Average Range LinesThis Average Range Lines indicator identifies high and low price levels based on a chosen time period (day, week, month, etc.) and then uses a simple moving average over the length of the lookback period chosen to project support and resistance levels, otherwise referred to as average range. The calculation of these levels are slightly different than Average True Range and I have found this to be more accurate for intraday price bounces.
Lines are plotted and labeled on the chart based on the following methodology:
+3.0: 3x the average high over the chosen timeframe and lookback period.
+2.5: 2.5x the average high over the chosen timeframe and lookback period.
+2.0: 2x the average high over the chosen timeframe and lookback period.
+1.5: 1.5x the average high over the chosen timeframe and lookback period.
+1.0: The average high over the chosen timeframe and lookback period.
+0.5: One-half the average high over the chosen timeframe and lookback period.
Open: Opening price for the chosen time period.
-0.5: One-half the average low over the chosen timeframe and lookback period.
-1.0: The average low over the chosen timeframe and lookback period.
-1.5: 1.5x the average low over the chosen timeframe and lookback period.
-2.0: 2x the average low over the chosen timeframe and lookback period.
-2.5: 2.5x the average low over the chosen timeframe and lookback period.
-3.0: 3x the average low over the chosen timeframe and lookback period.
Look for price to find support or resistance at these levels for either entries or to take profit. When price crosses the +/- 2.0 or beyond, the likelihood of a reversal is very high, especially if set to weekly and monthly levels.
This indicator can be used/viewed on any timeframe. For intraday trading and viewing on a 15 minute or less timeframe, I recommend using the 4 hour, 1 day, and/or 1 week levels. For swing trading and viewing on a 30 minute or higher timeframe, I recommend using the 1 week, 1 month, or longer timeframes. I don’t believe this would be useful on a 1 hour or less timeframe, but let me know if the comments if you find otherwise.
Based on my testing, recommended lookback periods by timeframe include:
Timeframe: 4 hour; Lookback period: 60 (recommend viewing on a 5 minute or less timeframe)
Timeframe: 1 day; Lookback period: 10 (also check out 25 if your chart doesn’t show good support/resistance at 10 days lookback – I have found 25 to be useful on charts like SPX)
Timeframe: 1 week; Lookback period: 14
Timeframe: 1 month; Lookback period: 10
The line style and colors are all editable. You can apply a global coloring scheme in the event you want to add this indicator to your chart multiple times with different time frames like I do for the weekly and monthly.
I appreciate your comments/feedback on this indicator to improve. Also let me know if you find this useful, and what settings/ticker you find it works best with!
Also check out my profile for more indicators!
Support and Resistance
Price breakout and reversal [TCS] | PAThis indicator is designed to identify potential breaks and reversals in price movements for a financial instrument.
The indicator displays several elements to assist users in spotting specific market conditions:
1. High and Low Pivots : The indicator marks the highest and lowest points on the price chart within a customizable lookback period. These pivots represent important turning points in the price movement and serve as reference levels for potential breakouts and reversals.
2. Fair Value Line : A horizontal line is drawn at the midpoint between the high and low pivots. This line represents the "fair value" based on the recent price action. Traders may consider this level as a reference for evaluating the price's deviation from its average value.
3. Bullish Breakouts : When the closing price of the financial instrument crosses above the high pivot the indicator identifies a potential bullish breakout. This suggests a possible buying opportunity.
4. Bearish Breakouts : Conversely, a bearish breakout is identified when the closing price crosses below the low pivot. This may indicate a selling opportunity.
5. Fair Value Breakouts : In addition to regular breakouts, the indicator can detect breakouts based on the fair value line. If the closing price crosses above or below the fair value line, it may signal a fair value breakout, indicating the price's potential return to its average level.
6. Reversals : Reversal patterns are essential in technical analysis. The indicator identifies potential bullish and bearish reversals .
The indicator enhances its visual signals with geometric shapes (triangles and diamonds) placed above or below the price bars to represent different types of breakouts and reversals.
Moreover, the indicator can be configured to send alerts to the user when any of these specific events occur, helping traders stay informed and respond promptly to potential trading opportunities.
Please note that this code is for educational purposes only and should not be used for trading without further testing and analysis.
Support and Resistance Backtester [SS]Hey everyone,
Excited to release this indicator I have been working on.
I conceptualized it as an idea a while ago and had to nail down the execution part of it. I think I got it to where I am happy with it, so let me tell you about it!
What it does?
This provides the user with the ability to quantify support and resistance levels. There are plenty of back-test strategies for RSI, stochastics, MFI, any type of technical based indicator. However, in terms of day traders and many swing traders, many of the day traders I know personally do not use or rely on things like RSI, stochastics or MFI. They actually just play the support and resistance levels without attention to anything else. However, there are no tools available to these people who want to, in a way, objectively test their identified support and resistance levels.
For me personally, I use support and resistance levels that are mathematically calculated and I am always curious to see which levels:
a) Have the most touches,
b) Have provided the most support,
c) Have provided the most resistance; and,
d) Are most effective as support/resistance.
And, well, this indicator answers all four of those questions for you! It also attempts to provide some way to support and resistance traders to quantify their levels and back-test the reliability and efficacy of those levels.
How to use:
So this indicator provides a lot of functionality and I think its important to break it down part by part. We can do this as we go over the explanation of how to use it. Here is the step by step guide of how to use it, which will also provide you an opportunity to see the options and functionality.
Step 1: Input your support and resistance levels:
When we open up the settings menu, we will see the section called "Support and Resistance Levels". Here, you have the ability to input up to 5 support and resistance levels. If you have less, no problem, simply leave the S/R level as 0 and the indicator will automatically omit this from the chart and data inclusion.
