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.
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PERFECT PIVOT RANGE DR ABIRAM SIVPRASAD (PPR)PERFECT PIVOT RANGE (PPR) by Dr. Abhiram Sivprasad
The Perfect Pivot Range (PPR) indicator is designed to provide traders with a comprehensive view of key support and resistance levels based on pivot points across different timeframes. This versatile tool allows users to visualize daily, weekly, and monthly pivots along with high and low levels from previous periods, helping traders identify potential areas of price reversals or breakouts.
Features:
Multi-Timeframe Pivots:
Daily, weekly, and monthly pivot levels (Pivot Point, Support 1 & 2, Resistance 1 & 2).
Helps traders understand price levels across various timeframes, from short-term (daily) to long-term (monthly).
Previous High-Low Levels:
Displays the previous week, month, and day high-low levels to highlight key zones of historical support and resistance.
Traders can easily see areas of price action from prior periods, giving context for future price movements.
Customizable Options:
Users can choose which pivot levels and high-lows to display, allowing for flexibility based on trading preferences.
Visual settings can be toggled on and off to suit different trading strategies and timeframes.
Real-Time Data:
All pivot points and levels are dynamically calculated based on real-time price data, ensuring accurate and up-to-date information for decision-making.
How to Use:
Pivot Points: Use daily, weekly, or monthly pivot points to find potential support or resistance levels. Prices above the pivot suggest bullish sentiment, while prices below indicate bearishness.
Previous High-Low: The high-low levels from previous days, weeks, or months can serve as critical zones where price may reverse or break through, indicating potential trade entries or exits.
Confluence: When pivot points or high-low levels overlap across multiple timeframes, they become even stronger levels of support or resistance.
This indicator is suitable for all types of traders (scalpers, swing traders, and long-term investors) looking to enhance their technical analysis and make more informed trading decisions.
Here are three detailed trading strategies for using the Perfect Pivot Range (PPR) indicator for options, stocks, and commodities:
1. Options Buying Strategy with PPR Indicator
Strategy: Buying Call and Put Options Based on Pivot Breakouts
Objective: To capitalize on sharp price movements when key pivot levels are breached, leading to high returns with limited risk in options trading.
Timeframe: 15-minute to 1-hour chart for intraday option trading.
Steps:
Identify the Key Levels:
Use weekly pivots for intraday trading, as they provide more significant levels for options.
Enable the "Previous Week High-Low" to gauge support and resistance from the previous week.
Call Option Setup (Bullish Breakout):
Condition: If the price breaks above the weekly pivot point (PP) with high momentum (indicated by a strong bullish candle), it signifies potential bullishness.
Action: Buy Call Options at the breakout of the weekly pivot.
Confirmation: Check if the price is sustaining above the pivot with a minimum of 1-2 candles (depending on timeframe) and the first resistance (R1) isn’t too far away.
Target: The first resistance (R1) or previous week’s high can be your target for exiting the trade.
Stop-Loss: Set a stop-loss just below the pivot point (PP) to limit risk.
Put Option Setup (Bearish Breakdown):
Condition: If the price breaks below the weekly pivot (PP) with strong bearish momentum, it’s a signal to expect a downward move.
Action: Buy Put Options on a breakdown below the weekly pivot.
Confirmation: Ensure that the price is closing below the pivot, and check for declining volumes or bearish candles.
Target: The first support (S1) or the previous week’s low.
Stop-Loss: Place the stop-loss just above the pivot point (PP).
Example:
Let’s say the weekly pivot point (PP) is at 1500, the price breaks above and sustains at 1510. You buy a Call Option with a strike price near 1500, and the target will be the first resistance (R1) at 1530.
2. Stock Trading Strategy with PPR Indicator
Strategy: Swing Trading Using Pivot Points and Previous High-Low Levels
Objective: To capture mid-term stock price movements using pivot points and historical high-low levels for better trade entries and exits.
Timeframe: 1-day or 4-hour chart for swing trading.
Steps:
Identify the Trend:
Start by determining the overall trend of the stock using the weekly pivots. If the price is consistently above the pivot point (PP), the trend is bullish; if below, the trend is bearish.
Buy Setup (Bullish Trend Reversal):
Condition: When the stock bounces off the weekly pivot point (PP) or previous week’s low, it signals a bullish reversal.
Action: Enter a long position near the pivot or previous week’s low.
Confirmation: Look for a bullish candle pattern or increasing volumes.
Target: Set your first target at the first resistance (R1) or the previous week’s high.
Stop-Loss: Place your stop-loss just below the previous week’s low or support (S1).
Sell Setup (Bearish Trend Reversal):
Condition: When the price hits the weekly resistance (R1) or previous week’s high and starts to reverse downwards, it’s an opportunity to short-sell the stock.
Action: Enter a short position near the resistance.
Confirmation: Watch for bearish candle patterns or decreasing volume at the resistance.
Target: Your first target would be the weekly pivot point (PP), with the second target as the previous week’s low.
Stop-Loss: Set a stop-loss just above the resistance (R1).
Use Previous High-Low Levels:
The previous week’s high and low are key levels where price reversals often occur, so use them as reference points for potential entry and exit.
Example:
Stock XYZ is trading at 200. The previous week’s low is 195, and it bounces off that level. You enter a long position with a target of 210 (previous week’s high) and place a stop-loss at 193.
3. Commodity Trading Strategy with PPR Indicator
Strategy: Trend Continuation and Reversal in Commodities
Objective: To capitalize on the strong trends in commodities by using pivot points as key support and resistance levels for trend continuation and reversal.
Timeframe: 1-hour to 4-hour charts for commodities like Gold, Crude Oil, Silver, etc.
Steps:
Identify the Trend:
Use monthly pivots for long-term commodities trading since commodities often follow macroeconomic trends.
The monthly pivot point (PP) will give an idea of the long-term trend direction.
Trend Continuation Setup (Bullish Commodity):
Condition: If the price is consistently trading above the monthly pivot and pulling back towards the pivot without breaking below it, it indicates a bullish continuation.
Action: Enter a long position when the price tests the monthly pivot (PP) and starts moving up again.
Confirmation: Look for a strong bullish candle or an increase in volume to confirm the continuation.
Target: The first resistance (R1) or previous month’s high.
Stop-Loss: Place the stop-loss below the monthly pivot (PP).
Trend Reversal Setup (Bearish Commodity):
Condition: When the price reverses from the monthly resistance (R1) or previous month’s high, it’s a signal for a bearish reversal.
Action: Enter a short position at the resistance level.
Confirmation: Watch for bearish candle patterns or decreasing volumes at the resistance.
Target: Set your first target as the monthly pivot (PP) or the first support (S1).
Stop-Loss: Stop-loss should be placed just above the resistance level.
Using Previous High-Low for Swing Trades:
The previous month’s high and low are important in commodities. They often act as barriers to price movement, so traders should look for breakouts or reversals near these levels.
Example:
Gold is trading at $1800, with a monthly pivot at $1780 and the previous month’s high at $1830. If the price pulls back to $1780 and starts moving up again, you enter a long trade with a target of $1830, placing your stop-loss below $1770.
Key Points Across All Strategies:
Multiple Timeframes: Always use a combination of timeframes for confirmation. For example, a daily chart may show a bullish setup, but the weekly pivot levels can provide a larger trend context.
Volume: Volume is key in confirming the strength of price movement. Always confirm breakouts or reversals with rising or declining volume.
Risk Management: Set tight stop-loss levels just below support or above resistance to minimize risk and lock in profits at pivot points.
Each of these strategies leverages the powerful pivot and high-low levels provided by the PPR indicator to give traders clear entry, exit, and risk management points across different markets
Key Levels | Flux Charts💎 GENERAL OVERVIEW
Introducing our new Key Levels indicator! This indicator allows you to see the key levels on the current chart such as previous day lows / highs, pre-market data, yesterday's close, today's open, pivot points, and much more! It's highly user-friendly with every line being individually customizable and having a wide range of text options.
Features of the new Key Levels indicator :
Today & Yesterday High, Low, Open & Close
Previous 3-10th Day Highs & Lows
Pre-Market Highs & Lows
Previous Month High & Low
High & Low Pivots
Combination Of Same Levels
Wide Customization Options
📌 HOW DOES IT WORK ?
Key levels are important areas in a chart where a significant reaction is expected. In this indicator, you can enable up to the previous 10 days highs and lows, yesterday's close / today's open, and the latest pivot points. Key levels generally act like support & resistance. Here are a few examples :
As shown, key levels play an important role determining the current trend and can be useful in identifying potential levels where the market will reverse or breakout.
🚩UNIQUENESS
1. More Key Levels
We believe that past key levels may be as important as current ones. Some of the key-levels indicators do not include them even though strong reactions can happen around them. Thus, our indicator let's you check up to 10 days backwards.
You can select the ones you think that are the most important and just enable them, making the indicator customizable to your liking.
2. Pre-Market Data
With assets that have pre-market data available, it's crucial to analyze it to have a better understanding of the market in regular trading hours. Our indicator will plot pre-market highs and lows, even if your chart is in the regular trading hours only mode. We believe this will be helpful with your analyzing process.
3. Combination
The indicator can dynamically combine same key levels, so you can have a clear look to the chart without lines & text colliding with each other. This would also help you determine stronger key levels as if a key level occured more than a time, it could be a sign that it's a stronger one. An example :
To summarize, using key levels is an essential skill while detecting zones where strong reactions are expected. This indicator provides up to 10 day's high and low levels, and all of them can be individually turned on / off. Traders that believe older key levels can be important and want to look at the whole picture may use this feature. Also for assets that have pre-market data available, the indicator provides pre-market levels as well. Besides all that, High & Low pivots will provide latest key levels so traders can use them in their decisions.
⚙️SETTINGS
1. General Configuration
You can enable / disable :
1. Today's High / Low / Open
2. Yesterday's High / Low / Close
3. 3th-10th Day High / Low
4. Pre-Market High / Low
5. Previous Month High / Low
You can also change the colors and switch their line styles between solid, dashed and dotted.
2. High & Low Pivots
Enabled -> Enable / Disable High & Low Pivots
Pivot Range -> The range used in the detection of pivot points. Larger values will result in less pivot points, while smaller values will provide more pivot points. This essentially determines how many bars to the right & left shouldn't exceed the pivot's high or low.
You can also change the text color and text size of the pivots from the settings.
3. Style settings
Text Offset -> How many bars of offset should the texts have to the right. Increase if text collides with bars while Align Labels option is set to "Right".
Extend Lines -> If enabled, lines will be extended infinitely to right & left. If disabled, all lines will be clamped in their timelines.
Show Line Values -> If enabled, line information text will contain their price.
Align Labels ->
Right = Align line labels to right.
Center = Line labels will always be at the center of the screen.
Double Candle Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed double candle trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Upper Candle Trends
• A higher high candle is one that closes with a higher high price than the high price of the preceding candle.
• A lower high candle is one that closes with a lower high price than the high price of the preceding candle.
• A double-top candle is one that closes with a high price that is equal to the high price of the preceding candle.
Lower Candle Trends
• A higher low candle is one that closes with a higher low price than the low price of the preceding candle.
• A lower low candle is one that closes with a lower low price than the low price of the preceding candle.
• A double-bottom candle is one that closes with a low price that is equal to the low price of the preceding candle.
Muti-Part Upper and Lower Candle Trends
• A multi-part higher high trend begins with the formation of a new higher high and continues until a new lower high ends the trend.
• A multi-part lower high trend begins with the formation of a new lower high and continues until a new higher high ends the trend.
• A multi-part higher low trend begins with the formation of a new higher low and continues until a new lower low ends the trend.
• A multi-part lower low trend begins with the formation of a new lower low and continues until a new higher low ends the trend.
Double Candle Trends
• A double uptrend candle trend is formed when a candle closes with both a higher high and a higher low.
• A double downtrend candle trend is formed when a candle closes with both a lower high and a lower low.
Multi-Part Double Candle Trends
• A multi-part double uptrend candle trend begins with the formation of a new double uptrend candle trend and continues until a new lower high or lower low ends the trend.
• A multi-part double downtrend candle trend begins with the formation of a new double downtrend candle trend and continues until a new higher high or higher low ends the trend.
█ FEATURES
Inputs
• Start Date
• End Date
• Position
• Text Size
• Show Plots
Table
The table is colour coded, consists of seven columns and, as many as, thirty-two rows. Blue cells denote the multi-part trend scenarios, green cells denote the corresponding double uptrend candle trend scenarios and red cells denote the corresponding double downtrend candle trend scenarios.
The multi-part double candle trend scenarios are listed in the first column with their corresponding total counts to the right, in the second and fifth columns. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third and sixth columns display the double candle trend scenarios as percentages of total 1-part double candle trends. And columns four and seven display the total double candle trend scenarios as percentages of the last, or preceding double candle trend part. For example 4-part double uptrend candle trends as percentages of 3-part double uptrend candle trends.
Plots
I have added plots as a visual aid to the double candle trend scenarios. Green up-arrows, with the number of the trend part, denote double uptrend candle trends. Red down-arrows, with the number of the trend part, denote double downtrend candle trends.
█ HOW TO USE
This indicator is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the current double candle trend will continue or fail, based on the current trend scenario and what has happened in the past under similar circumstances. Such information can be useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Upper Candle Trends [theEccentricTrader]█ OVERVIEW
This indicator simply plots upper candle trends and should be used in conjunction with my Lower Candle Trends indicator as a visual aid to my Upper and Lower Candle Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Upper Candle Trends
• A higher high candle is one that closes with a higher high price than the high price of the preceding candle.
• A lower high candle is one that closes with a lower high price than the high price of the preceding candle.
• A double-top candle is one that closes with a high price that is equal to the high price of the preceding candle.
Lower Candle Trends
• A higher low candle is one that closes with a higher low price than the low price of the preceding candle.
• A lower low candle is one that closes with a lower low price than the low price of the preceding candle.
• A double-bottom candle is one that closes with a low price that is equal to the low price of the preceding candle.
Muti-Part Upper and Lower Candle Trends
• A multi-part higher high trend begins with the formation of a new higher high and continues until a new lower high ends the trend.
• A multi-part lower high trend begins with the formation of a new lower high and continues until a new higher high ends the trend.
• A multi-part higher low trend begins with the formation of a new higher low and continues until a new lower low ends the trend.
• A multi-part lower low trend begins with the formation of a new lower low and continues until a new higher low ends the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote higher high trends. Red down-arrows, with the number of the trend part, denote lower high trends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
Lower Candle Trends [theEccentricTrader]█ OVERVIEW
This indicator simply plots lower candle trends and should be used in conjunction with my Upper Candle Trends indicator as a visual aid to my Upper and Lower Candle Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Upper Candle Trends
• A higher high candle is one that closes with a higher high price than the high price of the preceding candle.
• A lower high candle is one that closes with a lower high price than the high price of the preceding candle.
• A double-top candle is one that closes with a high price that is equal to the high price of the preceding candle.
Lower Candle Trends
• A higher low candle is one that closes with a higher low price than the low price of the preceding candle.
• A lower low candle is one that closes with a lower low price than the low price of the preceding candle.
• A double-bottom candle is one that closes with a low price that is equal to the low price of the preceding candle.
Muti-Part Upper and Lower Candle Trends
• A multi-part higher high trend begins with the formation of a new higher high and continues until a new lower high ends the trend.
• A multi-part lower high trend begins with the formation of a new lower high and continues until a new higher high ends the trend.
• A multi-part higher low trend begins with the formation of a new higher low and continues until a new lower low ends the trend.
• A multi-part lower low trend begins with the formation of a new lower low and continues until a new higher low ends the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote higher low trends. Red down-arrows, with the number of the trend part, denote lower low trends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
Upper and Lower Candle Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed upper and lower candle trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Upper Candle Trends
• A higher high candle is one that closes with a higher high price than the high price of the preceding candle.
• A lower high candle is one that closes with a lower high price than the high price of the preceding candle.
• A double-top candle is one that closes with a high price that is equal to the high price of the preceding candle.
Lower Candle Trends
• A higher low candle is one that closes with a higher low price than the low price of the preceding candle.
• A lower low candle is one that closes with a lower low price than the low price of the preceding candle.
• A double-bottom candle is one that closes with a low price that is equal to the low price of the preceding candle.
Muti-Part Upper and Lower Candle Trends
• A multi-part higher high trend begins with the formation of a new higher high and continues until a new lower high ends the trend.
• A multi-part lower high trend begins with the formation of a new lower high and continues until a new higher high ends the trend.
• A multi-part higher low trend begins with the formation of a new higher low and continues until a new lower low ends the trend.
• A multi-part lower low trend begins with the formation of a new lower low and continues until a new higher low ends the trend.
█ FEATURES
Inputs
• Start Date
• End Date
• Position
• Text Size
Table
The table is colour coded, consists of seven columns and, as many as, sixty-two rows. Blue cells denote the multi-part trend scenarios, green cells denote the corresponding upper candle trend scenarios and red cells denote the corresponding lower candle trend scenarios.
The multi-part candle trend scenarios are listed in the first column with their corresponding total counts to the right, in the second and fifth columns. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third and sixth columns display the candle trend scenarios as percentages of total 1-part candle trends. And columns four and seven display the total candle trend scenarios as percentages of the last, or preceding candle trend part. For example 4-part higher high trends as a percentages of 3-part higher high trends. This offers more insight into what might happen next at any given point in time.
Plots
For a visual aid to this indicator please use in conjunction with my Upper Candle Trends and Lower Candle Trends indicators which can both be found on my profile page under scripts, or in community scripts under the same names.
