TradingIQ - Counter Strike IQIntroducing "Counter Strike IQ" by TradingIQ
Counter Strike IQ is an exclusive trading algorithm developed by TradingIQ, designed to trade upside/downside breakouts of varying significance. By integrating artificial intelligence and IQ Technology, Counter Strike IQ analyzes historical and real-time price data to construct a dynamic trading system adaptable to various asset and timeframe combinations.
Philosophy of Counter Strike IQ
Counter Strike IQ operates on a single premise: Support and resistance levels cannot hold forever. At some point either side must break for the underlying asset to exhibit trends; otherwise, prices would be confined to an infinitely narrowing range.
Counter Strike IQ is designed to work straight out of the box. In fact, its simplicity requires just four user settings to manage output, making it incredibly straightforward to manage.
Minimum ATR Profit, Minimum ATR Stop, EMA Filter and EMA Filter Length are the only settings that manage the performance of Counter Strike IQ!
Traders don’t have to spend hours adjusting settings and trying to find what works best - Counter Strike IQ handles this on its own.
Key Features of Counter Strike IQ
Self-Learning Breakout Detection
Employs AI and IQ Technology to identify notable breakouts in real-time.
AI-Generated Trading Signals
Provides breakout trading signals derived from self-learning algorithms.
Comprehensive Trading System
Offers clear entry and exit labels.
Performance Tracking
Records and presents trading performance data, easily accessible for user analysis.
Self-Learning Trading Exits
Counter Strike IQ learns where to exit positions.
Long and Short Trading Capabilities
Supports both long and short positions to trade various market conditions.
Strike Channel
The Strike Channel represents what Counter Strike IQ considers a tradable long opportunity or a tradable short opportunity. The Strike Channel is dynamic and adjusts from chart to chart.
IQ Graph Gradient
Introduces the IQ Graph Gradient, designed to classify extreme values in price on a grand scale.
How It Works
Counter Strike IQ operates on a straightforward heuristic: go long during significant upside price moves that break established resistance levels and go short during significant downside price moves that break established support levels.
IQ Technology, TradingIQ's proprietary AI algorithm, defines what constitutes a “significant price move” and what’s considered a tradable breakout. For Counter Strike IQ, this algorithm evaluates all historical support/resistance breaks and any subsequent breakouts. For instance, the price move following up to a breakout is measured and learned from, including the significance of the identified support/resistance level (how long it’s been active, how far price moved away from it, etc). By analyzing these patterns, Counter Strike IQ adapts to identify and trade similar future breakout sequences.
In simple terms, Counter Strike IQ learns from violations of historical support/resistance levels to identify potential entry points at currently established support/resistance levels. Using this knowledge, it determines the optimal, current support/resistance price level where a breakout has a higher chance of occurring.
For long positions, Counter Strike IQ places a stop-market order at the AI-identified resistance point. If price violates this level a market order will be placed and a long position entered. Of course, this is how the algorithm trades, users can elect to use a stop-limit order amongst other order types for position entry. After the position is entered TP1 is placed (identifiable on the price chart). TP1 has a twofold purpose:
Acts as a legitimate profit target to exit 50% of the position.
Once TP1 is closed over, the initial stop loss is converted to a trailing stop, and the long position remains active so long as price continues to uptrend.
For short positions, Counter Strike IQ places a stop-market order at the AI-identified support point. If price violates this level a market order will be placed and a short position entered. Again, this is how the algorithm trades, users can elect to use a stop-limit order amongst other order types for position entry. Upon entry TP1 is placed (identifiable on the price chart). TP1 has a twofold purpose:
Acts as a legitimate profit target to exit 50% of the position.
Once TP1 is closed over, the initial stop loss is converted to a trailing stop, and the short position remains active so long as price continues to downtrend.
As a trading system, Counter Strike IQ exits TP1 using a limit order, with all stop losses exited as stop market orders.
What Classifies As a Tradable Upside Breakout or Tradable Downside Breakout?
For Counter Strike IQ, tradable price breakouts are not manually set but are instead learned by the system. What qualifies as a significant upside or downside breakout in one market might not hold the same significance in another. Counter Strike IQ continuously analyzes historical and current support/resistance levels, how far price has extended from those levels, the raw-dollar price move leading up to a violation of those levels, their longevity, and more, to determine which future levels have a higher chance of breaking out when retested!
The image above illustrates the Strike Channel and explains the corresponding prices and levels
The green upper line represents the Long Breakout Point.
The pink lower line represents the Short Breakout Point.
Any price between the two deviation points is considered “Acceptable”.
The image above shows a long position being entered after the Upside Breakout Point was reached.
Green arrows indicate that the strategy entered a long position at the highlighted price level.
Blue arrows indicate that the strategy exited a position, whether at TP1, the initial stop loss, or at the trailing stop.
Blue lines indicate the TP1 level for the current trade. Red lines indicate the initial stop loss price.
If price closes above TP1, the initial stop loss will be replaced with a trailing stop. A blue line (similar to the blue line shown for TP1) will trail price and correspond to the trailing stop price of the trade.
The image above shows the trailing stop price, represented by a blue line, used for the long position!
You can also hover over the trade labels to get more information about the trade—such as the entry price and exit price.
The image above shows a short position being entered after the Downside Breakout Point was reached.
Red arrows indicate that the strategy entered a short position at the highlighted price level.
Blue arrows indicate that the strategy exited a position, whether at TP1, the initial stop loss, or at the trailing stop.
Blue lines indicate the TP1 level for the current trade. Red lines indicate the initial stop loss price.
If price closes below TP1, the initial stop loss will be replaced with a trailing stop. A blue line (similar to the blue line shown for TP1) will trail price and correspond to the trailing stop price of the trade.
The image above shows the trailing stop price, represented by a blue line, used for the short position!
You can also hover over the trade labels to get more information about the trade—such as the entry price and exit price.
IQ Gradient Graph
The IQ Gradient Graph provides a macro characterization of extreme prices.
The lower macro extremity of the IQ Gradient Graph is colored green, while the upper macro extremity is colored red.
Minimum Profit Target And Stop Loss
The Minimum ATR Profit Target and Minimum ATR Stop Loss setting control the minimum allowed profit target and stop loss distance. On most timeframes users won’t have to alter these settings; however, on very-low timeframes such as the 1-minute chart, users can increase these values so gross profits exceed commission.
After changing either setting, Counter Strike IQ will retrain on historical data - accounting for the newly defined minimum profit target or stop loss.
