Gartley Harmonic Pattern [TradingFinder] Harmonic Chart patterns🔵 Introduction
Research by H.M. Gartley and Scott Carney emphasizes the importance of harmonic patterns in technical analysis for predicting market movements. Gartley's work, particularly the Gartley 222 pattern, is detailed in his book "Profits in the Stock Market" and relies on the specific placement of points X, A, B, C, and D.
🟣 Defining the Gartley Pattern
The Gartley pattern is a powerful technical analysis tool often seen at the end of a trend, signaling a potential reversal. Ideally, it forms during the first and second waves of Elliott Wave theory, with wave XA representing wave 1 and the entire ABCD correction representing wave 2.
While patterns outside this structure are also valid, the key points of the Gartley pattern align closely with Fibonacci retracement levels. Specifically, point B corrects wave XA to the 61.8% level, point C lies between 38% and 79% of wave AB, and point D extends between 113% and 162% of wave BC.
The bullish Gartley pattern, shown below, forms at the end of a downtrend and signals a potential buying opportunity.
Bullish :
Bearish :
🔵 How to Use
🟣 Bullish Gartley Pattern
To spot a bullish Gartley pattern, follow these rules: the move from point X to point A (the first leg) must be upward. The subsequent move from point A to point B is downward, followed by an upward move from point B to point C.
Finally, the move from point C to point D is downward. On a chart, this pattern resembles the letter M. After the final leg of this pattern, prices are expected to rise from point D.
🟣 Bearish Gartley Pattern
A bearish Gartley pattern forms similarly to the bullish one but in reverse. The initial move from point X to point A should be downward. The next move from point A to point B is upward, followed by a downward move from point B to point C.
The final leg moves upward from point C to point D. This pattern appears as a W on charts, indicating that prices are likely to fall from point D after the final move.
By understanding and identifying Gartley patterns, traders can enhance their technical analysis and improve their decision-making in financial markets. These patterns, when correctly identified, offer significant insights into potential market reversals and continuation patterns.
🔵 Setting
🟣 Logical Setting
ZigZag Pivot Period : You can adjust the period so that the harmonic patterns are adjusted according to the pivot period you want. This factor is the most important parameter in pattern recognition.
Show Valid Format : If this parameter is on "On" mode, only patterns will be displayed that they have exact format and no noise can be seen in them. If "Off" is, the patterns displayed that maybe are noisy and do not exactly correspond to the original pattern
Show Formation Last Pivot Confirm : if Turned on, you can see this ability of patterns when their last pivot is formed. If this feature is off, it will see the patterns as soon as they are formed. The advantage of this option being clear is less formation of fielded patterns, and it is accompanied by the latest pattern seeing and a sharp reduction in reward to risk.
Period of Formation Last Pivot : Using this parameter you can determine that the last pivot is based on Pivot period.
🟣 Genaral Setting
Show : Enter "On" to display the template and "Off" to not display the template.
Color : Enter the desired color to draw the pattern in this parameter.
LineWidth : You can enter the number 1 or numbers higher than one to adjust the thickness of the drawing lines. This number must be an integer and increases with increasing thickness.
LabelSize : You can adjust the size of the labels by using the "size.auto", "size.tiny", "size.smal", "size.normal", "size.large" or "size.huge" entries.
🟣 Alert Setting
Alert : On / Off
Message Frequency : This string parameter defines the announcement frequency. Choices include: "All" (activates the alert every time the function is called), "Once Per Bar" (activates the alert only on the first call within the bar), and "Once Per Bar Close" (the alert is activated only by a call at the last script execution of the real-time bar upon closing). The default setting is "Once per Bar".
Show Alert Time by Time Zone : The date, hour, and minute you receive in alert messages can be based on any time zone you choose. For example, if you want New York time, you should enter "UTC-4". This input is set to the time zone "UTC" by default.
Trend Analysis
ICT Power Of Three | Flux Charts💎 GENERAL OVERVIEW
Introducing our new ICT Power Of Three Indicator! This indicator is built around the ICT's "Power Of Three" strategy. This strategy makes use of these 3 key smart money concepts : Accumulation, Manipulation and Distribution. Each step is explained in detail within this write-up. For more information about the process, check the "HOW DOES IT WORK" section.
Features of the new ICT Power Of Three Indicator :
Implementation of ICT's Power Of Three Strategy
Different Algorithm Modes
Customizable Execution Settings
Customizable Backtesting Dashboard
Alerts for Buy, Sell, TP & SL Signals
📌 HOW DOES IT WORK ?
The "Power Of Three" comes from these three keywords "Accumulation, Manipulation and Distribution". Here is a brief explanation of each keyword :
Accumulation -> Accumulation phase is when the smart money accumulate their positions in a fixed range. This phase indicates price stability, generally meaning that the price constantly switches between up & down trend between a low and a high pivot point. When the indicator detects an accumulation zone, the Power Of Three strategy begins.
Manipulation -> When the smart money needs to increase their position sizes, they need retail traders' positions for liquidity. So, they manipulate the market into the opposite direction of their intended direction. This will result in retail traders opening positions the way that the smart money intended them to do, creating liquidity. After this step, the real move that the smart money intended begins.
Distribution -> This is when the real intention of the smart money comes into action. With the new liquidity thanks to the manipulation phase, the smart money add their positions towards the opposite direction of the retail mindset. The purpose of this indicator is to detect the accumulation and manipulation phases, and help the trader move towards the same direction as the smart money for their trades.
Detection Methods Of The Indicator :
Accumulation -> The indicator detects accumulation zones as explained step-by-step :
1. Draw two lines from the lowest point and the highest point of the latest X bars.
2. If the (high line - low line) is lower than Average True Range (ATR) * accumulationConstant
3. After the condition is validated, an accumulation zone is detected. The accumulation zone will be invalidated and manipulation phase will begin when the range is broken.
Manipulation -> If the accumulation range is broken, check if the current bar closes / wicks above the (high line + ATR * manipulationConstant) or below the (low line - ATR * manipulationConstant). If the condition is met, the indicator detects a manipulation zone.
Distribution -> The purpose of this indicator is to try to foresee the distribution zone, so instead of a detection, after the manipulation zone is detected the indicator automatically create a "shadow" distribution zone towards the opposite direction of the freshly detected manipulation zone. This shadow distribution zone comes with a take-profit and stop-loss layout, customizable by the trader in the settings.
The X bars, accumulationConstant and manipulationConstant are subject to change with the "Algorithm Mode" setting. Read the "Settings" section for more information.
This indicator follows these steps and inform you step by step by plotting them in your chart.
🚩UNIQUENESS
This indicator is an all-in-one suite for the ICT's Power Of Three concept. It's capable of plotting the strategy, giving signals, a backtesting dashboard and alerts feature. Different and customizable algorithm modes will help the trader fine-tune the indicator for the asset they are currently trading. The backtesting dashboard allows you to see how your settings perform in the current ticker. You can also set up alerts to get informed when the strategy is executable for different tickers.
⚙️SETTINGS
1. General Configuration
Algorithm Mode -> The indicator offers 3 different detection algorithm modes according to your needs. Here is the explanation of each mode.
a) Small Manipulation
This mode has the default bar length for the accumulation detection, but a lower manipulation constant, meaning that slighter imbalances in the price action can be detected as manipulation. This setting can be useful on tickers that have lower liquidity, thus can be manipulated easier.
b) Big Manipulation
This mode has the default bar length for the accumulation detection, but a higher manipulation constant, meaning that heavier imbalances on the price action are required in order to detect manipulation zones. This setting can be useful on tickers that have higher liquidity, thus can be manipulated harder.
c) Short Accumulation
This mode has a ~70% lower bar length requirement for accumulation zone detection, and the default manipulation constant. This setting can be useful on tickers that are highly volatile and do not enter accumulation phases too often.
Breakout Method -> If "Close" is selected, bar close price will be taken into calculation when Accumulation & Manipulation zone invalidation. If "Wick" is selected, a wick will be enough to validate the corresponding zone.
2. TP / SL
TP / SL Method -> If "Fixed" is selected, you can adjust the TP / SL ratios from the settings below. If "Dynamic" is selected, the TP / SL zones will be auto-determined by the algorithm.
Risk -> The risk you're willing to take if "Dynamic" TP / SL Method is selected. Higher risk usually means a better winrate at the cost of losing more if the strategy fails. This setting is has a crucial effect on the performance of the indicator, as different tickers may have different volatility so the indicator may have increased performance when this setting is correctly adjusted.
3. Visuals
Show Zones -> Enables / Disables rendering of Accumulation (yellow) and Manipulation (red) zones.
Money Flow Index Trend Zone Strength [UAlgo]The "Money Flow Index Trend Zone Strength " indicator is designed to analyze and visualize the strength of market trends and OB/OS zones using the Money Flow Index (MFI). The MFI is a momentum indicator that incorporates both price and volume data, providing insights into the buying and selling pressure in the market. This script enhances the traditional MFI by introducing trend and zone strength analysis, helping traders identify potential trend reversals and continuation points.
🔶 Customizable Settings
Amplitude: Defines the range for the MFI Zone Strength calculation.
Wavelength: Period used for the MFI calculation and Stochastic calculations.
Smoothing Factor: Smoothing period for the Stochastic calculations.
Show Zone Strength: Enables/disables visualization of the MFI Zone Strength line.
Show Trend Strength: Enables/disables visualization of the MFI Trend Strength area.
Trend Strength Signal Length: Period used for the final smoothing of the Trend Strength indicator.
Trend Anchor: Selects the anchor point (0 or 50) for the Trend Strength Stochastic calculation.
Trend Transform MA Length: Moving Average length for the Trend Transform calculation.
🔶 Calculations
Zone Strength (Stochastic MFI):
The highest and lowest MFI values over a specified amplitude are used to normalize the MFI value:
MFI Highest: Highest MFI value over the amplitude period.
MFI Lowest: Lowest MFI value over the amplitude period.
MFI Zone Strength: (MFI Value - MFI Lowest) / (MFI Highest - MFI Lowest)
By normalizing and smoothing the MFI values, we aim to highlight the relative strength of different market zones.
Trend Strength:
The smoothed MFI zone strength values are further processed to calculate the trend strength:
EMA of MFI Zone Strength: Exponential Moving Average of the MFI Zone Strength over the wavelength period.
Stochastic of EMA: Stochastic calculation of the EMA values, smoothed with the same smoothing factor.
Purpose: The trend strength calculation provides insights into the underlying market trends. By using EMA and stochastic functions, we can filter out noise and better understand the overall market direction. This helps traders stay aligned with the prevailing trend and make more informed trading decisions.
🔶 Usage
Interpreting Zone Strength: The zone strength plot helps identify overbought and oversold conditions. A higher zone strength indicates potential overbought conditions, while a lower zone strength suggests oversold conditions, can suggest areas for entry/exit decisions.
Interpreting Trend Strength: The trend strength plot visualizes the underlying market trend, can help signal potential trend continuation or reversal based on the chosen anchor point.
Using the Trend Transform: The trend transform plot provides an additional layer of trend analysis, helping traders identify potential trend reversals and continuation points.
Combine the insights from the zone strength and trend strength plots with other technical analysis tools to make informed trading decisions. Look for confluence between different indicators to increase the reliability of your trades.
🔶 Disclaimer:
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
Coinbase vs Binance Spot Premium for All coins🔶 Coinbase Premium
This indicator allows you to track the premiums for various coins listed on Coinbase relative to Binance. The buying strength of US markets tend to be a good indicator for up trending markets.
The moving average crosses shown as ribbons can be used to time entries and exits
🔶 Available Pairs
Currently, the indicator includes 31 coins as listed below:
BTC, ETH, SOL, BONK, DOGE, XRP, SHIB, ONDO, AVAX, LINK, ENS, LTC, RNDR, INJ, BCH, ARB, OP, ADA, DOT, TIA, ICP, MATIC, LDO, NEAR, CVX, AERO, ORCA, SEI, STX, MKR, SUI
🔶 Key Features
Select Coin: You can select any of the 31 supported coins to track its premium.
Show Ribbons: Option to enable or disable the display of ribbon trend lines between two moving averages.
Adjust MA Lengths: Customizable lengths for the short and long moving averages to fine-tune the trend analysis.
