E9 MACD
The E9 MACD (Moving Average Convergence Divergence) indicator is a powerful tool used in technical analysis to help traders identify potential buy and sell signals based on price action. It is designed to provide clear visual cues and alerts for trading decisions. Here’s how it applies to price action and its key functionalities:
Key Features and Functionality
MACD Line and Signal Line:
MACD Line: Represents the difference between a fast and a slow moving average of the price. It helps in identifying the momentum of the price movement.
Signal Line: A smoothed average of the MACD Line, used to generate trading signals when the MACD Line crosses above or below it.
Histogram: The histogram shows the difference between the MACD Line and the Signal Line. It visually represents the strength of the trend, with positive values indicating bullish momentum and negative values indicating bearish momentum.
Trend Coloring:
Uptrend: When the MACD Line is above the Signal Line, the bars can be colored green to indicate a potential buying opportunity.
Downtrend: When the MACD Line is below the Signal Line, the bars can be colored red to signal a potential selling opportunity.
Timeframe Flexibility:
The E9 MACD can be adjusted to different timeframes, allowing traders to analyze short-term or long-term trends based on their trading strategy. This flexibility helps in tailoring the indicator’s analysis to different market conditions.
Visual Alerts and Highlights:
The indicator includes options to highlight price bars and background colors when significant crossovers occur, making it easier to spot key trading signals.
Circles can be plotted on the MACD Line to indicate cross events, enhancing visual clarity.
Customizable Appearance:
Traders can customize the appearance of the MACD Line, Signal Line, and Histogram, including color and line width, to suit their personal preferences and improve readability.
Alerts for Trading Signals:
The E9 MACD can generate alerts for crossovers of the MACD Line and Signal Line, helping traders stay informed of potential trading opportunities even when they are not actively monitoring the charts.
Application in Trading
The E9 MACD is particularly useful for:
Identifying potential entry and exit points based on the crossing of the MACD Line and Signal Line.
Gauging the strength of the current trend through the histogram.
Adjusting to different timeframes to align the indicator with various trading strategies, from day trading to long-term investing.
By providing clear visual indicators and alerts, the E9 MACD helps traders make more informed decisions and better understand the momentum and direction of price movements.
Multitimeframe
Essa's Indicator 2.0Essa's Indicator V2: Beginner's Guide
This custom TradingView indicator has been designed to help you identify key trading opportunities based on session highs/lows, volatility, and moving averages. Below is a breakdown of the main features:
1. Exponential Moving Averages (EMAs)
Fast EMA (Blue Line): Tracks the short-term market trend (default: 9-period EMA).
Slow EMA (Red Line): Tracks the longer-term market trend (default: 21-period EMA).
You can turn on/off the EMAs using the "Show EMAs" option in the settings.
EMAs help smooth out price action and give a clearer picture of trends. A crossover of the fast EMA above the slow EMA can signal an upward trend, while the reverse may indicate a downward trend.
2. Session Highs and Lows
The indicator tracks price highs and lows for three major trading sessions:
London Session (Red): Highlighted in red. Active between 08:00 and 17:00 (LDN timezone) or 03:00 and 12:00 (NY timezone).
New York Session (Blue): Highlighted in blue. Active between 12:00 and 21:00 (LDN timezone) or 07:00 and 16:00 (NY timezone).
Asia Session (Yellow): Highlighted in yellow. Active between 22:00 and 08:00 (LDN timezone) or 18:00 and 03:00 (NY timezone).
Highs and lows for each session are plotted on the chart as lines. Breakouts from these levels can signal important trading opportunities:
London High/Low: Red lines.
New York High/Low: Blue lines.
Asia High/Low: Yellow lines.
The background color also changes depending on the active session:
London: Light red background.
New York: Light blue background.
Asia: Light yellow background.
3. Breakout Alerts
You can set alerts when the price breaks above or below session highs/lows:
Break Above London High: Alert triggered when the price crosses the London session high.
Break Below London Low: Alert triggered when the price falls below the London session low.
Similar alerts exist for the New York and Asia sessions as well.
4. Volatility-Adjusted EMA
The EMAs in this indicator are adjusted based on volatility (ATR - Average True Range). This allows the EMAs to respond to market conditions more dynamically, giving you more accurate trend readings in volatile markets.
5. ZigZag Feature (Optional)
You can enable the ZigZag feature to help visualize the price action's highs and lows:
ZigZag Lines: Highlight major peaks and troughs in price movements, helping you spot trends more easily.
This is helpful for identifying reversals or trend continuations.
6. Fractal Markers
This indicator uses fractals to mark potential turning points in the market:
Green Triangles (Above the Price): Indicate up fractals (potential reversal points where the price could move upwards).
Red Triangles (Below the Price): Indicate down fractals (potential reversal points where the price could move downwards).
Fractals can be a helpful confirmation tool when identifying entry and exit points.
7. Custom Timezone Options
You can choose between London (LDN) and New York (NY) timezones in the settings to adapt the session times to your trading location. This ensures the session high/low markers are displayed correctly for your trading region.
By default, the New York (NY) timezone is enabled for FXCM charts in the UK.
For BTC charts, you will need to switch to the appropriate time zone manually.
Thanks
Essa
MultiTimeFrame Trends and Candle Bias (by MC) v1This MultiTimeFrame Trends and Candle Bias provides the trader a quick glance on how each timeframe is trending and what the current candle bias is in each timeframe.
Interpreting Candle Bias : Green points to a bullish bias while red, a bearish bias for a given specific timeframe. For instance, if the current 1 hour candle bias is red, it means that the last hour, the bias has been bearish. If the Daily candle bias is red, it means that the day in question has been a bearish for this selected symbol.
Interpreting MTF Trends: Trends for each time frame follows the simple moving average of the closing prices for the X number of candles you enter in the input section. So for example, if you decide to enter 6 for the 1-hour time frame, the trend for the last 6 hours will be shown and tracked; if on the Daily time frame, you enter 7, the trend for the last 7 days or 1 week will be shown and tracked. I have provided below (as well as on tooltips in the input section of this indicator) recommendations of what numbers to use depending on what kind of trader you are.
What is a best setup for MultiTimeFrame Trends?
Considerations Across All Timeframes:
- Trading Style : Scalpers and very short-term intraday traders may prefer fewer candles (like 12 to 20), which allow them to react quickly to price changes. Swing traders or those holding positions for a few hours to a couple of days might prefer more candles (like 50 to 120) to identify more stable trends.
- Market Conditions : In volatile markets, using more candles helps smooth out price fluctuations and provides a clearer trend signal. In trending markets, fewer candles might be sufficient to capture the trend.
- Session-Based Adjustments : Traders may adjust their settings depending on the time of day or session they are trading. For example, during high-volatility periods like market open or close, using fewer candles can help capture quick moves.
The number of preceding candles to use for estimating the recent trend can depend on various factors, including the type of market, the asset being traded, the timeframe, and the specific goals of your analysis. However, here are some general guidelines to help you decide:
### 1. **Short-Term Trends (Fast Moving Averages):**
- **5 to 20 Candles**: If you want to capture a short-term trend, typically in day trading or scalping strategies, you might use 5 to 20 candles. This is common for fast-moving averages like the 9-period or 15-period moving averages. It reacts quickly to price changes, but it can also give more false signals due to market noise.
### 2. **Medium-Term Trends (Moderate Moving Averages):**
- **20 to 50 Candles**: For a more balanced approach that reduces the impact of short-term volatility while still being responsive to trend changes, 20 to 50 candles are commonly used. This range is popular for swing trading strategies, where the goal is to capture trends that last several days to weeks.
### 3. **Long-Term Trends (Slow Moving Averages):**
- **50 to 200 Candles**: To identify long-term trends, such as those seen in position trading or for confirming major trend directions, you might use 50 to 200 candles. The 50-period and 200-period moving averages are particularly well-known and are often used by traders to identify significant trend reversals or confirmations.
### 4. **Adaptive Approach:**
- **Market Conditions**: In trending markets, fewer candles might be needed to identify a trend, while in choppy or range-bound markets, using more candles can help filter out noise.
- **Volatility**: In highly volatile markets, more candles might be necessary to smooth out price action and avoid false signals.
### **Experiment and Backtesting:**
The optimal number of candles can vary significantly based on the asset and strategy. It's often a good idea to backtest different periods to see which provides the best balance between responsiveness and reliability in identifying trends. You can use tools like the strategy tester in TradingView or other backtesting software to compare the performance of different settings.
### **General Recommendation:**
- **For Shorter Timeframes** (e.g., 5m, 15m): 10-20 candles might be effective.
- **For Medium Timeframes** (e.g., 1h, 4h): 20-50 candles are often a good starting point.
- **For Longer Timeframes** (e.g., Daily, Weekly): 50-200 candles help capture major trends.
If you're unsure, a common starting point for many traders is the 20-period moving average, which provides a balance between sensitivity and reliability.
Guidelines for 1-Minute Timeframe:
For the 1-minute (1M) timeframe, trend analysis typically focuses on very short-term price movements, which is crucial for scalping and ultra-short-term trading strategies. Here’s a breakdown of the number of preceding candles you might use:
1. **Very Short-Term Trend:**
- **10 to 20 Candles (10 to 20 Minutes):** Using 10 to 20 candles captures about 10 to 20 minutes of price action. This range is suitable for scalpers who need to identify very short-term trends and make quick trading decisions.
2. **Short-Term Trend:**
- **30 to 60 Candles (30 to 60 Minutes):** This period covers 30 to 60 minutes of trading, making it useful for traders looking to understand the trend over a full trading hour. It helps capture price movements and trends that develop within a single hour.
3. **Intraday Trend:**
- **120 Candles (2 Hours):** Using 120 candles provides a view of the trend over approximately 2 hours. This is useful for traders who want to see how the market is trending throughout a larger portion of the trading day.
4. **Extended Intraday Trend:**
- **240 to 480 Candles (4 to 8 Hours):** This longer period gives a broader view of the intraday trend, covering 4 to 8 hours. It’s helpful for identifying trends that span a significant portion of the trading day, which can be useful for traders looking to align with the broader intraday movement.
**Considerations:**
- **High Sensitivity:** The 1-minute timeframe is highly sensitive to market movements, so shorter periods (10 to 20 candles) can capture rapid price changes but may also generate noise.
- **Market Volatility:** In highly volatile markets, using more candles (like 30 to 60 or more) helps smooth out the noise and provides a clearer trend signal.
- **Trading Style:** Scalpers will typically use shorter periods to make very quick decisions. Traders holding positions for a bit longer, even within the same day, may use more candles to get a clearer picture of the trend.
**Common Approaches:**
- **5-Period Moving Average:** The 5-period moving average on a 1-minute chart can be used for extremely short-term trend signals, reacting quickly to price changes.