Green up-arrows, with the number of the trend part, denote higher high trends when above bar and higher low trends when below bar. Red down-arrows, with the number of the trend part, denote lower high trends when above bar and lower low trends when below bar.
█ HOW TO USE
This is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the current upper or lower candle trend will continue or fail, based on the current trend scenario and what has happened in the past under similar circumstances. Such information can be useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Price Displacement - Candlestick (OHLC) CalculationsA Magical little helper friend for Candle Math.
When composing scripts, it is often necessary to manipulate the math around the OHLC. At times, you want a scalar (absolute) value others you want a vector (+/-). Sometimes you want the open - close and sometimes you want just the positive number of the body size. You might want it in ticks or you might want it in points or you might want in percentages. And every time you try to put it together you waste precious time and brain power trying to think about how to properly structure what you're looking for. Not to mention it's normally not that aesthetically pleasing to look at in the code.
So, this fixes all of that.
Using this library. A function like 'pd.pt(_exp)' can call any kind of candlestick math you need. The function returns the candlestick math you define using particular expressions.
Candle Math Functions Include:
Points:
pt(_exp) Absolute Point Displacement. Point quantity of given size parameters according to _exp.
vpt(_exp) Vector Point Displacement. Point quantity of given size parameters according to _exp.
Ticks:
tick(_exp) Absolute Tick Displacement. Tick quantity of given size parameters according to _exp.
vtick(_exp) Vector Tick Displacement. Tick quantity of given size parameters according to _exp.
Percentages:
pct(_exp, _prec) Absolute Percent Displacement. (w/rounding overload). Percent quantity of bar range of given size parameters according to _exp.
vpct(_exp, _prec) Vector Percent Displacement (w/rounding overload). Percent quantity of bar range of given size parameters according to _exp.
Expressions You Can Use with Formulas:
The expressions are simple (simple strings that is) and I did my best to make them sensible, generally using just the ohlc abreviations. I also included uw, lw, bd, and rg for when you're just trying to pull a candle component out. That way you don't have to think about which of the ohlc you're trying to get just use pd.tick("uw") and now the variable is assigned the length of the upper wick, absolute value, in ticks. If you wanted the vector in pts its pd.vpt("uw"). It also makes changing things easy too as I write it out.
Expression List:
Combinations
"oh" = open - high
"ol" = open - low
"oc" = open - close
"ho" = high - open
"hl" = high - low
"hc" = high - close
"lo" = low - open
"lh" = low - high
"lc" = low - close
"co" = close - open
"ch" = close - high
"cl" = close - low
Candle Components
"uw" = Upper Wick
"bd" = Body
"lw" = Lower Wick
"rg" = Range
Pct() Only
"scp" = Scalar Close Position
"sop" = Scalar Open Position
"vcp" = Vector Close Position
"vop" = Vector Open Position
The attributes are going to be available in the pop up dialogue when you mouse over the function, so you don't really have to remember them. I tried to make that look as efficient as possible. You'll notice it follows the OHLC pattern. Thus, "oh" precedes "ho" (heyo) because "O" would be first in the OHLC. Its a way to help find the expression you're looking for quickly. Like looking through an alphabetized list for traders.
There is a copy/paste console friendly helper list in the script itself.
Additional Notes on the Pct() Only functions:
This is the original reason I started writing this. These concepts place a rating/value on the bar based on candle attributes in one number. These formulas put a open or close value in a percentile of the bar relative to another aspect of the bar.
Scalar - Non-directional. Absolute Value.
Scalar Position: The position of the price attribute relative to the scale of the bar range (high - low)
Example: high = 100. low = 0. close = 25.
(A) Measure price distance C-L. How high above the low did the candle close (e.g. close - low = 25)
(B) Divide by bar range (high - low). 25 / (100 - 0) = .25
Explaination: The candle closed at the 25th percentile of the bar range given the bar range low = 0 and bar range high = 100.
Formula: scp = (close - low) / (high - low)
Vector = Directional.
Vector Position: The position of the price attribute relative to the scale of the bar midpoint (Vector Position at hl2 = 0)
Example: high = 100. low = 0. close = 25.
(A) Measure Price distance C-L: How high above the low did the candle close (e.g. close - low = 25)
(B) Measure Price distance H-C: How far below the high did the candle close (e.g. high - close = 75)
(C) Take Difference: A - B = C = -50
(D) Divide by bar range (high - low). -50 / (100 - 0) = -0.50
Explaination: Candle close at the midpoint between hl2 and the low.
Formula: vcp = { / (high - low) }
Thank you for checking this out. I hope no one else has already done this (because it took half the day) and I hope you find value in it. Be well. Trade well.
Library "PD"
Price Displacement
pt(_exp) Absolute Point Displacement. Point quantity of given size parameters according to _exp.
Parameters:
_exp : (string) Price Parameter
Returns: Point size of given expression as an absolute value.
vpt(_exp) Vector Point Displacement. Point quantity of given size parameters according to _exp.
Parameters:
_exp : (string) Price Parameter
Returns: Point size of given expression as a vector.
tick(_exp) Absolute Tick Displacement. Tick quantity of given size parameters according to _exp.
Parameters:
_exp : (string) Price Parameter
Returns: Tick size of given expression as an absolute value.
vtick(_exp) Vector Tick Displacement. Tick quantity of given size parameters according to _exp.
Parameters:
_exp : (string) Price Parameter
Returns: Tick size of given expression as a vector.
pct(_exp, _prec) Absolute Percent Displacement (w/rounding overload). Percent quantity of bar range of given size parameters according to _exp.
Parameters:
_exp : (string) Expression
_prec : (int) Overload - Place value precision definition
Returns: Percent size of given expression as decimal.
vpct(_exp, _prec) Vector Percent Displacement (w/rounding overload). Percent quantity of bar range of given size parameters according to _exp.
Parameters:
_exp : (string) Expression
_prec : (int) Overload - Place value precision definition
Returns: Percent size of given expression as decimal.
Smart MACD Volume Trader# Smart MACD Volume Trader
## Overview
Smart MACD Volume Trader is an enhanced momentum indicator that combines the classic MACD (Moving Average Convergence Divergence) oscillator with an intelligent high-volume filter. This combination significantly reduces false signals by ensuring that trading signals are only generated when price momentum is confirmed by substantial volume activity.
The indicator supports over 24 different instruments including major and exotic forex pairs, precious metals (gold and silver), energy commodities (crude oil, natural gas), and industrial metals (copper). For forex and commodity traders, the indicator automatically maps to CME and COMEX futures contracts to provide accurate institutional-grade volume data.
## Originality and Core Concept
Traditional MACD indicators generate signals based solely on price momentum, which can result in numerous false signals during low-activity periods or ranging markets. This indicator addresses this critical weakness by introducing a volume confirmation layer with automatic institutional volume integration.
**What makes this approach original:**
- Signals are triggered only when MACD crossovers coincide with elevated volume activity
- Implements a lookback mechanism to detect volume spikes within recent bars
- Automatically detects and maps 24+ forex pairs and commodities to their corresponding CME and COMEX futures contracts
- Provides real institutional volume data for forex pairs where spot volume is unreliable
- Combines two independent market dimensions (price momentum and volume) into a single, actionable signal
- Includes intelligent asset detection that works across multiple exchanges and ticker formats
**The underlying principle:** Volume validates price movement. When institutional money enters the market, it creates volume signatures. By requiring high volume confirmation and using actual institutional volume data from futures markets, this indicator filters out weak price movements and focuses on trades backed by genuine market participation. The automatic futures mapping ensures that forex and commodity traders always have access to the most accurate volume data available, without manual configuration.
## How It Works
### MACD Component
The indicator calculates MACD using standard methodology:
1. **Fast EMA (default: 12 periods)** - Tracks short-term price momentum
2. **Slow EMA (default: 26 periods)** - Tracks longer-term price momentum
3. **MACD Line** - Difference between Fast EMA and Slow EMA
4. **Signal Line (default: 9-period SMA)** - Smoothed average of MACD line
**Crossover signals:**
- **Bullish:** MACD line crosses above Signal line (momentum turning positive)
- **Bearish:** MACD line crosses below Signal line (momentum turning negative)
### Volume Filter Component
The volume filter adds an essential confirmation layer:
1. **Volume Moving Average** - Calculates exponential MA of volume (default: 20 periods)
2. **High Volume Threshold** - Multiplies MA by ratio (default: 2.0x or 200%)
3. **Volume Detection** - Identifies bars where current volume exceeds threshold
4. **Lookback Period** - Checks if high volume occurred in recent bars (default: 5 bars)
**Signal logic:**
- Buy/Sell signals only trigger when BOTH conditions are met:
- MACD crossover/crossunder occurs
- High volume detected within lookback period
### Automatic CME Futures Integration
For forex traders, spot FX volume data can be unreliable or non-existent. This indicator solves this problem by automatically detecting forex pairs and mapping them to corresponding CME futures contracts with real institutional volume data.
**Supported Major Forex Pairs (7):**
- EURUSD → CME:6E1! (Euro FX Futures)
- GBPUSD → CME:6B1! (British Pound Futures)
- AUDUSD → CME:6A1! (Australian Dollar Futures)
- USDJPY → CME:6J1! (Japanese Yen Futures)
- USDCAD → CME:6C1! (Canadian Dollar Futures)
- USDCHF → CME:6S1! (Swiss Franc Futures)
- NZDUSD → CME:6N1! (New Zealand Dollar Futures)
**Supported Exotic Forex Pairs (4):**
- USDMXN → CME:6M1! (Mexican Peso Futures)
- USDRUB → CME:6R1! (Russian Ruble Futures)
- USDBRL → CME:6L1! (Brazilian Real Futures)
- USDZAR → CME:6Z1! (South African Rand Futures)
**Supported Cross Pairs (6):**
- EURJPY → CME:6E1! (Uses Euro Futures)
- GBPJPY → CME:6B1! (Uses British Pound Futures)
- EURGBP → CME:6E1! (Uses Euro Futures)
- AUDJPY → CME:6A1! (Uses Australian Dollar Futures)
- EURAUD → CME:6E1! (Uses Euro Futures)
- GBPAUD → CME:6B1! (Uses British Pound Futures)
**Supported Precious Metals (2):**
- Gold (XAUUSD, GOLD) → COMEX:GC1! (Gold Futures)
- Silver (XAGUSD, SILVER) → COMEX:SI1! (Silver Futures)
**Supported Energy Commodities (3):**
- WTI Crude Oil (USOIL, WTIUSD) → NYMEX:CL1! (Crude Oil Futures)
- Brent Oil (UKOIL) → NYMEX:BZ1! (Brent Crude Futures)
- Natural Gas (NATGAS) → NYMEX:NG1! (Natural Gas Futures)
**Supported Industrial Metals (1):**
- Copper (COPPER) → COMEX:HG1! (Copper Futures)
**How the automatic detection works:**
The indicator intelligently identifies the asset type by analyzing:
1. Exchange name (FX, OANDA, TVC, COMEX, NYMEX, etc.)
2. Currency pair pattern (6-letter codes like EURUSD, GBPUSD)
3. Commodity identifiers (XAU for gold, XAG for silver, OIL for crude)
When a supported instrument is detected, the indicator automatically switches to the corresponding futures contract for volume analysis. For stocks, cryptocurrencies, and other assets, the indicator uses the native volume data from the current chart.
**Visual feedback:**
An information table appears in the top-right corner of the MACD pane showing:
- Current chart symbol
- Exchange name
- Currency pair or asset name
- Volume source being used (highlighted in orange for futures, yellow for native volume)
- Current high volume status
This provides complete transparency about which data source the indicator is using for its volume analysis.
## How to Use
### Basic Setup
1. Add the indicator to your chart
2. The indicator displays in a separate pane (MACD) and overlay (signals/volume bars)
3. Default settings work well for most assets, but can be customized
### Signal Interpretation
### Visual Signals
**Visual Signals:**
- **Green "BUY" label** - Bullish MACD crossover confirmed by high volume
- **Red "SELL" label** - Bearish MACD crossunder confirmed by high volume
- **Green/Red candles** - Highlight bars with volume exceeding the threshold
- **Light green/red background** - Emphasizes signal bars on the chart
**Information Table:**
A detailed information table appears in the top-right corner of the MACD pane, providing real-time transparency about the indicator's operation:
- **Chart:** Current symbol being analyzed
- **Exchange:** The exchange or data feed being used
- **Pair:** The currency pair or asset name extracted from the ticker
- **Volume From:** The actual symbol used for volume analysis
- Orange color indicates CME or COMEX futures are being used (automatic institutional volume)
- Yellow color indicates native volume from the chart symbol is being used
- Hover tooltip shows whether automatic futures mapping is active
- **High Volume:** Current status showing YES (green) when volume exceeds threshold, NO (gray) otherwise
This table ensures complete transparency and allows you to verify that the correct volume source is being used for your analysis.
**Volume Analysis:**
- Gray histogram bars = Normal volume
- Red histogram bars = High volume (exceeds threshold)
- Green line = Volume moving average baseline
**MACD Analysis:**
- Blue line = MACD line (momentum indicator)
- Orange line = Signal line (trend confirmation)
- Gray dotted line = Zero line (bullish above, bearish below)
### Parameter Customization
**MACD Parameters:**
- Adjust Fast/Slow EMA lengths for different sensitivities
- Shorter periods = More signals, faster response
- Longer periods = Fewer signals, less noise
**Volume Parameters:**
- **Volume MA Period:** Higher values smooth volume analysis
- **High Volume Ratio:** Lower values (1.5x) = More signals; Higher values (3.0x) = Fewer, stronger signals
- **Volume Lookback Bars:** Controls how recent the volume spike must be
**Direction Filters:**
- **Only Buy Signals:** Enables long-only strategy mode
- **Only Sell Signals:** Enables short-only strategy mode
### Alert Configuration
The indicator includes three alert types:
1. **Buy Signal Alert** - Triggers when bullish signal appears
2. **Sell Signal Alert** - Triggers when bearish signal appears
3. **High Volume Alert** - Triggers when volume exceeds threshold
To set up alerts:
1. Click the indicator name → "Add alert on Smart MACD Volume Trader"
2. Select desired alert condition
3. Configure notification method (popup, email, webhook, etc.)
## Trading Strategy Guidelines
### Best Practices
**Recommended markets:**
- Liquid stocks (large-cap, high daily volume)
- Major forex pairs (EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, USDCHF, NZDUSD)
- Exotic forex pairs (USDMXN, USDRUB, USDBRL, USDZAR)
- Cross pairs (EURJPY, GBPJPY, EURGBP, AUDJPY, EURAUD, GBPAUD)
- Precious metals (Gold, Silver with automatic COMEX futures mapping)
- Energy commodities (Crude Oil, Natural Gas with automatic NYMEX futures mapping)
- Industrial metals (Copper with automatic COMEX futures mapping)
- Major cryptocurrency pairs
- Index futures and ETFs
**Timeframe recommendations:**
- **Day trading:** 5-minute to 15-minute charts
- **Swing trading:** 1-hour to 4-hour charts
- **Position trading:** Daily charts
**Risk management:**
- Use signals as entry confirmation, not standalone strategy
- Combine with support/resistance levels
- Consider overall market trend direction
- Always use stop-loss orders
### Strategy Examples
**Trend Following Strategy:**
1. Identify overall trend using higher timeframe (e.g., daily chart)
2. Trade only in trend direction
3. Use "Only Buy" filter in uptrends, "Only Sell" in downtrends
4. Enter on signal, exit on opposite signal or at resistance/support
**Volume Breakout Strategy:**
1. Wait for consolidation period (low volume, tight MACD range)
2. Enter when signal appears with high volume (confirms breakout)
3. Target previous swing highs/lows
4. Stop loss below/above recent consolidation
**Forex Scalping Strategy (with automatic CME futures):**
1. The indicator automatically detects forex pairs and uses CME futures volume
2. Trade during active sessions only (use session filter)
3. Focus on quick profits (10-20 pips)
4. Exit at opposite signal or profit target
**Commodities Trading Strategy (Gold, Silver, Oil):**
1. The indicator automatically maps to COMEX and NYMEX futures contracts
2. Trade during high-liquidity sessions (overlap of major markets)
3. Use the high volume confirmation to identify institutional entry points
4. Combine with key support and resistance levels for entries
5. Monitor the information table to confirm futures volume is being used (orange color)
6. Exit on opposite MACD signal or at predefined profit targets
## Why This Combination Works
### The Volume Advantage
Studies consistently show that price movements accompanied by high volume are more likely to continue, while low-volume movements often reverse. This indicator leverages this principle by requiring volume confirmation.
**Key benefits:**
1. **Reduced False Signals:** Eliminates MACD whipsaws during low-volume consolidation
2. **Confirmation Bias:** Two independent indicators (price momentum + volume) agreeing
3. **Institutional Alignment:** High volume often indicates institutional participation
4. **Trend Validation:** Volume confirms that price momentum has "conviction"
### Statistical Edge
By combining two uncorrelated signals (MACD crossovers and volume spikes), the indicator creates a higher-probability setup than either signal alone. The lookback mechanism ensures signals aren't missed if volume spike slightly precedes the MACD cross.
## Supported Exchanges and Automatic Detection
The indicator includes intelligent asset detection that works across multiple exchanges and ticker formats:
**Forex Exchanges (Automatic CME Mapping):**
- FX (TradingView forex feed)
- OANDA
- FXCM
- SAXO
- FOREXCOM
- PEPPERSTONE
- EASYMARKETS
- FX_IDC
**Commodity Exchanges (Automatic COMEX/NYMEX Mapping):**
- TVC (TradingView commodity feed)
- COMEX (directly)
- NYMEX (directly)
- ICEUS
**Other Asset Classes (Native Volume):**
- Stock exchanges (NASDAQ, NYSE, AMEX, etc.)
