigh + 2 * (PivotPoint - PrevMonthLow)
S3 = PrevMonthLow - 2 * (PrevMonthHigh - PivotPoint)
---
Code Explanation and Interpretation:
The table displayed beneath the chart provides the following information:
Monthly Extremums:
(H) High of the previous month
(L) Low of the previous month
// Function to get the high and low of the previous month
getPrevMonthHighLow() =>
var float prevMonthHigh = na
var float prevMonthLow = na
monthChanged = month(time) != month(time )
if (monthChanged)
prevMonthHigh := high
prevMonthLow := low
Weekly Extremums:
(H) High of the previous week
(L) Low of the previous week
// Function to get the high and low of the previous week
getPrevWeekHighLow() =>
var float prevWeekHigh = na
var float prevWeekLow = na
weekChanged = weekofyear(time) != weekofyear(time )
if (weekChanged)
prevWeekHigh := high
prevWeekLow := low
Monthly Pivots:
Pivot: Standard pivot point based on the previous month's data
// Function to calculate the standard pivot point based on the previous month's data
getStandardPivotPoint() =>
= getPrevMonthHighLow()
pivotPoint = (prevMonthHigh + prevMonthLow + close ) / 3
Resistances:
R3, R2, R1: Monthly resistance levels
// Function to calculate additional pivot points based on the monthly data
getMonthlyPivotPoints() =>
= getPrevMonthHighLow()
pivotPoint = (prevMonthHigh + prevMonthLow + close ) / 3
r1 = (2 * pivotPoint) - prevMonthLow
s1 = (2 * pivotPoint) - prevMonthHigh
r2 = pivotPoint + (prevMonthHigh - prevMonthLow)
s2 = pivotPoint - (prevMonthHigh - prevMonthLow)
r3 = prevMonthHigh + 2 * (pivotPoint - prevMonthLow)
s3 = prevMonthLow - 2 * (prevMonthHigh - pivotPoint)
Initializing and Populating the Table:
The myTable variable initializes the table with a blue background, and subsequent table.cell functions populate the table with headers and data.
// Initialize the table with adjusted bgcolor
var myTable = table.new(position = iPosition, columns = 5, rows = 10, bgcolor = color.new(color.blue, 90), border_width = 1, border_color = color.new(color.blue, 70))
Dynamic Data Population:
Data is dynamically populated in the table using the calculated values for Monthly Extremums, Weekly Extremums, Monthly Pivot Points, Resistances, and Supports.
// Add rows dynamically with data
= getPrevMonthHighLow()
= getPrevWeekHighLow()
= getMonthlyPivotPoints()
---
Conclusion:
The Adaptive MFT Extremum Pivots indicator offers traders a detailed and clear representation of critical market levels, empowering them to make informed decisions. However, users should carefully analyze the market and consider their individual risk tolerance before making any trading decisions. The indicator's disclaimer emphasizes that it is not investment advice, and the author and script provider are not responsible for any financial losses incurred.
---
Disclaimer:
This indicator is not investment advice. Trading decisions should be made based on a careful analysis of the market and individual risk tolerance. The author and script provider are not responsible for any financial losses incurred.
Kind regards,
Ely
Probability Pivot PointsProbability Pivot Points integrates a customizable Pivot Points indicator with conditional probabilities calculated from historical occurrences.
Features
Six different discretionarily Pivot Point Bias strategies utilizing Midpoint Pivot Points in bullish and bearish variants: Standard, Range, Continuation, Counter Trend, Expansion, and Extension.
Next Period's Pivot Points given the current period's OHLC data. Includes settings to use theoretical OHLC values to see what the next period's Pivot Points could look like.
Supports Traditional, Floor, Fibonacci, and Average True Range Pivot Point calculations.
Includes settings to customize the Fibonacci ratios and Average True Range calculations.
Automatically maximize or manually set the number of historical Pivot Points to draw.
Probability visualizations for the Pivot Points based on historical occurrences for the current and upcoming trading periods. The Probability Weighted Pivot (PWP) Point uses the probabilities calculated as weights against every displayed Pivot Point to show a mean of the data.
Load seasonal or non-seasonal historical data to calculate the odds of a High, Low, or Close occurring between any two Pivot Points.
Settings to manually set the weekly, monthly, and quarterly seasonal data loaded into the Pivot Probabilities feature. Automatic detection and loading of the current seasonal period's data is the default behavior. Includes a table that displays the data that's loaded.
Get probabilities for the currently selected Pivot Point Bias strategy.
