[Sextan] M-Oscillator BacktestLevel: 1
NOTE: This is a request by @scantor516 to backtest M-Oscillator by Mango2Juice with my Sextan framework. I ONLY take 5 minutes to perform it and how much time would you cost for this work?
Courtesy of Mango2Juice for M-Oscillator script.
You can backtest many of my indicators in minutes now! Of course,you can define your own indicator in the highlighted area in compliance with the uniform format, which guarantee when you use "Indicator on Indicator" function, it would not produce any error.
Background
Backtesting of technical indicators and strategies is the most common way to understand a quantitative strategy. However, the complicated configuration and adaptation work of backtesting many quantitative tools makes many traders who do not understand the code daunted. Moreover, although I have written a lot of strategies, I am still not very satisfied with the backtest configuration and writing efficiency. Therefore, I have been thinking about how to build a backtesting framework that can quickly and easily evaluate the backtesting performance of any indicator with a "long/short entry" indicator, that is, a "simple backtesting tool for dummies". The performance requirements should be stable, and the operation should be simple and convenient. It is best to "copy", "paste", and "a few mouse clicks" to complete the quick backtest and evaluation of a new indicator.
Luckily, I recently realized that TradingView provides an "Indicator on Indicator" feature, which is the perfect foundation for doing "hot swap" backtesting. My basic idea is to use a two-layer design. The first layer is the technical indicator signal source that needs to be embedded, which is only used to provide buy and sell signals of custom strategies; the second layer is the trading system, which is used to receive the output signals of the first layer, and filter the signals according to the agreed specifications. , Take Profit, Stop Loss, draw buy and sell signals and cost lines, define and send custom buy and sell alert messages to mobile phones, social software or trading interfaces. In general, this two-layer design is a flexible combination of "death and alive", which can meet the needs of most traders to quickly evaluate the performance of a certain technical indicator. The first layer here is flexible. Users can insert their own strategy codes according to my template, and they can draw buy and sell signals and output them to the second layer. The second layer is fixed, and the overall framework is solidified to ensure the stability and unity of the trading system. It is convenient to compare different or similar strategies under the same conditions. Finally, all trading signals are drawn on the chart, and the output strategy returns. test report.
The main function:
The first layer: "{Sextan} Your Indicator Source", the script provides a template for personalized strategy input, and the signal and definition interfaces ensure full compatibility with the second layer. Backtesting is performed stably in the backtesting framework of the layer. The first layer of this script is also relatively simple: enter your script in the highlighted custom script area, and after ensuring the final buy and sell signals long = bool condition, short = bool condition, the design of the first layer is considered complete. Input it into the PINE script editor of TradingView, save it and add it to the chart, you can see the pulse sequence in yellow (buy) and purple (sell) on the sub-picture, corresponding to the main picture, you can subjectively judge that the quality of the trading point of the strategy is good Bad.
The second layer: "{Sextan} PINEv4 Sextans Backtest Framework". This script is the standardized trading system strategy execution and alarm, used to generate the final report of the strategy backtest and some key indicators that I have customized that I find useful, such as: winning rate , Odds, Winning Surface, Kelly Ratio, Take Profit and Stop Loss Thresholds, Trading Frequency, etc. are evaluated according to the Kelly formula. To use the second layer, first load it into the TrainingView chart, no markers will appear on the chart, since you have not specified any strategy source signals, click on the gear-shaped setting next to the "{Sextan} PINEv4 Sextans BTFW" header button, you can open the backtest settings, the first item is to select your custom strategy source. Because we have added the strategy source to the chart in the previous step, you can easily find an option "{Sextan} Your Indicator Source: Signal" at the bottom of the list, this is the strategy source input we need, select and confirm , you can see various markers on the main graph, and quickly generate a backtesting profit graph and a list of backtesting reports. You can generate files and download the backtesting reports locally. You can also click the gear on the backtest chart interface to customize some conditions of the backtest, including: initial capital amount, currency type, percentage of each order placed, amount of pyramid additions, commission fees, slippage, etc. configuration. Note: The configuration in the interface dialog overrides the same configuration implemented by the code in the backtest script.
How to output charts:
The first layer: "{Sextan} Your Indicator Source", the output of this script is the pulse value of yellow and purple, yellow +1 means buy, purple -1 means sell.
The second layer: PINEv4 Sextans Backtest Framework". The output of this script is a bit complicated. After all, it is the entire trading system with a lot of information:
1. Blue and red arrows. The blue upward arrow indicates long position, the red downward arrow indicates short position, and the horizontal bar at the end of the purple arrow indicates take profit or stop loss exit.
2. Red and green lines. This is the holding cost line of the strategy, green represents the cost of holding a long position, and red represents the cost of holding a short position. The cost line is a continuous solid line and the price action is relatively close.
3. Green and yellow long take profit and stop loss area and green and yellow long take profit and stop loss fork. Once a long position is held, there is a conditional order for take profit and stop loss. The green horizontal line is the long take profit ratio line, and the yellow is the long stop loss ratio line; the green cross indicates the long take profit price, and the yellow cross indicates the long position. Stop loss price. It's worth noting that the prongs and wires don't necessarily go together. Because of the optimization of the algorithm, for a strong market, the take profit will occur after breaking the take profit line, and the profit will not be taken until the price falls.
4. The purple and red short take profit and stop loss area and the purple red short stop loss fork. Once a short position is held, there will be a take profit and stop loss conditional order, the red is the short take profit ratio line, and the purple is the short stop loss ratio line; the red cross indicates the short take profit price, and the purple cross indicates the short stop loss price.
5. In addition to the above signs, there are also text and numbers indicating the profit and loss values of long and short positions. "L" means long; "S" means short; "XL" means close long; "XS" means close short.
TradingView Strategy Tester Panel:
The overview graph is an intuitive graph that plots the blue (gain) and red (loss) curves of all backtest periods together, and notes: the absolute value and percentage of net profit, the number of all closed positions, the winning percentage, the profit factor, The maximum trading loss, the absolute value and ratio of the average trading profit and loss, and the average number of K-lines held in all trades.
Another is the performance summary. This is to display all long and short statistical indicators of backtesting in the form of a list, such as: net profit, gross profit, Sharpe ratio, maximum position, commission, times of profit and loss, etc.
Finally, the transaction list is a table indexed by the transaction serial number, showing the signal direction, date and time, price, profit and loss, accumulated profit and loss, maximum transaction profit, transaction loss and other values.
Remarks
Finally, I will explain that this is just the beginning of this model. I will continue to optimize the trading system of the second layer. Various optimization feedback and suggestions are welcome. For valuable feedback, I am willing to provide some L4/L5 technical indicators as rewards for free subscription rights.
Recherche dans les scripts pour "the script"
Volume X-ray [LucF]█ OVERVIEW
This tool analyzes the relative size of volume reported on intraday vs EOD (end of day) data feeds on historical bars. If you use volume data to make trading decisions, it can help you improve your understanding of its nature and quality, which is especially important if you trade on intraday timeframes.
I often mention, when discussing volume analysis, how it's important for traders to understand the volume data they are using: where it originates, what it includes and does not include. By helping you spot sizeable differences between volume reported on intraday and EOD data feeds for any given instrument, "Volume X-ray" can point you to instruments where you might want to research the causes of the difference.
█ CONCEPTS
The information used to build a chart's historical bars originates from data providers (exchanges, brokers, etc.) who often maintain distinct historical feeds for intraday and EOD timeframes. How volume data is assembled for intraday and EOD feeds varies with instruments, brokers and exchanges. Variations between the two feeds — or their absence — can be due to how instruments are traded in a particular sector and/or the volume reporting policy for the feeds you are using. Instruments from crypto and forex markets, for example, will often display similar volume on both feeds. Stocks will often display variations because block trades or other types of trades may not be included in their intraday volume data. Futures will also typically display variations. It is even possible that volume from different feeds may not be of the same nature, as you can get trade volume (market volume) on one feed and tick volume (transaction counts) on another. You will sometimes be able to find the details of what different feeds contain from the technical information provided by exchanges/brokers on their feeds. This is an example for the NASDAQ feeds . Once you determine which feeds you are using, you can look for the reporting specs for that feed. This is all research you will need to do on your own; "Volume X-ray" will not help you with that part.
You may elect to forego the deep dive in feed information and simply rely on the figure the indicator will calculate for the instruments you trade. One simple — and unproven — way to interpret "Volume X-ray" values is to infer that instruments with larger percentages of intraday/EOD volume ratios are more "democratic" because at intraday timeframes, you are seeing a greater proportion of the actual traded volume for the instrument. This could conceivably lead one to conclude that such volume data is more reliable than on an instrument where intraday volume accounts for only 3% of EOD volume, let's say.
Note that as intraday vs EOD variations exist for historical bars on some instruments, there will typically also be differences between the realtime feeds used on intraday vs 1D or greater timeframes for those same assets. Realtime reporting rules will often be different from historical feed reporting rules, so variations between realtime feeds will often be different from the variations between historical feeds for the same instrument. A deep dive in reporting rules will quickly reveal what a jungle they are for some instruments, yet it is the only way to really understand the volume information our charts display.
█ HOW TO USE IT
The script is very simple and has no inputs. Just add it to 1D charts and it will calculate the proportion of volume reported on the intraday feed over the EOD volume. The plots show the daily values for both volumes: the teal area is the EOD volume, the orange line is the intraday volume. A value representing the average, cumulative intraday/EOD volume percentage for the chart is displayed in the upper-right corner. Its background color changes with the percentage, with brightness levels proportional to the percentage for both the bull color (% >= 50) or the bear color (% < 50). When abnormal conditions are detected, such as missing volume of one kind or the other, a yellow background is used.
Daily and cumulative values are displayed in indicator values and the Data Window.
The indicator loads in a pane, but you can also use it in overlay mode by moving it on the chart with "Move to" in the script's "More" menu, and disabling the plot display from the "Settings/Style" tab.
█ LIMITATIONS
• The script will not run on timeframes >1D because it cannot produce useful values on them.
• The calculation of the cumulative average will vary on different intraday timeframes because of the varying number of days covered by the dataset.
Variations can also occur because of irregularities in reported volume data. That is the reason I recommend using it on 1D charts.
• The script only calculates on historical bars because in real time there is no distinction between intraday and EOD feeds.
• You will see plenty of special cases if you use the indicator on a variety of instruments:
• Some instruments have no intraday volume, while on others it's the opposite.
• Missing information will sometimes appear here and there on datasets.
• Some instruments have higher intraday than EOD volume.
Please do not ask me the reasons for these anomalies; it's your responsibility to find them. I supply a tool that will spot the anomalies for you — nothing more.
█ FOR PINE CODERS
• This script uses a little-known feature of request.security() , which allows us to specify `"1440"` for the `timeframe` argument.
When you do, data from the 1min intrabars of the historical intraday feed is aggregated over one day, as opposed to the usual EOD feed used with `"D"`.
• I use gaps on my request.security() calls. This is useful because at intraday timeframes I can cumulate non- na values only.
• I use fixnan() on some values. For those who don't know about it yet, it eliminates na values from a series, just like not using gaps will do in a request.security() call.
