[AlbaTherium] MTF External Ranges Analysis - ERA-Orion for SMC MTF External Ranges Analysis - ERA - Orion for Smart Money Concepts
Introduction:
The MTF External Ranges Analysis - ERA - Orion offers enhanced insights into multi-timeframe external structure points, swing structure points, POIs (Points of Interest), and order blocks (OB) . By incorporating this enhancement, your multi-timeframe analysis are streamlined, simplifying the process and reducing chart workload, no need for manual chart drawing anymore, stay focus on Low Time Frame and get High Time Frame insights in one single Time frame.
This identification process remains effective even when focusing on Lower Time Frames (LTF), providing detailed insights without sacrificing the broader market perspective.
The MTF External Ranges Analysis - ERA – Orion is specifically designed to be used in conjunction with OptiStruct™ Premium for Smart Money Concepts . This strategic combination enhances the workflow of identifying optimal entry points. OptiStruct acts as the analysis tool for Lower Time Frames (LTF), zeroing in on immediate interest areas, while Orion expands this analysis to Higher Time Frames (HTF), providing a broader view of market trends and importants key levels . The integration of Orion with OptiStruct seamlessly merges LTF and HTF analyses, ensuring a thorough understanding of market dynamics for informed and strategic decision-making. This toolkit in one package assembly is pivotal for traders relying on Smart Money Concepts, offering unmatched clarity and actionable insights to navigate the markets effectively.
This tool offers an advanced smart money technical analysis to improve your trading experience. It introduces four key concepts:
Main Features:
Entries Enhancements
Inducements HTF
High/Low Markings HTF
Multiple Timeframes and Confluences on Extreme, Dec and SMT Order Blocks
By integrating these concepts into one, traders can identify high-probability zones across multiple timeframes and develop a thorough understanding of market dynamics. These confluence zones enhance order block skills and potential, establishing them as essential pillars in smart money trading strategies and enabling traders to make more informed decisions.
Settings Overview:
HTF Settings Enable HTF Analysis
Select timeframe {Select or 4H Chart}
Labels Alignment for Lines and Boxes
Inside bar ranges HTF
Break of Structure /Change of Character HTF
Inducements HTF
High/Low Markings HTF
High/Low Sweeps HTF
Extreme Order Blocks HTF
Decisional Order Blocks HTF
Smart Money Traps HTF
IDM Demands and Supplies HTF
Historical Order Blocks HTF
OB Mitigation HTF {touch/ extended}
Understanding the Features:
Chapter 1: Entries Enhancements
In this chapter, we delve into strategies to refine trading entries, focusing on the multi-timeframe analysis of extreme or decisional order blocks in the High Time Frame timeframe as a key point of interest. We highlight the significance of transitioning to the Low Time Frame chart for observing pivotal shifts in market behavior. By examining these concepts, traders can gain deeper insights into market dynamics and make more informed entries decisions at critical junctures.
Practical Example:
We had an Order Block Extreme on the 1-hour timeframe, and currently, we are on the recommended chart for trade entry, which is the 5-minute timeframe. We are patiently waiting to observe a 5-minute ChoCh in the market to enter a buying position since it's an OB Extreme Demand on the 1-hour timeframe. Here, it's crucial and important to focus on the entry timeframe rather than checking what's happening in the higher timeframe. The indicator facilitates this task as it provides us with real-time perspective and visibility of everything happening in the higher timeframe.
Chapter 2: Inducements HTF
It is important and useful to be aware of the various liquidity points across the different timeframes we use; sometimes, a reliable entry point in the Lower Time Frame (LTF) may be surrounded by inducements. Consequently, this point becomes unreliable, and prior to the arrival of this functionality, such anomalies could not be detected, especially when focusing on the market in the LTF. From now on, there will be no more such issues.
Practical Example:
Suppose we identify an Order Block Extreme on the 5M timeframe, indicating a potential entry level. However, when we switch to the 5M timeframe to look for an entry point, we observe an accumulation of inducements around this Order Block coming from a higher timeframe, whether it's M15 or H1. This suggests a potential weakness in the entry point and significant market liquidity, which will act as a trap zone. Before the introduction of this feature, we might have missed this crucial observation, but now we can detect these anomalies and adjust our strategy accordingly.
The only practical way to see theses confluences is to use this Indicator, see the example below
Chapter 03: High/Low – Bos - ChoCh Markings HTF
The High/Low Markings HTF feature in the MTF External Ranges Analysis - ERA - Orion provides a comprehensive view into the market's heartbeat across different timeframes, right from within the convenience of the Lower Time Frame (LTF). It meticulously highlights pivotal shifts, allowing traders to seamlessly discern market sentiment and anticipate potential price reversals without needing to toggle between multiple charts. This innovation ensures that critical market movements and sentiment across various timeframes are visible and actionable from a single, focused LTF perspective, enhancing decision-making and strategic planning in trading activities.
Understanding High/Low Markings in HTF Analysis
High/Low Markings in High Time Frame (HTF) analysis mark the market's extremities within a given period, pinpointing potential areas for reversals or continuation and delineating crucial support and resistance levels. These markings are not arbitrary but represent significant market responses, serving as essential indicators for traders and analysts to gauge market momentum and sentiment.
The Role of HTF in Market Analysis
HTF analysis extends a comprehensive view over market movements, distinguishing between ephemeral fluctuations and substantial trend shifts. By scrutinizing these high and low points across wider time frames, analysts can unravel the underlying market momentum, enabling more strategic, informed trading decisions.
Identifying High/Low Markings
Identifying these crucial points entails detailed chart analysis over extended durations—daily, weekly, or monthly. The search focuses on the utmost highs and lows within these periods, which are more than mere points on a chart. They are significant market levels that have historically elicited robust market reactions, serving as key indicators for future market behavior.
Real-world Example:
Chapter 04: Multiple Timeframes and Confluences on Extreme, Dec and SMT Order Blocks Across HTF
The Orion indicator serves as a bridge between the multiple dimensions of the market, enabling a unified and strategic interpretation of potential movements. It's an indispensable tool for those seeking to capitalize on major opportunity zones, where the convergence of diverse perspectives creates ideal conditions for significant market movements.
Designed to navigate through the data of different timeframes and market analysis, Orion provides a clear and consolidated view of major points of interest. With this indicator, traders can not only spot opportunity zones where consensus is strongest but also adjust their strategies based on the dynamic interaction of various market participants, all while remaining within the Lower Time Frame (LTF).