Check the odds of High, Low, or Close occurrences at the strategy's marked Entry, Exit, or Stop Loss Pivot Points.
Seasonal Filters let you select specific years to sample probabilities from.
Customize pivot colors, width, label size, label color, Bias Entry and Exit Zone colors, Pivot Probability colors, and pick between the Point Five and M Legacy Midpoint label styles.
Auto Timeframe changes the Pivot Points higher timeframe based on the chart timeframe in use. Includes settings to customize what chart timeframes will display specific Pivot Point higher timeframes.
Q: Is this an update to your older Pivot Probabilities indicator?
Pivot Probabilities was designed to require a separately applied Pivot Points indicator to be interpreted and used properly. Probability Pivot Points is designed with an included set of Pivot Pivots that can interact with the probability calculations, which helps make improvements to new calculations and visualizations that Pivot Probabilities was never originally designed to do. Features from Pivot Probabilities are being completely redesigned, reimplemented, and expanded upon as a component in this larger Probability Pivot Points indicator. Anyone with access to the old Pivot Probabilities will also get access to Probability Pivot Points and are considered part of the same package.
Targets For Many Indicators [LuxAlgo]The Targets For Many Indicators is a useful utility tool able to display targets for many built-in indicators as well as external indicators. Targets can be set for specific user-set conditions between two series of values, with the script being able to display targets for two different user-set conditions.
Alerts are included for the occurrence of a new target as well as for reached targets.
🔶 USAGE
Targets can help users determine the price limit where the price might start deviating from an indication given by one or multiple indicators. In the context of trading, targets can help secure profits/reduce losses of a trade, as such this tool can be useful to evaluate/determine user take profits/stop losses.
Due to these essentially being horizontal levels, they can also serve as potential support/resistances, with breakouts potentially confirming new trends.
In the above example, we set targets 3 ATR's away from the closing price when the price crosses over the script built-in SuperTrend indicator using ATR period 10 and factor 3. Using "Long Position Target" allows setting a target above the price, disabling this setting will place targets below the price.
Users might be interested in obtaining new targets once one is reached, this can be done by enabling "New Target When Reached" in the target logic setting section, resulting in more frequent targets.
Lastly, users can restrict new target creation until current ones are reached. This can result in fewer and longer-term targets, with a higher reach rate.
🔹 Dashboard
A dashboard is displayed on the top right of the chart, displaying the amount, reach rate of targets 1/2, and total amount.
This dashboard can be useful to evaluate the selected target distances relative to the selected conditions, with a higher reach rate suggesting the distance of the targets from the price allows them to be reached.
🔶 DETAILS
🔹 Indicators
Besides 'External' sources, each source can be set at 1 of the following Build-In Indicators :
ACCDIST : Accumulation/distribution index
ATR : Average True Range
BB (Middle, Upper or Lower): Bollinger Bands
CCI : Commodity Channel Index
CMO : Chande Momentum Oscillator
COG : Center Of Gravity
DC (High, Mid or Low): Donchian Channels
DEMA : Double Exponential Moving Average
EMA : Exponentially weighted Moving Average
HMA : Hull Moving Average
III : Intraday Intensity Index
KC (Middle, Upper or Lower): Keltner Channels
LINREG : Linear regression curve
MACD (macd, signal or histogram): Moving Average Convergence/Divergence
MEDIAN : median of the series
MFI : Money Flow Index
MODE : the mode of the series
MOM : Momentum
NVI : Negative Volume Index
OBV : On Balance Volume
PVI : Positive Volume Index
PVT : Price-Volume Trend
RMA : Relative Moving Average
ROC : Rate Of Change
RSI : Relative Strength Index
SMA : Simple Moving Average
STOCH : Stochastic
Supertrend
TEMA : Triple EMA or Triple Exponential Moving Average
VWAP : Volume Weighted Average Price
VWMA : Volume-Weighted Moving Average
WAD : Williams Accumulation/Distribution
WMA : Weighted Moving Average
WVAD : Williams Variable Accumulation/Distribution
%R : Williams %R
Each indicator is provided with a link to the Reference Manual or to the Build-In Indicators page.
The latter contains more information about each indicator.
Note that when "Show Source Values" is enabled, only values that can be logically found around the price will be shown. For example, Supertrend , SMA , EMA , BB , ... will be made visible. Values like RSI , OBV , %R , ... will not be visible since they will deviate too much from the price.
🔹 Interaction with settings
This publication contains input fields, where you can enter the necessary inputs per indicator.
