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Wolfe Strategy [Trendoscope]Hello Everyone, Wish you all Merry X-Mas and happy new year. Lets start 2023 with fresh new strategy built on Wolfe Indicator. Details of the indicator can be found here 🎲 Wolfe Concept Wolfe concept is simple. Whenever a wedge is formed, draw a line joining pivot 1 and 4 as shown in the chart below: For simplicity, we will only consider static value for Target and Stop. But, entry is done based on breaking the triangle. Revised strategy looks something like this: 🎲 Settings Settings are simple and details of each are provided via tooltips. Out of these, the most important one is minimum risk reward ratio. If you set lower risk reward threshold then losing few trades may generate more losses than more winning trades. Similarly higher value will filter out most of the trades and may not work efficiently. Default value set to 1 to make sure optimal risk reward is present before placing trade. Also make note that since the entry bar is always moving towards stop, as and when pattern progress, the RR will also increase. Hence, a pattern which is below RR threshold may become good to trade at certain point of time in future. 🎲 Strategy Parameters Default strategy parameters are initialised via definition. Margins are set to 100 to disable leveraged trades. Appropriate values are chosen for other parameters. These can be altered based on individual strategy and trading plan. As the strategy concentrates on the single pattern, number of trades generated are comparatively less. But, there is chance to increase the algorithm further to catch more such patterns on larger scale. Will try to work on them in next versions. 🎲 Pine Strategy limitations Backtest can only be done on one direction as pine strategy cannot have both long and short open trades together. Hence, it is mandatory to chose either long/short trades in settings. Since pyramiding is limited to 1, there is possibility of a pattern not generating trade even though the entry conditions are met. They are just based on pine limitations and not necessarily mean patterns are not good for placing trades.
Pine Script™ strategy
by Trendoscope
32
Channel Based Zigzag [HeWhoMustNotBeNamed]🎲 Concept Zigzag is built based on the price and number of offset bars. But, in this experiment, we build zigzag based on different bands such as Bollinger Band, Keltner Channel and Donchian Channel. The process is simple: 🎯 Derive bands based on input parameters 🎯 High of a bar is considered as pivot high only if the high price is above or equal to upper band. 🎯 Similarly low of a bar is considered as pivot low only if low price is below or equal to lower band. 🎯 Adding the pivot high/low follows same logic as that of regular zigzag where pivot high is always followed by pivot low and vice versa. 🎯 If the new pivot added is of same direction as that of last pivot, then both pivots are compared with each other and only the extreme one is kept. (Highest in case of pivot high and lowest in case of pivot low) 🎯 If a bar has both pivot high and pivot low - pivot with same direction as previous pivot is added to the list first before adding the pivot with opposite direction. 🎲 Use Cases Can be used for pattern recognition algorithms instead of standard zigzag. This will help derive patterns which are relative to bands and channels. Example: John Bollinger explains how to manually scan double tap using Bollinger Bands in this video: www.youtube.com This modified zigzag base can be used to achieve the same using algorithmic means. 🎲 Settings Few simple configurations which will let you select the band properties. Notice that there is no zigzag length here. All the calculations depend on the bands. With bands display, indicator looks something like this Note that pivots do not always represent highest/lowest prices. They represent highest/lowest price relative to bands. As mentioned many times, application of zigzag is not for buying at lower price and selling at higher price. It is mainly used for pattern recognition either manually or via algorithms. Lets build new Harmonic, Chart patterns, Trend Lines using the new zigzag?
