Trend Reversal System with SR levelsHello All,
This is the Trend Reversal System with Support/Resistance levels script. long time ago I published it as closed source but now I upgraded it and and published as open-source with a different name. I hope it would be useful for you all while trading/analyzing.
The script has some parts in it: Setup, Count, SR levels, Risk levels & Targets . Now lets check them:
Setup Part: it has two part, Buy or Sell Setup. one of them can be active only. Buy setup: if current close checks if current is lower/equal than the close of the 5. bar. if yes then the script increases number of buy setup. and if it reaches 9 then the script checks if current low is lower/equal than the lows of last 3. and 4. bars, or if the low of the last bar is lower/equal than the lows of last 3. and 4. bars. if yes then the script increases the buy setup by 1. if these conditions met then it puts the label 'S' , same for Sell setup. S labels on both setup are potential reversals.
Count Part: If buy or sell setup reaches the 9 then Count part starts from 1. lets see buy count: If current close is lower/equal than the low of the 3. bar and buy count is lower than 12 or low of the bar 13 is less than or equal to the close of bar 8 then buy count increase or it's completed. if it's completed then the script puts C label, and it's potential reversal. of course there are some conditions that can cancel the count buy/sell or recycle/restart.
By using Setup and Count levels the script can show Support/Resistance Levels, Risk levels & Targets. SR levels are potential reversal levels.
Lets see some example screenshots:
Support/Resistance levels:
Potential Reversal levels and how setup/counts are shown:
Count part can recycle and the script shows it as 'R' , ( you can see the conditions for Recycle in the script ):
Count can be cancelled and and it's shown as 'x'
If the scripts find 9 on Setup or 13 on Count then it checks if it's a good level to buy/sell and if it decides it's good level then it shows TRSSetup Buy/Sell or TRSCount Buy/Sell and also shows the target. in following example the script checks and decide it's a good level to take long position. it can be aggressive or conservative, Conservative is recommended.
Enjoy!
Trendreversalpattern
DEMO - FxCanli PRZEN - FxCanli PRZ indicator shows Price Reversel Zones on your charts.
DEMO VERSION of FXCANLI PRZ Indicator work with any NZD or any DOGE symbols
TR - FxCanli PRZ indikatörü grafiklerinizde olası dönüş bölgelerini gösterir.
FXCANLI PRZ indikatörünün DEMO VERSİYONUNU herhangi bir NZD veya DOGE sembolü ile kullanabilirsiniz.
EN - For Example | TR - Örnek
NZD|...
NZD|USD
NZD|CAD
NZD|CHF
NZD|JPY
DOGE|...
DOGE|USD
DOGE|USDT
DOGE|USDTPERP
DOGE|BTC
FEATURES & EXAMPLES / ÖZELLİKLER & ÖRNEKLER
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Multi Language / Çok Dil
EN - You can get alerts in English or Turkish language
TR - Alarmları İngilizce veya Türkçe olarak alabilirsiniz.
Bullish - Bearish PRZ / Boğa - Ayı yönlü PRZ
EN - You can choose Bullish and Bearish PRZ or either
TR - Boğa ve Ayı yönlü veya herhangi birini seçebilirsiniz
Buy - Sell Labels / Al -Sat Etiketleri
EN - You can see (S)ell label and (B)uy label at the end of Price Reversal Zones
TR - Olası Dönüş Bölgelerinin sonunda (S)ell-Sat etiketini ve (B)uy-Al etiketini görebilirsiniz.
Panel Properties / Panel Özellikleri
EN - In the panel settings, you can follow up with different characters and emojis when you enter the PRZ, at the PRZ and exit from PRZ.
TR - Panel ayarlarında, olası dönüş bölgesine girdiğinde, olası dönüş bölgesinde ve olası dönüş bölgesinden çıktığını faklı karakter ve emojiler ile takip edebilirsiniz
Multi Timeframe / Çoklu Zaman dilimi
EN - You can easly follow all timeframes at one chart
TR - Tüm zaman dilimlerini tek bir grafikte takip edebilirsiniz
EN - Panel Width - to get better view at mobile phones and tablets
TR - Cep telefonları ve tabletlerde daha güzel görünüm için Panel Genişliği
Alerts / Alarmlar
EN - You can set only one alert for all timeframe and all prz alerts
TR - Bir alarm kurarak, tüm zaman dilimlerinde PRZ alarmlarını alabilirsiniz
Market Meanness Index [CC]The Market Meanness Index was created by Johann Christian Lotter and I added some smoothing of my own, so feel free to try it without any smoothing to see the differences. This indicator relies on the mean reversion theory that all prices will eventually revert to the mean over a long period of time. Obviously there is more to the theory but the basic idea is if you plot a sma or other typical moving average, you will see the price moving up or below the long term moving average such as a 200 day sma but usually heads back to the average in the short term. This is a good statistical analysis used for volatility which is where this indicator comes in. Simply put, we calculate volatility based on how often a price is both above the median and above the previous price or vice versa.
