Joy_Bangla

Leledc Exhaustion V4

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This is one of my fav script (Leledec Exhaustion). The original script was written in V2 by Glaz here All I did is to convert this to Version 4 of Pine Scripting language.

An Exhaustion Bar is a bar which signals the exhaustion of the trend in the current direction. In other words, an exhaustion bar is “A bar of the last seller” in case of a downtrend and “A bar of
last buyer” in case of an uptrend.

Having said that when a party cannot take the price further in their direction, naturally the other party comes in, takes charge and reverses the direction of the trend.


The Psychology

Let's assume that we have a group of people, say 100 people who decide to go for a casual running. After running for a few KM's few of them will say “I am exhausted. I cannot run further”. They will quit running. After running further, another bunch of runners will say “I am exhausted. I can’t run further” and they also will quit running. This goes on and on and then there will be a stage where only a few will be left in the running. Now a stage will come where the last person left in the running will say “ am exhausted” and he stops running. That means no one is left now in the
running. This means all are exhausted in the running.

The same way an exhaustion bar works. The reason is an exhaustion bar sometimes formed at almost tops and bottoms.

Timeframe
The exhaustion bars are found on all Time frames as a trend also exists on all Timeframes. However, as a thumb rule “Higher the Time frame, higher will be the accuracy as well as the profitability”.

Trading the Leledec Exhaustion Bars
  • I may trade as soon as it is shown on the chart.
  • I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal
  • I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal. I may also be looking to ensure the current volume is higher than the previous few
    (? how many?) bar volumes.

Nov 29
Sürüm Notları: Added minor leledec and ability to add alerts
Jan 04
Sürüm Notları: Ensuring abilities to hide or show min leledec as it is not widely used in crypto. Maj Leledec is more useful for crypto/bitcoin
Favori Komutlardan Çıkart Favori Komutlara Ekle
Any information contained here is provided as general information for educational & entertainment purposes only and do not constitute investment advice. Tip me at btc: 3BMEXPhCHD1QgBGiDmLAWnoyfrr1jwKnQo
Hi Joy

Love your indicators, but regarding this one i'm not sure if the setting are correct. I have used both your indicator and Glaz's and your seams to display the opposite.

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@mEYEself, i think you are incorrect. The source is open source for both of us. Also you can put side by side and compare if you like. It is not
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mEYEself Joy_Bangla
@Joy_Bangla, thanks for your replay. I might got confused a bit. Apologies. I have used both indicators side by side as per the below to compare. I cannot understand the Pine script but what are you saying is that (for your indicato) the green Xs are bearish signal and bullish for the red ones?

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mEYEself Joy_Bangla
@Joy_Bangla, I think i found the where the confusing is coming from. The settings in the script for the minor exhaustion are reversed vs the major ones.

plotchar(maj ? major == -1 ? high : na : na, char='•', location=location.absolute, color=color.red, transp=0, size=size.large)
plotchar(maj ? major == 1 ? low : na : na, char='•', location=location.absolute, color=color.lime, transp=0, size=size.large)

plotchar(min ? (minor==1?high:na) : na, char='x', location=location.absolute, color=color.red, transp=0, size=size.small)
plotchar(min ? (minor==-1?low:na) : na, char='x', location=location.absolute, color=color.lime, transp=0, size=size.small)
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mEYEself Joy_Bangla
@Joy_Bangla, I have changed to script to the one below. Works great. Again, thank you for sharing all your indicators with the world. Much appreciated. Too bad I can give you only one like per indicator. :)

plotchar(maj ? major == -1 ? high : na : na, char='•', location=location.absolute, color=color.red, transp=0, size=size.small)
plotchar(maj ? major == 1 ? low : na : na, char='•', location=location.absolute, color=color.lime, transp=0, size=size.small)

plotchar(min ? (minor==-1?high:na) : na, char='o', location=location.absolute, color=color.red, transp=0, size=size.tiny)
plotchar(min ? (minor==1?low:na) : na, char='o', location=location.absolute, color=color.lime, transp=0, size=size.tiny)

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I would like to use the ms indicator you are using below.
What can you let me put.
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Joy_Bangla Ssssssssssssssss
@Ssssssssssssssss, ok. Let me dig through my codes. I have a few more to release. Thanks I will do so soon
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brilliant idea! bro!
+1 Cevap Gönder
@Mby_lab, Thanks bro. It was initially developed by Glaz. I adapted his code and converted it to v4 and added alerts etc. Thanks for liking it
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