Pine Script™ indicator
by Trendoscope
18
BinaryInsertionSortLibrary "BinaryInsertionSort" Library containing functions which can help create sorted array based on binary insertion sort. This sorting will be quicker than array.sort function if the sorting needs to be done on every bar and the size of the array is comparatively big. This is created with the intention of using this to solve a bigger problem posted by @lejmer. Wish me luck!! binary_insertion_sort(sortedArray, item, order)   binary insertion sort - inserts item into sorted array while maintaining sort order   Parameters:      sortedArray : array which is assumed to be sorted in the requested order      item : float|int item which needs to be inserted into sorted array      order : Sort order - positive number means ascending order whereas negative number represents descending order   Returns: int index at which the item is inserted into sorted array update_sort_indices(sortIndices, newItemIndex)   adds the sort index of new item added to sorted array and also updates existing sort indices.   Parameters:      sortIndices : array containing sort indices of an array.      newItemIndex : sort index of new item added to sorted array   Returns: void get_array_of_series(item, order)   Converts series into array and sorted array.   Parameters:      item : float|int series      order : Sort order - positive number means ascending order whereas negative number represents descending order   Returns: get_sorted_arrays(item, order)   Converts series into array and sorted array. Also calculates the sort order of the value array   Parameters:      item : float|int series      order : Sort order - positive number means ascending order whereas negative number represents descending order   Returns:
Pine Script™ library
by Trendoscope
4
Electrocardiogram ChartThis is an attempt to develop alternative visualisation of financial charts. This script also makes use of new pine feature types which represents User Defined Object Types. You can refer to below documentation to understand more about this feature: www.tradingview.com www.tradingview.com 🎲 Structure of new chart components 🎯Instead of candles/bars, this type of chart contains Electrocardiogram blocks which resembles the heartbeat signals on electrocardiogram. Body color of the block is defined by the open and close prices of the bar. If close is greater than open, body is green. Otherwise, the body is painted red. Border color of the block is defined by the close prices of current and previous bar. If the close of current bar is greater than that of last bar, then the border color is green. Otherwise, border color is painted red. 🎯Inside each blocks there will be 5 connecting lines called the signal lines. open-open open-firstPeak(high or low of the bar whichever comes first) firstPeak-secondPeak(high or low of the bar whichever comes last) secondPeak-close close-close 🎯 Color of the signal lines are determined by which among the high/low of the bar comes last. If highest part of the bar reached after reaching the lowest part of the bar, then signal lines are coloured green signifying bullish sentiment towards the end of bar. If lowest part of the bar reached after reaching the highest part of the bar, then signal lines are coloured red signifying bearish sentiment towards the end of bar. Pictorial examples here: 🎲 Limitations with pinescript implementation Since, pinescript can only use maximum 500 lines and each block will take 1 box and 5 lines, it is not possible to display more than 100 bars. Each block of new Electrocardiogram chart will take the space of 7 bars of candlestick chart. Due to this, the alignment of regular OHLC candles is not inline with the new chart type. Background highlighting is done for the part of the OHLC candles where Electrocardiogram blocks are plotted so that it helps users to map the bars manually Thanks to @theheirophant for suggestion of name :)
Pine Script™ indicator
by Trendoscope
48
taLibrary "ta" Collection of all custom and enhanced TA indicators. Same as enhanced_ta. But, removed all the displays to make it faster. ma(source, maType, length)   returns custom moving averages   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length   Returns: moving average for the given type and length atr(maType, length)   returns ATR with custom moving average   Parameters:      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length   Returns: ATR for the given moving average type and length atrpercent(maType, length)   returns ATR as percentage of close price   Parameters:      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length   Returns: ATR as percentage of close price for the given moving average type and length bb(source, maType, length, multiplier, sticky)   returns Bollinger band for custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Bollinger band with custom moving average for given source, length and multiplier bbw(source, maType, length, multiplier, sticky)   returns Bollinger bandwidth for custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Bollinger Bandwidth for custom moving average for given source, length and multiplier bpercentb(source, maType, length, multiplier, sticky)   returns Bollinger Percent B for custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Bollinger Percent B for custom moving average for given source, length and multiplier kc(source, maType, length, multiplier, useTrueRange, sticky)   returns Keltner Channel for custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      useTrueRange : - if set to false, uses high-low.      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Keltner Channel for custom moving average for given souce, length and multiplier kcw(source, maType, length, multiplier, useTrueRange, sticky)   returns Keltner Channel Width with custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      useTrueRange : - if set to false, uses high-low.      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Keltner Channel Width for custom moving average kpercentk(source, maType, length, multiplier, useTrueRange, sticky)   returns Keltner Channel Percent K Width with custom moving average   Parameters:      source : Moving Average Source      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : Moving Average Length      multiplier : Standard Deviation multiplier      useTrueRange : - if set to false, uses high-low.      