Comprehensive Technical AnalysisComprehensive Technical Analysis Script
Overview
This Script for TradingView is designed to perform and display a detailed technical analysis using a range of moving averages and oscillators. The script provides a summary of market conditions based on various indicators to help traders make informed decisions.
Key Features - Technical Indicators:
Moving Averages:
Simple Moving Average (SMA): Calculates the average price over a specified period.
Exponential Moving Average (EMA): Reacts faster to recent price changes by giving more weight to recent prices.
Weighted Moving Average (WMA): Weighs prices based on their position, giving more importance to recent prices.
Hull Moving Average (HMA): Reduces lag and provides a smoother trend line.
Triple Exponential Moving Average (TEMA): Combines three EMAs to minimize lag and offer a responsive trend indicator.
Exponential Moving Average of an Exponential Moving Average (EMAX): Applies an EMA twice to smooth out trends further.
Triangular Moving Average (TMA): Provides a smoother moving average by averaging over a triangular window.
Oscillators:
Relative Strength Index (RSI): Measures the speed and change of price movements to identify overbought or oversold conditions.
Stochastic Oscillator (%K): Compares a security’s closing price to its price range over a specific period to spot potential reversal points.
Commodity Channel Index (CCI): Identifies cyclical trends and measures the deviation of the price from its average.
Moving Average Convergence Divergence (MACD): Shows the relationship between two EMAs to identify changes in trend strength, direction, momentum, and duration.
Awesome Oscillator (AO): Measures market momentum by comparing two different moving averages.
Average Directional Index (ADX): Determines the strength of a trend and whether the market is trending or ranging.
Williams %R (WPR): Identifies overbought and oversold levels with a different calculation approach compared to the RSI.
Point System - Indicator Points:
Bullish Signal: Each indicator contributing to a positive market sentiment adds points.
Bearish Signal: Each indicator contributing to a negative market sentiment subtracts points.
Point Calculation:
Moving Averages: Points are assigned based on whether the current price is above or below each moving average.
Oscillators: Points are assigned based on whether the oscillator values are in bullish or bearish zones.
Summary Text:
Categorization: Based on the total points calculated from all indicators, the market condition is categorized into:
Strong Bullish: More than 8 points
Bullish: Between 3 and 8 points
Neutral: Between -2 and 2 points
Bearish: Between -3 and -8 points
Strong Bearish: Less than -8 points
Text Display: The summary text reflects the overall market sentiment and is color-coded for easy interpretation.
Table Display - The Position of the table can be customized by the user:
Vertical: Options include Top, Center, Bottom
Horizontal: Options include Left, Center, Right
Table Content:
Summary Text and Points: Displays the summary of technical indicators along with the calculated points.
Sentiment Studies
Fear & Greed Index (Zeiierman)█ Overview
The Fear & Greed Index is an indicator that provides a comprehensive view of market sentiment. By analyzing various market factors such as market momentum, stock price strength, stock price breadth, put and call options, junk bond demand, market volatility, and safe haven demand, the Index can depict the overall emotions driving market behavior, categorizing them into two main sentiments: Fear and Greed.
Fear: Indicates a market scenario where investors are scared, possibly leading to a sell-off or a stagnant market. In such conditions, the indicator helps in identifying potential buying opportunities as assets may be undervalued.
Greed: Represents a state where investors are overly confident and buying aggressively, which can lead to inflated asset prices. The indicator in such cases can signal overbought conditions, advising caution or potential short opportunities.
█ How It Works
The Fear & Greed Index is an aggregate of seven distinct indicators, each gauging a specific dimension of stock market activity. These indicators include market momentum, stock price strength, stock price breadth, put and call options, junk bond demand, market volatility, and safe haven demand. The Index assesses the deviation of each individual indicator from its average, in relation to its typical fluctuations. In compiling the final score, which ranges from 0 to 100, the Index assigns equal weight to each indicator. A score of 100 denotes the highest level of Greed, while a score of 0 represents the utmost level of fear.
S&P 500's Momentum: The Index monitors the S&P 500's position relative to its 125-day moving average. Positive momentum (price above the average) signals growing confidence among investors (Greed), while negative momentum (price below the average) indicates rising fear.
Stock Price Strength: By comparing the number of stocks hitting 52-week highs to those at 52-week lows on the NYSE, the Index gauges market breadth. An extreme number of highs indicates Greed, whereas an extreme number of lows suggests Fear.
Stock Price Breadth (Market Volume): Using the McClellan Volume Summation Index, which considers the volume of advancing versus declining stocks, the Index assesses whether the market is broadly participating in a trend, or if a smaller subset of stocks is driving it.
Put and Call Options: The put/call ratio helps gauge investor sentiment. A rising ratio, particularly above 1, indicates increasing fear, as more investors are buying puts to protect against a decline. A falling ratio suggests growing confidence.
Market Volatility (VIX): The VIX measures expected market volatility. Higher values generally indicate Fear, while lower values point to Greed. The Fear & Greed Index compares the VIX to its 50-day moving average to understand its trend.
Safe Haven Demand: The performance of stocks versus bonds over a 20-day period helps understand where investors are putting their money. Bonds outperforming stocks is a sign of Fear, while the opposite suggests Greed.
