Bollinger Bands Liquidity Cloud [ChartPrime]This indicator overlays a heatmap on the price chart, providing a detailed representation of Bollinger bands' profile. It offers insights into the price's behavior relative to these bands. There are two visualization styles to choose from: the Volume Profile and the Z-Score method.
Features
Volume Profile: This method illustrates how the price interacts with the Bollinger bands based on the traded volume.
Z-Score: In this mode, the indicator samples the real distribution of Z-Scores within a specified window and rescales this distribution to the desired sample size. It then maps the distribution as a heatmap by calculating the corresponding price for each Z-Score sample and representing its weight via color and transparency.
Parameters
Length: The period for the simple moving average that forms the base for the Bollinger bands.
Multiplier: The number of standard deviations from the moving average to plot the upper and lower Bollinger bands.
Main:
Style: Choose between "Volume" and "Z-Score" visual styles.
Sample Size: The size of the bin. Affects the granularity of the heatmap.
Window Size: The lookback window for calculating the heatmap. When set to Z-Score, a value of `0` implies using all available data. It's advisable to either use `0` or the highest practical value when using the Z-Score method.
Lookback: The amount of historical data you want the heatmap to represent on the chart.
Smoothing: Implements sinc smoothing to the distribution. It smoothens out the heatmap to provide a clearer visual representation.
Heat Map Alpha: Controls the transparency of the heatmap. A higher value makes it more opaque, while a lower value makes it more transparent.
Weight Score Overlay: A toggle that, when enabled, displays a letter score (`S`, `A`, `B`, `C`, `D`) inside the heatmap boxes, based on the weight of each data point. The scoring system categorizes each weight into one of these letters using the provided percentile ranks and the median.
Color
Color: Color for high values.
Standard Deviation Color: Color to represent the standard deviation on the Bollinger bands.
Text Color: Determines the color of the letter score inside the heatmap boxes. Adjusting this parameter ensures that the score is visible against the heatmap color.
Usage
Once this indicator is applied to your chart, the heatmap will be overlaid on the price chart, providing a visual representation of the price's behavior in relation to the Bollinger bands. The intensity of the heatmap is directly tied to the price action's intensity, defined by your chosen parameters.
When employing the Volume Profile style, a brighter and more intense area on the heatmap indicates a higher trading volume within that specific price range. On the other hand, if you opt for the Z-Score method, the intensity of the heatmap reflects the Z-Score distribution. Here, a stronger intensity is synonymous with a more frequent occurrence of a specific Z-Score.
For those seeking an added layer of granularity, there's the "Weight Score Overlay" feature. When activated, each box in your heatmap will sport a letter score, ranging from `S` to `D`. This score categorizes the weight of each data point, offering a concise breakdown:
- `S`: Data points with a weight of 1.
- `A`: Weights below 1 but greater than or equal to the 75th percentile rank.
- `B`: Weights under the 75th percentile but at or above the median.
- `C`: Weights beneath the median but surpassing the 25th percentile rank.
- `D`: All that fall below the 25th percentile rank.
This scoring feature augments the heatmap's visual data, facilitating a quicker interpretation of the weight distribution across the dataset.
Further Explanations
Volume Profile
A volume profile is a tool used by traders to visualize the amount of trading volume occurring at specific price levels. This kind of profile provides a deep insight into the market's structure and helps traders identify key areas of support and resistance, based on where the most trading activity took place. The concept behind the volume profile is that the amount of volume at each price level can indicate the potential importance of that price.
In this indicator:
- The volume profile mode creates a visual representation by sampling trading volumes across price levels.
- The representation displays the balance between bullish and bearish volumes at each level, which is further differentiated using a color gradient from `low_color` to `high_color`.
- The volume profile becomes more refined with sinc smoothing, helping to produce a smoother distribution of volumes.
Z-Score and Distribution Resampling
Z-Score, in the context of trading, represents the number of standard deviations a data point (e.g., closing price) is from the mean (average). It’s a measure of how unusual or typical a particular data point is in relation to all the data. In simpler terms, a high Z-Score indicates that the data point is far away from the mean, while a low Z-Score suggests it's close to the mean.
The unique feature of this indicator is that it samples the real distribution of z-scores within a window and then resamples this distribution to fit the desired sample size. This process is termed as "resampling in the context of distribution sampling" . Resampling provides a way to reconstruct and potentially simplify the original distribution of z-scores, making it easier for traders to interpret.
In this indicator:
- Each Z-Score corresponds to a price value on the chart.
- The resampled distribution is then used to display the heatmap, with each Z-Score related price level getting a heatmap box. The weight (or importance) of each box is represented as a combination of color and transparency.
How to Interpret the Z-Score Distribution Visualization:
When interpreting the Z-Score distribution through color and alpha in the visualization, it's vital to understand that you're seeing a representation of how unusual or typical certain data points are without directly viewing the numerical Z-Score values. Here's how you can interpret it:
Intensity of Color: This often corresponds to the distance a particular data point is from the mean.
Lighter shades (closer to `low_color`) typically indicate data points that are more extreme, suggesting overbought or oversold conditions. These could signify potential reversals or significant deviations from the norm.
Darker shades (closer to `high_color`) represent data points closer to the mean, suggesting that the price is relatively typical compared to the historical data within the given window.
Alpha (Transparency): The degree of transparency can indicate the significance or confidence of the observed deviation. More opaque boxes might suggest a stronger or more reliable deviation from the mean, implying that the observed behavior is less likely to be a random occurrence.
More transparent boxes could denote less certainty or a weaker deviation, meaning that the observed price behavior might not be as noteworthy.
- Combining Color and Alpha: By observing both the intensity of color and the level of transparency, you get a richer understanding. For example:
- A light, opaque box could suggest a strong, significant deviation from the mean, potentially signaling an overbought or oversold scenario.
- A dark, transparent box might indicate a weak, insignificant deviation, suggesting the price is behaving typically and is close to its average.