• I like how the new switch structure makes for more readable code than equivalent if structures.
• I wrote my script using the revised recommendations in the Style Guide from the Pine v5 User Manual.
• I use the new runtime.error() to throw an error when the script user tries to use a timeframe >1D.
Why? Because then, my request.security() calls would be returning values from the last 1D intrabar of the dilation of the, let's say, 1W chart bar.
This of course would be of no use whatsoever — and misleading. I encourage all Pine coders fetching HTF data to protect their script users in the same way.
As tool builders, it is our responsibility to shield unsuspecting users of our scripts from contexts where our calcs produce invalid results.
• While we're on the subject of accessing intrabar timeframes, I will add this to the intention of coders falling victim to what appears to be
a new misconception where the mere fact of using intrabar timeframes with request.security() is believed to provide some sort of edge.
This is a fallacy unless you are sending down functions specifically designed to mine values from request.security() 's intrabar context.
These coders do not seem to realize that:
• They are only retrieving information from the last intrabar of the chart bar.
• The already flawed behavior of their scripts on historical bars will not improve on realtime bars. It will actually worsen because in real time,
intrabars are not yet ordered sequentially as they are on historical bars.
• Alerts or strategy orders using intrabar information acquired through request.security() will be using flawed logic and data most of the time.
The situation reminds me of the mania where using Heikin-Ashi charts to backtest was all the rage because it produced magnificent — and flawed — results.
Trading is difficult enough when doing the right things; I hate to see traders infected by lethal beliefs.
Strive to sharpen your "herd immunity", as Lionel Shriver calls it. She also writes: "Be leery of orthodoxy. Hold back from shared cultural enthusiasms."
Be your own trader.
█ THANKS
This indicator would not exist without the invaluable insights from Tim, a member of the Pine team. Thanks Tim!
Moses Long-term Index ETF Investing StrategyMoses is a script designed for long-term Index ETF investors.
Moses Goals.
1. Alerts you when a major crash is starting or is underway (Bear Market Signal)
2. Warn you of price events in the market that may lead to increased volatility and downward price pressure (Shock Event Warning)
3. Clearly inform you when the market is in a bull phase (growing) or bear phase (decreasing) (Bull/Bear Signal)
4. Inform you if the market is showing early signs of recovery from a crash
5. Alert you to catastrophic events, which are extreme one bar price drops (typically occurring before or during a major stock market crash)
Moses Logic.
Moses is the product of years of testing, but the application of the logic is simple.
1. Moses is designed specifically to work on a weekly chart (5 days per bar). Do not use the scripts on daily, monthly, or intraday charts
2. Moses Uses 4 Moving Average Indicators
3. Moses uses the position of price and the moving averages to determine the state of the market (Bull/Bear/Recovery)
4. Moses uses price action to determine shock events and catastrophic event warnings
5. The script is hardcoded to start trading in 1997. Why? So that the script's primary goal of avoiding crashes is tested on 3 major crashes, the Dotcom 2000, the Financial Crisis 2008, and the Corona Crash in 2020.
How Moses Works
Being able to exit the market before or during a large market crash enables you to preserve a portion of your equity from decline. Buying back into the market on a Bull Market or Early Recovery Signal enables you to enter the market at a lower price. This goal is achieved during major crashes.
As with all scripts, there are false signals which may incur a losing trade; you can see in the strategy tester results the % of Winning/Losing Trades.
Strategy Setup In Tradingview
Initial Capital $10,000
Order Size 100% of equity (this is because it is a long-term strategy with only one trade in play – you are either long or not invested, using a smaller position size means you cannot meaningfully compare a Moses strategy to a Buy & Hold Strategy)
Commission is $5 per trade (this is negligible because the strategy only trades at most once per year)
Slippage – 10 ticks
This Script Displays the 5 Main MOSES Signals Directly On Your Chart To Help Your Investing Decision Making
1. Bull Market Signal - Green
2. Bear Market Signal - Red
3. Stock Market Recovery Signal - Amber/Yellow
4. Shock Event Warning - Shock Label on Price
5. Catastrophic Event Warning - Red Catastrophe Label
Includes 5 Moses Scripts
• Moses Signals 2.0 (plots all alerts directly on the price chart)
• Moses Buy on Bull - Sell on Bear (Plots a buy on the first Bull Market Signal - Closes All Positions on a Bear Market Signal)
• Moses Buy on Bull - Sell on Catastrophe (Plots a buy on the first Bull Market Signal - Closes All Positions on a Catastrophic event)
• Moses Buy on Recovery - Sell on Catastrophe (Plots a buy on the first Recovery Signal - Closes All Positions on a Catastrophic Event)
• Buy & Hold Script (Used to compare the effectiveness of the strategies versus a Buy and Hold Strategy)
As the script has 3 Moses Strategies, the idea is that you choose the strategy that best fits the ETF you are trading.
Moses is a long-term investing strategy that has historically outperformed the US and European Major Indices for the last 24 years. There is no guarantee of future performance.
Moses has outperformed the market (buy and hold strategy) from 1997 on the:
Nasdaq 100, S&P500, Russell 3000, Nasdaq Composite, EuroStoxx 50, Italian Milano Borsa, German DAX, Paris CAC40
Moses does not outperform the market on:
Nifty 50, BSE Sensex, ASX 200, Chinese Market
Backtested Performance
Test Timeframe Jan 13 1997 - Sept 21 2021
Duration Years 24.75
Initial Investment $10,000
North America Strategy-------------------------------$ Return------------CAGR-------Total %
Nasdaq 100 Buy & Hold----------------------------$176,380-----------12.30%------1664%
Buy Bull - Sell Bear------------------$288,554-----------14.55%------2786%
Buy Bull - Sell Catastrophe---------$202,491-----------12.92%------1925%
Buy Recovery - Sell Catastrophe---$229,866-----------13.50%------2199%
North America Strategy-------------------------------$ Return-----------CAGR------Total %
S&P 500 Buy & Hold----------------------------$58,122-----------7.37%------481%
Buy Bull - Sell Bear------------------$48,544-----------6.59%------385%
Buy Bull - Sell Catastrophe $59,573-----------7.48%------496%
Buy Recovery - Sell Catastrophe $64,579-----------7.83%------546%
North America Strategy-------------------------------$ Return-----------CAGR------Total %
Russell 3000 Buy & Hold----------------------------$61,363-----------7.61%------514%
Buy Bull - Sell Bear------------------$52,957-----------6.97%------430%
Buy Bull - Sell Catastrophe---------$64,027-----------7.79%------540%
Buy Recovery - Sell Catastrophe---$71,565-----------8.28%------616%
North America Strategy-------------------------------$ Return-----------CAGR------Total %
Nasdaq Composite Buy & Hold----------------------------$112,839-----------10.29%------1028%
Buy Bull - Sell Bear------------------$123,308-----------10.68%------1133%
Buy Bull - Sell Catastrophe---------$107,699-----------10.08%------977%
Buy Recovery - Sell Catastrophe---$112,453-----------10.27%------1025%
*CAGR - Compound Annual Growth Rate
From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers
This work is provided to you for informational purposes only and should not be construed as an offer to buy or sell a particular security or a solicitation of offers to buy or sell a particular security. The author may make available certain information related to the potential price movement of particular securities. By reading this report or using the training materials, you acknowledge and agree that any reliance upon the content or data available is at your own sole risk. You are strongly advised to use your own judgment, your own research, and question everything. The information is generic in nature and not targeted to individuals or individual circumstances. The author is an independent investor and is not licensed to give formal Stock advice to the individual, run funds of any type, or accept fees for individual stock advice. The Author accepts no responsibility for loss of money for following any of the lessons or systems created. Trading of securities may not be suitable for all users of this information; if in doubt, seek a professional advisor. All use of this work is at your sole risk.
Technical Ratings█ OVERVIEW
This indicator calculates TradingView's well-known "Strong Buy", "Buy", "Neutral", "Sell" or "Strong Sell" states using the aggregate biases of 26 different technical indicators.
█ FEATURES
Differences with the built-in version
• You can adjust the weight of the Oscillators and MAs components of the rating here.
• The built-in version produces values matching the states displayed in the "Technicals" ratings gauge; this one does not always, where weighting is used.
• A strategy version is also available as a built-in; this script is an indicator—not a strategy.
• This indicator will show a slightly different vertical scale, as it does not use a fixed scale like the built-in.
• This version allows control over repainting of the signal when you do not use a higher timeframe. Higher timeframe (HTF) information from this version does not repaint.
• You can configure markers on signal breaches of configurable levels, or on advances declines of the signal.
The indicator's settings allow you to:
• Choose the timeframe you want calculations to be made on.
• When not using a HTF, you can select a repainting or non-repainting signal.
• When using both MAs and Oscillators groups to calculate the rating, you can vary the weight of each group in the calculation. The default is 50/50.
Because the MAs group uses longer periods for some of its components, its value is not as jumpy as the Oscillators value.
Increasing the weight of the MAs group will thus have a calming effect on the signal.
• Alerts can be created on the indicator using the conditions configured to control the display of markers.
Display
The calculated rating is displayed as columns, but you can change the style in the inputs. The color of the signal can be one of three colors: bull, bear, or neutral. You can choose from a few presets, or check one and edit its color. The color is determined from the rating's value. Between 0.1 and -0.1 it is in the neutral color. Above/below 0.1/-0.1 it will appear in the bull/bear color. The intensity of the bull/bear color is determined by cumulative advances/declines in the rating. It is capped to 5, so there are five intensities for each of the bull/bear colors.
The "Strong Buy", "Buy", "Neutral", "Sell" or "Strong Sell" state of the last calculated value is displayed to the right of the last bar for each of the three groups: All, MAs and Oscillators. The first value always reflects your selection in the "Rating uses" field and is the one used to display the signal. A "Strong Buy" or "Strong Sell" state appears when the signal is above/below the 0.5/-0.5 level. A "Buy" or "Sell" state appears when the signal is above/below the 0.1/-0.1 level. The "Neutral" state appears when the signal is between 0.1 and -0.1 inclusively.
Five levels are always displayed: 0.5 and 0.1 in the bull color, zero in the neutral color, and -0.1 and - 0.5 in the bull color.
The levels that can be used to determine the breaches displaying long/short markers will only be visible when their respective long/short markers are turned on in the "Direction" input. The levels appear as a bright dotted line in bull/bear colors. You can control both levels separately through the "Longs Level" and "Shorts Level" inputs.
If you specify a higher timeframe that is not greater than the chart's timeframe, an error message will appear and the indicator's background will turn red, as it doesn't make sense to use a lower timeframe than the chart's.
Markers
Markers are small triangles that appear at the bottom and top of the indicator's pane. The marker settings define the conditions that will trigger an alert when you configure an alert on the indicator. You can:
• Choose if you want long, short or both long and short markers.
• Determine the signal level and/or the number of cumulative advances/declines in the signal which must be reached for either a long or short marker to appear.
Reminder: the number of advances/declines is also what controls the brightness of the plotted signal.
• Decide if you want to restrict markers to ones that alternate between longs and shorts, if you are displaying both directions.