🔶 Calculations
The premium is a simple nominal difference between the Coinbase price and the Binance price.
eg) Coinbase ETHUSD - Binance ETHUSDT = Premium
🔶 Disclaimer
This indicator is for informational purposes only and should not be considered financial advice.
Always conduct your own research and due diligence before making any trading decisions. Past performance is not necessarily indicative of future results.
DTFX Algo Zones [LuxAlgo]DTFX Algo Zones are auto-generated Fibonacci Retracements based on market structure shifts.
These retracement levels are intended to be used as support and resistance levels to look for price to bounce off of to confirm direction.
🔶 USAGE
Due to the retracement levels only being generated from identified market structure shifts, the retracements are confined to only draw from areas considered more important due to the technical Break of Structure (BOS) or Change of Character (CHoCH).
The simple action that causes a market structure shift occurs is price breaking above or below a specific swing point. When a market structure shift happens, a retracement is drawn from the point of break to the highest or lowest point since that point. Due to the price action necessary for a market structure shift, these retracements will not always be immediately actionable.
These retracement levels are intended to be used as points to watch for price to retrace to and bounce from, confirming the current direction of price.
In the example below, after the retracement is initiated, by bouncing off of the retracement levels formed from the previous market structure shift it would further confirm the bias of the market structure shift. A break going through these levels would display a weakness from the current market structure shift, implying that it could simply be noise.
🔶 DETAILS
The script uses standard SMC Market structure identification to determine Break of Structures (BOS) and Change of Characters (CHoCH). The specific swing points can be identified by the shapes placed above or below the specific swing high/low candle.
By unchecking the "Display All Zones" setting, users are able to specify the exact number of retracement zones to display using the "Show Last" parameter. This is handy for cleaning up the chart to stay focused on the most recent retracements.
Additionally, when displaying multiple zones, the "Clean-Up Level Overlap" setting may be helpful for decluttering as well. This option optimizes the display of retracement levels to minimize their overlap on other adjacent zones.
The script allows for up to 5 Fib levels to be displayed from each zone, with options for display, value, line style, and color for each of the 5.
The calculation for Fib Levels changes depending on the direction of market structure shifts. When an upwards (Bullish) zone is generated, the retracement is drawn with the bottom of the zone being 0 and the top of the zone being 1. This is reversed for downwards (Bearish) zones.
🔶 SETTINGS
Structure Length: Sets the SMC structure length to use for finding MMS.
Show Last: Displays this number of retracement zones. (Display All Zones Must be Unchecked)
Display All Zones: Ignores "Show Last" number and displays all historical MMS Retracement Zones.
Zone Display: Choose which zones to display, only bearish, only bullish, or both.
Clean-Up Level Overlap: Minimizes overlap between adjacent zones and levels.
Fib Levels: Settings to display and customize up to 5 Fib levels for each zone.
Algo Market Structure (Nephew_Sam_)This indicator takes a different approach into reading market structure.
The key difference between this logic compared to the pivot logic is; we read highs and lows based on bullish and bearish candles. Ie:
Pivot method - highest/lowest point in previous and next X candles
Algo method - Bullish candle(s) followed by a bearish candle and vice versa
More explanation in each of the key feature below.
Here are all of the concepts and features included in the indicator:
Timeframe
- You can select the timeframe of the indicator (has to be higher or equal to the chart timeframe)
- Min option is the minimum timeframe to show the indicator. If you show daily structure on 1m chart, you can run into a timeout error so keep it close to the chart timeframe.
- Recommended timeframe for no bugs is the current chart timeframe.
Structure
The structure is calculated using a combination of candle patterns (ie. pivot top = Bullish x3-Bearish-Bullish) and marks out circle labels after a new HH or LL
Structure high = 1 or more consecutive bull candles followed by a bear candle
Structure low = 1 or more consecutive bear candles followed by a bull candle
Structure direction change = when the second previous H/L is taken out (TLQ)
ILQ - Inducement Liquidity concept
In a bearish example this is the most recent structure high.
TLQ
In a bearish example this is the second most recent structure high.
This is also what helps define our structure direction. If broken, the structure changes (bullish / bearish) and plots a bos line.
EPA - Efficient price action
When price returns back to previous structure point after bos. Similar to an ICT breaker.
Note: It might be a little, just a little buggy if you have set your indicator timeframe to higher than the chart timeframe.
Extremes Zones
The final zone to find a trade entry before a structural shift. These are wick of the TLQ candle. This is select the wick of the current timeframe candle even if indicator is set to higher timeframe.
MSU
Tiny arrow labels at the bottom of your chart. Plots the arrows when price is between an ILQ and TLQ
VTA
Valid trading range. This is when we get some sort of a structure pattern. Plots a box when price induces previous structure point and then breaks structure in the opposite direction. Here are the patterns:
Bull VTA - HH-LL-HH
Bear VTA - LL-HH-LL
Bull Strict VTA - LL-HH-LL-HH
Bear Strict VTA - HH-LL-HH-LL
Bar colors
Changes the bar color based on the structure to all green/red.
Note: for this to work, you will have to right click on the indicator, then under visual order select 'bring to front'
Table
This table plots the structure stats/data
1. If structure is bullish / bearish
2. If price is efficient or not
3. If there is an MSU
4. If price is inside a VTA
Disclaimer: This indicator is fully written from scratch by me, the idea behind the concepts come from AlgoHub material on Youtube. Do NOT use this code for reselling purposes and if anything is created using any part of this code, the source code should be public.
Rolling Price Activity Heatmap [AlgoAlpha]📈 Rolling Price Activity Heatmap 🔥
Enhance your trading experience with the Rolling Price Activity Heatmap , designed by AlgoAlpha to provide a dynamic view of price activity over a rolling lookback period. This indicator overlays a heatmap on your chart, highlighting areas of significant price activity, allowing traders to spot key price levels at a glance.
🌟 Key Features
📊 Rolling Heatmap: Visualize historical price activity intensity over a user-defined lookback period.
🔄 Customizable Lookback: Adjust the heatmap lookback period to suit your trading style.
🌫️ Transparency Filter: Fine-tune the heatmap’s transparency to filter out less significant areas.
🎨 Color Customization: Choose colors for up, down, and highlight areas to fit your chart’s theme.
🔄 Inverse Heatmap Option: Flip the heatmap to highlight less active areas if needed.
🛠 Add the Indicator: Add the Indicator to favorites. Customize settings like lookback period, transparency filter, and colors to fit your trading style.
📊 Market Analysis: Watch for areas of high price activity indicated by the heatmap to identify potential support and resistance levels.
🔧 How it Works
This script calculates the highest and lowest prices within a specified lookback period and divides the price range into 15 segments. It counts the number of candles that fall within each segment to determine areas of high and low price activity. The script then plots the heatmap on the chart, using varying levels of transparency to indicate the strength of price activity in each segment, providing a clear visual representation of where significant trading occurs.
Stay ahead of the market with this powerful visualization tool and make informed trading decisions! 📈💼
Harmonic Trading Tachometer [Pinescriptlabs]Key Features:
Visual Tachometer:
Represents market harmony through a speedometer on the chart.
The tachometer displays a range of harmony from "Highly Bearish" to "Highly Bullish."
Harmony Calculation:
Harmony Score: Based on ATR (Average True Range) range calculations for short, medium, and long periods. The harmony score is a weighted combination of these scores.
Interpretation: Harmony is translated into an interpretive category that can be "Highly Bearish," "Bearish," "Neutral," "Bullish," or "Highly Bullish."
Price Projection:
Estimates future price movement considering the current trend and the weight of each trend period (short, medium, and long).
Harmonic Change Detection:
Identifies significant changes in market harmony and adjusts sensitivity with predefined thresholds.
Confirmation and Divergence Signals:
Detects bullish or bearish confirmation signals as well as divergences, based on market harmony and price projection.
Additional Visualization:
Includes an optional market pentagram chart to visualize harmony on a broader scale.
Provides detailed information in a table about harmony, price projection, and harmonic changes.
How the Script Works:
Initial Calculations:
Ranges and Scores: Calculates ATR ranges for different periods (short, medium, and long). Then, evaluates the harmony score using the given formula.
Harmony: Obtained through the weighted combination of short, medium, and long-term scores.
Price Projection:
The projection is adjusted based on the difference between the current closing price and the exponential moving averages (EMAs) for different periods, weighted by the defined factors.
How to Use :
Tachometer Interpretation:
Observe the needle's position on the tachometer to assess the current market harmony.
Use the colors and labels to quickly interpret the market's state.
Projection and Changes:
Use the price projection to identify potential support or resistance levels.
Monitor harmonic changes and their strengths to adjust your trading strategies.
Confirmations and Divergences:
Pay attention to confirmation and divergence signals to decide on potential entries or exits.
Customization:
Adjust the indicator parameters, such as base length, harmony factor, change detection period, and trend weights, to fit your trading style and timeframe.
Español:
**Tacómetro Visual:
- Representa la armonía del mercado mediante un velocímetro en el gráfico.
- El tacómetro muestra un rango de armonía desde "Altamente Bajista" hasta "Altamente Alcista."
Cálculo de Armonía:
- Puntuación de Armonía:** Basada en los cálculos del rango ATR (Average True Range) para períodos cortos, medios y largos. La puntuación de armonía es una combinación ponderada de estas puntuaciones.
- Interpretación: La armonía se traduce en una categoría interpretativa que puede ser "Altamente Bajista," "Bajista," "Neutral," "Alcista," o "Altamente Alcista."
**Proyección de Precios:
- Estima el movimiento futuro de los precios considerando la tendencia actual y el peso de cada período de tendencia (corto, medio y largo).
**Detección de Cambios Armonicos:
- Identifica cambios significativos en la armonía del mercado y ajusta la sensibilidad con umbrales predefinidos.
**Señales de Confirmación y Divergencia:
- Detecta señales de confirmación alcista o bajista, así como divergencias, basadas en la armonía del mercado y la proyección de precios.
**Visualización Adicional:**
- Incluye un gráfico opcional de un pentagrama de mercado para visualizar la armonía en una escala más amplia.
- Proporciona información detallada en una tabla sobre la armonía, la proyección de precios y los cambios armónicos.
**Cómo Funciona el Script:**
Cálculos Iniciales:
- **Rangos y Puntuaciones:** Calcula los rangos del ATR para diferentes períodos (corto, medio y largo). Luego, evalúa la puntuación de armonía utilizando la fórmula dada.
- **Armonía:** Se obtiene a través de la combinación ponderada de las puntuaciones de corto, medio y largo plazo.
**Proyección de Precios:**
- La proyección se ajusta según la diferencia entre el precio de cierre actual y las medias móviles exponenciales (EMA) para diferentes períodos, ponderadas por los factores definidos.
**Cómo Usar:**
**Interpretación del Tacómetro:**
- Observa la posición de la aguja en el tacómetro para evaluar la armonía actual del mercado.
- Usa los colores y las etiquetas para interpretar rápidamente el estado del mercado.
**Proyección y Cambios:**
- Usa la proyección de precios para identificar posibles niveles de soporte o resistencia.
- Monitorea los cambios armónicos y sus fortalezas para ajustar tus estrategias de trading.
**Confirmaciones y Divergencias:**
- Presta atención a las señales de confirmación y divergencia para decidir posibles entradas o salidas.
**Personalización:**
- Ajusta los parámetros del indicador, como la longitud base, el factor de armonía, el período de detección de cambios y los pesos de tendencia, para adaptarlo a tu estilo de trading y marco de tiempo.
Money Flow Index Crossover IndicatorThe "Money Flow Index Crossover Indicator" is a specialized technical analysis tool designed to assist traders by providing a clear visualization of potential buy and sell signals based on the Money Flow Index (MFI) and its smoothed moving average (SMA). This indicator delineates overbought and oversold zones, offering valuable insights into market dynamics. It operates as an oscillator on a separate pane, helping traders identify bullish and bearish market conditions with greater precision. By incorporating k-Nearest Neighbor (KNN) machine learning techniques, this indicator enhances the reliability and accuracy of the signals provided.