Junk Bond Demand: By comparing the yields on junk bonds to safer investment-grade bonds, the Index gauges risk appetite. A narrower yield spread suggests Greed (investors are taking more risk), while a wider spread indicates Fear.
The Fear & Greed Index combines these components, scales, and averages them to produce a single value between 0 (Extreme Fear) and 100 (Extreme Greed).
█ How to Use
The Fear & Greed Index serves as a tool to evaluate the prevailing sentiments in the market. Investors, often driven by emotions, can react impulsively, and sentiment indicators like the Fear & Greed Index aim to highlight these emotional states, helping investors recognize personal biases that might impact their investment choices. When integrated with fundamental analysis and additional analytical instruments, the Index becomes a valuable resource for understanding and interpreting market moods and tendencies.
The Fear & Greed Index operates on the principle that excessive fear can result in stocks trading well below their intrinsic values,
while uncontrolled Greed can push prices above what they should be.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Advanced Choppiness Indicator with CPMA"The Advanced Choppiness Indicator with CPMA is a technical analysis tool designed to assist traders in identifying choppy market conditions and determining trend direction. It combines two key components: the Choppiness Index and a Custom Price Moving Average (CPMA).
The Choppiness Index is calculated using the Average True Range (ATR), which measures market volatility. It compares the ATR to the highest high and lowest low over a specified period. A higher Choppiness Index value indicates choppier market conditions, while a lower value suggests smoother and more directional price movements.
The CPMA is a custom moving average that takes into account various price types, including the close, high, low, and other combinations. It calculates the average of these price types over a specific length. The CPMA provides a smoother trend line that can help identify support and resistance levels more accurately than traditional moving averages.
When using this indicator, pay attention to the following elements:
Yellow range boxes: These indicate choppy zones, where market conditions are characterized by low momentum and erratic price action. Avoid entering trades during these periods.
Histogram bars: Green bars suggest an uptrend, while red bars indicate a downtrend. These bars are based on the CPMA and can help confirm the prevailing trend direction.
CPMA angle: The angle of the CPMA line provides further insight into the trend. A positive angle indicates an uptrend, while a negative angle suggests a downtrend.
Choppiness thresholds: The indicator includes user-defined thresholds for choppiness. Values above the high threshold indicate high choppiness, while values below the low threshold suggest low choppiness.
Trade decisions: Consider the information provided by the indicator to make informed trading decisions. Avoid trading during choppy zones and consider entering trades in the direction of the prevailing trend.
Remember that the indicator's parameters, such as ATR length and CPMA length, can be adjusted to suit your trading preferences and timeframe. However, it's important to use this indicator in conjunction with other technical analysis tools and your trading strategy for comprehensive market analysis."
By combining the Choppiness Index, CPMA, and other visual cues, this indicator aims to help traders identify suitable trading conditions and make more informed decisions based on market trends and volatility.
Range Sentiment Profile [LuxAlgo]The Range Sentiment Profile indicator is inspired from the volume profile and aims to indicate the degree of bullish/bearish variations within equidistant price areas inside the most recent price range.
The most bullish/bearish price areas are highlighted through lines extending over the entire range.
🔶 SETTINGS
Length: Most recent bars used for the calculation of the indicator.
Rows: Number of price areas the price range is divided into.
Use Intrabar: Use intrabar data to compute the range sentiment profile.
Timeframe: Intrabar data timeframe.
🔶 USAGE
This tool can be used to easily determine if a certain price area contain more significant bullish or bearish price variations. This is done by obtaining an estimate of the accumulation of all the close to open variations occurring within a specific profile area.
A blue range background indicates a majority of bullish variations within each area while an orange background indicates a majority of bearish variations within each area.
Users can easily identify the areas with the most bullish/bearish price variations by looking at the bullish/bearish maximums.
It can be of interest to see where profile bins might have no length, these can indicate price areas with price variations with alternating signs (bullish variations are followed by a bearish sign) and similar body. They can also indicate a majority of either bullish or bearish variations alongside a minority of more significant opposite variations.
These areas can also provide support/resistance, as such price entering these areas could reverse.
Users can obtain more precise results by allowing the profile to use intrabar data. This will change the calculation of the profile, see the details section for more information.
🔶 DETAILS
The Range Sentiment Profile's design is similar to the way a volume profile is constructed.
First the maximum/minimum values over the most recent Length bars are obtained, these define the calculation range of the profile.
The range is divided into Rows equidistant areas. We then see if price lied within a specific area, if it's the case we accumulate the difference between the closing and opening price for that specific area.
Let d = close - open . The length of the bin associated to a specific area is determined as follows:
length = Width / 100 * Area / Max
Where Area is the accumulated d within the area, and Max the maximum value between the absolute value of each accumulated d of all areas.
The percentage visible on each bin is determined as 100 multiplied by the accumulated d within the area divided by the total absolute value of d over the entire range.
🔹 Intrabar Calculation
When using intrabar data the range sentiment profile is calculated differently.
For a specific area and candle within the interval, the accumulated close to open difference is accumulated only if the intrabar candle of the user selected timeframe lies within the area.
This can return more precise results compared to the standard method, at the cost of a higher computation time.