AI Direction
The AI Direction setting controls the trade direction Counter Strike IQ is allowed to take.
“Trade Longs” allows for long trades.
“Trade Shorts” allows for short trades.
EMA Filter
The EMA Filter setting controls whether the AI should implement an EMA trading filter. Simply, if the EMA Filter is active, long trades can only initiate if price is trading above the user-defined EMA. Conversely, short trades can only initiate if price is trading below the user-defined EMA.
The image above shows the EMA Filter in action!
Verifying Counter Strike IQ’s Effectiveness
Counter Strike IQ automatically tracks its performance and displays the profit factor for the long strategy and the short strategy it uses. This information can be found in the table located in the top-right corner of your chart showing.
This table shows the long strategy profit factor and the short strategy profit factor.
The image above shows the long strategy profit factor and the short strategy profit factor for Counter Strike IQ.
A profit factor greater than 1 indicates a strategy profitably traded historical price data.
A profit factor less than 1 indicates a strategy unprofitably traded historical price data.
A profit factor equal to 1 indicates a strategy did not lose or gain money when trading historical price data.
Using Counter Strike IQ
While Counter Strike IQ is a full-fledged trading system with entries and exits - manual traders can certainly make use of its on chart indications and visualizations.
The hallmark feature of Counter Strike IQ is its ability to signal a breakout near its origin point. Long entries are often signaled near the start of a large upside price move; short entries are often signaled near the start of a large downside price move.
For live analysis, the Strike Channel serves as a valuable tool for identifying breakout points.
The further price moves toward the Upside Breakout Point (green), the stronger the indication that price might breakout to the upside. Conversely, the deeper price reaches toward the Downside Breakout Point (red), the stronger the indication that price might breakout to the downside.
Of course, should buying or selling pressure stall, price may fail to breakout at the identified breakout level. This is a natural consequence of any breakout trading strategy!
With this information at hand, traders can quickly switch between charts and timeframes to identify optimized areas of interest.
Forecasting
2024 - Median High-Low % Change - Monthly, Weekly, DailyDescription:
This indicator provides a statistical overview of Bitcoin's volatility by displaying the median high-to-low percentage changes for monthly, weekly, and daily timeframes. It allows traders to visualize typical price fluctuations within each period, supporting range and volatility-based trading strategies.
How It Works:
Calculation of High-Low % Change: For each selected timeframe (monthly, weekly, and daily), the script calculates the percentage change from the high to the low price within the period.
Median Calculation: The median of these high-to-low changes is determined for each timeframe, offering a robust central measure that minimizes the impact of extreme price swings.
Table Display: At the end of the chart, the script displays a table in the top-right corner with the median values for each selected timeframe. This table is updated dynamically to show the latest data.
Usage Notes:
This script includes input options to toggle the visibility of each timeframe (monthly, weekly, and daily) in the table.
Designed to be used with Bitcoin on daily and higher timeframes for accurate statistical insights.
Ideal for traders looking to understand Bitcoin's typical volatility and adjust their strategies accordingly.
This indicator does not provide specific buy or sell signals but serves as an analytical tool for understanding volatility patterns.
Global OECD CLI Diffusion Index YoY vs MoMThe Global OECD Composite Leading Indicators (CLI) Diffusion Index is used to gauge the health and directional momentum of the global economy and anticipate changes in economic conditions. It usually leads turning points in the economy by 6 - 9 months.
How to read: Above 50% signals economic expansion across the included countries. Below 50% signals economic contraction.
The diffusion index component specifically shows the proportion of countries with positive economic growth signals compared to those with negative or neutral signals.
The OECD CLI aggregates data from several leading economic indicators including order books, building permits, and consumer and business sentiment. It tracks the economic momentum and turning points in the business cycle across 38 OECD member countries and several other Non-OECD member countries.
Future Trend Channel [ChartPrime]The Future Trend Channel indicator is a dynamic tool for identifying trends and projecting future prices based on channel formations. The indicator uses SMA (Simple Moving Average) and volatility calculations to plot channels that visually represent trends. It also detects moments of lower momentum, indicated by neutral color changes in the channels, and projects future price levels for up to 50 bars ahead.
⯁ KEY FEATURES AND HOW TO USE
⯌ Dynamic Trend Channels :
The indicator draws channels when a trend is identified. It uses a combination of SMA and volatility to determine the direction and strength of the trend. Each channel is visualized with a specific color, where green indicates an uptrend and orange represents a downtrend.
Example of channels during uptrend and downtrend:
⯌ Momentum-Based Color Shifts :
The indicator adapts its channel colors based on momentum changes. When the starting point (Y1) of a channel is higher than its ending point (Y2) during an uptrend, the channel turns neutral, indicating lower momentum and a possible ranging market. The same applies in a downtrend, where the channel turns neutral if Y1 is lower than Y2.
Example of neutral momentum channels:
⯌ Future Price Projection :
At the end of each channel, the indicator generates a projected future price based on the midpoint of the channel. By default, this projection is made 50 bars into the future, but users can adjust the number of bars to their preference.
Example of future price projection:
⯌ Diamond Signals for Valid Trends :
Lime-colored diamonds appear when an uptrend channel is confirmed, while orange diamonds indicate valid downtrend channels. These signals confirm the presence of a strong trend and help identify valid entry and exit points. Neutral channels, which indicate lower momentum, do not show diamond signals.
Example of trend confirmation signals:
⯌ Customizable Settings :
Users can adjust the channel length (how far back the trend is analyzed) and the width (which determines the channel boundaries based on volatility). The future price projection can also be customized to forecast further or fewer bars into the future.
⯁ USER INPUTS
Trend Length : Sets the number of bars used to calculate the trend channels.
Channel Width : Adjusts the width of the channels, based on volatility (ATR multiplier).
Up and Down Colors : Allows customization of the colors used for uptrend and downtrend channels.
Future Bars : Sets the number of bars used for future price projection.
⯁ CONCLUSION
The Future Trend Channel indicator is a versatile tool for identifying and trading trends. With its ability to detect momentum shifts and project future prices, it provides traders with key insights for making more informed decisions. The use of diamond signals for trend validation adds an extra layer of confirmation, helping traders act with greater confidence during volatile or trending markets.