Conclusion:
MTF External Ranges Analysis - ERA - Orion for Smart Money Concepts as “ The Orion ” indicator captures consensus among scalpers, day traders , swing traders, and investors, turning key areas into major opportunities. It allows for precise identification of areas of interest by analyzing the convergence of actions from various market participants. In short, Orion is crucial for detecting and leveraging the most promising points of convergence in the market.
This identification occurs even while focusing on Lower Time Frames (LTF), allowing for detailed insights without losing the broader market perspective.
This document provides an extensive overview of MTF External Ranges Analysis - ERA - Orion , emphasizing its importance in comprehending market dynamics and utilizing essential smart money concepts trading principles.
Recherche dans les scripts pour "range"
Wyckoff Trading RangeWyckoff Trading Range Indicator - an indispensable tool for the astute trader. Uniquely capable of identifying and charting Wyckoff trading ranges, this indicator not only accurately pinpoints accumulation and distribution phases but also marks key events, ensuring you never miss significant trading opportunities. Moreover, with the ability to calculate target profits through the Point and Figure (PNF) method, this indicator becomes a powerful assistant, enabling you to make informed, calculated trading decisions. Let the Wyckoff Trading Range Indicator unlock the door to success in your trading world.
⭐️ Wyckoff Price Cycle
According to Wyckoff, the market can be understood and anticipated through detailed analysis of supply and demand, which can be ascertained from studying price action, volume and time. As a broker, he was in a position to observe the activities of highly successful individuals and groups who dominated specific issues; consequently, he was able to decipher, via the use of what he called vertical (bar) and figure (Point and Figure) charts, the future intentions of those large interests. An idealized schematic of how he conceptualized the large interests' preparation for and execution of bull and bear markets is depicted in the figure below. The time to enter long orders is towards the end of the preparation for a price markup or bull market (accumulation of large lines of stock), while the time to initiate short positions is at the end of the preparation for price markdown.
⭐️ FEATURES
- Supply and Demand Zones:
- Wyckoff Schematics and Events.
- Point and Figure (PNF) Target.
* View with PNF chart
⭐️ USAGE S
When it comes to trading using the Wyckoff method, there are five key points to consider for entering trades, as illustrated below
Point #1: Trade in the direction of the previous trend (Phase B)
Point #2: Trade against the previous trend. (Phase B)
Point #3: Identify the point of strength that forms a new trend. (Phase C)
Point #4: Confirm the new trend. (Phase D)
Point #5: Ensure that prices move in the correct direction and do not revert within the Trading Range (dont break LPS/LPSY). (Phase E)
⭐️ NOTES :
- Use the 1 minute or 5 minute timeframe to view the bias dashboard. Using a timeframe longer than 5 minute may provide an inaccurate bias view.
- The alert new TR function will give you alert 6 timeframe on dashboard with only one setup. The best timeframe to set up an alert is 2 hours.
[AlbaTherium] MTF Internal Ranges Analysis - IRA-Phoenix for SMCIntroduction:
The MTF Internal Ranges Analysis - IRA - Phoenix acts as an extension to the original main SMC Indicator by AlbaTherium . This add-on provides insights into multi-timeframe internal structure points, swing structure points, POIs (Points of Interest), and order blocks (OB). By integrating this enhancement, your multi-timeframe analyses become more streamlined, expediting the process and minimizing chart workload .
This tool represents an advanced smart money technical analysis aimed at enhancing your trading experience. It introduces four pivotal concepts:
Main Features:
Multiple Timeframes and Confluences,
SCOB Internal Order Block.
Demand to Supply (D2S) or Supply to Demand (S2D) across Multiple timeframes
SCOB on LTF and SCM on HTF across same Candle
By combining these concepts all in one, traders can find confluences zones across multiple timeframes and gain a comprehensive understanding of market dynamics, theses confluences zones empower order block skills and potentiality, showcasing them as essential, crucial, powerful, strategic, and pivotal, one of the pillars in smart money concepts trading strategy to make more informed decisions.
Settings Overview:
Select timeframe {Select or current chart}
Inside bar ranges
Internal structure as Internal zigzag {turn on/ off / unconfirmed(live) zigzag}
Single Candle Mitigation Pattern {turn on/ off / confirmed / unconfirmed}
Single Candle Order Block Pattern {turn on/ off / confirmed / unconfirmed}
Demands and Supplies (D&S) {turn on/ off / confirmed / unconfirmed}
OB Mitigation {touch/ extended}
Understanding the Features:
Chapter 1: Multiple Timeframes and Confluences
Our Multi-timeframe analysis approach enables traders to analyze market trends and volatility across different timeframes. Confluences, where signals align across multiple timeframes, provide strong indications for trading opportunities.
Practical Example:
- With MTF IRA - Phoenix , traders can seamlessly transition between different timeframes while maintaining a cohesive analysis. For instance, traders can monitor the M15, H1, or M5 charts while focusing on entry on the M1 timeframe, enabling a holistic view of market trends and opportunities .
Chapter 2: SCOB Internal Order Block across Multiple Timeframe
SCOB Internal Order Block (SCOB IOB) highlights critical zones in price action, showcasing the dominance of aggressive buyers or sellers on orders blocks. As confluences accumulate across multiple timeframes, the strength of the order block intensifies, presenting entry opportunities.
Practical Example:
You have the ability to detect zones where price ranges have formed; these areas are highly sought after for taking buying as well as selling positions, especially when these areas are reflected across 1 or 3 timeframes.
The only practical way to see theses confluences is to use this Indicator, see the example below
Chapter 03: Demand to Supply (D2S) or Supply to Demand (S2D) across Multiple timeframes
The Demand to Supply or Supply to Demand feature within MTF Internal Ranges Analysis - IRA - Phoenix offers a nuanced analysis of price action dynamics across various timeframes. By identifying shifts in supply and demand zones, traders gain valuable insights into market sentiment and potential price reversals.
This feature enables traders to anticipate changes in market direction by recognizing the interplay between demand and supply across different timeframes. By understanding how price reacts at key support and resistance levels, traders can make informed decisions and capitalize on emerging trends.
The Demand to Supply or Supply to Demand feature enhances the indicator's usefulness by providing traders with actionable information to navigate complex market conditions effectively. With this comprehensive analysis, traders can better manage risk and optimize trading strategies across multiple timeframes.
Real-world Example:
Chapter 04: SCOB on LTF and SCM on HTF across same Candle
with MTF Internal Ranges Analysis - IRA - Phoenix , explores the concepts of SCOB (Single Candle Order Block) on Lower Timeframes (LTF) and SCM (Single Candle Mitigation) on Higher Timeframes (HTF).
