Power Trends [UkutaLabs]█ OVERVIEW
The Power Trends Indicator is a versatile trading toolkit that offers unique insight into key price levels in the market. This script uses currently relevant price-action information to automatically detect pivot levels and use them to create powerful trendlines.
The aim of this script is to improve the trading experience of users by offering a versatile toolkit that can be used in a wide variety of trading strategies to help simplify the complexities of the market.
█ USAGE
The Power Trends Indicator will automatically identify pivot points in real-time using recent price-action information to ensure that all points being identified are relevant. Using these pivot points, the script then draws powerful trend lines that can be used as levels of resistance and support.
To ensure that only the most relevant information is being presented, only the most recent trend lines will be displayed on the user’s charts. As new trend lines are being drawn, older trend lines will become thinner so that traders can identify the most relevant lines at a glance.
The price of the most recent high and low pivot points will also be displayed on the chart and can be used as further levels of resistance and support.
When a recent pivot level is broken, it will be identified as a Break of Structure. This signifies that there may have been a change in market strength.
The Power Trends Indicator also supports multiple time frame mapping, allowing you to mirror the trend lines that would be drawn on higher time frame charts onto lower time frame charts. This feature allows traders to be aware of the market structure of multiple charts at a glance from a single chart.
When mirroring some higher time frame trend lines, lines may appear to not align properly with current time frame bars. This is done intentionally to ensure lines are being drawn accurately to their position on the higher time frame charts.
█ SETTINGS
Current Time Frame
• Display (On/Off): Determines whether or not trend lines are drawn from the current time frame.
• High Color: Determines the color of trend lines drawn on high pivots.
• Low Color: Determines the color of trend lines drawn on low pivots.
5 Minute (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the 5 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 5 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 5 minute higher time frame.
15 Minute (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the 15 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 15 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 15 minute higher time frame.
30 Minute (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the 30 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 30 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 30 minute higher time frame.
60 Minute (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the 60 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 60 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 60 minute higher time frame.
240 Minute (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the 240 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 240 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 240 minute higher time frame.
Daily (Higher Time Frame)
• Display (On/Off): Determines whether or not trend lines are drawn from the daily time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the daily higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the daily higher time frame.
Trend Analysis
Six PillarsGeneral Overview
The "Six Pillars" indicator is a comprehensive trading tool that combines six different technical analysis methods to provide a holistic view of market conditions.
These six pillars are:
Trend
Momentum
Directional Movement (DM)
Stochastic
Fractal
On-Balance Volume (OBV)
The indicator calculates the state of each pillar and presents them in an easy-to-read table format. It also compares the current timeframe with a user-defined comparison timeframe to offer a multi-timeframe analysis.
A key feature of this indicator is the Confluence Strength meter. This unique metric quantifies the overall agreement between the six pillars across both timeframes, providing a score out of 100. A higher score indicates stronger agreement among the pillars, suggesting a more reliable trading signal.
I also included a visual cue in the form of candle coloring. When all six pillars agree on a bullish or bearish direction, the candle is colored green or red, respectively. This feature allows traders to quickly identify potential high-probability trade setups.
The Six Pillars indicator is designed to work across multiple timeframes, offering a comparison between the current timeframe and a user-defined comparison timeframe. This multi-timeframe analysis provides traders with a more comprehensive understanding of market dynamics.
Origin and Inspiration
The Six Pillars indicator was inspired by the work of Dr. Barry Burns, author of "Trend Trading for Dummies" and his concept of "5 energies." (Trend, Momentum, Cycle, Support/Resistance, Scale) I was intrigued by Dr. Burns' approach to analyzing market dynamics and decided to put my own twist upon his ideas.
Comparing the Six Pillars to Dr. Burns' 5 energies, you'll notice I kept Trend and Momentum, but I swapped out Cycle, Support/Resistance, and Scale for Directional Movement, Stochastic, Fractal, and On-Balance Volume. These changes give you a more dynamic view of market strength, potential reversals, and volume confirmation all in one package.
What Makes This Indicator Unique
The standout feature of the Six Pillars indicator is its Confluence Strength meter. This feature calculates the overall agreement between the six pillars, providing traders with a clear, numerical representation of signal strength.
The strength is calculated by considering the state of each pillar in both the current and comparison timeframes, resulting in a score out of 100.
Here's how it calculates the strength:
It considers the state of each pillar in both the current timeframe and the comparison timeframe.
For each pillar, the absolute value of its state is taken. This means that both strongly bullish (2) and strongly bearish (-2) states contribute equally to the strength.
The absolute values for all six pillars are summed up for both timeframes, resulting in two sums: current_sum and alternate_sum.
These sums are then added together to get a total_sum.
The total_sum is divided by 24 (the maximum possible sum if all pillars were at their strongest states in both timeframes) and multiplied by 100 to get a percentage.
The result is rounded to the nearest integer and capped at a minimum of 1.
This calculation method ensures that the Confluence Strength meter takes into account not only the current timeframe but also the comparison timeframe, providing a more robust measure of overall market sentiment. The resulting score, ranging from 1 to 100, gives traders a clear and intuitive measure of how strongly the pillars agree, with higher scores indicating stronger potential signals.
This approach to measuring signal strength is unique in that it doesn't just rely on a single aspect of price action or volume. Instead, it takes into account multiple factors, providing a more robust and reliable indication of potential market moves. The higher the Confluence Strength score, the more confident traders can be in the signal.
The Confluence Strength meter helps traders in several ways:
It provides a quick and easy way to gauge the overall market sentiment.
It helps prioritize potential trades by identifying the strongest signals.
It can be used as a filter to avoid weaker setups and focus on high-probability trades.
It offers an additional layer of confirmation for other trading strategies or indicators.
By combining the Six Pillars analysis with the Confluence Strength meter, I've created a powerful tool that not only identifies potential trading opportunities but also quantifies their strength, giving traders a significant edge in their decision-making process.
How the Pillars Work (What Determines Bullish or Bearish)
While developing this indicator, I selected and configured six key components that work together to provide a comprehensive view of market conditions. Each pillar is set up to complement the others, creating a synergistic effect that offers traders a more nuanced understanding of price action and volume.
Trend Pillar: Based on two Exponential Moving Averages (EMAs) - a fast EMA (8 period) and a slow EMA (21 period). It determines the trend by comparing these EMAs, with stronger trends indicated when the fast EMA is significantly above or below the slow EMA.
Directional Movement (DM) Pillar: Utilizes the Average Directional Index (ADX) with a default period of 14. It measures trend strength, with values above 25 indicating a strong trend. It also considers the Positive and Negative Directional Indicators (DI+ and DI-) to determine trend direction.
Momentum Pillar: Uses the Moving Average Convergence Divergence (MACD) with customizable fast (12), slow (26), and signal (9) lengths. It compares the MACD line to the signal line to determine momentum strength and direction.
Stochastic Pillar: Employs the Stochastic oscillator with a default period of 13. It identifies overbought conditions (above 80) and oversold conditions (below 20), with intermediate zones between 60-80 and 20-40.