Originality and Usefulness:
This script is not just a simple mashup of existing indicators but integrates multiple components to create a unique and comprehensive analysis tool. The combined information from the MFI, its smoothed moving average, and the KNN machine learning techniques influence the form and accuracy of the Money Flow Index Average line and the Smoothed Money Flow Index line giving a visually helpful representation of overbought and oversold conditions. These lines are displayed in an oscillator style crossover, allowing users to visualize potential buy and sell zones for setting up potential signals. The user can adjust various settings of these tools behind the code to fine-tune the behavior and sensitivity of these lines. This integration provides a more robust and insightful trading tool that can adapt to different market conditions and trading styles.
How It Works:
Inputs:
MFI Settings:
Show Signals: Allows users to toggle the display of MFI and SMA crossing signals, which are critical for identifying potential market reversals.
Plot Amount: Determines the number of plots in the heat map, ranging from 2 to 28, enabling customization based on user preference.
Source: Defines the data source for MFI calculations, typically set to OHLC4 for a balanced view of price movements.
Smooth Initial MFI Length: Specifies the smoothing length for the initial MFI calculations to reduce noise and enhance signal clarity.
MFI SMA Length: Sets the length for the SMA used to smooth the MFI average, providing a more stable reference line.
Machine Learning Settings:
Use KInSource: Option to average MFI data by adding a lookback to the source, improving the accuracy of historical comparisons.
KNN Distance Requirement: Defines the distance calculation method for KNN (Max, Min, Both) to refine the data filtering process.
Machine Learning Length: Specifies the amount of machine learning data stored for smoothing results, balancing between responsiveness and stability.
KNN Length: Sets the number of KNN used to calculate the allowable distance range, enhancing the precision of the machine learning model.
Fast and Slow Lengths: Defines the lengths for fast and slow MFI calculations, allowing the indicator to capture different market dynamics.
Smoothing Length: Determines the length at which MFI calculations start for a more smoothed result, reducing false signals.
Variables and Functions:
KNN Function: Filters machine learning data to calculate valid distances based on defined criteria, ensuring more accurate MFI averages.
MFI Calculations: Computes both fast and slow MFI values, applies smoothing, and stores them for KNN processing to refine signal generation.
MFI KNN Calculation: Uses the KNN function to calculate the machine learning average of MFI values, enhancing signal reliability.
MFI Average and SMA: Calculates the average and smoothed MFI values, which are crucial for determining crossover signals.
Calculations:
MFI Values: Calculates current fast and slow MFI values and applies smoothing to reduce market noise.
Storage Arrays: Stores MFI data in arrays for KNN processing, enabling historical comparison and pattern recognition.
KNN Processing: Computes the machine learning average of MFI values using the KNN function, improving the robustness of signals.
MFI Average: Scales the MFI average to fit the heat map and calculates the smoothed SMA, providing a clear visual representation of trends.
Crossover Signals: Identifies bullish (MFI crossing above SMA) and bearish (MFI crossing below SMA) signals, which are key for making trading decisions.
Plots and Visuals:
MFI Average and SMA Lines: Plots the MFI average and smoothed SMA on the chart, allowing traders to easily visualize market trends and potential reversals.
Zones: Defines and plots overbought, neutral, and oversold zones for easy visualization. The recommended settings for these zones are:
Overbought Zone: Level set to approximately 24.6, indicating a potential market top.
Neutral Zone: Level set to 14, representing a balanced market condition.
Oversold Zone: Level set to 5.4, signaling a potential market bottom.
Crossover Marks: Plots circles on the chart to indicate bullish and bearish crossover signals, making it easier to spot entry and exit points.
Visual Alerts:
Bullish and Bearish Alerts: one can see overbought and oversold conditions and up alert conditions for bullish and bearish MFI crossover signals, enabling traders to have access to visual cues when these events are on trajectory to occur and, if they occur, act promptly with the visual representation of its zones.
Why It's Helpful:
The "Money Flow Index Crossover Indicator" provides traders with a sophisticated tool to identify potential buy and sell conditions based on the combined information of the MFI and its smoothed moving average. The KNN machine learning techniques enhance the accuracy of this indicator's clear visual representation of overbought, neutral, and oversold zones. This combination of data represented on the chart helps traders make informed decisions about market conditions. This indicator is particularly useful for traders looking to refine their entry and exit points by leveraging advanced data analysis in respect to overbought and oversold conditions.
Disclaimer:
This indicator is intended to assist traders in making informed decisions based on technical analysis. However, it is not a guarantee of future performance and should be used in conjunction with other analysis techniques and risk management practices. Past performance is not indicative of future results, and traders should exercise caution and perform their own due diligence before making any trading decisions.
Crab Harmonic Pattern [TradingFinder] Harmonic Chart patterns🔵 Introduction
The Crab pattern is recognized as a reversal pattern in technical analysis, utilizing Fibonacci numbers and percentages for chart analysis. This pattern can predict suitable price reversal areas on charts using Fibonacci ratios.
The structure of the Crab pattern can manifest in both bullish and bearish forms on the chart. By analyzing this structure, traders can identify points where the price direction changes, which are essential for making informed trading decisions.
The pattern's structure is visually represented on charts as shown below. To gain a deeper understanding of the Crab pattern's functionality, it is beneficial to become familiar with its various harmonic forms.
🟣 Types of Crab Patterns
The Crab pattern is categorized into two types based on its structure: bullish and bearish. The bullish Crab is denoted by the letter M, while the bearish Crab is indicated by the letter W in technical analysis.
Typically, a bullish Crab pattern signals a potential price increase, whereas a bearish Crab pattern suggests a potential price decrease on the chart.
The direction of price movement depends significantly on the price's position within the chart. By identifying whether the pattern is bullish or bearish, traders can determine the likely direction of the price reversal.
Bullish Crab :
Bearish Crab :
🔵 How to Use
When trading using the Crab pattern, crucial parameters include the end time of the correction and the point at which the chart reaches its peak. Generally, the best time to buy is when the chart nears the end of its correction, and the best time to sell is when it approaches the peak price.
As we discussed, the end of the price correction and the time to reach the peak are measured using Fibonacci ratios. By analyzing these levels, traders can estimate the end of the correction in the chart waves and select a buying position for their stock or asset upon reaching that ratio.
🟣 Bullish Crab Pattern
In this pattern, the stock price is expected to rise at the pattern's completion, transitioning into an upward trend. The bullish Crab pattern usually begins with an upward trend, followed by a price correction, after which the stock resumes its upward movement.
If a deeper correction occurs, the price will change direction at some point on the chart and rise again towards its target price. Price corrections play a critical role in this pattern, as it aims to identify entry and exit points using Fibonacci ratios, allowing traders to make purchases at the end of the corrections.
When the price movement lines are connected on the chart, the bullish Crab pattern resembles the letter M.
🟣 Bearish Crab Pattern
In this pattern, the stock price is expected to decline at the pattern's completion, leading to a strong downward trend. The bearish Crab pattern typically starts with a price correction in a downward trend and, after several fluctuations, reaches a peak where the direction changes downward, resulting in a significant price drop.
This pattern uses Fibonacci ratios to identify points where the price movement is likely to change direction, enabling traders to exit their positions at the chart's peak. When the price movement lines are connected on the chart, the bearish Crab pattern resembles the letter W.
🔵 Setting
🟣 Logical Setting
ZigZag Pivot Period : You can adjust the period so that the harmonic patterns are adjusted according to the pivot period you want. This factor is the most important parameter in pattern recognition.
Show Valid Format : If this parameter is on "On" mode, only patterns will be displayed that they have exact format and no noise can be seen in them. If "Off" is, the patterns displayed that maybe are noisy and do not exactly correspond to the original pattern.
Show Formation Last Pivot Confirm : if Turned on, you can see this ability of patterns when their last pivot is formed. If this feature is off, it will see the patterns as soon as they are formed. The advantage of this option being clear is less formation of fielded patterns, and it is accompanied by the latest pattern seeing and a sharp reduction in reward to risk.
Period of Formation Last Pivot : Using this parameter you can determine that the last pivot is based on Pivot period.
🟣 Genaral Setting
Show : Enter "On" to display the template and "Off" to not display the template.
Color : Enter the desired color to draw the pattern in this parameter.
LineWidth : You can enter the number 1 or numbers higher than one to adjust the thickness of the drawing lines. This number must be an integer and increases with increasing thickness.
LabelSize : You can adjust the size of the labels by using the "size.auto", "size.tiny", "size.smal", "size.normal", "size.large" or "size.huge" entries.
🟣 Alert Setting
Alert : On / Off
Message Frequency : This string parameter defines the announcement frequency. Choices include: "All" (activates the alert every time the function is called), "Once Per Bar" (activates the alert only on the first call within the bar), and "Once Per Bar Close" (the alert is activated only by a call at the last script execution of the real-time bar upon closing). The default setting is "Once per Bar".
Show Alert Time by Time Zone : The date, hour, and minute you receive in alert messages can be based on any time zone you choose. For example, if you want New York time, you should enter "UTC-4". This input is set to the time zone "UTC" by default.
Volume Based Volatility Trail [UAlgo]"Volume Based Volatility Trail ", is designed to identify potential trading opportunities based on volatility and volume analysis. It calculates the Average True Range (ATR) to gauge market volatility and uses a volume-based multiplier to dynamically adjust a trailing stop level. The indicator also incorporates volume analysis to identify high volume periods that might signal potential breakouts.
🔶 Key Features
Volume-Based Volatility Trail: The indicator calculates a trailing stop level based on the ATR, which is then adjusted based on volume. Higher volume periods can lead to a wider trailing stop to account for increased volatility.
Price Source: Users can select the price source (e.g., close, open) for volume calculations.
Customizable Inputs: Users can adjust various parameters like the ATR period, multiplier, smoothing period, volume SMA period, ATR adjustment factor, and colors for buy/sell signals and the trailing stop area.
Buy/Sell Alerts: The indicator generates alerts for potential buy and sell opportunities based on the trailing stop crossing the price.
🔶 Usage
Look for buy signals (▲ marker) when the price crosses above the trailing stop level, potentially indicating a bullish trend.
Conversely, sell signals (▼ marker) appear when the price falls below the trailing stop, suggesting a bearish trend.
The shaded area around the trailing stop represents a buffer zone that might offer some protection against price fluctuations, but it can also indicate areas of potential pullbacks. During volatile periods or after strong price movements, the price might retrace back towards the trailing stop before continuing its trend. This shaded area can help visualize these potential retracement zones.
High volume periods (highlighted by the indicator) can be used in conjunction with other technical analysis to confirm potential breakouts. Analyze these high volume periods alongside price action and other indicators to assess the strength of the breakout and the likelihood of the price continuing its upward move.
🔶 Disclaimer:
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
Trendline Cross CountThe Trendline Cross Count indicator is an innovative technical analysis tool that revolutionizes the way traders interact with trendlines. This cutting-edge indicator doesn't just identify trendlines - it quantifies their impact on price action in real-time, providing traders with unprecedented insight into market structure.
Core Functionality:
Trendline Cross Quantification:
At the heart of this indicator is its ability to display the actual number of trendlines being crossed by the current price. The algorithm doesn't just count intersections; it evaluates the significance of each trendline, weighing factors such as trendline duration, number of touch points, and historical reliability.
Dynamic Trendline Generation:
The indicator employs an advanced pivot-based trendline detection system. It continuously scans the chart for significant pivot points and constructs trendlines based on these pivots. The innovation lies in its ability to adapt to changing market conditions, constantly updating its trendline library.
Confluence Analysis:
By tracking multiple trendlines simultaneously, the indicator provides a real-time measure of trendline confluence. This allows traders to identify areas where multiple significant trendlines converge, potentially signaling powerful support or resistance levels.
Key Inputs and Their Significance:
Trendline Source:
This input allows traders to select the price data used for trendline analysis. While the default is the closing price, the flexibility to choose other price points enables traders to tailor the analysis to their specific trading style or market preferences.
Pivot Size:
This crucial parameter defines the lookback period for identifying pivot points. The default value of 3 strikes a balance between sensitivity and reliability, but adjusting this value can dramatically alter the indicator's behavior. Lower values increase sensitivity but may introduce noise, while higher values provide more stable, long-term trendlines.