SCOB on LTF refers to the identification and analysis of single candle order blocks within shorter timeframes. These blocks represent critical price levels where significant buying or selling activity occurred within a single candlestick. By recognizing SCOB patterns, traders can pinpoint key areas of market interest and anticipate potential price movements.
On the other hand, SCM on HTF involves analyzing single candle mitigation entries within longer timeframes. This technique aims to capitalize on price reversals or shifts in market sentiment indicated by single candlestick patterns. By incorporating SCM analysis, traders can gain insights into broader market trends and make strategic trading decisions accordingly.
the intricacies of SCOB on LTF and SCM on HTF, offering traders valuable tools to enhance their analysis and decision-making processes across different timeframes. Through a comprehensive understanding of these concepts, traders can identify high-probability trading opportunities and navigate the markets with confidence.
Real-world Example:
SCOB on M5 and SCM on M15 generate a powerful order block.
Conclusion:
MTF Internal Ranges Analysis - IRA - Phoenix for Smart Money Concepts is a valuable asset for traders seeking to add more insights in today's dynamic markets especially for Intraday Traders. By focusing on concepts like "Multiple timeframes and Confluences, with one single timeframe u can analyze all timeframes", "SCOB Internal Order Block. With its innovative features and user-friendly interface, whether you're a seasoned trader or just starting your journey, MTF IRA - Phoenix can help you navigate through the complexities of price action and make more informed trading choices.
This document provides an extensive overview of MTF Internal Ranges Analysis - IRA - Phoenix, emphasizing its importance in comprehending market dynamics and utilizing essential smart money concepts trading principles.
Three Candle Rolling Pivot Range**Strategy Description: Three Previous Candle Rolling Pivot Range**
**Introduction:**
This trading strategy is based on the concept of the rolling pivot range calculated from the high, low, and close prices of the three previous candles. The rolling pivot range serves as a dynamic support and resistance level, and this strategy aims to capture potential trading opportunities based on the price relationship with this range.
**Strategy Components:**
**1. Rolling Pivot Range Calculation:**
- **Rolling Pivot:** Calculate the rolling pivot by averaging the high, low, and close prices of the three previous candles.
- **Second Number:** Find the midpoint between the high and low of the three previous candles.
- **Pivot Differential:** Measure the difference between the rolling pivot and the second number.
- **Rolling Pivot Range High:** Set as rolling pivot + pivot differential.
- **Rolling Pivot Range Low:** Set as rolling pivot - pivot differential.
**2. Entry Rules:**
- **Long Entry:**
- Initiate a long entry when the current close is above both the rolling pivot range high and the rolling pivot.
- Continue the long entry as long as both the rolling pivot range high and low are higher than the corresponding values of the previous candle.
- **Short Entry:**
- Start a short entry when the current close is below both the rolling pivot range high and the rolling pivot.
- Continue the short entry as long as both the rolling pivot range high and low are lower than the corresponding values of the previous candle.
**Visualization:**
- **Plotting:**
- The rolling pivot range high, rolling pivot, and rolling pivot range low are plotted on the chart for visual reference.
- Long entry points are marked with a green triangle below the corresponding candle.
- Short entry points are marked with a red triangle above the corresponding candle.
**Conclusion:**
This strategy leverages the rolling pivot range to identify potential reversal points in the market. By considering the relative position of the current price compared to the dynamic support and resistance levels, the strategy aims to capture favorable trading opportunities. However, like all trading strategies, it should be used cautiously and backtested thoroughly on historical data to ensure its effectiveness before implementation in a live trading environment. Additionally, risk management techniques should always be applied to safeguard trading capital.
[AbaTherium] Internal ranges analysis - Beta Internal Ranges Analysis - IRA - Beta
Introduction:
Internal Ranges Analysis - IRA - Beta is a cutting-edge technical analysis tool designed to enhance your trading prowess. This beta version introduces three vital concepts: "Liquidity Sweep" , "Single Candle Mitigation Entry" , and "Single Candle Order Block Entry" . These concepts provide traders with a nuanced perspective on price action dynamics and opportunities for entry into the market.
Chapter 1: Understanding Liquidity Sweep
1.1 Liquidity Sweep Defined
- Liquidity Sweep occurs when the market price reacts after taking out a historical pivot. This phenomenon often signifies a swift move designed to clear resting buy or sell orders in the market. IRA - Beta excels at identifying and visualizing Liquidity Sweep events, allowing traders to capitalize on them.
Chapter 2: Single Candle Mitigation Entry
2.1 Introduction to Single Candle Mitigation Entry
- Single Candle Mitigation (SCM) Entry is a strategic approach employed when price action takes out the high or low of the preceding candle. This entry method is designed to capitalize on potential reversals or shifts in market sentiment. IRA - Beta offers effective tools to identify and act upon Single Candle Mitigation opportunities.
2.2 Single Candle Order Block Entry
- Traders can also explore the concept of Single Candle Order Blocks, where specific price levels act as potential entry points. This feature is integrated into IRA - Beta, providing traders with additional options for making well-informed entry decisions.
Chapter 3: Real-World Examples
Trading with internal structures needs to be done carefully with multiple confluences, like current market bias or LTF confirmations.
Here is an example on using liquidities concept and break of SCOB as confluences to enter a trade:
Conclusion:
Internal Ranges Analysis - IRA - Beta is a valuable asset for traders seeking to gain an edge in today's dynamic markets. By focusing on concepts like Liquidity Sweep, Single Candle Mitigation Entry , and Single Candle Order Block Entry , this tool equips traders with the knowledge and tools needed to make informed entry decisions. Whether you're a seasoned trader or just starting your journey, IRA - Bet a can help you navigate through the complexities of price action and make more informed trading choices.
This document serves as a comprehensive guide to Internal Ranges Analysis - IRA - Beta , highlighting its significance in understanding market dynamics and leveraging key trading concepts. Incorporating these principles into your trading strategies can lead to improved decision-making and potentially more profitable outcomes.
blackOrb ZoneBuying near the bottom and selling near the peak can be a challenging trading approach. However, it all begins with the ability to identify these essential zones. This indicator is targeting support and resistance with heightened accuracy. It utilizes features like:
I. Multi-Level Weighting for Enhanced Support and Resistance Zones
II. Vertical Zone Range Adjustment for Enhanced Price Level Identification
III. High-Time Frame for Solid Macro Validation
IV. Projection Function for Informed Trade Management
V. Automatic Level Identification for Pinpointing Potential Order Positions
VI. Customizable Pivot Analysis for Accurate Zone Identifications
Technical Methodology
I. Multi-Level Weighting for Enhanced Support and Resistance Zones
Support and resistance are more accurately represented as wider zones rather than singular lines. In practical application, relevant support or resistance levels often converge around a central mean-weighted level within a zone.