- Cryptocurrency exchanges (BINANCE, COINBASE, KRAKEN, etc.)
- Index providers (SP, DJ, etc.)
The detection algorithm analyzes three factors:
1. Exchange prefix in the ticker symbol
2. Pattern matching for currency pairs (6-letter codes)
3. Commodity identifiers in the symbol name
This ensures accurate automatic detection regardless of which data feed or exchange you use for charting. The information table in the top-right corner always displays which volume source is being used, providing complete transparency.
## Technical Details
**Calculations:**
- MACD Fast MA: EMA(close, fastLength)
- MACD Slow MA: EMA(close, slowLength)
- MACD Line: Fast MA - Slow MA
- Signal Line: SMA(MACD Line, signalLength)
- Volume MA: Exponential MA of volume
- High Volume: Current volume >= Volume MA × Ratio
**Signal logic:**
```
Buy Signal = (MACD crosses above Signal) AND (High volume in last N bars)
Sell Signal = (MACD crosses below Signal) AND (High volume in last N bars)
```
## Parameters Reference
| Parameter | Default | Description |
|-----------|---------|-------------|
| Volume Symbol | Blank | Manual override for volume source (leave blank for automatic detection) |
| Use CME Futures | False | Legacy option (automatic detection is now built-in) |
| Alert Session | 1530-2200 | Active session time range for alerts |
| Timezone | UTC+1 | Timezone for alert sessions |
| Volume MA Period | 20 | Number of periods for volume moving average |
| High Volume Ratio | 2.0 | Volume threshold multiplier (2.0 = 200% of average) |
| Volume Lookback | 5 | Number of bars to check for high volume confirmation |
| MACD Fast Length | 12 | Fast EMA period for MACD calculation |
| MACD Slow Length | 26 | Slow EMA period for MACD calculation |
| MACD Signal Length | 9 | Signal line SMA period |
| Only Buy | False | Filter to show only bullish signals |
| Only Sell | False | Filter to show only bearish signals |
| Show Signals | True | Display buy and sell labels on chart |
## Optimization Tips
**For volatile markets (crypto, small caps):**
- Increase High Volume Ratio to 2.5-3.0
- Reduce Volume Lookback to 3-4 bars
- Consider faster MACD settings (8, 17, 9)
**For stable markets (large-cap stocks, bonds):**
- Decrease High Volume Ratio to 1.5-1.8
- Increase Volume MA Period to 30-50
- Use standard MACD settings
**For forex (with automatic CME futures):**
- The indicator automatically uses CME futures when forex pairs are detected
- Set appropriate trading session based on your timezone
- Use Volume Lookback of 5-7 bars
- Consider session-based alerts only
- Monitor the information table to verify correct futures mapping
**For commodities (Gold, Silver, Oil, Copper):**
- The indicator automatically maps to COMEX and NYMEX futures
- Increase High Volume Ratio to 2.0-2.5 for metals
- Use slightly higher Volume MA Period (25-30) for smoother analysis
- Trade during active market hours for best volume data
- The information table will show the futures contract being used (orange highlight)
## Limitations and Considerations
**What this indicator does NOT do:**
- Does not predict future price direction
- Does not guarantee profitable trades
- Does not replace proper risk management
- Does not work well in extremely low-volume conditions
**Market conditions to avoid:**
- Pre-market and after-hours sessions (low volume)
- Major news events (volatile, unpredictable volume)
- Holidays and low-liquidity periods
- Extremely low float stocks
## Conclusion
Smart MACD Volume Trader represents a significant evolution of the traditional MACD indicator by combining volume confirmation with automatic institutional volume integration. This dual-confirmation approach significantly improves signal quality by filtering out low-conviction price movements and ensuring traders work with accurate volume data.
The indicator's automatic detection and mapping system supports over 24 instruments across forex, commodities, and metals markets. By intelligently switching to CME and COMEX futures contracts when appropriate, the indicator provides forex and commodity traders with the same quality of volume data that stock traders naturally have access to.
This indicator is particularly valuable for traders who want to:
- Align their entries with institutional money flow
- Avoid getting trapped in false breakouts
- Trade forex pairs with reliable volume data
- Access accurate volume information for gold, silver, and energy commodities
- Combine momentum and volume analysis in a single, streamlined tool
Whether you are day trading stocks, swing trading forex pairs, or positioning in commodities markets, this indicator provides a robust framework for identifying high-probability momentum trades backed by genuine institutional participation. The automatic futures mapping works seamlessly across all supported instruments, requiring no manual configuration or expertise in futures markets.
---
## Support and Updates
This indicator is actively maintained and updated based on user feedback and market conditions. For questions about implementation or custom modifications, please use the comments section below.
**Disclaimer:** This indicator is for educational and informational purposes only. Past performance does not guarantee future results. Always conduct your own analysis and risk management before trading.
Stochastic Enhanced [DCAUT]█ Stochastic Enhanced
📊 ORIGINALITY & INNOVATION
The Stochastic Enhanced indicator builds upon George Lane's classic momentum oscillator (developed in the late 1950s) by providing comprehensive smoothing algorithm flexibility. While traditional implementations limit users to Simple Moving Average (SMA) smoothing, this enhanced version offers 21 advanced smoothing algorithms, allowing traders to optimize the indicator's characteristics for different market conditions and trading styles.
Key Improvements:
Extended from single SMA smoothing to 21 professional-grade algorithms including adaptive filters (KAMA, FRAMA), zero-lag methods (ZLEMA, T3), and advanced digital filters (Kalman, Laguerre)
Maintains backward compatibility with traditional Stochastic calculations through SMA default setting
Unified smoothing algorithm applies to both %K and %D lines for consistent signal processing characteristics
Enhanced visual feedback with clear color distinction and background fill highlighting for intuitive signal recognition
Comprehensive alert system covering crossovers and zone entries for systematic trade management
Differentiation from Traditional Stochastic:
Traditional Stochastic indicators use fixed SMA smoothing, which introduces consistent lag regardless of market volatility. This enhanced version addresses the limitation by offering adaptive algorithms that adjust to market conditions (KAMA, FRAMA), reduce lag without sacrificing smoothness (ZLEMA, T3, HMA), or provide superior noise filtering (Kalman Filter, Laguerre filters). The flexibility helps traders balance responsiveness and stability according to their specific needs.
📐 MATHEMATICAL FOUNDATION
Core Stochastic Calculation:
The Stochastic Oscillator measures the position of the current close relative to the high-low range over a specified period:
Step 1: Raw %K Calculation
%K_raw = 100 × (Close - Lowest Low) / (Highest High - Lowest Low)
Where:
Close = Current closing price
Lowest Low = Lowest low over the %K Length period
Highest High = Highest high over the %K Length period
Result ranges from 0 (close at period low) to 100 (close at period high)
Step 2: Smoothed %K Calculation
%K = MA(%K_raw, K Smoothing Period, MA Type)
Where:
MA = Selected moving average algorithm (SMA, EMA, etc.)
K Smoothing = 1 for Fast Stochastic, 3+ for Slow Stochastic
Traditional Fast Stochastic uses %K_raw directly without smoothing
Step 3: Signal Line %D Calculation
%D = MA(%K, D Smoothing Period, MA Type)
Where:
%D acts as a signal line and moving average of %K
D Smoothing typically set to 3 periods in traditional implementations
Both %K and %D use the same MA algorithm for consistent behavior
Available Smoothing Algorithms (21 Options):
Standard Moving Averages:
SMA (Simple): Equal-weighted average, traditional default, consistent lag characteristics
EMA (Exponential): Recent price emphasis, faster response to changes, exponential decay weighting
RMA (Rolling/Wilder's): Smoothed average used in RSI, less reactive than EMA
WMA (Weighted): Linear weighting favoring recent data, moderate responsiveness
VWMA (Volume-Weighted): Incorporates volume data, reflects market participation intensity
Advanced Moving Averages:
HMA (Hull): Reduced lag with smoothness, uses weighted moving averages and square root period
ALMA (Arnaud Legoux): Gaussian distribution weighting, minimal lag with good noise reduction
LSMA (Least Squares): Linear regression based, fits trend line to data points
DEMA (Double Exponential): Reduced lag compared to EMA, uses double smoothing technique
TEMA (Triple Exponential): Further lag reduction, triple smoothing with lag compensation
ZLEMA (Zero-Lag Exponential): Lag elimination attempt using error correction, very responsive
TMA (Triangular): Double-smoothed SMA, very smooth but slower response
Adaptive & Intelligent Filters:
T3 (Tilson T3): Six-pass exponential smoothing with volume factor adjustment, excellent smoothness
FRAMA (Fractal Adaptive): Adapts to market fractal dimension, faster in trends, slower in ranges
KAMA (Kaufman Adaptive): Efficiency ratio based adaptation, responds to volatility changes
McGinley Dynamic: Self-adjusting mechanism following price more accurately, reduced whipsaws
Kalman Filter: Optimal estimation algorithm from aerospace engineering, dynamic noise filtering
Advanced Digital Filters:
Ultimate Smoother: Advanced digital filter design, superior noise rejection with minimal lag
Laguerre Filter: Time-domain filter with N-order implementation, adjustable lag characteristics
Laguerre Binomial Filter: 6-pole Laguerre filter, extremely smooth output for long-term analysis
Super Smoother: Butterworth filter implementation, removes high-frequency noise effectively
📊 COMPREHENSIVE SIGNAL ANALYSIS
Absolute Level Interpretation (%K Line):
%K Above 80: Overbought condition, price near period high, potential reversal or pullback zone, caution for new long entries
%K in 70-80 Range: Strong upward momentum, bullish trend confirmation, uptrend likely continuing
%K in 50-70 Range: Moderate bullish momentum, neutral to positive outlook, consolidation or mild uptrend
%K in 30-50 Range: Moderate bearish momentum, neutral to negative outlook, consolidation or mild downtrend
%K in 20-30 Range: Strong downward momentum, bearish trend confirmation, downtrend likely continuing
%K Below 20: Oversold condition, price near period low, potential bounce or reversal zone, caution for new short entries
Crossover Signal Analysis:
%K Crosses Above %D (Bullish Cross): Momentum shifting bullish, faster line overtakes slower signal, consider long entry especially in oversold zone, strongest when occurring below 20 level
%K Crosses Below %D (Bearish Cross): Momentum shifting bearish, faster line falls below slower signal, consider short entry especially in overbought zone, strongest when occurring above 80 level
Crossover in Midrange (40-60): Less reliable signals, often in choppy sideways markets, require additional confirmation from trend or volume analysis
Multiple Failed Crosses: Indicates ranging market or choppy conditions, reduce position sizes or avoid trading until clear directional move
Advanced Divergence Patterns (%K Line vs Price):
Bullish Divergence: Price makes lower low while %K makes higher low, indicates weakening bearish momentum, potential trend reversal upward, more reliable when %K in oversold zone
Bearish Divergence: Price makes higher high while %K makes lower high, indicates weakening bullish momentum, potential trend reversal downward, more reliable when %K in overbought zone
Hidden Bullish Divergence: Price makes higher low while %K makes lower low, indicates trend continuation in uptrend, bullish trend strength confirmation
Hidden Bearish Divergence: Price makes lower high while %K makes higher high, indicates trend continuation in downtrend, bearish trend strength confirmation
Momentum Strength Analysis (%K Line Slope):
Steep %K Slope: Rapid momentum change, strong directional conviction, potential for extended moves but also increased reversal risk
Gradual %K Slope: Steady momentum development, sustainable trends more likely, lower probability of sharp reversals
Flat or Horizontal %K: Momentum stalling, potential reversal or consolidation ahead, wait for directional break before committing
%K Oscillation Within Range: Indicates ranging market, sideways price action, better suited for range-trading strategies than trend following
🎯 STRATEGIC APPLICATIONS
Mean Reversion Strategy (Range-Bound Markets):
Identify ranging market conditions using price action or Bollinger Bands
Wait for Stochastic to reach extreme zones (above 80 for overbought, below 20 for oversold)
Enter counter-trend position when %K crosses %D in extreme zone (sell on bearish cross above 80, buy on bullish cross below 20)
Set profit targets near opposite extreme or midline (50 level)
Use tight stop-loss above recent swing high/low to protect against breakout scenarios
Exit when Stochastic reaches opposite extreme or %K crosses %D in opposite direction
Trend Following with Momentum Confirmation:
Identify primary trend direction using higher timeframe analysis or moving averages
Wait for Stochastic pullback to oversold zone (<20) in uptrend or overbought zone (>80) in downtrend
Enter in trend direction when %K crosses %D confirming momentum shift (bullish cross in uptrend, bearish cross in downtrend)
Use wider stops to accommodate normal trend volatility
Add to position on subsequent pullbacks showing similar Stochastic pattern
Exit when Stochastic shows opposite extreme with failed cross or bearish/bullish divergence
Divergence-Based Reversal Strategy:
Scan for divergence between price and Stochastic at swing highs/lows
Confirm divergence with at least two price pivots showing divergent Stochastic readings
Wait for %K to cross %D in direction of anticipated reversal as entry trigger
Enter position in divergence direction with stop beyond recent swing extreme
Target profit at key support/resistance levels or Fibonacci retracements
Scale out as Stochastic reaches opposite extreme zone
Multi-Timeframe Momentum Alignment:
Analyze Stochastic on higher timeframe (4H or Daily) for primary trend bias
Switch to lower timeframe (1H or 15M) for precise entry timing
Only take trades where lower timeframe Stochastic signal aligns with higher timeframe momentum direction
Higher timeframe Stochastic in bullish zone (>50) = only take long entries on lower timeframe
Higher timeframe Stochastic in bearish zone (<50) = only take short entries on lower timeframe
Exit when lower timeframe shows counter-signal or higher timeframe momentum reverses
Zone Transition Strategy:
Monitor Stochastic for transitions between zones (oversold to neutral, neutral to overbought, etc.)
Enter long when Stochastic crosses above 20 (exiting oversold), signaling momentum shift from bearish to neutral/bullish
Enter short when Stochastic crosses below 80 (exiting overbought), signaling momentum shift from bullish to neutral/bearish
Use zone midpoint (50) as dynamic support/resistance for position management
Trail stops as Stochastic advances through favorable zones
Exit when Stochastic fails to maintain momentum and reverses back into prior zone
📋 DETAILED PARAMETER CONFIGURATION
%K Length (Default: 14):
Lower Values (5-9): Highly sensitive to price changes, generates more frequent signals, increased false signals in choppy markets, suitable for very short-term trading and scalping
Standard Values (10-14): Balanced sensitivity and reliability, traditional default (14) widely used,适合 swing trading and intraday strategies
Higher Values (15-21): Reduced sensitivity, smoother oscillations, fewer but potentially more reliable signals, better for position trading and lower timeframe noise reduction
Very High Values (21+): Slow response, long-term momentum measurement, fewer trading signals, suitable for weekly or monthly analysis
%K Smoothing (Default: 3):
Value 1: Fast Stochastic, uses raw %K calculation without additional smoothing, most responsive to price changes, generates earliest signals with higher noise
Value 3: Slow Stochastic (default), traditional smoothing level, reduces false signals while maintaining good responsiveness, widely accepted standard
Values 5-7: Very slow response, extremely smooth oscillations, significantly reduced whipsaws but delayed entry/exit timing
Recommendation: Default value 3 suits most trading scenarios, active short-term traders may use 1, conservative long-term positions use 5+
%D Smoothing (Default: 3):
Lower Values (1-2): Signal line closely follows %K, frequent crossover signals, useful for active trading but requires strict filtering
Standard Value (3): Traditional setting providing balanced signal line behavior, optimal for most trading applications
Higher Values (4-7): Smoother signal line, fewer crossover signals, reduced whipsaws but slower confirmation, better for trend trading
Very High Values (8+): Signal line becomes slow-moving reference, crossovers rare and highly significant, suitable for long-term position changes only
Smoothing Type Algorithm Selection:
For Trending Markets:
ZLEMA, DEMA, TEMA: Reduced lag for faster trend entry, quick response to momentum shifts, suitable for strong directional moves
HMA, ALMA: Good balance of smoothness and responsiveness, effective for clean trend following without excessive noise
EMA: Classic choice for trending markets, faster than SMA while maintaining reasonable stability
For Ranging/Choppy Markets:
Kalman Filter, Super Smoother: Superior noise filtering, reduces false signals in sideways action, helps identify genuine reversal points
Laguerre Filters: Smooth oscillations with adjustable lag, excellent for mean reversion strategies in ranges
T3, TMA: Very smooth output, filters out market noise effectively, clearer extreme zone identification
For Adaptive Market Conditions:
KAMA: Automatically adjusts to market efficiency, fast in trends and slow in congestion, reduces whipsaws during transitions
FRAMA: Adapts to fractal market structure, responsive during directional moves, conservative during uncertainty
McGinley Dynamic: Self-adjusting smoothing, follows price naturally, minimizes lag in trending markets while filtering noise in ranges
For Conservative Long-Term Analysis:
SMA: Traditional choice, predictable behavior, widely understood characteristics
RMA (Wilder's): Smooth oscillations, reduced sensitivity to outliers, consistent behavior across market conditions
Laguerre Binomial Filter: Extremely smooth output, ideal for weekly/monthly timeframe analysis, eliminates short-term noise completely
Source Selection:
Close (Default): Standard choice using closing prices, most common and widely tested
HLC3 or OHLC4: Incorporates more price information, reduces impact of sudden spikes or gaps, smoother oscillator behavior
HL2: Midpoint of high-low range, emphasizes intrabar volatility, useful for markets with wide intraday ranges
Custom Source: Can use other indicators as input (e.g., Heikin Ashi close, smoothed price), creates derivative momentum indicators
📈 PERFORMANCE ANALYSIS & COMPETITIVE ADVANTAGES
Responsiveness Characteristics:
Traditional SMA-Based Stochastic:
Fixed lag regardless of market conditions, consistent delay of approximately (K Smoothing + D Smoothing) / 2 periods
Equal treatment of trending and ranging markets, no adaptation to volatility changes
Predictable behavior but suboptimal in varying market regimes
Enhanced Version with Adaptive Algorithms:
KAMA and FRAMA reduce lag by up to 40-60% in strong trends compared to SMA while maintaining similar smoothness in ranges
ZLEMA and T3 provide near-zero lag characteristics for early entry signals with acceptable noise levels
Kalman Filter and Super Smoother offer superior noise rejection, reducing false signals in choppy conditions by estimations of 30-50% compared to SMA
Performance improvements vary by algorithm selection and market conditions
Signal Quality Improvements:
Adaptive algorithms help reduce whipsaw trades in ranging markets by adjusting sensitivity dynamically
Advanced filters (Kalman, Laguerre, Super Smoother) provide clearer extreme zone readings for mean reversion strategies
Zero-lag methods (ZLEMA, DEMA, TEMA) generate earlier crossover signals in trending markets for improved entry timing
Smoother algorithms (T3, Laguerre Binomial) reduce false extreme zone touches for more reliable overbought/oversold signals
Comparison with Standard Implementations:
Versus Basic Stochastic: Enhanced version offers 21 smoothing options versus single SMA, allowing optimization for specific market characteristics and trading styles
Versus RSI: Stochastic provides range-bound measurement (0-100) with clear extreme zones, RSI measures momentum speed, Stochastic offers clearer visual overbought/oversold identification
Versus MACD: Stochastic bounded oscillator suitable for mean reversion, MACD unbounded indicator better for trend strength, Stochastic excels in range-bound and oscillating markets
Versus CCI: Stochastic has fixed bounds (0-100) for consistent interpretation, CCI unbounded with variable extremes, Stochastic provides more standardized extreme readings across different instruments
Flexibility Advantages:
Single indicator adaptable to multiple strategies through algorithm selection rather than requiring different indicator variants
Ability to optimize smoothing characteristics for specific instruments (e.g., smoother for crypto volatility, faster for forex trends)
Multi-timeframe analysis with consistent algorithm across timeframes for coherent momentum picture
Backtesting capability with algorithm as optimization parameter for strategy development
Limitations and Considerations:
Increased complexity from multiple algorithm choices may lead to over-optimization if parameters are curve-fitted to historical data
Adaptive algorithms (KAMA, FRAMA) have adjustment periods during market regime changes where signals may be less reliable
Zero-lag algorithms sacrifice some smoothness for responsiveness, potentially increasing noise sensitivity in very choppy conditions
Performance characteristics vary significantly across algorithms, requiring understanding and testing before live implementation
Like all oscillators, Stochastic can remain in extreme zones for extended periods during strong trends, generating premature reversal signals
USAGE NOTES
This indicator is designed for technical analysis and educational purposes to provide traders with enhanced flexibility in momentum analysis. The Stochastic Oscillator has limitations and should not be used as the sole basis for trading decisions.