- **20-Period Moving Average:** The 20-period moving average is a good choice for capturing short-term trends and can help filter out some of the noise while still being responsive.
- **50-Period Moving Average:** The 50-period moving average provides a broader view of the trend and can help smooth out price movements over a longer intraday period.
**Recommendation:**
- **Start with 10 to 20 Candles:** For the most immediate and actionable signals, especially useful for scalping or very short-term trading.
- **Use 30 to 60 Candles:** For a clearer view of trends that develop over an hour, suitable for those looking to trade within a single trading hour.
- **Consider 120 Candles:** For observing broader intraday trends over 2 hours, helping align trades with more significant intraday movements.
- **Explore 240 to 480 Candles:** For a longer intraday perspective, covering up to 8 hours, which can be useful for strategies that span a larger portion of the trading day.
**Practical Example:**
- **Scalpers:** If you’re executing trades every few minutes, start with 10 to 20 candles to get rapid trend signals.
- **Short-Term Traders:** For trends that last an hour or so, 30 to 60 candles will provide a better sense of direction while still being responsive.
- **Intraday Traders:** For broader trends that span several hours, 120 candles will help you see the overall intraday movement.
Experimentation and backtesting with these settings on historical data will help you fine-tune your approach to the 1-minute timeframe for your specific trading strategy and asset.
Guidelines for 5, 15 and 30 min Timeframes:
For shorter timeframes like 5, 15, and 30 minutes, the number of preceding candles you use will depend on how quickly you want to react to changes in the trend and the specific trading style you’re employing. Here's a breakdown for each:
**5-Minute Timeframe:**
1. **Very Short-Term (Micro Trend):**
- **12 to 20 Candles (60 to 100 Minutes):** Using 12 to 20 candles on a 5-minute chart captures 1 to 1.5 hours of price action. This is ideal for very short-term trades, such as scalping, where quick entries and exits are key.
2. **Short-Term Trend:**
- **30 to 60 Candles (150 to 300 Minutes):** This period covers 2.5 to 5 hours, making it useful for intraday traders who want to identify the trend within a trading session. It helps capture the direction of the market during the most active parts of the day.
3. **Intra-Day Trend:**
- **120 Candles (10 Hours):** Using 120 candles gives you a broad view of the trend over two trading sessions. This is useful for traders who want to understand the trend throughout the entire trading day.
**15-Minute Timeframe:**
1. **Very Short-Term:**
- **12 to 20 Candles (3 to 5 Hours):** On a 15-minute chart, this period covers 3 to 5 hours, making it useful for capturing the morning or afternoon trend within a trading day. It’s often used by intraday traders who need to make quick decisions.
2. **Short-Term Trend:**
- **30 to 60 Candles (7.5 to 15 Hours):** This covers almost a full trading day to a day and a half. It’s popular among day traders who want to align their trades with the trend of the day or the previous trading session.
3. **Intra-Week Trend:**
- **120 Candles (30 Hours):** This period spans about two trading days and is useful for traders looking to capture trends that may extend beyond a single trading day but not necessarily for an entire week.
**30-Minute Timeframe:**
1. **Short-Term Trend:**
- **12 to 20 Candles (6 to 10 Hours):** This period captures the trend over a single trading session. It's useful for day traders who want to understand the market’s direction throughout the day.
2. **Medium-Term Trend:**
- **30 to 50 Candles (15 to 25 Hours):** This period covers about two trading days and is useful for short-term swing traders or intraday traders who are looking for trends that might last a couple of days.
3. **Intra-Week Trend:**
- **100 to 120 Candles (50 to 60 Hours):** This longer period captures about 4 to 5 trading days, making it useful for traders who want to understand the broader trend over the course of the week.
**Summary Recommendations:**
- **5-Minute Chart:**
- **12 to 20 candles** for very short-term trades.
- **30 to 60 candles** for intraday trends within a single session.
- **120 candles** for a broader view of the day’s trend.
- **15-Minute Chart:**
- **12 to 20 candles** for short-term trades within a few hours.
- **30 to 60 candles** for trends lasting a full day or more.
- **120 candles** for trends extending over a couple of days.
- **30-Minute Chart:**
- **12 to 20 candles** for understanding the daily trend.
- **30 to 50 candles** for trends over a couple of days.
- **100 to 120 candles** for an intra-week trend view.
Experimenting with these settings and backtesting on historical data will help you find the optimal number of candles for your specific trading style and the assets you trade.
Guidelines for 1H Timeframes:
When analyzing trends on a 1-hour (1H) timeframe, you're focusing on short to medium-term trends, often used by day traders and short-term swing traders. Here’s how you can approach selecting the number of preceding candles:
1. **Short-Term Trend:**
- **14 to 21 Candles (14 to 21 Hours):** Using 14 to 21 candles on a 1-hour chart captures roughly half a day to a full day of trading activity. This range is ideal for day traders who want to identify short-term momentum and trend changes within a single trading day.
2. **Medium-Term Trend:**
- **50 Candles (2 Days):** A 50-period moving average on a 1-hour chart covers about two days of trading. This period is popular for identifying trends that may last a couple of days, making it useful for short-term swing traders.
3. **Longer-Term Trend:**
- **100 Candles (4 Days):** Using 100 candles gives you a broader view of the trend over about four days of trading. This is helpful for traders who want to align their trades with a more sustained trend that spans the entire week.
4. **Very Short-Term (Micro Trend):**
- **7 to 10 Candles (7 to 10 Hours):** For traders looking to capture micro trends or very short-term price movements, using 7 to 10 candles can provide a quick look at recent price action. This is often used for scalping or very short-term intraday strategies.
**Considerations:**
- **Market Volatility:** In highly volatile markets, using more candles (like 50 or 100) helps smooth out noise and provides a clearer trend signal. In less volatile conditions, fewer candles may suffice to capture trends.
- **Trading Style:** If you are a day trader looking for quick moves, shorter periods (like 7 to 21 candles) might be more suitable. For those who hold positions for a day or two, longer periods (like 50 or 100 candles) can provide better trend confirmation.
- **Asset Class:** The optimal number of candles can vary depending on the asset
Guidelines for 4H Timeframes:
When analyzing trends on a 4-hour (4H) timeframe, you’re generally looking to capture short to medium-term trends. This timeframe is popular among swing traders and intraday traders who want to balance between catching more significant market moves and not being too sensitive to noise. Here's how you can approach selecting the number of preceding candles:
1. **Short-Term Trend:**
- **14 to 21 Candles (2 to 3 Days):** Using 14 to 21 candles on a 4-hour chart covers roughly 2 to 3 days of trading activity. This range is ideal for traders looking to capture short-term momentum, especially in markets where price action can move quickly within a few days.
2. **Medium-Term Trend:**
- **50 Candles (8 to 10 Days):** A 50-period moving average on a 4-hour chart represents approximately 8 to 10 days of trading (considering 6 trading periods per day). This period is popular among swing traders for identifying trends that develop over the course of one to two weeks.
3. **Longer-Term Trend:**
- **100 Candles (16 to 20 Days):** Using 100 candles gives you a broader view of the trend over about 3 to 4 weeks. This is useful for traders who want to align their trades with the more sustained market direction while still remaining responsive to recent changes.
**Considerations:**
- **Market Conditions:** In a trending market, fewer candles (like 14 or 21) may be enough to identify the trend, allowing for quicker responses to price movements. In a more volatile or range-bound market, using more candles (like 50 or 100) can help smooth out noise and avoid false signals.
- **Trading Style:** If you are an intraday trader, shorter periods (14 to 21 candles) may be preferable, as they allow for quick entries and exits. Swing traders might lean towards the 50 to 100 candle range to capture trends that last several days to a few weeks.
- **Volatility:** The higher the volatility of the asset, the more candles you might want to use to ensure that the trend signal is not too erratic.
**Common Approaches:**
- **20-Period Moving Average:** A 20-period moving average on a 4-hour chart is often used by traders to capture short-term trends that align with momentum over the past few days.
- **50-Period Moving Average:** The 50-period moving average is widely used on the 4-hour chart to track medium-term trends. It provides a good balance between reacting to new trends and avoiding too many whipsaws.
- **100-Period Moving Average:** The 100-period moving average offers insight into the longer-term trend on the 4-hour chart, helping to filter out short-term noise and confirm the overall market direction.
**Recommendation:**
- **Start with 20 Candles for Short-Term Trends:** This period is useful for capturing quick movements and short-term trends over a couple of days.
- **Use 50 Candles for Medium-Term Trends:** This is a standard setting that provides a balanced view of the market over about 1 to 2 weeks.
- **Consider 100 Candles for Longer-Term Trends:** This helps to identify more significant trends that have persisted for a few weeks.
**Practical Example:**
- **Intraday Traders:** If you’re focused on shorter-term trades and need to react quickly, using 14 to 21 candles will help you capture the most recent momentum.
- **Swing Traders:** If you’re looking to hold positions for several days to a few weeks, starting with 50 candles will give you a clearer picture of the trend over that period.
- **Position Traders:** For those holding positions for a longer duration within a month, using 100 candles helps to align with the broader trend while still being responsive enough for 4-hour price movements.
Backtesting these settings on your chosen asset and strategy will help refine the optimal number of candles for your specific needs.
Guidelines for Daily Timeframes:
When analyzing trends on a daily timeframe, you're typically focusing on short to medium-term trends. Here’s how you can determine the optimal number of preceding candles:
1. **Short-Term Trend:**
- **10 to 20 Candles (2 to 4 Weeks):** Using 10 to 20 daily candles captures about 2 to 4 weeks of price action. This is commonly used for identifying short-term trends, ideal for swing traders or those looking for quick entries and exits within a month.
2. **Medium-Term Trend:**
- **50 Candles (2 to 3 Months):** The 50-day moving average is a classic choice for capturing medium-term trends. This period covers about 2 to 3 months of trading days and is often used by swing traders and investors to identify the trend over a quarter or a season.
3. **Long-Term Trend:**
- **100 to 200 Candles (4 to 9 Months):** For longer-term trend analysis, using 100 to 200 daily candles gives you a broader perspective, covering approximately 4 to 9 months of price action. The 200-day moving average, in particular, is widely used by investors to determine the overall long-term trend and to assess market health.
**Considerations:**
- **Market Volatility:** In more volatile markets, using a larger number of candles (e.g., 50 or 200) helps smooth out noise and provides a more reliable trend signal. In less volatile markets, fewer candles might be sufficient to capture trends effectively.
- **Trading Style:** Day traders might prefer shorter periods (like 10 or 20 candles) for quicker signals, while position traders and longer-term swing traders might opt for 50 to 200 candles to focus on more sustained trends.
- **Asset Class:** The optimal number of candles can also depend on the asset class. For example, equities might have different optimal settings compared to forex or cryptocurrencies due to different volatility characteristics.