Simple Chop ZoneThe original Chop Zone indicator by Trading View is good, but has a few limitations which I've addressed in this one
Too many colors which confuse and/or overwhelm users like me
Inability to change the EMA period
This one has just 3 customizable colors for
Uptrend - default = Turquoise
Downtrend - default = red
Everything else - default = lime
And you can set your own EMA length. The default is 34 as per the original Chop Zone indicator
Variety MA Cluster Filter Crosses [Loxx]What is a Cluster Filter?
One of the approaches to determining a useful signal (trend) in stream data. Small filtering (smoothing) tests applied to market quotes demonstrate the potential for creating non-lagging digital filters (indicators) that are not redrawn on the last bars.
Standard Approach
This approach is based on classical time series smoothing methods. There are lots of articles devoted to this subject both on this and other websites. The results are also classical:
1. The changes in trends are displayed with latency;
2. Better indicator (digital filter) response achieved at the expense of smoothing quality decrease;
3. Attempts to implement non-lagging indicators lead to redrawing on the last samples (bars).
And whereas traders have learned to cope with these things using persistence of economic processes and other tricks, this would be unacceptable in evaluating real-time experimental data, e.g. when testing aerostructures.
The Main Problem
It is a known fact that the majority of trading systems stop performing with the course of time, and that the indicators are only indicative over certain intervals. This can easily be explained: market quotes are not stationary. The definition of a stationary process is available in Wikipedia:
A stationary process is a stochastic process whose joint probability distribution does not change when shifted in time.
Judging by this definition, methods of analysis of stationary time series are not applicable in technical analysis. And this is understandable. A skillful market-maker entering the market will mess up all the calculations we may have made prior to that with regard to parameters of a known series of market quotes.
Even though this seems obvious, a lot of indicators are based on the theory of stationary time series analysis. Examples of such indicators are moving averages and their modifications. However, there are some attempts to create adaptive indicators. They are supposed to take into account non-stationarity of market quotes to some extent, yet they do not seem to work wonders. The attempts to "punish" the market-maker using the currently known methods of analysis of non-stationary series (wavelets, empirical modes and others) are not successful either. It looks like a certain key factor is constantly being ignored or unidentified.
The main reason for this is that the methods used are not designed for working with stream data. All (or almost all) of them were developed for analysis of the already known or, speaking in terms of technical analysis, historical data. These methods are convenient, e.g., in geophysics: you feel the earthquake, get a seismogram and then analyze it for few months. In other words, these methods are appropriate where uncertainties arising at the ends of a time series in the course of filtering affect the end result.
When analyzing experimental stream data or market quotes, we are focused on the most recent data received, rather than history. These are data that cannot be dealt with using classical algorithms.
Cluster Filter
Cluster filter is a set of digital filters approximating the initial sequence. Cluster filters should not be confused with cluster indicators.
Cluster filters are convenient when analyzing non-stationary time series in real time, in other words, stream data. It means that these filters are of principal interest not for smoothing the already known time series values, but for getting the most probable smoothed values of the new data received in real time.
Unlike various decomposition methods or simply filters of desired frequency, cluster filters create a composition or a fan of probable values of initial series which are further analyzed for approximation of the initial sequence. The input sequence acts more as a reference than the target of the analysis. The main analysis concerns values calculated by a set of filters after processing the data received.
In the general case, every filter included in the cluster has its own individual characteristics and is not related to others in any way. These filters are sometimes customized for the analysis of a stationary time series of their own which describes individual properties of the initial non-stationary time series. In the simplest case, if the initial non-stationary series changes its parameters, the filters "switch" over. Thus, a cluster filter tracks real time changes in characteristics.
Cluster Filter Design Procedure
Any cluster filter can be designed in three steps:
1. The first step is usually the most difficult one but this is where probabilistic models of stream data received are formed. The number of these models can be arbitrary large. They are not always related to physical processes that affect the approximable data. The more precisely models describe the approximable sequence, the higher the probability to get a non-lagging cluster filter.
2. At the second step, one or more digital filters are created for each model. The most general condition for joining filters together in a cluster is that they belong to the models describing the approximable sequence.
3. So, we can have one or more filters in a cluster. Consequently, with each new sample we have the sample value and one or more filter values. Thus, with each sample we have a vector or artificial noise made up of several (minimum two) values. All we need to do now is to select the most appropriate value.
An Example of a Simple Cluster Filter
For illustration, we will implement a simple cluster filter corresponding to the above diagram, using market quotes as input sequence. You can simply use closing prices of any time frame.
1. Model description. We will proceed on the assumption that:
The aproximate sequence is non-stationary, i.e. its characteristics tend to change with the course of time.
The closing price of a bar is not the actual bar price. In other words, the registered closing price of a bar is one of the noise movements, like other price movements on that bar.
The actual price or the actual value of the approximable sequence is between the closing price of the current bar and the closing price of the previous bar.
The approximable sequence tends to maintain its direction. That is, if it was growing on the previous bar, it will tend to keep on growing on the current bar.
2. Selecting digital filters. For the sake of simplicity, we take two filters:
The first filter will be a variety filter calculated based on the last closing prices using the slow period. I believe this fits well in the third assumption we specified for our model.
Since we have a non-stationary filter, we will try to also use an additional filter that will hopefully facilitate to identify changes in characteristics of the time series. I've chosen a variety filter using the fast period.
