📊🚀 Introducing the "Median Proximity Percentile" by AlgoAlpha, a dynamic and sophisticated trading indicator designed to enhance your market analysis! This tool efficiently tracks median price proximity over a specified lookback period and finds it's percentile between 2 dynamic standard deviation bands, offering valuable insights for traders looking to make informed decisions.
🌟 Key Features:
🔍 Deep Dive into the Code:
🚨 Remember, the "Median Proximity Percentile " is a tool to aid your analysis. It’s essential to combine it with other analysis techniques and market understanding for best results. Happy trading! 📈📉
🌟 Key Features:
- Color-Coded Visuals: Easily interpret market trends with color-coded plots indicating bullish or bearish signals.
- Flexibility: Customize the indicator with your preferred price source and lookback lengths to suit your trading strategy.
- Advanced Alert System: Stay ahead with customizable alerts for key trend shifts and market conditions.
🔍 Deep Dive into the Code:
- Choose your preferred price data source and define lookback lengths for median and EMA calculations. and
priceSource = input.source(close, "Source")
lookbackLength = input.int(21, minval = 1, title = "Lookback Length")
- Calculate median value, price deviation, and normalized value to analyze market position relative to the median.
medianValue = ta.median(priceSource, lookbackLength)
- Determine upper and lower boundaries based on standard deviation and EMA.
upperBoundary = ta.ema(positiveValues, lookbackLength) + ta.stdev(positiveValues, lookbackLength) * stdDevMultiplier lowerBoundary = ta.ema(negativeValues, lookbackLength) - ta.stdev(negativeValues, lookbackLength) * stdDevMultiplier
- Compute the percentile value to track market position within these boundaries.
percentileValue = 100 * (normalizedValue - lowerBoundary)/(upperBoundary - lowerBoundary) - 50
- Enhance your analysis with Hull Moving Average (HMA) for smoother trend identification.
emaValue = ta.hma(percentileValue, emaLookbackLength)
- Visualize trends with color-coded plots and characters for easy interpretation.
plotColor = percentileValue > 0 ? colorUp : percentileValue < 0 ? colorDown : na
- Set up advanced alerts to stay informed about significant market movements.
// Alerts alertcondition(ta.crossover(emaValue, 0), "Bullish Trend Shift", "Median Proximity Percentile Crossover Zero Line") alertcondition(ta.crossunder(emaValue, 0), "Bearish Trend Shift", "Median Proximity Percentile Crossunder Zero Line") alertcondition(ta.crossunder(emaValue,emaValue[1]) and emaValue[1] > 90, "Bearish Reversal", "Median Proximity Percentile Bearish Reversal") alertcondition(ta.crossunder(emaValue[1],emaValue) and emaValue[1] < -90, "Bullish Reversal", "Median Proximity Percentile Bullish Reversal")
🚨 Remember, the "Median Proximity Percentile " is a tool to aid your analysis. It’s essential to combine it with other analysis techniques and market understanding for best results. Happy trading! 📈📉
Sürüm Notları:
Replaces "EMA" with "HMA" in the inputs.
Sürüm Notları:
Added Alerts for trend swings
Added the option to turn on/off the noise scatterplot
Added the option to turn on/off the noise scatterplot
🚨Get premium: algoalpha.io
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❓Do you have feedback or indicator ideas? Join our server to tell us about it: discord.gg/xCmqTVRexz
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it: discord.gg/xCmqTVRexz