**Common Approaches:**
- **20-Period Moving Average:** The 20-day moving average is a popular choice for short-term trend analysis. It’s widely used by traders to identify the short-term direction and to make quick trading decisions.
- **50-Period Moving Average:** The 50-day moving average is a staple for medium-term trend analysis, often used as a key indicator for both entry and exit points in swing trading.
- **200-Period Moving Average:** The 200-day moving average is crucial for long-term trend identification. It's commonly used by investors and is often seen as a major support or resistance level. When the price is above the 200-day moving average, the market is generally considered to be in a long-term uptrend, and vice versa.
**Recommendation:**
- **Start with 20 Candles for Short-Term Trends:** This period is commonly used for identifying recent trends within the last few weeks.
- **Use 50 Candles for Medium-Term Trends:** This provides a good balance between responsiveness and stability, making it a good fit for most swing trading strategies.
- **Use 200 Candles for Long-Term Trends:** This period is ideal for long-term analysis and is particularly useful for investors looking at the overall market trend.
**Practical Example:**
- If you’re trading equities and want to catch short-term trends, start with 20 candles to identify trends that have developed over the past month.
- If you’re more focused on medium to long-term trends, consider using 50 or 200 candles to ensure you’re aligned with the broader market direction.
Experimenting with these periods and backtesting on historical data will help you determine the best setting for your particular strategy and the asset you're analyzing.
Guidelines for Weekly Timeframes:
When analyzing trends on a weekly timeframe, you're typically looking at intermediate to long-term trends. Here's how you might approach selecting the number of preceding candles:
1. **Intermediate-Term Trend:**
- **13 to 26 Candles (3 to 6 Months):** Using 13 to 26 weekly candles corresponds to a period of 3 to 6 months. This range is effective for identifying intermediate-term trends, which is suitable for swing traders or those looking to hold positions for several weeks to a few months.
2. **Medium-Term Trend:**
- **26 to 52 Candles (6 Months to 1 Year):** For a broader view, you might use 26 to 52 weekly candles. This represents 6 months to 1 year of price data, which is helpful for understanding the market’s behavior over a medium-term period. This range is commonly used by swing traders and position traders who are interested in capturing trends lasting several months.
3. **Long-Term Trend:**
- **104 Candles (2 Years):** Using 104 weekly candles gives you a 2-year perspective. This can be useful for long-term trend analysis, particularly for investors or those looking to identify major trend reversals or continuations over a more extended period.
**Considerations:**
- **Market Type:** In trending markets, fewer candles (like 13 or 26) may work well, capturing the trend more quickly. In choppier or range-bound markets, using more candles can help reduce noise and avoid false signals.
- **Asset Class:** The optimal number of candles can vary depending on the asset class. For example, equities might benefit from a slightly shorter lookback period compared to more volatile assets like commodities or cryptocurrencies.
- **Volatility:** If the market or asset you're analyzing is highly volatile, using a higher number of candles (like 52 or 104) can help smooth out price fluctuations and provide a more stable trend signal.
**Common Approaches:**
- **20-Period Moving Average:** A 20-week moving average is popular among traders for identifying the intermediate trend. It’s responsive enough to capture significant trend changes while filtering out short-term noise.
- **50-Period Moving Average:** The 50-week moving average is often used to identify longer-term trends and is commonly referenced in both technical analysis and by longer-term traders.
- **200-Period Moving Average:** Although less common on weekly charts compared to daily charts, a 200-week moving average can be used to identify very long-term trends, such as multi-year market cycles.
**Recommendation:**
- **Start with 26 Candles:** This gives you a half-year perspective and is a good starting point for most analyses on a weekly timeframe. It balances sensitivity to recent trends with the ability to capture more significant, sustained movements.
- **Adjust Based on Backtesting:** You can increase the number of candles to 52 if you find that you need more stability in the trend signal, or decrease to 13 if you're looking for a more responsive signal.
Experimenting with different periods and backtesting on historical data can help determine the best setting for your specific strategy and asset class.
Guidelines for Monthly Timeframes:
For analyzing trends on monthly timeframes, you would generally be looking at much longer periods to capture the broader, long-term trend. Here's how you can approach it:
1. **Long-Term Trend (Primary Trend):**
- **12 to 24 Candles (1 to 2 Years):** Using 12 to 24 monthly candles corresponds to a period of 1 to 2 years. This is typically sufficient to identify long-term trends and is commonly used by long-term investors or position traders who are interested in the overall direction of the market or asset over multiple years.
2. **Very Long-Term Trend (Secular Trend):**
- **36 to 60 Candles (3 to 5 Years):** To capture very long-term secular trends, you might use 36 to 60 monthly candles. This would represent a time frame of 3 to 5 years and is often used for understanding macroeconomic trends or very long-term investment strategies.
3. **Ultra Long-Term Trend:**
- **120 Candles (10 Years):** In some cases, especially for assets like indices or commodities that are analyzed over decades, using 120 monthly candles can help in identifying ultra long-term trends. This would be appropriate for strategic investors or those looking at generational market cycles.
**Considerations:**
- **Volatility and Stability:** Monthly timeframes generally smooth out short-term volatility, but they can also be slow to react to changes. Using a larger number of candles (e.g., 24 or more) can help ensure that the trend signal is robust and not prone to frequent whipsaws.
- **Asset Class:** The choice of period might also depend on the asset class. For instance, equities might require fewer candles compared to commodities or currencies, which can exhibit different trend dynamics.
- **Market Phases:** In different market phases (bullish, bearish, or sideways), the number of candles might need to be adjusted. For instance, in a strongly trending market, fewer candles might still provide a reliable trend indication, whereas in a more volatile or ranging market, more candles might be needed to smooth out the data.
**Common Approaches:**
- **50-Period Moving Average:** A 50-month moving average is popular among long-term traders and investors for identifying the primary trend. It offers a balance between capturing the overall trend and being responsive enough to significant changes.
- **200-Period Moving Average:** Although rarely used on a monthly chart due to the long timeframe it represents (over 16 years), it can be useful for identifying very long-term secular trends, especially for broad market indices or in macroeconomic analysis.
**Recommendation:**
- **Start with 24 Candles:** This gives you a 2-year perspective on the trend and is a good starting point for most long-term analyses on monthly charts. Adjust upwards if you need a broader trend view, depending on the stability and nature of the asset you're analyzing.
Experimentation and backtesting with your specific asset and strategy can help fine-tune the exact number of candles that work best for your analysis on a monthly timeframe.
Technical Analysis ExpressionsDescription:
The indicator allows to display different moving averages and price levels from any timeframe. Instead of setting each plot one by one, you can specify all of them in one expression.
Inputs:
There's only one input, which is a text area where you can specify each plot as an expression. Each expression must be on a new line. Each expression can specify the source of the displayed values, the plot color and the timeframe from which that value is taken.
Here's an example expression that will plot SMA(20) of Close price from Daily timeframe, and the plot is going to be red. This will also plot an EMA(50) of High price from current timeframe, and the plot is going to be green (notice that you can specify the color as one of the standard Pinescript colors, or using a HEX color, and even using transparency if needed):
SMA(close, 20) red "D"
EMA(high, 50) #00ff00
You can also specify the color to be "chart.fg" which is the Foreground Color of current chart (it depends on whether the "Dark Theme" is enabled in Tradingview). The available moving averages are: SMA, EMA, WMA, HMA, RMA, VWMA. The available sources are: open, high, low, close, hl2, hlc3, hlcc4, ohlc4.
Institutional Levels (Whole, Half, Quarter) By CapitalwithcalebThis Pine Script indicator is designed to plot institutional levels, which are key price levels that traders often monitor. These levels include whole numbers (like 12000, 12500), half levels (like 12250), and quarter levels (like 12375). The script allows full customization of colors, line styles, and line widths for each type of level (whole, half, and quarter).
Key Features:
Range of Levels:
The user defines a minimum (minLevel) and maximum (maxLevel) price level, and the script plots levels in increments of 50 points (step size of 50 covers quarter, half, and whole levels).
Customizable Appearance:
Color Customization: You can choose separate colors for whole, half, and quarter levels.
Line Style Customization: You can choose between solid, dashed, or dotted lines for each level type (whole, half, and quarter).
Line Width Customization: You can adjust the width of the lines (1 to 5).
Automatic Level Detection:
The script automatically determines whether a level is a whole, half, or quarter level based on whether it is a multiple of 1000 (whole), 500 (half), or 250 (quarter).
Plotting of Lines:
It draws horizontal lines across the entire chart (extend.both) at the calculated levels.
For each level, it determines its type (whole, half, quarter) and plots it using the user-specified colors, line styles, and widths.
Functions:
getLineStyle(styleStr): A functional helper that converts the string input from the user ("Solid", "Dashed", "Dotted") into Pine Script's corresponding line style constants.
plotLevel(level, color, width, style): Another functional helper that plots a line at the given price level with the provided color, width, and line style.
Execution Flow:
User Input: The user specifies the minimum and maximum levels to display on the chart. They also configure the appearance of the lines (color, style, width).
Level Calculation: The script iterates over all levels between the minLevel and maxLevel with a step size of 50, checking if the level is a whole, half, or quarter level.
Line Plotting: The appropriate lines are drawn on the chart, based on the type of level and user settings.
Example Use Case:
If a user sets the minLevel to 12000 and maxLevel to 13000, the script will automatically plot lines at key institutional levels like:
12000 (whole), 12250 (quarter), 12500 (whole), 12750 (quarter), etc.
Relative Vigor Index [MTF] with MACD, Divergence and AlertsThis advanced indicator integrates the Normalized Relative Vigor Index (RVGI) with Multi-Timeframe (MTF) analysis, MACD, divergence detection, and customizable alert features. It provides a comprehensive toolkit for traders to analyze market momentum, identify trend changes, and react to significant technical signals.
Key Features:
Normalized Relative Vigor Index (RVGI):
Calculation: Computes the RVGI and its signal line using various smoothing methods (SWMA, EMA, SMA). The RVGI measures the strength of price movement relative to its historical volatility, providing insights into market momentum.
Plotting: Visualizes the RVGI and signal line on the chart. Users can customize the colors and transparency of the plots and the ribbon that fills the area between them.
Overbought/Oversold Levels: Displays horizontal lines to mark overbought and oversold zones, helping to identify potential reversal points.
Multi-Timeframe (MTF) Analysis:
Timeframe Selection: Allows users to select different timeframes for RVGI analysis, providing a broader perspective on market trends and signals.
Integration: Combines MTF data with the main indicator calculations to offer a more comprehensive view of market conditions.
MACD Integration:
Calculation: Computes MACD, MACD signal line, and MACD histogram with options for different moving average types (SMA, EMA) and a customizable scaling factor.
Plotting: Plots the MACD histogram, zero line, and signal line, with color and transparency settings to distinguish between positive and negative values.
Divergence Detection:
Bullish Divergence: Identifies and plots bullish divergence when the price makes a lower low while the RVGI makes a higher low, suggesting potential upward reversals.