Some indicators need only 1 value, others 2 or 3.
When several input values are needed, you need to separate them with a comma.
You can use 0 to 4 spaces between without a problem. Even an extra comma doesn't give issues.
The red colored help text will guide you further along (Only when Target is enabled)
Some examples that work without issues:
Some examples that work with issues:
As mentioned, the errors won't be visible when the concerning target is disabled
🔶 SETTINGS
Show Target Labels: Display target labels on the chart.
Candle Coloring: Apply candle coloring based on the most recent active target.
Target 1 and Target 2 use the same settings below:
Enable Target: Display the targets on the chart.
Long Position Target: Display targets above the price a user selected condition is true. If disabled will display the targets below the price.
New Target Condition: Conditional operator used to compare "Source A" and "Source B", options include CrossOver, CrossUnder, Cross, and Equal.
🔹 Sources
Source A: Source A input series, can be an indicator or external source.
External: External source if 'External" is selected in "Source A".
Settings: Settings of the selected indicator in "Source A", entered settings of indicators requiring multiple ones must be comma separated, for example, "10, 3".
Source B: Source B input series, can be an indicator or external source.
External: External source if 'External" is selected in "Source B".
Settings: Settings of the selected indicator in "Source B", entered settings of indicators requiring multiple ones must be comma separated, for example, "10, 3".
Source B Value: User-defined numerical value if "value" is selected in "Source B".
Show Source Values: Display "Source A" and "Source B" on the chart.
🔹 Logic
Wait Until Reached: When enabled will not create a new target until an existing one is reached.
New Target When Reached: Will create a new target when an existing one is reached.
Evaluate Wicks: Will use high/low prices to determine if a target is reached. Unselecting this setting will use the closing price.
Target Distance From Price: Controls the distance of a target from the price. Can be determined in currencies/points, percentages, ATR multiples, ticks, or using multiple of external values.
External Distance Value: External distance value when "External Value" is selected in "Target Distance From Price".
Anchored Chandelier ExitThe Chandelier Exit is a popular tool among traders used to help determine appropriate stop loss levels. Originally developed by Chuck LeBeau, the Chandelier Exit takes into account market volatility and adjusts the stop loss level dynamically. This indicator builds upon the original Chandelier Exit by allowing the trader to select an anchor date or starting point for the indicator to begin calculating from.
The Original Chandelier Exit
Before we get into the details of the Anchored Chandelier Exit, let's review the original. Essentially a dynamic ATR stop loss, the Chandelier Exit provides a trailing stop that moves higher or lower based on volatility.
The Chandelier Exit is calculated based on the following criteria:
🔶ATR - The ATR is used to measure the volatility of a security over a lookback period. The ATR length determines the number of bars to consider when calculating the average true range. The shorter the length, the more responsive the level will be.
🔶ATR Multiplier - The default multiplier is set to 3. This is used to determine the sensitivity of the Chandelier Exit. The higher the ATR multiplier the wider the stop levels will be. A lower multiplier will tighten stop levels.
🔶Highest / Lowest Points - Determine the highest high (bullish trade) or lowest low (bearish trade) during the lookback period. The default length is 22 bars.
Calculating the Chandelier Exit
Bullish trades - Highest High - ATR * Multiplier
Bearish trades - Lowest Low + ATR * Multiplier
The Anchored Chandelier Exit
The Anchored Chandelier Exit is a new twist on the original, allowing traders to adapt their stop loss levels based on specific market events, levels or bars.
Similar to the original, traders can select the ATR length and multiplier, however, the high or low from which the ATR is subtracted or added is first determined at the anchor bar.
As new bars form, the indicator checks for the previous high/low to be breached. If the high or low is exceeded, the highest/lowest point is updated and the Chandelier Exit is recalculated.
When the indicator is first loaded to your chart, it will ask you to select an anchor bar and choose the bias for the trade.
A bullish (long) bias trade will plot the Chandelier Exit below price action, while a bearish (short) bias trade will plot the Chandelier Exit above price action.
Indicator Features
🔶Custom Start Date
🔶Bullish or Bearish Bias
🔶Selectable ATR Length & Multiplier
🔶Custom Colors
🔶Exit With Close or Wicks
🔶Exit Alerts
With careful parameter optimization, the Anchored Chandelier Exit can be a useful tool for helping traders manage risk based on market volatility.
Apeiron Jail RangeThe Apeiron Jail Range is an experimental use of proprietary standard deviation calculations.