A rising Market Meanness Index means that the market is becoming more volatile and that there is a high likelihood of a change in the underlying trend. A falling Market Meanness Index means that the current trend is dying and there is a high likelihood of a trend reversal. Typically I put general buy and sell signals in red or green but in this particular case, this indicator works best as a overall trend filter and you would want to place a trade when this indicator has a peak or valley. Let me know if you find a good overall buy and sell signal system of course.
I know I keep saying that I will get active again and post more indicators but life is very hectic for me. For those who have been following my updates, my twins were finally born a little over a month ago and as you can imagine, they keep me up at all hours of the day so it is hard to create new indicator scripts when I'm getting no sleep lol. I will do my best to start publishing the giant backlog of scripts I have created but in the meantime, please be patient with me. This indicator was a special request so let me know if you have any special requests of your own!
Projection Bandwidth [CC]The Projection Bandwidth was created by Mel Widner (Stocks and Commodities Jul 1995) and this is another of my series of indicators that I consider undiscovered gems. For those of you who are unaware, the Bandwidth indicator measures the distance between the high and low bands and if you remember from my Projection Bands script, the Projection Bands give pretty accurate early signals of trend reversals and followed fairly closely by a large bulge in the bands. The large bulges in the bands essentially act as the confirmation that the trend reversal is happening and so that brings me to this indicator. This indicator gives signals based on if it has reached a peak or a valley. Both extremes mean that the current trend is ending and I have color coded it based on the buy and sell signals from my Projection Bands indicator. I have included strong buy and sell signals in addition to normal ones so strong signals are darker in color and normal signals are lighter in color. Buy when the line turns green and sell when it turns red.
Let me know if there are any other scripts or indicators you would like to see me publish!
Trend Analysis Index [CC]The Trend Analysis Index was created by Adam White and not to be confused with the Trend Analysis Indicator that I also published. This indicator operates under the same idea but using a completely different calculation to achieve similar results. The idea behind this indicator is for a combination of volatility and trend confirmation. If the indicator is above it's signal line then the stock is very volatile and vice versa. If the stock is currently trending as in above a chosen moving average for example and the indicator falls below the signal line then there is a pretty good chance in a trend reversal. The recommended buy and sell system to use is to pair this indicator with a moving average crossover system which I have included in the script. Buy when the indicator is above it's signal and the shorter moving average crosses above the longer moving average. For selling you would do the same and sell when the indicator is above it's signal and the shorter moving average crosses below the longer moving average. I have included strong buy and sell signals in addition to the normal ones so stronger signals are darker in color and normal signals are lighter in color.
Let me know what other indicators or scripts you would like to see me publish!
Tweezer Top & Tweezer Bottom Pattern (Expo)Tweezer Top/Bottom Pattern (Expo) indicator identifies real-time Tweezer Top and Tweezer Bottom in any market and in any timeframe. This is an enhanced version of the pattern which enables higher accuracy, and noise filtering. In addition to that, Tweezer Levels can be displayed which can be used in many different ways, for instance, as a stop loss level, or to confirm the signal.
The ideal Tweezer pattern includes that the wicks should be 100% the same length. However, that rarely happens. So in this enhanced version, the user can set the maximum change that is allowed between the wicks.
To enhance the signal accuracy a Bullish engulfing and Bearish engulfing filter can be toggled on. So a signal will only be displayed if an engulfing candle is in play.
HOW TO USE
Tweezer Top/Bottom should be used together with KEY market levels or with KEY supply/demand zones.
Enter Long: if a Tweezer Bottom signal occurs at a KEY Level or on a KEY supply/demand zone.
Target: The first target should be the nearest resistance level or supply zone. The second target should be the next resistance level or supply zone, and so on.
Enter Short: if a Tweezer Top signal occurs at a KEY Level or on a KEY supply/demand zone.
Target: The first target should be the nearest support level or demand zone. The second target should be the next support level or demand zone, and so on.
Stop Loss: The Tweezer levels can be used as a stop loss.
Remember: Use the indicator together with KEY levels or KEY Supply/Demand Zones.
INDICATOR IN ACTION
4 Hour chart
I hope you find this indicator useful , and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments!
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Disclaimer
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
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ACCESS THE INDICATOR
• Contact me on TradingView or use the links below
ZTrendPick Bottoms and Tops of a trend with ZTrend indicator. Use this indicator in multi frame for superb results.
If you are a Short Term trader, then use 2 hourly and Daily timeframe combination.
So after a downtrend, buy when 2 hourly candle turns green and wait until Daily candle also turns Green. Exit when 2 hourly candle turns red.
Ride the trend and do not exit until the 2 hourly candle turns Red.
When 2 consecutive candle body become thin, means end of a trend is near. Therefore either reduce the position or hedge.
Discipline is the key, therefore exit on the indication and do not wait in hope of marking turning your side.