Pivot Sequence:
This innovative feature allows traders to focus on specific market structures. Options include:
"LL" (Lower Lows): Focuses on downtrends
"HH" (Higher Highs): Emphasizes uptrends
"Any": Provides a comprehensive view of all trendlines
What Makes It Unique:
The Trendline Cross Count indicator stands out due to several groundbreaking features:
Quantitative Trendline Analysis:
While most indicators simply draw trendlines, this tool quantifies their impact, providing a numerical representation of market structure complexity.
Adaptive Pivot Detection:
The indicator's ability to dynamically adjust its pivot detection based on market volatility ensures relevance across all market conditions.
Sequence-Based Filtering:
The unique pivot sequence option allows traders to focus on specific trend types, a feature not found in conventional trendline tools.
Real-Time Confluence Measurement:
By providing a live count of intersecting trendlines, traders gain instant insight into potential support and resistance strength.
Significance Algorithm:
Not all trendlines are created equal. This indicator employs an algorithm to weigh the importance of each trendline, ensuring that the cross count reflects truly significant levels.
This indicator represents a significant advancement in trendline analysis, offering insights that are not readily available through traditional methods. Its ability to quantify trendline interactions in real-time provides traders with a unique edge in understanding market structure and potential price movements. The Trendline Cross Count indicator is not just a tool, but a gateway to a new dimension of technical analysis.
Previous Highs & Lows [LuxAlgo]The Previous Highs & Lows indicator highlights a user-set amount of previous maximum/minimum prices made within specific intervals, these are displayed as levels customizable levels.
Additionally, one upper and lower zone constructed from the previously displayed highs/lows is included, providing support/resistance areas.
🔶 USAGE
Previous highs/lows are often perceived as key trading levels with the potential of generating multiple reactions upon being reached.
While the daily interval is more commonly used, users can use different intervals, with the indicator supporting hourly, daily, weekly, monthly, and yearly intervals. Using higher intervals on low timeframes can return more distant levels relative to the most recent price, which might not be relevant.
Each level is numbered, with more recent previous highs/lows having a lower number associated with them, users can also highlight more recent levels through a transparency gradient.
Users can control the amount of previous highs/lows displayed using the "Show Last" settings, with a higher value providing more potential support/resistance. Returned previous highs/lows can eventually be filtered out based on their position by enabling the "Filter Based On Position" setting, only keeping previous highs above the current closing price and previous lows below the current closing price, giving more relevant levels as a result.
🔹 Previous High/Low Areas
The indicator includes two areas constructed from the respective percentiles of the returned previous highs/lows. These can be useful as more general support/resistance areas.
Wider areas are often indicative of a group of previous highs or lows being more dispersed, resulting in areas that are easier to reach. Wider areas can also be obtained by increasing the "Areas Width" setting.
Note: Areas will only be displayed if "Show Last" is greater than 1
🔶 SETTINGS
Show Last: Determines the amount of more recent previous highs and previous low levels displayed by the indicator.
Interval: Interval used to capture maximum/minimum price values,
Areas Width: Width of the displayed top/bottom areas, with higher values returning wider areas.
Filter Based On Position: When enabled only display previous highs above the current closing price and previous lows below the current closing price.
🔹 Style
Minimum Gradient Transparency: Minimum transparency value applied to the colors of the oldest displayed previous highs/lows levels.
Alpha-Sutte Multi-Price Indicator [CHE] Overview
The AlphaSutte MultiPrice Indicator is a powerful tool for forecasting market movements and generating trading signals. At its core is the AlphaSutte Model, which stands out for its innovative approach to predicting future price movements.
Inspired by the () on TradingView, this indicator enhances the original concept by integrating it with the T3 smoothing technique to improve trend identification and signal reliability.
The AlphaSutte Model
The AlphaSutte Model is a mathematical method for forecasting prices based on the analysis of historical price data. It is applied to various price components such as High, Low, Open, and Close. The model predicts future values using differences and weighted averages of previous periods. Here are the key steps and components of the AlphaSutte Model:
1. Data Extraction:
The model extracts historical values at specified intervals. For example, it uses the values from the last four periods for calculations.
2. Difference Calculations:
Differences between successive historical values are calculated:
Delta_x: Difference between the first and fourth values.
Delta_y: Difference between the second and first values.
Delta_z: Difference between the third and second values.
3. Weighted Average Calculation:
These differences are then integrated into a weighted average to forecast the future value:
The weighted average combines the historical values and their differences to calculate the forecasted value, referred to as a_t.
4. Application to Price Components:
The AlphaSutte Model can be applied to various price components:
High: Forecasting the future high price.
Low: Forecasting the future low price.
Open: Forecasting the future opening price.
Close: Forecasting the future closing price.
5. Averaging AlphaSutte Values:
If multiple price components are used for calculation, an average of the AlphaSutte values is computed. This average serves as the basis for generating trading signals.
Trading Signals and Directional Change
The AlphaSutte Model is used to generate long and short trading signals. These signals are confirmed by the directional change of the T3 Indicator to enhance reliability:
Long Signals:
A long signal is generated when the average value of the AlphaSutte Model is positive, and the T3 indicator previously showed a downtrend.
These signals are displayed with green labels and lines on the chart.
Short Signals:
A short signal is generated when the average value of the AlphaSutte Model is negative, and the T3 indicator previously showed an uptrend.
These signals are displayed with red labels and lines on the chart.
StepbyStep Explanation of the Script
The AlphaSutte MultiPrice Indicator script in TradingView is designed to provide comprehensive market trend analysis and trading signal generation. Here is a stepbystep explanation of how the script operates:
1. Input Parameters:
The script begins by defining several input parameters for the T3 indicator and AlphaSutte Model, including:
`t3Length`: The length of the T3 moving average.
`t3VolumeFactor`: The volume factor used in T3 smoothing.
Boolean inputs to determine which price components (High, Low, Open, Close) should use the AlphaSutte Model.
`numLastLabels`: The number of last labels to display for recent signals.
2. T3 Smoothing Function:
The `t3Smoothing` function calculates the T3 smoothed value for the specified source price using a series of exponential moving averages (EMAs):
It calculates six sequential EMAs of the source price.
It then combines these EMAs using specific coefficients to obtain the T3 value.
3. AlphaSutte Calculation Function:
The `get_alpha_sutte` function forecasts future values based on historical price data:
It extracts historical price values at specific intervals.
It calculates the differences (deltas) between these values.
It computes a weighted average of these deltas to obtain the AlphaSutte value.
4. Calculating AlphaSutte Components:
The script calculates the AlphaSutte values for the selected price components (High, Low, Open, Close) based on user input.
It then averages these values if multiple components are selected.
5. Generating Long and Short Conditions:
The script defines conditions for generating long and short signals based on the AlphaSutte average:
`long_condition`: True if the AlphaSutte average is positive.
`short_condition`: True if the AlphaSutte average is negative.
6. Tracking T3 Trend Direction:
The script updates state variables to track whether the T3 line is in an uptrend or downtrend:
`t3_uptrend`: True if the T3 value is higher than the previous T3 value.
`t3_downtrend`: True if the T3 value is lower than the previous T3 value.
7. Generating and Managing Labels and Lines:
The script generates labels and lines on the chart to visualize long and short signals:
For long signals, green labels and lines are created when the long condition is met, and the T3 was previously in a downtrend.
For short signals, red labels and lines are created when the short condition is met, and the T3 was previously in an uptrend.
Old labels and lines are deleted to keep the chart clean and relevant.
8. Updating Lines to Current Candle:
The script dynamically updates the end points of the lines to the current candle to reflect the latest market data.
9. Highlighting Movements:
The script optionally highlights the T3 line based on its direction to visually emphasize the trend:
Green for an uptrend and red for a downtrend.
10. Plotting the T3 Line:
Finally, the T3 line is plotted on the chart with the specified color and line width to provide a clear visualization of the trend.
Conclusion
The primary focus of the AlphaSutte MultiPrice Indicator is on the forecasting capabilities of the AlphaSutte Model. This model's forecasts are the most critical part of the indicator, providing the essential signals for potential market movements. The T3 indicator serves as a confirmation tool, validating these forecasts by indicating the direction of the trend. This combination enhances the reliability of the trading signals, making the AlphaSutte MultiPrice Indicator a valuable asset for traders looking to make informed decisions based on robust market analysis.
Best regards Chervolino
Tick Weighted Average Price %B Breadth by SyntaxGeekSource concept
This indicator operates with the same calculation as TiWAP %B , review that for the general premise.
What this study aims to deliver
This TiWAP %B is a breadth indicator, that can track price movements against TiWAP for up to ten stocks configured. Benefits including acting as a "eyes on glass" scanner for trading individual stocks, trading index, futures or etf knowing that top market liquidity is in alignment to ideas generated from the data displayed.
How to use
Configure up to ten stocks with weights for index and assigned custom colors, if less than ten are desired just disable them by unchecking the box next to the stock in question.
Track stocks movements against TiWAP calculations which display how the stock is moving in relation to tick market breadth (either NYSE or NASDAQ internal TICK).
As stocks move the representative plot moves to the location within the TiWAP bands, as default configured this will be the 1st, 2nd and 3rd deviation bands.
Extra features apart from standard TiWAP %B
Average plot - this will present the weighted average for all stocks %Bs combined.
Smoothing - this will smooth each stock %B, and subsequently the average, with a period configured (EMA).
Bar coloring - this colors bars on the main pane according to average trend strength.
Special considerations
TiWAP, as well as TiWAP %B, require a fair amount of initial TICK data (for session anchorage) in order to build up proper projections - care should be taken in early session using the data.
Also, keep in mind that each stocks band widths will be of varying amounts, so while stocks could all be around the same deviation band there could be more or less significance to that given band width (more indicators coming).
Plots have largely been left open to editing, customize each stock with different style as well as the average. There is a global stock plot transparency setting to ease quick glance comparisons between stocks and the average.
The cloud fill and target level relation features had to be stripped due to plot limitations but perhaps some things could be restored with more time :)
Happy trading!
TrendMaster ProTrendMaster Pro: A Comprehensive Trend Analysis Tool for Long-Term Investors
TrendMaster Pro is an advanced technical indicator designed to provide long-term investors with a robust and comprehensive analysis of market trends. This sophisticated tool operates exclusively on daily timeframes, making it ideal for those focused on long-term investment strategies. By combining multiple analytical approaches, TrendMaster Pro offers investors a powerful means to assess trend quality and make informed decisions.
Automatic Trend Detection
At the heart of TrendMaster Pro lies its ability to automatically identify the most statistically significant trend. The indicator analyzes various timeframes ranging from 1000 to 5000 days, selecting the one that exhibits the highest correlation. This feature ensures that investors are always working with the most relevant trend data, eliminating the subjectivity often associated with manual trend identification.
The trend detection algorithm employs a regression analysis approach, evaluating approximately 80,000 different trend alternatives each day. Each potential trend is assigned a score based on criteria such as trend density, deviation from regression, and the number of price points near the trend's floor and ceiling. The trend with the highest score is then selected and displayed on the chart.
Comprehensive Scoring System
TrendMaster Pro employs a multi-faceted scoring system that evaluates four key aspects of a trend, providing a holistic view of its quality and potential. Each aspect is scored on a scale of 0 to 10, with the overall trend quality score being a weighted average of these individual scores.
1. Length Score
The Length Score measures the duration of the detected trend. Longer trends receive higher scores, reflecting increased reliability and significance. This score is calculated by normalizing the auto-selected period (which ranges from 1000 to 5000 days) to a scale of 5 to 10.
For example, if the auto-selected period is 3000 days, it would receive a score of around 7.5. This emphasizes the importance of long-term trends in investment decision-making, as they tend to be more stable and indicative of underlying market forces.
2. Strength Score
The Strength Score utilizes Pearson's Correlation Coefficient to assess trend strength. This statistical measure gauges the linear relationship between price and trend projection. A value closer to 1 indicates a strong positive correlation, reinforcing confidence in the trend direction based on historical price movements.
The indicator translates the Pearson's Correlation Coefficient into a score from 0 to 10. For instance, a correlation coefficient of 0.95 might translate to a Strength Score of 8, indicating a strong and reliable trend.
3. Performance Score
The Performance Score compares the asset's Compound Annual Growth Rate (CAGR) to a chosen benchmark, typically a major index like the S&P 500. This score provides insight into how well the asset is performing relative to the broader market.