This indicator visually represents these zones by calculating values from open, high, low, and close prices, accentuating them through varying opacities. Higher opacity within an area indicates a higher likelihood of it serving as a relevant support or resistance level.
Multiple mean options within the settings menu encompass weighted average calculations that utilize different combinations of price data within the relevant pivot analysis phase. This versatility allows users to target pertinent levels within a zone. For instance, when employing hlcc4 price data, the calculation is as follows:
mean_price_hlcc4 = (high + low + close + close) / 4
II. Vertical Zone Range Adjustment for Enhanced Price Level Identification
This feature enables users to precisely adjust the vertical zone range for price references within potential support or resistance phases. For instance, decreasing the reference setting results in a more granular validation within a narrower range. This creates vertically thinner zones with increased price level precision, although it may offer a less comprehensive perspective.
III. High-Time Frame for Solid Macro Validation
The indicator enhances pivot points, potentially in conjunction with high-time frame validation, to identify significant price zones with heightened confirmation strength driven by volume. Higher time frames provide more extensive volume verification, for instance, comparing the 4-hour to the 24-hour timeframe (a multiple of six).
This feature involves cross-referencing data from higher time frames, heightening the reliability of support and resistance zones and providing valuable insights into potential trading interest levels.
Technically, the indicator applies the identical rigorous analysis to both lower and higher time frames. This approach facilitates a more comprehensive perspective and aids in the clearer identification of overarching macro support and resistance levels, even when focusing on smaller timeframes. For instance, a potential support zone identified on the daily time frame can gain higher confidence when confirmed on a weekly chart.
IV. Projection Function for Informed Trade Management
The projection function visually extends the most recent analysis of support and resistance zones forward, in accordance with the user's configured parameters.
By displaying precise price values at these visualized support and resistance levels, this indicator offers valuable assistance in decision-making, particularly when planning real-time orders or when engaged in an active trade management phase (e.g., for the purpose of adjusting stop-loss levels post-entry).
Note: This function is based on historical data. It may not account for unforeseen market events. It's important to complement this feature with ongoing analysis of real-time market data.
V. Automatic Level Identification for Pinpointing Potential Order Positions
It is empirically observed that traders frequently position orders at price levels that conform to quantized values due to cognitive biases.*
Consequently, blackOrb Zone not only facilitates the identification of pertinent levels within a weighted zone but also features an "auto" functionality designed to analyze price dynamics in the proximity of these relevant levels. The objective is to identify discrete values in close vicinity, which exhibit a higher likelihood of serving as authentic support and resistance zones.
This processing approach assists traders in precisely locating the central mean-weighted level within a given zone and identifies proximate quantized levels.
Note: This method becomes especially relevant during phases of price retesting, where market participants converge, contributing to a further refinement of levels, indicative of an asymmetric balance between supply and demand.
*Source: Prof. Mitchell, Jason. "Clustering and Psychological Barriers: The Importance of Numbers." Journal of Futures Markets, vol. 21, no. 5, 2001, pp. 395-428.
VI. Customizable Pivot Analysis for Accurate Zone Identifications
The indicator employs pivot points to pinpoint key price zones where price dynamics could encounter buying or selling pressure.
Essential components of this method involve comparing time units both to the left and right within a designated phase of support or resistance, effectively defining the search range for pivotal points.
For instance, in the analysis below, the search is for the highest price point that hasn't been surpassed within a certain resistance zone in the last 10 time units to the left and 10 time units to the right:
ta.pivothigh(10, 10)
Potential Trade Management Applications of blackOrb Zone
- Reversal Trading : Robust support zones with bullish signals can indicate opportune moments for buying or long position entries, whereas confirmed resistance zones can be identified for selling or short position entries.
- Breakout Trading : Anticipating price surges as price breach support or resistance level. A resistance breakout can signal a bullish price dynamic, while a support breakdown may suggest a bearish price dynamic.
- Range Trading : In lateral sideways markets, users can capitalize on support zones for buying and resistance zones for selling, profiting from price fluctuations.
- Take-Profit Management : For buying or long positions, resistance zones can be identified to determine suitable take-profit levels either within or near these zones - for short positions, vice versa with support zones.
- Stop-Loss Management : For buying or long positions, support zones can be identified to determine appropriate stop-loss levels beneath these zones - for short positions, vice versa with resistance zones to determine stop-loss levels above these zones.
Note on Usability
blackOrb Zone can have synergies with blackOrb Price as both indicators combined can give a bigger picture for supporting comprehensive and multifaceted data-driven trading analysis.
This tool was meticulously created to serve as an additional frame for the seamless integration of other more granular trading indicators. This indicator isn't intended for standalone trading application. Instead, it is serving as a supplementary tool for orientation within broader trading strategies.
Irrespective of market conditions, it can harmonize with a wider range of trading styles and instruments / trading pairs / indices like Stocks, Gold, FX, EURUSD, SPX500, GBPUSD, BTCUSD and Oil.
Inspiration and Publishing
Taking genesis from the inspirations amongst others provided by TradingView Pine Script Wizard Kodify, blackOrb Zone is a multi-encompassing script meticulously forged from scratch. It aspires to furnish a comprehensive approach, borne out of personal experiences and a strong dedication in supporting the trading community. We eagerly await valuable feedback to refine and further enhance this tool.
Kviateq - Session Opening RangesThis indicator plots the opening range for each of the market sessions.
Users can chose the length of the opening range, as well as change the time for each of the sessions.
This script is based on opening range breakout strategies, which entail taking a long/short depending on which way the price breaks out.
To trade it, we wait for the session opening range to print, and then we enter upon a candle close.
It's meant to be used on lower timeframes, ideally one hour or lower.
It can be used by itself, but it works even better in combination with other indicators, like moving averages.
Enjoy
HighLowBox+220MAs[libHTF]HighLowBox+220MAs
This is a sample script of libHTF to use HTF values without request.security().
import nazomobile/libHTFwoRS/1
HTF candles are calculated internally using 'GMT+3' from current TF candles by libHTF .