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Keltner Percent K for given moving average, source, length and multiplier dc(length, useAlternateSource, alternateSource, sticky)   returns Custom Donchian Channel   Parameters:      length : - donchian channel length      useAlternateSource : - Custom source is used only if useAlternateSource is set to true      alternateSource : - Custom source      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Donchian channel dcw(length, useAlternateSource, alternateSource, sticky)   returns Donchian Channel Width   Parameters:      length : - donchian channel length      useAlternateSource : - Custom source is used only if useAlternateSource is set to true      alternateSource : - Custom source      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Donchian channel width dpercentd(useAlternateSource, alternateSource, length, sticky)   returns Donchian Channel Percent of price   Parameters:      useAlternateSource : - Custom source is used only if useAlternateSource is set to true      alternateSource : - Custom source      length : - donchian channel length      sticky : - sticky boundaries which will only change when value is outside boundary.   Returns: Donchian channel Percent D oscillatorRange(source, method, highlowLength, rangeLength, sticky)   oscillatorRange - returns Custom overbought/oversold areas for an oscillator input   Parameters:      source : - Osillator source such as RSI, COG etc.      method : - Valid values for method are : sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      highlowLength : - length on which highlow of the oscillator is calculated      rangeLength : - length used for calculating oversold/overbought range - usually same as oscillator length      sticky : - overbought, oversold levels won't change unless crossed   Returns: Dynamic overbought and oversold range for oscillator input oscillator(type, length, shortLength, longLength, source, highSource, lowSource, method, highlowLength, sticky)   oscillator - returns Choice of oscillator with custom overbought/oversold range   Parameters:      type : - oscillator type. Valid values : cci, cmo, cog, mfi, roc, rsi, stoch, tsi, wpr      length : - Oscillator length - not used for TSI      shortLength : - shortLength only used for TSI      longLength : - longLength only used for TSI      source : - custom source if required      highSource : - custom high source for stochastic oscillator      lowSource : - custom low source for stochastic oscillator      method : - Valid values for method are : sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      highlowLength : - length on which highlow of the oscillator is calculated      sticky : - overbought, oversold levels won't change unless crossed   Returns: Oscillator value along with dynamic overbought and oversold range for oscillator input multibands(bandType, source, maType, length, useTrueRange, sticky, numberOfBands, multiplierStart, multiplierStep)   multibands - returns Choice of oscillator with custom overbought/oversold range   Parameters:      bandType : - Band type - can be either bb or kc      source : - custom source if required      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : - Oscillator length - not used for TSI      useTrueRange : - if set to false, uses high-low.      sticky : - for sticky borders which only change upon source crossover/crossunder      numberOfBands : - Number of bands to generate      multiplierStart : - Starting ATR or Standard deviation multiplier for first band      multiplierStep : - Incremental value for multiplier for each band   Returns: array of band values sorted in ascending order mbandoscillator(bandType, source, maType, length, useTrueRange, stickyBands, numberOfBands, multiplierStart, multiplierStep)   mbandoscillator - Multiband oscillator created on the basis of bands   Parameters:      bandType : - Band type - can be either bb or kc      source : - custom source if required      maType : Moving Average Type : Can be sma, ema, hma, rma, wma, vwma, swma, highlow, linreg, median      length : - Oscillator length - not used for TSI      useTrueRange : - if set to false, uses high-low.      stickyBands : - for sticky borders which only change upon source crossover/crossunder for band detection      numberOfBands : - Number of bands to generate      multiplierStart : - Starting ATR or Standard deviation multiplier for first band      multiplierStep : - Incremental value for multiplier for each band   Returns: oscillator currentStates - Array containing states for last n bars
Pine Script™ library
by Trendoscope
Next Pivot Projection [Trendoscope]Still experimental. Extending further on the divergence backtest results - in this script we try to project next 2 pivots (including one unconfirmed pivot) 🎲 Previous experiments 1. Divergence-Backtester 2. Divergence-Backtester-V2 🎲 Additions Apart from collecting the stats on number of occurrences of HH, HL, LH, LL - this script also keeps track of average ratio for each levels and average bars. Based on these data, we try to calculate the next pivot projections including possible bar and price. Cloud covering the candles indicate historical levels of average HH, HL, LH, LL projections. Hover on projection labels to find more details in tooltips. 🎲 Overall method in a nutshell 🎲 Going bit deeper 🎯 Unconfirmed Pivot and its projection - Last pivot of the zigzag is always unconfirmed. Meaning, it can potentially repaint based on further price movements. But, projection of the unconfirmed pivot will not change as it will be based on previous two pivots - both of which are confirmed. 🎯 Next Pivot Projection - Next pivot is projected based on last two pivots - which include last unconfirmed pivot. Hence, these projections can potentially repaint based on the last pivot repaint. 🎯 Historical projections displayed as cloud - Historical projection values are displayed as cloud around pivots. A cloud above represents area from average lower high range to average higher high range. Cloud color is green if average ratio of pivot high is more than 1. Red Otherwise. A cloud below represents area from average higher low range to average lower low range. Cloud color is red if average ratio of pivot high is more than 1. Green otherwise
Pine Script™ indicator
by Trendoscope
134
Divergence Backtester - V2Further attempts to study divergence impact on price in shorter terms. Previous study can be found here: In this script, we are trying to gather the stats based on last two pivot state together. For example, Individual table of Pivot High Projection is as explained below: But, by looking at the bigger picture, we can further estimate following things regarding the current unconfirmed pivot and the new pivot which is yet to be formed.