Bearish Divergence: Identifies and plots bearish divergence when the price makes a higher high while the RVGI makes a lower high, indicating potential downward reversals.
Alerts:
Divergence Alerts: Configurable alerts for bullish and bearish divergences, notifying traders of significant potential reversals.
RVGI Alerts: Alerts for RVGI crossovers, overbought/oversold conditions, and trend changes based on RVGI and signal line crossovers.
MACD Alerts: Alerts for MACD line crossovers, histogram crossovers, and MACD zero line crossovers, helping traders stay informed of key MACD signals.
Customization Options:
Ribbon Colors and Transparency: Users can adjust the colors and transparency of the RVGI ribbon, enhancing visual clarity.
MACD Histogram Colors and Transparency: Customizable colors and transparency settings for the MACD histogram improve visibility and differentiation of positive and negative values.
Smoothing Methods: Choose between different smoothing methods for RVGI, tailoring the indicator to specific trading strategies.
Use Cases:
Trend Analysis: Utilize RVGI and MACD signals to analyze market trends, identify potential trend reversals, and assess momentum.
Divergence Identification: Detect and act on divergences between price and RVGI to spot potential trading opportunities.
Alert Management: Customize and receive alerts based on various conditions, ensuring timely responses to market signals.
Conclusion:
This indicator is designed for traders who seek a comprehensive tool combining momentum analysis, divergence detection, and signal alerts. By integrating RVGI, MACD, and MTF analysis, it provides a powerful suite of features to enhance market analysis and trading decisions
Ultimate Trend SuiteThe Ultimate Trend Suite is a comprehensive trading indicator designed to enhance your market analysis and decision-making process. By integrating multiple technical analysis tools into a single, cohesive package, this indicator provides clear insights into market trends, momentum shifts, volatility conditions, and potential reversal points. It is tailored for traders seeking a deeper understanding of market dynamics without the need to interpret numerous separate indicators.
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Key Features
The indicator offers a range of features that work together to provide a holistic view of the market:
- Dynamic Trend Line: A responsive trend line that adapts to price movements, highlighting the prevailing market direction. It helps you quickly identify whether the market is in an uptrend, downtrend, or consolidation phase.
- Strength and Weakness Dots: Visual markers indicating potential shifts in market momentum. These dots offer early signals of increasing buying (strength) or selling (weakness) pressure.
- Volatility Squeeze Detection: Identifies periods when the market is experiencing low volatility, which often precedes significant price movements. It alerts you to potential breakout opportunities so you can prepare your trading strategy accordingly.
- Reversal Signals: Highlights potential bullish or bearish reversal points in the market, assisting in spotting possible trend changes early for timely entry or exit decisions.
- Trend Bars: Colours the price bars based on the underlying trend direction, providing an immediate visual representation of market sentiment and simplifying chart analysis.
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What Is It For?
The Ultimate Trend Suite is designed to simplify market analysis and enhance trading decisions. By consolidating multiple technical indicators into one, it reduces chart clutter and makes it easier to interpret market conditions. It is suitable for day traders, swing traders, and long-term investors across different markets such as forex, stocks, commodities, and cryptocurrencies. The indicator helps identify high-probability trade setups by highlighting key market conditions like trend strength and volatility compression.
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How to Use
To effectively utilise the Ultimate Trend Suite, it's essential to understand how to interpret its signals and integrate them into your trading strategy.
Interpreting the Dynamic Trend Line
The Dynamic Trend Line adapts to price movements and changes its slope and colour based on market conditions:
- Uptrend Indication: If the Trend Line is sloping upward and possibly changing to a bullish colour, it indicates that the market is in an uptrend. This suggests that buying opportunities may be favorable. Traders might look to enter long positions, expecting prices to continue rising.
- Downtrend Indication: If the Trend Line is sloping downward and possibly changing to a bearish colour, it indicates that the market is in a downtrend. This suggests that selling opportunities or refraining from long positions may be prudent. Traders might consider short positions or protecting existing long positions.
- Consolidation Phase: A sideways-moving Trend Line may indicate a consolidation phase, signaling a lack of clear trend. In such cases, exercising caution and waiting for a breakout is advisable before committing to a new position.
Understanding Strength and Weakness Dots
The Strength and Weakness Dots provide visual cues about potential momentum shifts:
- Strength Dots (Bullish Signals): These appear below the price bars and suggest a potential increase in bullish momentum. When you see these dots, it may be an opportune time to consider entering long positions or adding to existing ones, anticipating that the upward momentum will continue.
- Weakness Dots (Bearish Signals): These appear above the price bars and indicate a potential increase in bearish momentum. These signals may prompt you to consider entering short positions or exiting long positions, expecting that prices may start to decline.
Utilising Volatility Squeeze Detection
The Volatility Squeeze Detection identifies periods of low volatility, which often precedes significant price movements:
- Volatility Squeeze Indication: When a shaded area appears on the chart, it signifies a volatility squeeze. This indicates that the market is experiencing compressed volatility, and a significant price movement may be imminent.
- Preparing for Breakouts: During a volatility squeeze, it's crucial to monitor the market closely for potential breakouts. This period suggests that the market is gathering momentum for a large move in either direction. By combining this information with other indicators or price action analysis, you can anticipate the direction of the breakout and prepare your trading strategy accordingly.
Recognising Reversal Signals
Reversal Signals help identify potential trend changes:
- Bullish Reversal Signal: An "R" symbol appears below a price bar, suggesting that a downtrend may be ending and an upward reversal is possible. You might consider entering a long position or closing a short position, especially if other indicators support this signal. This could be an early indication that buying pressure is increasing.
- Bearish Reversal Signal: An "R" symbol appears above a price bar, indicating that an uptrend may be ending and a downward reversal is possible. In this case, you might consider entering a short position or closing a long position. This suggests that selling pressure is gaining momentum.
Interpreting Trend Bars
Trend Bars provide immediate visual feedback on market sentiment:
- Bullish Trend Bars: Green-coloured bars indicate bullish trends and suggest that upward momentum is present. This visual cue reinforces the signals from the Dynamic Trend Line and Strength Dots, helping you confirm the strength of an uptrend.
- Bearish Trend Bars: Red-coloured bars indicate bearish trends, highlighting downward momentum. This complements signals from the Dynamic Trend Line and Weakness Dots, confirming the strength of a downtrend.
Adaptive VWAP [QuantAlgo]Introducing the Adaptive VWAP by QuantAlgo 📈🧬
Enhance your trading and investing strategies with the Adaptive VWAP , a versatile tool designed to provide dynamic insights into market trends and price behavior. This indicator offers a flexible approach to VWAP calculations by allowing users to adapt it based on lookback periods or fixed timeframes, making it suitable for a wide range of market conditions.
🌟 Key Features:
🛠 Customizable VWAP Settings: Choose between an adaptive VWAP that adjusts based on a rolling lookback period, or switch to a fixed timeframe (e.g., daily, weekly, monthly) for a more structured approach. Adjust the VWAP to suit your trading or investing style.
💫 Dynamic Bands and ATR Filter: Configurable deviation bands with multipliers allow you to visualize price movement around VWAP, while an ATR-based noise filter helps reduce false signals during periods of market fluctuation.
🎨 Trend Visualization: Color-coded trend identification helps you easily spot uptrends and downtrends based on VWAP positioning. The indicator fills the areas between the bands for clearer visual representation of price volatility and trend strength.
🔔 Custom Alerts: Set up alerts for when price crosses above or below the VWAP, signaling potential uptrend or downtrend opportunities. Stay informed without needing to monitor the charts constantly.
✍️ How to Use:
✅ Add the Indicator: Add the Adaptive VWAP to your favourites and apply to your chart. Choose between adaptive or timeframe-based VWAP calculation, adjust the lookback period, and configure the deviation bands to your preferred settings.
👀 Monitor Bands and Trends: Watch for price interaction with the VWAP and its deviation bands. The color-coded signals and band fills help identify potential trend shifts or price extremes.
🔔 Set Alerts: Configure alerts for uptrend and downtrend signals based on price crossing the VWAP, so you’re always informed of significant market movements.
⚙️ How It Works:
The Adaptive VWAP adjusts its calculation based on the user’s chosen configuration, allowing for a flexible approach to market analysis. The adaptive setting uses a rolling lookback period to continuously adjust the VWAP, while the fixed timeframe option anchors VWAP to key timeframes like daily, weekly, or monthly periods. This flexibility enables traders and investors to use the tool in various market environments.
Deviation bands, calculated with customizable multipliers, provide a clear visual of how far the price has moved from the VWAP, helping you gauge potential overbought or oversold conditions. To reduce false signals, an ATR-based filter can be applied, ensuring that only significant price movements trigger trend confirmations.
The tool also includes a fast exponential smoothing function for the VWAP, helping smooth out price fluctuations without sacrificing responsiveness. Trend confirmation is reinforced by the number of bars that price stays above or below the VWAP, ensuring a more consistent trend identification process.
Disclaimer:
The Adaptive VWAP is designed to enhance your market analysis but should not be relied upon as the sole basis for trading or investing decisions. Always combine it with other analytical tools and practices. No statements or signals from this indicator constitute financial advice. Past performance is not indicative of future results.
Volatility-Adjusted DEMA Supertrend [QuantAlgo]Introducing the Volatility-Adjusted DEMA Supertrend by QuantAlgo 📈💫
Take your trading and investing strategies to the next level with the Volatility-Adjusted DEMA Supertrend , a dynamic tool designed to adapt to market volatility and provide clear, actionable trend signals. This innovative indicator is ideal for both traders and investors looking for a more responsive approach to market trends, helping you capture potential shifts with greater precision.
🌟 Key Features:
🛠 Customizable Trend Settings: Adjust the period for trend calculation and fine-tune the sensitivity to price movements. This flexibility allows you to tailor the Supertrend to your unique trading or investing strategy, whether you're focusing on shorter or longer timeframes.
📊 Volatility-Responsive Multiplier: The Supertrend dynamically adjusts its sensitivity based on real-time market volatility. This could help filter out noise in calmer markets and provide more accurate signals during periods of heightened volatility.
✨ Trend-Based Color-Coding: Visualize bullish and bearish trends with ease. The indicator paints candles and plots trend lines with distinct colors based on the current market direction, offering quick, clear insights into potential opportunities.
🔔 Custom Alerts: Set up alerts for key trend shifts to ensure you're notified of significant market changes. These alerts would allow you to act swiftly, potentially capturing opportunities without needing to constantly monitor the charts.
📈 How to Use:
✅ Add the Indicator: Add the Volatility-Adjusted DEMA Supertrend to your chart. Customize the trend period, volatility settings, and price source to match your trading or investing style. This ensures the indicator aligns with your market strategy.