It calculates price standard deviations based of previous data & a MA, which it applies and anchors to an automatically (can also be done manually) selected TF open. Finally, the standard deviation bands are plotted and create a "Jail" range with up to 12 levels (6 above and 6 below) that can potentially work as support and resistance during the TF period anchor time.
The indicator is meant to help traders identify potential support and resistance levels which can then be used in confluence with other indicators and strategies. It can also be potentially used for testing automation strategies such as grid trading.
The anchor time and the lenght of the MA used for the calculation can be manually or automatically selected.
The example shown uses the same indicator twice to show all levels from 0.5 - 1 - 1.5 ... 5.5 - 6
Re-Anchoring VWAP TripleThe Triple Re-Anchoring VWAP (Volume Weighted Average Price) indicator is a tool designed for traders seeking a deeper understanding of market trends and key price levels. This indicator dynamically recalibrates VWAP calculations based on significant market pivot points, offering a unique perspective on potential support and resistance levels.
Key Features:
Dynamic Re-anchoring at All-Time Highs (ATH) : The first layer of this indicator continuously tracks the all-time high and recalibrates the VWAP from each new ATH. This VWAP line, typically acting as a dynamic resistance level, offers insights into the overbought conditions and potential reversal zones.
Adaptive Re-anchoring to Post-ATH Lows : The second component of the indicator shifts focus to the market's reaction post-ATH. It identifies the lowest low following an ATH and re-anchors the VWAP calculation from this point. This VWAP line often serves as a dynamic support level, highlighting key areas where the market finds value after a significant high.
Re-anchoring to Highs After Post-ATH Lows : The third element of this tool takes adaptation one step further by tracking the highest high achieved after the lowest low post-ATH. This VWAP line can act as either support or resistance, providing a nuanced view of the market's valuation in the recovery phase or during consolidation after a significant low.
Applications:
Trend Confirmation and Reversal Signals : By comparing the price action relative to the dynamically anchored VWAP lines, traders can gauge the strength of the trend and anticipate potential reversals.
Entry and Exit Points : By highlighting significant support and resistance areas, it assists in determining optimal entry and exit points, particularly in swing trading and mean reversion strategies.
Enhanced Market Insight : The dynamic nature of the indicator, with its shifting anchor points, offers a refined understanding of market sentiment and valuation changes over time.
Why Triple Re-Anchoring VWAP?
Traditional VWAP tools offer a linear view, often missing out on the intricacies of market fluctuations. The Triple Re-Anchoring VWAP addresses this by providing a multi-faceted view of the market, adapting not just to daily price changes but pivoting around significant market events. Whether you're a day trader, swing trader, or long-term investor, this indicator adds depth to your market analysis, enabling more informed trading decisions.
Examples:
Autofibonacci strategy [BrainyTrade]Fibonacci is a method of analyzing financial markets based on the use of Fibonacci numbers. This method involves using support and resistance levels based on the golden ratio and the Fibonacci sequence to predict future price levels.
A Fibonacci chart for most traders means stretching point A to the very minimum and point B to the very maximum. Often no one can explain why he does this.
Robert Fisher's book, New Fibonacci Trading Techniques, is one of those books that will help you understand the meaning of Fibonacci trading.
Each trend movement is subsequently associated with a correction. Based on my 6 years of trading and observing price movements in the market, I can conclude:
"The probability of correction in trends is more than 70%"
That is, on our side is the percentage of potential development of any movement in a trend.
Now we need to solve several questions:
1) How to determine a trend?
2) How to determine the correction?
3) How to determine the turning point of the correction and entry into the trend?
The indicator determines the correction based on the attenuation of the movement. When the market stops showing strong candles, he finds a second point to plot Fibonacci.
The first point is the result of the deepest correction point after the construction of the previous Fibonacci. That is why most often it will not be built from a visible level.
The indicator is based on a “correction standard”, which is more likely to work after a trend movement. In our case, these are levels 0.618-0.5. to determine potential price reversal zones. If the price rises or declines and reaches this level, you can consider it as a support zone. In this regard, when plotting with the Fibonaccia indicator, we can expect these values from the market.
The turning point of the correction occurs when all conditions are met:
1) Descent to zones 0.618-0.5 level,
2) Exit above level 0.
The tool determines the current trend depending on the previous worked fibonacci.
Every movement in the market is analyzed into impulses and corrections. In this concept, impulses represent directional price movements within the main trend, while corrective waves represent temporary deviations from the main direction of the trend.