The CAGR is calculated using the formula: CAGR = (Ending Value / Beginning Value)^(1/n) - 1, where n is the number of years. The Performance Score is then determined by comparing this CAGR to the benchmark's CAGR over the same period. A higher score indicates outperformance relative to the benchmark.
4. Level Score
The Level Score evaluates the current price position within the trend channel. Lower prices within the channel receive higher scores, suggesting potential value or buying opportunities. This score helps identify possible entry points based on historical trend behavior.
For example, if the current price is near the lower boundary of the trend channel, it might receive a Level Score of 9, indicating a potentially attractive entry point.
Visual Representation
TrendMaster Pro provides a clear visual representation of the detected trend by displaying a regression channel on the chart. This channel consists of three lines: a middle line representing the main trend, and upper and lower lines representing standard deviations from the main trend.
The channel offers a quick visual reference for support and resistance levels, helping investors identify potential entry and exit points. The color and style of these lines can be customized to suit individual preferences.
Detailed Information Table
A comprehensive table presents all scores and relevant data, allowing for quick and easy interpretation of the trend analysis. This table includes:
The auto-selected trend length
The Pearson's Correlation Coefficient
The asset's CAGR and the benchmark's CAGR
Individual scores for Length, Strength, Performance, and Level
The overall Trend Quality Score
This table provides investors with a clear, at-a-glance summary of the trend's key characteristics and quality.
Practical Application
To use TrendMaster Pro effectively, investors should consider the following:
Focus on the overall Trend Quality Score as a primary indicator of trend strength and reliability.
Use the Length Score to gauge the trend's longevity and potential stability.
Pay attention to the Strength Score to assess how well the price action aligns with the identified trend.
Utilize the Performance Score to compare the asset's performance against the broader market.
Consider the Level Score when timing entries, looking for opportunities when prices are relatively low within the trend channel.
Use the visual trend channel as a guide for potential support and resistance levels.
Limitations and Considerations
While TrendMaster Pro offers powerful insights, it's important to remember that no indicator can predict future market movements with certainty. The tool should be used in conjunction with fundamental analysis and other market information.
Additionally, as the indicator is designed for daily charts and long-term analysis, it may not be suitable for short-term trading strategies. Users should also be aware that past performance does not guarantee future results, even with strong trend indications.
Conclusion
TrendMaster Pro represents a significant advancement in trend analysis for long-term investors. By combining automatic trend detection, comprehensive scoring, and benchmark comparison, it offers a powerful tool for those seeking to make informed, data-driven investment decisions. Its ability to objectively assess trend quality across multiple dimensions provides investors with a valuable edge in navigating complex market conditions.
For investors looking to deepen their understanding of market trends and enhance their long-term investment strategies, TrendMaster Pro offers a sophisticated yet accessible solution. As with any investment tool, users are encouraged to thoroughly familiarize themselves with its features and interpret its outputs in the context of their overall investment approach.
Smart Money Concepts by WeloTradesThe "Smart Money Concepts by WeloTrades" indicator is designed to offer traders a comprehensive tool that integrates multiple advanced features to aid in market analysis. By combining order blocks, liquidity levels, fair value gaps, trendlines, and market structure analysis, the indicator provides a holistic approach to understanding market dynamics and making informed trading decisions.
Components and Their Integration:
Order Blocks and Breaker Blocks Detection
Functionality: Order blocks represent areas where significant buying or selling occurred, creating potential support or resistance zones. Breaker blocks signal potential reversals.
Integration: By detecting and visualizing these blocks, the indicator helps traders identify key levels where price might react, aiding in entry and exit decisions. The customizable settings allow traders to adjust the visibility and parameters to suit their specific trading strategy.
Liquidity Levels Analysis
Functionality: Liquidity levels indicate zones where significant price movements can occur due to the presence of large orders. These are areas where smart money might be executing trades.
Integration: By tracking these high-probability liquidity areas, traders can anticipate potential price movements. Customizable display limits and mitigation strategies ensure that the information is tailored to the trader’s needs, providing precise and actionable insights.
Fair Value Gaps (FVG)
Functionality: Fair value gaps highlight areas where there is an imbalance between buyers and sellers. These gaps often represent potential trading opportunities.
Integration: The ability to identify and analyze FVGs helps traders spot potential entries based on market inefficiencies. The touch and break detection functionalities provide further refinement, enhancing the precision of trading signals.
Trendlines
Functionality: Trendlines help in identifying the direction of the market and potential reversal points. The additional trendline adds a layer of confirmation for breaks or retests.
Integration: Automatically drawn trendlines assist traders in visualizing market trends and making decisions about potential entries and exits. The additional trendline for stronger confirmation reduces the risk of false signals, providing more reliable trading opportunities.
Market Structure Analysis
Functionality: Understanding market structure is crucial for identifying key support and resistance levels and overall market dynamics. This component displays internal, external, and composite market structures.
Integration: By automatically highlighting shifts in market structure, the indicator helps traders recognize important levels and potential changes in market direction. This analysis is critical for strategic planning and execution in trading.
Customizable Alerts
Functionality: Alerts ensure that traders do not miss significant market events, such as the formation or breach of order blocks, liquidity levels, and trendline interactions.
Integration: Customizable alerts enhance the user experience by providing timely notifications of key events. This feature ensures that traders can act quickly and efficiently, leveraging the insights provided by the indicator.
Interactive Visualization
Functionality: Customizable visual aspects of the indicator allow traders to tailor the display to their preferences and trading style.
Integration: This feature enhances user engagement and usability, making it easier for traders to interpret the data and make informed decisions. Personalization options like colors, styles, and display formats improve the overall effectiveness of the indicator.
How Components Work Together
Comprehensive Market Analysis
Each component of the indicator addresses a different aspect of market analysis. Order blocks and liquidity levels highlight potential support and resistance zones, while fair value gaps and trendlines provide additional context for potential entries and exits. Market structure analysis ties everything together by offering a broad view of market dynamics.
Synergistic Insights
The integration of multiple features allows for cross-validation of trading signals. For instance, an order block coinciding with a high-probability liquidity level and a fair value gap can provide a stronger signal than any of these features alone. This synergy enhances the reliability of the insights and trading signals generated by the indicator.
Enhanced Decision Making
By combining these advanced features into a single tool, traders are equipped with a powerful resource for making informed decisions. The customizable alerts and interactive visualization further support this by ensuring that traders can act quickly on the insights provided.
Order Blocks ( OB) & Breaker Blocks (BB) Visuals:
📝 OB Input Settings
📊 Timeframe #1
TF #1🕑: Enable or disable Timeframe 1.
What it is: A boolean input to toggle the use of the first timeframe.
What it does: Enables or disables Timeframe 1 for the OB settings.
How to use it: Check or uncheck the box to enable or disable.
📊 Timeframe 1 Selection
Timeframe #1🕑: Select the timeframe for Timeframe 1.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Timeframe 1.
How to use it: Choose a timeframe from the dropdown list.
📊 Timeframe #2
TF #2🕑: Enable or disable Timeframe 2.
What it is: A boolean input to toggle the use of the second timeframe.
What it does: Enables or disables Timeframe 2 for the OB settings.
How to use it: Check or uncheck the box to enable or disable.
📊 Timeframe 2 Selection
Timeframe #2🕑: Select the timeframe for Timeframe 2.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Timeframe 2.
How to use it: Choose a timeframe from the dropdown list.
Additional Info: Higher TF Chart & Lower TF Setting / Lower TF Chart & Higher TF Setting.
📏 Show OBs
OB (Length)📏: Toggle the display of Order Blocks.
What it is: A boolean input to enable or disable the display of Order Blocks.
What it does: Shows or hides Order Blocks based on the selected swing length.
How to use it: Check or uncheck the box to enable or disable.
📏 Swing Length Option
Swing Length Option: Select the swing length option.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swings for Order Blocks.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
🔧 Custom Swing Length
🔧custom: Specify a custom swing length.
What it is: An integer input for setting a custom swing length.
What it does: Overrides the default swing lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
📛 Show BBs
BB (Method)📛: Toggle the display of Breaker Blocks.
What it is: A boolean input to enable or disable the display of Breaker Blocks.
What it does: Shows or hides Breaker Blocks.
How to use it: Check or uncheck the box to enable or disable.
📛 OB End Method
OB End Method: Select the method for determining the end of a Breaker Block.
What it is: A dropdown to choose between Wick and Close.
What it does: Sets the criteria for when a Breaker Block is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info: Wicks: OB is mitigated when the price wicks through the OB Level. Close: OB is mitigated when the closing price is within the OB Level.
🔍 Max Bullish Zones
🔍Max Bullish: Set the maximum number of Bullish Order Blocks to display.
What it is: A dropdown to select the maximum number of Bullish Order Blocks.
What it does: Limits the number of Bullish Order Blocks shown on the chart.
How to use it: Choose a value from the dropdown (1-10).
🔍 Max Bearish Zones
🔍Max Bearish: Set the maximum number of Bearish Order Blocks to display.
What it is: A dropdown to select the maximum number of Bearish Order Blocks.
What it does: Limits the number of Bearish Order Blocks shown on the chart.
How to use it: Choose a value from the dropdown (1-10).
🟩 Bullish OB Color
Bullish OB Color: Set the color for Bullish Order Blocks.
What it is: A color picker to set the color of Bullish Order Blocks.
What it does: Changes the color of Bullish Order Blocks on the chart.
How to use it: Select a color from the color picker.
🟥 Bearish OB Color
Bearish OB Color: Set the color for Bearish Order Blocks.
What it is: A color picker to set the color of Bearish Order Blocks.
What it does: Changes the color of Bearish Order Blocks on the chart.
How to use it: Select a color from the color picker.
🔧 OB & BB Range
↔ OB & BB Range: Select the range option for OB and BB.
What it is: A dropdown to choose between RANGE and CUSTOM.
What it does: Sets how far the OB or BB should extend.
How to use it: Choose an option from the dropdown.
Additional Info: RANGE = Current price, CUSTOM = Adjustable Range.
🔧 Custom OB & BB Range
🔧Custom: Specify a custom range for OB and BB.
What it is: An integer input for setting a custom range.
What it does: Defines how far the OB or BB should go, based on a custom value.
How to use it: Enter a custom integer value (range: 1000-500000).
💬 Text Options
💬Text Options: Set text size and color for OB and BB.
What it is: A dropdown to select text size and a color picker to choose text color.
What it does: Changes the size and color of the text displayed for OB and BB.
How to use it: Select a size from the dropdown and a color from the color picker.
💬 Show Timeframe OB
Text: Toggle to display the timeframe of OB.
What it is: A boolean input to show or hide the timeframe text for OB.
What it does: Displays the timeframe information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
💬 Show Volume
Volume: Toggle to display the volume of OB.
What it is: A boolean input to show or hide the volume information for Order Blocks.
What it does: Displays the volume information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The volume displayed represents the total trading volume that occurred during the formation of the Order Block. This can indicate the level of participation or interest in that price level.
How it's calculated: The volume is the sum of all traded volumes within the candles that form the Order Block.
What it means: Higher volume at an Order Block level may suggest stronger support or resistance. It shows the amount of trading activity and can be an indicator of the potential strength or validity of the Order Block.
Why it's shown: To give traders an idea of the market participation and to help assess the strength of the Order Block.
💬 Show Percentage
%: Toggle to display the percentage of OB.
What it is: A boolean input to show or hide the percentage information for Order Blocks.
What it does: Displays the percentage information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The percentage displayed usually represents the proportion of price movement relative to the Order Block.
How it's calculated: This can be the percentage move from the start to the end of the Order Block or the retracement level that price has reached relative to the Order Block's range.
What it means: It helps traders understand the extent of price movement within the Order Block and can indicate the significance of the price level.
Why it's shown: To provide a clearer understanding of the price dynamics and the importance of the Order Block within the overall price movement.
Additional Information
Volume Example: If an Order Block forms over three candles with volumes of 100, 150, and 200, the total volume displayed for that Order Block would be 450.
Percentage Example: If the price moves from 100 to 110 within an Order Block, and the total range of the Order Block is from 100 to 120, the percentage shown might be 50% (since the price has moved halfway through the Order Block's range).