This helps to minimize the number of markers, e.g., only the first long marker will be displayed, and then no more long markers will appear until a short comes in, then a long, etc.
Alerts
When you create an alert from this indicator, that alert will trigger whenever your marker conditions are confirmed. Before creating your alert, configure the makers so they reflect the conditions you want your alert to trigger on.
The script uses the alert() function, which entails that you select the "Any alert() function call" condition from the "Create Alert" dialog box when creating alerts on the script. The alert messages can be configured in the inputs. You can safely disregard the warning popup that appears when you create alerts from this script. Alerts will not repaint. Markers will appear, and thus alerts will trigger, at the opening of the bar following the confirmation of the marker condition. Markers will never disappear from the bar once they appear.
Repainting
This indicator uses a two-pronged approach to control repainting. The repainting of the displayed signal is controlled through the "Repainting" field in the script's inputs. This only applies when you have "Same as chart" selected in the "Timeframe" field, as higher timeframe data never repaints. Regardless of that setting, markers and thus alerts never repaint.
When using the chart's timeframe, choosing a non-repainting signal makes the signal one bar late, so that it only displays a value once the bar it was calculated has elapsed. When using a higher timeframe, new values are only displayed once the higher timeframe completes.
Because the markers never repaint, their logic adapts to the repainting setting used for the signal. When the signal repaints, markers will only appear at the close of a realtime bar. When the signal does not repaint (or if you use a higher timeframe), alerts will appear at the beginning of the realtime bar, since they are calculated on values that already do not repaint.
█ CALCULATIONS
The indicator calculates the aggregate value of two groups of indicators: moving averages and oscillators.
The "MAs" group is comprised of 15 different components:
• Six Simple Moving Averages of periods 10, 20, 30, 50, 100 and 200
• Six Exponential Moving Averages of the same periods
• A Hull Moving Average of period 9
• A Volume-weighed Moving Average of period 20
• Ichimoku
The "Oscillators" group includes 11 components:
• RSI
• Stochastic
• CCI
• ADX
• Awesome Oscillator
• Momentum
• MACD
• Stochastic RSI
• Wiliams %R
• Bull Bear Power
• Ultimate Oscillator
The state of each group's components is evaluated to a +1/0/-1 value corresponding to its bull/neutral/bear bias. The resulting value for each of the two groups are then averaged to produce the overall value for the indicator, which oscillates between +1 and -1. The complete conditions used in the calculations are documented in the Help Center .
█ NOTES
Accuracy
When comparing values to the other versions of the Rating, make sure you are comparing similar timeframes, as the "Technicals" gauge in the chart's right pane, for example, uses a 1D timeframe by default.
For coders
We use a handy characteristic of array.avg() which, contrary to avg() , does not return na when one of the averaged values is na . It will average only the array elements which are not na . This is useful in the context where the functions used to calculate the bull/neutral/bear bias for each component used in the rating include special checks to return na whenever the dataset does not yet contain enough data to provide reliable values. This way, components gradually kick in the calculations as the script calculates on more and more historical data.
We also use the new `group` and `tooltip` parameters to input() , as well as dynamic color generation of different transparencies from the bull/bear/neutral colors selected by the user.
Our script was written using the PineCoders Coding Conventions for Pine .
The description was formatted using the techniques explained in the How We Write and Format Script Descriptions PineCoders publication.
Bits and pieces were lifted from the PineCoders' MTF Selection Framework .
Look first. Then leap.
GA - Momentum DivergencesGA Momentum Divergences Script highlights Trend Strength, Overbought-Oversold Conditions, Regular-Hidden Divergences. Besides, it shows the Buying-Selling Pressure.
The practical use of any Momentum Curve helps in the comprehension of:
Supply-Demand Absorption.
Thrusts and their shortening.
The reversing and the continuation of the trend.
True Strength of the Trend.
Price Strength.
Increase and Decrease in Buying-Selling Pressure.
You choose which curve to show, according to your needs. There are 2 groups of curves.
Momentum Curves
GA Momentum.
Commodity Channel Index ( CCI ).
Relative Strength Index ( RSI ).
Stochastic %K.
True Strength Indicator ( TSI ).
Money Flow Curves
GA Money Flow.
Chaikin Money Flow.
Money Flow Index.
Every Curve used in this script has 0 as center. This means that RSI and Stochastic Curves wave around 0 and not around 50.
Fractal Algorithm for Pivots and Divergences
GA Momentum script highlights Divergences. This is possible by the Fractal Calculation of Pivot Points .
The sensibility of the algorithm depends on the look back and on the look forward of pivot points . This means that it does not highlight every divergence. But it marks divergences according to settings.
Besides, the interpretation of those divergences depends on the experience of the trader.
This feature has a particular use for the purpose to simplify and optimize. Besides, it is a very important feature provided by the GA Money Flow script.
Regular and Hidden Divergences highlight the weakening and strengthening of the price behavior. They give an anticipation to price changing. Besides, they enforce the judgment on the condition that marks the price continuation.
The Fractal Algorithm can also mark a Channel. This happens enveloping the Curve between its marked pivot points .
Flags and lines mark Divergences in the Curve. GA Momentum Divergences highlights Regular Divergences and Hidden Divergences.
Price and Momentum, Volume and Money Flow
The GA Momentum script works with any marketplace. It uses price variations and volume variations, according to needs and market.
Every curve available in the script is a mathematical discretization of the market. But in those marketplaces that includes the volume you can use Money Flow Curves. Where the volume is missing the Money Flow Curves return zero. In this case, a Momentum Curve is the right choice because it uses the price variations.
GA Momentum and GA Money Flow are formulas built for this script. They include several peculiarities that are a privilege of other functions. This gives a better visual impact by their practical use.
TSI Curve or RSI Curve are the right choices to replace Money Flow Curves where the volume is not available. In the same way, RSI Curve can replace the TSI Curve for the Trend Strength. Then, the RSI Curve is universal. It works on any marketplace giving a lot of information, using it in the right way.
RSI is a slow curve. It waves above and below the middle line, according to the bullish and bearish trend . This is why it incorporates the Trend Strength in its calculation.
Instead, other choices give Faster Momentum Curves that give different advantages and peculiarities. The final result and purpose do not change.
Market Conditions
Overbought and Oversold Conditions could not cause the immediate reversing of the trend. The changing occurs according to Thrusts and their shortening.
This happens by one or more rebounds in the price action. Indeed, this marks hesitation to continue the advancing or the declining of the price.
The Momentum Curve can highlight the absorption of Supply Pressure and Supporting Demand. This precedes the Climactic Point so as a Thrust during the advancing or declining of the price.
True Strength and Money Flow curves follow the trend. They show where the trend is weakening or strengthening.
When these curves rise together with the trend, this confirms the trend. Instead, when these curves hesitate, they are marking a changing.
TSI and Money Flow have advantages. They show the continuation of the trend by its positive or negative value. Besides, they show the shortening of the trend. Moreover, the curve anticipates the shortening of the thrust.
Money Flow Curves highlights the prevailing of Buying Pressure of Selling Pressure. This is possible because their formulas includes the volume . But the TSI discretization that uses prices, works giving a fair result.
This returns an unconditional conclusion. The volume has a high relevance because of the correlation between effort and result. But despite this, the mathematical discretization of the market can work without it.
Short and Long Signal Lines
The GA Momentum plots 2 extra curves to support the market momentum interpretation. They are Exponential Moving Average applied to the momentum curve.
The Short Signal Line follows the main curve and it gives the first crossing for an entry signal. Of course, this is useful only when there are the right condition for an entry point.
Instead, the Long Signal Line exists to be a trending indicator. When the main curve is approaching it, rebounds, the shortening of the thrust, can mark a changing. Following the thrust, these curves become closer and closer for some waves. This becomes better visible by the plotting of the Histogram.
The Histogram shows the difference between the main curve and the Long Signal Line. The distance between those curves becomes relevant and helpful in many circumstances. This highlights the changing in the Strength or Weakness of the trend.
Short and Long Signal Curves can have a partial plotting. This reduces the impact of those curves on screen. The script can show them only when they give a relevant visual impact for the trading practice.
Coloring
GA Momentum Script colors curve and price bars. It highlights conditions where the price is Overbought or Oversold. But it highlights also divergences with labels and colored lines.
The script plots colors on bars with extended prices. Besides, the script plots colors on bars that are the ending of divergences
GA Momentum script colors the price bars using the same criteria applied to color curves. Color used on the Curve are the same used on the price bars.
True Strength Curve and Momentum Curves color price bars. This happens for the entire Trend Strength. Then the prevailing of the Buying Pressure or Bearish Pressure is also visible on bars. This occurs by the persistent green or red colors according to Pressure and Trend.
Alerts
GA Momentum provides 2 alerts for Bearish and Bullish Signals. Both uses the crossing of Short and Long Signals in the same direction.
Note: I restrict access to the tool.
Regards
Girolamo Aloe
Founder of Profiting Me
Triple Moving Average HeatmapHi everyone
I didn't publish on Friday because I was working on an Expert Advisor in MT4. The day I don't publish, some scripts spamming guys published many (not useful) scripts the same to kick me out of the TOP #1 ranking.
So what I'm going to do about it? crying or sharing more quality scripts than before? :)
I guess you know the answer :) I'm gonna share a few quality scripts that I have in my library. I noticed that you guys tend to like more the scripts useful for your trading actually making you money rather than a copy-paste (of another copy-paste)
Alright, enough for the trolling now let's introduce the Three MA heatmap which is an upgrade of that script : MA-heatmap-Double-cross-edition/
The challenge was to keep the heatmap not rolling and to make it match with the MA cross. I did it using this
```
since_ma_buy = barssince(macrossover)
since_ma_sell = barssince(macrossunder)
heatmap_color() =>
since_ma_buy < since_ma_sell ? color.new(color.green, 20) : since_ma_buy > since_ma_sell ? color.new(color.red, 20) : na
```
This is a technique that I found after drinking three glasses of red wine (#french) to keep the heatmap stable and not rolling.
To get what I'm saying I invite you to replace the piece of code above by what everyone would normally do
```
heatmap_color() =>
macrossunder() ? color.new(color.green, 20) : macrossover() ? color.new(color.red, 20) : na
```
Ah and I'm not done sharing for the day, a few scripts are coming also after that one and tonight !!!!! I want to live in a world where you guys can enjoy quality scripts (mostly) :)
PS
____________________________________________________________
Feel free to hit the thumbs up as it shows me that I'm not doing this for nothing and will motivate to deliver more quality content in the future.
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python
Dragon-Bot - Default ScriptDragon-Script is a framework to make it as easy as possible to test your own strategies and set alerts for external execution bots. This is the alerts version of the script.
The script has many features build in, like:
1) A ping/pong mechanism between longs and shorts
2) A stop-loss
3) Trailing Stops with several ways to calculate them.
4) 2 different ways to flip from long to short.
The script is divided into several parts.
The first part of the script is used to set all the variables. You should normally never change the first part except for the comments at the top.
The second part of the script is the part where you initialise all your indicators. Several indicators can be found on Tradingview and on other sites. Please keep in mind that all the variable names used in the indicator should be unique. (all the … = … parts)
The third part of the script, is the most important part of the script. Here you can create the entry and exit points.
