JJ Highlight Time Ranges with First 5 Minutes and LabelsTo effectively use this Pine Script as a day trader , here’s how the various elements can help you manage trades, track time sessions, and monitor price movements:
Key Components for a Day Trader:
1. First 5-Minute Highlight:
- Purpose: Day traders often rely on the first 5 minutes of the trading session to gauge market sentiment, watch for opening price gaps, or plan entries. This script draws a horizontal line at the high or low of the first 5 minutes, which can act as a key level for the rest of the day.
- How to Use: If the price breaks above or below the first 5-minute line, it can signal momentum. You might enter a long position if the price breaks above the first 5-minute high or a short if it breaks below the first 5-minute low.
2. Session Time Highlights:
- Morning Session (9:15–10:30 AM): The market often shows its strongest price action during the first hour of trading. This session is highlighted in yellow. You can use this highlight to focus on the most volatile period, as this is when large institutional moves tend to occur.
- Afternoon Session (12:30–2:55 PM): The blue highlight helps you track the mid-afternoon session, where liquidity may decrease, and price action can sometimes be choppier. Day traders should be more cautious during this period.
- How to Use: By highlighting these key times, you can:
- Focus on key breakouts during the morning session.
- Be more conservative in your trades during the afternoon, as market volatility may drop.
3. Dynamic Labels:
- Top/Bottom Positioning: The script places labels dynamically based on the selected position (Top or Bottom). This allows you to quickly glance at the session's start and identify where you are in terms of time.
- How to Use: Use these labels to remind yourself when major time segments (morning or afternoon) begin. You can adjust your trading strategy depending on the session, e.g., being more aggressive in the morning and more cautious in the afternoon.
Trading Strategy Suggestions:
1. Momentum Trades:
- After the first 5 minutes, use the high/low of that period to set up breakout trades.
- Long Entry: If the price breaks the high of the first 5 minutes (especially if there's a strong trend).
- Short Entry: If the price breaks the low of the first 5 minutes, signaling a potential downtrend.
2. Session-Based Strategy:
- Morning Session (9:15–10:30 AM):
- Look for strong breakout patterns such as support/resistance levels, moving average crossovers, or candlestick patterns (like engulfing candles or pin bars).
- This is a high liquidity period, making it ideal for executing quick trades.
- Afternoon Session (12:30–2:55 PM):
- The market tends to consolidate or show less volatility. Scalping and mean-reversion strategies work better here.
- Avoid chasing big moves unless you see a clear breakout in either direction.
3. Support and Resistance:
- The first 5-minute high/low often acts as a key support or resistance level for the rest of the day. If the price holds above or below this level, it’s an indication of trend continuation.
4. Breakout Confirmation:
- Look for breakouts from the highlighted session time ranges (e.g., 9:15 AM–10:30 AM or 12:30 PM–2:55 PM).
- If a breakout happens during a key time window, combine that with other technical indicators like volume spikes , RSI , or MACD for confirmation.
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Example Day Trader Usage:
1. First 5 Minutes Strategy: After the market opens at 9:15 AM, watch the price action for the first 5 minutes. The high and low of these 5 minutes are critical levels. If the price breaks above the high of the first 5 minutes, it might indicate a strong bullish trend for the day. Conversely, breaking below the low may suggest bearish movement.
2. Morning Session: After the first 5 minutes, focus on the **9:15 AM–10:30 AM** window. During this time, look for breakout setups at key support/resistance levels, especially when paired with high volume or momentum indicators. This is when many institutions make large trades, so price action tends to be more volatile and predictable.
3. Afternoon Session: From 12:30 PM–2:55 PM, the market might experience lower volatility, making it ideal for scalping or range-bound strategies. You could look for reversals or fading strategies if the market becomes too quiet.
Conclusion:
As a day trader, you can use this script to:
- Track and react to key price levels during the first 5 minutes.
- Focus on high volatility in the morning session (9:15–10:30 AM) and **be cautious** during the afternoon.
- Use session-based timing to adjust your strategies based on the time of day.
"美元未来10天走势预测" için komut dosyalarını ara
Candles Volume HeatMap [BigBeluga]Candles Volume HeatMap
The Candle Volume HeatMap indicator is a unique and advanced tool that visualizes lower timeframe volume activity within higher timeframe candles, offering traders a granular perspective on volume distribution.
⚠️Important note: before using the indicator, it is necessary to apply it to the candles
🔵Key Features:
Volume HeatMap Visualization: The indicator breaks down each higher timeframe candle into 10 equal vertical segments (boxes) based on its high-to-low range. Each box represents a lower timeframe candle's volume activity, with more intense colors indicating stronger volume levels.