3. Selecting the appropriate value for the cluster filter.
So, with each new sample we will have the sample value (closing price), as well as the value of MA and fast filter. The closing price will be ignored according to the second assumption specified for our model. Further, we select the МА or ЕМА value based on the last assumption, i.e. maintaining trend direction:
For an uptrend, i.e. CF(i-1)>CF(i-2), we select one of the following four variants:
if CF(i-1)fastfilter(i), then CF(i)=slowfilter(i);
if CF(i-1)>slowfilter(i) and CF(i-1)slowfilter(i) and CF(i-1)>fastfilter(i), then CF(i)=MAX(slowfilter(i),fastfilter(i)).
For a downtrend, i.e. CF(i-1)slowfilter(i) and CF(i-1)>fastfilter(i), then CF(i)=MAX(slowfilter(i),fastfilter(i));
if CF(i-1)>slowfilter(i) and CF(i-1)fastfilter(i), then CF(i)=fastfilter(i);
if CF(i-1)<slowfilter(i) and CF(i-1)<fastfilter(i), then CF(i)=MIN(slowfilter(i),fastfilter(i)).
Where:
CF(i) – value of the cluster filter on the current bar;
CF(i-1) and CF(i-2) – values of the cluster filter on the previous bars;
slowfilter(i) – value of the slow filter
fastfilter(i) – value of the fast filter
MIN – the minimum value;
MAX – the maximum value;
What is Variety MA Cluster Filter Crosses?
For this indicator we calculate a fast and slow filter of the same filter and then we run a cluster filter between the fast and slow filter outputs to detect areas of chop/noise. The output is the uptrend is denoted by green color, downtrend by red color, and chop/noise/no-trade zone by white color. As a trader, you'll likely want to avoid trading during areas of chop/noise so you'll want to avoid trading when the color turns white.
Extras
Bar coloring
Alerts
Loxx's Expanded Source Types, see here:
Loxx's Moving Averages, see here:
An example of filtered chop, see the yellow circles. The cluster filter identifies chop zones so you don't get stuck in a sideways market.
Consolidation BoxThis script aims to help identify sideways markets. Once price leaves the Box the market will usually start a trending phase. Users can set a percent range to detect markets moving sideways within the range.
BTC Twitter SentimentBTC Twitter Sentiment - shows the total numbers of all negative, neutral and positive Bitcoin related tweets.
On default settings, the tweets are plotted in red (negative) white (neutral) as well as green (positive). The three charts are stacked so the total number of tweets is easily discernible.
Furthermore, there's an optional smoothing setting in the options.
The Twitter Sentiment data is provided daily by IntoTheBlock; Since data is only updated once a day the graph might look chunky on lower timeframes, even with smoothing.
NASDAQ Advance/Decline Line 1.0NASDAQ Advance/Decline Line is a Market Breath indicator.
Brought to you by IQ-trading (Andrei Bogdan) via Trading View Pine script. If you find this helpful in anyway, please leave a like!
A/D line calculates a ratio between total number of NASDAQ stocks advancing and total number of NASDAQ stocks in one day, providing another way to grasp the market breath at any moment.A
Green columns mean more than 50% of NASDAQ stocks are advancing, red columns mean more than 50% of NASDAQ stocks are declining.
Green values above the top band mean correlation to the upside, red values bellow the low band mean correlation to the downside.
Correlation means rising probability of capitulation (to the upside or to the downside).
For a better interpretation, NASDAQ Advance/Decline Line should be used in conjunction with other indicators (volatility, volume, etc.).
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NASDAQ here refers to the totality of assets listed on the NASDAQ exchange, not to the Nasdaq Composite index or the Nasdaq100 index.
NASDAQ is the second-largest stock exchange on earth, and operates the two major stock indexes based on companies that trade on its exchange: the Nasdaq Composite and the Nasdaq 100.
The Nasdaq Composite tracks the performance of more than 3,000 stocks listed on the Nasdaq while the Nasdaq 100 captures the performance of the exchange’s largest non-financial companies.
MM Chop FilterBased On the "Chop and explode Indicator by fhenry0331
We Updated to Pine 5
- Added break out alerts and Signals
-Customize thresholds
How To use
when the line is blue confirmed Buy
Line is Red confirmed Sell
ALWAYS use in confirmation with your strategy and Trade with the trend.
Match with the on chart version for best results
Chop Zone - SamXThis is my spin on the Chop Zone indicator. It was forked from the built-in TradingView Chop Zone indicator. There were several reasons for this effort...
The built-in indicator version had no real configuration options
It was hard-coded to use the 34-period EMA with fixed span sizes for identifying price range
There was no real context to the meaning of default color scheme
The separation points of the chop zone bars was at a fixed 1.43-degree scale
Note: If left at default settings, this indicator will exactly match the built-in Chop Zone indicator.
WARNING : Please be sure you understand the potential impact and implications before adjusting any of the settings in the "Advanced Configuration" section!!!
Chop Zone with discrete/standard coloring:
Chop Zone with gradient fill:
Moving Average angle plot with gradient fill:
Choppiness Index TileA simple tile on the chart that indicates the choppiness index on the chart for the chart's timeframe. The index tile will show 3 different colors based on the value of the choppiness index. 61.8 for the high threshold and 38.2 for the lower threshold.
