Utilizing the TVI (Transactional Value Index - Link below for indicator / setups)
You can pretty much guess when any instrument could slow down, last stand in a pullback and the last few candles before losing its strong trend.
It varies per person, a short term trader can use this, Long term traders can hedge with options.
A great tool for my trading. Thought I will share this.
This utilizes TVI indicator, currently the TVI is manipulated manually, I have automated a version for future release.
Embrace trading - keep the money flowing.
// Created by UCSgears study(title="UCS_Extreme Snap Back", shorttitle="UCS_Snapback", overlay=true) // NO INPUTS - TRADING SYSTEM hps = input (true, title = "High Probability Setup") mps = input (false, title = "Mid Probability Setup") lps = input (false, title = "Low Probability Setup") // Inputs per video on youtube src = ohlc4 len1 = 7 len2 = 14 len3 = 21 // Moving Average (Mid Point Fair Value) ma1 = sma(src, len1) ma2 = sma(src, len2) ma3 = sma(src, len3) // ATR (Dynamic Volatility Units) rng1 = sma(tr,len1) rng2 = sma(tr,len2) rng3 = sma(tr,len3) // ATR deviation or Secret Sauce of the promoter up1 = ma1 + rng1 * 1.6 up2 = ma2 + rng2 * 2.4 up3 = ma2 + rng3 * 3.2 dn1 = ma1 - rng1 * 1.6 dn2 = ma2 - rng2 * 2.4 dn3 = ma2 - rng2 * 3.2 // Low Probability Trade Setup ERhigh1 = high > up1 ? 1 : 0 ERlow1 = low < dn1 ? 1 : 0 // Medium Probability Trade Setup ERhigh2 = high > up1 and high > up2 ? 1 : 0 ERlow2 = low < dn1 and low < dn2 ? 1 : 0 // High Probability Trade Setup ERhigh3 = high > up1 and high > up2 and high > up3 ? 1 : 0 ERlow3 = low < dn1 and low < dn2 and low < dn3 ? 1 : 0 // Plots Based on Selection HiPERh = hps and ERhigh3 ? red : na HiPERl = hps and ERlow3 ? green : na MiPERh = mps and ERhigh2 ? red : na MiPERl = mps and ERlow2 ? green : na LoPERh = lps and ERhigh1 ? red : na LoPERl = lps and ERlow1 ? green : na // Highlights bgcolor(HiPERh, transp=70) bgcolor(HiPERl, transp=70) bgcolor(MiPERh, transp=70) bgcolor(MiPERl, transp=70) bgcolor(LoPERh, transp=70) bgcolor(LoPERl, transp=70)
1. Custom Inputs to create your definition of time frames
2. Options to plot this as bgcolor or label along with a bar count.
3. implementing the editable function
4. Choice of using TVI / RSI.
add your comments to this post. So i can improve this indicator.