Nifty50 Participants - Top 25Nifty50 Index is calculated based on the movements of its participants. Every time you think of why is Index going up/down, who is actively dragging the index either ways, this Indicator gives you answer for the same in realtime!
This indicator will help you in pre-planning your trades based on the movements shown by different stocks of various sectors in Index calculation.
RSI column is an add-on to the participation table which will help you in getting RSI values of different stocks of Nifty 50 at a glance. You will see values getting updated in realtime in live market.
Checkout for customisations in indicator settings.
Note:
1. Participants present in this indicator and their participation percentage is taken from the official NSE website.
2. Table shows Top 25 participants by default. If you want to see less than 25 rows, you can update the input via indicator settings.
Feel free to contribute/comment changes if any! Comment in case of any suggestions :)
- Published by Soham Dixit
Recherche dans les scripts pour "Up down"
Synthetic Price Action GeneratorNOTICE:
First thing you need to know, it "DOES NOT" reflect the price of the ticker you will load it on. THIS IS NOT AN INDICATOR FOR TRADING! It's a developer tool solely generating random values that look exactly like the fractals we observe every single day. This script's generated candles are as fake as the never ending garbage news cycles we are often force fed and expected to believe by using carefully scripted narratives peddled as hypnotic truth to psychologically and emotionally influence you to the point of control by coercion and subjugation. I wanted to make the script's synthetic nature very clear using that analogy, it's dynamically artificial. Do not accidentally become disillusioned by this scripts values, make trading decisions from it, and lastly don't become victim to predatory media magic ministry parrots with pretty, handsome smiles, compelling you to board their ferris wheel of fear. Now, on to the good stuff...
BACKSTORY:
Occasionally I find myself in situations where I have to build analyzers in Pine to actually build novel quantitative analytic indicators and tools worthy of future use. These analyzers certainly don't exist on this platform, but usually are required to engineer and tweak algorithms of the highest quality with the finest computational caliber. I have numerous other synthesizers to publish besides this one.
For many reasons, I needed a synthetic environment to utilize the analyzers I built in Pine, to even pursue building some exotic indicators and algorithms. Pine doesn't allow sourcing of tuples. Not to mention, I required numerous Pine advancements to make long held dreams into tangible realities. Many Pine upgrades have arrived and MANY, MANY more are in need of implementation for all. Now that I have this, intending to use it in the future often when in need, you can now use it too. I do anticipate some skilled Pine poets will employ this intended handy utility to design and/or improved indicators for trading.
ORIGIN:
This was inspired by the brilliance from the world renowned ALGOmist John F. Ehlers, but it's taken on a completely alien form from its original DNA. Browsing on the internet for something else, I came across an article with a small code snippet, and I remembered an old wish of mine. I have long known that by flipping back and forth on specific tickers and timeframes in my Watchlist is not the most efficient way to evaluate indicators in multiple theatres of price action. I realized, I always wanted to possess and use this sort of tool, so... I put it into Pine form, but now have decided to inject it with Pine Script steroids. The outcome is highly mutable candle formations in a reusable mutagenic package, observable above and masquerading as genuine looking price candles.
OVERVIEW:
I guess you could call it a price action synthesizer, but I entitled it "Synthetic Price Action Generator" for those who may be searching for such a thing. You may find this more useful on the All or 5Y charts initially to witness indication from beginning (barstate.isfirst === barindex==0) to end (last_bar_index), but you may also use keyboard shortcuts + + to view the earliest plottable bars on any timeframe. I often use that keyboard shortcut to qualify an indicator through the entirety of it's runtime.
A lot can go wrong unexpectedly with indicator initialization, and you will never know it if you don't inspect it. Many recursively endowed Infinite Impulse Response (IIR) Filters can initialize with unintended results that minutely ring in slightly erroneous fashion for the entire runtime, beginning to end, causing deviations from "what should of been..." values with false signals. Looking closely at spg(), you will recognize that 3 EMAs are employed to manage and maintain randomness of CLOSE, HIGH, and LOW. In fact, any indicator's barindex==0 initialization can be inspected with the keyboard shortcuts above. If you see anything obviously strange in an authors indicator, please contact the developer if possible and respectfully notify them.
