Bearish Market Indicator V2Definition
Have you ever wonder whether if the stock/index/market is "bearish" ? A Bearish Market Indicator (B.M.I) is not a new concept, the definition is simply 20% lower from the recent (term: short-term, recent: usually within a year, a.k.a 1 year) highs (closing price with in the recent period or within in a year or simply a 52-Week High). It is called “bearish” by definition when the closing price is below 20% from the highest price within the year (52-Week high: Green Line). To visualize the “20%” below the recent highs, there is a plot (line: light yellow color in the middle) called a Bearish Market By Definition Value. For example, the SPX 500 has been in a bearish market which is why there is a purple color highlight over the 52-Week High (green line) since September 21, 2022 because the closing price is below the Bearish Market By Definition Value (light yellow color) or “20% below the recent highs”. Finally, there is a red line under in the graph and it is the lowest price within a year. So when you hear, “this ticker is at a 52-Week Low”, you know what it means.
Line Summary:
Green Color Line = 52-Week High
Yellow Color Line = 20% away from the 52-Week High or Bearish Market By Definition Value
Red Color Line = 52-Week Low
Color Summary:
Red Color = Bad
Saturated Red Color = Very Bad
Purple Color = Bearish (It may look pink: red + purple)
White Color = Less Bad (That’s because there is no certainty only probability)
Green Color = Not too Bad (That’s because there is no certainty only probability)
Now to more complicated Metrics
>> If you do not like the technical indicators, go to the indicator settings, uncheck the tables. Otherwise, please continue reading. <<
Pre-requisites
+ Understand that the indicators are lagging indicators.
+ Using it under “D” or “Day” interval
+ Already Understand: Moving Averages, Stochastic-RSI, RSI, Super Trend and MACD.
+ Please be aware that this might not be compatible with traders!
Indicators
This B.M.I is fused (comprised, combined) with multiple indicators:
- Moving Averages
I would not rely just on the Moving Averages (MA) since it is a lagging indicator. The values are derived by finding the differences with respect to the MAs (between the closing price and with the respect MA).
- Stochastic-RSI
Stochastic and RSI combo with RSI-Color coating. The first value is the rsi-stochastic-k followed by the rsi-stochastic-d both are compartmentalized with “|”.
Parameter:
Numbers > 80 Not Good
Numbers < 20 Is it time? (You can manually verify the lines (k, d) or the values from them)
- Relative Strength Index (RSI)
The first value is the rsi followed by the rsi-ma both are compartmentalized with “|”. It is also coated with RSI-color.
Parameter:
Numbers > 70 Overbought | Color Red
If the RSI > RSI’s MA = Green
If the RSI < RSI’s MA = Red
Numbers < 30 Oversold | Color Red
- Moving Averages Convergence Divergence (MACD)
The first value is the MACD-line followed by the signal-line both are compartmentalized with “|”.
Macd-line > signal line = green
Macd-line < signal line = red
- Supertrend (please look up from the documentation; i can not embed the link)
Think of this way, you’re riding a wave. If the wave is climbing, expect the price to follow.
Direction < 0 = Green
Direction > 0 = Red
- Other Trend similar to supertrend
This is similar to the Super Trend according the some. Imagine you’re drawing a trend line manually within 6 months.
Within the period, the line gets smoothed over and over til the n=9.
> If the closing is less than the 9th value, it implies the trend is slowing down.
Usage
Adjustments
+ Since there are different holidays from different countries, you can change the BMI-Period from the indicator settings “BMI-4khansolo”.
+ You can hide Technical Indicator Tables, it is also under the settings (see above).
> This will show red over the 52-Week high if it tests for positive .
Purpose
Do you like eating the same food over and over? No! I love different food! I also love a variety of indicators. Especially, I love having MULTIPLE indicators presented in one canvas at the same time (personalized).
After spending a lot of time, I want to share my “FOOD” which is made of different ingredients (indicators) with someone who appreciates food! This Makes me a chef isn't it? Yes! Chef!
Questions?
If you have questions or spotted errors, please comment them below so that I can improve.
Sources
All the materials (i.e., functions like ta.rsi, etc...) used in here are available in the platform.