Step 2: Identify your threshold value:
The threshold parameter extends the range of your support and resistance level by a desired amount. The value you input here should be the value in which you would likely stop out of your position. So, if you are willing to let the stock travel $1 past your support and resistance level, input $1 into this variable. This will extend the range for the assessment and permit the stock to travel +/- your threshold amount before it counts it as a fail or pass.
Step 3: Select your source:
The source will tell the indicator what you want to assess. If you want to assess close, it will look at where the ticker closes in relation to your support and resistance levels. If you want to see how the highs and lows behave around the S/R levels, then change the source to High or Low.
It is recommended to leave at close for optimal results and reliability however.
Step 4: Determine your lookback length:
The lookback length will be the number of candles you want the indicator to lookback to assess the support and resistance level. This is key to get your backtest results.
The recommendation is on timeframes 1 hour or less, to look back 300 candles.
On the daily, 500 candles is recommended.
Step 5: Plot your levels
You will see you have various plot settings available to you. The default settings are to plot your support and resistance levels with labels. This will look as follows:
This will plot your basic support and resistance levels for you, so you do not have to manually plot them.
However, if you want to extend the plotted support and resistance level to visually match your threshold values, you can select the "Plot Threshold Limits" option. This will extend your support and resistance areas to match the designated threshold limits.
In this case on MSFT, I have the threshold limit set at $1. When I select "Plot Threshold Limits", this is the result:
Plotting Passes and Fails:
You will notice at the bottom of the settings menu is an option to plot passes and plot fails. This will identify, via a label overlaid on the chart, where the support and resistance failures and passes resulted. I recommend only selecting one at a time as the screen can get kind of crowded with both on. here is an example on the MSFT chart:
And on the larger timeframe:
The chart
The chart displays all of the results and counts of your support and resistance results. Some things to pay attention to use the chart are:
a) The general success rate as support vs resistance
Rationale: Support levels may act as resistance more often than they do support or vice versa. Let's take a look at MSFT as an example:
The chart above shows the 334.07 level has acted as very strong support. It has been successful as support almost 82% of the time. However, as resistance, it has only been successful 33% of the time. So we could say that 334 is a strong key support level and an area we would be comfortable longing at.
b) The number of touches:
Above you will see the number of touches pointed out by the blue arrow.
Rationale: The number of touches differs from support and resistance. It counts how many times and how frequently a ticker approaches your support and/or resistance area and the duration of time spent in that area. Whereas support and resistance is determined by a candle being either above or below a s/r area, then approaching that area and then either failing or bouncing up/down, the number of touches simply assesses the time spent (in candles) around a support or resistance level. This is key to help you identify if a level has frequent touches/consolidation vs other levels and can help you filter out s/r levels that may not have a lot of touches or are infrequently touched.
Closing comments:
So this is pretty much the indicator in a nutshell. Hopefully you find it helpful and useful and enjoy it.
As always let me know your questions/comments and suggestions below.
As always I appreciate all of you who check out, try out and read about my indicators and ideas. I wish you all the safest trades and good luck!
Daily Range Support & Resistance Levels [QuantVue]The Daily Range Support & Resistance Levels is an advanced analytical tool designed to assess daily price movements and provide potential support and resistance levels.
This tool examines the average daily price fluctuations over the past 150 trading days, and creates support and resistance levels based on the opening price.
The indicator also considers a standard deviation multiplier.
This enables traders and investors to identify potential price zones.
The support and resistance levels are dynamically updated every day.
Users can also choose to view previous daily levels as well.
Customizable settings for this tool include:
-Averaging Period: Adjust the number of days to calculate the average daily range.
-Standard Deviation Multiplier: Modify the standard deviation multiplier to fine-tune the sensitivity of the support and resistance levels. A higher multiplier will result in wider levels, accommodating higher price fluctuations.
-Toggle Support & Resistance Prices: Easily switch on or off the display of support and resistance price levels.
-Show Daily Open Line: Display the daily opening price as a reference point on the chart.
-Show Previous Levels: Choose whether to display past daily support and resistance levels.
Note: this indicator works best on 5 or 15 minute charts.
Give this indicator a BOOST and COMMENT your thoughts!
We hope you enjoy.
Cheers.
Swing Action PriceEnglish:
**Description of "Swing Action Price" TradingView Script**
"Swing Action Price" is a custom technical indicator designed to identify swing highs and swing lows in a financial market. The script calculates and plots various lines on the chart to visualize these swing points. Swing highs are points where the price has made a local peak, while swing lows are points where the price has made a local trough.
The indicator displays the following lines on the chart:
1. Dotted lines representing each individual swing high and swing low identified on different timeframes (10, 30, 60, 100, 150, 200, 700, and 1000 bars).
2. Dotted lines representing the most recent swing high and swing low for the current bar.
How the indicator works:
1. The script uses historical price data to calculate swing highs and swing lows based on specific conditions.
2. For each of the mentioned timeframes, the indicator identifies the highest high and lowest low within a defined number of bars (10, 30, 60, etc.).
3. Once a new swing high or swing low is identified, the corresponding dotted lines are drawn on the chart, extending from the previous swing point to the current one.
The "Swing Action Price" indicator can be used by traders to visually identify key support and resistance levels in the market. It helps them recognize potential trend reversals or continuation points, which may be valuable for making trading decisions.
Please note that trading indicators should always be used in conjunction with other technical and fundamental analysis tools to make informed trading choices. The "Swing Action Price" indicator is offered under the Mozilla Public License 2.0, and the developer's username is "damianjorgeportillo."
Remember that past performance is not indicative of future results, and it's essential to exercise caution and apply risk management strategies when trading financial markets.
/******************************/
Spanish:
**Descripción del Script "Swing Action Price" en TradingView**
"Swing Action Price" es un indicador técnico personalizado diseñado para identificar máximos y mínimos en un mercado financiero. El script calcula y muestra diversas líneas en el gráfico para visualizar estos puntos de inflexión. Los máximos se producen cuando el precio alcanza un pico local, mientras que los mínimos ocurren cuando el precio alcanza un valle local.