Chessboard Support & ResistanceThe “Chessboard Support & Resistance” indicator is designed to assist traders in visualizing key levels of support and resistance on a chart by employing ATR (Average True Range) to create dynamic horizontal zones. This indicator automatically plots robust support and resistance bands that can help identify potential areas where price may reverse, consolidate, or react. These levels are particularly beneficial for traders who employ concepts like Smart Money analysis, as they illustrate zones where institutional trading activity might occur.
How It Works:
• The indicator uses ATR-based calculations to determine the placement of the support and resistance zones. This approach accounts for market volatility, making the zones adaptive to changing conditions.
• The Zone Thickness parameter allows users to customize the width of the plotted zones, enhancing visibility and fitting them to their specific trading style.
• The support and resistance zones extend horizontally across the chart, providing clear reference points for potential price reactions.
Practical Application:
• Trend Analysis: Identify areas of significant price resistance and support to understand potential turning points or trends in the market.
• Risk Management: Use these zones to better inform stop-loss placements or set profit targets.
• Confirmation Tool: Combine the indicator with other technical analysis tools for confirmation of potential trade entries or exits.
Customization Options:
• Change the colors of the support and resistance zones for better integration with different chart themes.
• Adjust the ATR Length and Multiplier to fine-tune the sensitivity of the zones based on personal preferences and the characteristics of the asset being analyzed.
Disclaimer:
This indicator is for educational and informational purposes only. It is not intended to serve as investment advice or a recommendation to buy or sell any financial instrument. Always perform your own research and consider consulting with a financial professional before making trading decisions. Trading involves significant risk, and past performance does not guarantee future results.
MAPE of Expected Value and Percent ResidualsOverview
This indicator calculates and visualizes the Mean Absolute Percentage Error (MAPE) and the percent residuals of the expected value compared to the actual closing price. The purpose of this indicator is to provide insights into the accuracy of price forecasts by comparing predicted values to actual market outcomes. The expected values are derived from the transform model, which uses the mean line from the mean and standard deviation lines as an indicator for expected price movement. Users can customize the number of periods over which calculations are averaged.
Inputs
Mean Period (Bars) : Specifies the number of bars used to calculate the moving average of the change between closing prices. This value should match the value used in the mean and standard deviation lines indicator.
MAPE Period (Bars) : Specifies the number of bars used to calculate the moving average of the absolute percentage error.
Outputs
Percent Residuals Histogram : Displays the percentage error between the predicted (expected) value and the actual closing price. The bars are color-coded, with green indicating positive residuals (i.e., the actual value is higher than the predicted value) and red indicating negative residuals (i.e., the actual value is lower than the predicted value).
Reference Line : A horizontal line at zero is added to the chart to indicate the baseline for percent residuals.
Mean Absolute Percentage Error (MAPE) Line : Plots the moving average of the absolute percentage error over the specified period, helping users gauge the average accuracy of their predictions over time.
Methodology
Calculation of Individual Bar Normalized Residuals: The normalized residuals for each bar are computed by taking the difference between the actual closing price and the predicted (expected) value, divided by the closing price. If the actual closing price is above the expected value, the residual is considered positive and is represented in green; otherwise, it is negative and represented in red. This normalization provides a standardized measure of deviation that allows for consistent comparison across different bars.
Mean Absolute Percentage Error (MAPE) Calculation: Over the user-defined period, the absolute values of the normalized residuals are computed and subsequently averaged to determine the Mean Absolute Percentage Error (MAPE). This metric quantifies the average magnitude of the forecast errors, providing a clear indication of the model's predictive accuracy over time.
How to Use
Add Indicators to Chart : First, apply the mean and standard deviation lines indicator to the chart, then add the MAPE of Expected Value and Percent Residuals indicator to evaluate the accuracy of price forecasts.
Set Parameters : Set the `Mean Period (Bars)` to be the same value in both the mean and standard deviation lines indicator and the MAPE indicator to ensure accuracy. Adjust the `MAPE Period (Bars)` to fine-tune the length of historical data used in calculating the MAPE.
Interpret Residuals and MAPE : Use the percent residuals histogram to understand how the actual closing price deviates from predictions. The MAPE line helps track the average prediction accuracy over time.
This tool is particularly useful for traders who want to evaluate the performance of their price prediction models based on the transform model and track how well their expected values, derived from mean and standard deviation lines , align with actual market movements.
Stoch RSI and RSI Buy/Sell Signals with MACD Trend FilterDescription of the Indicator
This Pine Script is designed to provide traders with buy and sell signals based on the combination of Stochastic RSI, RSI, and MACD indicators, enhanced by the confirmation of candle colors. The primary goal is to facilitate informed trading decisions in various market conditions by utilizing different indicators and their interactions. The script allows customization of various parameters, providing flexibility for traders to adapt it to their specific trading styles.
Usefulness
This indicator is not just a mashup of existing indicators; it integrates the functionality of multiple momentum and trend-detection methods into a cohesive trading tool. The combination of Stochastic RSI, RSI, and MACD offers a well-rounded approach to analyzing market conditions, allowing traders to identify entry and exit points effectively. The inclusion of color-coded signals (strong vs. weak) further enhances its utility by providing visual cues about the strength of the signals.
How to Use This Indicator
Input Settings: Adjust the parameters for the Stochastic RSI, RSI, and MACD to fit your trading style. Set the overbought/oversold levels according to your risk tolerance.
Signal Colors:
Strong Buy Signal: Indicated by a green label and confirmed by a green candle (close > open).
Weak Buy Signal: Indicated by a blue label and confirmed by a green candle (close > open).
Strong Sell Signal: Indicated by a red label and confirmed by a red candle (close < open).
Weak Sell Signal: Indicated by an orange label and confirmed by a red candle (close < open).
Example Trading Strategy Using This Indicator
To effectively use this indicator as part of your trading strategy, follow these detailed steps:
Setup:
Timeframe : Select a timeframe that aligns with your trading style (e.g., 15-minute for intraday, 1-hour for swing trading, or daily for longer-term positions).
Indicator Settings : Customize the Stochastic RSI, RSI, and MACD parameters to suit your trading approach. Adjust overbought/oversold levels to match your risk tolerance.
Strategy:
1. Strong Buy Entry Criteria :
Wait for a strong buy signal (green label) when the RSI is at or below the oversold level (e.g., ≤ 35), indicating a deeply oversold market. Confirm that the MACD shows a decreasing trend (bearish momentum weakening) to validate a potential reversal. Ensure the current candle is green (close > open) if candle color confirmation is enabled.
Example Use : On a 1-hour chart, if the RSI drops below 35, MACD shows three consecutive bars of decreasing negative momentum, and a green candle forms, enter a buy position. This setup signals a robust entry with strong momentum backing it.