All the references or sources materials are commented with the code since the I am not allowed to put them here.
M-oscillator
Unified Composite Index [UCI] [KuraiBlu] [LazyBear]The purpose of this indicator is to combine the four basic types of indicators (Trend, Volatility, Momentum and Volume) to create a singular, composite index in order to provide a more holistic means of observing potential changes within the market, known as the Unified Composite Index . The indicators used in this index are as follows:
Trend - Trend Composite Index
Volatility - Bollinger Bands %b
Momentum - Relative Strength Index
Volume - Money Flow Index
The average price source can’t be altered as I’ve made it an average between ((open + close) / 2) and ((high + low) / 2).
The best way to use this is by observing several of the indicators at once in conjunction with the average, rather than simply using the average produced to determine the right moment to enter, or exit a trade by itself. I've found when one indicator goes way out of bounds relative to the other three (and subsequently, the average array), then it presents a good buying, or selling opportunity.
Some adjustments were made to several of the indicators in order to standardize them on a scale of 1-100 so that they could better accommodate the average array that was finally produced. Thanks to LazyBear for letting me strip down the WaveTrend Oscillator.
[blackcat] L3 Stock VWAP Slope in DegreesLevel 3
Background
Smooth VWAP based on stock turnover and calculate the slope of the smoothed VWAP
Function
This is a technical indicator for stocks only. Because of the use of TradingView's financial functions, the scope of use is limited to stocks. It will give an error when you use it for other trading pairs. According to if the VWAP is smoothed according to the stock turnover rate, and the angle of the VWAP is calculated to judge the trend. The specific method of use is: the fast line crosses the slow line at a large angle, which can be regarded as a buy intervention point, and the fast line crosses the slow line in a small amount and then steps back on the slow line, which can also be regarded as a buy intervention point. The slow line is the 3-period moving average of the fast line.
Remarks
Feedbacks are appreciated.
Bayesian BBSMA + nQQE Oscillator + Bank funds (whales detector)Three trend indicators in one. Fork of Gunslinger2005 indicator, with a fix to display the nQQE oscillator correctly and clearly, and converted to pinescript v5 (allowing to set a different timeframe and gaps).
How to use: Essentially, nQQE is a long term trend indicator which is more adequate in daily or weekly timeframe to indicate the current market cycle. Banker Fund seems better suited to indicate current local trend, although it is sensitive to relief rallies. Bayesian BBSMA is an awesome tool to visualize the buildup in bullish/bearish sentiment, and when it is more likely to get released, however it is unreliable, so it needs to be combined with other indicators.
Please show the original indicators some love:
Bayesian BBSMA:
nQQE:
L3 Banker Fund Flow Trend:
Originally mixed together by Gunslinger2005:
Divergence for Many Panel (D4MP+)Divergence for Many Panel (D4MP+)
This Divergence for Many Panel indicator is built upon the realtme divergence drawing code originally authored by LonesomeTheBlue, now in the form of a panel indicator.
The available oscillators, hand picked for their ability to identify high quality divergences currently include:
- Ultimate Oscillator (UO)
- True Strength Index (TSI)
- Money Flow Index (MFI)
- Relative Strength Index (RSI)
- Stochastic RSI
- Time Segmented Volume (TSV)
- Cumulative Delta Volume (CDV)
Note : this list of available oscillators may be added to or altered at a later date.
The indicator includes the following features:
- Ability to select any of the above oscillators
- Optional divergence lines drawn directly onto the oscillator in realtime .
- Configurable alerts to notify you when divergences occur.
- Configurable pivot lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes, including the ability to enable automatic adjustment of pivot period per chart timeframe.
- Background colouring option to indicate when the selected oscillator has crossed above or below its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.
- Oscillator name label, so you can clearly see which oscillator is selected, in the case you have multiple loaded onto a chart.
- Optional adjustable range bands.
- Automatic adjustment of line colours, centerlines and range band levels on a per oscillator basis by default.
- Ability to customise the colours of each of the oscillators.
What is the Ultimate Oscillator ( UO )?