Let’s look at the OPENLONG function to explain this part: The first variables are all the possible entries; These are longentry1 till longentry5. You can add many more if you like.
The variables are all initialised as being false. This way the script can set a value to true if an entry happens.
The if function is the actual logic: You could say “if this is true” then (the line below the if function) longentry1 := (becomes) true.
In this case we have said: “if this is true” then (the line below the if function) longentry1 := (becomes) true when the current close is larger than the close that is 1 back.
The last part is the makelong_funct. This part says that if any of the entries are true, the whole function is true.
The last part of the script is the actual execution. Here the alerts are plotted and the back test strategies are opened and closed.
We hope you guys like it and all feedback is welcome!
A+ Model - Cave EducationHere is a comprehensive and detailed explanation of the "A+ Model - Cave Education" Pine Script code.
This script is a sophisticated technical analysis tool designed for TradingView. It assists traders in identifying specific institutional time windows, price ranges (sessions), and "Macro" volatility periods based on the ICT (Inner Circle Trader) or similar time-based trading concepts.
Below is the breakdown of how the code functions, organized by its logic sections.
1. General Overview
The script is an overlay indicator (it sits directly on the price chart). Its primary purpose is to:
Highlight a specific trading session (The "A+ Box") and mark its High/Low.
Mark key institutional times (07:00 NY and 09:30 NY Open).
Identify "Macro" windows (specific 20-minute periods where algorithms are active) and draw dynamic ranges around them based on volatility (ATR).
Project future times onto the chart to help the trader prepare for the next day.
2. Settings & Inputs (User Configuration)
The code begins by defining a vast array of user inputs, grouped for better usability:
General Time & Box: Allows the user to define the "A+ Session" time (default 20:00-00:00) and the Time Zone (UTC-5/New York). It also handles the visual style (colors) of the session box.
Visibility: A crucial performance and visual clutter setting. boxDays limits how far back the A+ boxes and time lines are drawn (default 14 days). Macros are strictly limited to the current week to prevent chart lagging.
Line & Text Controls: Every visual element (A+ lines, NY markers, Macros) has toggles (input.bool) to show/hide the lines or the text labels separately.
Macro Settings: Defines the time windows for three separate macros and an ATR Multiplier. The ATR multiplier determines how wide the channel lines are drawn around the macro price action.
3. Logic Breakdown by Section
Section 1: The "A+ Draw" Box (Session Range)
This is the core of the A+ Model.
Logic: The script checks if the current bar is within the user-defined sessionTime.
Box Creation:
When the session starts, it initializes a new Box (box.new).
Throughout the session, it continuously updates the Box's Top (Highest High) and Bottom (Lowest Low) to encompass the full range of that time period.
Extension Lines (Support/Resistance):
Once the session ends, the script draws two horizontal lines: one from the Session High and one from the Session Low.
Smart Break Logic: These lines are active (highActive, lowActive). They extend to the right until the price breaks them (High line is broken by a higher price, Low line by a lower price). This helps traders see if the session range is being respected or broken later in the day.
Section 2: Time Lines (NY Midnight & Open)
This section marks vertical reference points.
It checks for specific times: 07:00 and 09:30 (in the user's timezone).
If the current bar matches these times, it draws a vertical line (line.new) covering the High/Low of that bar and places a label (e.g., "NY." or "09:30") above it.
This helps the trader orient themselves regarding the New York session Open and the "Killzone" start.
Section 3: Macros (Volatility Windows)
This is the most complex calculation in the script.
Definition: Macros are specific time windows (e.g., 09:50–10:10) where price delivery is often accelerated.
Visibility Rule: To keep the script fast, this only runs if isCurrentWeek is true.
ATR Offset: The script calculates the Average True Range (ATR). It uses this to create a "channel" around the price.
Drawing Logic:
When a Macro time starts, the script tracks the Highest High and Lowest Low inside that specific 20-minute window.
It draws parallel horizontal lines above and below these prices.
The Twist: The lines are not drawn at the High/Low. They are offset by ATR * Multiplier. This creates a wider "zone" around the macro price action, visually indicating a volatility range.
Section 4: Future Projection (Tomorrow)
This feature is for planning ahead.
It runs only on the last bar of the chart (barstate.islast).
It calculates the timestamps for the next occurrence of the key times (07:00, 09:30, and all three Macros).
It draws vertical lines into the future (empty space on the right of the chart).
Benefit: The trader can see exactly where 09:30 or the next Macro will occur on the timeline before the candles even print.
4. Helper Functions
The code uses custom functions to keep the logic clean:
f_drawFuture(...): A standardized function to draw the future vertical lines and labels so the code doesn't have to repeat itself for every single time marker.
isStartTime(...) & isInTime(...): Shorthand functions to check if the current candle belongs to a specific session string (like "0950-1010").
Summary of Improvements in this Version
Compared to a standard indicator, this script is highly optimized:
Text Control: You can turn off text labels while keeping the lines (or vice versa).
Performance: It limits historical drawing (only 14 days back for boxes, only this week for macros) to prevent "Maximum Line Count" errors in Pine Script.
Visual Clarity: It uses different colors for different Macros (Blue, Red, Orange) to make them instantly distinguishable.
WOW Intraday Tracker by Dev🎯 WOW Intraday Tracker: Professional Trade Execution & R/R Analysis
The WOW Intraday Tracker (V1.30 Final) is an advanced, invite-only tool built for disciplined intraday trading. It transforms market signals into a fully managed trade, providing both real-time execution confidence and objective performance review.
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✨ Core Execution Features
The Tracker automates the most critical aspects of trade management:
Automatic Entry Trigger: The script uses a proprietary multi-factor scoring system to identify high-probability setups. Once a trade signal is validated and its Score meets the Activation Threshold (which is visible in the Running Trade Table), the entry order (Long or Short) is automatically triggered and monitored.
Trade Grade Qualification: Crucially, every setup is assigned a Trade Grade (A+, A, or B) before entry, based on structural confluence, allowing traders to qualify the setup quality instantly.
Initial SL & Multiple Targets (TGTs): All trades are established with risk-defined parameters from the start.
Initial Stop-Loss (SL): Automatically calculated based on user-defined ATR Multiples to align risk with current volatility.
Multiple Take-Targets (TGTs): Two distinct target levels (TGT1 and TGT2) are set based on user-defined R-Multiples (Risk-to-Reward ratios) to facilitate a partial profit-taking strategy.
Dynamic Trailing & Stop Adjustment: As the trade progresses, the script automatically manages risk, adjusting the stop-loss upon TGT hits to lock in profit.
Signal Cancellation Feature: To protect capital, the script actively monitors the signal's health. If the internal trade score drops below the configurable Cancellation Threshold before entry, the pending order is automatically invalidated and cleared.
⚖️ Trade Exit and Weighted R/R Assumptions
The script's primary function is to track and calculate a Weighted Risk-to-Reward (R/R) based on a predetermined exit plan:
Target 1 (T1): 30% of the original position. Stop is adjusted to protect profits.
Target 2 (T2): Another 30% of the original position. Trailing Stop begins based on a volatility factor.
Final Exit: Rest 40% of the original position. Exited when the Trailing Stop is hit.
Important Note: The Trailing Stop is tracked on a closing basis within the script. While you can choose to exit the trade manually on a hit basis or book profits based on your personal judgment, the script's final Weighted R/R calculation is based on the assumption that the position exits as detailed above.
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📊 Global R/R Tracker Table (Performance by Grade)
This powerful feature provides objective, actionable data for trade review. It continuously tallies your performance, broken down by the quality (Grade) of the trade setup.
The table tracks performance for A+, A, and B grade setups, plus a TOTAL row, based on your chosen lookback (Full History or Day Start)
By separating performance by Grade, you gain a clear, evidence-based understanding of which setups truly deserve your capital and focus.
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🎨 Advanced Customization & Styling
The WOW Intraday Tracker offers extensive control over the look and feel of your workspace to ensure maximum clarity and minimal chart clutter.
Table Positioning: Freely select the on-chart location (Top Right, Bottom Left, etc.) for all three tables.
Theming: Customize the background and text colors for all tables, including the dynamic green/red backgrounds of the Global R/R Tracker.
Plot Lines: Full color control over all plotted trade lines: PDH/PDL, Entry Price, Initial Stop, Trailing Stop, and Targets.
*********************************************************************************
⏱️ Usage & Recommended Timeframes
The WOW Intraday Tracker is primarily designed and optimized for high-frequency, short-term intraday trading.
Recommended Timeframes: For optimal performance, we recommend using the script on lower-to-mid-range intraday timeframes: 5-minute, 15-minute, and 25 (or 30) minutes.
Intended Use: While the script can be applied to higher timeframes, its main purpose is to capture volatility and quick moves within the trading day.
Swing Trading: In rare instances, the tracker may generate signals suitable for a short-term swing trade (1-2 days), but this is secondary to its core intraday function.
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🔑 Access Note
The WOW Intraday Tracker utilizes proprietary logic within its scoring system and is published as an invite-only script. The source code is protected to maintain the integrity and value of the intellectual property.
To inquire about access, please contact the author directly via TradingView Private Message on this profile.
RSS-Stochastik [afterworktrading]Hi all,
this is the first script from the series "afterworktrading". The goal is to develop and provide tools for traders with a fulltime job or little time for trading/analyzing charts.
Over time some of the scripts will also be linked to complete trading systems.
Let's start with my favourite one, the "RSS-Stochastik" with alert function.
The RSS-concept (Relative Spread Strength, developed by Ian Copsey) is based on the variance between a "short" and a "long" moving averages (or "slow" and "fast"), here between two EMA.
This variance is calculated and plotted in a RSI-diagram to show "overbought" and "oversold" conditions, helping to identify an ideal entry setup for trend continuation or catching a possible reversal.
Compared to the conventional RSI etc., possible reversal or trend continuation areas are often better represented in terms of quality, as an example see the Amazon-Chart.
The EMA-values, limit value thresholds and background colors can be set in the script. As a special feature, alarms can be set to be notified when a value has reached the extreme range. This reduces the screen time to the minimum.
In my personal trading, this indicator forms the basis for almost all trades, but is not a pure signal indicator on its own.
However, the informative value can be further improved if volume or support/resistance zones etc. are linked to the RSS, see example NASDAQ future with support zone price or 200 EMA.
Example for a possible RSS-Trade-Setup:
- choose an asset with a strong trend
- set alerts for crossing the oversold or overbought condition in direction of the trend
- in case of an alert check possible support/resistance areas on the current chart level (EMA, price zones, volume zones, anchored VWAP etc.)
- trade in the direction of the trend using your preferred entry setup
In my opinion, the system can be used very well, especially in trend phases, in order to obtain optimal entries.
Does it works also on lower timeframes?
Yes, it might work on every timeframe with a strong trend of high quality. Please see attached a 5m-Chart of GPBUSD-pair, notice the signal quality in direction of the trend.
Like every trading system this is not the "holy grail setup" and you will have losing trades. But handling this indicator with care you can have better entries especially in trend direction with less screen time due to the alert function.