PURPOSE:
The primary intended application of this script, is to offer developers from advanced to even novice skill levels assistance with building next generation indicators. Mostly, it's purpose is for testing and troubleshooting indicators AND evaluating how they perform in a "manageable" randomized environment. Some times indicators flake out on rare but problematic price fluctuations, and this may help you with finding your issues/errata sooner than later. While the candles upon initial loading look pristine, by tweaking it to the minval/maxval parameters limits OR beyond with a few code modifications, you can generate unusual volatility, for instance... huge wicks. Limits of minval= and maxval= of are by default set to a comfort zone of operation. Massive wicks or candle bodies will undoubtedly affect your indication and often render them useless on tickers that exhibit that behavior, like WGMCF intraday currently.
Copy/paste boundaries are provided for relevant insertion into another script. Paste placement should happen at the very top of a script. Note that by overwriting the close, open, high, etc... values, your compiler will give you generous warnings of "variable shadowing" in abundance, but this is an expected part of applying it to your novel script, no worries. plotcandle() can be copied over too and enabled/disabled in Settings->Style. Always remember to fully remove this scripts' code and those assignments properly before actual trading use of your script occurs, AND specifically when publishing. The entirety of this provided code should never, never exist in a published indicator.
OTHER INTENTIONS:
Even though these are 100% synthetic generated price points, you will notice ALL of the fractal pseudo-patterns that commonly exist in the markets, are naturally occurring with this generator too. You can also swiftly immerse yourself in pattern recognition exercises with increased efficiency in real time by clicking any SPAG Setting in focus and then using the up/down arrow keys. I hope I explained potential uses adequately...
On a personal note, the existence of fractal symmetry often makes me wonder, do we truly live in a totality chaotic universe or is it ordered mathematically for some outcomes to a certain extent. I think both. My observations, it's a pre-deterministic reality completely influenced by infinitesimal amounts of sentient free will with unimaginable existing and emerging quantities. Some how an unknown mysterious mechanism governing the totality of universal physics and mathematics counts this 100.0% flawlessly and perpetually. Anyways, you can't change the past that long existed before your birth or even yesterday, but you can choose to dream, create, and forge the future into your desires and hopes. As always, shite always happens when your not looking for it. What you choose to do after stepping in it unintentionally... is totally up to you. :) Maybe this tool and tips provided will aid you in not stepping in an algo cachucha up to your ankles somehow.
SCRIPTING LESSONS PORTRAYED IN THIS SCRIPT:
Pine etiquette and code cleanliness
Overwrite capabilities of built-in Pine variables for testing indicators
Various techniques to organize Settings panel while providing ease of adjustment utility
Use of tooltip= to provide users adequate valuable information. Most people want to trade with indicators, not blindly make adjustments to them without any knowledge of their intended operation/effects
When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members , I may implement more ideas when they present themselves as worthy additions. Have a profitable future everyone!
Indicator: Gap Finder [KL]
About gaps:
A gap is a “jump” in a security’s price between the Open and the Prior Close . Gaps are very common in stocks during opening hours, especially when accompanied by catalysts.
What this indicator does:
This script will identify gaps that remained unfilled for at least one candle.
It is very common for gaps to be filled on the first candle, these gaps are arguably less meaningful, so they are ignored by the indicator to reduce the number of lines drawn.
Applications:
Since most gaps eventually get filled, the question is a matter of when . If going with the trend, a trader will open a long/short position when seeing an up/down gap. When going against the trend, then short/long the stock on up/down gaps and consider taking profits when price returns to where the gap originally occurred.
Originally intended for 1D timeframes, but gaps can occur in all timeframes. Applications are limitless.
[GB]Commodity Futures MapPuts numerous commodity futures on the same scale. The main function is RSI (without evoking "oversold/bought" concepts).
Reading the chart: Much like any oscillator, the important elements are:
Position relative to the middle
Slope
Momentum
Volatility
Settings:
RSI length
EMA smoothing
Time Frame (of the indicator, not the chart(
May add value when asking questions like:
Is lumber trending?
Is silver trending faster than gold?
Is the entire asset class trending up down or not at all?
Adding additional symbols is easy since the code for each symbol is identical.