Support
Grid by Volatility (Expo)█ Overview
The Grid by Volatility is designed to provide a dynamic grid overlay on your price chart. This grid is calculated based on the volatility and adjusts in real-time as market conditions change. The indicator uses Standard Deviation to determine volatility and is useful for traders looking to understand price volatility patterns, determine potential support and resistance levels, or validate other trading signals.
█ How It Works
The indicator initiates its computations by assessing the market volatility through an established statistical model: the Standard Deviation. Following the volatility determination, the algorithm calculates a central equilibrium line—commonly referred to as the "mid-line"—on the chart to serve as a baseline for additional computations. Subsequently, upper and lower grid lines are algorithmically generated and plotted equidistantly from the central mid-line, with the distance being dictated by the previously calculated volatility metrics.
█ How to Use
Trend Analysis: The grid can be used to analyze the underlying trend of the asset. For example, if the price is above the Average Line and moves toward the Upper Range, it indicates a strong bullish trend.
Support and Resistance: The grid lines can act as dynamic support and resistance levels. Price tends to bounce off these levels or breakthrough, providing potential trade opportunities.
Volatility Gauge: The distance between the grid lines serves as a measure of market volatility. Wider lines indicate higher volatility, while narrower lines suggest low volatility.
█ Settings
Volatility Length: Number of bars to calculate the Standard Deviation (Default: 200)
Squeeze Adjustment: Multiplier for the Standard Deviation (Default: 6)
Grid Confirmation Length: Number of bars to calculate the weighted moving average for smoothing the grid lines (Default: 2)
-----------------
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!
Support and Resistance Signals MTF [LuxAlgo]The Support and Resistance Signals MTF indicator aims to identify undoubtedly one of the key concepts of technical analysis Support and Resistance Levels and more importantly, the script aims to capture and highlight major price action movements, such as Breakouts , Tests of the Zones , Retests of the Zones , and Rejections .
The script supports Multi-TimeFrame (MTF) functionality allowing users to analyze and observe the Support and Resistance Levels/Zones and their associated Signals from a higher timeframe perspective.
This script is an extended version of our previously published Support-and-Resistance-Levels-with-Breaks script from 2020.
Identification of key support and resistance levels/zones is an essential ingredient to successful technical analysis.
🔶 USAGE
Support and resistance are key concepts that help traders understand, analyze and act on chart patterns in the financial markets. Support describes a price level where a downtrend pauses due to demand for an asset increasing, while resistance refers to a level where an uptrend reverses as a sell-off happens.
The creation of support and resistance levels comes as a result of an initial imbalance of supply/demand, which forms what we know as a swing high or swing low. This script starts its processing using the swing highs/lows. Swing Highs/Lows are levels that many of the market participants use as a historical reference to place their trading orders (buy, sell, stop loss), as a result, those price levels potentially become and serve as key support and resistance levels.
One of the important features of the script is the signals it provides. The script follows the major price movements and highlights them on the chart.
🔹 Breakouts (non-repaint)
A breakout is a price moving outside a defined support or resistance level, the significance of the breakout can be measured by examining the volume. This script is not filtering them based on volume but provides volume information for the bar where the breakout takes place.
🔹 Retests
Retest is a case where the price action breaches a zone and then revisits the level breached.
🔹 Tests
Test is a case where the price action touches the support or resistance zones.
🔹 Rejections
Rejections are pin bar patterns with high trading volume.
Finally, Multi TimeFrame (MTF) functionality allows users to analyze and observe the Support and Resistance Levels/Zones and their associated Signals from a higher timeframe perspective.
🔶 SETTINGS
The script takes into account user-defined parameters to detect and highlight the zones, levels, and signals.
🔹 Support & Resistance Settings
Detection Timeframe: Set the indicator resolution, the users may examine higher timeframe detection on their chart timeframe.
Detection Length: Swing levels detection length
Check Previous Historical S&R Level: enables the script to check the previous historical levels.
🔹 Signals
Breakouts: Toggles the visibility of the Breakouts, enables customization of the color and the size of the visuals
Tests: Toggles the visibility of the Tests, enables customization of the color and the size of the visuals
Retests: Toggles the visibility of the Retests, enables customization of the color and the size of the visuals
Rejections: Toggles the visibility of the Rejections, enables customization of the color and the size of the visuals
🔹 Others
Sentiment Profile: Toggles the visibility of the Sentiment Profiles
Bullish Nodes: Color option for Bullish Nodes
Bearish Nodes: Color option for Bearish Nodes
🔶 RELATED SCRIPTS
Support-and-Resistance-Levels-with-Breaks
Buyside-Sellside-Liquidity
Liquidity-Levels-Voids
Engulfing Box & LinesThe "Engulfing Box & Lines" indicator aims to spot and highlight Engulfing candlestick patterns within a trend. These patterns can provide valuable indications of a possible trend reversal, and the indicator underlines them through the use of colored rectangles and horizontal lines. To fully understand the functioning and use of this indicator, let's explore its key elements and associated strategies.
Identification of Engulfing Patterns:
The indicator focuses on detecting two types of Engulfing candles:
Bullish Engulfing: Occurs when a bullish candle (open lower than close) completely encloses the body of the previous bearish candle. This could indicate a possible upside reversal.
Bearish Engulfing: Occurs when a bearish candle (opening higher than closing) entirely engulfs the body of the previous bullish candle. This could signal a potential bearish reversal.
Using the EMA 200:
The indicator uses the 200-period Exponential Moving Average (EMA) as a reference to determine the position of the candles with respect to the long-term trend. When the price is above the 200 EMA, the bullish Engulfing candles are highlighted with a green box, while below the 200 EMA, red boxes are shown for the bearish Engulfing candles.
Size of Boxes and Lines:
The colored boxes represent the size of the body of the candle that caused the Engulfing. Additionally, a horizontal line is drawn close to the body of the candle, serving as the fulcrum of the indicator.
Trading Strategies:
This indicator can be used for different trading strategies:
Trend Continuation: During a positive trend, the onset of an engulfing pattern suggests a possible continuation of the trend. The horizontal lines represent potential support areas, where the price could bounce. Traders might consider buying during such bounces.