Good luck with it! Further indicators will be published in the coming months, some will also be based on the RSS system.
As always: no liability for losing trades, no investment advice etc. Observe the risk limit for every trade!
ZenAlgo - Golden VeinOverview and Motivation
This indicator combines multiple volume-weighted average price (VWAP) calculations from different timeframes and then merges them into a single composite line called “the Vein”. It begins by pulling a user-defined source (for instance, a typical price) and then anchors a VWAP on daily, weekly, monthly, quarterly, semiannual, and yearly intervals. By viewing all these timeframes together, the script captures multi-period trends in a way that stands apart from simpler, single-timeframe VWAP indicators. This comprehensive perspective is designed to offer practical benefits to those who monitor both short- and long-term VWAP behavior within a single tool.
Because it tracks many timeframes simultaneously, it can highlight instances when short-term and long-term VWAPs converge or diverge. Traders who need multi-timeframe validation may find this approach particularly helpful. Other free indicators typically restrict themselves to one or two timeframes, so the built-in multi-timeframe data in this script can save effort for those who rely heavily on VWAP analysis.
Core Inputs and Offsets
At the start, the script takes a single price input (e.g., the average of high, low, and close) and uses it to compute multiple VWAP lines. Users can also choose a distance factor (based on an ATR calculation) to control how far labels are placed from any crossover events. This distance sets how clearly the chart will display labels without overcrowding.
Beyond giving a cleaner visual, having a user-defined distance for labels means the script can adapt to any ticker’s volatility. If one trades assets with large intraday swings, the script leaves enough space for labels to remain readable. This flexibility is something that simpler free VWAP scripts might lack.
Multi-Timeframe VWAP Computations
The script calculates distinct VWAP lines: Daily, Weekly, Monthly, Quarterly (3-Month), Semiannual (6-Month), and Yearly (12-Month). Each line resets whenever it detects a new period has started, ensuring that each timeframe’s VWAP properly anchors to its own session window. This allows the indicator to track how the market perceives fair value (through VWAP) on multiple horizons, all at once.
Simultaneously checking these various intervals can offer added clarity to traders who want to compare immediate market conditions (e.g., daily) to broader contexts (e.g., quarterly or yearly). Tools that only show one or two timeframes may miss the nuances that arise when, say, daily VWAP aligns with monthly VWAP at a turning point.
Crossover Detection and Labeling
Whenever two different VWAP lines intersect, the script generates an internal crossover signal. It then draws small labels (e.g., D↑W or M↓Q) to highlight that a lower timeframe VWAP has moved above or below a higher timeframe VWAP. These labels use color-coding and an ATR-based offset to remain visible.
An additional subtle feature is how daily VWAP crossovers can optionally be displayed only on a specific weekday and hour. That allows users who only want to track daily crossovers under certain conditions (for example, a fixed point in the weekly cycle) to filter out other signals. This adaptability can be worth paying for if one needs advanced filtering—an area where simpler free VWAP cross indicators typically do not offer such granular control.
The “Golden VWAP” (Composite Calculation)
All six VWAP lines (daily, weekly, monthly, quarterly, semiannual, yearly) feed into a central average called “the Vein”. The script takes the midpoint of these six values on each bar, effectively combining short-, medium-, and long-term VWAP data into one. This composite serves as a reference line for overall market direction.
A volatility band (either a standard-deviation-based range or a user-defined percentage) wraps around this composite. The script thereby creates an upper and a lower boundary around the Golden VWAP, called “Resistance” and “Support.” Traders may interpret price moves beyond these levels as higher-probability expansions or contractions, but there is no guarantee of outcome. In choppier markets, breakouts above or below these bands might not lead to follow-through, so interpretation should always be combined with other evidence.
Simplified Market State Logic
By checking how price and the Golden VWAP behave from one bar to the next, the script tags the market state with labels like Bullish, Bearish, Super Bullish, or Super Bearish. These classifications hinge on whether the Golden VWAP is rising or falling, and whether price has crossed above or below the composite band. An optional table in the lower-left corner of the chart displays this label.
While such classification is convenient for scanning changing conditions quickly, it should be interpreted with caution. If the market is sideways or if volume patterns are erratic, the script can produce signals that do not align with real momentum. Treat these states as indications of potential bias rather than automatic buy or sell triggers.
Added Value
By gathering VWAP lines across multiple timeframes, generating alerts on all possible combinations of crossovers, and overlaying a composite VWAP with adjustable volatility bands, this script goes beyond typical single-timeframe VWAP indicators. It aims to let users track short-term shifts (e.g., daily crossing weekly) in the context of longer-term trends (e.g., yearly). This granularity and automation can reduce the need for multiple charts or manual recalculations of different VWAP windows.
Why It Can Be Worth Paying For
The capability to simultaneously anchor VWAP to multiple timeframes, detect crossovers, filter out daily signals by weekday/hour, and visualize a composite “Vein” with adjustable ranges represents a comprehensive feature set that free scripts often do not bundle together. For those who rely on multi-timeframe VWAP analysis, the time saved and clarity gained may justify a paid solution.
Interpreting Values
Crossover labels: Identify points where one timeframe’s VWAP moves above or below another. The direction (up or down) suggests potential momentum shifts.
Golden VWAP line: Treat it as the average “fair value” across all anchored periods. Large price moves above or below this line’s surrounding band might signal increased directional conviction—or false breakouts if volume is deceptive.
Market states: Use the Bullish/Super Bullish/Bearish/Super Bearish labels to gauge how price interacts with the composite’s slope and band.
How to Use It Best
Combine these signals with other risk-management methods.
Monitor multiple crossovers in tandem: for example, daily crossing weekly plus monthly crossing quarterly may offer stronger confluence.
Use the optional daily-label toggle to stay focused on selected higher-confidence signals if you find too many crossovers distracting.
Remember that every alert or label should be evaluated in broader market context and your own trading strategy.
Potential Shortcomings
As with any technical study, VWAP lines and crossovers are not foolproof predictors. The script can be less reliable in low-volume or fast-moving conditions. Large price shocks can cause abrupt changes that do not fit the typical patterns this indicator looks for.
In short, this script’s distinct advantage is showing multiple anchored VWAPs and a composite perspective in one place, offering fine control of alerts and appearance settings. Those who benefit most are chartists who want deeper VWAP insights across various timescales without juggling multiple separate indicators. However, like any technical tool, it should be understood as an aid rather than a guarantee of outcomes.
Day’s Open ForecastOverview
This Pine Script indicator combines two primary components:
1. Day’s Open Forecast:
o Tracks historical daily moves (up and down) from the day’s open.
o Calculates average up and down moves over a user-defined lookback period.
o Optionally includes standard deviation adjustments to forecast potential intraday levels.
o Plots lines on the chart for the forecasted up and down moves from the current day's open.
2. Session VWAP:
o Allows you to specify a custom trading session (by time range and UTC offset).
o Calculates and plots a Volume-Weighted Average Price (VWAP) during that session.
By combining these two features, you can gauge potential intraday moves relative to historical behavior from the open, while also tracking a session-specific VWAP that can act as a dynamic support/resistance reference.
How the Code Works
1. Collect Daily Moves
o The script detects when a new day starts using time("D").
o Once a new day is detected, it stores the previous day’s up-move (dayHigh - dayOpen) and down-move (dayOpen - dayLow) into arrays.
o These arrays keep track of the last N days (default: 126) of up/down move data.
2. Compute Statistics
o The script computes the average (f_average()) of up-moves and down-moves over the stored period.
o It also computes the standard deviation (f_stddev()) of up/down moves for optional “forecast bands.”
3. Forecast Lines
o Plots the current day’s open.
o Plots the average forecast lines above and below the open (Avg Up Move Level and Avg Down Move Level).
o If standard deviation is enabled, plots additional lines (Avg+StdDev Up and Avg+StdDev Down).
4. Session VWAP
o The script detects the start of a user-defined session (via input.session) and resets accumulation of volume and the numerator for VWAP.
o As each bar in the session updates, it accumulates volume (vwapCumulativeVolume) and a price-volume product (vwapCumulativeNumerator).
o The session VWAP is then calculated as (vwapCumulativeNumerator / vwapCumulativeVolume) and plotted.
5. Visualization Options
o Users can toggle standard deviation usage, historical up/down moves plotting, and whether to show the forecast “bands.”
o The vwapSession and vwapUtc inputs let you adjust which session (and time zone offset) the VWAP is calculated for.
________________________________________
How to Use This Indicator on TradingView
1. Create a New Script
o Open TradingView, then navigate to Pine Editor (usually found at the bottom of the chart).
o Copy and paste the entire code into the editor.
2. Save and Add to Chart
o Click Save (give it a relevant title if you wish), then click Add to chart.
o The indicator will appear on your chart with the forecast lines and VWAP.
o By default, it is overlayed on the price chart (because of overlay=true).
3. Customize Inputs
o In the indicator’s settings, you can:
Change lookback days (default: 126).
Enable or disable standard deviation (Include Standard Deviation in Forecast?).
Adjust the standard deviation multiplier.
Choose whether to plot bands (Plot Bands with Averages/StdDev?).
Plot historical moves if desired (Plot Historical Up/Down Moves for Reference?).
Set your custom session and UTC offset for the VWAP calculation.
4. Interpretation
o “Current Day Open” is simply today’s open price on your chart.
o Up/Down Move Lines: Indicate a potential forecast based on historical averages.
If standard deviation is enabled, the second set of lines acts as an extended range.
o VWAP: Helpful for determining intraday price equilibrium over the specified session.
Important Notes / Best Practices
• The script only updates the historical up/down move data once per day (when a new day starts).
• The VWAP portion resets at the start of the specified session each day.
• Standard deviation multiplies the average up/down range, giving you a sense of “volatility range” around the day’s open.
• Adjust the lookback length (dayCount) to balance how many days of data you want to average. More days = smoother but possibly slower to adapt; fewer days = more reactive but potentially less reliable historically.
Educational & Liability Disclaimers
1. Educational Disclaimer
o The information provided by this indicator is for educational and informational purposes only. It is a technical analysis tool intended to demonstrate how to use historical data and basic statistics in Pine Script.
2. No Financial Advice
o This script does not constitute financial or investment advice. All examples and explanations are solely illustrative. You should always do your own analysis before making any investment decisions.
3. No Liability
o The author of this script is not liable for any losses or damages—monetary or otherwise—that may occur from the application of this script.
o Past performance does not guarantee future results, and you should never invest money you cannot afford to lose.
By adding this indicator to your TradingView chart, you acknowledge and accept that you alone are responsible for your own trading decisions.
Enjoy using the “Day’s Open Forecast” and Session VWAP for better market insights!
[blackcat] L2 Six Round Positioning█ OVERVIEW
The script is an indicator designed to plot the direction (up, down, no change) of several moving averages (MA) on a separate chart, without overlaying the price data. It calculates Simple Moving Averages (SMA) for 3, 5, 8, 34, 60, 120, and 250 periods and uses conditional logic to determine the color and position of the plotted columns based on whether each MA is increasing, decreasing, or unchanged.