Important Considerations:
Algorithm performance varies with market conditions - no single smoothing method is optimal for all scenarios
Extreme zone signals (overbought/oversold) indicate potential reversal areas but not guaranteed turning points, especially in strong trends
Crossover signals may generate false entries during sideways choppy markets regardless of smoothing algorithm
Divergence patterns require confirmation from price action or additional indicators before trading
Past indicator characteristics and backtested results do not guarantee future performance
Always combine Stochastic analysis with proper risk management, position sizing, and multi-indicator confirmation
Test selected algorithm on historical data of specific instrument and timeframe before live trading
Market regime changes may require algorithm adjustment for optimal performance
The enhanced smoothing options are intended to provide tools for optimizing the indicator's behavior to match individual trading styles and market characteristics, not to create a perfect predictive tool. Responsible usage includes understanding the mathematical properties of selected algorithms and their appropriate application contexts.
Extreme Pressure Zones Indicator (EPZ) [BullByte]Extreme Pressure Zones Indicator(EPZ)
The Extreme Pressure Zones (EPZ) Indicator is a proprietary market analysis tool designed to highlight potential overbought and oversold "pressure zones" in any financial chart. It does this by combining several unique measurements of price action and volume into a single, bounded oscillator (0–100). Unlike simple momentum or volatility indicators, EPZ captures multiple facets of market pressure: price rejection, trend momentum, supply/demand imbalance, and institutional (smart money) flow. This is not a random mashup of generic indicators; each component was chosen and weighted to reveal extreme market conditions that often precede reversals or strong continuations.
What it is?
EPZ estimates buying/selling pressure and highlights potential extreme zones with a single, bounded 0–100 oscillator built from four normalized components. Context-aware weighting adapts to volatility, trendiness, and relative volume. Visual tools include adaptive thresholds, confirmed-on-close extremes, divergence, an MTF dashboard, and optional gradient candles.
Purpose and originality (not a mashup)
Purpose: Identify when pressure is building or reaching potential extremes while filtering noise across regimes and symbols.
Originality: EPZ integrates price rejection, momentum cascade, pressure distribution, and smart money flow into one bounded scale with context-aware weighting. It is not a cosmetic mashup of public indicators.
Why a trader might use EPZ
EPZ provides a multi-dimensional gauge of market extremes that standalone indicators may miss. Traders might use it to:
Spot Reversals: When EPZ enters an "Extreme High" zone (high red), it implies selling pressure might soon dominate. This can hint at a topside reversal or at least a pause in rallies. Conversely, "Extreme Low" (green) can highlight bottom-fish opportunities. The indicator's divergence module (optional) also finds hidden bullish/bearish divergences between price and EPZ, a clue that price momentum is weakening.
Measure Momentum Shifts: Because EPZ blends momentum and volume, it reacts faster than many single metrics. A rising MPO indicates building bullish pressure, while a falling MPO shows increasing bearish pressure. Traders can use this like a refined RSI: above 50 means bullish bias, below 50 means bearish bias, but with context provided by the thresholds.
Filter Trades: In trend-following systems, one could require EPZ to be in the bullish (green) zone before taking longs, or avoid new trades when EPZ is extreme. In mean-reversion systems, one might specifically look to fade extremes flagged by EPZ.
Multi-Timeframe Confirmation: The dashboard can fetch a higher timeframe EPZ value. For example, you might trade a 15-minute chart only when the 60-minute EPZ agrees on pressure direction.
Components and how they're combined
Rejection (PRV) – Captures price rejection based on candle wicks and volume (see Price Rejection Volume).
Momentum Cascade (MCD) – Blends multiple momentum periods (3,5,8,13) into a normalized momentum score.
Pressure Distribution (PDI) – Measures net buy/sell pressure by comparing volume on up vs down candles.
Smart Money Flow (SMF) – An adaptation of money flow index that emphasizes unusual volume spikes.
Each of these components produces a 0–100 value (higher means more bullish pressure). They are then weighted and averaged into the final Market Pressure Oscillator (MPO), which is smoothed and scaled. By combining these four views, EPZ stands out as a comprehensive pressure gauge – the whole is greater than the sum of parts
Context-aware weighting:
Higher volatility → more PRV weight
Trendiness up (RSI of ATR > 25) → more MCD weight
Relative volume > 1.2x → more PDI weight
SMF holds a stable weight
The weighted average is smoothed and scaled into MPO ∈ with 50 as the neutral midline.
What makes EPZ stand out
Four orthogonal inputs (price action, momentum, pressure, flow) unified in a single bounded oscillator with consistent thresholds.
Adaptive thresholds (optional) plus robust extreme detection that also triggers on crossovers, so static thresholds work reliably too.
Confirm Extremes on Bar Close (default ON): dots/arrows/labels/alerts print on closed bars to avoid repaint confusion.
Clean dashboard, divergence tools, pre-alerts, and optional on-price gradients. Visual 3D layering uses offsets for depth only,no lookahead.
Recommended markets and timeframes
Best: liquid symbols (index futures, large-cap equities, major FX, BTC/ETH).
Timeframes: 5–15m (more signals; consider higher thresholds), 1H–4H (balanced), 1D (clear regimes).
Use caution on illiquid or very low TFs where wick/volume geometry is erratic.
Logic and thresholds
MPO ∈ ; 50 = neutral. Above 50 = bullish pressure; below 50 = bearish.
Static thresholds (defaults): thrHigh = 70, thrLow = 30; warning bands 5 pts inside extremes (65/35).
Adaptive thresholds (optional):
thrHigh = min(BaseHigh + 5, mean(MPO,100) + stdev(MPO,100) × ExtremeSensitivity)
thrLow = max(BaseLow − 5, mean(MPO,100) − stdev(MPO,100) × ExtremeSensitivity)
Extreme detection
High: MPO ≥ thrHigh with peak/slope or crossover filter.
Low: MPO ≤ thrLow with trough/slope or crossover filter.
Cooldown: 5 bars (default). A new extreme will not print until the cooldown elapses, even if MPO re-enters the zone.
Confirmation
"Confirm Extremes on Bar Close" (default ON) gates extreme markers, pre-alerts, and alerts to closed bars (non-repainting).
Divergences
Pivot-based bullish/bearish divergence; tags appear only after left/right bars elapse (lookbackPivot).
MTF
HTF MPO retrieved with lookahead_off; values can update intrabar and finalize at HTF close. This is disclosed and expected.
Inputs and defaults (key ones)
Core: Sensitivity=1.0; Analysis Period=14; Smoothing=3; Adaptive Thresholds=OFF.
Extremes: Base High=70, Base Low=30; Extreme Sensitivity=1.5; Confirm Extremes on Bar Close=ON; Cooldown=5; Dot size Small/Tiny.
Visuals: Heatmap ON; 3D depth optional; Strength bars ON; Pre-alerts OFF; Divergences ON with tags ON; Gradient candles OFF; Glow ON.
Dashboard: ON; Position=Top Right; Size=Normal; MTF ON; HTF=60m; compact overlay table on price chart.
Advanced caps: Max Oscillator Labels=80; Max Extreme Guide Lines=80; Divergence objects=60.
Dashboard: what each element means
Header: EPZ ANALYSIS.
Large readout: Current MPO; color reflects state (extreme, approaching, or neutral).
Status badge: "Extreme High/Low", "Approaching High/Low", "Bullish/Neutral/Bearish".
HTF cell (when MTF ON): Higher-timeframe MPO, color-coded vs extremes; updates intrabar, settles at HTF close.
Predicted (when MTF OFF): Simple MPO extrapolation using momentum/acceleration—illustrative only.
Thresholds: Current thrHigh/thrLow (static or adaptive).
Components: ASCII bars + values for PRV, MCD, PDI, SMF.
Market metrics: Volume Ratio (x) and ATR% of price.
Strength: Bar indicator of |MPO − 50| × 2.
Confidence: Heuristic gauge (100 in extremes, 70 in warnings, 50 with divergence, else |MPO − 50|). Convenience only, not probability.
How to read the oscillator
MPO Value (0–100): A reading of 50 is neutral. Values above ~55 are increasingly bullish (green), while below ~45 are increasingly bearish (red). Think of these as "market pressure".
Extreme Zones: When MPO climbs into the bright orange/red area (above the base-high line, default 70), the chart will display a dot and downward arrow marking that extreme. Traders often treat this as a sign to tighten stops or look for shorts. Similarly, a bright green dot/up-arrow appears when MPO falls below the base-low (30), hinting at a bullish setup.
Heatmap/Candles: If "Pressure Heatmap" is enabled, the background of the oscillator pane will fade green or red depending on MPO. Users can optionally color the price candles by MPO value (gradient candles) to see these extremes on the main chart.
Prediction Zone(optional): A dashed projection line extends the MPO forward by a small number of bars (prediction_bars) using current MPO momentum and acceleration. This is a heuristic extrapolation best used for short horizons (1–5 bars) to anticipate whether MPO may touch a warning or extreme zone. It is provisional and becomes less reliable with longer projection lengths — always confirm predicted moves with bar-close MPO and HTF context before acting.
Divergences: When price makes a higher high but EPZ makes a lower high (bearish divergence), the indicator can draw dotted lines and a "Bear Div" tag. The opposite (lower low price, higher EPZ) gives "Bull Div". These signals confirm waning momentum at extremes.
Zones: Warning bands near extremes; Extreme zones beyond thresholds.
Crossovers: MPO rising through 35 suggests easing downside pressure; falling through 65 suggests waning upside pressure.
Dots/arrows: Extreme markers appear on closed bars when confirmation is ON and respect the 5-bar cooldown.
Pre-alert dots (optional): Proximity cues in warning zones; also gated to bar close when confirmation is ON.
Histogram: Distance from neutral (50); highlights strengthening or weakening pressure.
Divergence tags: "Bear Div" = higher price high with lower MPO high; "Bull Div" = lower price low with higher MPO low.
Pressure Heatmap : Layered gradient background that visually highlights pressure strength across the MPO scale; adjustable intensity and optional zone overlays (warning / extreme) for quick visual scanning.
A typical reading: If the oscillator is rising from neutral towards the high zone (green→orange→red), the chart may see strong buying culminating in a stall. If it then turns down from the extreme, that peak EPZ dot signals sell pressure.
Alerts
EPZ: Extreme Context — fires on confirmed extremes (respects cooldown).
EPZ: Approaching Threshold — fires in warning zones if no extreme.
EPZ: Divergence — fires on confirmed pivot divergences.
Tip: Set alerts to "Once per bar close" to align with confirmation and avoid intrabar repaint.
Practical usage ideas
Trend continuation: In positive regimes (MPO > 50 and rising), pullbacks holding above 50 often precede continuation; mirror for bearish regimes.
Exhaustion caution: E High/E Low can mark exhaustion risk; many wait for MPO rollover or divergence to time fades or partial exits.
Adaptive thresholds: Useful on assets with shifting volatility regimes to maintain meaningful "extreme" levels.
MTF alignment: Prefer setups that agree with the HTF MPO to reduce countertrend noise.
Examples
Screenshots captured in TradingView Replay to freeze the bar at close so values don't fluctuate intrabar. These examples use default settings and are reproducible on the same bars; they are for illustration, not cherry-picking or performance claims.
Example 1 — BTCUSDT, 1h — E Low
MPO closed at 26.6 (below the 30 extreme), printing a confirmed E Low. HTF MPO is 26.6, so higher-timeframe pressure remains bearish. Components are subdued (Momentum/Pressure/Smart$ ≈ 29–37), with Vol Ratio ≈ 1.19x and ATR% ≈ 0.37%. A prior Bear Div flagged weakening impulse into the drop. With cooldown set to 5 bars, new extremes are rate-limited. Many traders wait for MPO to curl up and reclaim 35 or for a fresh Bull Div before considering countertrend ideas; if MPO cannot reclaim 35 and HTF stays weak, treat bounces cautiously. Educational illustration only.
Example 2 — ETHUSD, 30m — E High
A strong impulse pushed MPO into the extreme zone (≥ 70), printing a confirmed E High on close. Shortly after, MPO cooled to ~61.5 while a Bear Div appeared, showing momentum lag as price pushed a higher high. Volume and volatility were elevated (≈ 1.79x / 1.25%). With a 5-bar cooldown, additional extremes won't print immediately. Some treat E High as exhaustion risk—either waiting for MPO rollover under 65/50 to fade, or for a pullback that holds above 50 to re-join the trend if higher-timeframe pressure remains constructive. Educational illustration only.
Known limitations and caveats
The MPO line itself can change intrabar; extreme markers/alerts do not repaint when "Confirm Extremes on Bar Close" is ON.
HTF values settle at the close of the HTF bar.
Illiquid symbols or very low TFs can be noisy; consider higher thresholds or longer smoothing.
Prediction line (when enabled) is a visual extrapolation only.
For coders
Pine v6. MTF via request.security with lookahead_off.
Extremes include crossover triggers so static thresholds also yield E High/E Low.
Extreme markers and pre-alerts are gated by barstate.isconfirmed when confirmation is ON.
Arrays prune oldest objects to respect resource limits; defaults (80/80/60) are conservative for low TFs.
3D layering uses negative offsets purely for drawing depth (no lookahead).
Screenshot methodology:
To make labels legible and to demonstrate non-repainting behavior, the examples were captured in TradingView Replay with "Confirm Extremes on Bar Close" enabled. Replay is used only to freeze the bar at close so plots don't change intrabar. The examples use default settings, include both Extreme Low and Extreme High cases, and can be reproduced by scrolling to the same bars outside Replay. This is an educational illustration, not a performance claim.
Disclaimer
This script is for educational purposes only and does not constitute financial advice. Markets involve risk; past behavior does not guarantee future results. You are responsible for your own testing, risk management, and decisions.
ATR Future Movement Range Projection
The "ATR Future Movement Range Projection" is a custom TradingView Pine Script indicator designed to forecast potential price ranges for a stock (or any asset) over short-term (1-month) and medium-term (3-month) horizons. It leverages the Average True Range (ATR) as a measure of volatility to estimate how far the price might move, while incorporating recent momentum bias based on the proportion of bullish (green) vs. bearish (red) candles. This creates asymmetric projections: in bullish periods, the upside range is larger than the downside, and vice versa.