2. Weak Buy Entry Criteria :
Monitor for weak buy signals (blue label) when RSI is above the oversold level but still below the neutral (e.g., between 36 and 50). This indicates a market recovering from an oversold state but not fully reversing yet. These signals can be used for early entries with additional confirmations, such as support levels or higher timeframe trends.
Example Use : On the same 1-hour chart, if RSI is at 45, the MACD shows momentum stabilizing (not necessarily negative), and a green candle appears, consider a partial or cautious entry. Use this as an early warning for a potential bullish move, especially when higher timeframe indicators align.
3. Strong Sell Entry Criteria :
Look for a strong sell signal (red label) when RSI is at or above the overbought level (e.g., ≥ 65), signaling a strong overbought condition. The MACD should show three consecutive bars of increasing positive momentum to indicate that the bullish trend is weakening. Ensure the current candle is red (close < open) if candle color confirmation is enabled.
Example Use : If RSI reaches 70, MACD shows increasing momentum that starts to level off, and a red candle forms on a 1-hour chart, initiate a short position with a stop loss set above recent resistance. This is a high-confidence signal for potential price reversal or pullback.
4. Weak Sell Entry Criteria :
Use weak sell signals (orange label) when RSI is between the neutral and overbought levels (e.g., between 50 and 64). These can indicate potential short opportunities that might not yet be fully mature but are worth monitoring. Look for other confirmations like resistance levels or trendline touches to strengthen the signal.
Example Use : If RSI reads 60 on a 1-hour chart, and the MACD shows slight positive momentum with signs of slowing down, place a cautious sell position or scale out of existing long positions. This setup allows you to prepare for a possible downtrend.
Trade Management:
Stop Loss : For buy trades, place stop losses below recent swing lows. For sell trades, set stops above recent swing highs to manage risk effectively.
Take Profit : Target nearby resistance or support levels, apply risk-to-reward ratios (e.g., 1:2), or use trailing stops to lock in profits as price moves in your favor.
Confirmation : Align these signals with broader trends on higher timeframes. For example, if you receive a weak buy signal on a 15-minute chart, check the 1-hour or daily chart to ensure the overall trend is not bearish.
Real-World Example: Imagine trading on a 15-minute chart :
For a buy:
A strong buy signal (green) appears when the RSI dips to 32, MACD shows declining bearish momentum, and a green candle forms. Enter a buy position with a stop loss below the most recent support level.
Alternatively, a weak buy signal (blue) appears when RSI is at 47. Use this as a signal to start monitoring the market closely or enter a smaller position if other indicators (like support and volume analysis) align.
For a sell:
A strong sell signal (red) with RSI at 72 and a red candle signals to short with conviction. Place your stop loss just above the last peak.
A weak sell signal (orange) with RSI at 62 might prompt caution but can still be acted on if confirmed by declining volume or touching a resistance level.
These strategies show how to blend both strong and weak signals into your trading for more nuanced decision-making.
Technical Analysis of the Code
1. Stochastic RSI Calculation:
The script calculates the Stochastic RSI (stochRsiK) using the RSI as input and smooths it with a moving average (stochRsiD).
Code Explanation : ta.stoch(rsi, rsi, rsi, stochLength) computes the Stochastic RSI, and ta.sma(stochRsiK, stochSmoothing) applies smoothing.
2. RSI Calculation :
The RSI is computed over a user-defined period and checks for overbought or oversold conditions.
Code Explanation : rsi = ta.rsi(close, rsiLength) calculates RSI values.
3. MACD Trend Filter :
MACD is calculated with fast, slow, and signal lengths, identifying trends via three consecutive bars moving in the same direction.
Code Explanation : = ta.macd(close, macdLengthFast, macdLengthSlow, macdSignalLength) sets MACD values. Conditions like macdLine < macdLine confirm trends.
4. Buy and Sell Conditions :
The script checks Stochastic RSI, RSI, and MACD values to set buy/sell flags. Candle color filters further confirm valid entries.
Code Explanation : buyConditionMet and sellConditionMet logically check all conditions and toggles (enableStochCondition, enableRSICondition, etc.).
5. Signal Flags and Confirmation :
Flags track when conditions are met and ensure signals only appear on appropriate candle colors.
Code Explanation : Conditional blocks (if statements) update buyFlag and sellFlag.
6. Labels and Alerts :
The indicator plots "BUY" or "SELL" labels with the RSI value when signals trigger and sets alerts through alertcondition().
Code Explanation : label.new() displays the signal, color-coded for strength based on RSI.
NOTE : All strategies can be enabled or disabled in the settings, allowing traders to customize the indicator to their preferences and trading styles.
Trade 1 + StatergyThe Relative Strength Index (RSI) is a momentum oscillator used in technical analysis that measures the speed and change of price movements of a security within a range of 0 to 100. It is most commonly set to a 14-period timeframe and helps traders identify overbought or oversold conditions, suggesting potential reversal points in the market. Divergence occurs when the price trend and the RSI trend move in opposite directions. A bullish divergence signals potential upward movement when prices are making new lows while the RSI makes higher lows. Conversely, a bearish divergence suggests a possible downward trend when prices are making new highs but the RSI is making lower highs. These signals are crucial for traders looking to capture shifts in momentum and adjust their trading strategies accordingly.
use full to
5 min
10 min
15 min decition
Trend Counter [BigBeluga]The Trend Counter indicator is designed to help traders identify trend conditions and potential reversals by counting the number of bars within a specified period that are above or below an average price level. By smoothing and averaging these counts, the indicator provides a clear visual representation of market trends and highlights key trend changes.
Key Features:
⦾ Trend Counting:
Counts bars above and below average price levels over a specified period.
Smooths and rounds the count for better visualization.
// Count bars over length period above highest and lowest avg with offset loop
float mid = math.avg(ta.highest(length), ta.lowest(length))
for offset = 0 to length -1
switch
hl2 > mid => counter += 1.0
=> counter := 0.0
// Smooth Count and Round
counter := math.round(ta.ema(counter > 400 ? 400 : counter, smooth))
// Count Avg
count.push(counter)
avg = math.round(count.avg())
⦿ Color Indication:
Uses gradient colors to indicate the strength of the trend.
Colors the background based on trend strength for easier interpretation.
⦿ Trend Signals:
Provides visual cues for trend changes based on the counter crossing predefined levels.