█ LOGICAL FRAMEWORK
The script is structured into three main sections:
1 — Input Parameters: None explicitly defined, but the script uses default settings for the indicator function.
2 — Calculations: Computes Simple Moving Averages (SMA) for seven different periods.
3 — Plotting: Uses conditional logic to plot columns representing the direction of each MA, with positions and colors indicating whether the MA is increasing, decreasing, or unchanged.
The flow of data is straightforward: the script calculates the SMAs, determines their direction, sets the appropriate color, and then plots the columns.
█ CUSTOM FUNCTIONS
• No custom functions are defined in this script. All calculations and plotting are done using built-in Pine Script functions such as ta.sma for SMA calculation and plot for plotting.
█ KEY POINTS AND TECHNIQUES
• Use of ta.sma: The script effectively uses the ta.sma function to calculate Simple Moving Averages for different periods.
• Conditional Logic: The script employs conditional logic (ternary operators) to determine the color and position of the plotted columns based on the direction of each MA.
• Plotting with plot: The plot function is used extensively to display the direction of each MA with different colors and positions.
• Color Transparency: The use of color.new with transparency (e.g., color.new(color.green, 50)) allows for visually distinct colors that are not too overpowering.
█ EXTENDED KNOWLEDGE AND APPLICATIONS
• Modifications: The script could be enhanced by adding input parameters to allow users to customize the periods of the moving averages, colors, and transparency levels.
• Extensions: Similar techniques could be applied to other types of moving averages (e.g., EMA, WMA) or to other technical indicators.
• Strategy Development: This indicator could serve as a component in a larger trading strategy by providing insights into the overall trend direction across multiple timeframes.
• Related Concepts: Understanding of moving averages, conditional logic, and plotting techniques in Pine Script would be beneficial for further development and customization of this script.
Top-Down Trend and Key Levels with Swing Points//by antaryaami0
Overview
The “Top-Down Trend and Key Levels with Swing Points” indicator is a comprehensive tool designed to enhance your technical analysis by integrating multiple trading concepts into a single, easy-to-use script. It combines higher timeframe trend analysis, key price levels, swing point detection, and ranging market identification to provide a holistic view of market conditions. This indicator is particularly useful for traders who employ multi-timeframe analysis, support and resistance levels, and price action strategies.
Key Features
1. Higher Timeframe Trend Background Shading:
• Purpose: Identifies the prevailing trend on a higher timeframe to align lower timeframe trading decisions with the broader market direction.
• How it Works: The indicator compares the current higher timeframe close with the previous one to determine if the trend is up, down, or ranging.
• Customization:
• Trend Timeframe: Set your preferred higher timeframe (e.g., Daily, Weekly).
• Up Trend Color & Down Trend Color: Customize the background colors for uptrends and downtrends.
• Ranging Market Color: A separate color to indicate when the market is moving sideways.
2. Key Price Levels:
• Previous Day High (PDH) and Low (PDL):
• Purpose: Identifies key support and resistance levels from the previous trading day.
• Visualization: Plots horizontal lines at PDH and PDL with labels.
• Customization: Option to show or hide these levels and customize their colors.
• Pre-Market High (PMH) and Low (PML):
• Purpose: Highlights the price range during the pre-market session, which can indicate potential breakout levels.
• Visualization: Plots horizontal lines at PMH and PML with labels.
• Customization: Option to show or hide these levels and customize their colors.
3. First 5-Minute Marker (F5H/F5L):
• Purpose: Marks the high or low of the first 5 minutes after the market opens, which is significant for intraday momentum.
• How it Works:
• If the first 5-minute high is above the Pre-Market High (PMH), an “F5H” label is placed at the first 5-minute high.
• If the first 5-minute high is below the PMH, an “F5L” label is placed at the first 5-minute low.
• Visualization: Labels are placed at the 9:35 AM candle (closing of the first 5 minutes), colored in purple by default.
• Customization: Option to show or hide the marker and adjust the marker color.
4. Swing Points Detection:
• Purpose: Identifies significant pivot points in price action to help recognize trends and reversals.
• How it Works: Uses left and right bars to detect pivot highs and lows, then determines if they are Higher Highs (HH), Lower Highs (LH), Higher Lows (HL), or Lower Lows (LL).
• Visualization: Plots small markers (circles) with labels (HH, LH, HL, LL) at the corresponding swing points.
• Customization: Adjust the number of left and right bars for pivot detection and the size of the markers.
5. Ranging Market Detection:
• Purpose: Identifies periods when the market is consolidating (moving sideways) within a defined price range.
• How it Works: Calculates the highest high and lowest low over a specified period and determines if the price range is within a set percentage threshold.
• Visualization: Draws a gray box around the price action during the ranging period and labels the high and low prices at the end of the range.
• Customization: Adjust the range detection period and threshold, as well as the box color.
6. Trend Coloring on Chart:
• Purpose: Provides a visual cue for the short-term trend based on a moving average.
• How it Works: Colors the candles green if the price is above the moving average and red if below.
• Customization: Set the moving average length and customize the uptrend and downtrend colors.
How to Use the Indicator
1. Adding the Indicator to Your Chart:
• Copy the Pine Script code provided and paste it into the Pine Script Editor on TradingView.
• Click “Add to Chart” to apply the indicator.
2. Configuring Inputs and Settings:
• Access Inputs:
• Click on the gear icon next to the indicator’s name on your chart to open the settings.
• Customize Key Levels:
• Show Pre-Market High/Low: Toggle on/off.
• Show Previous Day High/Low: Toggle on/off.
• Show First 5-Minute Marker: Toggle on/off.
• Set Trend Parameters:
• Trend Timeframe for Background: Choose the higher timeframe for trend analysis.
• Moving Average Length for Bar Color: Set the period for the moving average used in bar coloring.
• Adjust Ranging Market Detection:
• Range Detection Period: Specify the number of bars to consider for range detection.
• Range Threshold (%): Set the maximum percentage range for the market to be considered ranging.
• Customize Visuals:
• Colors: Adjust colors for trends, levels, markers, and ranging market boxes.
• Label Font Size: Choose the size of labels displayed on the chart.
• Level Line Width: Set the thickness of the lines for key levels.
3. Interpreting the Indicator:
• Background Shading:
• Green Shade: Higher timeframe is in an uptrend.
• Red Shade: Higher timeframe is in a downtrend.
• Gray Box: Market is ranging (sideways movement).
• Key Levels and Markers:
• PDH and PDL Lines: Represent resistance and support from the previous day.
• PMH and PML Lines: Indicate potential breakout levels based on pre-market activity.
• F5H/F5L Labels: Early indication of intraday momentum after market open.
• Swing Point Markers:
• HH (Higher High): Suggests bullish momentum.
• LH (Lower High): May indicate a potential bearish reversal.
• HL (Higher Low): Supports bullish continuation.
• LL (Lower Low): Indicates bearish momentum.
• Ranging Market Box:
• Gray Box Around Price Action: Highlights consolidation periods where breakouts may occur.
• Range High and Low Labels: Provide the upper and lower bounds of the consolidation zone.
4. Applying the Indicator to Your Trading Strategy:
• Trend Alignment:
• Use the higher timeframe trend shading to align your trades with the broader market direction.
• Key Levels Trading:
• Watch for price reactions at PDH, PDL, PMH, and PML for potential entry and exit points.
• Swing Points Analysis:
• Identify trend continuations or reversals by observing the sequence of HH, HL, LH, and LL.
• Ranging Market Strategies:
• During ranging periods, consider range-bound trading strategies or prepare for breakout trades when the price exits the range.
• Intraday Momentum:
• Use the F5H/F5L marker to gauge early market sentiment and potential intraday trends.
Practical Tips
• Adjust Settings to Your Trading Style:
• Tailor the indicator’s inputs to match your preferred timeframes and trading instruments.
• Combine with Other Indicators:
• Use in conjunction with volume indicators, oscillators, or other technical tools for additional confirmation.
• Backtesting:
• Apply the indicator to historical data to observe how it performs and refine your settings accordingly.
• Stay Updated on Market Conditions:
• Be aware of news events or economic releases that may impact market behavior and the effectiveness of technical levels.
Customization Options
• Time Zone Adjustment:
• The script uses “America/New_York” time zone by default. Adjust the timezone variable in the script if your chart operates in a different time zone.
var timezone = "Your/Timezone"
• Session Times:
• Modify the Regular Trading Session and Pre-Market Session times in the indicator settings to align with the trading hours of different markets or exchanges.
• Visual Preferences:
• Colors: Personalize the indicator’s colors to suit your visual preferences or to enhance visibility.
• Label Sizes: Adjust label sizes if you find them too intrusive or not prominent enough.
• Marker Sizes: Further reduce or enlarge the swing point markers by modifying the swing_marker_size variable.
Understanding the Indicator’s Logic
1. Higher Timeframe Trend Analysis:
• The indicator retrieves the closing prices of a higher timeframe using the request.security() function.
• It compares the current higher timeframe close with the previous one to determine the trend direction.
2. Key Level Calculation:
• Previous Day High/Low: Calculated by tracking the highest and lowest prices of the previous trading day.
• Pre-Market High/Low: Calculated by monitoring price action during the pre-market session.
3. First 5-Minute Marker Logic:
• At 9:35 AM (end of the first 5 minutes after market open), the indicator evaluates whether the first 5-minute high is above or below the PMH.
• It then places the appropriate label (F5H or F5L) on the chart.
4. Swing Points Detection:
• The script uses ta.pivothigh() and ta.pivotlow() functions to detect pivot points.
• It then determines the type of swing point based on comparisons with previous swings.
5. Ranging Market Detection:
• The indicator looks back over a specified number of bars to find the highest high and lowest low.
• It calculates the percentage difference between these two points.
• If the difference is below the set threshold, the market is considered to be ranging, and a box is drawn around the price action.
Limitations and Considerations
• Indicator Limitations:
• Maximum Boxes and Labels: Due to Pine Script limitations, there is a maximum number of boxes and labels that can be displayed simultaneously.
• Performance Impact: Adding multiple visual elements (boxes, labels, markers) can affect the performance of the script on lower-end devices or with large amounts of data.
• Market Conditions:
• False Signals: Like any technical tool, the indicator may produce false signals, especially during volatile or erratic market conditions.
• Not a Standalone Solution: This indicator should be used as part of a comprehensive trading strategy, including risk management and other forms of analysis.
Conclusion
The “Top-Down Trend and Key Levels with Swing Points” indicator is a versatile tool that integrates essential aspects of technical analysis into one script. By providing insights into higher timeframe trends, highlighting key price levels, detecting swing points, and identifying ranging markets, it equips traders with valuable information to make more informed trading decisions. Whether you are a day trader looking for intraday opportunities or a swing trader aiming to align with the broader trend, this indicator can enhance your chart analysis and trading strategy.
Disclaimer
Trading involves significant risk, and it’s important to understand that past performance is not indicative of future results. This indicator is a tool to assist in analysis and should not be solely relied upon for making trading decisions. Always conduct thorough research and consider seeking advice from financial professionals before engaging in trading activities.