Volume Weighted Balance of PowerAs always, this is not financial advice and use at your own risk. Trading is risky and can cost you significant sums of money if you are not careful. Make sure you always have a proper entry and exit plan that includes defining your risk before you enter a trade.
I have modified the Balance of Power indicator that measures the difference between the open and the close and the high and low of the current bar to incorporate volume information as well. Further, I have smoothed the indicator, which is usually very choppy and difficult to read with a 21 period Least Squares Moving Average to create a Volume-Weighted Balance of Power. Since we are all aware that volume precedes price I figured this could be a neat little trend-confirmation indicator.
Uses:
1) The indicator is fairly straight forward, when it crosses below its zero line, this signals that there is more selling pressure in the current market vs. buying. Conversely, when it crosses above its zero line, this means more buyers have stepped up and are pushing prices higher.
2) It is sensitive enough to volume and price shifts that it produce divergences, which are often thought to be some of the most powerful trading signals in any market.
3) Use this tool to confirm breaks from trendlines or trading ranges to see if there is enough pressure and volume to support the move.
Enjoy and trade responsibly!
+ Balance of PowerThe Balance of Power is an indicator that measures the strength of buyers versus that of sellers in the market, and needs to be smoothed by a moving average to be of much practical use (come to think of it, most indicators are smoothed by a moving average; this is why the RSI lookback mostly commonly used is 14, and not 1, but I digress...). I suppose it is possible to use it without smoothing, but that would be very difficult I think.
The oscillator pivots around a center line, and as with most indicators like this, above 0 is generally considered bullish in a bullish trend, and vice versa in a downtrend.
It can be good for spotting divergences (moreso with smaller lookback periods than I like).
To wit, you might be wondering why I have the default lookback period set at such a large number. My only answer I can give is that I prefer it that way.
The indicator is quite choppy, even when smoothed. The long period helps me to make beter sense of the data (smooth it with a Hull or Jurik MA and you get a different story, though).
In my version of this indicator I provide a pretty broad selection of moving averages with which one may choose to smooth out the BOP, as well as an EMA provided to use as a sort of signal line for trade entries and/or exits, taking partial profits, scaling into a position, etc.
I've also added the option for a second BOP, which is on by default. I think you might find the results interesting by pairing differently smoothed BOPs together.
Of course, you don't have to use both. In the case of the default settings you might look at the EMA-BOP crossing the JMA-BOP as an opportunity to look into exiting or entering trades.
Candle coloring is, as usual, included. I'd say I kind of overdid it here, but that seems to be my style. I just couldn't deal with the fact that with the indicator set to cumulative modes there is no zero line, therefor the color of the indicator plot and the candle coloring would not match the color swatches for bullish/bearish colors. So, there are selections for cumulative indicator/candle colors, and standard indicator/candle colors. Donchian Channels obviously doesn't matter because the colors of things are based on the channel only.
I've added Donchian channel bands (which I've begun adding to many of my indicators), and all necessary alerts as well.
The Donchian Channels can be a really effective tool for entering and exiting trades. I haven't mentioned it in my other indicators that have it, so I will here:
The outermost edge of the band is that which references the indicator for where it is plotted, and the inner channel is sort of dragged along, creating the band
It's a simple mathematical calculation that TradingView actually provided themselves in their manual for pinescript.
When the BOP (or any other indicator using this) enters the band and then exits that could be an indication that price may be reversing, this the bands themselves act, or rather, show a current area of support/resistance for the BOP plot.
One thing that I did with it that they did not, is give the user the ability to change the width of the band. It can only go so narrow, obviously, but anywhere from three (quite wide) to eight is probably sufficient.
I've also provided the option of plotting the BOP as a cumulative line (like OBV), making it no longer an indicator which oscillates around a central pivot.
Because the balance of power is plotted as an accumulation, you may actually want to set the lookback to 1 (it works because it's not an oscillator then).
If you wish to smooth the noise, I suspect a low number would be acceptable here, but it's not necessary.
Oh, and lastly (almost forgot, as this was a late addition), I've added options for the BOPs calculated with volume as well. Gives a different bit of a perspective on the market, versus the traditional version which does not include volume. Screenshots below.
The above image is the balance of power calculated with volume. You can see the obvious difference versus the traditional indicator, where price is in a downtrend and you'd want to sell the orange.
Cumulative version. Looks a lot like OBV.
Cumulative version with volume.
Bull / Bear Volume (BBV) - Indicator"An approximation of the average Bull Volume component versus the average Bear Volume component of total Volume. Displays an interesting and helpful view of the ebb and flow of Bull and Bear Volume pressure in the market. Shows what the bears are up to while the bulls are in control and vice versa. You can see bull pressure building (or bear pressure diminishing) in advance of a bullish price move (especially in sideways markets and horizontal rectangular consolidations). The graph moves in curves from which you can often extrapolate reasonably accurate and useful projections of future Bull or Bear Volume Action." - Kaiji
This indicator has been totally converted by me from Amibroker Formula Language (AFL) into our pinescript just to make it suitable to use in our tradingview platform. I don't take any credits and neither I wished for. I just shared it for the sake of our tradingview community and whatever calculations are used in the script are all credit goes to 'kaiji' a developer in AFL who build this indicator in Amibroker platfrom where you can find him.