The indicator reads all historical data and finds the current Fibonacci structure whose impulse was last found.
Important:
Sometimes fibonacci can be very small in size and that's okay. The indicator needs to read absolutely all movements and build levels there. The only question is: is it necessary to trade such small structures? I don't recommend it. Also, the levels 0.382 and 0.236 have been removed from the indicator, since they are not involved in decision-making and calculations.
Settings:
You can change the color of all elements that the indicator displays on the chart.
Application:
The indicator decides to enter a position strictly below the 0.5 extension level based on the candlestick pattern. You can place a grid of orders between 0.618 and 0.86, since they are the strongest support, and the gold levels 0.786-0.86 are a critical correction.
Closing of positions occurs after going beyond -0.618 and when a new impulse with correction is found. In this case, the Fibonacci is considered “spent” and is removed from the chart.
Gold levels (-0.18, -0.27) are often resistance, when approaching them it is better to be careful with positions
When we go beyond the 1st level, that is, the beginning of the impulse, we understand that the cyclicality of the market is being refracted, changes are occurring in the current price dynamics and we are considering opportunities for opening new positions. It is behind this level that the stop loss for previously acquired positions is located.
Examples:
The long Fibonacci structure implies that the trend is up and the image below is an example of a buy signal.
After some time and going beyond -0.618, the indicator found a new fibonacci and exited the old position, closing it with a market order
The image below shows a Fibonacci short with an entry point to sell the asset. You can notice that it is built in the opposite direction from the long one.
Good luck trader!
One Setup for Life ICTGuided by ICT tutoring, I create this versatile 'One Trading Set Up For Life' indicator
This indicator shows a different way of viewing the "Highs and Lows" of Previous Sessions, drawing from the current day until 09:30 AM, the time at which the Highs and Lows of the previous day's sessions can be taken into consideration for a Reversal or for a Take profit.
Levels tested after 9.30am will be blocked so you have a good and clear view of the levels affected
Timing Session =
London: 02:00 to 05:00
New York: 9.30am to 12.30pm
Lunch: 12.30pm to 1pm
PM Session: 1.30pm to 4pm
The user has the possibility to:
- Choose to view sessions or not
- Choose to show levels from previous sessions
- Choose to show today's session levels
- Choose between 08:30 and 09:30 the starting time for the Liquidity taken
- Choose to view High and Low only from the previous day
- See both the name of the Sessions and the price of the levels
The indicator must be used as ICT shows in its concepts, the indicator takes into consideration both previous sessions and today's sessions, and the session levels can be used both for a reversal and for a possible Take Profit like the example here under
Reversal =
Possible Take Profit =
If something is not clear, comment below and I will reply as soon as possible.
IMGBasic - HTF Structure / Order Blocks / Breakers - V1.0IMG Indicators Overview
The IMG Indicators are crafted as comprehensive educational tools for price action traders. They incorporate a variety of concepts including:
1. Multiple Timeframe Analysis
2. Order Blocks (OB)
3. Breakers (BRKR)
4. Fair Value Gaps (FVGs)
5. Overlaps of OB and FVG
6. Overlaps of BRKR and FVG
7. Analysis of Internal and External Liquidity
8. Strategies for Identifying Potential Entries, Stop-loss, and Target Levels
9. Risk Management and Position Sizing
These Price Action concepts can be applied to any market (Stocks / Options / Forex / Futures / Crypto ) and any timeframe.
Introduction to the IMG Basic Indicator
The IMG Basic Indicator serves as the foundational level within the IMG suite of indicators. Its core function is to acquaint traders with elementary price action concepts such as:
1. Higher Timeframe Market Structures through Multiple Timeframe Analysis
2. Higher Timeframe Order Blocks
3. Higher Timeframe Breakers
4. Breaks in Higher Timeframe Market Structure
Higher Timeframe Market Structure:
Market Structure can be defined using several techniques. The IMG indicators employ the Close through High/Low technique, which necessitates a candle close through a structural level to validate a structural break and designate a new range.
Example: H12 Market Structure visualisation on a H12 Chart with annotations:
By selecting a particular Market Structure timeframe in the settings, the indicator immediately illustrates both current and historical market structures for the chosen timeframe across all subordinate timeframes, subject to the limitations of your Tradingview subscription.
Example: H12 Market Structure visualisation on a H1 Chart with annotations:
Higher Timeframe Order Blocks (OB)
An Order Block represents the last candle of the opposite direction preceding a Market Structure Break. For instance, a bullish Order Block is identified as the final bearish candle leading to a bullish market structure break, and vice versa for bearish Order Blocks.