“The Ultimate Oscillator indicator (UO) indicator is a technical analysis tool used to measure momentum across three varying timeframes. The problem with many momentum oscillators is that after a rapid advance or decline in price, they can form false divergence trading signals. For example, after a rapid rise in price, a bearish divergence signal may present itself, however price continues to rise. The ultimate Oscillator attempts to correct this by using multiple timeframes in its calculation as opposed to just one timeframe which is what is used in most other momentum oscillators.”
What is the True Strength Index ( TSI )?
"The true strength index (TSI) is a technical momentum oscillator used to identify trends and reversals. The indicator may be useful for determining overbought and oversold conditions, indicating potential trend direction changes via centerline or signal line crossovers, and warning of trend weakness through divergence."
What is the Money Flow Index ( MFI )?
“The Money Flow Index ( MFI ) is a technical oscillator that uses price and volume data for identifying overbought or oversold signals in an asset. It can also be used to spot divergences which warn of a trend change in price. The oscillator moves between 0 and 100. Unlike conventional oscillators such as the Relative Strength Index ( RSI ), the Money Flow Index incorporates both price and volume data, as opposed to just price. For this reason, some analysts call MFI the volume-weighted RSI .”
What is the Relative Strength Index ( RSI )?
"The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition. It is also commonly used to identify divergences."
What is the Stochastic RSI (StochRSI)?
"The Stochastic RSI (StochRSI) is an indicator used in technical analysis that ranges between zero and one (or zero and 100 on some charting platforms) and is created by applying the Stochastic oscillator formula to a set of relative strength index (RSI) values rather than to standard price data. Using RSI values within the Stochastic formula gives traders an idea of whether the current RSI value is overbought or oversold. The StochRSI oscillator was developed to take advantage of both momentum indicators in order to create a more sensitive indicator that is attuned to a specific security's historical performance rather than a generalized analysis of price change."
What Is Time Segmented Volume?
"Time segmented volume (TSV) is a technical analysis indicator developed by Worden Brothers Inc. that segments a stock's price and volume according to specific time intervals. The price and volume data is then compared to uncover periods of accumulation (buying) and distribution (selling)."
What is Cumulative Volume Delta ( CDV )?
"The CDV analyses the net buying at market price and net selling at market price. This means, that volume delta is measuring whether it is the buyers or sellers that are more aggressive in taking the current market price. It measures the degree of intent by buyers and sellers, which can be used to indicate who is more dominant. The CDV can be used to help identify possible trends and also divergences"
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable pivot periods.
You can adjust the default pivot periods to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer : This script includes code from several stock indicators by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue. With special thanks.
[blackcat] L1 Slope OscillatorLevel 1
Background
This technical indicator can judge the upside potential of individual stocks based on the slope
Function
This technical indicator determines whether the trend continues or reverses by defining a fast slope and a slow slope. If it shows a golden cross to buy at a low level, a dead cross to sell. It can be combined with other types of fast technical indicators to determine the resonance of buying and selling points. The premise of buying stocks is that this indicator has a golden cross and the individual stocks are trending upwards.
Remarks
Feedbacks are appreciated.
Double RSI TrendThis is my Double RSI Trend Indicator. It issues Buy and Sell signals based on the Supertrend and a double RSI . The RSIs cross near or at the same time as the Supertrend fires. It has the ability to change if you want signals based on the RSI cross on the same candle, one candle before, and two candles before. I find this one extremely good at catching reversals as long as you filter out some of the signals based on trend.
TIGER ALERT RSI DIVThats our first RSI DIV indicator for free use.
What is an RSI divergence?
What Is the Relative Strength Index (RSI)?
The relative strength index (RSI) is a momentum indicator used in technical analysis.
RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security.
The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. T
raditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.
DIY Entry SignalsThis indicator allows you to set up entry signals based on your own conditions.
Note that this indicator DOES NOT give any information about exits. It is not intended to be a signal indicator that someone could blindly follow. It is intended for use in backtesting to help spot entry points more easily.
Also note that this indicator DOES NOT plot anything other than moving averages and entry signals. The other indicators referenced will need to be added on their own to be visible on the chart.
Credit to The_Caretaker for both BBWP and PMARP indicators. For more information on how those work, see their descriptions. Big thanks to him for making them open source, as well.
Instructions for use:
Signal Types:
This section allows you to choose whether you want long, short, or both types of signals.