El indicador muestra las siguientes líneas en el gráfico:
1. Líneas punteadas que representan cada máximo y mínimo individual identificado en diferentes marcos de tiempo (10, 30, 60, 100, 150, 200, 700 y 1000 barras).
2. Líneas punteadas que representan el máximo y mínimo más reciente para la barra actual.
Cómo funciona el indicador:
1. El script utiliza datos históricos de precios para calcular los máximos y mínimos en función de ciertas condiciones.
2. Para cada uno de los marcos de tiempo mencionados, el indicador identifica el máximo más alto y el mínimo más bajo dentro de un número específico de barras (10, 30, 60, etc.).
3. Una vez que se identifica un nuevo máximo o mínimo, se dibujan las líneas punteadas correspondientes en el gráfico, extendiéndose desde el punto de inflexión anterior hasta el actual.
El indicador "Swing Action Price" puede ser utilizado por traders para identificar visualmente niveles clave de soporte y resistencia en el mercado. Ayuda a reconocer posibles puntos de inversión o continuación de tendencia, lo que puede ser valioso para tomar decisiones comerciales.
Por favor, ten en cuenta que los indicadores de trading siempre deben utilizarse junto con otras herramientas de análisis técnico y fundamental para tomar decisiones comerciales informadas. El indicador "Swing Action Price" se ofrece bajo la Licencia Pública de Mozilla 2.0, y el nombre de usuario del desarrollador es "damianjorgeportillo".
Recuerda que el rendimiento pasado no garantiza resultados futuros, y es esencial ser cauteloso y aplicar estrategias de gestión de riesgos al operar en los mercados financieros.
Murrey Math Horizontal/Diagonal + Subharmonics 0 - 12 [All-Time]The Murrey Math lines are created by dividing the range between the high and low of the monthly timeframe prices into equal parts based on the division factor from 2 to 12.
No matter which timeframe you will use, because the calculations based on the most high and low price values.
Better to use > monthly timeframe for faster calculations.
These lines serve as potential support and resistance levels.
The midlines are dashed lines representing the midpoint between two consecutive Murrey Math lines.
The diagonal lines can be enabled to show two different types or both types. These lines connect the highs or lows of the price bars in a diagonal manner.
The subharmonic lines represent smaller divisions within each Murrey Math range. They can be customized to show only strong subharmonics or all subharmonics. Subharmonics are calculated based on the division factor and can provide additional support and resistance levels within the Murrey Math framework.
This script helps visualize the Murrey Math levels and their associated lines on a trading chart, aiding traders in identifying potential price levels for decision-making.
The most strong levels which I tested were: 2, 4, 6, 8, 12.
I was inspired by Gann's work and i tried to implement this indicator.
It's the most accurate version of Murrey Math calculations, you can set the value of 8 which Gann was used but I did up to 12 because of my experiments and I would recommend you to use the value of 12.
This indicator can be used for all types of markets.
Also note, that the strong levels described above is tested on division by 12 setting.
Anyway, you can use the divison of 8 and use the standart strong s/r levels.
(for more information search for Gann 2.0 support resistance on the internet).
Also note: this information is not a financial advice, just my opinion to the indicator I implemented. Please use this indicator wisely and focus to save your money, not earn.
I wish you profitable trades, stick to your risk/money management and the key entry points!
Retest Support Resistance Signals [ChartPrime]The Retest Support Resistance Signals Indicator is a powerful tool designed to assist traders in identifying key support and resistance levels within the market. Most importantly and uniquely it identifies retests of these structures and displays them on the trader's chart. By utilizing a combination of pivot points and price action analysis, this indicator offers valuable insights for both signal-based and support/resistance trading strategies.
Key Features & settings:
Retest Confirmation: The indicator waits for a break above a support or resistance level and observes subsequent price action. If price retraces and forms a wick below the level, followed by a bounce, the indicator identifies it as a retest and labels it as "R" to indicate potential support or resistance confirmation.
This indicator combines the benefits of signal-based trading and support/resistance analysis, providing users with a versatile trading tool suitable for various strategies.
Retest Weaker Toggle: Users have the option to enable or disable the retest weaker feature. When enabled, the indicator considers a support or resistance level weaker if it experiences a test. When disabled, the indicator assumes that a bounce may occur from the level.
Pivot Detection Customization: Users can adjust the pivot detection method based on either wicks or bodies. This flexibility allows traders to adapt the indicator to different market conditions and preferences. The trader can also customize the number of bars used for pivot detection on both the left and right sides. This feature enables traders to fine-tune the indicator's sensitivity and responsiveness.
Users also have control over how support or resistance levels are managed on the chart. They can choose to either stop updating the levels (freeze) or completely remove them (delete) from the chart.
Breakout Threshold Setting: Traders can adjust the breakout threshold until deletion setting. This setting determines the number of successful breakouts through a support or resistance level required to remove it from the chart. This feature helps filter out weaker levels and focus on more significant ones.
Shown above we see the retest labels in action denoted with an R label
This indicator can be a useful addition to an SR trader's toolkit. Identifying when a level in the market is retested can reveal interesting information about the underlying strength of a trend. This indicator has been designed with the two major schools of thought; a level gets weaker the more it's tested vs stronger the more it's tested. We have designed this therefore to be versatile and adapt to both thought procceses. The R labels should be taken and considered as a larger part of an analysis process and not followed blindly.
ICT Silver Bullet [LuxAlgo]The ICT Silver Bullet indicator is inspired from the lectures of "The Inner Circle Trader" (ICT) and highlights the Silver Bullet (SB) window which is a specific 1-hour interval where a Fair Value Gap (FVG) pattern can be formed.
When a FVG is formed during the Silver Bullet window, Support & Resistance lines will be drawn at the end of the SB session.