Pine Script™ indicator
by Trendoscope
12
strategyLibrary "strategy" Library containing few key calculations for strategy involving leveraged limit and stop orders getQty(entry, stop, riskPercentage)   calculate qty and leverage based on entry and stop price for given risk percentage.   Parameters:      entry : Entry Price      stop : Stop Price      riskPercentage : risk percentage per trade   Returns: - Quantity based on the risk and calculated leverage on position including existing positions bracketOrder(entry, stop, target, maxLeverage, isLimitOrder, riskPercentage)   Calculates position size based on risk and creates bracket orders for given entry/stop/target   Parameters:      entry : Entry Price      stop : Stop Price      target : Target Price      maxLeverage : Maximum leverage allowed      isLimitOrder : if true, places limit order for entry, else places stop order.      riskPercentage : risk percentage per trade   Returns: orderPlaced - true if orders successfully placed, false otherwise. order(entry, stop, maxLeverage, isLimitOrder, riskPercentage)   Calculates position size based on risk and creates order for given entry/stop   Parameters:      entry : Entry Price      stop : Stop Price      maxLeverage : Maximum leverage allowed      isLimitOrder : if true, places limit order for entry, else places stop order.      riskPercentage : risk percentage per trade   Returns: orderPlaced - true if orders successfully placed, false otherwise.
Pine Script™ library
by Trendoscope
6
Extreme Trend Reversal Points [HeWhoMustNotBeNamed]Using moving average crossover for identifying the change in trend is very common. However, this method can give lots of false signals during the ranging markets. In this algorithm, we try to find the extreme trend by looking at fully aligned multi-level moving averages and only look at moving average crossover when market is in the extreme trend - either bullish or bearish. These points can mean long term downtrend or can also cause a small pullback before trend continuation. In this discussion, we will also check how to handle different scenarios. 🎲 Components 🎯 Recursive Multi Level Moving Averages Multi level moving average here refers to applying moving average on top of base moving average on multiple levels. For example, Level 1 SMA = SMA(source, length) Level 2 SMA = SMA(Level 1 SMA, length) Level 3 SMA = SMA(Level 2 SMA, length) .. .. .. Level n SMA = SMA(Level (n-1) SMA, length) In this script, user can select how many levels of moving averages need to be calculated. This is achieved through " recursive moving average " algorithm. Requirement for building such algorithm was initially raised by @loxx While I was able to develop them in minimal code with the help of some of the existing libraries built on arrays and matrix , I also thought why not extend this to find something interesting. Note that since we are using variable levels - we will not be able to plot all the levels of moving average. (This is because plotting cannot be done in the loop). Hence, we are using lines to display the latest moving average levels in front of the last candle. Lines are color coded in such a way that least numbered levels are greener and higher levels are redder. 🎯 Finding the trend and range Strength of fully aligned moving average is calculated based on position of each level with respect to other levels. For example, in a complete uptrend, we can find source > L(1)MA > L(2)MA > L(3)MA ...... > L(n-1)MA > L(n)MA Similarly in a complete downtrend, we can find source < L(1)MA < L(2)MA < L(3)MA ...... < L(n-1)MA < L(n)MA Hence, the strength of trend here is calculated based on relative positions of each levels. Due to this, value of strength can range from 0 to Level*(Level-1)/2 0 represents the complete downtrend Level*(Level-1)/2 represents the complete uptrend. Range and Extreme Range are calculated based on the percentile from median. The brackets are defined as per input parameters - Range Percentile and Extreme Range Percentile by using Percentile History as reference length. Moving average plot is color coded to display the trend strength. Green - Extreme Bullish Lime - Bullish Silver - range Orange - Bearish Red - Extreme Bearish 🎯 Finding the trend reversal Possible trend reversals are when price crosses the moving average while in complete trend with all the moving averages fully aligned. Triangle marks are placed in such locations which can help observe the probable trend reversal points. But, there are possibilities of trend overriding these levels. An example of such thing, we can see here: In order to overcome this problem, we can employ few techniques. 1. After the signal, wait for trend reversal (moving average plot color to turn silver) before placing your order. 