Riles' RotationThis indicator is built off of the 1 hour time frame. I used the ZigZag indicator to get 500 data points on BTC since last april, ruling out <2% deviations in price. Taking those percentages, I ran them through an excel sheet and found which deviations were the most common. An up/down relationship I will call a rotation, there are 250 rotations derived from the 500 points of data. Thus, this indicator is based off of a 250 EMA. Each band is a common deviation on the 1 hour time frame, as indicated by an excel generated histogram. The common deviations also appear relevant on the daily timeframe for BTC. This demonstrates potential support and resistance, as well as potential mean reversion. Do not take trades blindly based off of it. It merely shows potential support and resistance based off of historical percentage deviations from the 250 EMA.
[BM] SSS 50% Rule EvaluatorSara Strat Sniper 50% Rule Evaluator
█ OVERVIEW
This indicator is based on Sara Strat Sniper's - 50% Rule for trading Outside Bars and helps you to evaluate the historical success rate of that rule.
█ FEATURES
Calculation
• You can choose to evaluate only the current bar to see if it forms an outside bar (success) or not (fail), but you can also choose to include the next bar to see if that one forms a compound outside bar.
• You can enable a start and/or end date to limit the calculation period.
Table
• Show or hide the table with the calculation results.
• Show or hide the calculation details (up/down data).
• Position of the table, opacity, cell width and text size can be customized.
Colors
• Table colors can be customized.
• You can choose to show the inside/outside bars in customizable bar colors.
• You can choose to identify successful/failed/recovered outside bars in customizable background colors.
█ LIMITATIONS
• This script uses a special characteristic of the `security()` function allowing the inspection of intrabars — which is not officially supported by TradingView.
• Intrabar inspection only works on some chart timeframes: 5, 10, 15, 30, 45 and 195 minutes, 1, 2, 3, 4, 5, 6, 7 and 8 hours, 1, 2, 3, 4 and 5 days, 1, 2, 3 and 4 weeks, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12 months. The script’s code can be modified to run on other resolutions.
• There is a limit to how far back intrabar calculations can be performed, and is dependant on both the intrabar resolution and your subscription (which determines the number of available bars).
[mdeacey] EMA% Channel + BB Range StrategyThis strategy is based off the users selection of an EMA and percentage defined channel. The strategy longs when a red "reversal candle" (that exceeds the averages of 3 and 9 above the EMA 3) is found until such time that either the price goes outside the Bollinger Band or the green reversal candle is found. The same but opposite process for shorts. If the price begins trending and moves outside the channel all trades are exited to prevent loss.
For trending markets the sister strategy (" EMA% Channel + Bollinger Band Trending Strategy") should instead be used.
The obvious fallback to this strategy is that:
- If the bands are too wide we don't have a good definition of trending vs ranging and the price can move up/down significantly and trend whilst remaining within the ranging channel. We try to mitigate this through use of a stoploss defined by ATR and a pretty tight channel. This is a tightrope exercise as making the percentage channels tighter misses earlier entries in optimal cases. Change the parameters to find an EMA and percentages to find the best R/R in your case.
Potential further iteration:
- It would be good to see if the R/R changes positively if we only allow shorts above the EMA and longs below it.
All options are configurable and code open source. Happy trading!
VolatilityDivergenceRedGreen by STTAName: VolatilityDivergenceRedGreen by STTA
- Underlying and implied volatiliy normally show negative correlated behavior (price rises, vola falls and vice versa)
- This study shows symbols in on candles in chart where Undelying and corresponding vola index show same bahvior for 1,2 or 3 consecutive bars. (price rises and vola rises and vice versa)
- This situation is called Vola Divergence. Red, when prices and vola fall; green, when price and vola rise
- This information can be used to detect possible end of Up/Down-Swings.
- User can configure if rising or falling or both price movements shall be displayed.
- This study can be used with root symbols, which provide corresponding volatility indices.
- supported Root Symbols: SPX, NDQ, DJI, RUT, CL, XLE, GC, SI, EUR, HSI, FXI, EWZ, AMZN, AAPL, GS, GOOG, IBM, DEU40
- in all other symbols, no symbols are displayed.
Inputs
- underlying displayed in chart
Settings/Parameter
- each Divergence can be switched off/on separately
- output of each displayed symbol can be configured
Outputs
- RedDiv1: first bar with rising price and rising volatility index
- GreenDiv1: first bar with falling price and falling volatility index
- RedDiv2: second bar in a row with rising price and rising volatility index
- GreenDiv2: second bar with falling price and falling volatility index
- RedDiv3: third bar in a row with rising price and rising volatility index
- GreenDiv3: third bar in a row with falling price and falling volatility index
conditional_returnsThis script attempts to contextualize the instrument's latest return. It asks, "when a return of the same or greater magnitude occurred in the past, in the same direction, what was the following period's return?"
