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Volume Range EventsChanges in the feelings (positive, negative, neutral) in the market concerning the valuation of an instrument are often preceded with sudden outbursts of buying and selling frenzies. The aim of this indicator is to report such outbursts. We can see them as expansions of volume, sometimes 10 times more than usual. and as extensions of the trading range, also sometimes 10 times more than usual (e.g. usual range is 10 cent suddenly a whole dollar.) The changes are calculated in such a way that these fit between plus and minus 100 percent, the bars are scaled in some sort of logarithmic way. The Emoline is the same as the one in the True Balance of Power indicator, which I already published ONLY RISES ARE EVENTS Sometimes analysts are tempted to give meaning to low volume or small ranges. These simply mean that the market has little interest in trading this instrument. I believe that in such cases the trader needs to wait for expansion and extension events to happen, then he can make a better guess of where the market is heading. As events often mark the beginning or ending of a trend, this indicator provides an early and clear signal, because it doesn’t bother us about non-events. WHAT IS USUAL? If the algorithm would use an average as a normal to scale volume or range events, then previous peaks will act as spoilers by making the average so high that a following peak is scaled too small. I developed a function, usual() , that kicks out all extremes of a ‘population of values’ and which returns the average of the non-extreme values. It can be called with any serial. This function is called by both algorithms that report volume and range peaks, which guarantees that the results are really comparable. As this function has a fixed look back of 8 periods, we might state that ‘usual’ is a short lived relative value. I think this doesn’t matter for the practical use of the indicator. COLORING AND INTERPRETATION I follow the categories in the ‘Better Volume Indicator’, published by LeazyBear, these are: 1. Climactic Volumes, event >40 % (this means peak is 1.5 X usual) LIME: Climax Buying Volume, direction up, range event also > 30 % RED: Climax Selling Volume, direction down, range event also > 30 % AQUA: Climax Churning Volume, both directions, range event < 30% 2. Smaller Volumes, event <40 % GREEN: Supportive Volume, both directions, if combined with range event BLUE: Churning Volume, both directions, if not combined with range event (Professional Trading) 3. Just Range Events BLACK histogram bars (Amateurish Trading)
Indicateur Pine Script®
par eykpunter
7
muh gap! [FAIR VALUE GAP FINDER]Change the colors of the indicator to contrast your chart! Make sure to also change the transparency for the colors. --- This indicator finds fair value gaps which are inefficiencies in price delivery. Gaps can be used for entry or even bias. I've included midpoints, lines, and boxes. Boxes have the greatest range with respect to historic PA so keep that in mind. I will be updating this script in the future, potentially adding an MTF function, mitigation of gaps and alarms. Let me know if you guys have any additional ideas. Best, P
Indicateur Pine Script®
par pompiht
6
McGinley Dynamic RangeChanged the formula from the TradingView formula to reflect the true formula that McGinley created. The difference is that according to MvGinley you want to take half of the period length and not the whole length when calculating the average. This is because he put more emphasis on the relevancy of newer data compared to old. The other addition is plotting 2 averages, one based on Close pricing and the other based on Open pricing to create envelopes. This can also show when momentum reverses either direction. This is optional, un-check the box in the input settings.
Indicateur Pine Script®
par jasondhadley
3