Predictive Candles Variety Pack [SS]

19 Nov 2023

This indicator provides you with the ability to select from a variety of candle prediction methods.

It permits for:

👉 Traditional Linear Regression Candle Predictions
👉 Candle Predictions based on the underlying Stochastics
👉 Candle Predictions based on the underlying RSI
👉 Candle Predictions based on the underlying MFI
👉 Candle Predictions based on the EMA 9
👉 Candle Predictions based on ARIMA modelling


Which is best?

Each method serves its unique purpose.
Here are some general tips of which candles are better suited for what:

🎯Trend Following🎯

For Trend following, the EMA 9 would be an appropriate choice of candle as it helps you to identify the current trend and potential early pullbacks/reversals.

🎯Momentum Following🎯

Momentum following is best carried out with the Stochastics Candles.

🎯Pullback Determination🎯

Pullback Determination is best accomplished through the RSI candles, as the ranges compress or expand based on the current state of oversold/overboughtness.

🎯Detrended Range🎯

To see the detrended range of where the ticker should be falling, absent the trendy noise, it's best to use the ARIMA candles.


Other Features

👉 Other features include a Backtest option that can be toggled on or off and will backtest over the length of the assessment. I don't recommend leaving it on as it can be resource-heavy on Pinescript though.

👉 The ability to adjust the transparency of the candles if you want them to be more or less visible.

Troubleshooting Note
The ARIMA modeling version is extremely resource-heavy, as it has to fully develop an ARIMA model. I have tried to optimize it by reducing the lagged assessment to just 2 lags. If you are using a free or non-premium membership, you may need to reduce the length of the assessment.

And that's it! Pretty straightforward indicator.
Hope you enjoy it!