2. Place stop orders on immediate pivot levels or support resistance points instead of opening market order. This way, we can also place an order in the direction of trend. Whichever side the price breaks out, will be the direction to trade. 3. Look for other confirmations such as extremely bullish and bearish candles before placing the orders. 🎯 An example of using stop orders Let us take this scenario where there is a signal on possible reversal from complete uptrend. Create a box joining high and low pivots at reasonable distance. You can also chose to add 1 ATR additional distance from pivots. Use the top of the box as stop-entry for long and bottom as stop-entry for short. The other ends of the box can become stop-losses for each side. After few bars, we can see that few more signals are plotted but, the price is still within the box. There are some candles which touched the top of the box. But, the candlestick patterns did not represent bullishness on those instances. If you have placed stop orders, these orders would have already filled in. In that case, just wait for position to hit either stop or target. For bullish side, targets can be placed at certain risk reward levels. In this case, we just use 1:1 for bullish (trend side) and 1:1.5 for bearish side (reversal side) In this case, price hit the target without any issue: Wait for next reversal signal to appear before placing another order :)
Pine Script™ indicator
by Trendoscope
82
ahpuhelperLibrary "ahpuhelper" Helper Library for Auto Harmonic Patterns UltimateX. It is not meaningful for others. This is supposed to be private library. But, publishing it to make sure that I don't delete accidentally. Some functions may be useful for coders. insert_open_trades_table_column(showOpenTrades, table_id, column, colors, values, intStatus, harmonicTrailingStartState, lblSizeOpenTrades)   add data to open trades table column   Parameters:      showOpenTrades : flag to show open trades table      table_id : Table Id      column : refers to pattern data      colors : backgroud and text color array      values : cell values      intStatus : status as integer      harmonicTrailingStartState : trailing Start state as per configs      lblSizeOpenTrades : text size   Returns: nextColumn populate_closed_stats(ClosedStatsPosition, bullishCounts, bearishCounts, bullishRetouchCounts, bearishRetouchCounts, bullishSizeMatrix, bearishSizeMatrix, bullishRR, bearishRR, allPatternLabels, flags, rowMain, rowHeaders)   populate closed stats for harmonic patterns   Parameters:      ClosedStatsPosition : Table position for closed stats      bullishCounts : Matrix containing bullish trade stats      bearishCounts : Matrix containing bearish trade stats      bullishRetouchCounts : Matrix containing bullish trade stats for those which retouched entry      bearishRetouchCounts : Matrix containing bearish trade stats for those which retouched entry      bullishSizeMatrix : Matrix containing data about size of bullish patterns      bearishSizeMatrix : Matrix containing data about size of bearish patterns      bullishRR : Matrix containing Risk Reward data of bullish patterns      bearishRR : Matrix containing Risk Reward data of bearish patterns      allPatternLabels : array containing pattern labels      flags : display flags      rowMain : Pattern header data      rowHeaders : header grouping data   Returns: void get_rr_details(patternTradeDetails, harmonicTrailingStartState, disableTrail, breakEvenTrail)   calculate and return risk reward based on targets and stops   Parameters:      patternTradeDetails : array containing stop, entry and targets      harmonicTrailingStartState : trailing point      disableTrail : If set, ignores trailing point      breakEvenTrail : If set, trailing does not go beyond breakeven.   Returns: nextColumn
Pine Script™ library
by Trendoscope
2
Micro ZigzagMicro zigzag is created based on similar concepts as that of zigzag but by using lower timeframe intra-bar data. The lines join candle's high/low points but also depict how the price movement within the candle happened. That is, if the high of the candle is reached first, pivot from previous candle join the high first and then low and vice versa. The output can also be viewed as advanced line chart. 🎲 Process 🎯 For every bar identify whether high came first or low by using lower timeframe data. 🎯 If high came before low, add high as high pivot first and then low as low pivot. If otherwise, add low as lower pivot first and then high as higher pivot. 🎯 When adding pivot, check if the last pivot is in the same direction as the new one. If yes, replace existing pivot if the new one goes beyond it. Ignore otherwise. 🎯 If the last pivot is of different direction as that one new one, then simple add the new pivot.