By default, the latest return is used. For example, on a daily chart, that would mean "today's" return. However, you can select any return you want using the "override" input.
The output table shows:
- The latest/override return, as a percentage. This is in the top left, fuchsia cell.
The first three, blue columns, show:
- The count of up and down (or positive and negative) next period returns. This shows you the sample size.
- The percentage of up/down next period returns.
- The average next-period return return, up and down, as percentages.
The next three, green columns show these same statistics, but for all returns--every period in the active date range is used. This data serves as a basis for comparison.
Note that you can select a custom date range with the "start" and "end" inputs. The corresponding area on the chart is shaded light grey, to show which data is used in the computations.
TASC 2022.01 Improved RSI w/Hann█ OVERVIEW
TASC's January 2022 edition Traders' Tips includes the "(Yet Another Improved) RSI Enhanced With Hann Windowing" article authored by John Ehlers. Once again John Ehlers revolutionizes the RSI indicator. This is TradingView's Pine Script code for the indicator.
█ CONCEPTS
By employing a Hann windowed finite impulse response filter ( FIR ), John Ehlers has enhanced the "Relative Strength Indicator" ( RSI ) to provide an improved oscillator with exceptional smoothness.
█ NOTES
Calculations
The method of calculations using "closes up" and "closes down" from Welles Wilder's RSI described in his 1978 book is still inherent to Ehlers enhanced formula. However, a finite impulse response (FIR) Hann windowing technique is employed following the closes up/down calculations instead of the original Wilder infinite impulse response averaging filter. The resulting oscillator waveform is confined between +/-1.0 with a 0.0 centerline regardless of chart interval, as opposed to Wilder's original formulation, which was confined between 0 and 100 with a centerline of 50. On any given trading timeframe, the value of Ehlers' enhanced RSI found above the centerline typically represents an overvalued region, while undervalued regions are typically found below the centerline.
Background
The original RSI indicator was designed by J. Welles Wilder and presented in his "New Concepts in Technical Trading Systems" book published in 1978.
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Support Resistance InteractiveHello All,
Using this "Support Resistance Interactive" script you can set the Support/Resistance levels interactively by clicking on the chart. Using the SR levels you set, the indicator creates Support Resistance zones. The width of the zones are calculated by using Threshold option and Threshold is the percent of the distance between Highest/Lowest levels in last 300 bars. if you set Threshold = 1 then it means 1% of the distance between Highest/Lowest levels. You can change SR levels by moving the level up/down by using your mouse anytime you want.
Now lets see it step by step;
After you added the indicator it will ask 5 Support/Resistance Levels and when you click any point then it's kept as S/R level and it asks another SR levels. if you want to use only 3 SR levels then last 2 SR levels are not important and you can click anywhere on the chart;
After you set all SR levels, it will ask "Number of Support/Resistance" . if you want to activate first 3 SR lines then set it 3. by default it's 5. when you set it click "Apply" and see the SR zones. that's it.
You can enable/disable alerts and set frequency, then create alerts. as it's interactive tool, the SR levels you set are specific for the current/active symbol. if you open another symbol then you better delete the indicator and add it again
Three Alerts exist in the script: Support Broken, Resistance Broken and Price in SR zone . you can enable/disable the alerts as you wish and you can set frequency for each one as "Once Per Bar" or "Once Per Bar Close"
by default Green/Red/Gray colors are used but You can change the colors using the options. according to the Price moves, SR zone colors are changed automatically.
when we have "Reset" feature to run the script interactively (like we added it for first time) I can update the script, then you will not need to delete/re-add each time you changed the symbol :)
In this example "Threshold" is 2 and "Number of Support/Resistance" is 4.
in this example "Threshold" is 0 and "Number of Support/Resistance" is 5.
Last example; Labels are shown for each zone, you can set location of the labels. SR order and Upper/lower band of each zone are shown in each label.
Enjoy!
Relative StrengthRelative Strength show the quotient (ratio) between a numerator (Your Security) and a common denominator (SPX, BTC, ...).
I inspired myself from already established indicators. But I've made my own because I had some issues with others.