Lower Timeframe Integration: Automatically uses a timeframe 10x lower than the current chart. For example, on a 10-hour chart, it uses 1-hour candles to extract volume data.
POC (Point of Control): The highest volume box within each candle is marked with the volume value. The indicator also plots a horizontal POC line at the level of this box, highlighting significant areas of price interest. The POC line is removed once the price crosses it, ensuring the chart stays clean.
Delta Display (Optional): Traders can enable the Delta feature to analyze buyer vs. seller activity within each higher timeframe candle.
Delta is calculated by summing 10 lower timeframe candles: a bullish candle adds to buyers, while a bearish candle adds to sellers. Displays the net Delta percentage: positive values (white) indicate buyer dominance, while negative values (red) indicate seller dominance.
Dynamic Volume Scaling: The highest volume value in each candle is displayed inside its respective box, providing quick insights into critical price-volume levels.
🔵How It Works:
For each higher timeframe candle, the indicator analyzes 10 lower timeframe candles and maps their volume into 10 segments (boxes) between the high and low of the current candle.
The intensity of each box's color corresponds to the relative volume of the lower timeframe candle it represents.
The POC highlights the price level with the highest concentration of volume, aiding in identifying potential support/resistance zones.
Delta analysis offers additional insights into market sentiment by breaking down buyer and seller activity in each candle.
🔵Use Cases:
Spotting key volume areas within higher timeframe candles to identify support and resistance levels.
Analyzing volume concentration for potential breakout or reversal zones.
Leveraging Delta analysis to gauge market sentiment and confirm volume-based trends.
This indicator is ideal for traders seeking to combine volume analysis with price action, offering precise insights into volume distribution and market dynamics.
Original Keltner with Support And ResistanceThis indicator is based on the original Keltner Channels using typical price and calculating the 10 period average of high - low
Typical price = (high + low + close)/3
In this case, I've taken Typical price as (open + high + low + close)/4 on the advice of John Bollinger from his book Bollinger on Bollinger Bands.
Buy Line = 10 Period Typical Price Average + 10 Period Average of (High - Low)
Sell Line = 10 Period Typical Price Average - 10 Period Average of (High - Low)
This is the basis for the indicator. I've added the highest of the Buy Line and lowest of the Sell Line for the same period which acts as Support and Resistance.
If price is trending below the Lowest of Sell Line, take only sell trades and the Lowest Line acts as resistance.
If price is trending above the Highest of Buy Line, take only buy trades and the Highest Line acts as support.
EMA and ATR Indicator BY DemirkanEMA 10 and ATR Indicator BY Demirkan
The EMA 10 and ATR Indicator combines two powerful technical indicators used to analyze trends and identify potential trading opportunities.
Indicator Components:
Exponential Moving Average (EMA):
EMA 10: Calculates the weighted average of the last 10 closing prices. This indicator is effective in tracking short-term price movements. When the price is above the EMA, it is considered that the trend is upward; when it is below, it is assessed as a downward trend.
Average True Range (ATR):
ATR: A measure of market volatility. When the ATR value falls within a specified range (between 10 and 14 in this indicator), the price movement is considered significant. This helps you base your trading decisions on more solid grounds.
Usage Recommendations:
Buy Signal: When the price is above the EMA and the ATR is within the specified range, this can be interpreted as a potential buy signal.
Sell Signal: When the price is below the EMA, this can be interpreted as a potential sell signal.
Chart Displays:
EMA Line: Displayed as a blue line, allowing you to see how the EMA relates to current price levels.
Price Status: Circles are used to indicate whether the price is above or below the EMA. A green circle indicates the price is above the EMA, while a red circle indicates it is below.
Background Colors: The chart background changes to green or red to highlight buy and sell conditions.
Aesthetic Presentation:
Using the "Flag" and "Below" parameters for the Price vs EMA indicator provides an aesthetically pleasing appearance on the chart. This type of visual presentation helps users quickly and easily grasp trading signals. Additionally, this aesthetic touch makes investors' charts look more professional and appealing.
This indicator is a useful tool for traders looking to develop short-term trading strategies. However, it should always be used in conjunction with additional analysis and other indicators.
Note: This indicator is for educational purposes only and should not be taken as investment advice.
Accurate 10x Volume Spike with Corrected Next Candle AnalysisDescription :
The Volume Ten Candles indicator is a technical analysis tool that helps traders identify candles with volume exceeding the previous one by 10 times. This can indicate a potential trend reversal or continuation of the current price movement.
Signal :
The indicator generates a signal when a candle with volume exceeding the previous one by 10 times appears. The signal is displayed on the chart as an arrow or other symbol.