There are 3 different Silver Bullet windows (New York local time):
The London Open Silver Bullet (3 AM — 4 AM ~ 03:00 — 04:00)
The AM Session Silver Bullet (10 AM — 11 AM ~ 10:00 — 11:00)
The PM Session Silver Bullet (2 PM — 3 PM ~ 14:00 — 15:00)
🔶 USAGE
The ICT Silver Bullet indicator aims to provide users a comprehensive display as similar as possible to how anyone would manually draw the concept on their charts.
It's important to use anything below the 15-minute timeframe to ensure proper setups can display. In this section, we are purely using the 3-minute timeframe.
In the image below, we can see a bullish setup whereas a FVG was successfully retested during the Silver Bullet session. This was then followed by a move upwards to liquidity as our target.
Alternatively, you can also see below a bearish setup utilizing the ICT Silver Bullet indicator outlined.
At this moment, the indicator has removed all other FVGs within the Silver Bullet session & has confirmed this FVG as the retested one.
There is also a support level marked below to be used as a liquidity target as per the ICT Silver Bullet concept suggests.
In the below chart we can see 4 separate consecutive examples of bullish & bearish setups on the 3-minute chart.
🔶 CONCEPTS
This technique can visualize potential support/resistance lines, which can be used as targets.
The script contains 2 main components:
• forming of a Fair Value Gap (FVG)
• drawing support/resistance (S/R) lines
🔹 Forming of FVG
1 basic principle: when a FVG at the end of the SB session is not retraced, it will be made invisible.
Dependable on the settings, different FVG's will be shown.
• 'All FVG': all FVG's are shown, regardless the trend
• 'Only FVG's in the same direction of trend': Only FVG's are shown that are similar to the trend at that moment (trend can be visualized by enabling ' Show ' -> ' Trend ')
-> only bearish FVG when the trend is bearish vs. bullish FVG when trend is bullish
• 'strict': Besides being similar to the trend, only FVG's are shown when the closing price at the end of the SB session is:
– below the top of the FVG box (bearish FVG)
– above bottom of the FVG box (bullish FVG)
• 'super-strict': Besides being similar to the trend, only FVG's are shown when the FVG box is NOT broken
in the opposite direction AND the closing price at the end of the SB session is:
– below bottom of the FVG box (bearish FVG)
– above the top of the FVG box (bullish FVG)
' Super-Strict ' mode resembles ICT lectures the most.
🔹 Drawing support/resistance lines
When the SB session has ended, the script draws potential support/resistance lines, again, dependable on the settings.
• Previous session (any): S/R lines are fetched between current and previous session.
For example, when current session is ' AM SB Session (10 AM — 11 AM) ', then previous session is
' London Open SB (3 AM — 4 AM) ', S/R lines between these 2 sessions alone will be included.
• Previous session (similar): S/R lines are fetched between current and previous - similar - session.
For example, when current session is ' London Open SB (3 AM — 4 AM)' , only S/R lines between
current session and previous ' London Open SB (3 AM — 4 AM) ' session are included.
When a new session starts, S/R lines will be removed, except when enabling ' Keep lines (only in strict mode) '
This is not possible in ' All FVG ' or ' Only FVG's in the same direction of trend ' mode, since the chart would be cluttered.
Note that in ' All FVG ' or ' Only FVG's in the same direction of trend ' mode, both, Support/Resistance lines will be shown,
while in Strict/Super-Strict mode:
• only Support lines will be shown if a bearish FVG appears
• only Resistance lines if a bullish FVG is shown
The lines will still be drawn the the end of the SB session, when a valid FVG appears,
but the S/R lines will remain visible and keep being updated until price reaches that line.
This publication contains a "Minimum Trade Framework (mTFW)", which represents the best-case expected price delivery, this is not your actual trade entry - exit range.
• 40 ticks for index futures or indices
• 15 pips for Forex pairs.
When on ' Strict/Super-Strict ' mode, only S/R lines will be shown which are:
• higher than the lowest FVG bottom + mTFW, in a bullish scenario
• lower than the highest FVG bottom - mTFW, in a bearish scenario
When on ' All FVG/Only FVG's in the same direction of trend ' mode, or on non-Forex/Futures/Indices symbols, S/R needs to be higher/lower than SB session high/low.
🔶 SETTINGS
(Check CONCEPTS for deeper insights and explanation)
🔹 Swing settings (left): Sets the length, which will set the lookback period/sensitivity of the Zigzag patterns (which directs the trend)
🔹 Silver Bullet Session; Show SB session: show lines and labels of SB session
Labels can be disabled separately in the ' Style ' section, color is set at the ' Inputs ' section.
🔹 FVG
– Mode
• All FVG
• Only FVG's in the same direction of trend
• Strict
• Super-Strict
– Colors
– Extend: extend till last bar of SB session
🔹 Targets – support/resistance lines
– Previous session (any): S/R lines fetched between current and previous SB session
– Previous session (similar): S/R lines fetched between current and previous similar SB session
– Colors
– Keep lines (only in strict mode)
🔹 Show
– MSS ~ Session: Show Market Structure Shift , only when this happens during a SB session
– Trend: Show trend (Zigzag, colored ~ trend)
Developing Market Profile / TPO [Honestcowboy]The Developing Market Profile Indicator aims to broaden the horizon of Market Profile / TPO research and trading. While standard Market Profiles aim is to show where PRICE is in relation to TIME on a previous session (usually a day). Developing Market Profile will change bar by bar and display PRICE in relation to TIME for a user specified number of past bars.
What is a market profile?
"Market Profile is an intra-day charting technique (price vertical, time/activity horizontal) devised by J. Peter Steidlmayer. Steidlmayer was seeking a way to determine and to evaluate market value as it developed in the day time frame. The concept was to display price on a vertical axis against time on the horizontal, and the ensuing graphic generally is a bell shape--fatter at the middle prices, with activity trailing off and volume diminished at the extreme higher and lower prices."
