TradeChartist Vitality

12 août 2021

™TradeChartist Vitality is a visual indicator that uses both Mean Reversion and Trend Following models to visually show the vitality of Bulls and Bears on chart based on only one factor - Sensitivity in relation to the Vital Support/Resistance derived from the Vitality Bands, Price Momentum and Volatility.

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™TradeChartist Vitality Features:
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• Vitality Bands comprising of Vitality Mean and 5 Bull/Bear Limits. These are determined using the user defined Sensitivity from the settings (Very Low, Low, Optimal, High). Higher the sensitivity, shorter the trend and lower the Risk/Reward ratio.

• Vital Support and Resistance that decide the Bull and Bear Vitality using colour coded markers on top and bottom of the chart, based on the trend.

• Information table that shows the Bull/Bear Vitality, RSI and Price information of the Vitality Mean, Bull Limits 1-5 and Bear Limits 1-5. These prices are colour coded green or red based on the real time closing price trading above or below.

• Bull and Bear markers appear after the confirmation of the trend change at the start of the trend.

• Option to plot Pivot Points (Traditional and Fibonacci) automatically or based on user defined time frame. These are really helpful in determining the developing price dynamic based on Ranging/Squeezing/Expanding Pivot Points.

• Bar Colouring based on Bull/Bear Vitality.

• 4 Colour Themes for the Bands visuals.

• $ signs to help users spot potential zones to Take Profit/Move SL. The $ signs appear above/below the price bars based on the trend at zones of potential price exhaustion, critical support/resistance and other factors.

• Vitality Bands Transparency adjustment and Custom colour option for Pivot Points.

• Alerts can be created for the following.

Long - Alerts when Bull signal is generated. Use Once Per Bar Close

Long Take Profit - Alerts when $ signs are plotted during Bull Zone. Use Once Per Bar

Short - Alerts when Bear signal is generated. Use Once Per Bar Close

Short Take Profit - Alerts when $ signs are plotted during Bear Zone. Use Once Per Bar

Test of Mean - Alerts when price tests the Volatizer Mean line. Use Once Per Bar

Note: The script doesn't repaint, so the alerts can be used with confidence. To check this, users can do bar replay to check if the plots and markers stay in the same place.

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The indicator can be used for trade entries with filter combinations or can be used as standalone Visualizer for trend confirmations, levels etc.

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Best Practice: Test with different settings first using Paper Trades before trading with real money

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12 août 2021

Notes de version

Code update : Table Position and Table Size options in settings

14 août 2021

Notes de version

Code Optimised

19 août 2021

Notes de version

Code optimised