Fractal Pillar: Uses Williams' Fractal indicator with a default period of 3. It identifies potential reversal points by looking for specific high and low patterns over the given period.
On-Balance Volume (OBV) Pillar: Incorporates On-Balance Volume with three EMAs - short (3), medium (13), and long (21) periods. It assesses volume trends by comparing these EMAs.
Each pillar outputs a state ranging from -2 (strongly bearish) to 2 (strongly bullish), with 0 indicating a neutral state. This standardized output allows for easy comparison and aggregation of signals across all pillars.
Users can customize various parameters for each pillar, allowing them to fine-tune the indicator to their specific trading style and market conditions. The multi-timeframe comparison feature also allows users to compare pillar states between the current timeframe and a user-defined comparison timeframe, providing additional context for decision-making.
Design
From a design standpoint, I've put considerable effort into making the Six Pillars indicator visually appealing and user-friendly. The clean and minimalistic design is a key feature that sets this indicator apart.
I've implemented a sleek table layout that displays all the essential information in a compact and organized manner. The use of a dark background (#030712) for the table creates a sleek look that's easy on the eyes, especially during extended trading sessions.
The overall design philosophy focuses on presenting complex information in a simple, intuitive format, allowing traders to make informed decisions quickly and efficiently.
The color scheme is carefully chosen to provide clear visual cues:
White text for headers ensures readability
Green (#22C55E) for bullish signals
Blue (#3B82F6) for neutral states
Red (#EF4444) for bearish signals
This color coding extends to the candle coloring, making it easy to spot when all pillars agree on a bullish or bearish outlook.
I've also incorporated intuitive symbols (↑↑, ↑, →, ↓, ↓↓) to represent the different states of each pillar, allowing for quick interpretation at a glance.
The table layout is thoughtfully organized, with clear sections for the current and comparison timeframes. The Confluence Strength meter is prominently displayed, providing traders with an immediate sense of signal strength.
To enhance usability, I've added tooltips to various elements, offering additional information and explanations when users hover over different parts of the indicator.
How to Use This Indicator
The Six Pillars indicator is a versatile tool that can be used for various trading strategies. Here are some general usage guidelines and specific scenarios:
General Usage Guidelines:
Pay attention to the Confluence Strength meter. Higher values indicate stronger agreement among the pillars and potentially more reliable signals.
Use the multi-timeframe comparison to confirm signals across different time horizons.
Look for alignment between the current timeframe and comparison timeframe pillars for stronger signals.
One of the strengths of this indicator is it can let you know when markets are sideways – so in general you can know to avoid entering when the Confluence Strength is low, indicating disagreement among the pillars.
Customization Options
The Six Pillars indicator offers a wide range of customization options, allowing traders to tailor the tool to their specific needs and trading style. Here are the key customizable elements:
Comparison Timeframe:
Users can select any timeframe for comparison with the current timeframe, providing flexibility in multi-timeframe analysis.
Trend Pillar:
Fast EMA Period: Adjustable for quicker or slower trend identification
Slow EMA Period: Can be modified to capture longer-term trends
Momentum Pillar:
MACD Fast Length
MACD Slow Length
MACD Signal Length These can be adjusted to fine-tune momentum sensitivity
DM Pillar:
ADX Period: Customizable to change the lookback period for trend strength measurement
ADX Threshold: Adjustable to define what constitutes a strong trend
Stochastic Pillar:
Stochastic Period: Can be modified to change the sensitivity of overbought/oversold readings
Fractal Pillar:
Fractal Period: Adjustable to identify potential reversal points over different timeframes
OBV Pillar:
Short OBV EMA
Medium OBV EMA
Long OBV EMA These periods can be customized to analyze volume trends over different timeframes
These customization options allow traders to experiment with different settings to find the optimal configuration for their trading strategy and market conditions. The flexibility of the Six Pillars indicator makes it adaptable to various trading styles and market environments.
Markov Chain Trend IndicatorOverview
The Markov Chain Trend Indicator utilizes the principles of Markov Chain processes to analyze stock price movements and predict future trends. By calculating the probabilities of transitioning between different market states (Uptrend, Downtrend, and Sideways), this indicator provides traders with valuable insights into market dynamics.
Key Features
State Identification: Differentiates between Uptrend, Downtrend, and Sideways states based on price movements.
Transition Probability Calculation: Calculates the probability of transitioning from one state to another using historical data.
Real-time Dashboard: Displays the probabilities of each state on the chart, helping traders make informed decisions.
Background Color Coding: Visually represents the current market state with background colors for easy interpretation.
Concepts Underlying the Calculations
Markov Chains: A stochastic process where the probability of moving to the next state depends only on the current state, not on the sequence of events that preceded it.
Logarithmic Returns: Used to normalize price changes and identify states based on significant movements.
Transition Matrices: Utilized to store and calculate the probabilities of moving from one state to another.
How It Works
The indicator first calculates the logarithmic returns of the stock price to identify significant movements. Based on these returns, it determines the current state (Uptrend, Downtrend, or Sideways). It then updates the transition matrices to keep track of how often the price moves from one state to another. Using these matrices, the indicator calculates the probabilities of transitioning to each state and displays this information on the chart.
How Traders Can Use It
Traders can use the Markov Chain Trend Indicator to:
Identify Market Trends: Quickly determine if the market is in an uptrend, downtrend, or sideways state.
Predict Future Movements: Use the transition probabilities to forecast potential market movements and make informed trading decisions.
Enhance Trading Strategies: Combine with other technical indicators to refine entry and exit points based on predicted trends.
Example Usage Instructions
Add the Markov Chain Trend Indicator to your TradingView chart.
Observe the background color to quickly identify the current market state:
Green for Uptrend, Red for Downtrend, Gray for Sideways
Check the dashboard label to see the probabilities of transitioning to each state.
Use these probabilities to anticipate market movements and adjust your trading strategy accordingly.
Combine the indicator with other technical analysis tools for more robust decision-making.
First 5-Minute Candle BoxTitle: "First 5-Minute Candle Box Indicator"
Description:
Introducing the "First 5-Minute Candle Box" indicator for TradingView! This powerful script is designed to help traders visualize and analyze the high and low prices of the first 5-minute candle of each trading day. By clearly marking this crucial price range, traders can gain valuable insights into potential support and resistance levels right from the start of the trading session.
Features:
First 5-Minute Candle High and Low: Automatically captures and displays the high and low prices of the first 5-minute candle of the trading day, providing key levels for intraday trading strategies.
Daily Reset: Resets the high and low variables at the beginning of each new trading day to ensure accurate data capture for the current session.
Visual Box Representation: Draws a visual rectangle box on the chart from the start of the trading day to the end, highlighting the range between the high and low of the first 5-minute candle.
Customizable Appearance: The box is drawn with a customizable border color and background color, allowing traders to personalize the indicator to their chart's aesthetic.
Usage:
Add the indicator to your TradingView chart to automatically display the high and low of the first 5-minute candle of each trading day.
Utilize these levels as potential support and resistance zones for your intraday trading strategies.