For education on market profiles I recommend you search the net and study some profitable traders who use it.
Key Differences
Does not have a value area but distinguishes each column in relation to the biggest column in percentage terms.
Updates bar by bar
Does not take sessions into account
Shows historical values for each bar
While there is an entire education system build around Market Profiles they usually focus on a daily profile and in some cases how the value area develops during the day (there are indicators showing the developing value area).
The idea of trading based on a developing value area is what inspired me to build the Developing Market Profile.
🟦 CALCULATION
Think of this Developing Market Profile the same way as you would think of a moving average. On each bar it will lookback 200 bars (or as user specified) and calculate a Market Profile from those bars (range).
🔹Market Profile gets calculated using these steps:
Get the highest high and lowest low of the price range.
Separate that range into user specified amount of price zones (all spaced evenly)
Loop through the ranges bars and on each bar check in which price zones price was, then add +1 to the zones price was in (we do this using the OccurenceArray)
After it looped through all bars in the range it will draw columns for each price zone (using boxes) and make them as wide as the OccurenceArray dictates in number of bars
🔹Coloring each column:
The script will find the biggest column in the Profile and use that as a reference for all other columns. It will then decide for each column individually how big it is in % compared to the biggest column. It will use that percentage to decide which color to give it, top 20% will be red, top 40% purple, top 60% blue, top 80% green and all the rest yellow. The user is able to adjust these numbers for further customisation.
The historical display of the profiles uses plotchar() and will not only use the color of the column at that time but the % rating will also decide transparancy for further detail when analysing how the profiles developed over time. Each of those historical profiles is calculated using its own 200 past bars. This makes the script very heavy and that is why it includes optimisation settings, more info below.
🟦 USAGE
My general idea of the markets is that they are ever changing and that in studying that changing behaviour a good trader is able to distinguish new behaviour from old behaviour and adapt his approach before losing traders "weak hands" do.
A Market Profile can visually show a trader what kind of market environment we currently are in. In training this visual feedback helps traders remember past market environments and how the market behaved during these times.
Use the history shown using plotchars in colors to get an idea of how the Market Profile looked at each bar of the chart.
This history will help in studying how price moves at different stages of the Market Profile development.
I'm in no way an expert in trading Market Profiles so take this information with a grain of salt. Below an idea of how I would trade using this indicator:
🟦 SETTINGS
🔹MARKET PROFILING
Lookback: The amount of bars the Market Profile will look in the past to calculate where price has been the most in that range
Resolution: This is the amount of columns the Market Profile will have. These columns are calculated using the highest and lowest point price has been for the lookback period
Resolution is limited to a maximum of 32 because of pinescript plotting limits (64). Each plotchar() because of using variable colors takes up 2 of these slots
🔹VISUAL SETTINGS
Profile Distance From Chart: The amount of bars the market profile will be offset from the current bar
Border width (MP): The line thickness of the Market Profile column borders
Character: This is the character the history will use to show past profiles, default is a square.
Color theme: You can pick 5 colors from biggest column of the Profile to smallest column of the profile.
Numbers: these are for % to decide column color. So on default top 20% will be red, top 40% purple... Always use these in descending order
Show Market Profile: This setting will enable/disable the current Market Profile (columns on right side of current bar)
Show Profile History: This setting will enable/disable the Profile History which are the colored characters you see on each bar
🔹OPTIMISATION AND DEBUGGING
Calculate from here: The Market Profile will only start to calculate bar by bar from this point. Setting is needed to optimise loading time and quite frankly without it the script would probably exceed tradingview loading time limits.
Min Size: This setting is there to avoid visual bugs in the script. Scaling the chart there can be issues where the Market Profile extends all the way to 0. To avoid this use a minimum size bigger than the bugged bottom box
RSI Chart LevelsThe RSI Chart Levels shows you in a simple way where Support/Resistance might be. You want to make sure all settings are the same in the RSI that you are using with this overlay to be accurate.
This is also good at spotting divergence in real-time. If price goes over the Higher High but the RSI hasn't gained a new Higher High it is showing divergence, vice versa for Lower Low.
This overlay was created with the idea of RSI Divergence Scanner by zdmre indicator. Add his RSI and match the settings to the chart overlay. The default Zigzag is set to 7 which zdmre settings is different so change to whatever you prefer.
Shoutout to zdmre original work!
Predictive Ranges [LuxAlgo]The Predictive Ranges indicator aims to efficiently predict future trading ranges in real-time, providing multiple effective support & resistance levels as well as indications of the current trend direction.
Predictive Ranges was a premium feature originally released by LuxAlgo in 2020.
The feature was discontinued & made legacy, however, due to its popularity and reproduction attempts, we deemed it necessary to release it open source to the community.
🔶 USAGE
The primary purpose of this indicator is to provide potential support & resistance levels on the chart by estimating future trading ranges.
When the price reaches one of the upper/lower levels of the Predictive Ranges we can expect the price to reverse.
If the price exits the predicted range, new levels are given in real-time & they do not repaint. Higher "Factor" values allow returning longer term and wider ranges less susceptible to be exited.
🔹 Estimating Trend Directions
Users are able to easily estimate trend directions by looking at the central levels of the predictive ranges, which represent an estimate of the price central tendency.
If this central level increases it means the price is up-trending, if it is decreasing price is down-trending.
🔶 SETTINGS
Length: ATR Length used for the indicator calculation. Higher values will tend to return ranges of equal width.
Factor: Control the ranges width. Higher values will return less frequent ranges, each having a higher width.
Timeframe: Indicator timeframe output.
Source: Input source of the indicator. It is recommended to use input sources on the same scale as the price.