The indicator is overlaid on the chart, plotting horizontal lines for the projected high and low prices for both timeframes. Additionally, it displays a small table in the top-right corner summarizing the projected prices and the percentage change required from the current close to reach them. This makes it useful for traders assessing potential targets, risk-reward ratios, or option strategies, as it combines volatility forecasting with directional sentiment.
Key features:
- **Volatility Basis**: Uses weekly ATR to derive a stable daily volatility estimate, avoiding noise from shorter timeframes.
- **Momentum Adjustment**: Analyzes recent candle colors to tilt projections toward the prevailing trend (e.g., more upside if more green candles).
- **Time Horizons**: Fixed at 1 month (21 trading days) and 3 months (63 trading days), assuming ~21 trading days per month (excluding weekends/holidays).
- **User Adjustable**: The ATR length/lookback (default 50) can be tweaked via inputs.
- **Visuals**: Green/lime lines for highs, red/orange for lows; a semi-transparent table for quick reference.
- **Limitations**: This is a probabilistic projection based on historical volatility and momentum—it doesn't predict direction with certainty and assumes volatility persists. It ignores external factors like news, earnings, or market regimes. Best used on daily charts for stocks/ETFs.
The indicator doesn't generate buy/sell signals but helps visualize "expected" ranges, similar to how implied volatility informs option pricing.
### How It Works Step-by-Step
The script executes on each bar update (typically daily timeframe) and follows this logic:
1. **Input Configuration**:
- ATR Length (Lookback): Default 50 bars. This controls both the ATR calculation period and the candle count window. You can adjust it in the indicator settings.
2. **Calculate Weekly ATR**:
- Fetches the ATR from the weekly timeframe using `request.security` with a length of 50 weeks.
- ATR measures average price range (high-low, adjusted for gaps), representing volatility.
3. **Derive Daily ATR**:
- Divides the weekly ATR by 5 (approximating 5 trading days per week) to get an equivalent daily volatility estimate.
- Example: If weekly ATR is $5, daily ATR ≈ $1.
4. **Define Projection Periods**:
- 1 Month: 21 trading days.
- 3 Months: 63 trading days (21 × 3).
- These are hardcoded but based on standard trading calendar assumptions.
5. **Compute Base Projections**:
- Base projection = Daily ATR × Days in period.
- This gives the total expected movement (range) without direction: e.g., for 3 months, $1 daily ATR × 63 = $63 total range.
6. **Analyze Candle Momentum (Win Rate)**:
- Counts green candles (close > open) and red candles (close < open) over the last 50 bars (ignores dojis where close == open).
- Total colored candles = green + red.
- Win rate = green / total colored (as a fraction, e.g., 0.7 for 70%). Defaults to 0.5 if no colored candles.
- This acts as a simple momentum proxy: higher win rate implies bullish bias.
7. **Adjust Projections Asymmetrically**:
- Upside projection = Base projection × Win rate.
- Downside projection = Base projection × (1 - Win rate).
- This skews the range: e.g., 70% win rate means 70% of the total range allocated to upside, 30% to downside.
8. **Calculate Projected Prices**:
- High = Current close + Upside projection.
- Low = Current close - Downside projection.
- Done separately for 1M and 3M.
9. **Plot Lines**:
- 3M High: Solid green line.
- 3M Low: Solid red line.
- 1M High: Dashed lime line.
- 1M Low: Dashed orange line.
- Lines extend horizontally from the current bar onward.
10. **Display Table**:
- A 3-column table (Projection, Price, % Change) in the top-right.
- Rows for 1M High/Low and 3M High/Low, color-coded.
- % Change = ((Projected price - Close) / Close) × 100.
- Updates dynamically with new data.
The entire process repeats on each new bar, so projections evolve as volatility and momentum change.
### Examples
Here are two hypothetical examples using the indicator on a daily chart. Assume it's applied to a stock like AAPL, but with made-up data for illustration. (In TradingView, you'd add the script to see real outputs.)
#### Example 1: Bullish Scenario (High Win Rate)
- Current Close: $150.
- Weekly ATR (50 periods): $10 → Daily ATR: $10 / 5 = $2.
- Last 50 Candles: 35 green, 15 red → Total colored: 50 → Win Rate: 35/50 = 0.7 (70%).
- Base Projections:
- 1M: $2 × 21 = $42.
- 3M: $2 × 63 = $126.
- Adjusted Projections:
- 1M Upside: $42 × 0.7 = $29.4 → High: $150 + $29.4 = $179.4 (+19.6%).
- 1M Downside: $42 × 0.3 = $12.6 → Low: $150 - $12.6 = $137.4 (-8.4%).
- 3M Upside: $126 × 0.7 = $88.2 → High: $150 + $88.2 = $238.2 (+58.8%).
- 3M Downside: $126 × 0.3 = $37.8 → Low: $150 - $37.8 = $112.2 (-25.2%).
- On the Chart: Green/lime lines skewed higher; table shows bullish % changes (e.g., +58.8% for 3M high).
- Interpretation: Suggests stronger potential upside due to recent bullish momentum; useful for call options or long positions.
#### Example 2: Bearish Scenario (Low Win Rate)
- Current Close: $50.
- Weekly ATR (50 periods): $3 → Daily ATR: $3 / 5 = $0.6.
- Last 50 Candles: 20 green, 30 red → Total colored: 50 → Win Rate: 20/50 = 0.4 (40%).
- Base Projections:
- 1M: $0.6 × 21 = $12.6.
- 3M: $0.6 × 63 = $37.8.
- Adjusted Projections:
- 1M Upside: $12.6 × 0.4 = $5.04 → High: $50 + $5.04 = $55.04 (+10.1%).
- 1M Downside: $12.6 × 0.6 = $7.56 → Low: $50 - $7.56 = $42.44 (-15.1%).
- 3M Upside: $37.8 × 0.4 = $15.12 → High: $50 + $15.12 = $65.12 (+30.2%).
- 3M Downside: $37.8 × 0.6 = $22.68 → Low: $50 - $22.68 = $27.32 (-45.4%).
- On the Chart: Red/orange lines skewed lower; table highlights larger downside % (e.g., -45.4% for 3M low).
- Interpretation: Indicates bearish risk; might prompt protective puts or short strategies.
#### Example 3: Neutral Scenario (Balanced Win Rate)
- Current Close: $100.
- Weekly ATR: $5 → Daily ATR: $1.
- Last 50 Candles: 25 green, 25 red → Win Rate: 0.5 (50%).
- Projections become symmetric:
- 1M: Base $21 → Upside/Downside $10.5 each → High $110.5 (+10.5%), Low $89.5 (-10.5%).
- 3M: Base $63 → Upside/Downside $31.5 each → High $131.5 (+31.5%), Low $68.5 (-31.5%).
- Interpretation: Pure volatility-based range, no directional bias—ideal for straddle options or range trading.
In real use, test on historical data: e.g., if past projections captured actual moves ~68% of the time (1 standard deviation for ATR), it validates the volatility assumption. Adjust the lookback for different assets (shorter for volatile cryptos, longer for stable blue-chips).
EAOBS by MIGVersion 1
1. Strategy Overview Objective: Capitalize on breakout movements in Ethereum (ETH) price after the Asian open pre-market session (7:00 PM–7:59 PM EST) by identifying high and low prices during the session and trading breakouts above the high or below the low.
Timeframe: Any (script is timeframe-agnostic, but align with session timing).
Session: Pre-market session (7:00 PM–7:59 PM EST, adjustable for other time zones, e.g., 12:00 AM–12:59 AM GMT).
Risk-Reward Ratios (R:R): Targets range from 1.2:1 to 5.2:1, with a fixed stop loss.
Instrument: Ethereum (ETH/USD or ETH-based pairs).
2. Market Setup Session Monitoring: Monitor ETH price action during the pre-market session (7:00 PM–7:59 PM EST), which aligns with the Asian market open (e.g., 9:00 AM–9:59 AM JST).
The script tracks the highest high and lowest low during this session.
Breakout Triggers: Buy Signal: Price breaks above the session’s high after the session ends (7:59 PM EST).
Sell Signal: Price breaks below the session’s low after the session ends.
Visualization: The session is highlighted on the chart with a white background.
Horizontal lines are drawn at the session’s high and low, extended for 30 bars, along with take-profit (TP) and stop-loss (SL) levels.
3. Entry Rules Long (Buy) Entry: Enter a long position when the price breaks above the session’s high price after 7:59 PM EST.
Entry price: Just above the session high (e.g., add a small buffer, like 0.1–0.5%, to avoid false breakouts, depending on volatility).
Short (Sell) Entry: Enter a short position when the price breaks below the session’s low price after 7:59 PM EST.
Entry price: Just below the session low (e.g., subtract a small buffer, like 0.1–0.5%).
Confirmation: Use a candlestick close above/below the breakout level to confirm the entry.
Optionally, add volume confirmation or a momentum indicator (e.g., RSI or MACD) to filter out weak breakouts.
Position Size: Calculate position size based on risk tolerance (e.g., 1–2% of account per trade).
Risk is determined by the stop-loss distance (10 points, as defined in the script).
4. Exit Rules Take-Profit Levels (in points, based on script inputs):TP1: 12 points (1.2:1 R:R).
TP2: 22 points (2.2:1 R:R).
TP3: 32 points (3.2:1 R:R).
TP4: 42 points (4.2:1 R:R).
TP5: 52 points (5.2:1 R:R).
Example for Long: If session high is 3000, TP levels are 3012, 3022, 3032, 3042, 3052.
Example for Short: If session low is 2950, TP levels are 2938, 2928, 2918, 2908, 2898.
Strategy: Scale out of the position (e.g., close 20% at TP1, 20% at TP2, etc.) or take full profit at a preferred TP level based on market conditions.
Stop-Loss: Fixed at 10 points from the entry.
Long SL: Session high - 10 points (e.g., entry at 3000, SL at 2990).
Short SL: Session low + 10 points (e.g., entry at 2950, SL at 2960).
Trailing Stop (Optional):After reaching TP2 or TP3, consider trailing the stop to lock in profits (e.g., trail by 10–15 points below the current price).
5. Risk Management per Trade: Limit risk to 1–2% of your trading account per trade.
Calculate position size: Account Size × Risk % ÷ (Stop-Loss Distance × ETH Price per Point).
Example: $10,000 account, 1% risk = $100. If SL = 10 points and 1 point = $1, position size = $100 ÷ 10 = 0.1 ETH.
Daily Risk Limit: Cap daily losses at 3–5% of the account to avoid overtrading.
Maximum Exposure: Avoid taking both long and short positions simultaneously unless using separate accounts or strategies.
Volatility Consideration: Adjust position size during high-volatility periods (e.g., major news events like Ethereum upgrades or macroeconomic announcements).
6. Trade Management Monitoring :Watch for breakouts after 7:59 PM EST.
Monitor price action near TP and SL levels using alerts or manual checks.
Trade Duration: Breakout lines extend for 30 bars (script parameter). Close trades if no TP or SL is hit within this period, or reassess based on market conditions.
Adjustments: If the market shows strong momentum, consider holding beyond TP5 with a trailing stop.
If the breakout fails (e.g., price reverses before TP1), exit early to minimize losses.
7. Additional Considerations Market Conditions: The 7:00 PM–7:59 PM EST session aligns with the Asian market open (e.g., Tokyo Stock Exchange open at 9:00 AM JST), which may introduce higher volatility due to Asian trading activity.
Avoid trading during low-liquidity periods or extreme volatility (e.g., major crypto news).
Check for upcoming events (e.g., Ethereum network upgrades, ETF decisions) that could impact price.
Backtesting: Test the strategy on historical ETH data using the session high/low breakouts for the 7:00 PM–7:59 PM EST window to validate performance.
Adjust TP/SL levels based on backtest results if needed.
Broker and Fees: Use a low-fee crypto exchange (e.g., Binance, Kraken, Coinbase Pro) to maximize R:R.
Account for trading fees and slippage in your position sizing.
Time zone Adjustment: Adjust session time input for your time zone (e.g., "0000-0059" for GMT).
Ensure your trading platform’s clock aligns with the script’s time zone (default: America/New_York).
8. Example Trade Scenario: Session (7:00 PM–7:59 PM EST) records a high of 3050 and a low of 3000.
Long Trade: Entry: Price breaks above 3050 (e.g., enter at 3051).
TP Levels: 3063 (TP1), 3073 (TP2), 3083 (TP3), 3093 (TP4), 3103 (TP5).
SL: 3040 (3050 - 10).
Position Size: For a $10,000 account, 1% risk = $100. SL = 11 points ($11). Size = $100 ÷ 11 = ~0.09 ETH.
Short Trade: Entry: Price breaks below 3000 (e.g., enter at 2999).
TP Levels: 2987 (TP1), 2977 (TP2), 2967 (TP3), 2957 (TP4), 2947 (TP5).
SL: 3010 (3000 + 10).
Position Size: Same as above, ~0.09 ETH.
Execution: Set alerts for breakouts, enter with limit orders, and monitor TPs/SL.
9. Tools and Setup Platform: Use TradingView to implement the Pine Script and visualize breakout levels.
Alerts: Set price alerts for breakouts above the session high or below the session low after 7:59 PM EST.
Set alerts for TP and SL levels.
Chart Settings: Use a 1-minute or 5-minute chart for precise session tracking.
Overlay the script to see high/low lines, TP levels, and SL levels.
Optional Indicators: Add RSI (e.g., avoid overbought/oversold breakouts) or volume to confirm breakouts.
10. Risk Warnings Crypto Volatility: ETH is highly volatile; unexpected news can cause rapid price swings.
False Breakouts: Breakouts may fail, especially in low-volume sessions. Use confirmation signals.
Leverage: Avoid high leverage (e.g., >5x) to prevent liquidation during volatile moves.
Session Accuracy: Ensure correct session timing for your time zone to avoid misaligned entries.
11. Performance Tracking Journaling :Record each trade’s entry, exit, R:R, and outcome.
Note market conditions (e.g., trending, ranging, news-driven).
Review: Weekly: Assess win rate, average R:R, and adherence to the plan.
Monthly: Adjust TP/SL or session timing based on performance.
Custom ZigZag IndicatorOverview
The Custom ZigZag Indicator is a technical analysis tool built in Pine Script (version 5) for TradingView. It overlays on price charts to visualize market trends by connecting significant swing highs and lows, filtering out minor price noise. This helps identify the overall market direction (uptrends or downtrends), potential reversal points, and key support/resistance levels. Unlike standard price lines, it "zigzags" only between meaningful pivots, making trends clearer.
Core Logic and How It Works
The script uses a state-machine approach to track market direction and pivots:
Initialization
Starts assuming an upward trend on the first bar.
sets initial high/low prices and bar indices based on the current bar's high/low.
Direction Tracking:
Upward Trend (direction = 1):
Monitors for new highs: If the current high exceeds the tracked high, update the high price and bar.
Checks for reversal: If the low drops below the high by the deviation percentage (e.g., high * (1 - 0.05) for 5%), it signals a downtrend reversal.
Draws a green line from the last pivot (low) to the new high.
If labels are enabled, adds a label: "HH" (Higher High if above previous high), "LH" (Lower High if below), or "H" (for the first one).
Updates the last high and switches to downward direction.
Downward Trend (direction = -1):
Monitors for new lows: If the current low is below the tracked low, update the low price and bar.
Checks for reversal: If the high rises above the low by the deviation percentage (e.g., low * (1 + 0.05)), it signals an uptrend reversal.
Draws a red line from the last pivot (high) to the new low.
If labels are enabled, adds a label: "LL" (Lower Low if below previous low), "HL" (Higher Low if above), or "L" (for the first one).
Updates the last low and switches to upward direction.
Trend Gauge [BullByte]Trend Gauge
Summary
A multi-factor trend detection indicator that aggregates EMA alignment, VWMA momentum scaling, volume spikes, ATR breakout strength, higher-timeframe confirmation, ADX-based regime filtering, and RSI pivot-divergence penalty into one normalized trend score. It also provides a confidence meter, a Δ Score momentum histogram, divergence highlights, and a compact, scalable dashboard for at-a-glance status.
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## 1. Purpose of the Indicator
Why this was built
Traders often monitor several indicators in parallel - EMAs, volume signals, volatility breakouts, higher-timeframe trends, ADX readings, divergence alerts, etc., which can be cumbersome and sometimes contradictory. The “Trend Gauge” indicator was created to consolidate these complementary checks into a single, normalized score that reflects the prevailing market bias (bullish, bearish, or neutral) and its strength. By combining multiple inputs with an adaptive regime filter, scaling contributions by magnitude, and penalizing weakening signals (divergence), this tool aims to reduce noise, highlight genuine trend opportunities, and warn when momentum fades.
Key Design Goals
Signal Aggregation
Merged trend-following signals (EMA crossover, ATR breakout, higher-timeframe confirmation) and momentum signals (VWMA thrust, volume spikes) into a unified score that reflects directional bias more holistically.
Market Regime Awareness
Implemented an ADX-style filter to distinguish between trending and ranging markets, reducing the influence of trend signals during sideways phases to avoid false breakouts.
Magnitude-Based Scaling
Replaced binary contributions with scaled inputs: VWMA thrust and ATR breakout are weighted relative to recent averages, allowing for more nuanced score adjustments based on signal strength.
Momentum Divergence Penalty
Integrated pivot-based RSI divergence detection to slightly reduce the overall score when early signs of momentum weakening are detected, improving risk-awareness in entries.
Confidence Transparency
Added a live confidence metric that shows what percentage of enabled sub-indicators currently agree with the overall bias, making the scoring system more interpretable.
Momentum Acceleration Visualization
Plotted the change in score (Δ Score) as a histogram bar-to-bar, highlighting whether momentum is increasing, flattening, or reversing, aiding in more timely decision-making.