Sometimes the moving average weren't fixed but where floating through the window.
Sometimes the colors (Up, Down) were inaccurate because the compiler didn't notice infinitesimal changes (0.0001 > 0.0002)
Thanks.
(The Relative Strength indicator is at the top of the chart.)
Bank Nifty ParticipantsBankNifty Index is calculated based on the movements of its participants. Every time you think of why is Index going up/down, who is actively dragging the index either ways, this Indicator gives you the answer for the same in realtime!
For example : You see HDFCBank and Kotak Bank significantly up while all other banks going down but index reacting in a bullish mode, the answer lies in which Bank is contributing how much to the index! This will help you in pre-planning your trades based on the movements shown by different banks in Index calculation. Or on the other hand, you see HDFCBank on verge of breakout and you have target of 10 points, this indicator will help you in identifying how much the index will react to the 10 points movement shown by HDFC Bank which is the leading participant in Bank Nifty.
RSI column is an add-on to the participation table which will help you in getting RSI values of different banks at a glance. You will see values getting updated in realtime in live market. Checkout for customisations in indicator settings.
Note : Participants present in this indicator and their participation percentage is taken from the official NSE website.
Feel free to contribute/comment changes if any!
- Published by Soham Dixit
Volume PressureBreaks down volume into buyers (green part) vs sellers (red part).
It is recommended to set the volume's scale, especially if you switch tickers on the same chart. Follow these steps:
Select the Volume Pressure indicator's 3 dots (...)
Select Pin To Scale
Select a separate scale from the main chart, such as Pin To New Left Scale (Z)
Left click and hold the scale on the side of the chart and drag it up/down to bring the volume bars into the desired area
To update to the latest version, just close the indicator and add it again.
Consecutive Weekly Up w/o dojiBased on the built-in Consecutive Up/Down strategy by TradingView . Long only
No-lose trading targets (Based on EoRfA) By Mustafa ÖZVERThis code shows expected reaction target prices after sudden moving based on (EoRfA) Escaping of Rate from Avarage. Red area means the price is on overbought area, green area means the price is on oversold area. If you see red area under price, you can make short option to next to the horizontal beginning price of red area. If you see green area over price, you can make long option to next to the horizontal beginning price of green area.
When this code works
- The green area starts where EoRfA value is on oversold
- The red area starts where EoRfA value is on overbought
Of course, this code may be failed, do not forget the target may never come. But hopefully price will cross over the target.
And you (as developers) can develop this code by using anything instead of EoRfA to get up-down target prices.
But only this values can not guarantee good results for trading. BE CAREFUL
TASC 2021.11 MADH Moving Average Difference, Hann█ OVERVIEW
Presented here is code for the "Moving Average Difference, Hann" indicator originally conceived by John Ehlers. The code is also published in the November 2021 issue of Trader's Tips by Technical Analysis of Stocks & Commodities (TASC) magazine.
█ CONCEPTS
By employing a Hann windowed finite impulse response filter (FIR), John Ehlers has enhanced the Moving Average Difference (MAD) to provide an oscillator with exceptional smoothness.
Of notable mention, the wave form of MADH resembles Ehlers' "Reverse EMA" Indicator, formerly revealed in the September 2017 issue of TASC. Many variations of the "Reverse EMA" were published in TradingView's Public Library.
█ FEATURES
Three values in the script's "Settings/Inputs" provide control over the oscillators behavior:
• The price source
• A "Short Length" with a default of 8, to manage the lower band edge of the oscillator
• The "Dominant Cycle", originally set at 27, which appears to be a placeholder for an adaptive control mechanism
Two coloring options are provided for the line's fill:
• "ZeroCross", the default, uses the line's position above/below the zero level. This is the mode used in the top version of MADH on this chart.
• "Momentum" uses the line's up/down state, as shown in the bottom version of the indicator on the chart.
█ NOTES
Calculations
The source price is used in two independent Hann windowed FIR filters having two different periods (lengths) of historical observation for calculation, one being a "Short Length" and the other termed "Dominant Cycle". These are then passed to a "rate of change" calculation and then returned by the reusable function. The secret sauce is that a "windowed Hann FIR filter" is superior tp a generic SMA filter, and that ultimately reveals Ehlers' clever enhancement. We'll have to wait and see what ingenuities Ehlers has next to unleash. Stay tuned...