To calcurate Higher TF candles, please display many past bars at first.
The advantage and disadvantage is that the data can be generated at the current TF granularity.
Although the signal can be displayed more sensitively, plots such as MAs are not smooth.
In this script, assigned ➊,➋,➌,➍ for htf1,htf2,htf3,htf4.
HTF candles
Draw candles for HTF1-4 on the right edge of the chart. 2 candles for each HTF.
They are updated with every current TF bar update.
Left edge of HTF candles is located at the x-postion latest bar_index + offset.
DMI HTF
ADX/+DI/DI arrows(8lines) are shown each timeframes range.
Current TF's is located at left side of the HighLowBox.
HTF's are located at HighLowBox of HTF candles.
The top of HighLowBox is 100, The bottom of HighLowBox is 0.
HighLowBox HTF
Enclose in a square high and low range in each timeframe.
Shows price range and duration of each box.
In current timeframe, shows Fibonacci Scale inside(23.6%, 38.2%, 50.0%, 61.8%, 76.4%)/outside of each box.
Outside(161.8%,261.8,361.8%) would be shown as next target, if break top/bottom of each box.
In HTF, shows Fibonacci Level of the current price at latest box only.
Boxes:
1 for current timeframe.
4 for higher timeframes.(Steps of timeframe: 5, 15, 60, 240, D, W, M, 3M, 6M, Y)
HighLowBox TrendLine
Draw TrendLine for each HighLow Range. TrendLine is drawn between high and return high(or low and return low) of each HighLowBox.
Style of TrendLine is same as each HighLowBox.
HighLowBox RSI
RSI Signals are shown at the bottom(RSI<=30) or the top(RSI>=70) of HighLowBox in each timeframe.
RSI Signal is color coded by RSI9 and RSI14 in each timeframe.(current TF: ●, HTF1-4: ➊➋➌➍)
In case of RSI<=30, Location: bottom of the HighLowBox
white: only RSI9 is <=30
aqua: RSI9&RSI14; <=30 and RSI9RSI14
green: only RSI14 <=30
In case of RSI>=70, Location: top of the HighLowBox
white: only RSI9 is >=70
yellow: RSI9&RSI14; >=70 and RSI9>RSI14
orange: RSI9&RSI14; >=70 and RSI9=70
blue/green and orange/red could be a oversold/overbought sign.
20/200 MAs
Shows 20 and 200 MAs in each TFs(tfChart and 4 Higher).
TFs:
current TF
HTF1-4
MAs:
20SMA
20EMA
200SMA
200EMA
ICT ADR Levels - Judas x Daily Range Meter°The Average Daily Range (ADR) is a common metric used to measure volatility in an asset. It calculates the average difference between the highest and lowest price over a time interval – normally five days.
The Inner Circle Trader teaches the importance of this metric from an algorithmic point of view; in particular the 1/3ADR price level is deemed to be a threshold used to determine the area at which a Judas Swing – false move to trick market participants, protraction, manipulation – might exhaust. Another key difference in the ICT-use of this metric compared to the classic approach is that the average range is calculated from New York midnight Time, rather than the daily candle's open .
It is crucial to remember that the elements of Time are key when it comes to interpreting how price action will, or won't, react to this level: what Time of the day is it? what day of the week? what week of the month?
Let's consider the Time of the day. If one thinks about the Power of Three of the daily candle (Accumulation, Manipulation Distribution), it is highly unlikely that a Manipulation event will happen later in the day – whereas seeing the 1/3ADR hold in London session or New York open gives undeniable edge to an Analyst.
Apart from the 1/3ADR level seen from a Judas perspective, the opposing 1/3 level, and the full ADR projections, are excellent algorithmic levels at which we will see orderflow or reactions worth studying. These can be take profit targets, reversal opportunities, pyramid entries, ... Study them, and find what works for you!
Features:
Display a table with the previous N days' ranges and the current ADR value
Decide whether to consider daily candles, or New York (00:00 to 00:00 NY Time) for the basis of the calculation
See the ADR Range, the ADR price levels and 1/3ADR price levels by hovering over the text labels
Plot the ADR levels from the Midnight Anchor, or as offset markers on the side for a cleaner look
Show/Hide all elements individually
Examples:
– CBOT_MINI:YM1! at Equity Open
– INDEX:BTCUSD Perfect Buy Day Signature
– FX:EURUSD Clean Break = No Judas
– TSX:GC Repeated Attempts = Liquidity Engineering
AIR Supertrend (Average Interpercentile Range)Supertrend (ST) is a popular stop loss and trend identification script. The simplicity of seeing a clean trend on a chart makes it attractive, yet it is restricted by only allowing the source, length and multiplier to be adjusted, & these tend to have a limited effect on the properties of the identified trend.
There is a wide variety of interesting ST scripts on TradingView that give the user more control, but none to my knowledge, based on measuring the statistical dispersion of Average Interpercentile Range (AIR).
Two more levels of control:
Normally, ATR Average True Range is used to calculate the range in ST. ATR is initially calculated using RMA to smooth out True Range. This script gives the user the option of changing the MA to some more interesting varieties & modifying their parameters.
The default range setting when you load the indicator on a chart will be AIR.
The real strength of the indicator, however, and the reason I am publishing it, is to release AIR. Play round with the percentile range setting. Lowering it will allow you to stay longer in a trade in a volatile market. Raising it will make it tighter.
For comparison, you can switch back the range setting to ATR and load up RMA to see how the original, classic ST plots.
Alerts are included in this version. Alway use a stop loss.
DISCLAIMER: None of this is financial advice.
Credits to these authors, whose hard work inspired parts of this script:
@ KivancOzbilgic - SuperTrend
@ KioseffTrading - Tillson T3 MA
@ cheatcountry - Hann Window Smoothing
@ mutantdog - Interquartile Range function in his 'Blaze' script
Weekly Range Support & Resistance Levels [QuantVue]Weekly Range Support & Resistance Levels
Description:
The Weekly Range Support & Resistance Levels analyzes weekly ranges and takes the average range of the last 30 weeks (default setting).
It also takes the average +/- a standard deviation, and creates support & resistance levels/zones based on the weekly opening price.
The levels will update each week, and previous weekly levels can be toggled on or off.
Settings:
🔹Averaging Period
🔹Standard Deviation Multiplier
🔹Toggle Support & Resistance Prices
🔹Show Weekly Open Line
🔹Show Previous Levels
Don't hesitate to reach out with any questions or concerns. We hope you enjoy!