Statistics :
The indicator also displays statistics in the form of a table that shows the number of candles with volume exceeding the previous one by 10 times for a certain period of time. This helps traders assess the strength of the trend and make a decision about entering a trade.
Example of Use :
The Volume Ten Candles indicator can be useful for traders who want to find candles with high volume and use them to enter a trade. For example, if a candle with volume exceeding the previous one by 10 times appears, it may indicate that the market is ready for a price movement. In this case, the trader can open a trade in the direction of this movement.
It is important to note that the Volume Ten Candles indicator is not a guarantee of profit and may produce false signals. Therefore, before using the indicator, it is necessary to conduct testing on historical data and develop a trading strategy.
Statistics Table :
The table displays the number of candles with volume exceeding the previous one by 10 times for each day.
Double BBW OverlayDouble BBW Overlay Indicator
Overview
The Double BBW (Bollinger Band Width) Overlay indicator is a custom script for TradingView that combines two BBW indicators with adjustable settings. It allows traders to compare the volatility of two different periods of Bollinger Bands on the same chart. By default, the first BBW is calculated with a 10-period center line, and the second BBW with a 20-period center line, but these values can be customized.
How It Works
Bollinger Bands consist of an upper band, a lower band, and a middle band (typically a moving average). The Bollinger Band Width (BBW) measures the distance between the upper and lower bands relative to the center line. The width of these bands indicates market volatility:
Narrow Bands: Low volatility, usually preceding a breakout.
Wide Bands: High volatility, often following a strong price movement.
This indicator plots two BBW values on a non-overlay chart, making it easy to visualize and compare different market conditions over different periods.
Indicator Components
BBW 1 (default period: 10)
Calculates the BBW using a center line based on a 10-period moving average.
The width is plotted in blue by default.
BBW 2 (default period: 20)
Calculates the BBW using a center line based on a 20-period moving average.
The width is plotted in red by default.
Zero Line
A gray horizontal line at the value of 0 for reference, helping to understand the scale of BBW values.
Input Parameters
Center Line Period for BBW 1 (length1)
Default: 10
This controls the length of the moving average for the first BBW calculation. It defines how many periods are used to calculate the middle Bollinger Band for BBW 1.
Center Line Period for BBW 2 (length2)
Default: 20
This controls the length of the moving average for the second BBW calculation. It defines how many periods are used to calculate the middle Bollinger Band for BBW 2.
Standard Deviation Multiplier (mult)
Default: 2.0
This controls how far the upper and lower Bollinger Bands are from the center line. The multiplier affects how sensitive the Bollinger Bands are to price changes, with higher values producing wider bands.
How to Use
Adding the Indicator: Once the script is added to your TradingView account, simply apply the indicator to any chart. It will be displayed as a separate pane below the price chart, showing two BBW lines corresponding to the two different periods.
Customizing Periods: Use the settings panel to adjust the center line periods for BBW 1 and BBW 2 to match your desired trading strategy. For instance, you can analyze short-term versus long-term volatility by adjusting the periods.
Volatility Analysis:
When both BBW lines are narrow, it indicates low volatility across both short-term and long-term periods, which could suggest that a breakout is imminent.
If both BBW lines widen simultaneously, it shows that volatility is increasing in both timeframes, possibly indicating a strong trend.
Use Cases
Breakout Strategy: When the BBW lines contract significantly, it may signal that a low-volatility period is about to end, which is often followed by a price breakout in either direction.
Trend Strength: Comparing short-term and long-term BBW values can help determine if recent price movements are supported by broader market volatility or if they are isolated to the short term.
Chart Display
BBW 1: Blue line, representing the Bollinger Band Width calculated with a center line period of 10 (or your customized value).
BBW 2: Red line, representing the Bollinger Band Width calculated with a center line period of 20 (or your customized value).
Zero Line: A gray line at 0 is provided for reference, although BBW values are always positive.
Advantages of Using Double BBW
Comprehensive View of Volatility: By overlaying two BBW indicators with different timeframes, you can gain insights into both short-term and long-term market volatility trends.
Customizable: You can easily adjust the moving average periods and the standard deviation multiplier to match your preferred trading strategy or the characteristics of the asset you are trading.
Easy Visualization: The separate plots of BBW values make it easier to see shifts in market volatility, allowing you to spot potential trading opportunities.
Bitcoin Logarithmic Growth Curve 2024The Bitcoin logarithmic growth curve is a concept used to analyze Bitcoin's price movements over time. The idea is based on the observation that Bitcoin's price tends to grow exponentially, particularly during bull markets. It attempts to give a long-term perspective on the Bitcoin price movements.