Candle Average PriceOverview
The Candle Average Price indicator is a custom tool designed to help traders identify key price levels by calculating and displaying the average price of recent candles on your TradingView chart. This indicator computes the average price based on a user-defined percentage of each candle's range over a specified number of candles. It then plots a horizontal line representing this average, covering only the last N candles as defined by you.
Key Features
Customizable Number of Candles: Define how many past candles to include in the average calculation.
Adjustable Percentage Level: Choose any percentage of each candle's range (from low to high) to calculate the price level.
Dynamic Horizontal Line: The indicator plots a horizontal line representing the calculated average, updating with each new bar and covering only the specified number of candles.
How It Works
Price at Specified Percentage:
For each candle, the indicator calculates a price level at your chosen percentage within the candle's range.
Formula: Price = Low + (Percentage Level / 100) * (High - Low)
Average Price Calculation:
It computes the average of these price levels over the last N candles.
Formula: Average Price = Sum of Price Levels over N Candles / N
Horizontal Line Plotting:
A horizontal line is drawn at the calculated average price level.
The line spans from N candles ago to the current candle, covering exactly the number of candles specified.
Input Parameters
Number of Candles (length):
Description: The number of recent candles over which the average is calculated.
Default Value: 4
Range: 1 to any positive integer.
Usage: Adjust this to include more or fewer candles in the calculation. A higher number smooths the average, while a lower number makes it more responsive to recent price changes.
Percentage Level (%):
Description: The percentage within each candle's range to calculate the price level.
Default Value: 50%
Range: 0% (candle low) to 100% (candle high).
Usage: Modify this to focus on different parts of each candle:
0%: Uses the low of each candle.
50%: Uses the midpoint of each candle.
100%: Uses the high of each candle.
Custom Percentage: Any value between 0% and 100% to target specific levels.
How to Use the Indicator
Adding the Indicator to Your Chart:
Open the TradingView chart of your preferred financial instrument.
Click on Indicators at the top of the chart.
Select Invite-Only Scripts if you've saved the script there, or use the Pine Editor to paste and apply the script.
Configuring the Settings:
After adding the indicator, click on the gear icon ⚙️ next to its name to open settings.
Adjust the Number of Candles (length) to your desired period.
Set the Percentage Level (%) (percentage) to the specific level within each candle's range you want to analyze.
Interpreting the Horizontal Line:
The horizontal line represents the average price calculated based on your inputs.
It updates with each new bar, always reflecting the most recent data over the specified number of candles.
The line only spans the last N candles, providing a focused view of recent price action.
Practical Applications
Identifying Support and Resistance Levels:
The average price line can act as a dynamic support or resistance level.
Traders can watch for price reactions around this line to make trading decisions.
Trend Analysis:
Observing how the price interacts with the average line can provide insights into the current trend's strength and potential reversals.
Entry and Exit Signals:
Use the line as a reference point for setting stop-loss orders or taking profits.
Combine it with other indicators for more robust trading signals.
In highly volatile markets, consider increasing the number of candles to avoid false signals.
Limitations and Considerations
Not a Standalone Tool:
This indicator should not be used in isolation for making trading decisions. Always consider additional analysis.
Market Conditions Matter:
The indicator may perform differently in trending markets versus ranging markets.
Data Refresh:
Ensure you have a stable internet connection and that your TradingView chart is set to the correct time frame.
Conclusion
The Candle Average Price indicator is a flexible and user-friendly tool that provides valuable insights into recent price action by calculating the average price based on your specific criteria. By adjusting the parameters to suit your trading style, you can incorporate this indicator into your technical analysis to help identify potential trading opportunities.
Disclaimer: Trading financial instruments involves risk, and past performance is not indicative of future results. This indicator is a tool to assist in analysis and should not be considered financial advice.
Happy Trading!
Asian Range IndicatorIndicator Name:
Asian Range Indicator
Description:
This TradingView indicator is designed to accurately detect the price range during the Asian session, based on our trading strategy. This range is crucial for planning trades in the European and American sessions. Using advanced algorithms, the indicator automatically identifies and plots the highs and lows within the Asian session period, highlighting them on the chart with shaded areas for clear visualization. This helps traders anticipate breakouts and set more precise entry and exit levels.
How to Use the Indicator:
Add the indicator to your TradingView chart.
Observe the shaded areas representing the Asian range.
Use these levels to plan your trades during the European and American sessions.
Combine with other technical indicators to confirm your trading decisions.
Chart:
The chart published with this script is clean and easy to understand, clearly showing the Asian range highlighted with shaded areas. No other scripts are included, ensuring the indicator's output is easily identifiable. The shaded areas contribute to the visual understanding of the Asian range, helping traders effectively use the script.
Wave LineWave Line is a chart type obtained by plotting the High and Low values in each time interval according to their sequential order. This method produces a continuous line rather than bars, which is beneficial for analyzing changes within each interval rather than focusing on the price range and open/close values. E.g for Wave Analysis.
How to use:
1. Adjust the interval unit and multiplier for the main timeframe.
2. Ideally, select a lower timeframe on your chart, approximately 5 times smaller than the one specified for the script.
3. Lower Timeframe is the timeframe which will be the scripts reference when the high and low of the main timeframe align on a single bar of the opened chart. This timeframe may also be 5-10 times smaller than the main timeframe. It is important to note that this should not be excessively smaller as the script may fail in retrieving data. An alternative method is included to estimate the order if it is not clear in the fetched data.
4. Set a preferred value for Monowave Length, indicating the number of bars a monowave will cover horizontally. Set the value to be half of the Interval Multiplier for the Wave Line to align with the bar chart. However if the multiplier is an odd number, perfect alignment may not be achieved.
5. Ensure that the product of Max Polyline Segments and Monowave length does not exceed 5000, and adjust the value for Max Polyline Segments accordingly.
RSI Graphique and Dashboard MTFMTF RSI Indicator - User Guide
Introduction:
The MTF RSI (Multi-Timeframe Relative Strength Index) Pine Script is designed to provide traders with a comprehensive view of the RSI (Relative Strength Index) across multiple timeframes. The script includes a primary chart displaying RSI values and a dashboard summarizing RSI trends for different time intervals.
Installation:
Copy the provided Pine Script.
Open the TradingView platform.
Create a new script.
Paste the copied code into the script editor.
Save and apply the script to your chart.
Primary Chart:
The primary chart displays RSI values for the selected timeframe (5, 15, 60, 240, 1440 minutes).
different color lines represent RSI values for different timeframes.
Overbought and Oversold Levels:
Overbought levels (70) are marked in red, while oversold levels (30) are marked in blue for different timeframes.
Dashboard:
The dashboard is a quick reference for RSI trends across multiple timeframes.
Each row represents a timeframe with corresponding RSI trend information.
Arrows (▲ for bullish, ▼ for bearish) indicate the current RSI trend.
Arrow colors represent the trend: blue for bullish, red for bearish.
Settings:
Users can customize the RSI length, background color, and other parameters.
The background color of the dashboard can be adjusted for light or dark themes.
Interpretation:
Bullish Trend: ▲ arrow and blue color.
Bearish Trend: ▼ arrow and red color.
RSI values above 70 may indicate overbought conditions, while values below 30 may indicate oversold conditions.
Practical Tips:
Timeframe Selection: Consider the trend alignment across different timeframes for comprehensive market analysis.
Confirmation: Use additional indicators or technical analysis to confirm RSI signals.
Backtesting: Before applying in live trading, conduct thorough backtesting to evaluate the script's performance.
Adjustment: Modify settings according to your trading preferences and market conditions.
Disclaimer:
This script is a tool for technical analysis and should be used in conjunction with other indicators. It is not financial advice, and users should conduct their own research before making trading decisions. Adjust settings based on personal preferences and risk tolerance. Use the script responsibly and at your own risk.
Sublime Trading | Trend Strength FilterWhat kind of traders/investors are we?
We are trend followers. Our scripts are designed to be used on the higher timeframes (weekly/daily) to catch the large moves/trends in the market.
Most have heard of long-term trend following. Few know how to execute the strategy.
Our scripts are designed specifically to identify and invest in long-term market trends.
What does this script do?
Identifying trends is at the heart of sound investing.
This script is colour coded to help identify long-term trends and environments where you will want to consider taking positions.
It is also designed to identify sideways/consolidating markets, environments where you will want to consider standing aside.
How is the trailing stoploss produced?
The script uses two sets of Bollinger Bands, one with setting Standard Deviation 1 and the other with Standard Deviation 2.
These settings help to create 3 zones - Buy, Sell and Stand Aside.
The bars will change colour according to which zone they are in.
The Buy zone is colour-coded green, and when a bull market or the start of a bull trend is in play. The green switches from light green to dark green as the asset’s price moves above the Buy zone.
This switch in colour serves as a warning that a reversal/pullback may occur next from bullish to bearish.
The Sell zone is colour-coded red and when a bear market or the start of a bear trend is in play. The red switches from light red to dark red as the asset’s price moves below the Sell zone.
This switch in colour serves as a warning that a reversal/pullback may occur next from bearish to bullish.
The Stand Aside is confirmed when the colour-code changes to grey. This may not necessarily mean a trend reversal but simply a time to apply patience before a trend continuation.
A sustained mixture of red, green and grey bars confirms a consolidation or sideways market and when investors/traders will want to stand aside and consider another asset.
What is the best timeframe to use the script?
Long-term trends are identified on the daily and weekly timeframes where traders and investors take fewer positions but hold for longer time periods.
We recommend using the script in unison on the weekly and daily timeframes.
When both timeframes fall into the Buy zone and colour-coded green, it signifies a strong bull market.
When both timeframes fall into the Sell zone and colour-coded red, it signifies a strong bear market.
When there is a mixture of green, red and grey bars across the two timeframes, it signifies a sideways market and when investors stand aside and protect their capital.
The weekly timeframe will also help mask the noise on the daily timeframe, allowing you to hold positions longer.
The Trailing Strength Filter script is for investors who want to identify and invest in long-term trends whilst simultaneously eliminating intraday swings.
What makes this script unique?
Identifying the start of long-term trends and then riding out established trends are among the main struggles budding investors face. This script has been coded specifically for the daily and weekly timeframe to:
Seamlessly identify the start, middle and end of trends
Align with the market and remove social media noise calling market tops and bottoms
Allow for discretion when entering but particularly exiting of positions if a market trend has not ended
This trend filter script ensures alignment with long-term market trends.
Divergences in 52 Week Moving Averages, Adjusted and SmoothedThis script description is intended to be holistic and comprehensive for the understanding of the interested parties who view the script.
Following the PineCoders suggestions, I have provided detailed breakdowns both within the code and in the description immediately below:
► Description
This description is intended to be detailed and meaningful, conveying the understanding of the script’s intention to the user:
The theory: Divergences and extreme readings in 52-Week highs on major indexes can provide a view into a potential pending move in the opposite direction of how the market has been trending. By comparing the 52-Week Hi/Lo indices and applying an Exponential Moving Average (EMA), we can assess how extreme a move is from the average. If the move provides an extreme reading, it would potentially be beneficial to “fade” the move (take a position in the opposing direction).