Cheers.
EMA ProHi Traders!
This Improved EMA Cross Pro Indicator does a few things that Ease Up Our Charting.
Personally it Saved me Tons of Time searching for structure highs / lows, measuring ranges and distances from my entry to stop or take profit.
It's like having most of your trade in front of you, charted for you.
Works Across Assets & Time Frames.
The Functions
1. Signals EMA Crosses - green for Bull Cross & Red for Bear Cross
2. Signals Touches to the 55 EMA
a. In a Bull Cross it will only signal touches and closes Above the 55
b. In a Bear Cross it will only signal touches and closes Under the 55
3. Plots Current Horizontals:
a. The current position of the 55
b. The last High & Low
4. Calculation:
a. % from the 55 to the High & Low
b. Risk / Reward Ratio ("Bad Risk Management" message appears if ratio is not favorable)
c. Over Range between the Low and the High
5. Labels - Current prices for all horizontals marked as Entry, Exit & Stop
Notes:
* This Indicator is Interchanging between bull and bear crosses, it recognizes the trend and adapts its high and low output.
* You Can and Should make your personal changes. everything can be changed in the settings inputs.
* You can Turn On & Off most functions in the settings inputs.
BYBIT:BTCUSDT.P
SuperTrend with Chebyshev FilterModified Super Trend with Chebyshev Filter
The Modified Super Trend is an innovative take on the classic Super Trend indicator. This advanced version incorporates a Chebyshev filter, which significantly enhances its capabilities by reducing false signals and improving overall signal quality. In this post, we'll dive deep into the Modified Super Trend, exploring its history, the benefits of the Chebyshev filter, and how it effectively addresses the challenges associated with smoothing, delay, and noise.
History of the Super Trend
The Super Trend indicator, developed by Olivier Seban, has been a popular tool among traders since its inception. It helps traders identify market trends and potential entry and exit points. The Super Trend uses average true range (ATR) and a multiplier to create a volatility-based trailing stop, providing traders with a dynamic tool that adapts to changing market conditions. However, the original Super Trend has its limitations, such as the tendency to produce false signals during periods of low volatility or sideways trading.
The Chebyshev Filter
The Chebyshev filter is a powerful mathematical tool that makes an excellent addition to the Super Trend indicator. It effectively addresses the issues of smoothing, delay, and noise associated with traditional moving averages. Chebyshev filters are named after Pafnuty Chebyshev, a renowned Russian mathematician who made significant contributions to the field of approximation theory.
The Chebyshev filter is capable of producing smoother, more responsive moving averages without introducing additional lag. This is possible because the filter minimizes the worst-case error between the ideal and the actual frequency response. There are two types of Chebyshev filters: Type I and Type II. Type I Chebyshev filters are designed to have an equiripple response in the passband, while Type II Chebyshev filters have an equiripple response in the stopband. The Modified Super Trend allows users to choose between these two types based on their preferences.
Overcoming the Challenges
The Modified Super Trend addresses several challenges associated with the original Super Trend:
Smoothing: The Chebyshev filter produces a smoother moving average without introducing additional lag. This feature is particularly beneficial during periods of low volatility or sideways trading, as it reduces the number of false signals.
Delay: The Chebyshev filter helps minimize the delay between price action and the generated signal, allowing traders to make timely decisions based on more accurate information.
Noise Reduction: The Chebyshev filter's ability to minimize the worst-case error between the ideal and actual frequency response reduces the impact of noise on the generated signals. This feature is especially useful when using the true range as an offset for the price, as it helps generate more reliable signals within a reasonable time frame.
The Great Replacement
The Modified Super Trend with Chebyshev filter is an excellent replacement for the original Super Trend indicator. It offers significant improvements in terms of signal quality, responsiveness, and accuracy. By incorporating the Chebyshev filter, the Modified Super Trend effectively reduces the number of false signals during low volatility or sideways trading, making it a more reliable tool for identifying market trends and potential entry and exit points.
In-Depth Guide to the Modified Super Trend Settings
The Modified Super Trend with Chebyshev filter offers a wide range of settings that allow traders to fine-tune the indicator to suit their specific trading styles and objectives. In this section, we will discuss each setting in detail, explaining its purpose and how to use it effectively.
Source
The source setting determines the price data used for calculations. The default setting is hl2, which calculates the average of the high and low prices. You can choose other price data sources such as close, open, or ohlc4 (average of open, high, low, and close prices) based on your preference.
Up Color and Down Color
These settings control the color of the trend line when the market is in an uptrend (up_color) and a downtrend (down_color). You can customize these colors to your liking, making it easier to visually identify the current market trend.
Text Color
This setting controls the color of the text displayed on the chart when using labels to indicate trend changes. You can choose any color that contrasts well with your chart background for better readability.
Mean Length
The mean_length setting determines the length (number of bars) used for the Chebyshev moving average calculation. A shorter length will make the moving average more responsive to price changes, while a longer length will produce a smoother moving average. It is crucial to find the right balance between responsiveness and smoothness, as a too-short length may generate false signals, while a too-long length might produce lagging signals. The default value is 64, but you can experiment with different values to find the optimal setting for your trading strategy.
Mean Ripple
The mean_ripple setting influences the Chebyshev filter's ripple effect in the passband (Type I) or stopband (Type II). The ripple effect represents small oscillations in the frequency response, which can impact the moving average's smoothness. The default value is 0.01, but you can experiment with different values to find the best balance between smoothness and responsiveness.
Chebyshev Type: Type I or Type II
The style setting allows you to choose between Type I and Type II Chebyshev filters. Type I filters have an equiripple response in the passband, while Type II filters have an equiripple response in the stopband. Depending on your preference for smoothness and responsiveness, you can choose the type that best fits your trading style.
ATR Style
The atr_style setting determines the method used for calculating the Average True Range (ATR). By default (false), it uses the traditional high-low range. When set to true, it uses the absolute difference between the open and close prices. You can choose the method that works best for your trading strategy and the market you are trading.
ATR Length
The atr_length setting controls the length (number of bars) used for calculating the ATR. Similar to the mean_length, a shorter length will make the ATR more responsive to price changes, while a longer length will produce a smoother ATR. The default value is 64, but you can experiment with different values to find the optimal setting for your trading strategy.
ATR Ripple
The atr_ripple setting, like the mean_ripple, influences the ripple effect of the Chebyshev filter used in the ATR calculation. The default value is 0.05, but you can experiment with different values to find the best balance between smoothness and responsiveness.