Liquidity Levels visuals:
📊 Liquidity Levels Input Settings
📊 Current Timeframe
TF #1🕑: Enable or disable the current timeframe.
What it is: A boolean input to toggle the use of the current timeframe.
What it does: Enables or disables the display of liquidity levels for the current timeframe.
How to use it: Check or uncheck the box to enable or disable.
📊 Higher Timeframe
Higher Timeframe: Select the higher timeframe for liquidity levels.
What it is: A dropdown to select the desired higher timeframe.
What it does: Sets the higher timeframe for liquidity levels.
How to use it: Choose a timeframe from the dropdown list.
📏 Liquidity Length Option
📏Liquidity Length: Select the length for liquidity levels.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swings for liquidity levels.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
🔧 Custom Liquidity Length
🔧custom: Specify a custom length for liquidity levels.
What it is: An integer input for setting a custom swing length.
What it does: Overrides the default liquidity lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
📛 Mitigation Method
📛Mitigation (Method): Select the method for determining the mitigation of liquidity levels.
What it is: A dropdown to choose between Close and Wick.
What it does: Sets the criteria for when a liquidity level is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info:
Wick: Level is mitigated when the price wicks through the level.
Close: Level is mitigated when the closing price is within the level.
📛 Display Mitigated Levels
-: Select to display or hide mitigated levels.
What it is: A dropdown to choose between Remove and Show.
What it does: Displays or hides mitigated liquidity levels.
How to use it: Choose an option from the dropdown.
Additional Info:
Remove: Hide mitigated levels.
Show: Display mitigated levels.
🔍 Max Buy Side Liquidity
🔍Max Buy Side Liquidity: Set the maximum number of Buy Side Liquidity Levels to display.
What it is: An integer input to set the maximum number of Buy Side Liquidity Levels.
What it does: Limits the number of Buy Side Liquidity Levels shown on the chart.
How to use it: Enter a value between 0 and 50.
🟦 Buy Side Liquidity Color
Buy Side Liquidity Color: Set the color for Buy Side Liquidity Levels.
What it is: A color picker to set the color of Buy Side Liquidity Levels.
What it does: Changes the color of Buy Side Liquidity Levels on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Buy Side Liquidity Levels to display. Default: 5, Min: 1, Max: 50.
If liquidity levels are not displayed as expected, try increasing the max count.
🔍 Max Sell Side Liquidity
🔍Max Sell Side Liquidity: Set the maximum number of Sell Side Liquidity Levels to display.
What it is: An integer input to set the maximum number of Sell Side Liquidity Levels.
What it does: Limits the number of Sell Side Liquidity Levels shown on the chart.
How to use it: Enter a value between 0 and 50.
🟥 Sell Side Liquidity Color
Sell Side Liquidity Color: Set the color for Sell Side Liquidity Levels.
What it is: A color picker to set the color of Sell Side Liquidity Levels.
What it does: Changes the color of Sell Side Liquidity Levels on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Sell Side Liquidity Levels to display. Default: 5, Min: 1, Max: 50.
If liquidity levels are not displayed as expected, try increasing the max count.
✂ Box Style (Height)
✂ Box Style (↕): Set the box height style for liquidity levels.
What it is: A float input to set the height of the boxes.
What it does: Adjusts the height of the boxes displaying liquidity levels.
How to use it: Enter a value between -50 and 50.
Additional Info: Default value is -5.
📏 Box Length
b: Set the box length of liquidity levels.
What it is: An integer input to set the length of the boxes.
What it does: Adjusts the length of the boxes displaying liquidity levels.
How to use it: Enter a value between 0 and 500.
Additional Info: Default value is 20.
⏭ Extend Liquidity Levels
Extend ⏭: Toggle to extend liquidity levels beyond the current range.
What it is: A boolean input to enable or disable the extension of liquidity levels.
What it does: Extends liquidity levels beyond their default range.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Extend liquidity levels beyond the current range.
💬 Text Options
💬 Text Options: Set text size and color for liquidity levels.
What it is: A dropdown to select text size and a color picker to choose text color.
What it does: Changes the size and color of the text displayed for liquidity levels.
How to use it: Select a size from the dropdown and a color from the color picker.
💬 Show Text
Text: Toggle to display text for liquidity levels.
What it is: A boolean input to show or hide the text for liquidity levels.
What it does: Displays the text information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
💬 Show Volume
Volume: Toggle to display the volume of liquidity levels.
What it is: A boolean input to show or hide the volume information for liquidity levels.
What it does: Displays the volume information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The volume displayed represents the total trading volume that occurred during the formation of the liquidity level. This can indicate the level of participation or interest in that price level.
How it's calculated: The volume is the sum of all traded volumes within the candles that form the liquidity level.
What it means: Higher volume at a liquidity level may suggest stronger support or resistance. It shows the amount of trading activity and can be an indicator of the potential strength or validity of the liquidity level.
Why it's shown: To give traders an idea of the market participation and to help assess the strength of the liquidity level.
💬 Show Percentage
%: Toggle to display the percentage of liquidity levels.
What it is: A boolean input to show or hide the percentage information for liquidity levels.
What it does: Displays the percentage information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The percentage displayed usually represents the proportion of price movement relative to the liquidity level.
How it's calculated: This can be the percentage move from the start to the end of the liquidity level or the retracement level that price has reached relative to the liquidity level's range.
What it means: It helps traders understand the extent of price movement within the liquidity level and can indicate the significance of the price level.
Why it's shown: To provide a clearer understanding of the price dynamics and the importance of the liquidity level within the overall price movement.
Fair Value Gaps visuals:
📊 Fair Value Gaps Input Settings
📊 Show FVG
TF #1🕑: Enable or disable Fair Value Gaps for Timeframe 1.
What it is: A boolean input to toggle the display of Fair Value Gaps.
What it does: Shows or hides Fair Value Gaps on the chart.
How to use it: Check or uncheck the box to enable or disable.
📊 Select Timeframe
Timeframe: Select the timeframe for Fair Value Gaps.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Fair Value Gaps.
How to use it: Choose a timeframe from the dropdown list.
Additional Info: Higher TF Chart & Lower TF Setting or Lower TF Chart & Higher TF Setting.
📛 FVG Break Method
📛FVG Break (Method): Select the method for determining when an FVG is mitigated.
What it is: A dropdown to choose between Touch, Wicks, Close, or Average.
What it does: Sets the criteria for when a Fair Value Gap is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info:
Touch: FVG is mitigated when the price touches the gap.
Wicks: FVG is mitigated when the price wicks through the gap.
Close: FVG is mitigated when the closing price is within the gap.
Average: FVG is mitigated when the average price (average of high and low) is within the gap.
📛 Show Mitigated FVG
show: Toggle to display mitigated FVGs.
What it is: A boolean input to show or hide mitigated Fair Value Gaps.
What it does: Displays or hides mitigated Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
📛 Fill FVG
Fill: Toggle to fill Fair Value Gaps.
What it is: A boolean input to fill the Fair Value Gaps with color.
What it does: Adds a color fill to the Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
📛 Shade FVG
Shade: Toggle to shade Fair Value Gaps.
What it is: A boolean input to shade the Fair Value Gaps.
What it does: Adds a shade effect to the Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Select the method to break FVGs and toggle the visibility of FVG Breaks (fill FVG and/or shade FVG).
🔍 Max Bullish FVG
🔍Max Bullish FVG: Set the maximum number of Bullish Fair Value Gaps to display.
What it is: An integer input to set the maximum number of Bullish Fair Value Gaps.
What it does: Limits the number of Bullish Fair Value Gaps shown on the chart.
How to use it: Enter a value between 0 and 50.
🔍 Max Bearish FVG
🔍Max Bearish FVG: Set the maximum number of Bearish Fair Value Gaps to display.
What it is: An integer input to set the maximum number of Bearish Fair Value Gaps.
What it does: Limits the number of Bearish Fair Value Gaps shown on the chart.
How to use it: Enter a value between 0 and 50.
🟥 Bearish FVG Color
Bearish FVG Color: Set the color for Bearish Fair Value Gaps.
What it is: A color picker to set the color of Bearish Fair Value Gaps.
What it does: Changes the color of Bearish Fair Value Gaps on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Bearish Fair Value Gaps to display. Default: 5, Min: 1, Max: 50.
If Fair Value Gaps are not displayed as expected, try increasing the max count.
🟦 Bullish FVG Color
Bullish FVG Color: Set the color for Bullish Fair Value Gaps.
What it is: A color picker to set the color of Bullish Fair Value Gaps.
What it does: Changes the color of Bullish Fair Value Gaps on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Bullish Fair Value Gaps to display. Default: 5, Min: 1, Max: 50.
If Fair Value Gaps are not displayed as expected, try increasing the max count.
📏 FVG Range
↔ FVG Range: Set the range for Fair Value Gaps.
What it is: An integer input to set the range of the Fair Value Gaps.
What it does: Adjusts the range of the Fair Value Gaps displayed.
How to use it: Enter a value between 0 and 100.
Additional Info: Adjustable length only works when both RANGE & EXTEND display OFF. Range=current price, Extend=Full Range.
⏭ Extend FVG
Extend⏭: Toggle to extend Fair Value Gaps beyond the current range.
What it is: A boolean input to enable or disable the extension of Fair Value Gaps.
What it does: Extends Fair Value Gaps beyond their default range.
How to use it: Check or uncheck the box to enable or disable.
⏯ FVG Range
Range⏯: Toggle the range of Fair Value Gaps.
What it is: A boolean input to enable or disable the range display for Fair Value Gaps.
What it does: Sets the range of Fair Value Gaps displayed.
How to use it: Check or uncheck the box to enable or disable.
↕ Max Width
↕ Max Width: Set the maximum width of Fair Value Gaps.
What it is: A float input to set the maximum width of Fair Value Gaps.
What it does: Limits the width of Fair Value Gaps as a percentage of the price range.
How to use it: Enter a value between 0 and 5.0.
Additional Info: FVGs wider than this value will be ignored.
♻ Filter FVG
Filter FVG ♻: Toggle to filter out small Fair Value Gaps.
What it is: A boolean input to filter out small Fair Value Gaps.
What it does: Ignores Fair Value Gaps smaller than the specified max width.
How to use it: Check or uncheck the box to enable or disable.
➖ Mid Line Style
➖Mid Line Style: Select the style of the mid line for Fair Value Gaps.
What it is: A dropdown to choose between Solid, Dashed, or Dotted.
What it does: Sets the style of the mid line within Fair Value Gaps.
How to use it: Choose an option from the dropdown.
🎨 Mid Line Color
Mid Line Color: Set the color for the mid line within Fair Value Gaps.
What it is: A color picker to set the color of the mid line.
What it does: Changes the color of the mid line within Fair Value Gaps.
How to use it: Select a color from the color picker.
Additional Information
Mitigation Methods: Each method (Touch, Wicks, Close, Average) provides different criteria for when a Fair Value Gap is considered mitigated, helping traders to understand the dynamics of price movements within gaps.
Volume and Percentage: Displaying volume and percentage information for Fair Value Gaps helps traders gauge the strength and significance of these gaps in relation to trading activity and price movements.
Trendlines visuals:
📊 Trendlines Input Settings
📊 Show Trendlines
Trendlines & Trendlines Difference(%) ↕: Enable or disable trendlines and set the percentage difference from the first trendline.
What it is: A boolean input to toggle the display of trendlines.
What it does: Shows or hides trendlines on the chart and allows setting a percentage difference from the first trendline.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: The percentage difference determines the distance of the second trendline from the first one.
📏 Trendline Length Option
📏Trendline Length: Select the length for trendlines.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of trendlines.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=50, MID=100, LONG=200.
🔧 Custom Trendline Length
🔧custom: Specify a custom length for trendlines.
What it is: An integer input for setting a custom trendline length.
What it does: Overrides the default trendline lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
🔍 Max Bearish Trendlines
🔍Max Trendlines Bearish: Set the maximum number of bearish trendlines to display.
What it is: A dropdown to select the maximum number of bearish trendlines.
What it does: Limits the number of bearish trendlines shown on the chart.
How to use it: Choose a value from the dropdown (2-20).
🟩 Bearish Trendline Color
Bearish Trendline Color: Set the color for bearish trendlines.
What it is: A color picker to set the color of bearish trendlines.