Compact Informational Dashboard
Presented a clean, scalable dashboard that displays each component’s status, the final score, confidence %, detected regime (Trending/Ranging), and a labeled strength gauge for quick visual assessment.
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## 2. Why a Trader Should Use It
Main benefits and use cases
1. Unified View: Rather than juggling multiple windows or panels, this indicator delivers a single score synthesizing diverse signals.
2. Regime Filtering: In ranging markets, trend signals often generate false entries. The ADX-based regime filter automatically down-weights trend-following components, helping you avoid chasing false breakouts.
3. Nuanced Momentum & Volatility: VWMA and ATR breakout contributions are normalized by recent averages, so strong moves register strongly while smaller fluctuations are de-emphasized.
4. Early Warning of Weakening: Pivot-based RSI divergence is detected and used to slightly reduce the score when price/momentum diverges, giving a cautionary signal before a full reversal.
5. Confidence Meter: See at a glance how many sub-indicators align with the aggregated bias (e.g., “80% confidence” means 4 out of 5 components agree ). This transparency avoids black-box decisions.
6. Trend Acceleration/Deceleration View: The Δ Score histogram visualizes whether the aggregated score is rising (accelerating trend) or falling (momentum fading), supplementing the main oscillator.
7. Compact Dashboard: A corner table lists each check’s status (“Bull”, “Bear”, “Flat” or “Disabled”), plus overall Score, Confidence %, Regime, Trend Strength label, and a gauge bar. Users can scale text size (Normal, Small, Tiny) without removing elements, so the full picture remains visible even in compact layouts.
8. Customizable & Transparent: All components can be enabled/disabled and parameterized (lengths, thresholds, weights). The full Pine code is open and well-commented, letting users inspect or adapt the logic.
9. Alert-ready: Built-in alert conditions fire when the score crosses weak thresholds to bullish/bearish or returns to neutral, enabling timely notifications.
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## 3. Component Rationale (“Why These Specific Indicators?”)
Each sub-component was chosen because it adds complementary information about trend or momentum:
1. EMA Cross
o Basic trend measure: compares a faster EMA vs. a slower EMA. Quickly reflects trend shifts but by itself can whipsaw in sideways markets.
2. VWMA Momentum
o Volume-weighted moving average change indicates momentum with volume context. By normalizing (dividing by a recent average absolute change), we capture the strength of momentum relative to recent history. This scaling prevents tiny moves from dominating and highlights genuinely strong momentum.
3. Volume Spikes
o Sudden jumps in volume combined with price movement often accompany stronger moves or reversals. A binary detection (+1 for bullish spike, -1 for bearish spike) flags high-conviction bars.
4. ATR Breakout
o Detects price breaking beyond recent highs/lows by a multiple of ATR. Measures breakout strength by how far beyond the threshold price moves relative to ATR, capped to avoid extreme outliers. This gives a volatility-contextual trend signal.
5. Higher-Timeframe EMA Alignment
o Confirms whether the shorter-term trend aligns with a higher timeframe trend. Uses request.security with lookahead_off to avoid future data. When multiple timeframes agree, confidence in direction increases.
6. ADX Regime Filter (Manual Calculation)
o Computes directional movement (+DM/–DM), smoothes via RMA, computes DI+ and DI–, then a DX and ADX-like value. If ADX ≥ threshold, market is “Trending” and trend components carry full weight; if ADX < threshold, “Ranging” mode applies a configurable weight multiplier (e.g., 0.5) to trend-based contributions, reducing false signals in sideways conditions. Volume spikes remain binary (optional behavior; can be adjusted if desired).
7. RSI Pivot-Divergence Penalty
o Uses ta.pivothigh / ta.pivotlow with a lookback to detect pivot highs/lows on price and corresponding RSI values. When price makes a higher high but RSI makes a lower high (bearish divergence), or price makes a lower low but RSI makes a higher low (bullish divergence), a divergence signal is set. Rather than flipping the trend outright, the indicator subtracts (or adds) a small penalty (configurable) from the aggregated score if it would weaken the current bias. This subtle adjustment warns of weakening momentum without overreacting to noise.
8. Confidence Meter
o Counts how many enabled components currently agree in direction with the aggregated score (i.e., component sign × score sign > 0). Displays this as a percentage. A high percentage indicates strong corroboration; a low percentage warns of mixed signals.
9. Δ Score Momentum View
o Plots the bar-to-bar change in the aggregated score (delta_score = score - score ) as a histogram. When positive, bars are drawn in green above zero; when negative, bars are drawn in red below zero. This reveals acceleration (rising Δ) or deceleration (falling Δ), supplementing the main oscillator.
10. Dashboard
• A table in the indicator pane’s top-right with 11 rows:
1. EMA Cross status
2. VWMA Momentum status
3. Volume Spike status
4. ATR Breakout status
5. Higher-Timeframe Trend status
6. Score (numeric)
7. Confidence %
8. Regime (“Trending” or “Ranging”)
9. Trend Strength label (e.g., “Weak Bullish Trend”, “Strong Bearish Trend”)
10. Gauge bar visually representing score magnitude
• All rows always present; size_opt (Normal, Small, Tiny) only changes text size via text_size, not which elements appear. This ensures full transparency.
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## 4. What Makes This Indicator Stand Out
• Regime-Weighted Multi-Factor Score: Trend and momentum signals are adaptively weighted by market regime (trending vs. ranging) , reducing false signals.
• Magnitude Scaling: VWMA and ATR breakout contributions are normalized by recent average momentum or ATR, giving finer gradation compared to simple ±1.
• Integrated Divergence Penalty: Divergence directly adjusts the aggregated score rather than appearing as a separate subplot; this influences alerts and trend labeling in real time.
• Confidence Meter: Shows the percentage of sub-signals in agreement, providing transparency and preventing blind trust in a single metric.
• Δ Score Histogram Momentum View: A histogram highlights acceleration or deceleration of the aggregated trend score, helping detect shifts early.
• Flexible Dashboard: Always-visible component statuses and summary metrics in one place; text size scaling keeps the full picture available in cramped layouts.
• Lookahead-Safe HTF Confirmation: Uses lookahead_off so no future data is accessed from higher timeframes, avoiding repaint bias.
• Repaint Transparency: Divergence detection uses pivot functions that inherently confirm only after lookback bars; description documents this lag so users understand how and when divergence labels appear.
• Open-Source & Educational: Full, well-commented Pine v6 code is provided; users can learn from its structure: manual ADX computation, conditional plotting with series = show ? value : na, efficient use of table.new in barstate.islast, and grouped inputs with tooltips.
• Compliance-Conscious: All plots have descriptive titles; inputs use clear names; no unnamed generic “Plot” entries; manual ADX uses RMA; all request.security calls use lookahead_off. Code comments mention repaint behavior and limitations.
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## 5. Recommended Timeframes & Tuning
• Any Timeframe: The indicator works on small (e.g., 1m) to large (daily, weekly) timeframes. However:
o On very low timeframes (<1m or tick charts), noise may produce frequent whipsaws. Consider increasing smoothing lengths, disabling certain components (e.g., volume spike if volume data noisy), or using a larger pivot lookback for divergence.
o On higher timeframes (daily, weekly), consider longer lookbacks for ATR breakout or divergence, and set Higher-Timeframe trend appropriately (e.g., 4H HTF when on 5 Min chart).
• Defaults & Experimentation: Default input values are chosen to be balanced for many liquid markets. Users should test with replay or historical analysis on their symbol/timeframe and adjust:
o ADX threshold (e.g., 20–30) based on instrument volatility.
o VWMA and ATR scaling lengths to match average volatility cycles.
o Pivot lookback for divergence: shorter for faster markets, longer for slower ones.
• Combining with Other Analysis: Use in conjunction with price action, support/resistance, candlestick patterns, order flow, or other tools as desired. The aggregated score and alerts can guide attention but should not be the sole decision-factor.
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## 6. How Scoring and Logic Works (Step-by-Step)
1. Compute Sub-Scores
o EMA Cross: Evaluate fast EMA > slow EMA ? +1 : fast EMA < slow EMA ? -1 : 0.
o VWMA Momentum: Calculate vwma = ta.vwma(close, length), then vwma_mom = vwma - vwma . Normalize: divide by recent average absolute momentum (e.g., ta.sma(abs(vwma_mom), lookback)), clip to .
o Volume Spike: Compute vol_SMA = ta.sma(volume, len). If volume > vol_SMA * multiplier AND price moved up ≥ threshold%, assign +1; if moved down ≥ threshold%, assign -1; else 0.
o ATR Breakout: Determine recent high/low over lookback. If close > high + ATR*mult, compute distance = close - (high + ATR*mult), normalize by ATR, cap at a configured maximum. Assign positive contribution. Similarly for bearish breakout below low.
o Higher-Timeframe Trend: Use request.security(..., lookahead=barmerge.lookahead_off) to fetch HTF EMAs; assign +1 or -1 based on alignment.
2. ADX Regime Weighting
o Compute manual ADX: directional movements (+DM, –DM), smoothed via RMA, DI+ and DI–, then DX and ADX via RMA. If ADX ≥ threshold, market is considered “Trending”; otherwise “Ranging.”
o If trending, trend-based contributions (EMA, VWMA, ATR, HTF) use full weight = 1.0. If ranging, use weight = ranging_weight (e.g., 0.5) to down-weight them. Volume spike stays binary ±1 (optional to change if desired).
3. Aggregate Raw Score
o Sum weighted contributions of all enabled components. Count the number of enabled components; if zero, default count = 1 to avoid division by zero.
4. Divergence Penalty
o Detect pivot highs/lows on price and corresponding RSI values, using a lookback. When price and RSI diverge (bearish or bullish divergence), check if current raw score is in the opposing direction:
If bearish divergence (price higher high, RSI lower high) and raw score currently positive, subtract a penalty (e.g., 0.5).
If bullish divergence (price lower low, RSI higher low) and raw score currently negative, add a penalty.
o This reduces score magnitude to reflect weakening momentum, without flipping the trend outright.
5. Normalize and Smooth
o Normalized score = (raw_score / number_of_enabled_components) * 100. This yields a roughly range.
o Optional EMA smoothing of this normalized score to reduce noise.
6. Interpretation
o Sign: >0 = net bullish bias; <0 = net bearish bias; near zero = neutral.
o Magnitude Zones: Compare |score| to thresholds (Weak, Medium, Strong) to label trend strength (e.g., “Weak Bullish Trend”, “Medium Bearish Trend”, “Strong Bullish Trend”).
o Δ Score Histogram: The histogram bars from zero show change from previous bar’s score; positive bars indicate acceleration, negative bars indicate deceleration.
o Confidence: Percentage of sub-indicators aligned with the score’s sign.
o Regime: Indicates whether trend-based signals are fully weighted or down-weighted.
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## 7. Oscillator Plot & Visualization: How to Read It
Main Score Line & Area
The oscillator plots the aggregated score as a line, with colored fill: green above zero for bullish area, red below zero for bearish area. Horizontal reference lines at ±Weak, ±Medium, and ±Strong thresholds mark zones: crossing above +Weak suggests beginning of bullish bias, above +Medium for moderate strength, above +Strong for strong trend; similarly for bearish below negative thresholds.
Δ Score Histogram
If enabled, a histogram shows score - score . When positive, bars appear in green above zero, indicating accelerating bullish momentum; when negative, bars appear in red below zero, indicating decelerating or reversing momentum. The height of each bar reflects the magnitude of change in the aggregated score from the prior bar.
Divergence Highlight Fill
If enabled, when a pivot-based divergence is confirmed:
• Bullish Divergence : fill the area below zero down to –Weak threshold in green, signaling potential reversal from bearish to bullish.
• Bearish Divergence : fill the area above zero up to +Weak threshold in red, signaling potential reversal from bullish to bearish.
These fills appear with a lag equal to pivot lookback (the number of bars needed to confirm the pivot). They do not repaint after confirmation, but users must understand this lag.
Trend Direction Label
When score crosses above or below the Weak threshold, a small label appears near the score line reading “Bullish” or “Bearish.” If the score returns within ±Weak, the label “Neutral” appears. This helps quickly identify shifts at the moment they occur.
Dashboard Panel
In the indicator pane’s top-right, a table shows:
1. EMA Cross status: “Bull”, “Bear”, “Flat”, or “Disabled”
2. VWMA Momentum status: similarly
3. Volume Spike status: “Bull”, “Bear”, “No”, or “Disabled”
4. ATR Breakout status: “Bull”, “Bear”, “No”, or “Disabled”
5. Higher-Timeframe Trend status: “Bull”, “Bear”, “Flat”, or “Disabled”
6. Score: numeric value (rounded)
7. Confidence: e.g., “80%” (colored: green for high, amber for medium, red for low)
8. Regime: “Trending” or “Ranging” (colored accordingly)
9. Trend Strength: textual label based on magnitude (e.g., “Medium Bullish Trend”)
10. Gauge: a bar of blocks representing |score|/100
All rows remain visible at all times; changing Dashboard Size only scales text size (Normal, Small, Tiny).
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## 8. Example Usage (Illustrative Scenario)
Example: BTCUSD 5 Min
1. Setup: Add “Trend Gauge ” to your BTCUSD 5 Min chart. Defaults: EMAs (8/21), VWMA 14 with lookback 3, volume spike settings, ATR breakout 14/5, HTF = 5m (or adjust to 4H if preferred), ADX threshold 25, ranging weight 0.5, divergence RSI length 14 pivot lookback 5, penalty 0.5, smoothing length 3, thresholds Weak=20, Medium=50, Strong=80. Dashboard Size = Small.
2. Trend Onset: At some point, price breaks above recent high by ATR multiple, volume spikes upward, faster EMA crosses above slower EMA, HTF EMA also bullish, and ADX (manual) ≥ threshold → aggregated score rises above +20 (Weak threshold) into +Medium zone. Dashboard shows “Bull” for EMA, VWMA, Vol Spike, ATR, HTF; Score ~+60–+70; Confidence ~100%; Regime “Trending”; Trend Strength “Medium Bullish Trend”; Gauge ~6–7 blocks. Δ Score histogram bars are green and rising, indicating accelerating bullish momentum. Trader notes the alignment.
3. Divergence Warning: Later, price makes a slightly higher high but RSI fails to confirm (lower RSI high). Pivot lookback completes; the indicator highlights a bearish divergence fill above zero and subtracts a small penalty from the score, causing score to stall or retrace slightly. Dashboard still bullish but score dips toward +Weak. This warns the trader to tighten stops or take partial profits.
4. Trend Weakens: Score eventually crosses below +Weak back into neutral; a “Neutral” label appears, and a “Neutral Trend” alert fires if enabled. Trader exits or avoids new long entries. If score subsequently crosses below –Weak, a “Bearish” label and alert occur.
5. Customization: If the trader finds VWMA noise too frequent on this instrument, they may disable VWMA or increase lookback. If ATR breakouts are too rare, adjust ATR length or multiplier. If ADX threshold seems off, tune threshold. All these adjustments are explained in Inputs section.
6. Visualization: The screenshot shows the main score oscillator with colored areas, reference lines at ±20/50/80, Δ Score histogram bars below/above zero, divergence fill highlighting potential reversal, and the dashboard table in the top-right.
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## 9. Inputs Explanation
A concise yet clear summary of inputs helps users understand and adjust:
1. General Settings
• Theme (Dark/Light): Choose background-appropriate colors for the indicator pane.
• Dashboard Size (Normal/Small/Tiny): Scales text size only; all dashboard elements remain visible.
2. Indicator Settings
• Enable EMA Cross: Toggle on/off basic EMA alignment check.
o Fast EMA Length and Slow EMA Length: Periods for EMAs.
• Enable VWMA Momentum: Toggle VWMA momentum check.
o VWMA Length: Period for VWMA.
o VWMA Momentum Lookback: Bars to compare VWMA to measure momentum.
• Enable Volume Spike: Toggle volume spike detection.
o Volume SMA Length: Period to compute average volume.
o Volume Spike Multiplier: How many times above average volume qualifies as spike.
o Min Price Move (%): Minimum percent change in price during spike to qualify as bullish or bearish.
• Enable ATR Breakout: Toggle ATR breakout detection.
o ATR Length: Period for ATR.
o Breakout Lookback: Bars to look back for recent highs/lows.
o ATR Multiplier: Multiplier for breakout threshold.
• Enable Higher Timeframe Trend: Toggle HTF EMA alignment.
o Higher Timeframe: E.g., “5” for 5-minute when on 1-minute chart, or “60” for 5 Min when on 15m, etc. Uses lookahead_off.
• Enable ADX Regime Filter: Toggles regime-based weighting.
o ADX Length: Period for manual ADX calculation.
o ADX Threshold: Value above which market considered trending.
o Ranging Weight Multiplier: Weight applied to trend components when ADX < threshold (e.g., 0.5).
• Scale VWMA Momentum: Toggle normalization of VWMA momentum magnitude.
o VWMA Mom Scale Lookback: Period for average absolute VWMA momentum.
• Scale ATR Breakout Strength: Toggle normalization of breakout distance by ATR.
o ATR Scale Cap: Maximum multiple of ATR used for breakout strength.
• Enable Price-RSI Divergence: Toggle divergence detection.
o RSI Length for Divergence: Period for RSI.
o Pivot Lookback for Divergence: Bars on each side to identify pivot high/low.
o Divergence Penalty: Amount to subtract/add to score when divergence detected (e.g., 0.5).
3. Score Settings
• Smooth Score: Toggle EMA smoothing of normalized score.
• Score Smoothing Length: Period for smoothing EMA.