Moving Averages:
Configure up to 4 moving averages to be plotted on the chart. Options include show/hide, color, length, and type.
RSI:
Choose the period and source used for the Relative Strength Index indicator, a very commonly used momentum oscillator.
Stochastic:
Choose the K, D, smoothing, and source for the Stochastic indicator, a very commonly used momentum oscillator.
BBWP:
Choose settings for the Bollinger Band Width Percentile indicator. This measures volatility based on Bollinger Bands and was created by The_Caretaker. The indicator is free and open source, so definitely check it out.
This section allows the user to choose the price source, basis type ( SMA , EMA , or VWMA ), length, and lookback. It also includes a threshold setting to determine the BBWP requirement used for entry signals.
PMARP:
Choose settings for the Price Moving Average Ratio & Percentile. This calculates the ratio between a source price and moving average over a lookback period. This was also created by The_Caretaker, and it is a free and open source indicator.
This section allows the user to choose price source, lookback, PMAR length, and moving average type.
DMI/ADX:
Choose settings for the Directional Movement Index and the Average Directional Index. This shows which direction the price is moving by comparing prior highs and lows and calculating a positive directional movement and a negative directional movement. The average of the positive and negative movements is used to plot the ADX line.
Long/Short Conditions:
Choose which indicators will be used to determine entry signals, as well as some options for each indicator that is included.
Note: A signal will only be plotted if ALL selected conditions are met.
Options in these sections include:
Faster moving averages above or below slower moving averages (implying a trend direction)
RSI thresholds (separate for long and short)
Stochastic thresholds (separate for long and short)
Whether K should be above or below D (implying trend direction of the Stochastic indicator)
Whether a signal should only be generated on the bar when the Stochastic first crosses the threshold.
BBWP on/off (The threshold for this is determined in the BBWP section of the settings)
PMARP thresholds (separate for long and short)
Distance from Avg + avgsThis indicator plots the difference between the close and a selected moving average.
It then can apply 1-3 moving averages of the indicator itself.
One way you might use it is, say, you have a 50ma on price on your chart.
You set the Distance from Avg to use the 50ma on price to compare to close.
Then, you add a 50ma of the indicator itself. You can now compare how price
relates to its 50ma vs how the indicator relates to its 50ma. If they confirm
each other, good to go. When they dont compare (divergence), then this may
be suggesting a change. As the distance from avg is essentially a momentum
indicator, then you're comparing momentum (and its own avg) to price and
its same avg.
You could add a shorter term avg on the indicator (now 2 avgs), and look for crosses, etc.
In the settings box, the first average is the average that you want to compare the close to.
The next 3 are averages for the indicator itself.
You can experiment with combinations, and perhaps find something of value for you.
[blackcat] L3 Candle Skew 3821 TraderLevel 3
Background
By modeling skew to produce long and short entry points.
Function
The concept of skew comes from physics and statistics, and is used in market technical analysis to reflect the expectation of future stock price distribution. Because the return distribution of stocks in the trend market has skew (Skew), it is reasonable to judge the trend continuity according to the historical and current skew. It is precisely because the stock price rises that there is a skew. The greater the strength of the rise, the greater the angle of inclination and the greater the skew. The degree of this upward or downward slope in the statistical distribution of stock prices is defined as skew. Through the size of skew, we can know the direction, inertia and extent of the stock's rise or fall, and find stocks with a high probability of quick profit. The technical indicator introduced today is a simplified but effective stock price skew model used to generate buying and selling points.