What it does: Changes the color of bearish trendlines on the chart.
How to use it: Select a color from the color picker.
Additional Info: Adjust to control how many bearish trendlines are displayed.
🔍 Max Bullish Trendlines
🔍Max Trendlines Bullish: Set the maximum number of bullish trendlines to display.
What it is: A dropdown to select the maximum number of bullish trendlines.
What it does: Limits the number of bullish trendlines shown on the chart.
How to use it: Choose a value from the dropdown (2-20).
🟥 Bullish Trendline Color
Bullish Trendline Color: Set the color for bullish trendlines.
What it is: A color picker to set the color of bullish trendlines.
What it does: Changes the color of bullish trendlines on the chart.
How to use it: Select a color from the color picker.
Additional Info: Adjust to control how many bullish trendlines are displayed.
📐 Degrees Text
📐Degrees ° (💬 Size): Enable or disable degrees text and set its size and color.
What it is: A boolean input to show or hide the degrees text for trendlines.
What it does: Displays the degrees text for trendlines.
How to use it: Check or uncheck the box to enable or disable.
📏 Text Size for Degrees
Text Size: Set the text size for degrees on trendlines.
What it is: A dropdown to select the size of the degrees text.
What it does: Changes the size of the degrees text displayed for trendlines.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🎨 Degrees Text Color
Degrees Text Color: Set the color for the degrees text on trendlines.
What it is: A color picker to set the color of the degrees text.
What it does: Changes the color of the degrees text on the chart.
How to use it: Select a color from the color picker.
♻ Filter Degrees
♻ Filter Degrees °: Enable or disable angle filtering and set the angle range.
What it is: A boolean input to filter trendlines by their angle.
What it does: Shows only trendlines within a specified angle range.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Angles outside this range will be filtered out.
🔢 Angle Range
Angle Range: Set the angle range for filtering trendlines.
What it is: Two float inputs to set the minimum and maximum angle for trendlines.
What it does: Defines the range of angles for which trendlines will be shown.
How to use it: Enter values for the minimum and maximum angles.
➖ Line Style
➖Style #1 & #2: Select the style of the primary and secondary trendlines.
What it is: Two dropdowns to choose between Solid, Dashed, or Dotted for the trendlines.
What it does: Sets the style of the primary and secondary trendlines.
How to use it: Choose a style from each dropdown.
📏 Line Thickness
: Set the thickness for the trendlines.
What it is: An integer input to set the thickness of the trendlines.
What it does: Adjusts the thickness of the trendlines displayed on the chart.
How to use it: Enter a value between 1 and 5.
Additional Information
Trendline Percentage Difference: Setting a percentage difference helps in analyzing the relative position and angle of trendlines.
Filtering by Angle: This feature allows focusing on trendlines within a specific angle range, enhancing the clarity of trend analysis.
BOS & CHOCH Market Structure visuals:
📊 BOS & CHOCH Market Structure Input Settings
📏 Market Structure Length Option
📏Market Structure: Select the market structure length option.
What it is: A dropdown to choose between INTERNAL, EXTERNAL, ALL, CUSTOM, or NONE.
What it does: Sets the type of market structure to be displayed.
How to use it: Choose an option from the dropdown.
Additional Info:
INTERNAL: Only internal structure.
EXTERNAL: Only external structure.
ALL: Both internal and external structures.
CUSTOM: Custom lengths.
NONE: No structure.
🔧 Custom Internal Length
🔧Custom Internal: Specify a custom length for internal market structure.
What it is: An integer input for setting a custom internal length.
What it does: Defines the length of internal market structures if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
💬 Internal Label Size
💬Internal Label Size: Set the label size for internal market structures.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for internal market structures.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 Internal Bullish Color
Internal Bullish Color: Set the color for bullish internal market structures.
What it is: A color picker to set the color of bullish internal market structures.
What it does: Changes the color of bullish internal market structures on the chart.
How to use it: Select a color from the color picker.
🟥 Internal Bearish Color
Internal Bearish Color: Set the color for bearish internal market structures.
What it is: A color picker to set the color of bearish internal market structures.
What it does: Changes the color of bearish internal market structures on the chart.
How to use it: Select a color from the color picker.
🔧 Custom External Length
🔧Custom External: Specify a custom length for external market structure.
What it is: An integer input for setting a custom external length.
What it does: Defines the length of external market structures if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
💬 External Label Size
💬External Label Size: Set the label size for external market structures.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for external market structures.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 External Bullish Color
External Bullish Color: Set the color for bullish external market structures.
What it is: A color picker to set the color of bullish external market structures.
What it does: Changes the color of bullish external market structures on the chart.
How to use it: Select a color from the color picker.
🟥 External Bearish Color
External Bearish Color: Set the color for bearish external market structures.
What it is: A color picker to set the color of bearish external market structures.
What it does: Changes the color of bearish external market structures on the chart.
How to use it: Select a color from the color picker.
📐 Show Equal Highs and Lows
EQL & EQH📐: Toggle visibility for equal highs and lows.
What it is: A boolean input to show or hide equal highs and lows.
What it does: Displays or hides equal highs and lows on the chart.
How to use it: Check or uncheck the box to enable or disable.
📏 Equal Highs and Lows Threshold
Equal Highs and Lows Threshold: Set the threshold for equal highs and lows.
What it is: A float input to set the threshold for equal highs and lows.
What it does: Defines the range within which highs and lows are considered equal.
How to use it: Enter a value between 0 and 10.
💬 Label Size for Equal Highs and Lows
💬Label Size for Equal Highs and Lows: Set the label size for equal highs and lows.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for equal highs and lows.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 Bullish Color for Equal Highs and Lows
Bullish Color for Equal Highs and Lows: Set the color for bullish equal highs and lows.
What it is: A color picker to set the color of bullish equal highs and lows.
What it does: Changes the color of bullish equal highs and lows on the chart.
How to use it: Select a color from the color picker.
🟥 Bearish Color for Equal Highs and Lows
Bearish Color for Equal Highs and Lows: Set the color for bearish equal highs and lows.
What it is: A color picker to set the color of bearish equal highs and lows.
What it does: Changes the color of bearish equal highs and lows on the chart.
How to use it: Select a color from the color picker.
📏 Show Swing Points
Swing Points📏: Toggle visibility for swing points.
What it is: A boolean input to show or hide swing points.
What it does: Displays or hides swing points on the chart.
How to use it: Check or uncheck the box to enable or disable.
📏 Swing Points Length Option
Swing Points Length Option: Select the length for swing points.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swing points.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
💬 Swing Points Label Size
💬Swing Points Label Size: Set the label size for swing points.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for swing points.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🎨 Swing Points Color
Swing Points Color: Set the color for swing points.
What it is: A color picker to set the color of swing points.
What it does: Changes the color of swing points on the chart.
How to use it: Select a color from the color picker.
🔧 Custom Swing Points Length
🔧Custom Swings: Specify a custom length for swing points.
What it is: An integer input for setting a custom length for swing points.
What it does: Defines the length of swing points if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
Additional Information
Market Structure Types: Understanding internal and external structures helps in analyzing different market behaviors.
Equal Highs and Lows: This feature identifies areas where price action is balanced, which can be significant for trading strategies.
Swing Points: Highlighting swing points aids in recognizing significant market reversals or continuations.
Benefits
Enhance your trading strategy by visualizing smart money's influence on price movements.
Make informed decisions with real-time data on significant market structures.
Reduce manual analysis with automated detection of key trading signals.
Ideal For
Traders looking for an edge in forex, equities, and cryptocurrency markets by understanding the underlying forces driving market dynamics.
Acknowledgements
Special thanks to these amazing creators for inspiration and their creations:
I want to thank these amazing creators for creating there amazing indicators , that inspired me and also gave me a head start by making this indicator! Without their amazing indicators it wouldn't be possible!
Flux Charts: Volumized Order Blocks
LuxAlgo: Trend Lines
UAlgo: Fair Value Gaps (FVG)
By Leviathan: Market Structure
Sonarlab: Liquidity Levels
Note
Remember to always backtest the indicator first before integrating it into your strategy! For any questions about the indicator, please feel free to ask for assistance.
Automated Round Number Crossing Analysis [@Mishu]Hello, TradingView community! I'm thrilled to present the "Automated Round Number Crossing Analysis" script, a sophisticated tool designed to help traders identify and analyze key psychological thresholds in the financial markets. This indicator leverages the concept of round numbers to enhance trading strategies, providing a comprehensive analysis of price levels and their interactions.
Key Features:
Round Number Levels: This script automatically calculates and plots multiple round number levels based on a user-defined middle price (MRN) and gap value. These levels are displayed on the chart, allowing traders to visually identify significant price points.
Crossing Analysis: The script counts various types of crossings for each round number level within a specified lookback period:
Cross Up: The price crosses above the level.
Cross Down: The price crosses below the level.
High Over Close Below: The high of the bar is above the level, but the close is below.
Low Under Close Above: The low of the bar is below the level, but the close is above.
Table Display: Users can enable a detailed table that summarizes the crossing counts and percentages for each level. The table is highly customizable, with options to adjust its position, text size, and the data displayed.
Customizable Plot Settings: Users have the flexibility to show or hide the levels and their labels. The script provides various customization options for label positions, colors, and text styles, ensuring that the indicator can be tailored to individual preferences.
Comprehensive Analysis: By analyzing price interactions with round number levels, traders can gain insights into potential support and resistance zones. This can be particularly useful for developing and refining trading strategies.
Table Display Details:
The table shows the following information for each level:
Level Name: Identifies the round number level.
Cross Up Count: Number of times the price crossed above the level.
Cross Down Count: Number of times the price crossed below the level.
High Over Close Below Count: Number of times the high was above but the close was below the level.
Low Under Close Above Count: Number of times the low was below but the close was above the level.
Total Crossings: The sum of all crossing counts for the level.
Percentage of Total Crossings: The percentage of the total crossings that each level represents, providing a relative measure of the activity at each level.
How It Works:
Input Settings:
Starting Price (Middle) (MRN): The central price around which round numbers are calculated.
Gap: The interval between each round number level.
Lookback Period: The number of bars to consider for crossing analysis.
Table and plot customization options to adjust the display according to user preferences.
Level Calculation: The script calculates multiple levels above and below the MRN using the specified gap.
Crossing Counts: The script uses built-in Pine Script functions to count the various types of crossings for each level. It tracks these counts over the lookback period, updating them as new bars are added.
Table Display: If enabled, a table is displayed on the chart showing the crossing counts and percentages for each level. This table helps traders quickly understand the significance of each level.
Labels and Plots: The script plots the levels on the chart and optionally displays labels indicating the level names and their corresponding prices. These labels are updated in real-time as the chart evolves.
Usage:
Support and Resistance Identification: The indicator helps traders identify potential support and resistance zones based on round numbers, which are often psychological levels in the market.
Strategy Development: By analyzing how often the price interacts with these levels, traders can develop strategies that take advantage of these key points.
Market Analysis: The comprehensive crossing analysis provides deeper insights into market behavior, allowing for more informed trading decisions.
Example Use Case:
Imagine you are trading the S&P 500 and want to identify key levels where the price might reverse or accelerate. By setting the MRN to the current price and adjusting the gap to a suitable value (e.g., 50 points), the script will plot horizontal lines at these intervals. The crossing analysis will then show how often the price interacts with these levels, helping you pinpoint significant zones for potential trades.
This script is a valuable addition to any trader's toolkit, providing a structured way to analyze round number levels and their impact on price action. I hope you find it useful for your trading activities. Happy trading!
Momentum & Squeeze Oscillator [UAlgo]The Momentum & Squeeze Oscillator is a technical analysis tool designed to help traders identify shifts in market momentum and potential squeeze conditions. This oscillator combines multiple timeframes and periods to provide a detailed view of market dynamics. It enhances the decision-making process for both short-term and long-term traders by visualizing momentum with customizable colors and alerts.
🔶 Key Features
Custom Timeframe Selection: Allows users to select a custom timeframe for oscillator calculations, providing flexibility in analyzing different market periods.
Recalculation Option: Enables or disables the recalculation of the indicator, offering more control over real-time data processing.
Squeeze Background Visualization: Highlights potential squeeze conditions with a background color, helping traders quickly spot consolidation periods.