The `madh()` function code was optimized for computational efficiency in Pine, differing visibly from Ehlers' original formula, but yielding the same results as Ehlers' version.
Background
This indicator has a sibling indicator discussed in the "The MAD Indicator, Enhanced" article by Ehlers. MADH is an evolutionary update from the prior MAD indicator code published in the October 2021 issue of TASC.
Sibling Indicators
• Moving Average Difference (MAD)
• Cycle/Trend Analytics
Related Information
• Cycle/Trend Analytics And The MAD Indicator
• The Reverse EMA Indicator
• Hann Window
• ROC
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CHAMELEON TRAILA filter combining the built in supertrend function and two SMA's in order to act as a filter for trade ideas put forward by CHAMELEON which can be placed in a separate panel.
This is not accurate enough to use on its own as a signal, but helps filter out more complex ideas. To be most effective it is recommended to set the LENGTH correctly.
Includes ALERT CONDITION's for when the TRAIL is UP, DOWN or MIXED.
BarUpDn Long StrategyThis is a bar up/down strategy for going long only where you can specify how many bars up to buy and how many bars down to sell. It also has code to check and make sure the condition is still true when launching the official alert, which helps back testing and live results line up, however be sure to enter commission and slippage into the properties to accurately reflect profits. I added back testing date ranges to this so you can easily pull up and see back tested results for a certain date range. I also added a buy and sell message fields in the properties so you can launch alerts that will work with automated trading services. Simply enter your buy message and sell message into those fields in the properties and then when you create an alert enter {{strategy.order.alert_message}} into the alert body and it will dynamically pull in your buy and sell messages when it fires alerts.
BarUpDn StrategyThis is a bar up/down strategy where you can specify how many bars up to buy and how many bars down to sell. It also has code to check and make sure the condition is still true when launching the official alert, which helps back testing and live results line up, however be sure to enter commission and slippage into the properties to accurately reflect profits. I added back testing date ranges to this so you can easily pull up and see back tested results for a certain date range. I also added a buy and sell message fields in the properties so you can launch alerts that will work with automated trading services. Simply enter your buy message and sell message into those fields in the properties and then when you create an alert enter {{strategy.order.alert_message}} into the alert body and it will dynamically pull in your buy and sell messages when it fires alerts.
Auto Fibonacci and Gann Fan/Retracements ComboIntroduction
This is a combination of Fibonacci and Gann fan/retracements.
The script can automatically draw as many:
Fibonacci Retracements
Fibonacci Fan
Gann Retracements
Gann Fan
as the user requires on the chart. Each level set or fan consists of 7 lines based on the most important ratios of Fibonacci/Gann.
Basics
What are Fibonacci retracements?
Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They stem from Fibonacci’s sequence. Each level is associated with a percentage which is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points.
What are Gann retracements?
A developer of technical analysis and trading was W.D. Gann. Gann theory expects a normal retracement of 50 percent. This means that under normal selling pressure, the stock price will decline half the amount of its most recent rise, and vice versa. It also suggests that retracements occur at the halfway point of a move, such as 25 percent (half of 50 percent), 12.5 percent (half of 25 percent), and so on.
What is Fibonacci fan?
Fibonacci fan is a set of sequential trend lines drawn from a trough or peak through a set of points dictated by Fibonacci retracements. The first step to create it is to draw a trend line covering the local lowest and highest prices of a security. To reach retracement levels, the trader divides the difference in price at the low and high end by ratios determined by the Fibonacci series. The lines formed by connecting the starting point for the base trend line and each retracement level create the Fibonacci fan.
What is Gann fan?
A Gann fan consists of a series of lines called Gann angles. These angles are superimposed over a price chart to show potential support and resistance levels. The resulting image is supposed to help technical analysts predict price changes. Gann believed the 45-degree angle to be most important, but the Gann fan also draws angles at degrees like 75, 63.75, 26.25 and 15. The Gann fan originates at a low or high point. The resulting lines show areas of potential future support and resistance. The 45-degree line is known as the 1:1 line because the price will rise or fall at a 45-degree angle when the price moves up/down one unit for each unit of time. All other lines in the Gann fan are drawn above and below the 1:1 line. The other angles are associated with 2:1, 3:1, 4:1, 8:1 and 1:8, 1:4, 1:3, and 1:2 time-to-price moves.