Gain an early edge in your trading day by identifying key price levels right from the market open.
Code Explanation:
Variable Initialization: The script initializes variables to store the high and low prices of the first 5-minute candle.
Daily Reset Logic: At the start of a new day, the variables are reset to ensure they capture the correct data for the new trading session.
Price Capture Logic: The high and low prices of the first 5-minute candle are captured and stored.
Box Drawing Logic: The script defines the start and end times for the visual box and draws the rectangle if the high and low prices are set.
Customizable Box: The box is drawn with specified colors and border properties, providing a clear visual representation on the chart.
Enhance your trading analysis with the "First 5-Minute Candle Box" indicator. Add it to your TradingView chart today and start leveraging the power of early price action!
Biquad MACDThis indicator reimagines the traditional MACD by incorporating a biquad band pass filter, offering a refined approach to identifying momentum and trend changes in price data. The standard MACD is essentially a band pass filter, but often it lacks precision. The biquad band pass filter addresses this limitation by providing a more focused frequency range, enhancing the quality of signals.
The MACD Length parameter determines the length of the band pass filter, influencing the frequency range that is isolated. Adjusting this length allows you to focus on different parts of the price movement spectrum.
The Bandwidth (BW) setting controls the width of the frequency band in octaves. It affects the smoothness of the MACD line. A larger bandwidth results in less smooth output, capturing a broader range of frequencies, while a smaller bandwidth focuses on a narrower range, providing a smoother signal.
The Signal Length parameter sets the period for the exponential moving average of the MACD line, which acts as a signal line to identify potential buy and sell points.
Key Features of the Biquad MACD
The MACD is a well-known momentum indicator used to identify changes in the strength, direction, momentum, and duration of a trend in a stock's price. By applying a biquad band pass filter, this version of the MACD provides a more refined and accurate representation of price movements.
The biquad filter offers smooth response and minimal phase distortion, making it ideal for technical analysis. The customizable MACD length and bandwidth allow for flexible adaptation to different trading strategies and market conditions. The signal line smooths the MACD values, providing clear crossover points to indicate potential market entry and exit signals.
The histogram visually represents the difference between the MACD and the signal line, changing colors to indicate rising or falling momentum, which helps in quickly identifying trend changes.
By incorporating the Biquad MACD into your trading toolkit, you can enhance your chart analysis with clearer insights into momentum and trend changes, leading to more informed trading decisions.
Stochastic Biquad Band Pass FilterThis indicator combines the power of a biquad band pass filter with the popular stochastic oscillator to provide a unique tool for analyzing price movements.
The Filter Length parameter determines the center frequency of the biquad band pass filter, affecting which frequency band is isolated. Adjusting this parameter allows you to focus on different parts of the price movement spectrum.
The Bandwidth (BW) controls the width of the frequency band in octaves. It represents the bandwidth between -3 dB frequencies for the band pass filter. A narrower bandwidth results in a more focused filtering effect, isolating a tighter range of frequencies.
The %K Length parameter sets the period for the stochastic calculation, determining the range over which the stochastic values are calculated.
The %K Smoothing parameter applies a simple moving average to the %K values to smooth out the oscillator line.
The %D Length parameter sets the period for the %D line, which is a simple moving average of the %K line, providing a signal line for the oscillator.
Key Features of the Stochastic Biquad Band Pass Filter
Biquad filters are known for their smooth response and minimal phase distortion, making them ideal for technical analysis. In this implementation, the biquad filter is configured as a band pass filter, which allows frequencies within a specified band to pass while attenuating frequencies outside this band. This is particularly useful in trading to isolate specific price movements, making it easier to detect patterns and trends within a targeted frequency range.
The stochastic oscillator is a popular momentum indicator that shows the location of the close relative to the high-low range over a set number of periods. Combining it with a biquad band pass filter enhances its effectiveness by focusing on specific frequency bands of price movements.
By incorporating this stochastic biquad band pass filter into your trading toolkit, you can enhance your chart analysis with clearer insights into specific frequency bands of price movements, leading to more informed trading decisions.
Biquad High Pass FilterThis indicator utilizes a biquad high pass filter to filter out low-frequency components from price data, helping traders focus on high-frequency movements and detect rapid changes in trends.
The Length parameter determines the cutoff frequency of the filter, affecting how quickly the filter responds to changes in price. A shorter length allows the filter to react more quickly to high-frequency movements.
The Q Factor controls the sharpness of the filter. A higher Q value results in a more precise filtering effect by narrowing the frequency band. However, be cautious when setting the Q factor too high, as it can induce resonance, amplifying certain frequencies and potentially making the filter less effective by introducing unwanted noise.
Key Features of Biquad Filters
Biquad filters are a type of digital filter that provides a combination of low-pass, high-pass, band-pass, and notch filtering capabilities. In this implementation, the biquad filter is configured as a high pass filter, which allows high-frequency signals to pass while attenuating lower-frequency components. This is particularly useful in trading to highlight rapid price movements, making it easier to spot short-term trends and patterns.
Biquad filters are known for their smooth response and minimal phase distortion, making them ideal for technical analysis. The customizable length and Q factor allow for flexible adaptation to different trading strategies and market conditions. Designed for real-time charting, the biquad filter operates efficiently without significant lag, ensuring timely analysis.
By incorporating this biquad high pass filter into your trading toolkit, you can enhance your chart analysis with clearer insights into rapid price movements, leading to more informed trading decisions.
Biquad Low Pass FilterThis indicator utilizes a biquad low pass filter to smooth out price data, helping traders identify trends and reduce noise in their analysis.
The Length parameter acts as the length of the moving average, determining the smoothness and responsiveness of the filter. Adjusting this parameter changes how quickly the filter reacts to price changes.
The Q Factor controls the sharpness of the filter. A higher Q value results in a narrower frequency band, enhancing the precision of the filter. However, be cautious when setting the Q factor too high, as it can induce resonance, amplifying certain frequencies and potentially making the filter less effective by introducing noise.
Key Features of Biquad Filters
Biquad filters are a type of digital filter that provides a combination of low-pass, high-pass, band-pass, and notch filtering capabilities. In this implementation, the biquad filter is configured as a low pass filter, which allows low-frequency signals to pass while attenuating higher-frequency noise. This is particularly useful in trading to smooth out price data, making it easier to spot underlying trends and patterns.
Biquad filters are known for their smooth response and minimal phase distortion, making them ideal for technical analysis. The customizable length and Q factor allow for flexible adaptation to different trading strategies and market conditions. Designed for real-time charting, the biquad filter operates efficiently without significant lag, ensuring timely analysis.
By incorporating this biquad low pass filter into your trading toolkit, you can enhance your chart analysis with clearer insights into price movements, leading to more informed trading decisions.
Parabolic SAR Waves [MMA]Parabolic SAR Waves
Description:
The "Parabolic SAR Waves " is an advanced version of the traditional Parabolic SAR indicator, customized for TradingView. This script incorporates dynamic acceleration factors and optional gradient coloration to enhance visual interpretation and utility for traders aiming to accurately capture trends and predict potential reversals.