The principle of this technical indicator is based on the success rate test results of different moving averages corresponding to different skews as follows:
10 trading cycles profit 5% success rate (%)
5 period moving average 10 period moving average 20 period moving average 30 period moving average 60 period moving average
skew>=0 51.36 52.26 52.65 52.55 52.08
skew>=0.5 55.44 58.06 60.56 62.37 65.66
skew>=1 59.72 63.06 67.07 69.78 70.62
skew>=1.5 63.01 67.08 71.61 72.9 70.61
skew>=2 65.53 70.22 74.18 73.76 70.12
skew>=2.5 67.89 72.93 75.32 73.66 68.92
skew>=3 70.07 75.32 75.69 72.54 67.45
skew>=3.5 71.85 77.05 75.32 73.63 63.82
skew>=4 73.6 78.06 74.19 68.96 59.91
skew>=4.5 76.04 78.56 72.85 69.55 49.24
skew>=5 77.44 78.88 71.58 67.28 51.69
skew>=5.5 78.97 78.39 70.33 64.31 49.7
skew>=6 79.68 78.07 68.82 61.65 53.57
Table 1
As can be seen from the above table, with the increase of the 5-period and 10-period moving average skew values, the success rate is increasing, but after the 20- and 30-period moving average skew values increase to an upper bound, it shows a downward trend. When the skew of the 20-period and 30-period moving averages is greater than 0.5, the 10-period profit of 5% is above 60%, and when it is greater than 1.5, the success rate can reach above 70%. The larger the 5-period moving average skew, the higher the success rate, but often because the short-term skew is too large, the stock price has risen rapidly to a high level, and chasing up is risky, which is not suitable for the investment habits of most people, so prudent investors may like to do swings. Investors may wish to pay more attention to the skew of the 20-period and 30-period moving averages. Based on the above analysis, as a short-term trading enthusiast, I need to choose the 5-period and 10-period moving average skew, and consider the medium-term trend as a compromise, and I also need to consider the 20-period moving average skew. Finally, according to the principle of personal preference, I chose 3 groups of periods based on Fibonacci magic numbers: 3 periods, 8 periods, 21 periods, and skews that take into account both short-term and mid-line trends. So, I named this indicator number 3821 as a distinction.
002084 1D from TradingView
BTCUSDT 1H from TradingView
Tesla 1D from TradingView
True Range ScoreTrue Range Score:
This study transforms the price similar to how z-score works. Instead of using the standard deviation to divide the difference of the source and the mean to determine the sources deviation from the mean we use the true range. This results in a score that directly relates to what multiplier you would be using with the Keltner Channel. This is useful for many applications.
One is the fact that it shows you the momentum of the price and how strong the price movement is. This is also a great metric of volatility. With this you can make a smart Keltner channel by multiplying the mean by the average true range 75th percentile of this score. I in fact do this in my automatic Keltner channel script. I hope this script is useful for you. Thank you for checking this out.
(Source - Mean)/True Range instead of (Source - Mean)/Standard Deviation
Z Bollinger BandsThis version of Bollinger Bands measures the average volatility. By taking the 75th percentile of the average absolute value of the difference between the Source and the Mean divided by the Standard Deviation and using that as our multiplier for our Bollinger bands we can have a statistically safe trading zone.
You notice that its dynamic, this is because it take into account the real volatility levels of a window and uses that to determine an appropriate multiplier. As always I hope you enjoy this release.
RSI Shadow by TartigradiaHave you ever wondered how much the RSI can vary during an open session? How much wicks can make the RSI overshoots before it retraces for the close?
This indicator plots the RSI shadow, which is the area between the highest and lowest RSI values attained during each open session, from the high/low wick price candle (ie, not the open value).
Technically, we calculate the RSI as usual for all past bars, except for current bar for which we use the high and low values to calculate the RSI Shadow bounds. The invisible PineScript loop then repeats this process for each bar.
In practice, the RSI Shadow provides 2 different informations:
1. This allows to visually represent the variability that historically happened for each bar, which help in better understanding the context at the time and may help predict future similar patterns.
2. The closer the RSI is to one bound, high or low, the more bullish or bearish respectively the price action is. Intuitively, when RSI is close to the high shadow bound, it means that price action is so bullish it often closes in proximity to the highest value attained during the open session, hence very bullish sentiment. And inversely for low and bearish sentiment. To ease visualization of these sentiments, a background highlighting is provided.
The indicator works under all timeframes, but it appears to provide a very reliable information with longer timeframe. The background highlighting showing the bullish/bearish sentiment based on the RSI Shadow appears to indicate crypto market cycles relatively reliably, with 2-3 consecutive bars with the same background color indicating a strong trend.
False positives can be reduced by looking at both the background color and the RSI direction, if both are congruent (ie, both bullish), then the trend indication is good, otherwise the trend indicated by the background color should be disregarded. An option was added to uncolor background if incongruent with RSI's direction.