Pine Script™ indicator
by Trendoscope
15
SubCandles-V2Further development on the sub-candle concept defined in the earlier script. SubCandle This time instead of concentrating only on the last part, we are dividing the main candle into three parts. First Sub-Candle - Covers the candle movement from open to first of highest/lowest point. First sub-candle tells how fast/slow the initial movement took place and which direction it went. Second Sub-Candle - Is always a full bodied candle. Most important think here is the thickness of the sub-candle which tells how quickly or slowly the price went from one side of the peak to other. Third Sub-Candle - Similar to first sub-candle but covers the last part. This part is similar to what we are depicting in the earlier version of Sub-Candle script. Thickness of the sub-candle is based on relatively how much time each sub-candle took to complete within the main candle. Few interpretation can be: If the first or third sub-candle are the thicker ones and if the thicker sub-candle has long wick, then it may mean strong rejection. If the first or third sub-candle are thicker ones and if the thicker sub-candle has full body, it may mean higher volatility within the sub-candle. If the second sub-candle is thicker than the rest - it can mean strong bias towards the direction of second sub-candle Thinner second sub-candle may mean a dump/pump. May need to check third sub-candle to see if the dump/pump are followed by pump/dump Also adding the screen shot reference below. Note: This can repaint within bar. Use it as part of bar replay. Will try to add more option to select a particular candle without bar reply soon Let me know what you think?
Pine Script™ indicator
by Trendoscope
14
SubCandleI created this script as POC to handle specific cases where not having tick data on historical bars create repainting. Happy to share if this serves purpose for other coders. What is the function of this script? Script plots a sub-candle which is remainder of candle after forming the latest peak. Higher body of Sub-candle refers to strong retracement of price from its latest peak. Color of the sub-candle defines the direction of retracement. Higher wick of Sub-candle refers to higher push in the direction of original candle. Meaning, after price reaching its peak, price retraced but could not hold. Here is a screenshot with explanation to visualise the concept: Settings There is only one setting which is number of backtest bars. Lower timeframe resolution which is used for calculating the Sub-candle uses this number to automatically calculate maximum possible lower timeframe so that all the required backtest windows are covered without having any issue. We need to keep in mind that max available lower timeframe bars is 100,000. Hence, with 5000 backtest bars, lower timeframe resolution can be about 20 (100000/5000) times lesser than that of regular chart timeframe. We need to also keep in mind that minimum resolution available as part of security_lower_tf is 1 minute. Hence, it is not advisable to use this script for chart timeframes less than 15 mins. Application I have been facing this issue in pattern recognition scripts where patterns are formed using high/low prices but entry and targets are calculated based on the opposite side (low/high). It becomes tricky during extreme bars to identify entry conditions based on just the opposite peak because, the candle might have originated from it before identifying the pattern and might have never reached same peak after forming the pattern. Due to lack of tick data on historical bars, we cannot use close price to measure such conditions. This leads to repaint and few unexpected results. I am intending to use this method to overcome the issue up-to some extent.