⦿ Potential Tops:
Identifies potential market tops using a specified length and highlights these levels.
⦿ Additional Features:
Displays Trend Counter value with arrows to indicate the direction of the trend movement.
Displays average trend count and level for reference.
⦿ User Inputs Description
Length: Defines the period over which the trend counting is performed.
Trend Counter Smooth: Specifies the smoothing period for the trend counter.
Level: Sets the threshold level for trend signals.
Main Color: Determines the primary color for trend indication.
The Trend Counter indicator is a powerful tool for traders seeking to identify and visualize market trends.
By counting and smoothing price bars above and below average levels, it provides clear and intuitive signals for trend strength and potential reversals.
With customizable parameters and visual cues, the Trend Counter enhances trend analysis and decision-making for traders of all levels.
Liquidity Squeeze Indicator 1The provided Pine Script code implements a "Liquidity Squeeze Indicator" in TradingView, designed to detect potential bullish or bearish market squeezes based on EMA slopes, candle wicks, and body sizes.
Code Breakdown
EMAs Calculation: Calculates the 21-period (ema_21) and 50-period (ema_50) exponential moving averages (EMAs) on closing prices.
EMA Slope Calculation: Computes the slope of the 21-period EMA over a 21-period lookback to estimate trend direction, with a threshold of 0.45 to approximate a 45-degree angle.
Candle Properties: Measures the size of the candle's body and its upper and lower wicks for comparison to detect wick-to-body ratios.
Trend Identification: Defines a bullish trend when ema_21 is above ema_50 and a bearish trend when ema_21 is below ema_50.
Wick Conditions
Bullish Condition : In a bullish trend with the EMA slope up, checks if the upper wick is at least 3x the body size and the closing price is above the 21 EMA.
Bearish Condition: In a bearish trend with the EMA slope down, checks if the lower wick is at least 3x the body size and the closing price is below the 21 EMA.
Signal Plotting: Plots a green dot above the bar for bullish signals and a red dot below the bar for bearish signals.
Alerts: Defines alert conditions for both bullish and bearish signals, providing specific alert messages when conditions are met.
Summary
This indicator helps identify potential bullish or bearish liquidity squeezes by looking at trends, EMA slopes, and wick-to-body ratios in candlesticks. The primary signals are visualized through dots on the chart and can trigger alerts for notable market conditions.
Colored Moving Averages With RSI SignalsMoving Average (MA):
Helps to determine the overall market trend. If the price is above the MA, it may indicate an uptrend, and if below, a downtrend.
In this case, a Simple Moving Average (SMA) is used, but other types can be applied as well.
Relative Strength Index (RSI):
This is an oscillator that measures the speed and changes of price movements.
Values above 70 indicate overbought conditions (possible sell signal), while values below 30 indicate oversold conditions (possible buy signal).
Purpose of This Indicator:
Trading Signals: The indicator generates "Buy" and "Sell" signals based on the intersection of the price line and the moving average, as well as RSI values. This helps traders make more informed decisions.
Signal Filtering: Using RSI in combination with MA allows for filtering false signals since it considers not only the current trend but also the state of overbought or oversold conditions.
How to Use:
For Short-Term Trading: Traders can use buy and sell signals to enter trades based on short-term market fluctuations.
In Combination with Other Indicators: It can be combined with other indicators for a more comprehensive analysis (e.g., adding support and resistance levels).
Overall, this indicator helps traders respond more quickly and accurately to changes in market conditions, enhancing the chances of successful trades.
Basic RSI Strategy with MFI Description: This Pine Script is a custom trading strategy that combines the power of the RSI (Relative Strength Index) and MFI (Money Flow Index) indicators with additional signal filters and a user-friendly dashboard. The strategy is designed to identify potential entry and exit points based on dynamic conditions, providing an advanced approach to technical analysis and decision-making in trading.
Key Features:
RSI-Based Signals:
Generates buy signals when the RSI-based moving average crosses above specific thresholds (29 and 50).
Generates sell signals when the RSI-based moving average crosses below specific thresholds (50 and 69).
MFI Filtering:
Signals are validated only if the MFI value is within the specified range of 20 to 80, ensuring that signals are generated only when market conditions are favorable.
Dynamic Signal Thresholds:
The script includes adjustable thresholds for the percentage difference between consecutive bars, as well as the range between high and low prices, to refine signal accuracy.
Dashboard:
Displays real-time statistics in the top right corner of the chart, including the total number of signals, the count of buy and sell signals, and the time duration over which these signals were generated.
How to Use:
Settings: Customize the RSI and MFI lengths, along with thresholds for price movement and MFI range. This flexibility allows the strategy to be tailored to different market conditions and timeframes.
Dashboard Insight: Track the strategy's performance in real-time, with an intuitive overview of generated signals and their time distribution on the chart.
Ideal For:
This script is suitable for traders seeking a robust, customizable, and real-time signal generation strategy that combines momentum and volume indicators. The strategy’s unique filtering mechanism provides a higher level of precision, making it an excellent tool for those who prioritize signal accuracy and clarity.
Session Breaks [Market Mindset]Session Break Indicator
This powerful tool marks session breaks on your chart based on your chosen timeframe, helping you quickly spot key points in market sessions.
Customize it to fit your trading style with the following settings:
Resolution: Select the timeframe you want session start and end lines for.
Wait: Turn this on to delay new line creation until the bar closes, keeping your chart clean in real-time.
Styling: Adjust line width and color for optimal clarity.
Perfect for traders wanting a clear view of session transitions and opportunities!
Presidential Election Day Projection
This indicator analyzes historical price movements during US Presidential elections from 1972-2020. It provides projected price levels based on normalized percentage moves from the daily open, helping traders understand potential price action on the election day.
Features
Analyzes election day candles from 1972-2020
Filters by Democratic or Republican victories
Shows both average and median projections
Projects high, low, and close levels
Comprehensive statistics table with party-specific analysis
The indicator works exclusively on the daily timeframe and projects price levels based on the current day's open price. It normalizes historical moves as percentages to maintain relevance across different price ranges and time periods.
Key Components
Average projections
Median projections
Election Day High, Low and Close
All data presented in the table, lines filtered according to user input.
Notes
Works only on daily timeframe
Updates projections based on each day's opening price
Historical data covers 13 presidential elections
All projections are based on normalized percentage moves
TradingIQ - Nova IQIntroducing "Nova IQ" by TradingIQ
Nova IQ is an exclusive Trading IQ algorithm designed for extended price move scalping. It spots overextended micro price moves and bets against them. In this way, Nova IQ functions similarly to a reversion strategy.