Retracements and Entries: Lines can act as support or resistance zones, depending on the trend. When the price approaches a line, a retracement could occur. Traders might move to a lower timeframe to spot entry signals, using the line as a reference.
Closing Positions: Lines could also be used to define exit levels. For example, a trader might decide to exit a position when the price approaches a resistance line.
Confirmations with Other Indicators: The indicator could be used in conjunction with other technical tools, such as oscillators or candlestick analysis, to confirm signals and improve the accuracy of trading decisions.
Support and Resistance Oscillator [CC]The Support and Resistance Oscillator is an experimental script I created to identify when the current price breaks a support or resistance line and reflect this value in an oscillator formula. This indicator uses a threshold to decide the dividing line between buying and selling points. Feel free to change the threshold or smoothing settings to see if you find anything better since this is so experimental. I'm double smoothing the difference between the indicator and its signal line to attempt to capture a combo of the price momentum combined with the general support and resistance levels. I have used dark colors for strong signals and lighter colors for normal signals and make sure to buy when the line turns green and sell when it turns red.
Let me know if there are any other scripts or indicators you would like to see me publish!
Smart Money Range [ChartPrime]The Smart Money Range indicator is designed to provide traders with a holistic view of market structure, emphasizing potential key support and resistance levels within a predefined range. This indicator is not just a visually pleasing, but also a comprehensive guide to understanding the market’s dynamics at a given level.
Key Features:
Defined Range: The indicator demarcates a clear range, highlighting support and resistance levels within it. This aids in identifying potential areas of buying and selling pressure. These are derived from highly significant areas that have been touched many times before.
Touches Counter: Underneath the support and resistance lines, there are numerical values that show the number of times price has interacted with these levels. This can provide insights into the strength or weakness of a particular level.
Zig-Zag Projections: Within the range, there's a zig-zag pattern indicating possible future touches, helping traders anticipate future price movements.
Double-Sided Profile: To the right of the range, a dual-profile is showcased. One side of the profile displays the volume traded at specific price levels, giving insights into where significant buying or selling has occurred. On the other side, it reflects the number of touches at that given price level, reinforcing the importance of particular price points.
Customizability: Users have the option to adjust the period setting, allowing them to cater the indicator to their specific trading style and configuration. Additionally, with volume levels settings, traders can adjust the number of bins in the profile for a tailored view.
OrderBlock [kyleAlgo]The principle of this indicator
ATR (Average True Range) Setting: The code uses ATR to help calculate the Supertrend indicator.
Supertrend Trend Direction: Identify bullish and bearish trends with the Supertrend method.
Order Block Recognition: This part of the code recognizes and creates order blocks, visualizing them as boxes on the chart. If the number of blocks exceeds the maximum limit, old blocks will be deleted.
Function to prevent overlapping: check whether the new order block overlaps with the existing order block through the isOverlapping function.
Order block color setting: The code sets the color according to whether the block is bullish or bearish, and whether it breaks above or below. Afterwards the color of the existing order blocks will be updated.
Sensitivity settings: Through the input settings of factor and atrPeriod, the sensitivity of Supertrend and the detection of order blocks can be affected.
Visualization: Use TradingView's box.new function to draw and visualize order blocks on the chart.
Practicality:
Support and Resistance Levels: Order blocks may represent areas of support and resistance in the market. By visualizing these areas, traders can better understand when price reversals are likely to occur.
Trading Signals: Traders may be able to identify trading signals based on the color changes of blocks and price breakouts. For example, if the price breaks above a bullish block, this could be a signal to buy.
Risk Management: By using ATR to adjust the sensitivity of Supertrend, the symbol helps traders to adjust their strategies according to market volatility. This can be used as a risk management tool to help identify stop loss and take profit points.
Multi-timeframe analysis: Although the code itself does not implement multi-timeframe analysis directly, it can be done by applying this indicator on different timeframes. This helps to analyze the market from different angles.
Flexibility and Customization: Through sensitivity settings, traders can customize the indicator according to their needs and trading style.
Reduced screen clutter: By removing overlapping order blocks and limiting the maximum number of order blocks, this code helps reduce clutter on charts, allowing traders to analyze the market more clearly.
Overall, this "Pine Script" can be a powerful analytical tool for trend traders and those looking to improve their trading decisions by visualizing key market areas. It can be used alone or combined with other indicators and trading systems for enhanced functionality.
Fibo Levels with Volume Profile and Targets [ChartPrime]The Fib Levels With Volume Profile and Targets (FIVP) is a trading tool designed to provide traders with a unique understanding of price movement and trading volume through the lens of Fibonacci levels. This dynamic indicator merges the concepts of Fibonacci retracement levels with trading volume analytics to offer predictive insights into potential price trajectories.
Features:
1. Fibonacci Levels: The FPI showcases three prominent Fibonacci levels on both sides of the current price, offering an intricate picture of potential support and resistance levels.
2. Support and Resistance Recognition: Harnessing the power of Fibonacci levels, the FPI provides traders with potential areas of support and resistance, aiding in informed decision-making for entries, exits, and stop placements.
3. Customizable Timeframe Settings: In order to cater to different trading strategies and styles, users can manually select their preferred timeframe for the Fibonacci calculations, ensuring optimal relevance and accuracy for their trading approach.
4. Volume Analytics: One of the standout features of the FIVP is its ability to calculate trading volume for every bar that is sandwiched between the top and lower Fibonacci levels. This ensures traders have a clear vision of where the majority of trading activity is occurring, lending weight to the credibility of the displayed support and resistance zones.
5. Volume-Derived Price Targeting: The Possible Target Arrow function is an innovative feature. By analyzing and comparing the trading volume in the bearish and bullish zones, it provides an arrow indicating the potential direction the market might take. If the bull volume surpasses the bear volume, the market is likely skewing bullish and vice versa.