Multiplier
The multiplier setting determines the factor by which the ATR is multiplied before being added
Super Trend Logic and Signal Optimization
The Modified Super Trend with Chebyshev filter is designed to minimize false signals and provide a clear indication of market trends. It does so by using a combination of moving averages, Average True Range (ATR), and a multiplier. In this section, we will discuss the Super Trend's logic, its ability to prevent false signals, and the early warning crosses added to the indicator.
Super Trend Logic
The Super Trend's logic is based on a combination of the Chebyshev moving average and ATR. The Chebyshev moving average is a smooth moving average that effectively filters out market noise, while the ATR is a measure of market volatility.
The Super Trend is calculated by adding or subtracting a multiple of the ATR from the Chebyshev moving average. The multiplier is a user-defined value that determines the distance between the trend line and the price action. A larger multiplier results in a wider channel, reducing the likelihood of false signals but potentially missing out on valid trend changes.
Preventing False Signals
The Super Trend is designed to minimize false signals by maintaining its trend direction until a significant change in the market occurs. In a downtrend, the trend line will only decrease in value, and in an uptrend, it will only increase. This helps prevent false signals caused by temporary price fluctuations or market noise.
When the price crosses the trend line, the Super Trend does not immediately change its direction. Instead, it employs a safety logic to ensure that the trend change is genuine. The safety logic checks if the new trend line (calculated using the updated moving average and ATR) is more extreme than the previous one. If it is, the trend line is updated; otherwise, the previous trend line is maintained. This mechanism further reduces the likelihood of false signals by ensuring that the trend line only changes when there is a significant shift in the market.
Early Warning Crosses
To provide traders with additional insight, the Modified Super Trend with Chebyshev filter includes early warning crosses. These crosses are plotted on the chart when the price crosses the trend line without the safety logic. Although these crosses do not necessarily indicate a trend change, they can serve as a valuable heads-up for traders to monitor the market closely and prepare for potential trend reversals.
In conclusion, the Modified Super Trend with Chebyshev filter offers a significant improvement over the original Super Trend indicator. By incorporating the Chebyshev filter, this modified version effectively addresses the challenges of smoothing, delay, and noise reduction while minimizing false signals. The wide range of customizable settings allows traders to tailor the indicator to their specific needs, while the inclusion of early warning crosses provides valuable insight into potential trend reversals.
Ultimately, the Modified Super Trend with Chebyshev filter is an excellent tool for traders looking to enhance their trend identification and decision-making abilities. With its advanced features, this indicator can help traders navigate volatile markets with confidence, making more informed decisions based on accurate, timely information.
Volume-Weighted Closing Range (TG Fork)Volume-weighted closing range of each bar. Closing range is (high - close) relative to the length of the wick (high - low). A close at the top of the wick would be 100%, middle 50%, bottom 0%. This is then multiplied by volume to weight towards high volume bars.
A moving average is applied to visualize trend in volume-weighted closing range over time.
Options include changing the threshold of bullish closes. The default is 50%, but you can view a close above 40% as a bullish .
How to use:
Columns indicate per-bar closing range, and can be used as either a buying-selling pressure indicator, or as an overreaction detector (eg, bars that are abnormally big can be used to start a fading/contrarian trade next bars). Green means the bar closed in the upper range, red in the lower range.
The cloud is the moving average over several bars (by default using EMA). This tends to represent sentiment over a period of time, and hence trend/momentum. Can be used in any timescale, even on weekly, then this represents the market cycles.
If you like this indicator, please show the original author your appreciation:
30 Second Futures Session Open RangeThis indicator displays 30 second opening ranges from Globex, Europe, and RTH sessions.
From the RTH session range, it also displays infinitely generating Price Targets based on a % of the opening range size.
I am retrieving the 30 second data using the new "request.security_lower_tf()" function.
The importance of these levels is based on the idea that when the market opens, algorithms establish their positions within the first 30 seconds.
These areas can also be seen as potential areas of support and resistance throughout the sessions.
Enjoy!
Opening Range & Daily and Weekly PivotsThis script is for a combination of two indicators: an Opening Range Breakout (ORB) indicator and a daily/weekly high/low pivot indicator. The ORB indicator displays the opening range (the high and low of the first X minutes of the trading day, where X is a user-defined parameter) as two lines on the chart. If the price closes above the ORB high, the script triggers an alert with the message "Price has broken above the opening range." Similarly, if the price closes below the ORB low, the script triggers an alert with the message "Price has broken below the opening range."
The daily/weekly high/low pivot indicator plots the previous day's high and low as well as the previous week's high and low. If the current price closes above yesterday's high or last week's high, the script triggers an alert with the messages "We are now trading higher than the previous daily high" and "We are now trading higher than the last week high", respectively. If the current price closes below yesterday's low or last week's low, the script triggers an alert with the messages "We are now trading lower than the previous daily low" and "We are now trading lower than the last week low", respectively.
In addition to the visual representation on the chart, the script also triggers alerts when the price crosses any of these levels. These alerts are intended to help traders make decisions about entering or exiting trades based on the price action relative to key levels of support and resistance.
Confined Range Candle FinderThis indicator finds candlesticks which are confined within the range of a previous candlestick. This indicates volatility contraction which often leads to volatility expansion, i.e. large price movements.
While every confined range will contain at least 1 inside bar, this indicator differs from the Inside Bar Finder which only finds consecutive inside bars.
This indicator includes options such as:
- The minimum number of candlesticks confined within the range of a previous candlestick to trigger the indicator
- Labels to indicate the number of confined candles
- Signal lines to indicate the high and low of the containing candlestick
Try out this indicator with different options on different timeframes to see if confined ranges increase the probability of identifying the direction of price movements. Breaks or closes outside signal lines can be used to trigger trade signals.
TNTThis script just changes the background of the chart to show Trending(Green) / Range Bound(Red) Regions.
The concept is very simple, al each candle we look at the size of the candle and use a moving average of these candle body size (ABS (close-open)) and compare it agains a double smoothened average, i.e. moving average of this average to find trending or not trending periods.
I find it useful primarily for entry in options, a green background is more favourable for option buying and a red background is more favourable for option selling.
This script tells you nothing about the direction of trade.
ka66: Candle Range IndicatorVisually shows the Body Range (open to close) and Candle Range (high to low).
Semi-transparent overlapping area is the full Candle Range, and fully-opaque smaller area is the Body Range. For aesthetics and visual consistency, Candle Range follows the direction of the Body Range, even though technically it's always positive (high - low).