There is also a "shadow margin" setting that allows to further reduce the number of false positives, at the expense of reduced sensitivity (a margin of 3 seems to eliminate most false positives).
Note: if you need a more complete RSI indicator with overbought/oversold signals, check out RSI+ (alt), which includes all RSI related indicators I make (such as RSI Shadow):
Hull Butterfly Oscillator [LuxAlgo]The Hull Butterfly Oscillator (HBO) is an oscillator constructed from the difference between a regular Hull Moving Average (HMA) and another with coefficients flipped horizontally.
Levels are obtained from cumulative means of the absolute value of the oscillator. These are used to return dots indicating potential reversal points.
Settings
Length: Number of past price inputs processed by the oscillator.
Levels Multiplier: Determine how far the levels are from 0.
Src: Input source of the indicator.
Usage
The oscillator can be used like most available oscillators. The sign of the HBO allows determining the current trend direction, while divergences with price might indicate potential reversals.
The displayed levels can additionally indicate whether the market is overbought or oversold. When the direction of the oscillator changes while being above the upper or lower level a red dot (if above upper level) or green dot (if under lower level) will be displayed, indicating a potential reversal.
Details
The name of the indicator is directly derived behind the coefficients used for its calculation. Displaying regular Hull coefficients alongside those flipped horizontally slightly resemble a butterfly, the difference between these sets of coefficients allows obtaining the HBO.
This operation allows to obtain a more structured impulse response, potentially giving less undesired performances on the frequency domain compared to simpler operation involving subtracting the HMA to a SMA, EMA or WMA.
Standard Deviation Histogram (SDH)This script tells you what standard deviation the price is from the mean. Due to the limitations of the calculations this study only works for stocks. Further limitations include and inability to calculate past 10 deviation. I have added a smoothing feature and the ability to change the colors. Dont be afraid to change the style to line instead of a histogram. Enjoy!
two_leg_spread_diffThis script helps you discern the relative change of each leg in a two-legged spread over a given period. The main plot is a difference in log return over the number of bars identified by the "lag" parameter. E.g. if "lag" is 10 and leg one has increased 3% over the past ten bars, while leg two has only increased 1%, the plot value is 2%. The main plot is also colored blue when leg one increases while leg two decreases on a given bar, and red if the opposite is true. This feature identifies periods where the correlation between the two legs diminishes. The one and two standard deviation of the main plot is also plotted in faint background lines. Additionally, a table indicates the percentage in which the main plot is within one standard deviation (acc 1) and two standard deviations (acc 2). Note that the standard deviation updates on each bar, so the current standard deviation is not the one used to calculate the accuracy. Rather, if there are N bars, N different standard deviation readings have been used to compute the accuracy statistics.
The inputs are:
- timeframe: the timeframe of the chart
- leg1_sym: the symbol of the first leg
- leg2_sym: the symbol of the second leg
- lag: the number of bars back to reference for computing the log return of each leg
- anchor_to_session_start: for intraday charts only, this overwrites the "lag" input so that the "lag" always sets the point of comparison to the session start. This setting is used to compute the relative change over a single session.
RSI Reborn [New Formula]A unique non-standard RSI formula with my extensions.
The indicator is displayed without delays and repaints, immediately after the close of the candle.
This formula allows me to correctly include the moving average in the calculation. The calculation allows me to display RSI with any type of MA.
By default I use EMA, with this type of MA my RSI is not visually different from a regular RSI.
I have 11 types of RSI to choose from:
'EMA'
'ALMA'
'RMF'
'TilsonT3'
'ARSI'
'RMA'
'SMA'
'VWMA'
'WMA'
'WWMA'
'ZEMA'
You also have a choice of RSI display:
As candlesticks and as a simple line.
You can adjust the colors in the Style tab.
When you select 'Candles' type, you can make the wicks transparent if they bother you.
I also added a source selection. By default, any RSI uses the Close source.
But you can choose any of 15:
VWAP, Close, Open, HL2, HLC3, OHLC4, Volume, High, Low, vwap(Close), vwap(Open), vwap(High), vwap(Low), AVG(vwap(H,L)), AVG(vwap(O,C)).