Liquidity Sentiment Profile [LuxAlgo]The Liquidity Sentiment Profile is an advanced charting tool that measures by combining PRICE and VOLUME data over specified anchored periods and highlights within a sequence of profiles the distribution of the liquidity and the market sentiment at specific price levels.
The Liquidity Sentiment Profile allows traders to reveal significant price levels, dominant market sentiment, support and resistance levels, supply and demand zones, liquidity availability levels, liquidity gaps, consolidation zones, and more based on price and volume data.
Liquidity refers to the availability of orders at specific price levels in the market, allowing transactions to occur smoothly.
🔶 USAGE
A Liquidity Sentiment Profile is a combination of a liquidity and a sentiment profile, where the right part of the profile displays the distribution of the traded activity at different price levels and the left part displays the market sentiment at those price levels.
The Liquidity Sentiment Profiles are visualized with different colors, where each color has a different meaning.
The Liquidity Sentiment Profiles aim to present Value Areas based on the significance of price levels, thus allowing users to identify value areas that can be formed more than once within the range of a single profile.
Level of Significance Line - displays the changes in the price levels with the highest traded activity (developing POC)
🔶 SETTINGS
The script takes into account user-defined parameters and plots the profiles, where detailed usage for each user-defined input parameter in indicator settings is provided with the related input's tooltip.
🔹 Liquidity Sentiment Profiles
Anchor Period: The indicator resolution is set by the input of the Anchor Period, the default option is AUTO.
🔹 Liquidity Profile Settings
Liquidity Profile: Toggles the visibility of the Liquidity Profiles
High Traded Nodes: Threshold and Color option for High Traded Nodes
Average Traded Nodes: Color option for Average Traded Nodes
Low Traded Nodes: Threshold and Color option for Low Traded Nodes
🔹 Sentiment Profile Settings
Sentiment Profile: Toggles the visibility of the Sentiment Profiles
Bullish Nodes: Color option for Bullish Nodes
Bearish Nodes: Color option for Bearish Nodes
🔹 Other Settings
Level of Significance: Toggles the visibility of the Level of Significance Line
Profile Price Levels: Toggles the visibility of the Profile Price Levels
Number of Rows: Specify how many rows each profile histogram will have. Caution, having it set to high values will quickly hit Pine Script™ drawing objects limit and fewer historical profiles will be displayed
Profile Width %: Alters the width of the rows in the histogram, relative to the profile length
Profile Range Background Fill: Toggles the visibility of the Profiles Range
🔶 LIMITATIONS
The amount of drawing objects that can be used is limited, as such using a high number of rows can display fewer historical profiles and occasionally incomplete profiles.
🔶 RELATED SCRIPTS
🔹 Buyside-Sellside-Liquidity
🔹 ICT-Concepts
🔹 Swing-Volume-Profiles
Dynamic Trailing Support & ResistanceDynamic Trailing Support & Resistance (DTSR) :
Hello Traders !!
DTSR is an objective dynamic support and resistance zone channel, Unlike subjective technical analysis DTSR finds S&R zones by calculating a range threshold within a given range over a specified lookback. FIB (Fibonacci) 38.2% and 61.8% retracement zones are also plotted for intermediate zones of resistance / support within the main resistance / support zones.
Plots
▾ <=> Close or high >= Trailing Resistance
▴ <=> Close or low <= Trailing Support
HH = The Highest High over the given Lookback period
LL = Lowest Low over the given Lookback period
Proximal Lines = The trailing S&R zones over the given lookback
Distal Lines = The HH or LL over the given lookback
DTSR Formula
note : This idea is not original to me, and was inspired by another creators work
Yearly High & LowThe "Yearly High & Low" indicator shows the yearly high and low prices on the chart, providing you with key price levels for each year. It helps you identify significant price ranges and potential support and resistance areas.
Features:
Start Year and End Year: Define the starting and ending years to display the highs and lows within a specific period.
Show Highs and Lows: Toggle the visibility of the yearly high and low lines to focus on specific price levels.
Show Price: Display the price alongside the yearly high and low labels for precise price level identification.
High Colour and Low Colour: Customise the colour of the yearly high and low lines to match your chart preferences.
Supply and Demand Daily [LuxAlgo]The Supply and Demand Daily indicator displays daily supply and demand areas on the user's chart. These areas are constructed using the market data within a previous daily interval.
This script makes use of the same logic as our previous Supply and Demand Visible Range indicator .
🔶 USAGE
The supply/demand areas & levels displayed by the indicator aim to provide potential support/resistance levels for users. Supply areas highlight where buyers are willing to exit the market and sell the asset, thus providing resistance and potentially causing prices to reverse or bounce back downwards, while demand areas highlights where buyers were willing to purchase the asset, thus providing support and potentially causing prices to reverse or bounce back upwards.
Historical areas allow the user to study the evolution of supply/demand from one day to another. Wider areas highlight prices avoiding reverting to this area, while thinner areas highlight prices returning more frequently to them.
Trends can be determined by looking at the price position relative to the previous day's supply/demand areas. Price breaking down from the demand zone is indicative of a downtrend, while price breaking above the supply zone is indicative of an uptrend.
Pullback/throwback scenarios can also be common using this indicator.
🔶 SETTINGS
Threshold %: Percentage of the total visible range volume used as a threshold to set supply/demand areas. Higher values return wider areas.
Resolution: Determines the number of bins used to find each area. Higher values will return more precise results.
Intra-bar TF: Timeframe used to obtain intra-bar data.
🔶 RELATED SCRIPTS
Range H/L Buy and Sell SignalThe "Range H/L Buy and Sell Signal" indicator is designed to identify potential buy and sell signals based on a specified price range and market volatility. This indicator can be used in the TradingView platform to assist traders in making informed decisions.
The indicator allows customization of several parameters to adapt to different trading strategies. These parameters include the start and end times for the price range, the volatility threshold, and the desired breakout conditions.