• Weak Threshold: Absolute score value under which trend is considered weak or neutral.
• Medium Threshold: Score above Weak but below Medium is moderate.
• Strong Threshold: Score above this indicates strong trend.
4. Visualization Settings
• Show Δ Score Histogram: Toggle display of the bar-to-bar change in score as a histogram. Default true.
• Show Divergence Fill: Toggle background fill highlighting confirmed divergences. Default true.
Each input has a tooltip in the code.
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## 10. Limitations, Repaint Notes, and Disclaimers
10.1. Repaint & Lag Considerations
• Pivot-Based Divergence Lag: The divergence detection uses ta.pivothigh / ta.pivotlow with a specified lookback. By design, a pivot is only confirmed after the lookback number of bars. As a result:
o Divergence labels or fills appear with a delay equal to the pivot lookback.
o Once the pivot is confirmed and the divergence is detected, the fill/label does not repaint thereafter, but you must understand and accept this lag.
o Users should not treat divergence highlights as predictive signals without additional confirmation, because they appear after the pivot has fully formed.
• Higher-Timeframe EMA Alignment: Uses request.security(..., lookahead=barmerge.lookahead_off), so no future data from the higher timeframe is used. This avoids lookahead bias and ensures signals are based only on completed higher-timeframe bars.
• No Future Data: All calculations are designed to avoid using future information. For example, manual ADX uses RMA on past data; security calls use lookahead_off.
10.2. Market & Noise Considerations
• In very choppy or low-liquidity markets, some components (e.g., volume spikes or VWMA momentum) may be noisy. Users can disable or adjust those components’ parameters.
• On extremely low timeframes, noise may dominate; consider smoothing lengths or disabling certain features.
• On very high timeframes, pivots and breakouts occur less frequently; adjust lookbacks accordingly to avoid sparse signals.
10.3. Not a Standalone Trading System
• This is an indicator, not a complete trading strategy. It provides signals and context but does not manage entries, exits, position sizing, or risk management.
• Users must combine it with their own analysis, money management, and confirmations (e.g., price patterns, support/resistance, fundamental context).
• No guarantees: past behavior does not guarantee future performance.
10.4. Disclaimers
• Educational Purposes Only: The script is provided as-is for educational and informational purposes. It does not constitute financial, investment, or trading advice.
• Use at Your Own Risk: Trading involves risk of loss. Users should thoroughly test and use proper risk management.
• No Guarantees: The author is not responsible for trading outcomes based on this indicator.
• License: Published under Mozilla Public License 2.0; code is open for viewing and modification under MPL terms.
________________________________________
## 11. Alerts
• The indicator defines three alert conditions:
1. Bullish Trend: when the aggregated score crosses above the Weak threshold.
2. Bearish Trend: when the score crosses below the negative Weak threshold.
3. Neutral Trend: when the score returns within ±Weak after being outside.
Good luck
– BullByte
beanBean's Multi-Instrument Pattern Scanner.
This indicator scans H1 timeframe for specific technical patterns. Here's how each pattern is detected:
PATTERN DETECTION CRITERIA:
1. Hammer
- Body Size: ≤ 30% of total candle length
- Lower Wick: > 50% of total candle length
- Upper Wick: < 20% of total candle length
- Formula:
* bodySize = |close - open|
* upperWick = high - max(open, close)
* lowerWick = min(open, close) - low
* totalLength = high - low
2. Shooting Star
- Body Size: ≤ 30% of total candle length
- Upper Wick: > 50% of total candle length
- Lower Wick: < 20% of total candle length
- Uses same measurements as Hammer but inverted
3. Outside/Inside (OI)
Checks three consecutive bars:
- Outside Bar: Bar2 high ≥ Bar3 high AND Bar2 low ≤ Bar3 low
- Inside Bar: Bar1 high ≤ Bar2 high AND Bar1 low ≥ Bar2 low
Pattern confirms when both conditions are met
4. Bullish/Bearish Umbrella
Checks two consecutive bars:
Bullish:
- Current bar's high ≤ previous bar's high
- Current body high ≤ previous bar's high
- Current body low ≥ previous body high
Bearish:
- Current bar's low ≥ previous bar's low
- Current body low ≥ previous bar's low
- Current body high ≤ previous body low
5. Three Bar Triangle (3BT)
Checks three consecutive bars:
- Current bar's high ≤ max(previous two highs)
- Current bar's low ≥ min(previous two lows)
- Indicates price compression
DISPLAY AND ALERTS:
- Patterns are displayed in real-time in the table
- Multiple patterns can be detected simultaneously
- Pattern detection resets each new H1 candle
CONFIGURATION:
- Each row can be independently configured
- Patterns are checked on H1 timeframe close
- Alert frequency: Once per H1 bar close
Note: All measurements use standard OHLC values from only completed H1 candles.
Weekly H/L DOTWThe Weekly High/Low Day Breakdown indicator provides a detailed statistical analysis of the days of the week (Monday to Sunday) on which weekly highs and lows occur for a given timeframe. It helps traders identify recurring patterns, correlations, and tendencies in price behavior across different days of the week. This can assist in planning trading strategies by leveraging day-specific patterns.
The indicator visually displays the statistical distribution of weekly highs and lows in an easy-to-read tabular format on your chart. Users can customize how the data is displayed, including whether the table is horizontal or vertical, the size of the text, and the position of the table on the chart.
Key Features:
Weekly Highs and Lows Identification:
Tracks the highest and lowest price of each trading week.
Records the day of the week on which these events occur.
Customizable Table Layout:
Option to display the table horizontally or vertically.
Text size can be adjusted (Small, Normal, or Large).
Table position is customizable (top-right, top-left, bottom-right, or bottom-left of the chart).
Flexible Value Representation:
Allows the display of values as percentages or as occurrences.
Default setting is occurrences, but users can toggle to percentages as needed.
Day-Specific Display:
Option to hide Saturday or Sunday if these days are not relevant to your trading strategy.
Visible Date Range:
Users can define a start and end date for the analysis, focusing the results on a specific period of interest.
User-Friendly Interface:
The table dynamically updates based on the selected timeframe and visibility of the chart, ensuring the displayed data is always relevant to the current context.
Adaptable to Custom Needs:
Includes all-day names from Monday to Sunday, but allows for specific days to be excluded based on the user’s preferences.
Indicator Logic:
Data Collection:
The indicator collects daily high, low, day of the week, and time data from the selected ticker using the request.security() function with a daily timeframe ('D').
Weekly Tracking:
Tracks the start and end times of each week.
During each week, it monitors the highest and lowest prices and the days they occurred.
Weekly Closure:
When a week ends (detected by Sunday’s daily candle), the indicator:
Updates the statistics for the respective days of the week where the weekly high and low occurred.
Resets tracking variables for the next week.
Visible Range Filter:
Only processes data for weeks that fall within the visible range of the chart, ensuring the table reflects only the visible portion of the chart.
Statistical Calculations:
Counts the number of weekly highs and lows for each day.
Calculates percentages relative to the total number of weeks in the visible range.
Dynamic Table Display:
Depending on user preferences, displays the data either horizontally or vertically.
Formats the table with proper alignment, colors, and text sizes for easy readability.
Custom Value Representation:
If set to "percentages," displays the percentage of weeks a high/low occurred on each day.
If set to "occurrences," displays the raw count of weekly highs/lows for each day.
Input Parameters:
High Text Color:
Color for the text in the "Weekly High" row or column.
Low Text Color:
Color for the text in the "Weekly Low" row or column.
High Background Color:
Background color for the "Weekly High" row or column.
Low Background Color:
Background color for the "Weekly Low" row or column.
Table Background Color:
General background color for the table.
Hide Saturday:
Option to exclude Saturday from the analysis and table.
Hide Sunday:
Option to exclude Sunday from the analysis and table.
Values Format:
Dropdown menu to select "percentages" or "occurrences."
Default value: "occurrences."
Table Position:
Dropdown menu to select the table position on the chart: "top_right," "top_left," "bottom_right," "bottom_left."
Default value: "top_right."
Text Size:
Dropdown menu to select text size: "Small," "Normal," "Large."
Default value: "Normal."
Vertical Table Format:
Checkbox to toggle the table layout:
Checked: Table displays days vertically, with Monday at the top.
Unchecked: Table displays days horizontally.
Start Date:
Allows users to specify the starting date for the analysis.
End Date:
Allows users to specify the ending date for the analysis.
Use Cases:
Day-Specific Pattern Recognition:
Identify if specific days, such as Monday or Friday, are more likely to form weekly highs or lows.
Seasonal Analysis:
Use the start and end date filters to analyze patterns during specific trading seasons.
Strategy Development:
Plan day-based entry and exit strategies by identifying recurring patterns in weekly highs/lows.
Historical Review:
Study historical data to understand how market behavior has changed over time.
TradingView TOS Compliance Notes:
Originality:
This script is uniquely designed to provide day-based statistics for weekly highs and lows, which is not a common feature in other publicly available indicators.
Usefulness:
Offers practical insights for traders interested in understanding day-specific price behavior.
Detailed Description:
Fully explains the purpose, features, logic, input settings, and use cases of the indicator.
Includes clear and concise details on how each input works.
Clear Input Descriptions:
All input parameters are clearly named and explained in the script and this description.
No Redundant Functionality:
Focused specifically on tracking weekly highs and lows, ensuring the indicator serves a distinct purpose without unnecessary features.
Inner Bar Strength (IBS)Inner Bar Strength (IBS) Indicator
The Inner Bar Strength (IBS) indicator is a technical analysis tool designed to measure the position of the closing price relative to the day's price range. It provides insights into market sentiment by indicating where the close occurs within the high and low of a specific timeframe. The IBS value ranges from 0 to 1, where values near 1 suggest bullish momentum (close near the high), and values near 0 indicate bearish momentum (close near the low).
How It Works
The IBS is calculated using the following formula:
IBS = (Close−Low) / (High−Low)
IBS = (High−Low) / (Close−Low)
Close: Closing price of the selected timeframe.
Low: Lowest price of the selected timeframe.
High: Highest price of the selected timeframe.
The indicator allows you to select the timeframe for calculation (default is daily), providing flexibility to analyze different periods based on your trading strategy.
Key Features
Inner Bar Strength (IBS) Indicator
The Inner Bar Strength (IBS) indicator is a technical analysis tool designed to measure the position of the closing price relative to the day's price range. It provides insights into market sentiment by indicating where the close occurs within the high and low of a specific timeframe. The IBS value ranges from 0 to 1, where values near 1 suggest bullish momentum (close near the high), and values near 0 indicate bearish momentum (close near the low).
How It Works
The IBS is calculated using the following formula:
IBS=Close−LowHigh−Low
IBS=High−LowClose−Low
Close: Closing price of the selected timeframe.
Low: Lowest price of the selected timeframe.
High: Highest price of the selected timeframe.
The indicator allows you to select the timeframe for calculation (default is daily), providing flexibility to analyze different periods based on your trading strategy.
Key Features
Timeframe Selection: Customize the timeframe to daily, weekly, monthly, or any other period that suits your analysis.
Adjustable Thresholds: Input fields for upper and lower thresholds (defaulted at 0.9 and 0.1) help identify overbought and oversold conditions.
Visual Aids: Dashed horizontal lines at the threshold levels make it easy to visualize critical levels on the chart.
How to Use the IBS Indicator
When the IBS value exceeds the upper threshold (e.g., 0.9), it suggests the asset is closing near its high and may be overbought.
When the IBS value falls below the lower threshold (e.g., 0.1), it indicates the asset is closing near its low and may be oversold.
Use RSI to confirm overbought or oversold conditions identified by the IBS.
Incorporate moving averages to identify the overall trend and filter signals.
High trading volume can strengthen signals provided by the IBS.
If the price is making lower lows while the IBS is making higher lows, it may signal a potential upward reversal.
If the price is making higher highs and the IBS is making lower highs, a downward reversal might be imminent.
Conclusion
The Inner Bar Strength (IBS) indicator is a valuable tool for traders seeking to understand intraday momentum and potential reversal points. By measuring where the closing price lies within the day's range, it provides immediate insights into market sentiment. When used alongside other technical analysis tools, the IBS can enhance your trading strategy by identifying overbought or oversold conditions, confirming breakouts, and highlighting potential divergence signals.
Exposure Oscillator (Cumulative 0 to ±100%)
Exposure Oscillator (Cumulative 0 to ±100%)
This Pine Script indicator plots an "Exposure Oscillator" on the chart, which tracks the cumulative market exposure from a range of technical buy and sell signals. The exposure is measured on a scale from -100% (maximum short exposure) to +100% (maximum long exposure), helping traders assess the strength of their position in the market. It provides an intuitive visual cue to aid decision-making for trend-following strategies.
Buy Signals (Increase Exposure Score by +10%)
Buy Signal 1 (Cross Above 21 EMA):
This signal is triggered when the price crosses above the 21-period Exponential Moving Average (EMA), where the current bar closes above the EMA21, and the previous bar closed below the EMA21. This indicates a potential upward price movement as the market shifts into a bullish trend.
buySignal1 = ta.crossover(close, ema21)
Buy Signal 2 (Trending Above 21 EMA):
This signal is triggered when the price closes above the 21-period EMA for each of the last 5 bars, indicating a sustained bullish trend. It confirms that the price is consistently above the EMA21 for a significant period.
buySignal2 = ta.barssince(close <= ema21) > 5
Buy Signal 3 (Living Above 21 EMA):
This signal is triggered when the price has closed above the 21-period EMA for each of the last 15 bars, demonstrating a strong, prolonged uptrend.
buySignal3 = ta.barssince(close <= ema21) > 15
Buy Signal 4 (Cross Above 50 SMA):
This signal is triggered when the price crosses above the 50-period Simple Moving Average (SMA), where the current bar closes above the 50 SMA, and the previous bar closed below it. It indicates a shift toward bullish momentum.
buySignal4 = ta.crossover(close, sma50)
Buy Signal 5 (Cross Above 200 SMA):
This signal is triggered when the price crosses above the 200-period Simple Moving Average (SMA), where the current bar closes above the 200 SMA, and the previous bar closed below it. This suggests a long-term bullish trend.
buySignal5 = ta.crossover(close, sma200)
Buy Signal 6 (Low Above 50 SMA):
This signal is true when the lowest price of the current bar is above the 50-period SMA, indicating strong bullish pressure as the price maintains itself above the moving average.
buySignal6 = low > sma50
Buy Signal 7 (Accumulation Day):
An accumulation day occurs when the closing price is in the upper half of the daily range (greater than 50%) and the volume is larger than the previous bar's volume, suggesting buying pressure and accumulation.
buySignal7 = (close - low) / (high - low) > 0.5 and volume > volume
Buy Signal 8 (Higher High):
This signal occurs when the current bar’s high exceeds the highest high of the previous 14 bars, indicating a breakout or strong upward momentum.
buySignal8 = high > ta.highest(high, 14)
Buy Signal 9 (Key Reversal Bar):
This signal is generated when the stock opens below the low of the previous bar but rallies to close above the previous bar’s high, signaling a potential reversal from bearish to bullish.
buySignal9 = open < low and close > high
Buy Signal 10 (Distribution Day Fall Off):
This signal is triggered when a distribution day (a day with high volume and a close near the low of the range) "falls off" the rolling 25-bar period, indicating the end of a bearish trend or selling pressure.
buySignal10 = ta.barssince(close < sma50 and close < sma50) > 25
Sell Signals (Decrease Exposure Score by -10%)
Sell Signal 1 (Cross Below 21 EMA):
This signal is triggered when the price crosses below the 21-period Exponential Moving Average (EMA), where the current bar closes below the EMA21, and the previous bar closed above it. It suggests that the market may be shifting from a bullish trend to a bearish trend.
sellSignal1 = ta.crossunder(close, ema21)
Sell Signal 2 (Trending Below 21 EMA):
This signal is triggered when the price closes below the 21-period EMA for each of the last 5 bars, indicating a sustained bearish trend.
sellSignal2 = ta.barssince(close >= ema21) > 5
Sell Signal 3 (Living Below 21 EMA):
This signal is triggered when the price has closed below the 21-period EMA for each of the last 15 bars, suggesting a strong downtrend.
sellSignal3 = ta.barssince(close >= ema21) > 15
Sell Signal 4 (Cross Below 50 SMA):
This signal is triggered when the price crosses below the 50-period Simple Moving Average (SMA), where the current bar closes below the 50 SMA, and the previous bar closed above it. It indicates the start of a bearish trend.
sellSignal4 = ta.crossunder(close, sma50)
Sell Signal 5 (Cross Below 200 SMA):
This signal is triggered when the price crosses below the 200-period Simple Moving Average (SMA), where the current bar closes below the 200 SMA, and the previous bar closed above it. It indicates a long-term bearish trend.
sellSignal5 = ta.crossunder(close, sma200)
Sell Signal 6 (High Below 50 SMA):
This signal is true when the highest price of the current bar is below the 50-period SMA, indicating weak bullishness or a potential bearish reversal.
sellSignal6 = high < sma50
Sell Signal 7 (Distribution Day):
A distribution day is identified when the closing range of a bar is less than 50% and the volume is larger than the previous bar's volume, suggesting that selling pressure is increasing.
sellSignal7 = (close - low) / (high - low) < 0.5 and volume > volume
Sell Signal 8 (Lower Low):
This signal occurs when the current bar's low is less than the lowest low of the previous 14 bars, indicating a breakdown or strong downward momentum.
sellSignal8 = low < ta.lowest(low, 14)
Sell Signal 9 (Downside Reversal Bar):
A downside reversal bar occurs when the stock opens above the previous bar's high but falls to close below the previous bar’s low, signaling a reversal from bullish to bearish.
sellSignal9 = open > high and close < low
Sell Signal 10 (Distribution Cluster):
This signal is triggered when a distribution day occurs three times in the rolling 7-bar period, indicating significant selling pressure.
sellSignal10 = ta.valuewhen((close < low) and volume > volume , 1, 7) >= 3
Theme Mode:
Users can select the theme mode (Auto, Dark, or Light) to match the chart's background or to manually choose a light or dark theme for the oscillator's appearance.