Features:
- Dynamic Acceleration: Adjust the initial, incremental, and maximum values of the acceleration factor to suit various market conditions and trading preferences.
- Gradient Coloring: Use gradient colors to indicate the strength and stability of the trend, providing visual cues that are easy to interpret.
- Trend Visibility: The SAR dots are plotted directly on the price chart, making it easy to spot trend changes and maintain situational awareness.
- Overlay Feature: Designed to overlay directly on the price charts, allowing for seamless integration with other technical analysis tools.
Benefits:
- Trend Detection: Helps in identifying the beginning and potential reversal of trends, aiding in timely decision-making.
- Stop-Loss Management: Utilizes the positions of the SAR dots as dynamic stop-loss points, which helps in risk management.
- Visual Simplicity: Enhances the decision-making process through a straightforward visual representation of trend data.
Parameters:
- Acceleration Start (accel_start): The initial value for the acceleration, set to 0.02 by default.
- Acceleration Increment (accel_inc): The amount by which the acceleration increases, set to 0.005 by default.
- Acceleration Maximum (accel_max): The maximum limit of the acceleration factor, set to 0.1 by default.
- Use Gradient Colors (use_gradient): A boolean toggle to enable or disable gradient coloring, enabled by default.
Indicator Usage:
1. To apply, select this indicator from TradingView's indicator library.
2. Adjust the acceleration parameters based on your specific trading strategy and market analysis.
3. Interpret the indicator signals:
- Green SAR dots below the price bars indicate a bullish trend.
- Red SAR dots above the price bars signify a bearish trend.
- Gradient colors, if enabled, provide insights into the acceleration factor's intensity relative to trend strength.
Alerts:
- Bullish Reversal Alert: Issues a notification if there is a potential upward reversal when the trend shifts to bullish.
- Bearish Reversal Alert: Alerts when there's potential for a downward move as the trend turns bearish.
The "Parabolic SAR Waves " is a robust tool, ideal for traders who need precise, customizable trend-following capabilities that integrate seamlessly with other market analysis strategies. Enhance your trading with detailed trend insights and adaptive parameter controls.
GL LineIntroduction
The GL Line Indicator is a versatile tool designed to assist traders in identifying market trends by utilizing three different types of moving averages (EMA, SMA, VWMA) across multiple timeframes. This indicator provides a comprehensive view of market conditions, making it easier to spot potential trading opportunities.
Features
Multiple Moving Average Types:
Choose between Exponential Moving Average (EMA), Simple Moving Average (SMA), and Volume Weighted Moving Average (VWMA) for more tailored analysis.
Triple Timeframe Analysis:
Analyze trends across three different timeframes (Main, Secondary, Tertiary) to get a clearer picture of market direction.
Configurable Parameters:
Customizable lengths for fast and slow-moving averages. Adjustable ATR length and multiplier to refine trend detection sensitivity.
Visual Trend Indication:
Bullish and bearish trends are marked with color-coded lines and fills, enhancing visual clarity.
Confluence Table:
Optional confluence table that shows trend direction across the selected timeframes, aiding in decision-making.
How It Works
Main Trend Calculation:
Select the type of moving average and set the lengths for fast and slow MAs. The difference between these MAs, adjusted by the ATR multiplier, determines the trend direction.
Secondary and Tertiary Trends:
Similar calculations are done for secondary and tertiary timeframes, providing a broader market overview.
Trend Direction and Plotting:
The indicator plots the moving averages and fills the area between them with colors to denote bullish (green) and bearish (red) trends.
How to Use
Select Moving Average Type:
Choose between EMA, SMA, or VWMA based on your trading strategy.
Set Lengths and Multipliers:
Customize the lengths for the fast and slow-moving averages and adjust the ATR length and multiplier for better trend sensitivity.
Analyze Trends:
Use the color-coded plots and fills to identify market trends and make informed trading decisions.
Check Confluence Table:
Optionally display the confluence table to see trend directions across different timeframes.
Disclaimer
This indicator is designed to work best when the secondary and tertiary trends are set to higher timeframes than the chart's timeframe. Using higher timeframes for additional trends provides a broader market perspective and enhances the reliability of trend signals.
ICT Market Structure Screener (Zeiierman)█ Overview
The ICT Market Structure Screener (Zeiierman) is designed to identify and display key market structure levels and patterns based on Smart Money Concepts. It highlights bullish and bearish structures, premium and discount levels, and generates alerts for significant market structure changes, making it a valuable tool for traders looking to understand institutional trading behaviors and market trends. A key feature of this indicator is its screener function, which allows traders to monitor multiple symbols simultaneously. This feature provides a consolidated view of the market structure for various assets, making it easier to identify trading opportunities across a diverse portfolio.
█ How It Works
The ICT Market Structure Screener operates by identifying high and low pivot points within a specified period, then analyzing these pivots to determine changes in market structure. The indicator tracks price movements and categorizes them into bullish or bearish structures, indicating potential trend reversals or continuations. By plotting premium and discount levels, it helps traders identify overbought and oversold conditions. The indicator also provides real-time updates and alerts for significant changes in the market structure.
█ Terminology
ChoCH (Change of Character): Indicates a potential reversal in market direction. It is identified when the price breaks a significant high or low, suggesting a shift from a bullish to bearish trend or vice versa.
SMS (Smart Money Shift): Represents the transition phase in market structure where smart money begins accumulating or distributing assets. It typically follows a BMS and indicates the start of a new trend.
BMS (Bullish/Bearish Market Structure): Confirms the trend direction. Bullish Market Structure (BMS) confirms an uptrend, while Bearish Market Structure (BMS) confirms a downtrend. It is characterized by a series of higher highs and higher lows (bullish) or lower highs and lower lows (bearish).
Premium: A zone where the price is considered overbought. It is calculated as the upper range of the current market structure and indicates a potential area for selling or shorting.
Mid Range: The midpoint between the high and low of the market structure. It often acts as a support or resistance level, helping traders identify potential reversal or continuation points.
Discount: A zone where the price is considered oversold. It is calculated as the lower range of the current market structure and indicates a potential area for buying or going long.
█ How to Use
The ICT Market Structure Screener allows traders to follow smart money moves in the market more effectively. By identifying key market levels and monitoring bullish and bearish structures, traders can easily spot trend changes and strong trends. The indicator's premium and discount levels help identify overbought and oversold conditions, providing valuable entry and exit points. Alerts for ChoCH, SMS, and BMS keep traders informed about significant market changes, enabling real-time adjustments to trading strategies.
The screener functionality is particularly valuable for monitoring multiple markets simultaneously. The screener table displays critical information such as current price, trend direction, signal type, and premium/discount levels for each symbol. This makes it easier to track the market structure of various assets at a glance and quickly identify trading opportunities across different markets.
Example Strategies:
⚪ Trend Following: Use the indicator to identify the current market trend (bullish or bearish) and trade in the direction of the trend. Enter trades on pullbacks to premium (for shorts) or discount (for longs) levels.