Nova IQ analyzes historical and real-time price data to construct a dynamic trading system adaptable to various asset and timeframe combinations.
Philosophy of Nova IQ
Nova IQ integrates AI with the concept of central-value reversion scalping. On lower timeframes, prices may overextend for small periods of time - which Nova IQ looks to bet against. In this sense, Nova IQ scalps against small, extended price moves on lower timeframes.
Nova IQ is designed to work straight out of the box. In fact, its simplicity requires just one user setting, making it incredibly straightforward to manage.
Use HTF (used to apply a higher timeframe trade filter) is the only setting that controls how Nova IQ works.
Traders don’t have to spend hours adjusting settings and trying to find what works best - Nova IQ handles this on its own.
Key Features of Nova IQ
Self-Learning Market Scalping
Employs AI and IQ Technology to scalp micro price overextensions.
AI-Generated Trading Signals
Provides scalping signals derived from self-learning algorithms.
Comprehensive Trading System
Offers clear entry and exit labels.
Performance Tracking
Records and presents trading performance data, easily accessible for user analysis.
Higher Timeframe Filter
Allows users to implement a higher timeframe trading filter.
Long and Short Trading Capabilities
Supports both long and short positions to trade various market conditions.
Nova Oscillator (NOSC)
The Nova IQ Oscillator (NOSC) is an exclusive self-learning oscillator developed by Trading IQ. Using IQ Technology, the NOSC functions as an all-in-one oscillator for evaluating price overextensions.
Nova Bands (NBANDS)
The Nova Bands (NBANDS) are based on a proprietary calculation and serve as a custom two-layer smoothing filter that uses exponential decay. These bands adaptively smooth prices to identify potential trend retracement opportunities.
How It Works
Nova IQ operates on a simple heuristic: scalp long during micro downside overextensions and short during micro upside overextensions.
What constitutes an "overextension" is defined by IQ Technology, TradingIQ's proprietary AI algorithm. For Nova IQ, this algorithm evaluates the typical extent of micro overextensions before a reversal occurs. By learning from these patterns, Nova IQ adapts to identify and trade future overextensions in a consistent manner.
In essence, Nova IQ learns from price movements within scalping timeframes to pinpoint price areas for capitalizing on the reversal of an overextension.
As a trading system, Nova IQ enters all positions using market orders at the bar’s close. Each trade is exited with a profit-taking limit order and a stop-loss order. Thanks to its self-learning capability, Nova IQ determines the most suitable profit target and stop-loss levels, eliminating the need for the user to adjust any settings.
What classifies as a tradable overextension?
For Nova IQ, tradable overextensions are not manually set but are learned by the system. Nova IQ utilizes NOSC to identify and classify micro overextensions. By analyzing multiple variations of NOSC, along with its consistency in signaling overextensions and its tendency to remain in extreme zones, Nova IQ dynamically adjusts NOSC to determine what constitutes overextension territory for the indicator.
When NOSC reaches the downside overextension zone, long trades become eligible for entry. Conversely, when NOSC reaches the upside overextension zone, short trades become eligible for entry.
The image above illustrates NOSC and explains the corresponding overextension zones
The blue lower line represents the Downside Overextension Zone.
The red upper line represents the Upside Overextension Zone.
Any area between the two deviation points is not considered a tradable price overextension.
When either of the overextension zones are breached, Nova IQ will get to work at determining a trade opportunity.
The image above shows a long position being entered after the Downside Overextension Zone was reached.
The blue line on the price scale shows the AI-calculated profit target for the scalp position. The redline shows the AI-calculated stop loss for the scalp position.
Blue arrows indicate that the strategy entered a long position at the highlighted price level.
Yellow arrows indicate a position was closed.
You can also hover over the trade labels to get more information about the trade—such as the entry price and exit price.
The image above depicts a short position being entered after the Upside Overextension Zone was breached.
The blue line on the price scale shows the AI-calculated profit target for the scalp position. The redline shows the AI-calculated stop loss for the scalp position.
Red arrows indicate that the strategy entered a short position at the highlighted price level.
Yellow arrows indicate that NOVA IQ exited a position.
Long Entry: Blue Arrow
Short Entry: Red Arrow
Closed Trade: Yellow Arrow
Nova Bands
The Nova Bands (NBANDS) are based on a proprietary calculation and serve as a custom two-layer smoothing filter that uses exponential decay and cosine factors.
These bands adaptively smooth the price to identify potential trend retracement opportunities.
The image above illustrates how to interpret NBANDS. While NOSC focuses on identifying micro overextensions, NBANDS is designed to capture larger price overextensions. As a result, the two indicators complement each other well and can be effectively used together to identify a broader range of price overextensions in the market.
While the Nova Bands are not part of the core heuristic and do not use IQ technology, they provide valuable insights for discretionary traders looking to refine their strategies.
Use HTF (Use Higher Timeframe) Setting
Nova IQ has only one setting that controls its functionality.
“Use HTF” controls whether the AI uses a higher timeframe trading filter. This setting can be true or false. If true, the trader must select the higher timeframe to implement.
No Higher TF Filter
Nova IQ operates with standard aggression when the higher timeframe setting is turned off. In this mode, it exclusively learns from the price data of the current chart, allowing it to trade more aggressively without the influence of a higher timeframe filter.
Higher TF Filter
Nova IQ demonstrates reduced aggression when the "Use HTF" (Higher Timeframe) setting is enabled. In this mode, Nova IQ learns from both the current chart's data and the selected higher timeframe data, factoring in the higher timeframe trend when seeking scalping opportunities. As a result, trading opportunities only arise when both the higher timeframe and the chart's timeframe simultaneously display overextensions, making this mode more selective in its entries.
In this mode, Nova IQ calculates NOSC on the higher timeframe, learns from the corresponding price data, and applies the same rules to NOSC as it does for the current chart's timeframe. This ensures that Nova IQ consistently evaluates overextensions across both timeframes, maintaining its trading logic while incorporating higher timeframe insights.
AI Direction
The AI Direction setting controls the trade direction Nova IQ is allowed to take.
“Trade Longs” allows for long trades.
“Trade Shorts” allows for short trades.
Verifying Nova IQ’s Effectiveness
Nova IQ automatically tracks its performance and displays the profit factor for the long strategy and the short strategy it uses. This information can be found in a table located in the top-right corner of your chart showing the long strategy profit factor and the short strategy profit factor.