👀 Monitor Trend Shifts: Watch the color-coded trend lines and candles as they dynamically shift based on real-time market conditions. These visual cues help you spot potential trend reversals and confirm your entries and exits with greater confidence.
🔔 Set Alerts: Configure alerts for key trend shifts, allowing you to stay informed of potential market reversals or continuation patterns, even when you're not actively watching the market.
⚙️ How It Works:
The Volatility-Adjusted DEMA Supertrend is designed to adapt to changes in market conditions, making it highly responsive to price volatility. The indicator calculates a trend line based on price and volatility, dynamically adjusting it to reflect recent market behavior. When the market experiences higher volatility, the trend line becomes more flexible, potentially allowing for greater sensitivity to rapid price movements. Conversely, during periods of low volatility, the indicator tightens its range, helping to reduce noise and avoid false signals.
The indicator includes a volatility-responsive multiplier, which further enhances its adaptability to market conditions. This means the trend direction would always be based on the latest market data, potentially helping you stay ahead of shifts or continuation trends. The Supertrend's visual color-coding simplifies the process of identifying bullish or bearish trends, while customizable alerts ensure you can stay on top of significant changes in market direction.
This tool is versatile and could be applied across various markets and timeframes, making it a valuable addition for both traders and investors. Whether you’re trading in fast-moving markets or focusing on longer-term investments, the Volatility-Adjusted DEMA Supertrend could help you remain aligned with the current market environment.
Disclaimer:
This indicator is designed to enhance your analysis by providing trend information, but it should not be used as the sole basis for making trading or investing decisions. Always combine it with other forms of analysis and risk management practices. No statements or claims aim to be financial advice, and no signals from us or our indicators should be interpreted as such. Past performance is not indicative of future results.
ICT NY Silver Bullet SessionsThe ICT NY Silver Bullet Sessions refer to two specific time windows within the New York trading session, during which traders aim to exploit short-term, high-probability price movements, particularly using price-action techniques inspired by the Inner Circle Trader (ICT) methodology. These sessions are typically associated with a higher likelihood of volatility and liquidity due to their proximity to key market hours, making them ideal for scalping or intraday trading strategies.
The Silver Bullet concept emphasizes precise entries and exits, taking advantage of institutional trading behaviors and order flow within these two specific time windows:
(I) The AM Silver Bullet Session (10:00 AM – 11:00 AM EST)
Time Frame: This session runs from 10:00 AM to 11:00 AM Eastern Standard Time (EST).
Significance: During this hour, the New York Stock Exchange (NYSE) has been open for about 30 minutes, which typically generates volatility as the market reacts to overnight price movements, economic news, or early U.S. session developments. Traders look for institutional price action setups like stop runs, liquidity grabs, or reversals.
Key Considerations: Traders often focus on major indices (such as the S&P 500 or NASDAQ), forex pairs, or commodities like gold and silver. The AM session is especially important for catching trends or retracements established in the London session or the early New York market hours.
(II) The PM Silver Bullet Session (02:00 PM – 03:00 PM EST)
Time Frame: This session occurs from 2:00 PM to 3:00 PM Eastern Standard Time (EST).
Significance: Known as the afternoon session, this time period aligns with institutional rebalancing and pre-close positioning, where significant liquidity enters the market as traders anticipate the upcoming New York close and London close (which happens at 11:00 AM EST). It is also a common time for institutional traders to initiate price moves that carry through into the end of the trading day.
Key Considerations: Traders monitor for key reversals, liquidity sweeps, or continuations of earlier trends. This is a prime time for trading major currencies and indices, as well as commodities like crude oil and metals, with a focus on exploiting liquidity imbalances.
Grandfather-Father-Son RSI Buy Indicator-only for daily TFGrandfather-Father-Son RSI Buy and Sell Indicator
This script identifies buy and sell opportunities by combining RSI values across multiple timeframes to capture market trends and reversals. The "Grandfather-Father-Son" concept breaks down RSI analysis into three key timeframes:
Grandfather (Monthly): Represents the long-term trend, helping to filter trades that align with the overall market direction.
Father (Weekly): Provides intermediate-term momentum, confirming market conditions before signaling entry or exit points.
Son (Daily): Tracks short-term corrections and movements to pinpoint precise buy and sell opportunities.
Key Features:
Buy Signal: A buy signal is triggered when:
Monthly RSI (Grandfather) and Weekly RSI (Father) are both above 70.
Daily RSI (Son) is between 40 and 45, signaling a potential market pullback before resuming the upward trend.
The indicator checks for alignment across these timeframes to generate a reliable buy signal.
Sell Signal: A sell signal occurs when the Daily RSI (Son) crosses above 70, indicating a potential overbought condition.
Multi-Timeframe Analysis: The script pulls data from higher timeframes (monthly and weekly) to ensure that signals reflect larger market trends rather than short-term fluctuations.
Instructions:
Optimal Timeframe: This script works best on the Daily timeframe, as it uses Monthly and Weekly RSI for trend confirmation. The indicator will display a warning if applied to other timeframes to ensure it is used optimally.
Trend Alignment: The strategy ensures that buy signals are triggered only when there is a strong uptrend in both the Grandfather (Monthly) and Father (Weekly) RSI, while sell signals are based on potential overbought conditions in the Son (Daily) RSI.
Limitations:
Timeframe Dependency: Signals are based on higher timeframe data (Weekly and Monthly), which may only update at the close of those respective time periods. Therefore, it is designed to work in real-time but will be most reliable when trading in alignment with these longer-term trends.
Replay Mode: The script has been optimized to function correctly during live market conditions, with no reliance on future data (no lookahead). This ensures signals appear accurately during both backtesting and live trading.
Disclaimer:
This script is for educational purposes and should be used with caution. Always backtest before using in live trading and adjust parameters to fit your trading strategy and risk management plan.
Sygnały Long/Short z SL i TPChoosing the Best Timeframe for Your Trading Strategy
The ideal timeframe for your trading strategy depends on several factors, including your trading style, risk preferences, and the goals of your strategy. Here’s a guide to different timeframes and their applications:
Timeframes and Their Uses:
Short-Term Timeframes (e.g., 5-minute, 15-minute):
Advantages: Provide more frequent signals and allow for quick responses to market changes. Ideal for day traders who prefer short, rapid trades.
Disadvantages: Can generate more false signals and be more susceptible to market noise. Requires more frequent attention and monitoring.
Medium-Term Timeframes (e.g., 1-hour, 4-hour):
Advantages: Offer fewer false signals compared to shorter timeframes. Suitable for swing traders looking to capture short-term trends.
Disadvantages: Fewer signals compared to shorter timeframes. Requires less frequent monitoring.
Long-Term Timeframes (e.g., daily, weekly):
Advantages: Provide more stable signals and are less affected by market noise. Ideal for long-term investors and those trading based on trends.
Disadvantages: Fewer signals, which may be less frequent but more reliable. Requires longer confirmation times.
Recommendation for Your Strategy:
For a strategy based on moving averages (MA) and generating long/short signals, the 5-minute and 15-minute timeframes might be suitable if:
You are a day trader and want to generate multiple signals per day.
You prefer quick responses to price changes and want to execute trades within a shorter timeframe.
For more stable signals and fewer false signals:
1-hour or 4-hour timeframes might be more appropriate.
Testing and Optimization:
Test Different Timeframes: See how your strategy performs on various timeframes to find the one that works best for you.
Adjust Parameters: Modify the lengths of the short and long SMAs, as well as the SL and TP levels, to fit the chosen timeframe.
How to Test:
Add the script to your chart on different timeframes on TradingView.
Observe the effectiveness and accuracy of the signals.
Adjust settings based on results and personal preferences.
Summary:
There isn’t a single “best” timeframe as it depends on your trading style and objectives. Start by testing on shorter timeframes if you are interested in day trading, and then explore how the strategy performs on longer timeframes for more stable signals.
Swiss Knife [MERT]Introduction
The Swiss Knife indicator is a comprehensive trading tool designed to provide a multi-dimensional analysis of the market. By integrating a wide array of technical indicators across multiple timeframes, it offers traders a holistic view of market sentiment, momentum, and potential reversal points. This indicator is particularly useful for traders looking to combine trend analysis, momentum indicators, volume data, and price action into a single, easy-to-read format.
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Key Features
Multi-Timeframe Analysis : Evaluates indicators on Daily , 4-Hour , 1-Hour , and 15-Minute timeframes.
Comprehensive Indicator Suite : Incorporates MACD , Awesome Oscillator (AO) , Parabolic SAR , SuperTrend , DPO , RSI , Stochastic Oscillator , Bollinger Bands , Ichimoku Cloud , Chande Momentum Oscillator (CMO) , Donchian Channels , ADX , volume-based momentum indicators, Fractals , and divergence detection.
Market Sentiment Scoring : Aggregates signals from multiple indicators to provide an overall sentiment score.
Visual Aids : Displays EMA lines, trendlines, divergence signals, and a sentiment table directly on the chart.
Super Trend Reversal Signals : Identifies potential market reversal points by assessing the momentum of automated trading bots.
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Explanation of Each Indicator
Moving Average Convergence Divergence (MACD)
- Purpose : Measures the relationship between two moving averages of price.
- Interpretation : A positive histogram suggests bullish momentum; a negative histogram indicates bearish momentum.
Awesome Oscillator (AO)
- Purpose : Gauges market momentum by comparing recent market movements to historic ones.
- Interpretation : Above zero indicates bullish momentum; below zero indicates bearish momentum.
Parabolic SAR (SAR)
- Purpose : Identifies potential reversal points in price direction.
- Interpretation : Dots below price suggest an uptrend; dots above price suggest a downtrend.
SuperTrend
- Purpose : Determines the prevailing market trend.
- Interpretation : Provides buy or sell signals based on price movements relative to the SuperTrend line.
Detrended Price Oscillator (DPO)
- Purpose : Removes trend from price to identify cycles.
- Interpretation : Values above zero suggest price is above the moving average; values below zero indicate it is below.
Relative Strength Index (RSI)
- Purpose : Measures the speed and change of price movements.
- Interpretation : Values above 50 indicate bullish momentum; values below 50 indicate bearish momentum.
Stochastic Oscillator
- Purpose : Compares a particular closing price to a range of its prices over a certain period.
- Interpretation : Values above 50 indicate bullish conditions; values below 50 indicate bearish conditions.
Bollinger Bands (BB)
- Purpose : Measures market volatility and provides relative price levels.
- Interpretation : Price above the middle band suggests bullishness; below the middle band suggests bearishness.
Ichimoku Cloud
- Purpose : Provides support and resistance levels, trend direction, and momentum.
- Interpretation : Bullish signals when price is above the cloud; bearish signals when price is below the cloud.
Chande Momentum Oscillator (CMO)
- Purpose : Measures momentum on both up and down days.
- Interpretation : Values above 50 indicate strong upward momentum; values below -50 indicate strong downward momentum.