⚪ Reversal Trading: Look for ChoCH signals to identify potential trend reversals. Enter trades when the price breaks a significant high or low and confirms a change in market structure, or wait for a retest of the nearest Orderblock that was formed.
⚪ Support and Resistance: Utilize the mid-range, premium, and discount levels as support and resistance zones. Enter trades when the price approaches these levels and shows signs of reversal or continuation.
⚪ Multi-Symbol Analysis: Use the screener table to monitor multiple symbols and quickly assess their market structure. This helps in diversifying trading opportunities and managing a portfolio of assets efficiently.
█ Settings
Period: The pivot period for calculating the structure. Increasing the period captures broader trends, making the structure more representative of long-term movements. Decreasing the period focuses on shorter-term trends, increasing sensitivity.
Response: Enabling this option uses the response period instead of the pivot period, providing more flexibility in capturing short-term or long-term structures. The period for the response, which determines the structure's sensitivity. Increasing the response period smoothens the structure, making it less reactive to short-term fluctuations. Decreasing the response period makes the structure more responsive to short-term changes.
Structure Display: Choose between displaying the active range or the previous range. 'Active Range' shows real-time premium, discount, and mid-range levels based on the current structure. 'Previous Range' displays past ranges, useful for analyzing historical support/resistance levels.
Ticker Symbols: List of symbols to include in the screener. Enabling the option includes the symbol in the screener, allowing the user to track its structure. Disabling it excludes the symbol from the screener, reducing the number of tracked symbols.
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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!
MTF-Colored EMA Difference and Stochastic indicatorThis indicator combines two popular technical analysis tools: the Exponential Moving Average (EMA) and the Stochastic Oscillator, with the added flexibility of analyzing them across multiple time frames. It visually represents the difference between two EMAs and the crossover signals from the Stochastic Oscillator, providing a comprehensive view of the market conditions.
Components:
EMA Difference Histogram :
EMA Calculation : The indicator calculates two EMAs (EMA1 and EMA2) for the selected time frame.
EMA Difference : The difference between EMA1 and EMA2 is plotted as a 4 coloured histogram.
Stochastic Oscillato r:
Calculation : The %K and %D lines of the Stochastic Oscillator are calculated for the selected time frame.
Additional Confirmation via Colors :
Green: %K is above %D, indicating a bullish signal.
Red: %K is below %D, indicating a bearish signal.
Entry and Exit Strategies
Entry Strategy :
Bullish Entry :
Condition 1: The histogram is Dark green (indicating a strong upward trend).
Condition 2: The Stochastic colour is green (%K is above %D).
Bearish Entry :
Condition 1: The histogram is Dark Red (indicating a strong downward trend).
Condition 2: The Stochastic colour is red (%K is below %D).
Exit Strategy:
Bullish Exit:
Condition: The Stochastic colour turns red (%K crosses below %D).
Bearish Exit:
Condition: The Stochastic colour turns green (%K crosses above %D).
Additional Considerations:
Time Frame Selection : The chosen time frame for both the EMA and Stochastic calculations should align with the trader’s strategy (e.g., daily for swing trading, hourly for intraday trading).
Risk Management : Implement stop-loss orders to manage risk effectively. The stop-loss can be placed below the recent swing low for long positions and above the recent swing high for short positions.
Confirmation : Consider using this indicator in conjunction with other technical analysis tools to confirm signals and reduce the likelihood of false entries and exits.
BooBee Digital - Enhanced Buy & Sell Alerts Suite
BooBee Digital - Enhanced Buy & Sell Alerts Suite
Introduction:
The “BooBee Digital - Enhanced Buy & Sell Alerts Suite” is a comprehensive trading tool designed to provide traders with precise buy and sell signals by integrating the Average True Range (ATR) trailing stop technique and the Volume Weighted Average Price (VWAP) indicator. This script is tailored to help traders make informed decisions by considering both market volatility and trading volume.
How It Works:
1. ATR Calculation:
• Purpose: Measures market volatility to set dynamic stop levels.
• Details: The Average True Range (ATR) is calculated over a user-defined period. The ATR value reflects the average range of price movements over the specified period, which is crucial for assessing market volatility.
2. ATR Trailing Stop:
• Purpose: Identifies potential trend reversals by setting trailing stops based on market volatility.
• Details: The ATR trailing stop is dynamically adjusted using the ATR value and a user-defined sensitivity factor. This trailing stop level helps identify trend reversals by moving in accordance with price fluctuations.
3. VWAP Calculation:
• Purpose: Provides a volume-weighted average price to benchmark fair value.
• Details: The VWAP is calculated by taking the sum of the product of price and volume, divided by the total volume. This indicator gives traders a reference point for the average price at which the asset has traded throughout the day, considering trading volume.
4. EMA Crossover:
• Purpose: Adds a confirmation layer for buy and sell signals.
• Details: A 1-period Exponential Moving Average (EMA) is used to identify short-term price movements. Buy and sell signals are generated based on the crossover of the EMA and the ATR trailing stop, adding an extra layer of confirmation for trade entries and exits.
Signal Generation:
Buy Signal:
• Generated when the price is above the ATR trailing stop and there is a bullish crossover of the EMA and ATR trailing stop.
• Indicator: Green label below the bar with “Buy” text.
Sell Signal:
• Generated when the price is below the ATR trailing stop and there is a bearish crossover of the EMA and ATR trailing stop.
• Indicator: Red label above the bar with “Sell” text.
VWAP Line:
• The VWAP line is plotted on the chart to help traders identify significant price levels based on trading volume.
• Indicator: Blue line representing the VWAP.
How to Use:
• Chart Type: The script is designed for use on standard chart types such as Candlestick and OHLC. It does not support non-standard chart types like Heikin Ashi, Renko, Kagi, Point & Figure, and Range, as they may produce unrealistic results.
• Clean Chart: Ensure your chart is clean and free of other indicators to avoid confusion. The signals and colors plotted by the script should be easily identifiable.
• Trade Confirmation: Use the buy and sell signals generated by the script in conjunction with other analysis methods to confirm trades.
Key Concepts:
• ATR Trailing Stop: This technique sets dynamic stop levels based on market volatility, helping to identify trend reversals.
• VWAP: This indicator provides a benchmark for the average price considering trading volume, helping traders identify fair value.
• EMA Crossover: This adds a layer of confirmation for buy and sell signals, improving the accuracy of trade entries and exits.
Pure Price Action Structures [LuxAlgo]The Pure Price Action Structures indicator is a pure price action analysis tool designed to automatically identify real-time market structures.
The indicator identifies short-term, intermediate-term, and long-term swing highs and lows, forming the foundation for real-time detection of shifts and breaks in market structure.
Its distinctive/unique feature lies in its reliance solely on price patterns, without being limited by any user-defined input, ensuring a robust and objective analysis of market dynamics.
🔶 USAGE
Market structure is a crucial aspect of understanding price action. The script automatically identifies real-time market structure, enabling traders to comprehend market trends more easily. It assists traders in recognizing both trend changes and continuations.