Additional extensions:
Additional RSI added.
By default, the extra RSI is twice as long as the regular RSI. Despite the value of 14. The "Multiple of Current TF" function allows calling RSI from a timeframe twice as long as the current one, if it is equal to 2. If it is equal to 3, then it will be 3 times longer than the current timeframe. And so on.
An additional moving average has been added.
You can use it as an ordinary additional line. Or leave it as Cloud by default.
A unique oversold/oversold formula in the form of small red/green dots has been added.
Bolinger Bands feature has also been added.
Volume Oscillator RefurbishedThis is an experimental version of Volume Oscillator.
For more information about Volume Oscillator, please access the link below:
www.tradingview.com
Objective
The script presented here provides some improvements over the original indicator, namely:
Show multiple moving averages;
Color the bars according to the direction of the averages;
Color the bars when reaching predefined limits.
Below is the print comparing with the original indicator:
Thanks and credits:
Volume Oscillator: TradingView
Moving Averages: PineCoders, CrackingCryptocurrency, MightyZinger, Alex Orekhov (everget), alexgrover, paragjyoti2012, Franklin Moormann (cheatcountry)
Buying & Selling PressureBuying and selling pressure is a volatility indicator which denotes the balance between buyers and sellers inside candlestick.
You set the length to average it just like ATR. But This offers further break down of participants of the market.
Pretty much at any condition of the market the indicator can filter out interesting details to make trading decisions faster or confirm them.
So keep it simple we have two lines
🟢 Green → buying pressure
🔴 Red → selling pressure
If green is rising → Price most likely will grow
If green is rising and red is falling → Price will grow at higher probability
If red is rising → Price most likely will fall
If red is rising and green is falling → Price will fall at higher probability
When they both grow or fall → wait till one of them goes opposite way.
╳ Crossings can indicate turning points for bigger price swings.
Technically by very act of intersecting means that Buying and Selling Pressure are equal.
Can be used for Demand/Supply analysis and evaluate the support/resistance levels.
TMO ArrowsTMO - (T)rue (M)omentum (O)scillator) MTF Arrows
Do you want to use TMO but you lack space on the chart? This study is just for you. This is the more user-friendly version of the TMO Oscillator. In terms of the indicator there are no changes except the indicator is converted in to the simple arrows.
There are Four Types of Arrows:
1. TMO Arrow Up - Visualizes the TMO bullish crosses.
2. TMO Arrow Down - Visualizes the TMO bearish crosses.
3. TMO Arrow Up (Oversolds Only) - Visualizes only the bullish crosses that are at or below the oversold zone.
4. TMO Arrow Down (Overboughts Only) - Visualizes only the bearish crosses that are at or above the overbought zone.
In case you only want the arrows for extremes, turn off the Arrow Up / Arrow Down first. Arrows for extremes only are turned off by default.
Hope it helps.
MFI + Realtime DivergencesMoney Flow Index (MFI) + Realtime Divergences + Alerts
This version of the MFI indicator adds the following 5 additional features to the stock MFI:
- Optional divergence lines drawn directly onto the oscillator in realtime.
- Configurable alerts to notify you when divergences occur.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes, including the ability to enable automatic adjustment of pivot period per chart timeframe.
- Background colouring option to indicate when the MFI oscillator has crossed above or below its centerline, or optionally when both the MFI has crossed its centerline and an external oscillator, which can be linked via the settings, has also crossed its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.
This indicator adds additional features onto the standard MFI , whose core calculations remain unchanged. Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur in realtime. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
What is the Money Flow Index ( MFI )?
Investopedia describes the True Strength Indicator as follows:
“The Money Flow Index ( MFI ) is a technical oscillator that uses price and volume data for identifying overbought or oversold signals in an asset. It can also be used to spot divergences which warn of a trend change in price. The oscillator moves between 0 and 100.
Unlike conventional oscillators such as the Relative Strength Index ( RSI ), the Money Flow Index incorporates both price and volume data, as opposed to just price. For this reason, some analysts call MFI the volume-weighted RSI .”
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable pivot periods.
You can adjust the default pivot periods to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer: This script includes code from the stock MFI by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue.