Donchian Channels
- Purpose : Identifies volatility and potential breakouts.
- Interpretation : Price above the upper band suggests bullish breakout; below the lower band suggests bearish breakout.
Average Directional Index (ADX)
- Purpose : Measures the strength of a trend.
- Interpretation : DI+ above DI- indicates bullish trend; DI- above DI+ indicates bearish trend.
Volume Momentum Indicators (VolMom, CumVolMom, POCMom)
- Purpose : Analyze volume to assess buying and selling pressure.
- Interpretation : Positive values suggest bullish volume momentum; negative values indicate bearish volume momentum.
Fractals
- Purpose : Identify potential reversal points in the market.
- Interpretation : Up fractals may indicate a future downtrend; down fractals may indicate a future uptrend.
Divergence Detection
- Purpose : Identifies divergences between price and various indicators (RSI, MACD, Stochastic, OBV, MFI, A/D Line).
- Interpretation : Bullish divergences suggest potential upward reversal; bearish divergences suggest potential downward reversal.
- Note : This functionality utilizes the library from Divergence Indicator .
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Coloring Scheme
Background Color
- Purpose : Reflects the overall market sentiment by combining sentiment scores from all indicators across different timeframes.
- Interpretation :
- Green Shades : Indicate bullish market sentiment.
- Red Shades : Indicate bearish market sentiment.
- Intensity : The strength of the color corresponds to the strength of the sentiment score.
Sentiment Table
- Purpose : Displays the status of each indicator across different timeframes.
- Interpretation :
- Green Cell : The indicator suggests a bullish signal.
- Red Cell : The indicator suggests a bearish signal.
- Percentage Score : Indicates the overall bullish or bearish sentiment on that timeframe.
Exponential Moving Averages (EMAs)
- Purpose : Provide dynamic support and resistance levels.
- Colors :
- EMA 10 : Lime
- EMA 20 : Yellow
- EMA 50 : Orange
- EMA 100 : Red
- EMA 200 : Purple
Trendlines
- Purpose : Visual representation of support and resistance levels based on pivot points.
- Interpretation :
- Upward Trendlines : Colored green , indicating support levels.
- Downward Trendlines : Colored red , indicating resistance levels.
- Note : Trendlines are drawn using the library from Simple Trendlines .
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Utility of Market Sentiment
The indicator aggregates signals from multiple technical indicators across various timeframes to compute an overall market sentiment score . This comprehensive approach helps traders understand the prevailing market conditions by:
Confirming Trends : Multiple indicators pointing in the same direction can confirm the strength of a trend.
Identifying Reversals : Divergences and fractals can signal potential turning points.
Timeframe Alignment : Aligning signals across different timeframes can enhance the probability of successful trades.
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Divergences
Divergence occurs when the price of an asset moves in the opposite direction of a technical indicator, suggesting a potential reversal.
- Bullish Divergence : Price makes a lower low, but the indicator makes a higher low.
- Bearish Divergence : Price makes a higher high, but the indicator makes a lower high.
The indicator detects divergences for:
RSI
MACD
Stochastic Oscillator
On-Balance Volume (OBV)
Money Flow Index (MFI)
Accumulation/Distribution Line (A/D Line)
By identifying these divergences, traders can spot early signs of trend reversals and adjust their strategies accordingly.
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Trendlines
Trendlines are essential tools for identifying support and resistance levels. The indicator automatically draws trendlines based on pivot points:
- Upward Trendlines (Support) : Connect higher lows, indicating an uptrend.
- Downward Trendlines (Resistance) : Connect lower highs, indicating a downtrend.
These trendlines help traders visualize the trend direction and potential breakout or reversal points.
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Super Trend Reversals (ST Reversal)
The core idea behind the Super Trend Reversals indicator is to assess the momentum of automated trading bots (often referred to as 'Supertrend bots') that enter the market during critical turning points. Specifically, the indicator is tuned to identify when the market is nearing bottoms or peaks, just before it shifts direction based on the triggered Supertrend signals. This approach helps traders:
Engage Early : Enter the market as reversal momentum builds up.
Optimize Entries and Exits : Enter under favorable conditions and exit before momentum wanes.
By capturing these reversal points, traders can enhance their trading performance.
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Conclusion
The Swiss Knife indicator serves as a versatile tool that combines multiple technical analysis methods into a single, comprehensive indicator. By assessing various aspects of the market—including trend direction, momentum, volume, and price action—it provides traders with valuable insights to make informed trading decisions.
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Citations
- Divergence Detection Library : Divergence Indicator by DevLucem
- Trendline Drawing Library : Simple Trendlines by HoanGhetti
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Note : This indicator is intended for informational purposes and should be used in conjunction with other analysis techniques. Always perform due diligence before making trading decisions.
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RishiMoney RSIRishiMoney RSI
The "RishiMoney RSI" indicator is designed for traders who want to leverage the power of the Relative Strength Index (RSI) across multiple timeframes.
In addition to regular RSI, this script allows the users to select custom timeframes for two additional RSI calculations, making it easier to identify trends, reversals, and potential entry or exit points.
USAGE
While Returning the same information as a regular RSI the RishiMoney RSI provides two more RSI calculations One for Lagrgest Timeframe and one for middle Timeframe so that the users need not to check for higher timeframes separately Which is very Time consuming. This script solves the problem of time taking process of checking different timeframes RSI calculations.
This script is ideal for traders who want to confirm their analysis across multiple timeframes. By comparing the main RSI with larger and intermediate timeframes, traders can better understand the market's momentum and make more informed decisions.
The RishiMoney RSI crossing above the overbought level can be indicative of a strong uptrend which is highlighted as a green gradient area, while when RishiMoney RSI is crossing under the oversold level can be indicative of a strong downtrend which is highlighted as a red area.
Key Features:
Customizable RSI Period: Set your preferred RSI period for precise calculation and analysis.
Multi-Timeframe RSI:
Largest RSI Timeframe: Choose the largest timeframe for your analysis (Monthly, Weekly, Daily, Hourly, 15 minutes, or 5 minutes).
Middle RSI Timeframe: Select an intermediate timeframe for comparison with the main RSI.
Overbought and Oversold Levels: The indicator includes customizable overbought and oversold levels, which are clearly marked on the chart with dynamic bands.
Alerts: Set up alerts for when the RSI crosses into overbought or oversold territory, so you never miss a potential trading opportunity.
Visual Clarity: The script plots the RSI for your selected timeframes with distinct colors, helping you quickly identify trends across different timeframes.
This script is provided for educational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions.
Ultra Moving AverageThe Ultra Moving Average is a versatile technical indicator that combines various types of moving averages to analyze trends, providing multi-timeframe insights for traders. It offers four customizable moving averages and a trend strength table for enhanced decision-making.
Introduction
The Ultra Moving Average indicator is a powerful tool designed to help traders track market trends by offering a combination of four distinct moving averages. With flexible customization options, users can apply different types of moving averages like SMA, EMA, TEMA, and many more, across various timeframes. Additionally, it provides trend strength analysis through an intuitive visual table, helping traders quickly identify market conditions.
Detailed Description
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Moving Averages
Each of the four moving averages is independently configurable. You can select the timeframe, type, length, color, and width to match your trading strategy.
The types of moving averages range from traditional ones like the Simple Moving Average (SMA) to advanced ones like the Double Expotential Moving Average (DEMA) or the Triple Exponential Moving Average (TEMA) or the Recursive Moving Average (RMA) or the Weigthend Moving Average (WMA) or the Volume Weigthend Moving Average (VWMA) or Hull Moving Average (HMA).
Very Special ones are the Triple Weigthend Moving Average (TWMA) wich created RedKTrader .
I created the Multi Weigthend Moving Average (MWMA) wich is a simple signal line to the TWMA.
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Trend Visualization
The indicator uses color-coding to visually represent whether the price is in an uptrend or downtrend. Bullish trends are highlighted in one color, while bearish trends appear in another, making it easy to interpret.
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Trend Strength Table
One of the unique features of the Ultra Moving Average is the trend strength table at the bottom of the chart. This table breaks down the strength of the fast, mid, and slow moving averages, displaying them as percentages. It also shows the overall "trend power," which helps assess how strong or weak the current trend is.
You have the option to calculate trends using live data or the previous bar's data, offering flexibility in how the indicator reacts to market changes. This can help traders make more responsive decisions based on real-time trends.
The table displays trend strength across three timeframes Fast, Mid, and Slow by calculating the percentage difference between the price and each of the moving averages (MA1, MA3, MA4).
The Power row shows the average of these percentages, representing overall trend strength.
The percentages are calculated relative to their maximum values in history (limited by TradingView subscription), providing insight into the trend's strength for each timeframe.
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Overall, the Ultra Moving Average indicator is a comprehensive tool that combines multiple moving average types and advanced trend analysis, helping traders identify market direction and strength at a glance. With its intuitive visualization and flexible settings, it's suited for both beginner and experienced traders.
Special Thanks
I use the TWMA-Function created from RedKTrader to smooth the values.
Special thanks to him for creating and sharing this function!
Multi-Timeframe RSI and MACD Table with SignalsMulti-Timeframe RSI and MACD Table
This indicator provides a comprehensive overview of market momentum and trend direction across multiple timeframes using the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators. It displays a table on the chart, allowing you to monitor these key technical indicators across different timeframes in a visually intuitive way.
What is RSI (Relative Strength Index)?
RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. It helps traders identify whether an asset is overbought or oversold:
RSI ≥ 70: Indicates that the asset might be overbought and a reversal or pullback may occur.
RSI ≤ 30: Indicates that the asset might be oversold, signaling a potential rebound or buying opportunity.
RSI around 50: Suggests neutral momentum, with no strong directional bias.
In this indicator, RSI values are calculated and displayed for multiple timeframes to help traders assess momentum across different periods.
What is MACD (Moving Average Convergence Divergence)?
MACD is a trend-following indicator that shows the relationship between two moving averages of a price, typically the 12-period EMA and the 26-period EMA:
MACD Line: The difference between the 12-period EMA and the 26-period EMA.
Signal Line: A 9-period EMA of the MACD Line.
MACD Histogram: The difference between the MACD Line and the Signal Line, showing the strength of the momentum.
MACD is used to identify changes in the strength, direction, and momentum of an asset's price. When the MACD line crosses the signal line, it generates a buy or sell signal:
Bullish Crossover: When the MACD line crosses above the signal line, it indicates upward momentum.
Bearish Crossunder: When the MACD line crosses below the signal line, it signals downward momentum.
Key Features of the Indicator:
Multi-Timeframe Monitoring: This indicator displays RSI and MACD values for several different timeframes (e.g., 5 min, 15 min, 1 hr, 4 hr, 1 day). It allows traders to quickly see how the market behaves across multiple periods.