The different plots for each range type also means the UI will allow deselecting one or the other as needed. For example, some strategies may care only about the Body Range, rather than the entire Candle Range, so the latter can be hidden to reduce noise.
Threshold horizontal lines are plotted, so the trader can modify these high and low levels as needed through the user interface. These need to be configured to match the instrument's price range levels for the timeframe. The defaults are pretty arbitrary for +/- 0.0080 (80 pips in a 4-decimal place forex pair). Where a range reaches or exceeds a threshold, it's visually marked as well with a shape at the Body or Candle peak, to assist with quicker visual potential setup scanning, for example, to anticipate a following reversal or continuation.
Normalised Dynamic RangeNormalised Dynamic Range is an indicator that identifies when an asset is going to trend. It uses the concept of Dynamic Range.
The indicator takes 3 look back periods (Default: 45, 30, 15) and calculates the dynamic range as follows:
Dynamic Range (DR) = Maximum(Close, Look back Period) / Minimum (Close, Look back Period)
This gives the Dynamic Range for a given look back period. Similarly 3 different DRs are calculated for 3 look back periods (Long, Mid and Short). These DRs are averaged to get Average Dynamic Range (ADR)
ADR = (Long DR + Mid DR + Short DR) / 3
Since, the short look back candles are also considered in the Mid and Long look backs, the average is weighted more towards the closer candles.
This ADR, is now normalised over a relative look back period (Default: 10) to generate Normalised Dynamic Range (NDR). The formula for normalising is as follows:
Normalised Dynamic Range (NDR) = ((Current ADR - Minimum(ADR, relative look back) / (Maximum(ADR, relative look back) - Minimum(ADR, relative look back)) * 100
How To Read
When NDR is below 20, the asset is getting into range bound
When NDR is above 20, the asset is trending
Caution
NDR only signals if an asset is trending or not. It does not give the direction of the trend.
Stochastic ChannelsDonchain trend following system with overbought/ oversold areas inspired by stochastic. Multiplier to get non repainting HTF capability. features a smoothed price as well as moving average of the smoothed price, also inspired by the stochastic indicators %K and %D. This and slow stochastics compliment each other nicely.
%D line colored by direction.
Filled color areas represent overbought/oversold.
Shows breakouts as well as giving targets and entries in rangebound markets.
Fear Of Missing Out grid of forex tradingAbstract
This script finds potential safe grids placing limit orders without fear of missing out.
This script computes grids according to power of 1.0025 .
You can reference those price levels for your trading.
Introduction
Grid trading is a popular trading method.
Traders plan several price levels as grids and repeat buying at lower grids and selling at higher grids.
Grids can be round number like multiple of 100 pips.
Grids can also be support and resistance according to price history.
Some traders may think they need to adjust grids to trade.
However, there are several problems in choosing grids.
One problem is rate of change is related and therefore exponential. 20 to 30 is different from 30 to 40.
Another interesting point is there are some special impressing reversal price levels.
Several months ago, I had a question why usdjpy bounced near 108.3 .
After using a calculator, I found that 108.3 = 100 * 1.083 ≒ 100 * pow(1.0025,31) .
1.0025 , as known as 0.25% of change, is a potential stop out zone.
Therefore, we can compute grids and one grid is a little more than 1.0025 times than an another one.
After we finished computing grids, we can consider buy and sell near those grids.
Note that different traders may obtain different grid values.
For example, from 1.0 to 2.0 , it can be splited as 270 grids or 277 grids because pow(1.0025,277)<2 .
Those grids cannot always imply potential reversal points but they can be useful for traders looking for 0.25% profit targets with reducing fearing of buying or selling too early.
Computing grids
This script split from 1.0 to 10.0 into three segments.
One is 1.0 to 2.0 .
The second segment is from 2.0 to 5.0 .
The third segment is from 5.0 to 10.0 .
This script does the same thing for 0.1 to 1.0 , 10.0 to 100.0 , and so on.
For 1.0 to 2.0 and 5.0 to 10.0 , this script split a segment as 270 grids.
For 2.0 to 5.0 , this script split a segment as 360 grids.
The last step is display the next grids to the daily low and daily high.
Maybe also display the grids behind grids shown.
Parameters
x1,x2,x3,x4 : display the next x1,x2,x3,x4 grids to daily high and daily low. 1 means the next grid to daily high and daily low. 2 means the next grid to 1.
x_seg : default 2.0 . This script split from 1.0 to 10.0 into three segments. One is 1.0 to x_seg. The second segment is from x_seg to 10.0/x_seg . The third segment is from 10.0/x_seg to 10.0 .
x_grid1 : how many grids in the first segment
x_grid2 : how many grids in the second segment
x_lowprice : add this number for bigger grid distance. Generally, you don't need this number when trading forex but you may need it in stock trading. For stocks with price between 50 to 100, I recommend you use x_lowprice=100.
Conclusion and suggestions
This script can find potential grids for trading.
If price touches grids usually, we can consider buy and sell after price touches grids.
If price reverses before touching grids usually, we may consider buy and sell before price touches grids.
Those grids can remind us don't buy too much unless the price touches the next grid.
For instruments with less volatility, maybe we need more grids.
For traders with more money, they may also consider more grids for more dedicated range trading to collect more profit.
Reference
Sorry, I forgot them.
vol_rangesThis script shows three measures of volatility:
historical (hv): realized volatility of the recent past
median (mv): a long run average of realized volatility
implied (iv): a user-defined volatility
Historical and median volatility are based on the EWMA, rather than standard deviation, method of calculating volatility. Since Tradingview's built in ema function uses a window, the "window" parameter determines how much historical data is used to calculate these volatility measures. E.g. 30 on a daily chart means the previous 30 days.
The plots above and below historical candles show past projections based on these measures. The "periods to expiration" dictates how far the projection extends. At 30 periods to expiration (default), the plot will indicate the one standard deviation range from 30 periods ago. This is calculated by multiplying the volatility measure by the square root of time. For example, if the historical volatility (hv) was 20% and the window is 30, then the plot is drawn over: close * 1.2 * sqrt(30/252).
At the most recent candle, this same calculation is simply drawn as a line projecting into the future.
This script is intended to be used with a particular options contract in mind. For example, if the option expires in 15 days and has an implied volatility of 25%, choose 15 for the window and 25 for the implied volatility options. The ranges drawn will reflect the two standard deviation range both in the future (lines) and at any point in the past (plots) for HV (blue), MV (red), and IV (grey).