The image above shows the long strategy profit factor and the short strategy profit factor for Nova IQ.
A profit factor greater than 1 indicates a strategy profitably traded historical price data.
A profit factor less than 1 indicates a strategy unprofitably traded historical price data.
A profit factor equal to 1 indicates a strategy did not lose or gain money when trading historical price data.
Using Nova IQ
While Nova IQ is a full-fledged trading system with entries and exits - it was designed for the manual trader to take its trading signals and analysis indications to greater heights, offering numerous applications beyond its built-in trading system.
The hallmark feature of Nova IQ is its to ignore noise and only generate signals during tradable overextensions.
The best way to identify overextensions with Nova IQ is with NOSC.
NOSC is naturally adept at identifying micro overextensions. While it can be interpreted in a manner similar to traditional oscillators like RSI or Stochastic, NOSC’s underlying calculation and self-learning capabilities make it significantly more advanced and useful than conventional oscillators.
Additionally, manual traders can benefit from using NBANDS. Although NBANDS aren't a core component of Nova IQ's guiding heuristic, they can be valuable for manual trading. Prices rarely extend beyond these bands, and it's uncommon for prices to consistently trade outside of them.
NBANDS do not incorporate IQ Technology; however, when combined with NOSC, traders can identify strong double-confluence opportunities.
Weighted EMA IndicatorWeighted EMA Indicator is a technical analysis tool designed to assist traders in making informed investment decisions by analyzing price movements. This indicator utilizes Exponential Moving Averages (EMAs) calculated with specific weighting over a set period, aiming to provide a more accurate identification of market trends.
Purpose of Use:
The Weighted EMA Indicator helps traders observe how prices interact with certain moving averages. By using different EMA lengths (such as 13, 21, 34, 55, 89, and 144 periods), the indicator analyzes how prices behave around these moving averages. Users can calculate the "touch" counts for each EMA based on a defined lookback period (for example, 1000 bars). These touch counts indicate how frequently the price interacts with each EMA.
How to Use:
Adjusting Parameters: The indicator allows users to set the band width percentage, the number of lookback bars, and the lengths of various EMAs. These settings help traders adapt to different market conditions and strategies.
Observation: When displayed on a chart, the weighted EMA line provides insights into market trends. The weighted EMA ensures that EMAs with higher touch counts are weighted more heavily in the calculation, offering a more reliable analysis of price movements.
Decision Making: Traders can observe the intersections of the weighted EMA with price movements to make buy or sell decisions. For instance, if the price crosses above the weighted EMA, it could signal a buying opportunity, while crossing below may indicate a selling opportunity.
Conclusion:
The Weighted EMA Indicator is an effective tool for analyzing price movements and identifying market trends. With its flexible settings, users can create personalized trading strategies and make decisions that align with current market conditions. This enables traders to invest more consciously and strategically.
Fibonacci Dynamic LevelsThis Pine Script code implements an Automatic Fibonacci Levels indicator for TradingView, designed to analyze market trends and visualize key Fibonacci retracement levels dynamically on the chart.
1. User Inputs and Settings
The script begins by defining several user-configurable settings. These include options to extend the Fibonacci lines left or right, display an anchor line (a diagonal line connecting the most recent swing high and low), and customize its color and width. Additionally, users can select the size of the swing detection (small, medium, or large) and enable or disable individual Fibonacci levels such as 0, 0.236, 0.382, and so forth, allowing for personalized adjustments based on trading preferences.
2. Trend Information
The script also incorporates a label that provides real-time trend information. Users can choose where to position this trend label on the chart (e.g., top right, bottom left), enhancing the indicator's usability by providing context on the market’s current direction.
3. Swing Detection
A crucial part of the script involves detecting swing highs and lows based on the selected swing size. This is achieved by applying a lookback period (34, 89, or 144 bars) to determine the highest and lowest points within that range. This detection is pivotal for accurately calculating the Fibonacci levels based on the identified swing points.
4. Fibonacci Level Calculation
The Fibonacci levels are drawn dynamically based on the trend direction determined by comparing the current price with a simple moving average (SMA) over 50 periods.
In a downtrend, Fibonacci levels are calculated from the swing low to the swing high, indicating potential resistance levels where prices might retrace.
Conversely, in an uptrend, Fibonacci levels are calculated from the swing high to the swing low, highlighting potential support levels where prices could bounce back.
For each Fibonacci level that is enabled, the script creates a line and a corresponding label displaying the level value and price, providing clear visual cues for traders.
5. Anchor Line Feature
The anchor line visually connects the most recent swing high and low points, offering a quick reference for traders to gauge the price action's context. This line is updated dynamically as new swing points are detected, reflecting the most current market conditions.
6. Trend Label
The trend label provides a summary of the market trend—either positive (uptrend), negative (downtrend), or flat. This label updates in real time, ensuring traders can quickly ascertain the prevailing market sentiment at a glance.
7. Cleanup Mechanism
Finally, the script includes mechanisms to clean up the drawn lines and labels whenever conditions change or when settings are modified. This ensures that the chart remains uncluttered and only displays relevant information based on the user's current settings.
Bollinger strat gold h1 signalThis unique script integrates Bollinger Bands and Fibonacci retracement levels to provide traders with actionable buy and sell signals, along with independent management of positions through distinct visual boxes on the chart.
Key Features:
Bollinger Bands: Calculated using a specified moving average length and multiplier, these bands highlight potential price extremes, assisting traders in identifying overbought and oversold conditions.
Fibonacci Levels: The script calculates critical Fibonacci retracement levels based on the highest and lowest prices over a defined length. These levels serve as potential entry points and targets for take-profit.
Dynamic Position Management: For each buy or sell signal, a box is created to visually track the entry, stop-loss, and take-profit levels. This clear visual representation allows for straightforward trade management.
Success Rate Calculation: The indicator evaluates the performance of the last seven positions, displaying the success rate directly on the chart. This feature helps traders assess the effectiveness of their strategy in real-time.
Usage Instructions:
Signal Generation: The script automatically generates buy or sell signals when the price crosses the Bollinger Bands, indicating possible trading opportunities.
Tracking Positions: Each trade is represented by a box that updates dynamically, providing a visual summary of your trade performance.
Success Rate Overview: The displayed success rate allows traders to quickly evaluate their trading performance based on the last seven trades, aiding in decision-making.
Customizable Parameters:
Bollinger Length: Adjust the period used for calculating the Bollinger Bands.
