OPEN-SOURCE SCRIPT
Consolidation Finder Expo [serkany88]
It's relatively easy to create a repainting system where you can detect consolidation but it can be pretty hard to detect breakouts while the consolidation is happening live. This experimental approach came to my mind after brainstorming a bit.
What it does
This indicator DOES NOT REPAINT and try to show consolidation zones by coloring the bars or background to a selected color(default white)
How it works
In this approach we use weighted standard deviation of Vidya (Variable Index Dynamic Average created by Tushar Chande). The reason we use vidya is it's length is actually being adapted to volatility and lookback is dynamically adjusted. After getting vidya of base we also create same length vidya of high's and low's and get weighted standard deviation of those. After this we add and subtract those with base vidya and and get their average with our multiplier weight starting from the first bar. If our current value is higher than the average it means we are not in consolidation, else we are thus the bar and background will be painted.
How to use
Consolidation Finder can be used with your existing bot strategy as an additional filter or can be used with your manual trading system as an additional filter or detect breakouts. But be aware that you might need to tinker with length and multipliers in the settings depending on your timeframe to get best results possible before using it reliably. You can also enable the plots of vidya's from the style tab which is disabled by default to see how the deviations actually move if you are interested in it.
What it does
This indicator DOES NOT REPAINT and try to show consolidation zones by coloring the bars or background to a selected color(default white)
How it works
In this approach we use weighted standard deviation of Vidya (Variable Index Dynamic Average created by Tushar Chande). The reason we use vidya is it's length is actually being adapted to volatility and lookback is dynamically adjusted. After getting vidya of base we also create same length vidya of high's and low's and get weighted standard deviation of those. After this we add and subtract those with base vidya and and get their average with our multiplier weight starting from the first bar. If our current value is higher than the average it means we are not in consolidation, else we are thus the bar and background will be painted.
How to use
Consolidation Finder can be used with your existing bot strategy as an additional filter or can be used with your manual trading system as an additional filter or detect breakouts. But be aware that you might need to tinker with length and multipliers in the settings depending on your timeframe to get best results possible before using it reliably. You can also enable the plots of vidya's from the style tab which is disabled by default to see how the deviations actually move if you are interested in it.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart
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One does not simply win every trade.
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