Ultimate Trader Oscillator - UTO v1Note; this is experimental / learning work -- has nothing to do with the existing "Ultimate Oscillator" -- i call this project UTOpia :)
This is based on some research work i was doing around the Balance Of Power - which i posted about in the past
the conclusion form there was a questions of, what would we get if we create an indicator that takes into consideration other factors that may be affecting momentum - so while the classic Balance of Power formula looks at where the open and close of a bar are compared to the full bar range, this is only a small part of the insight we need - when we visually inspect a price chart, we also look at many other factors. for example, how the bar closes compared to previous bar(s), how much did the bulls (or bears) managed to move the high (or low) of the bar compared to previous one, how much volume, how is the price spread ...etc
so i wanted to build an indicator that does exactly that - we will give a score of +100 / -100 to each bar based on these factors (some were identified in the linked post) -- imagine here that we are a judge in a tug of war contest (or a beauty contest if you would :)) and we give a score to the participating teams - the scores are given in different "categories" as these teams make effort to win the game (each bar) - to be totally fair, in some scoring categories, we choose to take the average of 3 points for a fair assessment - the final score is calculated based on the average from all judges - and then and average over the desired length is calculated. this score should be very fair and represents the true effort from all angles, right? that would be our UTOPIA :)
in our case, we don't use an average of total score after each category is evaluated, but rather create a directional index (similar to RSI) -- so we can avoid big spikes in the resulting numbers, and maintain a oscillator -like result.
-- the code is commented to explain the various pieces - and how the scoring happen.
the results are interesting - and you can see how the UTO stacks against the classic RSI and BoP - but it's more of a work to build on, rather than a usable indicator - although i do use it in my own trading :)
one final thought here, i came to learn after few years that the best indicators do not necessarily lead to profitable trading. from an indicator standpoint, if everyone else is trading using (for example) a moving average crossover or RSI, then a successful trader should be looking at these classic indicators too, cause these common indicators will drive the mass behavior - and will at many times trigger "self- fulfilling prophesies" in price action - but that's not the only or the biggest reason - the big reasons have to do with the fact that trading needs a lot of effort outside the charts, in researching markets, learning the discipline, then managing positions and managing the portfolio. these are all big topics to put in such short words.
i hope some will find this work inspiring.
TradeChartist PowerTracer ProTradeChartist PowerTracer Pro is an exceptionally well designed and a functional indicator, requiring minimal user input to trace the asset's Bull and Bear Power. The indicator makes it visually engaging with its intelligent positioning of the PowerTracer Bar, tracking not just the current trend, but also the developing trend using visually easy to understand Power plots. PowerTracer Pro can be used with PowerTrader Pro to generate Trade signals with several possible combinations of settings based on PowerTracer Pro Backtester Performance results.
What does ™TradeChartist PowerTracer Pro do?
1. Tracks Bull and Bear Power and plots the information visually on chart using one of the following 2 Power plot options based on Timeframe Multiplier and Smoothing Factor..
𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 - Plot of the Bull and Bear Power Oscillator, pivotal to this script that tracks the true Bull and Bear Power along with Bull/Bear oscillator reading, calculated dynamically using a unique and original formula. Values beyond 50 and -50 are quite rare, but theoretically, they can go beyond 80 and -80. 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿's highs and lows are also tracked and updated real-time using labels placed exactly at the Highs and Lows with their readings.
Bar-wise Power Holder - Absolute Bull and Bear power of each bar. It is plotted by calculating the difference between Bull and Bear Power of each bar. The values can swing between -100 and +100 even though values above 90 and below 90 are rare.
2. Visually displays the Balance of Power between the Bulls and the Bears using Power density background fill.
3. Uses an accompanying 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 bar that helps spot the true bull and bear power using simple linear blocks, displaying the power level using power intensity colors.
4. Paints price bars and PowerTracer background using Power intensity colors, which helps spot the increase or decrease in Bull and Bear Power. Price bar color changes are based on increasing/decreasing power intensity of the price bar's power holder and may not be the same as the Power plots. This is designed specifically to spot price trends based on chart timeframe power trend.
5. Inverts bar colors, and PowerTracer bar color to help see price trend using the Opponent's Point of View.
What markets can this indicator be used on?
-- Forex
-- Stocks - works best with 4hr or above and prices calculated taking gaps into account.
-- Commodities
-- Cryptocurrencies
and almost any asset on Trading View
What time-frames can this indicator be used on?
This indicator can be used on all timeframes. If the asset has very little volume / volatility or is far low in comparative value against the base currency, power detection can be choppy, but with most assets, this won't be an issue.
Does this indicator repaint?
-- No. Real-time Power plots can change colors and values based on current bar close as values get calculated dynamically. Once the bar closes, plots and power intensity colors don't repaint.
-- This can be verified using Bar Replay to check if the plots and fills stay in the same bar in real time as the Bar Replay
Does the indicator generate trade signals based on Power shifts?
Yes. PowerTracer Pro can be connected to PowerTrader Pro to generate BUY and SELL signals with automatic/user specified targets on the main price chart along with Fixed or Trailing Stop Loss plots based on the Power Plot opted by the user. PowerTrader Pro is highly recommended for traders who would like signals based on power trend on the main price chart as it comes with real time Dashboard and Gains tracker with the option to plot past performance displaying Max gains and Max Drawdowns for each trade. It also includes SL/TP Plots and Alerts system that can be used to automate trades based on settings that result in high ROI on PowerTracer Pro Backtester performance report.