Bullish/Bearish Background Colors:
Green Background: Indicates a bullish trend. RSI is above 50 and the MACD line is above the signal line, signaling upward momentum.
Red Background: Indicates a bearish trend. RSI is below 50 and the MACD line is below the signal line, signaling downward momentum.
Signal Arrows:
Bullish Signal (▲): This arrow appears when the MACD line crosses above the signal line, indicating a possible bullish momentum shift.
Bearish Signal (▼): This arrow appears when the MACD line crosses below the signal line, indicating a possible bearish momentum shift.
How to Use This Indicator:
Monitor the Signal Arrows for Early Alerts:
Bullish Signal (▲): When an upward arrow appears, it means that the MACD line has just crossed above the signal line, indicating a potential bullish setup. This can serve as an early alert of rising momentum.
Bearish Signal (▼): When a downward arrow appears, it means that the MACD line has just crossed below the signal line, signaling a potential bearish setup.
The arrows provide an early signal of momentum shifts, but they are not enough to confirm a trend on their own.
Wait for Background Color Change for Full Confirmation:
Green Background: A green background across timeframes confirms a bullish trend. This happens when RSI is above 50 (indicating upward momentum) and the MACD line is above the signal line (confirming the bullish trend). Wait for this background color to change to green for full confirmation of a bullish setup.
Red Background: A red background signals a bearish trend. This indicates RSI is below 50 (showing downward momentum) and the MACD line is below the signal line, confirming the bearish trend.
In short:
The signal arrows act as an early alert for potential changes in momentum.
The background color change provides full confirmation of a bullish or bearish trend, aligning both RSI and MACD.
Bullish Setup:
To confirm a bullish setup, look for the green background. A green background means that both RSI and MACD are aligned in a bullish condition. This shows that the asset has upward momentum and a positive trend.
Bearish Setup:
To confirm a bearish setup, look for a red background. This means that both RSI and MACD are aligned in a bearish condition, indicating downward momentum and a negative trend.
Example Usage:
Use the signal arrows as an alert to watch for potential changes in trend. When an arrow appears, it's a good indication to start paying attention.
Use the background color for confirmation of the trend. For a more confident trade, wait for the background to turn green (for bullish) or red (for bearish) before entering or exiting a trade.
Perfect for Trend and Momentum Traders:
This indicator is ideal for traders who want a quick, visual overview of market conditions across multiple timeframes. By focusing on RSI for momentum and MACD for trend direction, it provides a comprehensive snapshot of market trends, allowing traders to make better-informed decisions.
DP-OCR MTF & MA 2024This script developed is designed for multi-timeframe analysis of previous open, close, and range, with additional signal plots based on various percentage extension levels. It also incorporates EMA calculations for crossover strategies. Here's a quick breakdown of what the script does:
Key Features:
1. Timeframes:
o Two separate timeframes (TF1 and TF2), which can be set by the user (e.g., 15 mins, 30 mins, daily, etc.). The script computes price actions and extensions for both timeframes. For better analysis, use Daily in TF1 and Weekly in TF2
2. Extension Levels:
o Calculates and plots 10%, 21%, 31%, 51%, and 61% extensions (both positive and negative) for each timeframe.
o The most commonly used extension levels are 61%, 31%, -61%, and -21%.
o These extension levels can be turned on or off by the user.
3. Open/Close/Range:
o Tracks the high, low, open, and close for both timeframes.
o Highlights open/close gaps.
o Plots the previous high/low range for both timeframes with a fill and different colors based on price movement.
How to Use:
• You can toggle specific extension levels on or off in the script’s settings.
• For example, when price hits a +61% extension, it could signal a breakout, and when it hits a -61% extension, it may indicate a potential retracement.
• Use these levels in conjunction with your price action analysis to set entry/exit points or stop-loss levels.
4. Today’s Open:
o Plots today’s opening price for both timeframes.
How to Use:
• Use today’s open as a key reference point to determine the day’s price action.
• Compare today’s open with the previous high/low or extension levels to evaluate possible trends or reversals.
5. EMA Calculations:
o The script calculates 5, 15, and 20 period EMAs and plots them on the chart.
o Additional EMA crossover signals can be included for strategy optimization.
How to Use:
• Observe the EMAs for potential crossover signals. For example, a 5-period EMA crossing above a 15-period or 20-period EMA may signal a buy opportunity, while a crossover in the opposite direction may signal a sell.
• Combine the EMA crossovers with extension levels or previous price data to refine your entries and exits.
Customizations Available:
• Users can select whether to display extension levels for either timeframe.
• The script allows automatic adaptation to intraday, daily, weekly, or monthly timeframes based on the current chart settings.
Moreover, the extension levels are calculated based on the previous period’s range, with the most commonly usable extension levels being 61, 31, -61, and -21. These levels are often used for identifying potential price retracements, breakouts, or reversal points in technical analysis.
ICT HTF FVGs v2 (fadi)NOTICE: Instead of updating the existing ICT HTF FVGs indicator, this indicator is being published separately due to the requests to keep the original by some traders and because of the drastic change in behavior/configurations. If the original v1 version is more appropriate for your style of trading, feel free to continue to use it.
ICT HTF FVGs v2
In trading, Fair Value Gaps (FVGs) refer to market inefficiencies or imbalances that occur when buying and selling activities are not equal. These gaps can be identified on various timeframes and are used in different trading strategies.
FVGs are crucial in price action trading as they highlight the difference between the current market price of an asset and its fair value. Traders use these gaps to identify potential trading opportunities, as they often indicate areas where the market may correct itself
This indicator will overlap the higher timeframe (HTF) FVGS over the current timeframe to help traders anticipate and plan their trades.
Features
Up to 6 higher timeframes (HTF) can be overlayed on a chart
Traders can limit the number of HTF FVGs to preset number of HTFs
Lower and current timeframes can be included
Configurable spacing of HTF FVGs to prevent overlapping
Configurable Smart Expansion of FVGs based on proximity to current price
Traders can decide what constitutes a Mitigated FVG
Show or hide mitigated FVGs to declutter the chart
Flexible display settings that controls how the FVGs are displayed
Flexible labeling of the FVG levels and content
Higher Timeframes Display Settings
This indicator provides the ability to select up to 6 HTF intervals. These intervals are based on the trader's timeframes including any custom timeframes.
Timeframe Configurations
Enable or Disable a Timeframe
The Timeframe to Display
Bullish / BISI FVG Color
Bearish / SIBI FVG Color
The number of FVGs For The Selected Timeframe
Limit to the next HTFs only can be used to display the selected number of HTF FVGs. For example, if the trader selects 3 then only 3 HTF FVGs will be displayed.
Note: If either of the next two options is selected, they will take up spots from this count.
Hide lower Timeframes restricts the FVGs to higher timeframes only. If this option is disabled, it will show lower timeframes FVGs as well.
Hide Current Timeframe removes current timeframe from the selected list of HTF FVGs. If this option is disabled, it will show current timeframe FVGs as well.
Background Transparency Enable or disable the background color (shaded area) of the FVG. If it is enabled, it will set the transparency amount. The higher the value, the more transparent the background.
Extend lines controls when and how to extend the FVG levels. There are three options:
Extension Only extends the FVGs by the specified number provided below only.
Current Candle Plus Extension extends all the FVGs beyond the current candle by the number provided below.
When in Range will only extend the FVGs near current price based on the advanced settings below. This setting will use Average True Range multiplier to calculate the range (shows FVGs that are higher or lower by the average candle size multiplied by the number in Advanced section).
Mitigated shows or hides the mitigated HTF FVGs. A FVG is considered mitigated based on one of the following options:
None will ignore mitigation and show all FVGs.
Touched when a HTF FVG is touched regardless of how deep the price get inside the FVG.
Wick filled the FVG is closed by a wick or body of a candle.
Body filled the FVG is closed by the body of a candle
Wick filled half a candle's wick or body has reached the C.E. of the FVG
Body filled half a candle body has reached the C.E. of the FVG
Extend mitigated lines sets the number of candles to extend the mitigated FVG levels by for better visibility.
Important Note: Mitigation is calculated based on the timeframe of the FVG, not current timeframe.
Display
Display settings focus on how the FVGs will be displayed. The trader is in total control and there are multiple ways to overlay FVGs on the chart.
Open / Close / C.E. / Link controls the borders. Traders can enable or disable any of them as well as set the thickness and style. Link is the right border.
C.E. also offers the option of setting the bullish (BISI) and bearish (SIBI) colors of the C.E. level
Labeling controls if the labels should be displayed next to the FVG, their color, background, and font size.
Label levels to display controls which levels to show. Open, High. or the C.E.
Label display content controls what to show in the labels, the timeframe of the label, is it a BISI or a SIBI, and a label to indicate if it is the Open or the Close.
Note: if the distance between the open and close has the potential of overlapping the labels, then the indicator will only show the C.E. label for visual clarity.
Advanced Settings
Advanced settings controls some internal calculations:
Proximity factor based on daily range used to calculate possible range of FVGs within a day's range to keep the chart clean. The higher the value, the more FVGs will be shown.
Combine labels factor for visibility used to calculate the distance between the open and close and if all the labels or only the C.E. should be displayed. The higher the value, the bigger the distance for combination (smaller numbers will show more labels).
Range should be within X candles used when "When in Range" option is selected. This is the ATR multiplier used to extend the FVGs. The higher the number, the more FVGs will be extended.
Once desired settings have been achieved, the settings can be saved as default from the bottom left of the indicator settings page for future use.
RSI TreeRSI Tree is a simple way to compare the strength of several different instruments against each other.
The default is to compare MSFT, NVDA, TSLA, GOOG, META, AMZN, AAPL and NASDAQ. You could do the same for currency pairs and any other instruments available in Trading View. However, it makes the most sense to compare seven instruments to an eighth underlying instrument. As you can see in the default values, we included the NASDAQ as the eighth instrument since the other seven are part of the NASDAQ composite index. If you were to trade major currency pairs, then your eighth instrument would most likely be the U.S. Dollar (DXY).
The chart setup is important as well. You need to split your chart horizontally into 4 plots. Each plot would be at a different timing interval. The example shows 4 hr, 1 hr, 15 min and 5 min (left to right) charts. Now not only can we compare the instruments against each other, but we can do it across time to get an idea of the motion of each instrument.
Note, the instrument used on the chart is somewhat important. If the chart is set to a currency pair, but you have the RSI Tree setup for equities (as in the default) then you will get some odd behavior due to the times when these are open. Equities are 0930 to 1600 EST, whereas something like a currency would be open 24 hours a day.
Layout for default settings: www.tradingview.com
Bugs?
Kindly report any issues and I'll try to fix them promptly.
Thank you!
Stock Strength IndexScript Title: Stock Strength Index made by Vishal R Janjire
Description:
The Stock Strength Index combines several advanced technical analysis tools into one comprehensive Pine Script indicator designed to provide a nuanced view of market strength and trends. This script integrates Relative Strength (RS), Commodity Channel Index (CCI), and additional trend confirmation mechanisms to deliver actionable insights for traders.