Usage
Ideal for both novice and seasoned traders, the FPI offers a rich tapestry of information. It allows for refined technical analysis, more precise entries and exits, and a holistic view of the interplay between price and trading volume. Whether you're scalping, day trading, or swing trading, the Fibonacci Profile Indicator is designed to enhance your trading strategy, providing a comprehensive perspective of the market's potential movements.
HTF Support & Resistance [QuantVue]The "HTF Support / Resistance" indicator highlights critical price levels across multiple timeframes helping you recognize major support/resistance areas.
Whether you're a day trader needing to understand the current day's price action, or a long-term investor looking to analyze yearly trends, this indicator can be a valuable addition to your trading toolkit.
The daily levels, which can be enabled or disabled according to your preference, will give you insights into the open, high, and low levels for the current and previous day.
Similarly, weekly levels provide information for the current and previous weeks, while monthly levels cover the current and previous months.
In addition, the indicator offers more extended views through its quarterly and yearly levels. These will help you understand long-term trends and major support/resistance areas, and they can be particularly beneficial for major support/resistance levels.
Features:
🔹Visualization: View support and resistance levels from Daily, Weekly, Monthly, Quarterly, and Yearly timeframes.
🔹Customizable Appearance: Tailor the display colors and line styles for each level according to your preferences.
🔹Clear Labeling: Each level is clearly labeled for quick identification.
🔹Extension Option: Opt to extend the support and resistance lines across the chart for better visualization.
Give this indicator a BOOST and COMMENT your thoughts!
We hope you enjoy.
Cheers.
Swing Ranges [ChartPrime]Swing Ranges is an indicator designed to provide traders with valuable insights into swing movements and real-time support and resistance (SR) levels. This tool detects price swings and plots boxes around them, allowing traders to visualize the market dynamics efficiently. The indicator's primary focus is on real-time support and resistance levels, empowering traders to make well-informed decisions in dynamic market conditions.
Key Features:
Swing Box Visualization:
Swing Ranges excels at detecting swings in the price data and visually representing them with boxes on the price chart. This enables traders to quickly identify swing ranges, essential for understanding market trends and potential reversal points. VWAP POCs are also provided giving areas of high activity in each block.
Real-Time Support and Resistance Levels:
The core feature of Swing Ranges is its real-time support and resistance levels. These levels are dynamically calculated based on the volume-weighted data for each specific range. The indicator displays the strength of support and resistance zones with percentage bars, indicating the ratio between bullish and bearish volume. This real-time information empowers traders to assess the strength and significance of each SR level, enhancing their ability to execute well-timed trades.
ATR (Average True Range) Value:
Swing Ranges also includes an ATR value label, which shows the Average True Range for the selected period. ATR aids traders in understanding market volatility, enabling them to set appropriate stop-loss and take-profit levels for their trades.
VWAP (Volume Weighted Average Price) Information:
Traders c an readily access the VWAP value through the indicator's label. VWAP provides insights into the average price at which an asset has been traded, helping traders identify potential fair value areas and market trends.
Price Difference Percentage:
Swing Ranges displays the percentage difference between the high and low of each swing. This information allows traders to gauge the magnitude of price movements and assess potential profit targets more effectively.
The indicator also has a NV value. If the NV is high e.g. 10% or more there is indecision in the market and the market is trying to remain in a given range.
Settings Inputs:
1. Length Control:
The Length setting input in Swing Ranges allows traders to adjust the sensitivity of the indicator to detect swings. Traders can customize the length based on their trading strategies and timeframes.
2. ATR Period Adjustment:
The ATR Period input allows traders to fine-tune the calculation period for the Average True Range. This feature enables traders to adapt the indicator to different market conditions and asset classes.
Swing Ranges: Real-Time Support and Resistance Indicator is a comprehensive tool that combines swing visualization with dynamic support and resistance levels. By focusing on real-time SR levels, this indicator equips traders with the essential information needed to make confident trading decisions in ever-changing market conditions.
Support & Resistance Dynamic [LuxAlgo]The Support & Resistance Dynamic indicator aims to return real-time predictive support and resistance zones that are relevant to a detected trend. This makes this indicator similar to our previously published Predictive Ranges indicator.
Users can additionally extend the most recent historical support and resistance zones.
🔶 USAGE
Hypothetical resistance levels in an up-trend or supports in a down-trend would tend to be broken more easily, as such the indicator primary objective is to return reliable real-time support and resistance levels by taking this into account.
When the market is up-trending the indicator will only return support zones, while a down-trending market will cause the indicator to only return resistance zones.
If the price significantly breaks a support/resistance, rendering it unreliable, it can be a sign of a potential reversal.
Users can return support/resistance levels/zones for shorter-term trends by reducing the Multiplicative Factor setting.
🔹 Extension
Users can extend past estimated support/resistance levels, the amount of extended levels is determined by the users. Certain levels can stay relevant in the future, and can also aid in measuring the significance of a breakout, with further past levels being reached being indicative of more significant trends.
🔶 DETAILS
To determine if the price is up-trending or down-trending in order to show either support or resistance, the same method used in the predictive ranges script is used. A central tendency is estimated, if price significantly deviates from it upward an uptrend is detected, else a significant deviation downward would indicate a downtrend.
The central tendency estimate is used for the construction of the support and resistance levels.
🔶 SETTINGS
Multiplicative Factor: Determines the frequency at which new supports/resistances are returned, with lower values returning more frequent levels/zones.
ATR Length: ATR averaging length used as deviation threshold for the central tendency estimate.
Extend Last: Determines the amount of most recent historical supports/resistances to extend to the latest bar.
Previous OHLC Levels [TradeMaster Lite]In trading, the “Previous Open/High/Low/Close” (or previous OHLC) refers to the opening, high, low and closing price of the instrument in the previous period. These prices are typically used in technical analysis to identify trends and patterns and to make trading decisions. Some traders may also use the differences between the opening, high, low and closing prices to make trading decisions. For example, the difference between the closing and opening price (the so-called “true body”) and the high and low price (the so-called “upper shadow” and “lower shadow”) can indicate the strength of a trend, whether the bulls or bears are controlling the market, and can also give an idea of market volatility, and are also used as support and resistance levels.