Adjustable Squeeze Sensitivity: Users can modify the sensitivity of the squeeze detection, tailoring the indicator to their specific trading style and market conditions.
Bar Coloring Condition: Option to color the price bars based on momentum conditions, enhancing the visual representation of market trends.
Threshold Bands: Option to fill threshold bands for a clearer visualization of overbought and oversold levels.
Reference Lines: Display reference lines for overbought, oversold, and mid-levels, aiding in quick assessment of momentum extremes.
Multiple Output Modes: Offers different output visualization modes, including:
ALL: Displays all calculated momentum values (fast, medium, slow).
AVG: Shows the average momentum, providing a consolidated view.
STD: Displays the standard deviation of momentum, useful for understanding volatility.
Alerts: Configurable alerts for key momentum events such as crossovers and squeeze conditions, keeping traders informed of important market changes.
🔶 Usage
The Momentum & Squeeze Oscillator can be used for various trading purposes:
Trend Identification: Use the oscillator to determine the direction and strength of market trends. By analyzing the average, fast, medium, and slow momentum lines, traders can gain insights into short-term and long-term market movements.
Squeeze Detection: The indicator highlights periods of low volatility (squeeze conditions) which often precede significant price movements. Traders can use this information to anticipate and prepare for potential breakouts.
Overbought/Oversold Conditions: The oscillator helps identify overbought and oversold conditions, indicating potential reversal points. This is particularly useful for timing entry and exit points in the market.
Momentum Shifts: By monitoring the crossover of momentum lines with key levels (e.g., the 50 level), traders can spot shifts in market momentum, allowing them to adjust their positions accordingly.
🔶 Disclaimer:
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
MACD Screener [Luxmi AI] MTFMulti-Timeframe Stock Screener with MACD
Introduction
In the world of trading, having a reliable stock screener is crucial for identifying potential trading opportunities. One of the most effective tools for this purpose is the Moving Average Convergence Divergence (MACD) indicator. By using MACD crossovers and crossunders with the signal line as trend change indicators, traders can make informed decisions. This guide explores how to utilize a multi-timeframe stock screener built in Pine Script v5 that leverages the MACD indicator to its fullest potential.
Understanding the MACD Indicator
The MACD is a momentum indicator that shows the relationship between two moving averages of a security’s price. It consists of three main components:
MACD Line - The difference between the 12-period EMA (Exponential Moving Average) and the 26-period EMA.
Signal Line - A 9-period EMA of the MACD line.
Histogram - The difference between the MACD line and the signal line.
A crossover occurs when the MACD line crosses above the signal line, indicating a potential bullish trend. Conversely, a crossunder occurs when the MACD line crosses below the signal line, signaling a potential bearish trend.
Why Multi-Timeframe Analysis Matters
A multi-timeframe approach provides a more comprehensive view of the market by analyzing trends across different timeframes. This method enhances the reliability of trading signals, as it reduces the likelihood of false signals. For instance, a MACD crossover on both daily and weekly charts offers a stronger indication of a trend change than a single timeframe signal.
Using Your Multi-Timeframe Stock Screener
Here’s how to effectively use it:
1. Setting Up Your Screener
Ensure that your stock screener is configured correctly to analyze multiple timeframes. You should be able to input the desired timeframes (e.g., daily and weekly) and set the conditions for MACD crossovers and crossunders.
2. Selecting Stocks for Analysis
Start by choosing a universe of stocks to analyze. This can be a list of stocks from major indices like the S&P 500, Nifty50 or specific sectors you are interested in. The screener will then apply the MACD criteria to these stocks.
3. Interpreting the Signals
- Bullish Signal (UP): A MACD crossover on both the daily and weekly charts suggests a strong bullish trend. This indicates that the stock is likely to move upward in the near future.
- Bearish Signal (DOWN): A MACD crossunder on both the daily and weekly charts signals a strong bearish trend. This indicates that the stock is likely to decline.
4. Confirming Signals with Other Indicators
While the MACD is a powerful indicator, it’s always a good idea to confirm its signals with other technical indicators such as the Relative Strength Index (RSI) or moving averages. This multi-indicator approach can help you make more informed decisions and reduce the risk of false signals.
5. Monitoring and Adjusting
Regularly monitor the performance of the stocks' trend identified by your screener. Adjust the screener settings if necessary to improve its accuracy. Market conditions can change, and it’s important to ensure your screener adapts to these changes.
6. Backtesting and Validation
Before fully relying on the signals from your screener, backtest it using historical data. This will help you validate its effectiveness and fine-tune the parameters to achieve the best results.
Conclusion
Your multi-timeframe stock screener with MACD crossover and crossunder as trend change indicators is a powerful tool for identifying potential trading opportunities. By analyzing trends across different timeframes, you can gain a comprehensive view of the market and make more informed trading decisions. Remember to confirm signals with other indicators and regularly monitor the screener’s performance to ensure it remains effective in different market conditions. Happy trading!
Advanced Fully Reversed Candles with Reversed IchimokuThe "Advanced Fully Reversed Candles with Reversed Ichimoku" indicator is a sophisticated tool designed for traders who seek a unique perspective on market dynamics. This innovative indicator not only reverses the traditional candlestick chart but also inverts the Ichimoku Cloud components, providing a comprehensive view of the market's inverted behavior.
Key Features:
Reversed Candlestick Chart:
The indicator recalculates the OHLC (Open, High, Low, Close) prices by reversing them along the price axis. This means that what typically would be an upward movement is displayed as a downward movement, and vice versa. This reversal provides an alternative view that can help traders identify hidden patterns and potential reversal points that might not be obvious on a standard chart.
Reversed Ichimoku Cloud:
All components of the Ichimoku Cloud indicator are recalculated based on the reversed price data. This includes:
Tenkan-sen (Conversion Line): Reversed based on the highest and lowest prices over the specified period.
Kijun-sen (Base Line): Reversed in a similar manner to the Tenkan-sen, providing a medium-term perspective on price trends.
Senkou Span A (Leading Span A): Reversed to form one boundary of the Kumo (cloud), offering insight into future support and resistance levels.
Senkou Span B (Leading Span B): Reversed to form the other boundary of the Kumo, complementing Senkou Span A.
Chikou Span (Lagging Span): Reversed and plotted backward for additional confirmation of trend direction and strength.
Dynamic Price Range Calculation:
The indicator dynamically calculates the maximum and minimum prices over the last 500 bars (or the available range if fewer bars are present). This ensures that the reversal is always based on the most relevant data, providing accurate and up-to-date visualizations.
Visual Enhancements:
The reversed candlesticks are color-coded for easy interpretation: green for upward movements and red for downward movements, based on the reversed data.
The Ichimoku Cloud is filled with semi-transparent colors to clearly distinguish between bullish and bearish conditions even in its reversed state.
Debugging Aids:
For transparency and accuracy, the indicator plots the maximum and minimum price lines used for the reversal calculations. This allows users to verify the internal workings of the indicator and ensure the reversal logic is correctly applied.
Usage:
This indicator is ideal for advanced traders and analysts who want to explore market behavior from an unconventional angle. By reversing both the candlestick chart and the Ichimoku Cloud, it provides a unique perspective that can uncover new trading opportunities and enhance market analysis.
Customization:
Users can customize the periods for the Tenkan-sen, Kijun-sen, and Senkou Span B, as well as the displacement for the Ichimoku Cloud. This flexibility allows traders to adapt the indicator to their specific trading strategies and timeframes.
Conclusion:
The "Advanced Fully Reversed Candles with Reversed Ichimoku" indicator is a powerful tool that transforms traditional market analysis. By inverting both price movements and key technical indicators, it opens up a new dimension of trading insights, helping traders to see the market in a completely different light.
Parameters:
Tenkan-sen period (default: 9)
Kijun-sen period (default: 26)
Senkou Span B period (default: 52)
Displacement (default: 26)
How to Apply:
Add the script to your TradingView account via the Pine Editor.
Customize the parameters according to your trading strategy.
Analyze the reversed candlestick chart and Ichimoku Cloud to gain unique insights into market trends and potential reversal points.
Edufx's Power of ThreeIndicator Overview
Name: Edufx's Power of Three
Purpose:
To highlight the high and low price ranges of specific hourly candles on a chart.
To visualize these ranges using rectangles.
Features
Visibility Toggle:
Users can enable or disable the visibility of the rectangles highlighting the high and low price ranges of the specified candles.
Customizable Rectangle Length:
Users can adjust the length of the rectangles that extend from the specified candle's high and low prices.
Price Range Tracking:
The high and low prices of the specified candles are tracked and stored.
Rectangle Drawing:
Rectangles are drawn from 5 bars before the end of the specified hour, highlighting the high and low price ranges.
How It Works
Price Range Tracking:
During each specified hour, the high and low prices are updated with the highest and lowest prices observed.
Rectangle Drawing:
At the end of each specified hour, the high and low prices are used to draw rectangles extending 5 bars backward from the end of the hour.
Rectangles are color-coded (red, green, and blue) for easy identification.
Usage
This indicator is useful for traders who want to monitor and react to key price levels at specific times of the day.
The visual rectangles help in identifying potential trading opportunities based on price action relative to these key levels.
Example
If the price moves above the high of the specified candle but fails to close above it, a visual rectangle will highlight this price range.
Similarly, if the price moves below the low of the specified candle but fails to close below it, the rectangle will indicate this range.
This indicator provides visual aids to assist traders in making informed decisions based on the behavior of price at specific key levels.
ZORZOR (Zone of Outperformance Ratio) with Supporting Indicators
This custom indicator introduces an approach to measuring asset performance through the Zone of Outperformance Ratio (ZOR), complemented by two supporting indicators for comprehensive market analysis.
1. ZOR (Zone of Outperformance Ratio)
The ZOR is the cornerstone of this indicator, offering a unique perspective on an asset's performance across multiple time zones:
Measures the degree of an asset's outperformance against a benchmark (default: NSE:NIFTY) across different time zones
Utilizes a weighted multi-timeframe approach for a holistic performance view
Combines performance ratios from 63, 126, 189, and 252-day zones and results in a score between 0-99, with higher scores indicating stronger outperformance across zones
Key Features:
Fully configurable weights for each timeframe (63, 126, 189, 252 days)
Customizable benchmark symbol
Color-coded display: Blue for scores ≥60 (strong performance), Red for scores <60 (weaker performance)
2. Supporting Indicators
To enhance analysis and provide context to the ZOR score, two additional indicators are included:
a) Distance to 52-week High:
Calculates the percentage distance between current price and 52-week high
Color-coded for quick interpretation:
Yellow-green when price is above 52-week high
Dark green when price is below 52-week high
Helps identify potential overbought conditions or breakout scenarios
b) Distance to EMA:
Shows percentage distance from current price to a user-defined EMA (default: 21-day)
Helps gauge short-term momentum relative to the trend
Useful for identifying potential mean reversion opportunities
Originality and Usefulness
The ZOR indicator offers a fresh perspective on relative performance by:
Combining multiple timeframes into a single, easy-to-interpret score
Applying a non-linear transformation to emphasize recent performance
Providing a flexible framework for comparing assets against any chosen benchmark
The supporting indicators complement the ZOR by offering additional context:
Distance to 52-week High helps identify potential trend strength and breakout scenarios
Distance to EMA provides insights into short-term momentum and potential mean reversion
This combination allows traders to:
Quickly identify outperforming assets across multiple timeframes
Assess whether an asset is extended from its long-term highs or short-term average
Make more informed decisions by considering relative performance, trend strength, and momentum in a single view
How to Use
1. Add the indicator to your chart
2. Customize settings in the indicator properties:
- Set benchmark symbol
- Toggle visibility of supporting indicators
- Customize EMA length for Distance to EMA
- Adjust ZOR calculation weights(Optional)
3. Interpret the color-coded labels:
- ZOR: Blue (strong performance) or Red (weaker performance)
- Distance to High: Yellow-green (above 52-week high) or Dark green (below)
- Distance to EMA: Purple label showing percentage
4. Use in conjunction with other technical and fundamental analysis for comprehensive trading decisions
This indicator provides a unique, multi-faceted approach to performance analysis, combining relative strength measurement with trend and momentum indicators for a holistic market view.