Pine Script™ indicator
by Trendoscope
9
Relative Bandwidth FilterThis is a very simple script which can be used as measure to define your trading zones based on volatility. Concept This script tries to identify the area of low and high volatility based on comparison between Bandwidth of higher length and ATR of lower length. Relative Bandwidth = Bandwidth / ATR Bandwidth can be based on either Bollinger Band, Keltner Channel or Donchian Channel. Length of the bandwidth need to be ideally higher. ATR is calculated using built in ATR method and ATR length need to be ideally lower than that used for calculating Bandwidth. Once we got Relative Bandwidth, the next step is to apply Bollinger Band on this to measure how relatively high/low this value is. Overall - If relative bandwidth is higher, then volatility is comparatively low. If relative bandwidth is lower, then volatility is comparatively high. Usage This can be used with your own strategy to filter out your non-trading zones based on volatility. Script plots a variable called "Signal" - which is not shown on chart pane. But, it is available in the data window. This can be used in another script as external input and apply logic. Signal values can be 1 : Allow only Long -1 : Allow only short 0 : Do not allow any trades 2 : Allow both Long and Short
Pine Script™ indicator
by Trendoscope
19
arraysLibrary "arrays" Library contains utility functions using arrays. delete( arr , index)   remove an item from array at specific index. Also deletes the item   Parameters:     arr: - array from which the item needs to be deleted     index: - index of item to be deleted   Returns: void pop( arr )   remove the last item from array. Also deletes the item   Parameters:     arr: - array from which the last item needs to be removed and deleted   Returns: void shift( arr )   remove an item from array at index 0. Also deletes the item   Parameters:     arr: - array from which the first item needs to be removed and deleted   Returns: void unshift( arr , val, maxItems)   add an item to the beginning of an array with max items cap   Parameters:     arr: - array to which the item needs to be added at the beginning     val: - value of item which needs to be added     maxItems: - max items array can hold. After that, items are removed from the other end   Returns: resulting array clear( arr )   remove and delete all items in an array   Parameters:     arr: - array which needs to be cleared   Returns: void push( arr , val, maxItems)   add an item to the end of an array with max items cap   Parameters:     arr: - array to which the item needs to be added at the beginning     val: - value of item which needs to be added     maxItems: - max items array can hold. After that, items are removed from the starting index   Returns: resulting array
Pine Script™ library
by Trendoscope
2
Interactive Volume Profile - Based on LTF volumeHere is my first attempt on defining volume profile. In this script, I am using new feature of pine security_lower_tf Upon loading the script, it will ask users to select Time range to show the volume profile. Once you select the time range, confirmation input will popup. Upon confirming the inputs, you will be able to view the volume profile Settings are pretty simple. Some of them appear as part of confirmation. Limitation due to availability of LTF bars security_lower_tf can only fetch upto 100k bars, Hence, if we move the starting point beyond that, we will only see volume profile from the bar where LTF volume data is available. Increasing lower timeframe resolution will also increase the available range of volume profile. Option also available to use max range instead of time based range. If max bar range is selected, then volume profile is drawn based on all the bars for which LTF volume is available. An example of all combinations are show below. Selecting the granularity of volume profile Number of levels can be set from settings which impacts the granularity of volume profile. Below is the example of how different values for number of levels behave.
Pine Script™ indicator
by Trendoscope
21
Wolfe Scanner (Multi - zigzag) [HeWhoMustNotBeNamed]Before getting into the script, I would like to explain bit of history around this project. Wolfe was in the back of my mind for some time and I had several attempts so far. 🎯Initial Attempt When I first developed harmonic patterns, I got many requests from users to develop script to automatically detect Wolfe formation. I thought it would be easy and started boasting everywhere that I am going to attempt this next. However I miserably failed that time and started realising it is not as simple as I thought it would be. I started with Wolfe in mind. But, ran into issues with loops. Soon figured out that finding and drawing wedge is more trickier. I decided will explore trendline first so that it can help find wedge better. Soon, the project turned into something else and resulted in Auto-TrendLines-HeWhoMustNotBeNamed and Wolfe left forgotten. 🎯Using predefined ratios Wolfe also has predefined fib ratios which we can use to calculate the formation. But, upon initial development, it did not convince me that it matches visual inspection of Wolfe all the time. Hence, I decided to fall back on finding wedge first. 🎯 Further exploration in finding wedge This attempt was not too bad. I did not try to jump into Wolfe and nor I bragged anywhere about attempting anything of this sort. My target this time was to find how to derive wedge. I knew then that if I manage to calculate wedge in efficient way, it can help further in finding Wolfe. While doing that, ended up deriving Wedge-and-Flag-Finder-Multi-zigzag - which is not a bad outcome. I got few reminders on Wolfe after this both in comments and in PM. 🎯You never fail until you stop trying!! After 2 back to back hectic 50hr work weeks + other commitments, I thought I will spend some time on this. Took less than half weekend and here we are. I was surprised how much little time it took in this attempt. But, the plan was running in my subconscious for several weeks or even months. Last two days were just putting these plans into an action. Now, let's discuss about the script. 🎲 Wolfe Concept Wolfe concept is simple. Whenever a wedge is formed, draw a line joining pivot 1 and 4 as shown in the chart below: Converging trendline forms the stop loss whereas line joining pivots 1 and 4 form the profit taking points. 🎲 Settings Settings are pretty straightforward. Explained in the chart below.