Challenges
The most of the time I dedicated to writing this script has been spent on handling these problems:
1. Finding Local Highest/Lowest Prices
In order to draw Fibonacci and Gann fan/retracements, it's necessary to find local highest and lowest price points (Extrema) on the chart. As this could be so challenging, most traders and coders draw the lines covering the low and high prices over a given period of time or a limited number of bars back instead. I already wrote an indicator using this approach ( Auto Fibonacci Combo ).
In this new script I tried to find the exact highest and lowest prices based on this idea that: if a high point is formed lower than previous high which was after a lowest point, then that previous one was the local highest point, and vice versa if a low point is formed higher than previous low which was after a highest point, then that previous one was the local lowest point. So logically an extremum price on the chart won't be found until the next high/low point is formed.
2. Finding Proper Chart Scale for Gann Fan
Based on the theory, Gann angles are sensitive to the chart price scale and in order to have the right angles, the chart must be made with the proper scale. J.A. Hyerczyk in his book "Pattern, Price & Time - Using Gann Theory in Technical Analysis" suggests that the easiest way to determine the scale of a market is by taking the difference between top-to-top and bottom-to-bottom and dividing it by the time it took the market to move from top to top and bottom to bottom.
Thus on a properly constructed chart, the basic equation for calculating Gann angles is: Price * Time.
3. Drawing Fans and Relocating Fan Labels at Each New Bar in Pine (A Programming-Related Subject)
To do this, I used linear equations and line slopes. Of course it was so complicated and exhausting, but finally I overcame that thanks to my genius cousin.
Settings and Usage
By default, the script shows detected extremum points plus 1 Fibonacci fan, 1 Gann fan, 1 set of Fibonacci retracements and no Gann retracements on the chart. All of these could be changed in the indicator settings beside the color and transparency of each line.
Feel free to use this and send me your thoughts!
[KL] Mean Reversion (ATR) StrategyThis strategy will enter into a position when price volatility is relative high, betting that price will subsequently trend in a favourable direction.
Hypothesis : During periods of high price volatility, ATR will divert from its moving average by at least +/- one standard deviation. Eventually, ATR will revert back to the mean. However, just knowing the magnitude of increase/decrease of ATR does not give a trend signal, so we need to introduce a model in this script to predict whether the next bars will be up/down.
Trend Prediction : This strategy calculates the expected logarithmic return of the security (the "Drift") and considers prices to be moving in uptrend if the drift curve is upward sloping or if the drift value is positive.
Entry Conditions : Long position is entered when:
(a) ATR has diverted from mean by one standard deviation, and
(b) trend is predicted to move in our favor.
Exit Condition : When trailing stop loss is hit.
Results from backtesting against VOO (1H timeframe):
- approx 46% win rate over 491 trades, on average holding for 20 hours per trade
- price at the beginning of backtest (Jan. 2015) was $187.52, giving holding period return of ~120% had we not sold in between ("HPR of HODL'ing")
- this strategy gained ~159%, exceeding ~120% HPR of HODL'ing
Consecutive Up/Down Strat + alerts via TradingConnector to ForexSoftware part of algotrading is simpler than you think. TradingView is a great place to do this actually. To present it, I'm publishing each of the default strategies you can find in Pinescript editor's "built-in" list with slight modification - I'm only adding 2 lines of code, which will trigger alerts, ready to be forwarded to your broker via TradingConnector and instantly executed there. Alerts added in this script: 12 and 15.
How it works:
1. TradingView alert fires.
2. TradingConnector catches it and forwards to MetaTrader4/5 you got from your broker.
3. Trade gets executed inside MetaTrader within 1 second of fired alert.
When configuring alert, make sure to select "alert() function calls only" in CreateAlert popup. One alert per ticker is required.
Adding stop-loss, take-profit, trailing-stop, break-even or executing pending orders is also possible. These topics have been covered in other example posts.
This routing works for Forex, indices, stocks, crypto - anything your broker offers via their MetaTrader4 or 5.
Disclaimer: This concept is presented for educational purposes only. Profitable results of trading this strategy are not guaranteed even if the backtest suggests so. By no means this post can be considered a trading advice. You trade at your own risk.
If you are thinking to execute this particular strategy, make sure to find the instrument, settings and timeframe which you like most. You can do this by your own research only.