( Must Read )
Important parameter read before use this indicator
0. Zero line green means stock is in up trend and if it is red means down trending.
1. Zero line is green it means stocks is outperforming its index that is Nifty 50 ( but dont consider its results on nifty itself that is it will not work only on nifty 50)
2. Zero line is red it means stocks is underperforming its index that is Nifty 50
3. bubble is confirmation tool when it show green bubble on zero line it means on short time frame it want go up trending and vise versa
4. Always remember higher time frame is greater than chart time frame like day vs hour
Key Features:
5. Best suitable time when higher time frame is 15 minutes and chart time is 5 minute for intraday trading. for short swing use HTF 1 Day and chart time is 1 hour or 2 hour.
1. Relative Strength (RS) Analysis:
- Calculation: Measures the performance of the base symbol relative to a comparative symbol over a specified period.
- Visualization: Plots the RS value with color-coded lines to indicate bullish (green) or bearish (red) conditions based on crossovers. Users can toggle the RS color based on its value or trend direction.
- Trend Analysis: Displays a simple moving average (SMA) of RS to visualize trend strength and direction. The SMA’s color changes to indicate rising or falling trends.
2. Commodity Channel Index (CCI):
- Current Timeframe CCI: Calculates the CCI for the current timeframe to assess price momentum.
- Higher Timeframe CCI: Computes the CCI for a higher timeframe to provide a broader market perspective.
- Background Color: Highlights the chart background in green or red based on whether both current and higher timeframe CCIs are above or below zero, respectively.
3. Alerts:
- CCI Alerts: Set up alerts for key CCI crossovers, including when both CCIs are above or below zero, or when CCI crosses key levels (100 and -100) on either timeframe.
4. Trend Confirmation:
- Price Confirmation: Uses price and its moving average to identify bullish or bearish divergence, with visual bubbles plotted on the chart to confirm potential trade signals.
5. Customization Options:
- RS Parameters: Adjust settings for RS period, comparative symbol, and whether to display reference labels or the zero line.
- CCI Parameters: Configure CCI lengths for both current and higher timeframes and select the source of the CCI calculation.
Concepts Underlying Calculations:
- Relative Strength (RS): Measures the relative performance of the base symbol compared to another symbol, adjusted over a specified period to capture momentum and trend strength.
- Commodity Channel Index (CCI): Calculates the deviation of the price from its average to identify overbought or oversold conditions and potential reversal points.
- Simple Moving Average (SMA): Smooths the RS values to highlight trends and potential trend reversals.
This indicator is designed for traders seeking a comprehensive tool that combines multiple analytical methods into one cohesive system. It aims to offer a clearer view of market trends, strengths, and potential trade opportunities based on a blend of relative strength and momentum indicators.
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This description provides a detailed overview of the script's functionality and customization options while ensuring clarity and compliance with the publishing rules.
VWAP PressureKey Features and Utility:
Intrabar Focus: Unlike standard VWAP, which provides a cumulative average throughout the day, the Intrabar VWAP focuses on volume-weighted price calculations within shorter time frames. This allows traders to see how price and volume interact moment-to-moment, offering a granular view of market sentiment.
Market Pressure Analysis: The indicator examines the difference between a smoothed weighted average price of the close and intrabar price movements. This analysis helps in identifying the market pressure at high volume areas. When the market exhibits high volume at low prices within a bar, it suggests accumulation, whereas high volume at high prices indicates distribution.
Momentum and Pressure Shift Signals: By applying a modified MACD calculation to the smoothed difference, the indicator provides signals on shifts in market pressure. Positive values indicate upward price momentum (buying pressure), while negative values suggest downward momentum (selling pressure).
ORB - Alerts, VWAP and MACD Checks, Extended Fib Levels
ORB Range Alerter with Shading, VWAP Check, MACD Check, and Extended Fibonacci Levels for TP – Fully Customizable
This indicator is designed to give you a comprehensive analysis of the Opening Range Breakout (ORB) combined with advanced conditions based on VWAP and MACD indicators, along with Extended Fibonacci Levels for both long and short TP positions.
Key Features:
Opening Range Breakout (ORB):
Defines the opening range at the market open (9:30 AM by default) based on your chart timeframe and shades it for visibility.
The high and low of the first candle after the open are plotted on the chart, creating a breakout range that traders can use to identify potential long or short positions.
VWAP Condition (Optional):
This indicator includes the option to enforce the VWAP (Volume-Weighted Average Price) as a condition for entering trades.
- Longs will only trigger if the price is above VWAP (when enabled).
- Shorts will only trigger if the price is below VWAP (when enabled).
Customizable : You can enable or disable the VWAP condition through a simple checkbox in the indicator’s settings.
MACD Condition (Optional):
Includes an optional MACD (Moving Average Convergence Divergence) condition.
- Longs will only trigger if the MACD line is above 0 and the signal line, providing confirmation of bullish momentum.
- Shorts will only trigger if the MACD line is below 0 and the signal line, indicating bearish momentum.
Customizable : You can enable or disable the MACD condition through a checkbox in the indicator’s settings, allowing you to trade with or without the MACD confirmation.
Fibonacci Extensions for Profit Targets:
Automatically calculates Fibonacci extension levels based on the ORB range for TP levels.
These levels provide key areas for potential profit-taking or reversal points.
Fibonacci extensions are plotted only after a confirmed breakout, either long or short.
The extensions include 127.2%, 161.8%, 200%, 261.8%, 423.6%, and 685.4%, offering a comprehensive set of targets for different trading strategies.
Shading of ORB Range:
The ORB high and low are visually emphasized on the chart with a shaded area for easy identification.
The shading is semi-transparent to help keep your chart clean and easy to read.
Customizable Timeframe:
The ORB range is defined based on the time of day (default is 9:30 AM to 4:00 PM), but you can adjust the timeframe to suit different trading sessions or markets.
Alerts for Breakouts:
Built-in alerts notify you when price crosses above or below the ORB high or low, along with the optional VWAP and MACD conditions.
Alerts can be used to create automated notifications or even execute automated trades based on your chosen settings.
How to Use:
Long Trade Example: When the price crosses above the ORB high, VWAP is above the price, and MACD shows bullish momentum (if these conditions are enabled), a potential long entry is triggered. You can use the Fibonacci extensions for profit targets.
Short Trade Example: When the price crosses below the ORB low, VWAP is below the price, and MACD confirms bearish momentum (if these conditions are enabled), a short entry is triggered. Fibonacci levels for the short position can guide your exit strategy.
Flexibility: You can enable or disable both VWAP and MACD conditions based on your trading style. This flexibility allows the indicator to adapt to different market conditions and strategies.
Customization Options:
Enable/Disable VWAP Condition: Decide if you want to include VWAP as a trade filter.
Enable/Disable MACD Condition: Choose whether to require MACD as confirmation for trade entries.
Adjust ORB Timeframe: Customize the time range for defining the ORB based on the market you're trading.
Fibonacci Extensions: Visualize key profit targets using Fibonacci extensions, which are automatically calculated and displayed after a breakout.
Supertrend 3 + DashboardSupertrend 3 + Dashboard (English and Japanese Explanation Below)
日本語解説は下記
Supertrend 3 + Dashboard is an advanced indicator for traders who wish to monitor multiple time frames simultaneously, combining three Supertrend indicators to provide a customizable dashboard that displays trend direction across multiple time frames. This allows traders to easily identify trends and potential reversals across different time frames, making it a powerful tool in trend-following strategies.
Explanation:
・Supertrend Calculation: The Supertrend indicator is calculated using the Average True Range (ATR) to determine the trend direction. In this indicator, three Supertrend calculations are used, each with customizable ATR lengths and multipliers, allowing traders to adjust the settings to fit their trading strategy.
・Multiple Timeframes: You can set different timeframes for each Supertrend, with default values of the current chart's timeframe for the first Supertrend, 5 minutes for the second, and 15 minutes for the third. These timeframes can be adjusted to fit the trader's preferences, enabling multi-timeframe trend analysis.
・Color Logic: Each Supertrend changes color based on the trend direction. Green indicates an uptrend, while red indicates a downtrend. The lines and filled areas are color-coded to visually differentiate between bullish and bearish trends across different timeframes.
・Dashboard Feature: The customizable dashboard displays trend signals for multiple timeframes (e.g., 1 minute, 5 minutes, 15 minutes, 1 hour, daily, weekly) in a tabular format. Each cell shows the trend direction with an arrow (▲ for uptrend, ▼ for downtrend), and the background color is adjusted accordingly. The dashboard can be positioned at different corners of the chart (top-left, top-right, bottom-left, bottom-right) based on user preference.
Notes:
Please note that this indicator may be subject to changes or removal without notice. The developer cannot be held responsible for any losses incurred from trading with this indicator, so please operate at your own risk.
Supertrend 3 + Dashboardは、複数の時間軸を同時に監視したいトレーダー向けの高度なインジケーターです。3つのSupertrendインジケーターを組み合わせ、複数の時間軸にわたるトレンド方向を表示するカスタマイズ可能なダッシュボードを提供します。これにより、トレーダーは異なる時間軸でのトレンドや反転の可能性を簡単に把握でき、トレンドフォロー戦略において強力なツールとなります。
・Supertrend計算方法: Supertrendインジケーターは、平均真の範囲（ATR）を使用してトレンド方向を決定します。このインジケーターでは、3つのSupertrend計算が使用され、それぞれにカスタマイズ可能なATRの期間と倍率が設定されており、トレーダーは戦略に合わせて設定を調整できます。
・複数時間軸: 各Supertrendに対して異なる時間軸を設定できます。デフォルトでは、第一のSupertrendは現在のチャートの時間軸、第二は5分、第三は15分に設定されています。これらの時間軸はトレーダーの好みに応じて調整可能で、複数時間軸でのトレンド分析が可能です。
・色のロジック: 各Supertrendは、トレンドの方向に応じて色が変わります。緑は上昇トレンド、赤は下降トレンドを示します。異なる時間軸での強気と弱気のトレンドを視覚的に区別するために、線や塗りつぶしの色が適用されています。
・ダッシュボード機能: カスタマイズ可能なダッシュボードは、1分、5分、15分、1時間、日足、週足など、複数の時間軸にわたるトレンド信号を表形式で表示します。各セルにはトレンド方向が矢印（▲は上昇、▼は下降）で表示され、背景色もそれに応じて調整されます。ダッシュボードの位置は、ユーザーの好みに応じて、チャートの四隅（左上、右上、左下、右下）に配置できます。
注意事項: このインジケーターは予告なく変更または削除される場合があります。このインジケーターを使用しての取引による損失について、開発者は責任を負いかねますので、自己責任でご利用ください。
