Hi guys!
I want to share my most precision on my opinion indicator.
The purpose of the script is to find tops and bottoms.
It does not repaint after a bar close and has only 1 bar lag.
It is similar to LazyBear's Squeeze Momentum Indicator but has very important modifications:
1) indicator oversold and overbought values are defined, so we have more precise tops and bottoms identification and exact time when there is the reversal.
2) Green columns on the oscillator mean bullish volume inflow and vice versa. Oscillator showings are sharper, they are not smoothed by moving average. Overall speed is greater so it gives more clear divergencies.
3) The script takes in count only bars with filtered price change and compares the blend of moving, price, and volume. It does not use linear regression or Bollinger bands as LazyBear's script does.
4) As script results are easier to interpret its tops and bottoms can be automatically plotted as support and resistance. And the chart stays not littered.
5) The script also calculates the median of formed by last top and bottom range - grey line by default.
6) The script also calculates the pullback target price - orange line by default.
Use strategies are on your taste.
For example, it can be used for scanning markets for reversals or base brokes.
Or for dummy trading: long the bottom with targeting to TP and EQ and fully exit on reversal and so on.
I wish you good trading!
PS. The oscillator has 31 lines of code and the overlay version - 43 lines of code.
See more examples below.
I want to share my most precision on my opinion indicator.
The purpose of the script is to find tops and bottoms.
It does not repaint after a bar close and has only 1 bar lag.
It is similar to LazyBear's Squeeze Momentum Indicator but has very important modifications:
1) indicator oversold and overbought values are defined, so we have more precise tops and bottoms identification and exact time when there is the reversal.
4) As script results are easier to interpret its tops and bottoms can be automatically plotted as support and resistance. And the chart stays not littered.
Use strategies are on your taste.
For example, it can be used for scanning markets for reversals or base brokes.
Or for dummy trading: long the bottom with targeting to TP and EQ and fully exit on reversal and so on.
I wish you good trading!
PS. The oscillator has 31 lines of code and the overlay version - 43 lines of code.
See more examples below.
Notes de version:
- smoothed signal line for output
- dynamic oversold and overbought levels
- divergence signal line (bold navy line) that measure signal / price divergence
- dynamic oversold and overbought levels
- divergence signal line (bold navy line) that measure signal / price divergence