Example: H12 OB visualisation on a H12 Chart with annotations:
When activated, the indicator will highlight the Higher Timeframe Order Blocks responsible for a Market Structure Break on all subordinate timeframes relative to the chosen Market Structure Timeframe.
Note: if multiple OBs exist, the indicator will display the OB closest to the new range extreme
Example: H12 OB visualisation on a H1 Chart with annotations:
Higher Timeframe Breaker Blocks (BRKR)
A Breaker Block is identified as the most recent Order Block that has been breached by price, followed by an opposite Market Structure Break. For example, a bullish Breaker Block is the last bearish Order Block that price has passed through, followed by a bullish structural break, and the inverse is true for bearish Breakers.
Example: H12 Breaker visualisation on a H12 Chart with annotations:
Once enabled, the system will display Higher Timeframe Breaker Blocks after an opposite Market Structure Break is confirmed on all subordinate timeframes.
Example: H12 Breaker visualisation on a H1 Chart with annotations:
ALERTS: Higher Timeframe Market Structure Breaks (HTF MSBs)
The system provides notifications of confirmed Market Structure Breaks based on the selected Higher Timeframe Market Structure Timeframe. For instance, selecting a weekly structure will trigger an alert when price closes through a weekly structural level, and the same logic applies to other timeframes like D, H12, H4, H1 etc.
To enable alerts, right-click on the indicator and select “Add Alert on IMG ...”. You may customise the alert name as desired and then click 'Create' to finalise the alert setup.
General Note:
There is no system, indicator, algorithm, or strategy that can provide absolute certainty in predicting market movements. Use trading indicators as a tool to assist with trading decisions and manage your risk wisely.
For a complete user manual / knowledge base on the IMG Indicators, click on the User Manual link in the signature below
Stay safe and Happy Trading!
Displacement Order Blocks ~ DOB [Liquidity_Pro]Displacement Order Blocks (DOB)
This indicator shows order blocks with displacement (FVG required) and leans heavily on ICT’s generous and insightful teachings to define midlines for FVG, IFVG, and order blocks. The market structure definitions follow TradingHub’s (TH) rules filtering out inside bars.
It offers alerts for price in order block, liquidity sweep, break of structure (BOS), change of character (CHoCH), and inducement (IDM).
The TH model was chosen because it's programmatic allowing clear structure definitions that allow us to mark inducements (S/O to @albatherium for publishing the first TH market structure indicator).
TH’s Single Candle Order Block (SCOB) rules have also been helpful in refining order block definition, for example in the Transfer case. ICT fans will see when back testing this, that it moves the focus closer to the FVG.
In developing this indicator, we've tried to offer great aesthetic flexibility, to keep the chart uncluttered and to avoid exceeding Trading View’s limitations on boxes and lines. It's also configured to work reasonably well on both light and dark background charts:
We hope this indicator can serve as a teaching tool for ICT’s price action insights and SMC market structure concepts. For this, we've included optional labels for various order block types:
I = inside bar. The bars that follow the order block have been ignored – you will see the number of ignored bars shown after a hyphen. The idea is that inside bars fall in the shadow of a more important candle and can’t be relied on for defining a trade.
S = standard case. The order block candle takes liquidity from the previous candle and is followed immediately after by an FVG on the next candle. This differs technically from the ICT “last down-close/last up-close” order block concept. In practice, this choice has very little impact on ICT trading, because the ICT trader is entering on the FVG anyway.
T = transfer case. This is an order block that has been transferred from the candle that takes liquidity to the candle just prior to the FVG. When you back test this, you will see it is a high probability choice.
TZ = tweezer. This is an option you can turn off that fills a hole in TH teachings. It bypasses the requirement for an order block to take liquidity from the previous candle in the case of equal h/ls. The result is that you will find 2 candle order blocks with equal highs and lows (also known as tweezer tops/bottoms) show on your chart. You will note that every tweezer is a wick on a higher timeframe.
W = wick. this is a big wick candle that we call an order block without requiring an FVG. The presumption is that the displacement is contained within the wick itself on a lower timeframe.
* Asterisk denotes an extreme order block.
Finally, we trade with this indicator (using it together with our Daye Quarterly Theory ~ DQT free indicator, taking trades when price reaches an extreme FVG or order block during a Q2 manipulation).
We will continue developing it along with other indicators we have not yet published. So please boost if you like this and follow us for updates. Also please let us know what new features you would like to see.