Pine Script™ indicator
by Trendoscope
110
Zigzag MatrixNothing fancy. Just converted the new matrix library of zigzags ( mZigzag ) into indicator as I sensed it can be useful as indicator. On top of the standard zigzag, the indicator also tracks given oscillators, moving average and volume indicators on each pivots. More indicators can be added programmatically - but it will take up space in chart. Hence, so far I have only added option to add one per each type (moving average, oscillator and volume) Settings are as below
Pine Script™ indicator
by Trendoscope
13
mZigzagLibrary "mZigzag" Matrix implementation of zigzag to allow further possibilities. Main advantage of this library over previous zigzag methods is that you can attach any number of indicator/oscillator information to zigzag calculate(length, ohlc, indicatorHigh, indicatorLow, numberOfPivots) calculates zigzag and related information   Parameters:      length : is zigzag length      ohlc : array of OHLC values to be used for zigzag calculation      indicatorHigh : Array of indicator values calculated based on high price of OHLC      indicatorLow : Array of indicators values calculated based on low price of OHLC      numberOfPivots : Number of pivots to be returned   Returns: pivotMatrix Matrix containing zigzag pivots, pivot bars, direction, ratio, and indicators added via indicatorHigh/indicatorLow newZG is true if a new pivot is added to array doubleZG is true if last calculation returned two new pivots (Happens on extreme price change) draw(length, ohlc, indicatorLabels, indicatorHigh, indicatorLow, numberOfPivots, lineColor, lineWidth, lineStyle, showHighLow, showRatios, showIndicators) draws zigzag and related information   Parameters:      length : is zigzag length      ohlc : array of OHLC values to be used for zigzag calculation      indicatorLabels : Array of name of indicators passed      indicatorHigh : Array of indicator values calculated based on high price of OHLC      indicatorLow : Array of indicators values calculated based on low price of OHLC      numberOfPivots : Number of pivots to be returned      lineColor : zigzag line color. set to blue by default      lineWidth : zigzag line width. set to 1 by default      lineStyle : zigzag line style. set to line.style_solid by default      showHighLow : show HH, HL, LH, LL labels      showRatios : show pivot retracement ratios from previous zigzag      showIndicators : show indicator values   Returns: pivotMatrix Matrix containing zigzag pivots, pivot bars, direction, ratio, and indicators added via indicatorHigh/indicatorLow zigzaglines array of zigzag lines zigzaglabels array of zigzag labels
Pine Script™ library
by Trendoscope
28
Wedge and Flag Finder (Multi - zigzag)Here is a small attempt to automatically identify wedges and flags. Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming wedge can be quite common. In future, will also try to add more pivots in pattern recognition to make the signal more accurate. If wedge comes with a tail, then it is marked as flag :) Settings are quite simple and they are as shown below
Pine Script™ indicator
by Trendoscope
136
Intrabar OBV/PVTI got this idea from @fikira's script Intrabar-Price-Volume-Change-experimental The indicator calculates OBV and PVT based on ticks. Since, the indicator relies on live ticks, it only starts execution after it is put on the charts. The script can be useful in analysing intraday buy and sell pressure. Details are color coded based on the values. Data is presented in simple tabular format. Formula for OBV and PVT can be found here: www.investopedia.com www.investopedia.com
Pine Script™ indicator
by Trendoscope
6