The charts below show how this indicator can be used with PowerTrader Pro to generate trade signals with TP and SL plots.
GBP-USD 1hr chart with SL and TP plots with real-time gains tracker. Timeframe MUltiplier - 2, Smoothing Factor - 8
LINK-BTC 4hr chart with SL and TP plots, real-time gains tracker and past performance results. Timeframe Multiplier - 3, Smoothing Factor - 1
XAU-USD Gold 1hr chart with SL and TP plots, real-time gains on Dashboard with Automatic Targets and past performance labels. Timeframe Multiplier - 2, Smoothing Factor - 1
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
===================================================================================================================
TradeChartist PowerTracer™TradeChartist PowerTracer is an exceptionally well designed and functional indicator, requiring minimal user input to trace the asset's Bull and Bear Power. The indicator makes it visually engaging with its various color schemes and intelligent positioning of the PowerTracer Bar, tracking not just the current trend, but also the developing trend using a visually easy to understand Power plots.
What does ™TradeChartist PowerTracer do?
1. Tracks Bull and Bear Power and plots the information visually on chart using one of the following 3 Power plot options based on high or low power detection sensitivity.
𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 - Plot of the Bull and Bear Power Oscillator, pivotal to this script that tracks the true Bull and Bear Power along with Bull/Bear oscillator reading, calculated dynamically using a unique and original formula. Values beyond 50 and -50 are quite rare, but theoretically, they can go beyond 80 and -80. 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿's highs and lows are also tracked and updated real-time using labels placed exactly at the Highs and Lows with their readings.
Bar-wise Power Holder - Absolute Bull and Bear power of each bar. It is plotted by calculating the difference between Bull and Bear Power or each bar. The values can swing between -100 and +100 even though values above 90 and below 90 are rare. The bar color on the chart will be painted using this value to visually display the Bull/Bear strength if "Paint Bars on Chart" is enabled from the indicator settings.
Bar-wise Power Fight - Plot of Maximum Bull and Bear Power of every bar that helps visualize the fight between Bulls and Bears in each bar.
2. Visually displays the Balance of Power between the Bulls and the Bears using Opponent Power Gain background fill when it is 50% or over. For example, if the current PowerTracer plot is a Bull zone, enabling this setting with Opponent Power Gain % set at 75, will paint the background when Bear Power increases beyond 75% using the Bear Power Intensity fill based on Color Scheme the user opts from the settings. This option can be enabled or disabled from settings and the Opponent Power gain % (minimum 50%) can also be adjusted to spot the change in price trend early on.
3. Uses an accompanying 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 bar that helps spot the true bull and bear power using simple linear blocks, displaying the power level using power intensity colors based on the color scheme.
4. Paints price bars and PowerTracer background using Power intensity colors based on Color Scheme from the indicator settings, which helps spot the increase or decrease in Bull and Bear Power.
5. Inverts bar colors, background fill and PowerTracer bar color to help see price using the Opponent's Point of View.
What markets can this indicator be used on?
-- Forex
-- Stocks - works best with 4hr or above and prices calculated taking gaps into account.
-- Commodities
-- Cryptocurrencies
and almost any asset on Trading View
What time-frames can this indicator be used on?
This indicator can be used on all timeframes. If the asset has very little volume/volatility or is far low in comparative value against the base currency, power detection can be choppy, but with most assets, this won't be an issue.
Does this indicator repaint?
-- No. Real-time Power plots can change colors and values based on current bar close as values get calculated dynamically. Once the bar closes, plots and power intensity colors don't repaint.
-- This can be verified using Bar Replay to check if the plots and fills stay in the same bar in real time as the Bar Replay
Does the indicator send alerts when the power shifts from Bull to Bear or from Bear to Bull?
Yes. Users can get alerts when Power gets shifted using Trading View alerts. This can be done by choosing '™TradeChartist PowerTracer' and 'Powershift to Bulls' or 'Powershift to Bears' under Trading View Alert condition and by using 'Once per bar close' as user needs to wait for candle close for Power shift confirmation.
Example Charts
In this split screen chart of Bitcoin, it can be seen how the 30m chart on left is Bearish and 5m chart on right is Bullish based on Power changes. The trend can be spotted on PowerTracer by spotting the Opponent's background fill that started showing when Opponent's power gained by over 75%. This is a good example using the script for scalping/swing trading using 2 timeframes. Note that the chart on the left shows Price bars and PowerTracer bar with inverted colors to show Opponent's point of view.
In this 15m chart of GBP-USD, 100% Power gain for Entries and Exits is used. This is a more conservative approach and is suited for less aggressive traders based on complete change of trend.
In this 2hr chart of Ethereum, all 3 Power plots are used to identify the trend using low sensitivity using 100% Power Gain entries and this shows how a trade can be held longer to maximise gains using entries with Power shift confirmations.
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
===================================================================================================================
Phantom Trader -- BTC -- OnlyPhantom Trader is a "counter-trend" strategy built to take advantage of non-linear trading ranges and heavy chop zones.
Phantom Script is forward-thinking, and will project the next possible reversal zone (PRZ) well head of the move.