To begin, the indicator calculates the range start and end timestamps based on the provided hours and minutes. This defines the time period within which the indicator will analyze price movements.
Next, the indicator determines the highest high (High) and lowest low (Low) within the specified price range. These levels represent the upper and lower boundaries of the range and act as potential breakout points.
Volatility is also taken into account to filter out false signals. The indicator calculates the true range and the average true range over a period of 14 bars. The true range measures the price range from the current high to low, while the average true range provides an indication of market volatility.
Based on the breakout conditions and the volatility threshold, buy and sell signals are generated. A buy signal occurs when the closing price crosses above the High and the true range is greater than the volatility threshold multiplied by the average true range. Conversely, a sell signal is triggered when the closing price crosses below the Low and the true range exceeds the volatility threshold multiplied by the average true range.
The indicator visually displays the High and Low levels as plotted lines on the chart. Additionally, it marks the buy signals with green labels labeled "BUY" below the corresponding bars and the sell signals with red labels labeled "SELL" above the bars.
It is important to note that this indicator should be used in conjunction with other technical analysis tools and indicators for comprehensive market analysis. Trading always carries risks, and it is crucial to exercise caution and conduct thorough analysis before making any trading decisions.
Divergent Trades LLC:
Disclaimer: The information provided by the Divergent Trades LLC indicator is for educational and informational purposes only. It should not be considered financial advice or a recommendation to buy, sell, or trade any financial instrument. Divergent Trades LLC is not responsible for any losses incurred as a result of using this indicator. Trading in the financial markets carries a high level of risk and may not be suitable for all investors. Before making any investment decisions, please consult with a financial advisor and do your own due diligence. Past performance is not indicative of future results. By using the Divergent Trades LLC indicator, you acknowledge that you have read and understand this disclaimer and agree to its terms and conditions.
HTF Candle Support & Resistance «NoaTrader»This script uses higher timeframe candle's High, Low & Close as a source for drawing a line representing potential Supports and Resistances.
The more lines you see on a level, probably the more important that level is.
The script has a single input for setting the source candle's timeframe, so it can be used on any timeframe with the proper settings. For example, higher timeframes like weekly and monthly can use "3M" or "12M" settings, Daily timeframes with "W", or even lower timeframes like minutes and seconds with "240" and "60" (M means monthly candle, W is weekly, and numbers are for minutes.)
As you can see on the code:
Red lines represent candle's High.
Green lines represent candle's Low.
Blue lines represent candle's Close.
Give it a try on different timeframes with different settings to see interesting gaps between lines!
Market Structure CHoCH/BOS (Fractal) [LuxAlgo]The Market Structure CHoCH/BOS (Fractal) indicator is an experimental take on classical market structure, whereas fractal patterns are used for their construction instead of swing points.
Compared to utilizing swing points for highlighting market structure like our Smart Money Concepts indicator , fractal-based market structure can appear as more adaptive, however, it can also be more restrictive when it comes to returning swing points which can cause the indicator to miss reversals in some cases.
If enabled from within the settings, users can see support and resistance levels returned from the detected market structure with breakouts highlighted on the chart. Alongside this feature, an additional dashboard showing the structure to fractal structure percentage is also provided.
🔶 SETTINGS
Length: Length of the fractal patterns to detect.
🔹 Style
Bullish Structures: Show bullish structures.
Bearish Structures: Show bullish structures.
Support: Show support levels.
Resistance: Show resistance levels.
🔹 Dashboard
Show Dashboard: Show structure to fractal percentage dashboard on the chart.
Location: Location of the dashboard on the chart.
Size: Dashboard size.
🔶 USAGE
Market structure is commonly used to determine trend direction by using price positions relative to prior swing points. Using fractal patterns to determine market structure can allow users to obtain shorter, more frequent structure labels.
Market structure is commonly classified as follows:
Change of Character (CHoCH), also referred to as Market Structure Shift (MSS)
Break of Structure (BOS), also referred to as Market Structure Break (MSB)
Change of Characters indicate a shift in the market trend, confirming trend reversals. Break of Structures on the other hand occur once a trend is already determined, confirming new higher highs/lower lows.
Using higher length values allow users to detect longer-term fractals, thus highlighting longer-term market structures. The image above detects fractal patterns made of 7 candles, even if the increment is only of 2 bars this significantly reduces the amount of detected market structure labels.
The result obtained by utilizing fractals and higher settings can be a more dynamic view of market structure, however, as seen in the image above this can introduce very significant delay compared to utilizing pure swing points.
🔹 Support/Resistance
The indicator also returns support/resistance levels constructed from the market structure, these levels are obtained similarly to order blocks, finding the minimum on the interval of a bullish market structure and the maximum of a bearish market structure.
Price reaching a support/resistance level can be expected to bounce from it. Once a level is broken, the support/resistance level will no longer extend, and a circle will be displayed highlighting the break.
While utilizing this script for fractal-based market structure, these levels can be useful to ensure all swing points are still considered by the user with the possibility of the indicator missing reversals due to its calculation not being based on swing points themselves.
🔹 Dashboard
The dashboard reports the structure to fractal percentage, that is the amount of bullish/bearish market structures relative to the total amount of detected bullish/bearish fractal patterns.
This allows us to see how often a detected fractal pattern is used to display a market structure.
🔶 DETAILS
🔹 Fractals
In the context of technical analysis, Fractals refer to specific patterns that exhibit self-similarity at different scales or timeframes.
The most commonly known fractal pattern consists of a consecutive sequence of candles (more commonly 5), with the central candle being the lowest (in case of a bullish fractal) or highest (in case of a bearish fractal).
A bullish fractal has candles on the right side of the central candle with increasing lows, while candles on the left side have decreasing lows.
A bearish fractal has candles on the right side of the central candle with decreasing highs, while candles on the left side have increasing highs.