Bollinger Multiplier: Set the sensitivity of the bands to market movements.
Fibonacci Length: Define the period for calculating Fibonacci retracement levels.
Important Note: This script is compatible with any trading asset and can be applied across various timeframes. Users are encouraged to conduct thorough backtesting on historical data to validate its effectiveness before utilizing it for live trading.
Innovative Market Direction SignalThe indicator is designed to help traders identify moments when price action, volatility, volume and certain time trends are aligned in a way that signals a high probability entry into the market in one direction or another.
General:
The indicator is superimposed on the price chart (overlay=true), which makes it more convenient for visual analysis of trading signals in the context of price levels.
The user can configure the parameters through the built-in interface (for example, "Lookback Period", "Buy Signal Threshold", "Sell Signal Threshold").
Main components and their functionality:
Parameters for the user:
window_size - the number of bars or candles for calculating various metrics.
buy_threshold and sell_threshold - threshold values for determining buy and sell signals.
Momentum Asymmetry:
The code calculates the difference between positive (upMomentum) and negative (downMomentum) price changes within the selected time window.
Using a loop, it adds or updates values to the corresponding arrays, checking whether the price is increasing (positive change) or decreasing (negative change).
After collecting the data, the average positive and negative price change over the period is calculated, their proportion and input into momentum_asymmetry. This is a measure of how much the current price movement deviates from the high of the current period.
Volatility Analysis:
The ta.tr function is used to calculate the true price range.
Then, the standard deviation (ta.stdev) is used to calculate the volatility over the specified period, which reflects the volatility of prices.
Volume Momentum:
The volume and price change are combined to find the volume momentum (current_volume_momentum).
If the volume is associated with a price increase, it is considered positive, otherwise it is considered negative.
Seasonal and cyclical changes:
The seasonal_index is calculated, which reflects the time between the current timestamp and the beginning of the analyzed time window (window_size), divided by the time between the current timestamp and the previous candlestick.
Combined signal:
All calculated components (momentum asymmetry, volume momentum, volatility and seasonal index) are summed up in combined_signal.
Buy signals (buy_signal) and sell signals (sell_signal) are generated depending on the thresholds set by the user.
Visualization:
The plotshape indicator displays green circles (buy signals) above the bar and red circles (sell signals) below the bar.
The plot function outputs the combined_signal line to visualize the combined indicator.
Fibonacci Buy /Sell SignalsHere is a Fibonacci-based Buy/Sell Indicator using retracement levels for potential support and resistance zones. This indicator plots Fibonacci levels and provides buy/sell signals based on price interaction with these levels.
Fibonacci Levels:
Highest high and lowest low over the lookback period.
Key levels: 38.2% (retracement), 50% (midpoint), 61.8% (strong retracement).
Buy Signal: When the price crosses above the 61.8% Fibonacci level (bullish).
Sell Signal: When the price crosses below the 38.2% Fibonacci level (bearish).
Range Detection [No Repaint]DETECTS RANGE EARLY
Using Confirmed Data:
All calculations now use to reference the previous completed candle
Signals are only generated based on completed candles
Range state is stored and confirmed before displaying
Key Changes to Prevent Repainting:
ATR calculations use previous candle data
Bollinger Bands calculate from previous closes
Price range checks use previous highs and lows
Range state is confirmed before displaying
How to Verify No Repainting:
Signals will only appear after a candle closes
Historical signals will remain unchanged
Alerts will only trigger on confirmed changes
This means:
The indicator will be slightly delayed (one candle)
But signals will be more reliable
Historical analysis will be accurate
Backtesting results will match real-time performance
Usage Tips with No-Repaint Version:
Wait for candle close before acting on signals
Use the confirmed range state for decision making
Consider the one-candle delay in your strategy timing
Alerts will only trigger on confirmed condition changes
Would you like me to:
Add a parameter to choose between real-time and no-repaint modes?
Add visual indicators for pending vs confirmed signals?
Modify the sensitivity of the range detection?
Weierstrass Function (Fractal Cycles)THE WEIERSTRASS FUNCTION
f(x) = ∑(n=0)^∞ a^n * cos(b^n * π * x)
The Weierstrass Function is the sum of an infinite series of cosine functions, each with increasing frequency and decreasing amplitude. This creates powerful multi-scale oscillations within the range ⬍(-2;+2), resembling a system of self-repetitive patterns. You can zoom into any part of the output and observe similar proportions, mimicking the hidden order behind the irregularity and unpredictability of financial markets.
IT DOESN’T RELY ON ANY MARKET DATA, AS THE OUTPUT IS BASED PURELY ON A MATHEMATICAL FORMULA!
This script does not provide direct buy or sell signals and should be used as a tool for analyzing the market behavior through fractal geometry. The function is often used to model complex, chaotic systems, including natural phenomena and financial markets.
APPLICATIONS:
Timing Aspect: Identifies the phases of market cycles, helping to keep awareness of frequency of turning points
Price-Modeling features: The Amplitude, frequency, and scaling settings allow the indicator to simulate the trends and oscillations. Its nowhere-differentiable nature aligns with the market's inherent uncertainty. The fractured oscillations resemble sharp jumps, noise, and dips found in volatile markets.
SETTINGS
Amplitude Factor (a): Controls the size of each wave. A higher value makes the waves larger.
Frequency Factor (b): Determines how fast the waves oscillate. A higher value creates more frequent waves.
Ability to Invert the output: Just like any cosine function it starts its journey with a decline, which is not distinctive to the behavior of most assets. The default setting is in "inverted mode".
Scale Factor: Adjusts the speed at which the oscillations grow over time.
Number of Terms (n_terms): Increases the number of waves. More terms add complexity to the pattern.
Daily Engulfing Pattern DetectorThis indicator identifies bullish and bearish engulfing patterns on daily timeframes.
A bullish engulfing pattern occurs when a green candle completely engulfs the previous red candle,
taking out its low and closing above both its open and close prices. This suggests a potential trend reversal from bearish to bullish.
A bearish engulfing pattern occurs when a red candle completely engulfs the previous green candle,
taking out its high and closing below both its open and close prices. This suggests a potential trend reversal from bullish to bearish.
Features:
- Works on daily timeframe by default (customizable)
- Displays visual markers: green triangles for bullish patterns, red triangles for bearish patterns
- Includes built-in alerts for both pattern types
Set up alerts by right-clicking the indicator and selecting "Create Alert"
