OPEN-SOURCE SCRIPT
Exhaustion Signal
Diupdate
Exhaustion Signal
The Exhaustion Signal involves monitoring a sequence of consecutive bars within a price chart. This analytical approach aims to identify instances where the price exhibits pronounced movement, potentially indicating an upcoming shift in the current trend. The methodology works by assigning values to bars based on their relationship with the closing price of a bar from four periods ago. If a subsequent bar's closing price surpasses the close of the bar from four periods ago, the count advances. However, if the closing price falls below the close of the bar from four periods ago, the count is reset. This counting process continues until a predetermined count value is reached. The appearance of this count value within the exhaustion signal framework signifies a market that has extended beyond typical levels, suggesting the possibility of a temporary pause or even a reversal in the existing trend.
It's important to note that, as per the principles of this approach, the exhaustion signal by itself is not designed to function as a standalone trading indicator. The broader market context and the application of additional analysis techniques influence its significance and potential trading implications.
The Exhaustion Signal involves monitoring a sequence of consecutive bars within a price chart. This analytical approach aims to identify instances where the price exhibits pronounced movement, potentially indicating an upcoming shift in the current trend. The methodology works by assigning values to bars based on their relationship with the closing price of a bar from four periods ago. If a subsequent bar's closing price surpasses the close of the bar from four periods ago, the count advances. However, if the closing price falls below the close of the bar from four periods ago, the count is reset. This counting process continues until a predetermined count value is reached. The appearance of this count value within the exhaustion signal framework signifies a market that has extended beyond typical levels, suggesting the possibility of a temporary pause or even a reversal in the existing trend.
It's important to note that, as per the principles of this approach, the exhaustion signal by itself is not designed to function as a standalone trading indicator. The broader market context and the application of additional analysis techniques influence its significance and potential trading implications.
Catatan Rilis
Minor backend code change - no impact on user.Catatan Rilis
Modified to allow users to change the number of candles counted (default is nine).Catatan Rilis
Added a second exhaustion signal with a default value of 12.Catatan Rilis
Updated the alert mechanismCatatan Rilis
Minor clean-up of script.Catatan Rilis
Minor clean-up and updated chart imageCatatan Rilis
Improved the calculation so both exhaustion signal counts only reset after a successful 12 count (or failure beforehand), rather than having the 9 reset on a successful 9 count.Catatan Rilis
Additional improvements to the calculation function.Candles after the first exhaustion signal (9 count) must now close above (or below) the candle 3 prior, rather than 4 prior. This ensures the second exhaustion signal candle closed above (or below) the first exhaustion signal.
Catatan Rilis
- The script has been upgraded to Pine Script v6
- A 3rd level signal has been added with a count value of 14. Starting at count 13 (after the 2nd signal), the candles must close above (or below) the candle two periods prior to progress.
- Users can now toggle individual signal levels on or off
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Catatan Rilis
Level 3 signals were triggering on incorrect candles. The logic for the calculation section has been overhauled and fixed.Catatan Rilis
Bug fix on the new calculation - cycles were resetting to 0 instead of 1Catatan Rilis
Another bug fix in the calculation logic.Catatan Rilis
Found another issue with how the cycle was being calculated and reset after implementation of the level 3 signal. It should be resolved now.Catatan Rilis
Minor formatting changesCatatan Rilis
Minor formatting updatesCatatan Rilis
Minor formatting updatesSkrip open-source
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