The intention: The intentionality of this script is to provide a visualization of when the highly-probable opportunity to fade over a multi-day or multi-week period arises. In addition to this, based on backtesting prior moves and reading the various levels of significant reversals, three tiers: “Standard”, “Sensitive”, and “Highly Sensitive” have been applied, the user can choose which sensitivity level they would like to see, there are far less false positives on the Standard and Sensitive settings, while Highly Sensitive often signals multiple times with the move coming a few days later.
The application: The settings allow the user to customize their sensitivity to the fade signals, with the ability to customize the visual that shows up as well. For higher-highs that are fade-worthy, the signal will appear on the top of the candle, for lower-lows that are fade-worthy, the signal will appear on the bottom of the candle. The users risk criteria should be the primary driver of the entry/exit, although when backtesting it appears that the significant move is typically completed within a 2-4 week period at max and 3-5 day period at minimum.
A personal note: I am a futures trader intraday but would very strongly caution users when using this strategy with futures (unless their risk tolerance is higher than most). The most beneficial strategy when fading moves would be to enter in tranches, starting at the first signal and adding on any pullback (as long as the pullback is not below the initial entry point). 1-6 Week Date-To-Expiry options would be the primary method for applying this strategy. I would also like to add that SPY/SPX options (SPDR S&P 500 ETF Trust / CBOE S&P 500 Index) are the most liquid options that could be applied in this strategy.
► Description (additional)
With the understanding that few users can read pinescript (Pine), the description above contains all of the necessary information that is necessary for a user to understand the intention for script utilization. For those who do understand Pine, the code is commented in each section in order to provide an understanding of the underlying functions, calculations, and thought process that went on during the writing of the script.
► Description (additional)
This script’s description contains no delegations, all aspects of the script as well as the initial idea behind it are contained in the description above, which is self-contained in it’s entirety with a clear and defined purpose that is written with the intent to holistically capture the intent of the potential use for this indicator.
► General House Rule #2
This script and the description (as well as my profile) contain no links or associations to promotion of any kind, I am not a business, I am not an individual that will in any way make money from this script or the promotion of another person, idea, company, entity, or legal persons (foreign or domestic).
► Originality and usefulness
This is an original and custom script (and idea) that is not a rehashing or a copy of any code from any other programmers in the tradingview community.
Crypto Uptrend Script + Pullback//Volume CandlesDescription: his is an adaption of my Pullback candle - This works on all timeframes and Markets (Forex//Stocks//)
Crypto Uptrend Script with Pullback Candle allows traders to get into a trend when the price is at end of a pullback and entering a balance phase in the market (works on all markets). The use of Moving averages to help identify a Trends and the use of Key levels to help traders be aware of where strong areas are in the market.
This script can work really well in Crypto Bull Runs when used on HTF and with confluences
The script has key support and resistance zones which are made up of quarterly data. Price reacts to these areas but patience is required as price will take time to come into these areas
I have updated the Pullback Candle with the use of Volume to filter out the weak Pullback Candles -
There are new candles to the script.
The First candle is the Bullish Volume Candle - This candle is set to a multiplier of 2x with a crossover of 50/100 on Volume - this then will paint a purple candle.
Uses of the Bullish Volume Candle:
Breakthrough of key areas // special chart patterns
Rejection of key areas
End of a impulse wave (Profit Takers)
The second candle is a Hammer - I prefer using the Hammers on Higher Timeframes however they do work on all timeframes. .
The third candle is a Exhaustion of impulse downward move.
Uses of this candle - can denote a new trend but has to be with confluence to a demand area // support area or with any use of technical analysis - using this alone is not advised
The fourth candle is a indecision candle in the shape of a Doji - this candle can help identify if the trend is in a continuation or a reversal
This script can work really well in Crypto Bull Runs
Disclaimer: There will be Pullbacks with High Volume (Breakouts) and not go the way as intended but this script is to allow traders to get into trends at good price levels. The script can paint signals in areas where price is too expensive so please do your own due diligence on the markets as this script is to help get into good areas of price
Please leave a thumbs up if you like this script and message me for information on how to use the script.
Weis V5 zigzag jayySomehow, I deleted version 5 of the zigzag script. Same name. I have added some older notes describing how the Weis Wave works.
I have also changed the date restriction that stopped the script from working after Dec 31, 2022.
What you see here is the Weis zigzag wave plotted directly on the price chart. This script is the companion to the Weis cumulative wave volume script.
What is a Weis wave? David Weis has been recognized as a Wyckoff method analyst he has written two books one of which, Trades About to Happen, describes the evolution of the now-popular Weis wave. The method employed by Weis is to identify waves of price action and to compare the strength of the waves on characteristics of wave strength. Chief among the characteristics of strength is the cumulative volume of the wave. There are other markers that Weis uses as well for example how the actual price difference between the start of the Weis wave from start to finish. Weis also uses time, particularly when using a Renko chart
David Weis did a futures io video which is a popular source of information about his method. (Search David Weis and futures.io. I strongly suggest you also read “Trades About to Happen” by David Weis.
This will get you up and running more quickly when studying charts. However, you should choose the Traditional method to be true to David Weis technique as described in his book "Trades About to Happen" and in the Futures IO Webcast featuring David Weis
. The Weis pip zigzag wave shows how far in terms of bar close price a Weis wave has traveled through the duration of a Weis wave. The Weis zigzag wave is used in combination with the Weis cumulative volume wave. The two waves should be set to the same "wave size".
To use this script, you must set the wave size: Using the traditional Weis method simply enter the desired wave size in the box "How should wave size be calculated", in this example I am using a traditional wave size of .25. Each wave for each security and each timeframe requires its own wave size. Although not the traditional method devised by David Weis a more automatic way to set wave size would be to use Average True Range (ATR). Using ATR is not the true Weis method but it does give you similar waves and, importantly, without the hassle described above. Once the Weis wave size is set then the zigzag wave will be shown with volume. Because Weis used the closing price of a wave to define waves a line Bar highs and bar lows are not captured by the Weis Wave. The default script setting is now cumulative volume waves using an ATR of 7 and a multiplication factor of .5.
To display volume in a way that does not crowd out neighbouring volumes Weis displayed volume as a maximum of 3 digits (usually). Consider two Weis Wave volumes 176,895,570 and 2,654,763,889. To display wave volume as three digits it is necessary to take a number such as 176,895,570 and truncate it. 176,895,570 can be represented as 177 X 10 to the power of 6. The number displayed must also be relative to other numbers in the field. If the highest volume on the page is: 2,654,763,889 and with only three numbers available to display the result the value shown must be 265 (265 X 10 to the power of 7). Since 176,895,570 is an order of magnitude smaller than 2,654,763,889 therefore 175,895,570 must be shown as 18 instead of 177. In this way, the relative magnitudes of the two volumes can be understood. All numbers in the field of view must be truncated by the same order of magnitude to make the relative volumes understandable. The script attempts to calculate the order of magnitude value automatically. If you see a red number in the field of view it means the script has failed to do the calculation automatically and you should use the manual method – use the dialogue box “Calculate truncated wave value automatically or manually”. Scroll down from the automatic method and select manual. Once "manual" is selected the values displayed become the power values or multipliers for each wave.
Using the manual method you will select a “Multiplier” in the next dialogue box. Scan the field and select the largest value in the field of view (visible chart) is the multiplier of interest. If you select a lower number than the maximum value will see at least one red “up”. If you are too high you will see at least one red “down”. Scroll in the direction recommended or the values on the screen will be totally incorrect. With volume truncated to the highest order values, the eye can quickly get a feel for relative volumes. It also reduces the crowding and overlapping of values on the screen. You can opt to show the full volume to help get a sense of the magnitude of the true volumes.
How does the script determine if a Weis wave is continuing to grow or not?
The script evaluates the closing price of each new bar relative to the "Weis wave size". Suppose the current bar closes at a new low close, within the current down wave, at $30.00. If the Weis wave size is $0.10 then the algorithm will remember the $30.00 close and compare it to the close of the next bar. If the bar close price does not close equal to or lower than $30.00 or close equal to or higher than $30.10 then the wave is still a down wave with a current low of $30.00. This is true even if the bar low is less than $30.00 or the bar high is greater than 30.10 – only the bar’s closing price matters. If a bar's closing price climbs back up to a close of $30.11 then because the closing price has moved more than $0.10 (the Weis wave size) then that is a wave reversal with a new up-trending wave. In the above example if there was currently a downward trending wave and the bar closes were as follows $30.00, $30.09, $30.01, $30.05, $30.10 The wave direction would continue to stay downward trending until the close of $30.10 was achieved. As such $30.00 would be the low and the following closes $30.09, $30.01, $30.05 would be allocated to the new upward-trending wave. If however There was a series of bar closes like this $30.00, $30.09, $30.01, $30.05, $29.99 since none of the closes was equal to above the 10-cent reversal target of $30.10 but instead, a new Weis wave low was achieved ($29.99). As such the closes of $30.09, $30.01, $30.05 would all be attributed to the continued down-trending wave with a current low of $29.99, even though the closing price for the interim bars was above $30.00. Now that the Weis Wave low is now 429.99 then, in order to reverse this continued downtrend price will need to close at or above $30.09 on subsequent bar closes assuming now new low bar close is achieved. With large wave sizes, wave direction can be in limbo for many bars before a close either renews wave direction or reverses it and confirms wave direction as either a reversal or a continuation. On the zig-zag, a wave line and its volume will not be "printed" until a wave reversal is confirmed.
The wave attribution is similar when using other methods to define wave size. If ATR is used for wave size instead of a traditional wave constant size such as $0.10 or $2 or 2000 pips or ... then the wave size is calculated based on current ATR instead of the Weis wave constant (Traditional selected value).
I have the option to display pseudo-Ord volume. In truth, Ord used more traditional zig-zag pivots of bar highs and lows. Waves using closes as pivots can have some significant differences. This difference can be lessened by using smaller time frames and larger wave sizes.
There are other options such to display the delta price or pip size of a Weis Wave, the number of bars in a wave, and a few other options.
BE - Pr_DayLowHigh_BreakoutScreener AlgoHerewith presenting the Screener based indicator which supports Algo trade on the NSE stocks. The idea behind this indicator is when the Current day stock breaks out of Yesterday's high or Low with promising volumes (Using MA's and POC of Volume Profile) along with formation of candle Pattern. Initiates the Trade entries.
Note: Indicator is designed to take an entry even before the candle is closed as soon as the entry level is crossed and it shall exit the trade as soon as the SL is hit even before candle is close.
How to Work with this Indicator.
You can map up to 15 Scripts in this indicator. However you may decide if you wish to load all 15 are few of them. if you wish to load only 10, below settings should help you ignore the rest 10 symbols from screening it for setups
Updating Symbol Script.
This is an important part is used for Algo trades. Read the tooltip for better understanding of the format. Acceptable format is Broker Name followed with : and space with Symbol mapping Name followed with / and Instrument token provided by broker if no token alloted for the script then you may keep 0 against symbol name followed with / and Qty in terms of absolute value or in terms of percentage.
Trade and Scan Settings
Symbol List Mapping
For Improvements in Results - Use Events and keep a track of it / use Nudges etc.