This script can be utilized for :
Hedging
Swing trading
Scalping
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Most reliable time frames are the 60-30-and 15
Green line indicates hidden support levels
Purple line Hidden resistance levels.
When price comes in contact with our PRZ "Potential Reversal Zone"
It is wise to take up a hedge position.
BITMEX:XBTUSD"
BITMEX:XBT
BITSTAMP:BTCUSD
BITSTAMP:BTCEUR
COINBASE:BTCUSD
COINBASE:BTCUSDC
COINBASE:BTCEUR
COINBASE:BTCGB
BITFINEX:BTCUSD
BITFINEX:BTCEUR
BITFINEX:BTCGBP
BINANCE:BTCUSD
BINANCE:BTCUSDC
BINANCE:BTCUSDT
BINANCE:BTCUSDC
BYBIT:BTCUSD
GEMINI:BTCUSD
KRKN:XBTUSD
----------------Impulse Rejection----------------------
Bullish Impulse
WEAK SELL SIGNAL: If Price is closing above Purple Phantom PRZ during bullish impulse, then likely a bullish impulse continuation is to take place.
STRONG SELL SIGNAL: If Price is failing to close above Purple Phantom PRZ Line after a bullish impulse, then look to hedge the short, or to take up a short position.
Bearish Impulse:
WEAK BUY SIGNAL: If Price is closing below Green Phantom PRZ line, after a bearish impulse, then maintain short position.
STRONG BUY SIGNAL: Once Price starts closing above Green Phantom PRZ line, look to hedge a long against a short, take profit the short, or net long the asset.
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Signal Invalidation
Close and continuation above Purple PRZ would invalidate short signal
Close and continuation below Green PRZ would invalidate the long signal
If the same above PRZ is rung once again, then that was likely a stop hunt.
Another close above, and signal should be retaken.
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Midline Signals
Rejection at Midlines, during a bullish impulse, is bearish:
-Entering a short position or profit-taking current long is advised.
-A net-long trader not wanting to profit take their long can hedge an equal-sized short there.
Rejection at Midlines, during a bearish impulse, could signal trend change:
-A net-short trader should hedge a long position against their short.
-A net-long trader can add to their long on the second or third bounce
Continued rejection at midline, one should take up a net position in the direction of which the chart is rejecting.
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For monthly licensing:
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To obtain a lifetime license
And
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For ALL ASSET Classes
Power Trader Study The Power Trader is an indicator based around the Balance of Power Oscillator. Balance of Power is a price-based measurement that evaluates and compares the strength of buyers and sellers by assessing their respective abilities to push prices to extreme points(both extreme highs and extreme lows).
BoP values fluctuate between a maximum value of 100 and a minimum value of -100. When the BoP value is greater than 0, it indicates that buying pressure is greater than selling pressure. Conversely, negative BoP readings mean that selling pressure is greater than buying pressure.
The exponential moving average of Balance of Power values is displayed as a gray line on the chart. The upper red line represents the upper bound at which a security is considered overbought. The lower green line represents the threshold where we start to consider a security to be in an oversold state.
When the gray BoP EMA line crosses below the lower green line, it changes color to green then changes back to gray once it crosses back above that lower threshold. Similarly, the line turns red when it crosses above the upper red line.
When the EMA line is between the upper and lower bounds, it signifies that there is no significant difference between the power of buyers versus the power of sellers. The top red area indicates that the amount of buying pressure is relatively high. The lower green area means that selling pressure is abnormally high.
When the BoP line falls between the red and green areas, do not take action. When the BoP line turns green and is inside the green area, enter a long position. When the BoP line rises above the red line and into the upper red area, exit the long position.
Entry signals are displayed as vertical green lines that extend the length of the chart. Exit signals are represented by the same lines, except in red.
Users can decide the order of signals in the input option menu through the ‘allow repeat signals’ parameter. If this is set to false, the study will generate signals in the logical chronologic order of . If it is set to true, then signals will be generated as they come, regardless of whether the last signal was its inverse. This means that it could generate sequences like this for example .
Additionally, the stop and limit can also be set in the input menu through the ‘stop’ and ‘limit’ options. This input option accepts parameters of type float (ie: numbers that contain decimals).
The 'Upper Bound for BoP Values' and 'Lower Bound for BoP Values' input options gives traders the option to adjust the upper and lower thresholds for buy and sell signals. It is important to note that setting the upper bound higher or the lower bound lower will result in less frequent signals (and vice versa).
When it is time to enter a long position, an alert with the following message is sent “Power Trader - High Sell Pressure, Enter Long”.
When it is time to exit a long position, an alert with the following message is sent “Power Trader - High Buy Pressure, Exit Long”.
The Power Trader, along with all of our other invite-only scripts, can be found on our website:
profitprogrammers.com
Composite Movement Indicator w/ Volume-Weighted Balance of PowerThe CMI+ is a composite indicator based on numerous other indicators and some special sauce that helps identify imminent directional changes in an asset's price. While CMI+ was designed for crypto assets, it is also quite useful in traditional markets.
Fully Adjustable BTC Longs/ShortsThis indicator shows you Bitfinex Longs&Shorts charts in one handy indicator. It's fully adjustable to your own prefference.
Tipjar : 38uGQJDDZDL6wX48x4gYTccPeQ3ZHVYmY4 (btc)