Exposure Score Calculation: The script calculates a cumulative exposure score based on a series of buy and sell signals.
Buy signals increase the exposure score, while sell signals decrease it. Each signal impacts the score by ±10%.
Signal Conditions: The buy and sell signals are derived from multiple conditions, including crossovers with moving averages (EMA21, SMA50, SMA200), trend behavior, and price/volume analysis.
Oscillator Visualization: The exposure score is visualized as a line on the chart, changing color based on whether the exposure is positive (long position) or negative (short position). It is limited to the range of -100% to +100%.
Position Type: The indicator also indicates the position type based on the exposure score, labeling it as "Long," "Short," or "Neutral."
Horizontal Lines: Reference lines at 0%, 100%, and -100% visually mark neutral, increasing long, and increasing short exposure levels.
Exposure Table: A table displays the current exposure level (in percentage) and position type ("Long," "Short," or "Neutral"), updated dynamically based on the oscillator’s value.
Inputs:
Theme Mode: Choose "Auto" to use the default chart theme, or manually select "Dark" or "Light."
Usage:
This oscillator is designed to help traders track market sentiment, gauge exposure levels, and manage risk. It can be used for long-term trend-following strategies or short-term trades based on moving average crossovers and volume analysis.
The oscillator operates in conjunction with the chart’s price action and provides a visual representation of the market’s current trend strength and exposure.
Important Considerations:
Risk Management: While the exposure score provides valuable insight, it should be combined with other risk management tools and analysis for optimal trading decisions.
Signal Sensitivity: The accuracy and effectiveness of the signals depend on market conditions and may require adjustments based on the user’s trading strategy or timeframe.
Disclaimer:
This script is for educational purposes only. Trading involves significant risk, and users should carefully evaluate all market conditions and apply appropriate risk management strategies before using this tool in live trading environments.
Previous Highs & Lows [LuxAlgo]The Previous Highs & Lows indicator highlights a user-set amount of previous maximum/minimum prices made within specific intervals, these are displayed as levels customizable levels.
Additionally, one upper and lower zone constructed from the previously displayed highs/lows is included, providing support/resistance areas.
🔶 USAGE
Previous highs/lows are often perceived as key trading levels with the potential of generating multiple reactions upon being reached.
While the daily interval is more commonly used, users can use different intervals, with the indicator supporting hourly, daily, weekly, monthly, and yearly intervals. Using higher intervals on low timeframes can return more distant levels relative to the most recent price, which might not be relevant.
Each level is numbered, with more recent previous highs/lows having a lower number associated with them, users can also highlight more recent levels through a transparency gradient.
Users can control the amount of previous highs/lows displayed using the "Show Last" settings, with a higher value providing more potential support/resistance. Returned previous highs/lows can eventually be filtered out based on their position by enabling the "Filter Based On Position" setting, only keeping previous highs above the current closing price and previous lows below the current closing price, giving more relevant levels as a result.
🔹 Previous High/Low Areas
The indicator includes two areas constructed from the respective percentiles of the returned previous highs/lows. These can be useful as more general support/resistance areas.
Wider areas are often indicative of a group of previous highs or lows being more dispersed, resulting in areas that are easier to reach. Wider areas can also be obtained by increasing the "Areas Width" setting.
Note: Areas will only be displayed if "Show Last" is greater than 1
🔶 SETTINGS
Show Last: Determines the amount of more recent previous highs and previous low levels displayed by the indicator.
Interval: Interval used to capture maximum/minimum price values,
Areas Width: Width of the displayed top/bottom areas, with higher values returning wider areas.
Filter Based On Position: When enabled only display previous highs above the current closing price and previous lows below the current closing price.
🔹 Style
Minimum Gradient Transparency: Minimum transparency value applied to the colors of the oldest displayed previous highs/lows levels.
HTF TriangleHTF Triangle by ZeroHeroTrading aims at detecting ascending and descending triangles using higher time frame data, without repainting nor misalignment issues.
It addresses user requests for combining Ascending Triangle and Descending Triangle into one indicator.
Ascending triangles are defined by an horizontal upper trend line and a rising lower trend line. It is a chart pattern used in technical analysis to predict the continuation of an uptrend.
Descending triangles are defined by a falling upper trend line and an horizontal lower trend line. It is a chart pattern used in technical analysis to predict the continuation of a downtrend.
This indicator can be useful if you, like me, believe that higher time frames can offer a broader perspective and provide clearer signals, smoothing out market noise and showing longer-term trends.
You can change the indicator settings as you see fit to tighten or loosen the detection, and achieve the best results for your use case.
Features
It draws the detected ascending and descending triangles on the chart.
It supports alerting when a detection occurs.
It allows for selecting ascending and/or descending triangle detection.
It allows for setting the higher time frame to run the detection on.
It allows for setting the minimum number of consecutive valid higher time frame bars to fit the pattern criteria.
It allows for setting a high/low factor detection criteria to apply on higher time frame bars high/low as a proportion of the distance between the reference bar high/low and open/close.
It allows for turning on an adjustment of the triangle using highest/lowest values within valid higher time frame bars.
Settings
Ascending checkbox: Turns on/off ascending triangle detection. Default is on.
Descending checkbox: Turns on/off descending triangle detection. Default is on.
Higher Time Frame dropdown: Selects higher time frame to run the detection on. It must be higher than, and a multiple of, the chart's timeframe. Default is 5 minutes.
Valid Bars Minimum field: Sets minimum number of consecutive valid higher time frame bars to fit the pattern criteria. Default is 3. Minimum is 1.
High/Low Factor checkbox: Turns on/off high/low factor detection criteria. Default is on.
High/Low Factor field: Sets high/low factor to apply on higher time frame bars high/low as a proportion of the distance between the reference bar high/low and open/close. Default is 0. Minimum is 0. Maximum is 1.
Adjust Triangle checkbox: Turns on/off triangle adjustment using highest/lowest values within valid higher time frame bars. Default is on.
Detection Algorithm Notes
The detection algorithm recursively selects a higher time frame bar as reference. Then it looks at the consecutive higher time frame bars (as per the requested number of minimum valid bars) as follows:
Ascending Triangle
Low must be higher than previous bar.
Open/close max value must be lower than (or equal to) reference bar high.
When high/low factor criteria is turned on, high must be higher than (or equal to) reference bar open/close max value plus high/low factor proportion of the distance between reference bar high and open/close max value.
Descending Triangle
High must be lower than previous bar.
Open/close min value must be higher than (or equal to) reference bar low.
When high/low factor criteria is turned on, low must be lower than (or equal to) reference bar open/close min value minus high/low factor proportion of the distance between reference bar low and open/close min value.
ZigZag Library [TradingFinder]🔵 Introduction
The "Zig Zag" indicator is an analytical tool that emerges from pricing changes. Essentially, it connects consecutive high and low points in an oscillatory manner. This method helps decipher price changes and can also be useful in identifying traditional patterns.
By sifting through partial price changes, "Zig Zag" can effectively pinpoint price fluctuations within defined time intervals.
🔵 Key Features
1. Drawing the Zig Zag based on Pivot points :
The algorithm is based on pivots that operate consecutively and alternately (switch between high and low swing). In this way, zigzag lines are connected from a swing high to a swing low and from a swing low to a swing high.
Also, with a very low probability, it is possible to have both low pivots and high pivots in one candle. In these cases, the algorithm tries to make the best decision to make the most suitable choice.
You can control what period these decisions are based on through the "PiPe" parameter.
2.Naming and labeling each pivot based on its position as "Higher High" (HH), "Lower Low" (LL), "Higher Low" (HL), and "Lower High" (LH).
Additionally, classic patterns such as HH, LH, LL, and HL can be recognized. All traders analyzing financial markets using classic patterns and Elliot Waves can benefit from the "zigzag" indicator to facilitate their analysis.
" HH ": When the price is higher than the previous peak (Higher High).
" HL ": When the price is higher than the previous low (Higher Low).
" LH ": When the price is lower than the previous peak (Lower High).
" LL ": When the price is lower than the previous low (Lower Low).
🔵 How to Use
First, you can add the library to your code as shown in the example below.
import TFlab/ZigZagLibrary_TradingFinder/1 as ZZ
Function "ZigZag" Parameters :
🟣 Logical Parameters
1. HIGH : You should place the "high" value here. High is a float variable.
2. LOW : You should place the "low" value here. Low is a float variable.
3. BAR_INDEX : You should place the "bar_index" value here. Bar_index is an integer variable.
4. PiPe : The desired pivot period for plotting Zig Zag is placed in this parameter. For example, if you intend to draw a Zig Zag with a Swing Period of 5, you should input 5.
PiPe is an integer variable.
Important :
Apart from the "PiPe" indicator, which is part of the customization capabilities of this indicator, you can create a multi-time frame mode for the indicator using 3 parameters "High", "Low" and "BAR_INDEX". In this way, instead of the data of the current time frame, use the data of other time frames.
Note that it is better to use the current time frame data, because using the multi-time frame mode is associated with challenges that may cause bugs in your code.
🟣 Setting Parameters
5. SHOW_LINE : It's a boolean variable. When true, the Zig Zag line is displayed, and when false, the Zig Zag line display is disabled.
6. STYLE_LINE : In this variable, you can determine the style of the Zig Zag line. You can input one of the 3 options: line.style_solid, line.style_dotted, line.style_dashed. STYLE_LINE is a constant string variable.
7. COLOR_LINE : This variable takes the input of the line color.
8. WIDTH_LINE : The input for this variable is a number from 1 to 3, which is used to adjust the thickness of the line that draws the Zig Zag. WIDTH_LINE is an integer variable.
9. SHOW_LABEL : It's a boolean variable. When true, labels are displayed, and when false, label display is disabled.
10. COLOR_LABEL : The color of the labels is set in this variable.
11. SIZE_LABEL : The size of the labels is set in this variable. You should input one of the following options: size.auto, size.tiny, size.small, size.normal, size.large, size.huge.
12. Show_Support : It's a boolean variable that, when true, plots the last support line, and when false, disables its plotting.
13. Show_Resistance : It's a boolean variable that, when true, plots the last resistance line, and when false, disables its plotting.
Suggestion :
You can use the following code snippet to import Zig Zag into your code for time efficiency.
//import Library
import TFlab/ZigZagLibrary_TradingFinder/1 as ZZ
// Input and Setting
// Zig Zag Line
ShZ = input.bool(true , 'Show Zig Zag Line', group = 'Zig Zag') //Show Zig Zag
PPZ = input.int(5 ,'Pivot Period Zig Zag Line' , group = 'Zig Zag') //Pivot Period Zig Zag
ZLS = input.string(line.style_dashed , 'Zig Zag Line Style' , options = , group = 'Zig Zag' )
//Zig Zag Line Style
ZLC = input.color(color.rgb(0, 0, 0) , 'Zig Zag Line Color' , group = 'Zig Zag') //Zig Zag Line Color
ZLW = input.int(1 , 'Zig Zag Line Width' , group = 'Zig Zag')//Zig Zag Line Width
// Label
ShL = input.bool(true , 'Label', group = 'Label') //Show Label
LC = input.color(color.rgb(0, 0, 0) , 'Label Color' , group = 'Label')//Label Color
LS = input.string(size.tiny , 'Label size' , options = , group = 'Label' )//Label size
Show_Support= input.bool(false, 'Show Last Support',
tooltip = 'Last Support' , group = 'Support and Resistance')
Show_Resistance = input.bool(false, 'Show Last Resistance',
tooltip = 'Last Resistance' , group = 'Support and Resistance')
//Call Function
ZZ.ZigZag(high ,low ,bar_index ,PPZ , ShZ ,ZLS , ZLC, ZLW ,ShL , LC , LS , Show_Support , Show_Resistance )
PinBar and Bloom Pattern Concept (Zeiierman)█ Overview
The Precision PinBar and Bloom Pattern Concept by Zeiierman introduces two new patterns, which we call the Bloom Pattern and the Precision PinBar Pattern. These patterns are used in conjunction with market open, high, and low values from different periods and timeframes. Together, they form the basis of the "PinBar and Bloom Pattern Concept." The main idea is to identify key bullish and bearish candlestick patterns around key levels plotted on the chart.
The key levels are the Open, High, and Low from the current and previous periods of the selected timeframe. Users can choose how many previous periods to be drawn on the chart.
█ How It Works
The indicator operates by analyzing market data over selected timeframes. It uses inputs such as previous period open-high-low lines, timeframe selections, and pattern detection settings like Symmetry Precision and Range Threshold. These parameters allow the indicator to identify specific market conditions, including symmetrical movements in price and significant price range deviations, which form the basis of the Bloom and Precision PinBar patterns.
Symmetry Signal:
Purpose: To detect symmetry in price movements based on a precision threshold.
How It Works: This function calculates the symmetry of high and low prices within the specified precision. It returns two boolean values indicating whether the high and low prices are within the symmetry precision.
BaselineBound Pattern:
Purpose: To identify bullish or bearish patterns based on a range factor.
How It Works: The function calculates whether the current close price is within a certain range of the high-low difference of the previous period. It returns bullish and bearish signals based on these calculations.
█ ● Bloom Pattern
The Bloom Pattern is a unique candlestick pattern designed to identify significant trend reversals or continuations. It's not a single candlestick formation but a combination of a few elements that signal a potential strong move in the market.
⚪ Previous and Current Candle Analysis: The Bloom Pattern looks at the relationship between the current candle and the previous one. It checks whether the current candle's body (the range between its opening and closing prices) fully encompasses the body of the previous candle. This condition is known as "embodying."
⚪ Baseline Bound: The Baseline Bound concept involves comparing the closing price to a range established by the high and low of the previous candle, adjusted by a factor (the rangeFactor). This helps in identifying if the current price is showing a bullish or bearish tendency relative to the previous period's price movement.
⚪ Symmetry Signal: Additionally, it uses the Symmetry Signal, which measures the symmetry between the high and low prices of two consecutive candles.
⚪ Bullish and Bearish Signals: The combination of these conditions (embodying, baseline bound, and symmetry) results in either a bullish or bearish signal. A bullish signal suggests a potential upward trend, while a bearish signal indicates a possible downward trend.
█ ● Precision PinBar Pattern
The Precision PinBar Pattern is a refined version of the traditional Pin Bar, a well-known candlestick pattern used in trading. This pattern focuses on identifying market reversals with a high degree of accuracy.
⚪ Identification of Pin Bars: The function first identifies a pin bar, characterized by a small body and a long wick. The long wick indicates a rejection of certain price levels, and the small body shows little change between the opening and closing prices.
⚪ Tail and Body Length Analysis: The script calculates the length of the bar's tail (wick) and compares it to the length of the body. A qualifying pin bar typically has a tail at least three times longer than its body, suggesting a strong rejection of prices.
⚪ Positioning and Thresholds:
Open-Close Position: The function checks whether the opening and closing prices are within a certain threshold of the high or low of the bar, which helps in distinguishing between bullish and bearish pin bars.
⚪ Baseline Bound and Symmetry: Like the Bloom Pattern, it incorporates Baseline Bound and Symmetry Signal concepts to validate the significance of the pin bar.
⚪ Bullish and Bearish Signals: Depending on these factors, a bullish or bearish pin bar is identified. A bullish PinBar suggests potential upward price movement, while a bearish PinBar indicates possible downward price movement.
█ How to Use
Using the Bloom and Precision PinBar patterns in conjunction with key market levels, such as previous highs and lows, can be a powerful strategy for traders. These market levels often act as significant points of support and resistance, and combining them with the patterns can offer strong trade signals. Here's how traders can effectively utilize these patterns:
Identifying Key Market Levels
Previous Highs and Lows: These are the highest and lowest points reached in previous trading periods and are often considered strong levels of resistance (in the case of previous highs) and support (in the case of previous lows).
Using the Bloom Pattern
Near Previous Highs (Resistance): If a Bloom Pattern emerges near a previous high, it could indicate a potential bearish reversal. Traders might interpret this as a signal to consider short positions, especially if the pattern shows bearish characteristics.
Near Previous Lows (Support): Conversely, a bullish Bloom Pattern near a previous low could suggest a trend reversal to the upside. This could be a signal for traders to consider long positions.
Using the Precision PinBar Pattern
Precision PinBar at Resistance: A bearish Precision PinBar appearing near a previous high can be a strong signal for a potential downward move. This setup is often used by traders to enter short positions, anticipating a price rejection at this resistance level.
Precision PinBar at Support: Similarly, a bullish Precision PinBar at or near a previous low suggests that the market is rejecting lower prices, indicating potential upward momentum. This is typically used by traders as a cue to go long.
█ Settings
Previous Open-High-Low Lines: Determine the number of historical periods to analyze. Settings include toggling the visibility of lines and labels and specifying the number of periods.
Timeframe & Current Period: Select the timeframe for current market analysis. Options include different timeframes (e.g., 1H, 1D) and customization of line styles and colors.
Pattern Settings: Adjust the Symmetry Precision and Range Threshold to fine-tune the indicator's sensitivity to specific market movements.
Bloom & Precision PinBar Pattern: Enable or disable the detection of specific patterns and customize the visual representation of these patterns on the chart.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