Previous Open: shows the opening price of the previous period. It's the price at which the market first started trading in that period.
Previous High: represents the highest price reached during the previous period. It can act as a resistance level for the current period.
Previous Low: indicates the lowest price hit during the previous period. It can serve as a support level in the current period.
Previous Close: the last price at which the asset traded during the previous period. It's often considered the most accurate reflection of the market sentiment at the end of that period.
These values provide a summary of the previous trading period's price action, giving you a baseline for comparing current price movements. They can help in understanding the market's direction and identifying potential support and resistance levels. It is important to keep in mind that, like any other technical indicator, Previous OHLC does not give a definitive indication of future market direction and should be used in conjunction with other analytical tools, as well as fundamental analysis and market sentiment. It is also important to have appropriate risk management in place.
👉 General advice
Confirming Signals with other indicators:
As with all technical indicators, it is important to confirm potential signals with other analytical tools, such as support and resistance levels, as well as indicators like RSI, MACD, and volume. This helps increase the probability of a successful trade.
Use proper risk management:
When using this or any other indicator, it is crucial to have proper risk management in place. Consider implementing stop-loss levels and thoughtful position sizing.
Combining with other technical indicators:
The indicator can be effectively used alongside other technical indicators to create a comprehensive trading strategy and provide additional confirmation.
Keep in Mind:
Thorough research and backtesting are essential before making any trading decisions. Furthermore, it's crucial to have a solid understanding of the indicator and its behavior. Additionally, incorporating fundamental analysis and considering market sentiment can be vital factors to take into account in your trading approach.
Limitations:
This is a lagging indicator. Please note that the displayed values are delayed by the chosen timeframe on historical bars and show the values from the previous period on the current bar.
The indicators within the TradeMaster Lite package aim for simplicity and efficiency, while retaining their original purpose and value. Some settings, functions or visuals may be simpler than expected.
⭐ Conclusion
We hold the view that the true path to success is the synergy between the trader and the tool, contrary to the common belief that the tool itself is the sole determinant of profitability. The actual scenario is more nuanced than such an oversimplification. Our aim is to offer useful features that meet the needs of the 21st century and that we actually use.
🛑 Risk Notice:
Everything provided by trademasterindicator – from scripts, tools, and articles to educational materials – is intended solely for educational and informational purposes. Past performance does not assure future returns.
Price breakout and reversal [TCS] | PAThis indicator is designed to identify potential breaks and reversals in price movements for a financial instrument.
The indicator displays several elements to assist users in spotting specific market conditions:
1. High and Low Pivots : The indicator marks the highest and lowest points on the price chart within a customizable lookback period. These pivots represent important turning points in the price movement and serve as reference levels for potential breakouts and reversals.
2. Fair Value Line : A horizontal line is drawn at the midpoint between the high and low pivots. This line represents the "fair value" based on the recent price action. Traders may consider this level as a reference for evaluating the price's deviation from its average value.
3. Bullish Breakouts : When the closing price of the financial instrument crosses above the high pivot the indicator identifies a potential bullish breakout. This suggests a possible buying opportunity.
4. Bearish Breakouts : Conversely, a bearish breakout is identified when the closing price crosses below the low pivot. This may indicate a selling opportunity.
5. Fair Value Breakouts : In addition to regular breakouts, the indicator can detect breakouts based on the fair value line. If the closing price crosses above or below the fair value line, it may signal a fair value breakout, indicating the price's potential return to its average level.
6. Reversals : Reversal patterns are essential in technical analysis. The indicator identifies potential bullish and bearish reversals .
The indicator enhances its visual signals with geometric shapes (triangles and diamonds) placed above or below the price bars to represent different types of breakouts and reversals.
Moreover, the indicator can be configured to send alerts to the user when any of these specific events occur, helping traders stay informed and respond promptly to potential trading opportunities.
Please note that this code is for educational purposes only and should not be used for trading without further testing and analysis.
Support and Resistance Backtester [SS]Hey everyone,
Excited to release this indicator I have been working on.
I conceptualized it as an idea a while ago and had to nail down the execution part of it. I think I got it to where I am happy with it, so let me tell you about it!
What it does?
This provides the user with the ability to quantify support and resistance levels. There are plenty of back-test strategies for RSI, stochastics, MFI, any type of technical based indicator. However, in terms of day traders and many swing traders, many of the day traders I know personally do not use or rely on things like RSI, stochastics or MFI. They actually just play the support and resistance levels without attention to anything else. However, there are no tools available to these people who want to, in a way, objectively test their identified support and resistance levels.
For me personally, I use support and resistance levels that are mathematically calculated and I am always curious to see which levels:
a) Have the most touches,
b) Have provided the most support,
c) Have provided the most resistance; and,
d) Are most effective as support/resistance.
And, well, this indicator answers all four of those questions for you! It also attempts to provide some way to support and resistance traders to quantify their levels and back-test the reliability and efficacy of those levels.
How to use:
So this indicator provides a lot of functionality and I think its important to break it down part by part. We can do this as we go over the explanation of how to use it. Here is the step by step guide of how to use it, which will also provide you an opportunity to see the options and functionality.
Step 1: Input your support and resistance levels:
When we open up the settings menu, we will see the section called "Support and Resistance Levels". Here, you have the ability to input up to 5 support and resistance levels. If you have less, no problem, simply leave the S/R level as 0 and the indicator will automatically omit this from the chart and data inclusion.
Step 2: Identify your threshold value:
The threshold parameter extends the range of your support and resistance level by a desired amount. The value you input here should be the value in which you would likely stop out of your position. So, if you are willing to let the stock travel $1 past your support and resistance level, input $1 into this variable. This will extend the range for the assessment and permit the stock to travel +/- your threshold amount before it counts it as a fail or pass.
Step 3: Select your source:
The source will tell the indicator what you want to assess. If you want to assess close, it will look at where the ticker closes in relation to your support and resistance levels. If you want to see how the highs and lows behave around the S/R levels, then change the source to High or Low.