Market structures are constructed from three sets of swing points, short-term swings, intermediary swings, and long-term swings. Market structures associated with longer-term swing points are indicative of longer-term trends.
A market structure shift (MSS), also known as a change of character (CHoCH), is a significant event in price action analysis that may signal a potential shift in market sentiment or direction. Conversely, a break of structure (BOS) is another significant event in price action analysis that typically indicates a continuation of the prevailing trend.
However, it's important to note that while an MSS can be the first indication of a trend reversal and a BOS signifies a continuation of the prevailing trend, they do not guarantee a complete reversal or continuation of the trend.
In some cases, MSS and BOS levels may also act as liquidity zones or areas of price consolidation, rather than indicating a definitive change in market direction or continuation. Traders should approach them with caution and consider additional factors to confirm the validity of the signal before making trading decisions.
🔶 DETAILS
🔹 Market Structures
Market structures are based on the analysis of price action and aim to identify key levels and patterns in the market, where swing point detection is one of the core concepts within ICT trading methodologies and teachings.
Swing points are automatically detected solely based on market movements, without any reliance on user-defined input.
🔹 Utilizing Swing Points
Swing points are not identified in real time as they occur. While short-term swing points may be displayed with a delay of at most one bar, the identification of intermediate and long-term swing points depends entirely on market movements. Furthermore, detection is not limited by any user-defined input but relies solely on pure price action. Consequently, swing points are not typically utilized in real-time trading scenarios.
Traders often analyze historical swing points to discern market trends and pinpoint potential entry and exit points for their trades. By identifying swing highs and lows, traders can:
Recognize Trends: Swing highs and lows help traders identify the direction of the trend. Higher swing highs and higher swing lows indicate an uptrend, while lower swing highs and lower swing lows indicate a downtrend.
Identify Support and Resistance Levels: Swing highs often serve as resistance levels, known in ICT terminology as Buyside Liquidity Levels, while swing lows function as support levels, also referred to in ICT terminology as Sellside Liquidity Levels. Traders can utilize these levels to strategize entry and exit points for their trades.
Spot Reversal Patterns: Swing points can form various reversal patterns, such as double tops or bottoms, head and shoulders patterns, and triangles. Recognizing these patterns can signal potential trend reversals, allowing traders to adjust their strategies accordingly.
Set Stop Loss and Take Profit Levels: In the context of ICT teachings, swing levels represent specific price levels where a concentration of buy or sell orders is anticipated. Traders can target these liquidity levels/pools to accumulate or distribute their positions, essentially using swing points to establish stop loss and take profit levels for their trades.
Overall, swing points provide valuable information about market dynamics and can assist traders in making more informed trading decisions.
🔶 SETTINGS
🔹 Structures
Swings and Size: Toggles the visibility of the structure's highs and lows, assigns an icon corresponding to the structures, and controls the size of the icons.
Market Structures: Toggles the visibility of the market structures.
Market Structure Labels: Controls the visibility of labels that highlight the type of market structure.
Line Style and Width: Customizes the style and width of the lines representing the market structure.
Swing and Line Colors: Customizes colors for the icons representing highs and lows, and the lines and labels representing the market structure.
🔶 RELATED SCRIPTS
Market-Structures-(Intrabar).
Buyside-Sellside-Liquidity.
Moving Average Trend Meter [UkutaLabs]█ OVERVIEW
The Moving Average Trend Meter is a powerful trading indicator that visualizes current market strength. This indicator uses a series of four EMAs (Exponential Moving Averages) to determine short, medium and long term market strength. Each of the three rows of boxes corresponds to an EMA, with the top being the fast, the middle being the medium and the bottom being the slow. Depending on whether each EMA is above or below the source EMA, its corresponding row will be colored accordingly, with the boxes appearing green if the source is above it or red if it is below.
This indicator also displays when the strength of the market is transitioning between bullish and bearish, indicating that there may be an upcoming reversal.
The purpose of this script is to simplify the trading experience of users by providing an easier way to visualize current market strength using a series of EMAs.
█ USAGE
This indicator provides an easy to understand method of visualizing the current market strength based on the positioning of four EMAs. By default, the period for these EMAs are selected based on key Fibonacci levels, and the period of each one can be customized in the indicator settings.
Depending on whether or not the source EMA is above or below each of the other three EMAs, the boxes of the corresponding rows will be colored to indicate the current strength of the market.
If all three boxes are drawn the same color, a dot of the same color will be drawn above the boxes.
█ SETTINGS
Configuration
• Source EMA: Determines the period of the source EMA.
• Fast EMA: Determines the period of the fast EMA.
• Med EMA: Determines the period of the medium EMA.
• Slow EMA: Determines the period of the slow EMA.
Colors
• Bullish Color: Determines the color of boxes when the source EMA is above the respective EMA.
• Bearish Color: Determines the color of boxes when the source EMA is below the respective EMA.
• Bullish Transition Color: Determines the color of boxes when the current bar closes above the respective EMA while the source is below it.
• Bearish Transition Color: Determines the color of boxes when the current bar closes below the respective EMA while the source is above it.
Fibonacci IntraDay Range [UkutaLabs]█ OVERVIEW
The Fibonacci IntraDay Range is a powerful trading tool that combines recent price action data with key Fibonacci ratios to identify strong levels of support and resistance.
The purpose of this script is to simplify the trading experience of users by identifying and labelling strong levels of support and resistance that they should be aware of.
█ USAGE
At the beginning of each trading day, the Fibonacci IntraDay Range indicator will calculate the average total range of the past 14 trading days. This average will be drawn on either side of the open, then several more levels will be drawn between them using Fibonacci ratios.
These levels can be treated as levels of support and resistance that can be incorporated into many different trading strategies.
Each line will also have an identifying label so traders will know at a glance what each line represents. These labels can be toggled in the settings.
█ SETTINGS
Configuration
• Show Labels: Determines whether or not labels will be drawn on each line.
• Display Mode: Determines the number of days to load.
• Font Size: Determines the font size of labels.
• Text Alignment: Determines the alignment of labels on their respective line.
Inversion Fair Value Gaps [TradingFinder] IFVG ICT Signal| Alert🔵 Introduction
🟣 Inversion Fair Value Gap (IFVG)
An ICT Inversion Fair Value Gap, or reverse FVG, occurs when a fair value gap fails to hold its price, resulting in the price moving beyond and breaking the gap. This situation marks the initial change in price momentum.
Generally, prices respect fair value gaps and continue in their trend direction. However, when a fair value gap is breached, it transforms into an inversion fair value gap, signaling a potential short-term reversal or a subsequent change in direction.
🔵 How to Use
🟣 Identifying an Inversion Fair Value Gap
To spot an IFVG, you must first identify a fair value gap.
Inversion fair value gaps can be categorized into two types :
🟣 Bullish Inversion Fair Value Gap
A bullish IFVG occurs when a bearish fair value gap is invalidated by the price closing above it.
Steps to identify it :
Identify a bearish fair value gap.
When the price closes above this gap, it becomes a bullish inversion fair value gap.