🔶 RELATED SCRIPTS
🔹 Smart Money Concepts
🔹 Market Structure Trailing Stop
🔹 ICT Concepts
Displacement (Two FVGs)A simple indicator that attempts to identify displacement in price by alerting you when two simultaneous Fair Value Gaps (FVGs) occur.
When two fair value gaps occur, the indicator will print a green bar (if bullish) or a red bar (if bearish). If you right click on the indicator you can turn on alerts that will pop up every time a dual FVG occurs.
Fair Value Gaps are most commonly used amongst price action traders and are defined as instances in which there are inefficiencies, or imbalances, in the market.
The concept for this indicator is very simple. Apply it to your chart and enable alerts on the instruments and timeframe you trade. When you get an alert, it could indicate larger players getting involved.
This is NOT a trading strategy. Its intention is to save time by alerting you to large imbalances in price on the instruments you trade.
Broadening Formations [QuantVue]Broadening formations are common chart patterns observed by technical traders. A broadening formation is formed when the volatility of an asset increases, thus expanding the range of its price resulting in higher highs and lower lows.
The Broadening Trendline indicator, works by looking for pivot points where a higher high or lower low is made compared to the previous pivot point. If a top and bottom line are detected a broadening formation is formed.
Indicator includes alerts, custom colors and styles, the ability to see previous trendlines, and notifications when a trendline is crossed.
Don't hesitate to reach out with any questions or concerns.
We hope you enjoy!
Cheers.
Session Bar Color (US Time)This script is designed to change the color of bars on a trading chart based on different trading sessions in Eastern Time (ET). It is different from currently published scripts in that it specifically focuses on US time sessions and provides a customizable approach to defining and coloring each session.
To use this script, you can apply it to a chart by selecting it from the list of available indicators or overlays.
The script is meant for traders who are interested in visualizing different trading sessions on their charts. By coloring the bars based on session boundaries, it can help traders quickly identify session changes and potentially adjust their trading strategies accordingly. Mostly it's used to draw the high and low zones of each session.
The markets this script is suitable for are those that operate within the US time zones, as it specifically focuses on Eastern Time (ET) sessions. It can be used for various types of markets, including stocks, futures, and forex.
The conditions for each session are defined using the input. session function, which allows you to specify the start and end times for each session. The script includes four sessions: Asian, London, USA, and New York. By modifying the defval parameter for each session input, you can customize the session times to fit your specific trading preferences or time zone.
The script uses the time function to check if the current bar falls within a particular session. If the condition is met, it sets the color of the bar using the bar color function. Each session is assigned a different color: black for the Asian session, teal for the London session, a custom RGB color (dark red) for the USA session, and red for the New York session.
It's important to note that this script assumes the time zone of the trading platform is set to "Etc/GMT+4" to align with Eastern Time (ET). If your platform uses a different time zone, you may need to adjust the time function calls to match your desired time zone.
Support & Resistance ParserI've created a user-friendly trading indicator that interprets and visually presents support and resistance levels, transforming raw data into actionable insights.
Here's a glimpse of what you might encounter:
Today's trigger points (ES)
Support: 4264.5,4220.75,4131.5,4164.5,3980.75,4182.5,4174.25,4120,4112.25,4089.25,4085.75
Resistance: 4299.75,4304.5,4316.75,4345.25,4331.75
This is how it works:
1. Copy the series of support and resistance figures, ie just the comma separated numbers
2. Paste each series into their respective setting in the indicator.
3. The indicator parses the data, understanding the sequence and importance of each figure.
4. It then draws the corresponding support and resistance lines on your trading chart.
Chart would appear similar to the following:
This tool distinguishes itself with its user-friendly features. Each line comes with adjustable labels, enabling users to personalize their visualization. This makes the data more intuitive and easier to comprehend, enhancing decision-making during trades.
Note: The indicator includes limited error handling capabilities.
Make the most out of your trading journey with this intuitive and customizable tool, specifically designed to turn raw data into valuable trading insights.
Best Support And Resistance Indicator V1 [ForexBee]This Indicator Identifies and draws the support and resistance Zones On the Chart
🔶Overview
The support and resistance indicator is a technical indicator that will plot the support zone and resistance zone on the candlestick chart. It determines the price touches to find the strong support resistance zones.
The support and resistance indicator is the most basic technical analysis in trading. Instead of drawing zones manually, this indicator can save you time by plotting zones automatically.
🔶Working
There are specific characteristics of a valid support and resistance zone. Price always bounces upward from the support zone while it bounces downward from the resistance zone. On the other hand, when a breakout of the support or resistance zone happens, the price trends toward the breakout.
🔶Valid support zone
When the price touches a zone two to three times and bounces in a bullish direction, it is a good support zone.
The main point is that you should always find the bounces in clear price swings. The touches or bounces of the price must not be in the form of a choppy market. Price always moves in the form of swings or waves.
🔶Valid resistance zone
When the price touches a zone two to three times with a bounce in a bearish direction, then a valid resistance zone forms.
Here the price bounces must be in the form of swings or waves. You must avoid a choppy market.
So the support and resistance zone indicator finds these parameters on the chart and draws only valid zones.
🔶Settings of indicator
There are two inputs available in the indicator.
Number of bars for swing
The number of bars for the swing bars represents the size of the swing for a valid support or resistance touch. This parameter helps to filter the ranging price. the default value is 10.
Number of Tests for valid support and resistance
In this indicator, the number of pivots represents the support or resistance touches. so if you select the number 3, the indicator will only draw a zone with three touches.
🔶Features
There are the following features that this indicator identifies automatically, so you don’t need to do manual work.
Identify the valid support and resistance zones
Add the confluence of swings or waves during zone identification
Choppy market filter
We are also adding the feature of a candlestick pattern at the zone, which will be added in the next update.