It is recommended to leave at close for optimal results and reliability however.
Step 4: Determine your lookback length:
The lookback length will be the number of candles you want the indicator to lookback to assess the support and resistance level. This is key to get your backtest results.
The recommendation is on timeframes 1 hour or less, to look back 300 candles.
On the daily, 500 candles is recommended.
Step 5: Plot your levels
You will see you have various plot settings available to you. The default settings are to plot your support and resistance levels with labels. This will look as follows:
This will plot your basic support and resistance levels for you, so you do not have to manually plot them.
However, if you want to extend the plotted support and resistance level to visually match your threshold values, you can select the "Plot Threshold Limits" option. This will extend your support and resistance areas to match the designated threshold limits.
In this case on MSFT, I have the threshold limit set at $1. When I select "Plot Threshold Limits", this is the result:
Plotting Passes and Fails:
You will notice at the bottom of the settings menu is an option to plot passes and plot fails. This will identify, via a label overlaid on the chart, where the support and resistance failures and passes resulted. I recommend only selecting one at a time as the screen can get kind of crowded with both on. here is an example on the MSFT chart:
And on the larger timeframe:
The chart
The chart displays all of the results and counts of your support and resistance results. Some things to pay attention to use the chart are:
a) The general success rate as support vs resistance
Rationale: Support levels may act as resistance more often than they do support or vice versa. Let's take a look at MSFT as an example:
The chart above shows the 334.07 level has acted as very strong support. It has been successful as support almost 82% of the time. However, as resistance, it has only been successful 33% of the time. So we could say that 334 is a strong key support level and an area we would be comfortable longing at.
b) The number of touches:
Above you will see the number of touches pointed out by the blue arrow.
Rationale: The number of touches differs from support and resistance. It counts how many times and how frequently a ticker approaches your support and/or resistance area and the duration of time spent in that area. Whereas support and resistance is determined by a candle being either above or below a s/r area, then approaching that area and then either failing or bouncing up/down, the number of touches simply assesses the time spent (in candles) around a support or resistance level. This is key to help you identify if a level has frequent touches/consolidation vs other levels and can help you filter out s/r levels that may not have a lot of touches or are infrequently touched.
Closing comments:
So this is pretty much the indicator in a nutshell. Hopefully you find it helpful and useful and enjoy it.
As always let me know your questions/comments and suggestions below.
As always I appreciate all of you who check out, try out and read about my indicators and ideas. I wish you all the safest trades and good luck!
Daily Range Support & Resistance Levels [QuantVue]The Daily Range Support & Resistance Levels is an advanced analytical tool designed to assess daily price movements and provide potential support and resistance levels.
This tool examines the average daily price fluctuations over the past 150 trading days, and creates support and resistance levels based on the opening price.
The indicator also considers a standard deviation multiplier.
This enables traders and investors to identify potential price zones.
The support and resistance levels are dynamically updated every day.
Users can also choose to view previous daily levels as well.
Customizable settings for this tool include:
-Averaging Period: Adjust the number of days to calculate the average daily range.
-Standard Deviation Multiplier: Modify the standard deviation multiplier to fine-tune the sensitivity of the support and resistance levels. A higher multiplier will result in wider levels, accommodating higher price fluctuations.
-Toggle Support & Resistance Prices: Easily switch on or off the display of support and resistance price levels.
-Show Daily Open Line: Display the daily opening price as a reference point on the chart.
-Show Previous Levels: Choose whether to display past daily support and resistance levels.
Note: this indicator works best on 5 or 15 minute charts.
Give this indicator a BOOST and COMMENT your thoughts!
We hope you enjoy.
Cheers.
Murrey Math Horizontal/Diagonal + Subharmonics 0 - 12 [All-Time]The Murrey Math lines are created by dividing the range between the high and low of the monthly timeframe prices into equal parts based on the division factor from 2 to 12.
No matter which timeframe you will use, because the calculations based on the most high and low price values.
Better to use > monthly timeframe for faster calculations.
These lines serve as potential support and resistance levels.
The midlines are dashed lines representing the midpoint between two consecutive Murrey Math lines.
The diagonal lines can be enabled to show two different types or both types. These lines connect the highs or lows of the price bars in a diagonal manner.
The subharmonic lines represent smaller divisions within each Murrey Math range. They can be customized to show only strong subharmonics or all subharmonics. Subharmonics are calculated based on the division factor and can provide additional support and resistance levels within the Murrey Math framework.
This script helps visualize the Murrey Math levels and their associated lines on a trading chart, aiding traders in identifying potential price levels for decision-making.
The most strong levels which I tested were: 2, 4, 6, 8, 12.
I was inspired by Gann's work and i tried to implement this indicator.
It's the most accurate version of Murrey Math calculations, you can set the value of 8 which Gann was used but I did up to 12 because of my experiments and I would recommend you to use the value of 12.
This indicator can be used for all types of markets.
Also note, that the strong levels described above is tested on division by 12 setting.
Anyway, you can use the divison of 8 and use the standart strong s/r levels.
(for more information search for Gann 2.0 support resistance on the internet).
Also note: this information is not a financial advice, just my opinion to the indicator I implemented. Please use this indicator wisely and focus to save your money, not earn.
I wish you profitable trades, stick to your risk/money management and the key entry points!
Retest Support Resistance Signals [ChartPrime]The Retest Support Resistance Signals Indicator is a powerful tool designed to assist traders in identifying key support and resistance levels within the market. Most importantly and uniquely it identifies retests of these structures and displays them on the trader's chart. By utilizing a combination of pivot points and price action analysis, this indicator offers valuable insights for both signal-based and support/resistance trading strategies.
Key Features & settings:
Retest Confirmation: The indicator waits for a break above a support or resistance level and observes subsequent price action. If price retraces and forms a wick below the level, followed by a bounce, the indicator identifies it as a retest and labels it as "R" to indicate potential support or resistance confirmation.