This gap acts as a support level, pushing the price upwards and indicating a shift in momentum from sellers to buyers.
🟣 Bearish Inversion Fair Value Gap
A bearish IFVG happens when a bullish fair value gap fails, with the price closing below it.
Steps to identify it :
Identify a bullish fair value gap.
When the price closes below this gap, it becomes a bearish inversion fair value gap.
This gap acts as a resistance level, pushing the price downwards and indicating a shift in momentum from buyers to sellers.
🔵 Settings
🟣 Global Settings
Show All Inversion FVG: If disabled, only the most recent FVG will be displayed.
IFVG Validity Period (Bar): Determines the maximum duration (in number of candles) that the FVG and IFVG remain valid.Switching Colors Theme Mode: Includes three modes: "Off", "Light", and "Dark". "Light" mode adjusts colors for light mode use, "Dark" mode adjusts colors for dark mode use, and "Off" disables color adjustments.
🟣 Logic Settings
FVG Filter : This refines the number of identified FVG areas based on a specified algorithm to focus on higher quality signals and reduce noise.
Types of FVG filters :
Very Aggressive Filter : Adds a condition where, for an upward FVG, the last candle's highest price must exceed the middle candle's highest price, and for a downward FVG, the last candle's lowest price must be lower than the middle candle's lowest price. This minimally filters out FVGs.
Aggressive Filte r: Builds on the Very Aggressive mode by ensuring the middle candle is not too small, filtering out more FVGs.
Defensive Filter : Adds criteria regarding the size and structure of the middle candle, requiring it to have a substantial body and specific polarity conditions, filtering out a significant number of FVGs.
Very Defensive Filter : Further refines filtering by ensuring the first and third candles are not small-bodied doji candles, retaining only the highest quality signals.
Mitigation Level FVG and IFVG : Options include "Proximal", "Distal", or "50 % OB" modes, which you can choose based on your needs. The "50 % OB" line is the midpoint between distal and proximal.
🟣 Display Settings
Show Bullish IFVG : Toggles the display of demand-related boxes.
Show Bearish IFVG : Toggles the display of supply-related boxes.
🟣 Alert Settings
Alert Inversion FVG Mitigation : Enables alerts for Inversion FVG mitigation.
Message Frequency : Determines the frequency of alerts. Options include 'All' (every function call), 'Once Per Bar' (first call within the bar), and 'Once Per Bar Close' (final script execution of the real-time bar). Default is 'Once per Bar'.
Show Alert Time by Time Zone : Configures the time zone for alert messages. Default is 'UTC'.
Display More Info : Provides additional details in alert messages, including price range, date, hour, and minute. Set to 'Off' to exclude this information.
GL Gann Swing IndicatorIntroduction
The GL Gann Swing Indicator is a versatile tool designed to help traders identify market trends, support and resistance areas, and potential reversals. This indicator applies the principles of Gann Swing Charts, a technique developed by W.D. Gann, which focuses on market swings to determine the overall direction and turning points of price action. Gann Swing Charts are a time-tested method of technical analysis that simplifies price action by focusing on significant highs and lows, thereby eliminating market noise and providing a clearer view of the trend.
By analyzing price action and determining swing directions and turning points, the indicator filters out market noise using four distinct bar types:
Up Bar: Higher High, Higher Low
Down Bar: Lower High, Lower Low
Inside Bar: Lower High, Higher Low
Outside Bar: Higher High, Lower Low
This approach helps traders to:
Identify the primary trend direction.
Determine key support and resistance levels.
Recognize potential reversal points.
Filter out minor price fluctuations that do not affect the overall trend.
Features
Bar Types: Display bar types by checking the Show Bar Type box in the indicator's settings. Up bars appear as green upward-pointing triangles, down bars as red downward-pointing triangles, inside bars as grey circles, and outside bars as blue diamonds. These visual aids help traders quickly identify the type of bar and its significance.
Break Lines: These lines highlight when the price rises above a previous swing high or falls below a prior swing low. Green lines indicate breaks of swing highs, while red lines indicate breaks of swing lows. Break lines are enabled by default but can be turned off in the indicator's settings. Break lines provide visual confirmation of trend continuation or reversal.
Bar Count: Bar counts help determine if a swing is overextended and if a reversal is likely. This feature is off by default but can be enabled in the indicator's settings. Users can set a minimum bar count to focus on significant swings. Analyzing the number of bars in a swing can help traders gauge the strength and potential exhaustion of a trend.
Swing MA (Moving Averages): This feature plots the average of a user-defined number of previous swing highs and lows. Options are available to add two moving averages, allowing for both fast and slow averages. Swing MAs can be enabled in the indicator's settings. These moving averages smooth out the price data, making it easier to identify the underlying trend direction.
Why This Indicator is Useful
The GL Gann Swing Indicator is particularly useful for several reasons:
Trend Identification: By focusing on significant price swings, the indicator helps traders identify the primary trend direction, making it easier to align trades with the overall market movement.
Noise Reduction: The indicator filters out minor price fluctuations, allowing traders to focus on meaningful market movements and avoid being misled by short-term volatility.
Support and Resistance Levels: By highlighting key swing highs and lows, the indicator helps traders identify crucial support and resistance levels, which are essential for making informed trading decisions.
Potential Reversals: The indicator's ability to identify overextended swings and potential reversal points can help traders anticipate market turning points and adjust their strategies accordingly.
Customizability: With options to display bar types, break lines, bar counts, and swing moving averages, traders can customize the indicator to suit their specific trading style and preferences.
By incorporating Gann Swing principles, the GL Gann Swing Indicator offers traders a powerful tool to enhance their technical analysis, improve their trading decisions, and ultimately achieve better trading outcomes.
Heiken Ashi Ribbon [UkutaLabs]█ OVERVIEW
The Heiken Ashi Ribbon is a powerful trading tool that creates a strong ribbon that indicates market strength. This ribbon is created using four moving averages that use Heiken Ashi values (high, low, open and close) as its input values.
The ribbon will also be colored green, red or grey depending on whether or not its direction aligns with current market strength.
█ USAGE
The Heiken Ashi Ribbon is created using a series of four moving averages that uses values from the Heiken Ashi bars as its inputs. The user has the ability to select whether the moving averages are EMAs or SMAs, as well as the ability to control the period of the moving averages.
If the moving average calculated using the Heiken Ashi Open is below the moving average calculated using the Heiken Ashi Close, the ribbon will be colored green, indicating a bullish trend. If the moving average calculated using the Heiken Ashi Open is above the moving average calculated using the Heiken Ashi Open, the ribbon will be colored red, indicating a bearish trend.
This indicator also uses a series of hidden EMAs to determine market strength. If these EMAs do not align with the direction of the Heiken Ashi Ribbon, the Ribbon will instead be colored grey, indicating uncertainty in the market, as well as a possible reversal.
█ SETTINGS
Configuration
• Moving Average Type: Determines whether or not the Heiken Ashi Moving Averages will be drawn as EMAs or SMAs.
• Moving Average Period: Determines the period of the Heiken Ashi Moving Averages.