MTF TMOTMO - (T)rue (M)omentum (O)scillator) MTF (Higher Aggregation) Version
TMO calculates momentum using the DELTA of price. Giving a much better picture of the trend, reversals & divergences than most momentum oscillators using price. Aside from the regular TMO, this study combines four different TMO aggregations into one indicator for an even better picture of the trend. Once you look deeper into this study you will realize how complex this tool is. This version also produce much more information like crosses, divergences, overbought / oversold signals, higher aggregation fades etc. It is probably not even possible to explain them all, there could easily be an entire e-book about this study.
I have been using this tool for a couple of years now, and this is what i have learned so far:
Favorite Time Frame Variations:
1. 1m / 5m / 30m - Great for intraday futures or options scalps. 30m TMO serves as the overall trend gauge for the day. 5min dictates the longer term intraday moves as well as direction of the 1min. 1min is for the scalps. When the 5min TMO is sloping higher focus should be on 1min buy signals (red to green cross) and vice versa for the 5min agg. sloping down.
2. 5m / 30m / 60m - Also an interesting variation for day trading the 3-5 min charts. Producing more cleaner & beginner-friendly signals that lasts couple of minutes instead of seconds.
3. 120m / Day / 2 Day - For the 30m to 1H or 2H timeframes. Daily & 2 Day dictates the overall trend. 120 min for the signals. Great for a multi-day swings.
4. Day / 2 Day / Week - Good for the daily charts, swing trading analysis as the weekly dictates the overall trend, daily dictates the signals and the 2 day cleans out the daily signals. If the daily & 2 day are not aligned togather, daily signal means nothing. Weekly dictates 2 day - 2 day dictates daily.
5. Week / Month / 3 Month - Same thing as the previous variation but for the weekly charts.
TMO Length:
The default vanilla settings are 14,5,3. Some traders prefer 21,5,3 as the TMO length is litle higher = TMO will potenially last little longer which could teoretically produce less false signals but slower crosses which means signals will lag more behind price. The lower the length, the faster the oscillator oscillates. It is the noice vs. the lag debate. The Length can be changed, but i would not personally touch the other two. Few points up or down on length will not drastically change much. But changes on Calc Length and Smooth Length can produce totally different signals from the original.
Tips & Tricks:
1. Observe
- This is the best tip & trick I can give you. The #1 best way to learn how any study operates is to just observe how it works in certain situations from the past. MTF TMO is not
an exception.
2. The Power of the Higher Aggregation
- The higher aggregation ALWAYS dictates the lower one. Best way to see this? Just 2x the current timeframe aggregation = so on daily chart, plot the daily & two day TMOs and you will notice how the higher agg. smooths out the current agg. The higher the aggregation is, the smoother (but slower) will the TMO turn. The real power kicks in when the 3 or 4 aggregations are aligned togather in one direction.
3. Position of the Higher Aggregation in Relation to the Extremes
- Overbought / oversold signals might not really work on the current aggregation. But pay attention to the higher aggregations in relation to the extremes. Ex: on the daily chart - daily TMO inside the OB / OS extremes might not mean much. But once the higher aggregations such as 3 day or Weekly TMO enters OB/OS zone togather with the daily, this can be a very powerful signal for a TMO reversion to the zeroline.
4. Crosses
- Yes, crosses do work. Personally, I never really focused on them. The thing about the crosses is that it is crucial to pick the right higher aggregation to the combination of the current one that would be reliable but also print enough signals. The closer the cross is to the OB / OS extremes, the more bigger move can occur. Crosses around the zero line can be considered as less quality crosses.
5. Divergences
- TMO can print awesome divergences. The best divergences are on the current aggregation (TMO agg. same as the chart) since the current agg. oscillates fast, it can usually produce lower lows & higher highs faster then any higher aggregations. Easy setup: wait for the higher aggregation to reach the OB / OS extremes and watch the current (chart) aggregation to print a divergence.
6. Three is Enough
- I personally find more than three aggregations messy and hard to read. But there is always the option to turn on the 4th one. Just switch the TMO 4 Main, TMO 4 Signal and TMO 4 Fill in the style settings.
Hope it helps.