This indicator combines the benefits of signal-based trading and support/resistance analysis, providing users with a versatile trading tool suitable for various strategies.
Retest Weaker Toggle: Users have the option to enable or disable the retest weaker feature. When enabled, the indicator considers a support or resistance level weaker if it experiences a test. When disabled, the indicator assumes that a bounce may occur from the level.
Pivot Detection Customization: Users can adjust the pivot detection method based on either wicks or bodies. This flexibility allows traders to adapt the indicator to different market conditions and preferences. The trader can also customize the number of bars used for pivot detection on both the left and right sides. This feature enables traders to fine-tune the indicator's sensitivity and responsiveness.
Users also have control over how support or resistance levels are managed on the chart. They can choose to either stop updating the levels (freeze) or completely remove them (delete) from the chart.
Breakout Threshold Setting: Traders can adjust the breakout threshold until deletion setting. This setting determines the number of successful breakouts through a support or resistance level required to remove it from the chart. This feature helps filter out weaker levels and focus on more significant ones.
Shown above we see the retest labels in action denoted with an R label
This indicator can be a useful addition to an SR trader's toolkit. Identifying when a level in the market is retested can reveal interesting information about the underlying strength of a trend. This indicator has been designed with the two major schools of thought; a level gets weaker the more it's tested vs stronger the more it's tested. We have designed this therefore to be versatile and adapt to both thought procceses. The R labels should be taken and considered as a larger part of an analysis process and not followed blindly.
Sessioned EMA - Frozen EMA in post market hoursWhy I develop this indicator?
In future indices, post market data with little volume distort the moving average seriously. This indicator is to eliminate the distortion of data during low volume post market hours.
How to use?
There is a time session setting in the indicator, you can set the cash hour time, moving average outside the session will be frozen.
What this indicator gives you
This indicator give you a more make sense ema pattern, the ema lines are more respected by the prices when you set the session properly.
Setup
1. Session setting
In US indices, such as NQ, ES etc, when there was data release at 0830 hr, huge volume transaction order appears, that makes the 0830 price data important that should be included in your ema trend line calculating. If that is the case, I will set the session begin from 0830, otherwise, I start the session at 0930. Golden rule : Price with huge volume counts.
2. Time zone
The coding is decided for GMT+8 time zone, you may amend the code to fit your timezone.
K's Pivot PointsPivot points are a popular technical analysis tool used by traders to identify potential levels of support and resistance in a given timeframe. Pivot points are derived from previous price action and are used to estimate potential price levels where an asset may experience a reversal, breakout, or significant price movement.
The calculation of pivot points involves a simple formula that takes into account the high, low, and close prices from the previous trading session or a specific period. The most commonly used pivot point calculation method is the "Standard" or "Classic" method. Here's the formula:
Pivot Point (P) = (High + Low + Close) / 3
In addition to the pivot point itself, several support and resistance levels are calculated based on the pivot point value.
K's Pivot Points try to enhance them by incorporating multiple elements and by applying a re-integration strategy to validate two events:
* Found_Support: This event represents a basing market that is bound to recover or at least shape a bounce.
* Found_Resistance: This event represents a toppish market that is bound to consolidate or at least shape a pause.
K's Pivot Points are calculated following these steps:
1. Calculate the highest of highs for the previous 24 periods (preferably hours).
2. Calculate the lowest of lows for the previous 24 periods (preferably hours).
3. Calculate a 24-period (preferably hours) moving average of the close price.
4. Calculate K's Pivot Point as the average between the three previous step.
5. To find the support, use this formula: Support = (Lowest K's pivot point of the last 12 periods * 2) - Step 1
6. To find the resistance, use this formula: Resistance = (Highest K's pivot point of the last 12 periods * 2) - Step 2
The re-integration strategy to find support and resistance areas is as follows:
* A support has been found if the market breaks the support and shapes a close above it afterwards.
* A resistance has been found if the market surpasses the resistance and shapes a close below it afterwards.
The lookback period (whether 24 and 12) can be modified but the default versions work well.
Ta StrategyHello guys
This script follows traditional technical indicators
MACD, ADX, RSI and pivot points
If the price is above the resistance and the MACD has crossover ,and the RSI 14 is above 50
ADX is higher than 20, and DI+ is higher than DI-. This is a buy signal and vice versa for a sell signal
The script moves the stop loss to the entry price after the first target is reached
You can specify the quantity you want to sell when the price reaches the first target
There are also options like if you want the script to entry long or short, or both
you can reverse the strategy if it does not work well
If you want to inquire about any details, please let me know in the comments
Fibonacci Levels on Any Indicator [By MUQWISHI]▋ INTRODUCTION :
A “Fibonacci Levels on Any Indicator” can be applied to any indicator to draw Fibonacci levels based on provided conditions of two price points to produce a sequence of horizontal line levels starting from 0% to 100% in addition to extension levels. The 0% level is measured as the start of retracement, while the 100% level is the beginning of the extension levels. This tool was developed to be easy to add to any indicator, and it could be valuable to some traders in terms of managing trades by setting targets and reducing risk in the trend direction.
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▋ USAGE:
➤ NEEDS TO IDENTIFY 4 ELEMENTS:
1. Starting Point. What’re the conditions / When will the drawing of the Fibonacci levels begin?
2. Ending Point. What’re the conditions / When will the drawing of the Fibonacci levels end?
3. High Point. What is the price for a 100% Fibonacci level (0% for the downside)?
4. Low Point. What is the price for a 0% Fibonacci level (100% for the downside)?
➤ STARTING & ENDING POINTS CONDITIONS:
Need to specify the condition when the drawing of Fibonacci levels starts and ends, and the indicator shows different prepared conditions.
New Phase: Import a value (plot) from an existing indicator, where its status changes from NaN to a real number.
Crosses Above/Below: Import a value(1) (plot) from an existing indicator, where it crosses above/below value(2).
Reversal Up/Down: Import a value(1) (plot) from an existing indicator, where it rises/decreases than the previous value(1).