Moving Average
• Moving Average Input: Determines the input values for the hidden EMAs.
HTF OverlayThe "HTF Overlay" indicator provides a fully customizable higher timeframe (HTF) candle overlay on your current chart, designed to enhance your analysis and trading strategies. This tool is particularly useful for traders utilizing ICT's AMD power of three strategies, focusing on key candle OHLC/OLHC expansions, or those who need a quick reference to a higher timeframe without switching charts.
Originality and Usefulness:
The "HTF Overlay" script stands out due to its seamless integration of HTF candles onto lower timeframe charts. It ensures the current developing candle is left untouched, preserving the clarity of ongoing market activity. This feature is crucial for traders who need to analyze market structure on a smaller timeframe within the context of a larger timeframe candle.
Functionality:
Dynamic HTF Candle Display:
The script overlays HTF candles, updating them in real-time as new HTF candles form. This allows traders to see historical price behavior and trends alongside the current price action.
Visual Customization:
Users can adjust various aspects of the HTF candles, including the number of candles displayed, body colors, wick colors, wick thickness, and transparency levels for both body and wick. This ensures the overlay fits seamlessly with any chart setup.
Real-time Updates:
The indicator updates dynamically, ensuring that the HTF candles remain relevant to the current market conditions without affecting the developing candle.
How It Works:
Data Retrieval: The script uses the request.security function to fetch HTF data, including open, high, low, close, time, and time close values.
Candle Overlay: It calculates the visual parameters for the HTF candles (body and wick positions, colors, and transparency) and overlays them on the chart.
Update Mechanism: The script differentiates between new and ongoing candles, updating the current candle in real-time without disrupting its development.
How to Use:
Setup:
Select the higher timeframe you want to overlay (e.g., 240 minutes for 4-hour candles).
Specify the number of HTF candles to display.
Customize the appearance of the HTF candles, including colors and transparency settings for both the body and wicks.
Interpretation:
Use the HTF overlay to validate trading decisions by analyzing price action from a broader perspective.
Identify key support and resistance levels, trend directions, and potential reversal points by comparing current price action with HTF structures.
Integration:
Combine this indicator with other tools your strategy may use for a more comprehensive analysis.
Use it in conjunction with the first and last candle highlight feature to quickly identify key reference points and enhance your trading strategy.
Conclusion:
The "HTF Overlay" indicator is a versatile and essential tool for traders who need to incorporate higher timeframe analysis into their trading strategies. Its customizable features and real-time updates provide a deeper insight into market dynamics, helping traders make more informed decisions. Whether used for trend confirmation, breakout identification, or support/resistance analysis, this indicator enhances your ability to navigate the markets effectively.
Moving Average Exponential-DonCHI-SUPERTRENDThe "Moving Average Exponential-DonCHI-SUPERTREND" is a trading strategy or indicator that combines three distinct technical analysis tools:
Moving Average Exponential (EMA): This is a type of moving average that gives more weight to recent prices, making it more responsive to price changes compared to a simple moving average.
Donchian Channels (DonCHI): These are bands that are plotted above and below the recent price highs and lows. They help identify the current price volatility and potential breakout points.
SUPERTREND: This is a trend-following indicator that uses the average true range (ATR) to determine the direction of the trend. It provides signals similar to moving averages but with less lag.
RGLRGL Breakout and Retest Trade Strategy
Key Concepts:
Breakout: A breakout occurs when the price moves decisively through a significant support (green line) or resistance (red line) level. This indicates a shift in supply and demand dynamics, with the potential for a strong price movement in the breakout direction.
Retest: After the breakout, the price often returns to the broken level (support becomes resistance and vice versa) to test its validity. This retest provides an opportunity to enter the trade at a more favorable price with confirmation of the breakout.
Candle Body Support/Resistance [LuxAlgo]The Candle Body Support/Resistance indicator is a tool that provides Support/Resistance levels from high-volatility candles, a concept originally described by Steve Nison in "Beyond Candlesticks".
Users can define the candle body percentage used to set the detected support/resistance levels. Occurrences of price testing the returned levels are highlighted using user-customizable dots.
🔶 USAGE
Support/Resistance levels are drawn from volatile candles, that is candles having a body (range between opening and closing price) whose magnitude is larger than the Volatility Threshold , which is determined by the multiplicative factor of an ATR (Average True Range) using a user set length.
The level starts from the opening price +/- a percentage of the open-close range. Users can adjust the percentage of the candle body used as support/resistance levels respectively, with higher percentage values returning levels prone to get reached sooner by the price.
A test is considered valid when a wick passes through the Support/Resistance level while the closing price is not breaking it.
Two modes are included, Trailing and Historical , both affecting the displayed elements of the indicator, these are described in the sub-section below.
🔹 Historical
The Historical Mode will draw a separate line from every Volatile Candle . When this line is tested, a dot will be drawn.
In the above example, the red resistance line was tested once until a bullish volatile candle formed, which closed just below the resistance level. The resistance level was tested again, after which the newly created support level was broken quickly, and the price decreased. These levels proved helpful later, acting as resistance/support levels (illustrated by the extra manually drawn dashed white lines).
To prevent cluttering Support/Resistance , lines will be deleted when the line is mitigated and hasn't been tested.
When a Support/Resistance line reaches its Maximum Line Length , it will also be deleted when it has not been tested.
🔹 Trailing
When a new volatile candle of the same type (bullish/bearish) appears while the Support/Resistance isn't broken, this line will be updated with the values of the new volatile candle. This creates a trailing line and a less cluttered chart.
Unlike the Historical mode , a line will not be deleted after a while or when it is mitigated. Instead, the line won't be updated anymore. A new line will start from the next found volatile candle.
Using the same situation as the Historical Mode example, we can note the future significance of old support/resistance levels (illustrated by the extra manually drawn dashed white lines).
The user can switch between these 2 modes, each offering a unique perspective on the market. This provides a more in-depth examination of the market, enhancing the user's trading analysis.
Using a copy of our indicator while using both modes can also be helpful.
🔶 DETAILS
The Support level is the opening price of a bullish volatile candle plus a user-set percentage of the candle's body, while the Resistance level is the opening price of a bearish volatile candle minus a percentage of the candle's body.
The following example illustrates the ATR with the multiplicative factor (Volatility Threshold) where the body of Volatile candles exceeds the ATR limits. Changing the Volatility Threshold and ATR length gives users extra flexibility to adjust to their needs.
🔹 Max Line Length
When using the Historical Mode and the duration of a displayed level reaches the user-set Max Line Length value, the level will return to the last test or be deleted when it has not been tested.
🔶 SETTINGS
Display Mode: Display mode of the indicator.
Support %: Sets the distance of the Support Line from the opening price relative to the candle body.
Resistance %: Sets the distance of the Resistance Line from the opening price relative to the candle body.
🔹 Filter
Length ATR: Amount of bars for the calculation of the Average True Range.
Volatility Threshold: multiplicative factor of ATR.
Max Line Length: Maximum allowed duration/length (in bars) of a Support/Resistance level.