First/Last Bar: Useful to draw stationary Fibonacci levels.
➤ UPPER & LOWER PIVOTS (0% & 100%):
Need to specify the two price points representing 0% & 100% Fibonacci levels to expose the sequence of Fibonacci lines.
Upper Pivot. By default, the ATR Upper Band. It’s possible to import a custom value from an existing indicator.
Lower Pivot. By default, the ATR Lower Band. It’s possible to import a custom value from an existing indicator.
➤ FIBONACCI STYLING OPTIONS:
Ability to customize line & label style, color, reverse, and hide/show levels.
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▋ IMPLEMENTATION:
Here are some examples of implementing the indicator.
Note: All presented examples below are for demonstration purposes, and they're not trading suggestions.
＃ Example 1: (Reversal Up/Down)
We want to implement Fibonacci levels on the Hull MA by mohamed982 . Our requirements are as follows:
Fibonacci levels start when the Hull MA reverses up.
Fibonacci levels end when the Hull MA reverses down.
Upper Pivot is the ATR Upper Band.
Lower Pivot is the ATR Lower Band.
After adding the required indicator (Hull MA), here’re the implementation and results
＃ Example 2: (Crosses Above/Below)
We want to implement Fibonacci Level on the Squeeze Momentum by LazyBear . Our requirements are as follows:
Fibonacci levels start when the Squeeze Momentum histogram crosses above 0.
Fibonacci levels end when the Squeeze Momentum histogram crosses below 0.
Upper Pivot is the Bollinger Upper Band.
Lower Pivot is the Bollinger Lower Band.
After adding the required indicators (Squeeze Momentum & Bollinger Band), here’re the implementation and results
＃ Example 3: (Crosses Above/Below)
We want to implement Fibonacci Level on the Crossing Moving Averages. Our requirements are as follows:
Fibonacci levels start when the 20-EMA crosses above 100-MA.
Fibonacci levels end when the 20-EMA crosses below 100-MA.
Upper Pivot is the ATR Upper Band.
Lower Pivot is the ATR Lower Band.
After adding the required indicators (20-EMA & 100-MA), here’re the implementation and results
＃ Example 4: (New Phase: When the previous value is NaN, and the current value is a real number.)
We want to implement Fibonacci Level on the Supertrend. Our requirements are as follows:
Fibonacci levels start when an up-Supertrend (green) line shows up.
Fibonacci levels end when a down-Supertrend (red) line shows up.
Upper Pivot is the down-Supertrend.
Lower Pivot is the up-Supertrend.
After adding the required indicator (Supertrend), here’re the implementation and results
＃ Example 5: (First/Last Bar)
We want to implement Fibonacci Level between two points, 330 & 300. Our requirements are as follows:
Fibonacci levels start at first bar on the chart.
Fibonacci levels end at last bar on the chart.
Upper Pivot is 330.
Lower Pivot is 300.
Here’re the implementation and results.
To customize the number of bars back (like 50 bars)
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▋ Final Comments:
The “Fibonacci Levels on Any Indicator” is made to apply on other indicators for planning Fibonacci Levels.
It can be implemented in different ways, along with presented examples.
This indicator does not work with plots that were developed by drawing classes.
Please let me know if you have any questions.
Thank you.
Support/ResistanceUse this code to stop support and resistance
This can be used with the momentum indicators that I have to see if we are likely to breakout or get rejected
Indicator Settings:
The indicator is titled "Support/Resistance | Breaks & Bounces" and is set to overlay on the price chart.
max_lines_count is set to 500, indicating the maximum number of support/resistance lines that can be plotted.
User Input:
The script allows users to customize the pivot method, sensitivity, and line width through input variables.
point_method determines whether the pivot calculation is based on "Candle Wicks" or "Candle Body".
left_bars represents the number of bars to the left used to identify pivot highs/lows.
right_bars is set equal to left_bars.
line_width controls the width of the support/resistance lines.
Global Variables and Arrays:
The script declares several variables and arrays to store information related to support and resistance levels, breakouts, and bounces.
high_source and low_source are calculated based on the selected pivot method.
fixed_pivot_high and fixed_pivot_low store the pivot highs and lows using the chosen sensitivity.
Variables and arrays are initialized for tracking support/resistance lines, breakout triggers, and bounce triggers.
Main Operation:
The main operation occurs when barstate.isconfirmed is true, indicating that a new bar has formed and its data is final.
The script iterates through the support/resistance lines to update their end points (x2) to the current bar.
For each support/resistance line, it checks if a breakout or bounce event has occurred based on the current and previous bar's price levels.
If a breakout or bounce event is detected, the corresponding trigger variables (red_breakout_trigger, red_rejection_trigger, green_breakout_trigger, green_rejection_trigger) are set to true.
The script also checks for changes in the pivot highs and lows and updates the support/resistance lines accordingly.
If a change is detected, it clears the existing lines, breakout, and bounce arrays and adds new lines for the updated pivot levels.
Support & Resistance ParserI've created a user-friendly trading indicator that interprets and visually presents support and resistance levels, transforming raw data into actionable insights.
Here's a glimpse of what you might encounter:
Today's trigger points (ES)
Support: 4264.5,4220.75,4131.5,4164.5,3980.75,4182.5,4174.25,4120,4112.25,4089.25,4085.75
Resistance: 4299.75,4304.5,4316.75,4345.25,4331.75
This is how it works:
1. Copy the series of support and resistance figures, ie just the comma separated numbers
2. Paste each series into their respective setting in the indicator.
3. The indicator parses the data, understanding the sequence and importance of each figure.
4. It then draws the corresponding support and resistance lines on your trading chart.
Chart would appear similar to the following:
This tool distinguishes itself with its user-friendly features. Each line comes with adjustable labels, enabling users to personalize their visualization. This makes the data more intuitive and easier to comprehend, enhancing decision-making during trades.
Note: The indicator includes limited error handling capabilities.
Make the most out of your trading journey with this intuitive and customizable tool, specifically designed to turn raw data into valuable trading insights.