The curve includes an upper and lower band. These bands often represent zones where Bitcoin's price is overextended (upper band) or undervalued (lower band) relative to its historical growth trajectory. When the price touches or exceeds the upper band, it may indicate a speculative bubble, while prices near the lower band may suggest a buying opportunity.
Unlike most Bitcoin growth curve indicators, this one includes a logarithmic growth curve optimized using the latest 2024 price data, making it, in our view, superior to previous models. Additionally, it features statistical confidence intervals derived from linear regression, compatible across all timeframes, and extrapolates the data far into the future. Finally, this model allows users the flexibility to manually adjust the function parameters to suit their preferences.
The Bitcoin logarithmic growth curve has the following function:
y = 10^(a * log10(x) - b)
In the context of this formula, the y value represents the Bitcoin price, while the x value corresponds to the time, specifically indicated by the weekly bar number on the chart.
How is it made (You can skip this section if you’re not a fan of math):
To optimize the fit of this function and determine the optimal values of a and b, the previous weekly cycle peak values were analyzed. The corresponding x and y values were recorded as follows:
113, 18.55
240, 1004.42
451, 19128.27
655, 65502.47
The same process was applied to the bear market low values:
103, 2.48
267, 211.03
471, 3192.87
676, 16255.15
Next, these values were converted to their linear form by applying the base-10 logarithm. This transformation allows the function to be expressed in a linear state: y = a * x − b. This step is essential for enabling linear regression on these values.
For the cycle peak (x,y) values:
2.053, 1.268
2.380, 3.002
2.654, 4.282
2.816, 4.816
And for the bear market low (x,y) values:
2.013, 0.394
2.427, 2.324
2.673, 3.504
2.830, 4.211
Next, linear regression was performed on both these datasets. (Numerous tools are available online for linear regression calculations, making manual computations unnecessary).
Linear regression is a method used to find a straight line that best represents the relationship between two variables. It looks at how changes in one variable affect another and tries to predict values based on that relationship.
The goal is to minimize the differences between the actual data points and the points predicted by the line. Essentially, it aims to optimize for the highest R-Square value.
Below are the results:
It is important to note that both the slope (a-value) and the y-intercept (b-value) have associated standard errors. These standard errors can be used to calculate confidence intervals by multiplying them by the t-values (two degrees of freedom) from the linear regression.
These t-values can be found in a t-distribution table. For the top cycle confidence intervals, we used t10% (0.133), t25% (0.323), and t33% (0.414). For the bottom cycle confidence intervals, the t-values used were t10% (0.133), t25% (0.323), t33% (0.414), t50% (0.765), and t67% (1.063).
The final bull cycle function is:
y = 10^(4.058 ± 0.133 * log10(x) – 6.44 ± 0.324)
The final bear cycle function is:
y = 10^(4.684 ± 0.025 * log10(x) – -9.034 ± 0.063)
The main Criticisms of growth curve models:
The Bitcoin logarithmic growth curve model faces several general criticisms that we’d like to highlight briefly. The most significant, in our view, is its heavy reliance on past price data, which may not accurately forecast future trends. For instance, previous growth curve models from 2020 on TradingView were overly optimistic in predicting the last cycle’s peak.
This is why we aimed to present our process for deriving the final functions in a transparent, step-by-step scientific manner, including statistical confidence intervals. It's important to note that the bull cycle function is less reliable than the bear cycle function, as the top band is significantly wider than the bottom band.
Even so, we still believe that the Bitcoin logarithmic growth curve presented in this script is overly optimistic since it goes parly against the concept of diminishing returns which we discussed in this post:
This is why we also propose alternative parameter settings that align more closely with the theory of diminishing returns.
Our recommendations:
Drawing on the concept of diminishing returns, we propose alternative settings for this model that we believe provide a more realistic forecast aligned with this theory. The adjusted parameters apply only to the top band: a-value: 3.637 ± 0.2343 and b-parameter: -5.369 ± 0.6264. However, please note that these values are highly subjective, and you should be aware of the model's limitations.
Conservative bull cycle model:
y = 10^(3.637 ± 0.2343 * log10(x) - 5.369 ± 0.6264)
Post-Open Long Strategy with ATR-based Stop Loss and Take ProfitThe "Post-Open Long Strategy with ATR-Based Stop Loss and Take Profit" is designed to identify buying opportunities after the German and US markets open. It combines various technical indicators to filter entry signals, focusing on breakout moments following price lateralization periods.
Key Components and Their Interaction:
Bollinger Bands (BB):
Description: Uses BB with a 14-period length and standard deviation multiplier of 1.5, creating narrower bands for lower timeframes.
Role in the Strategy: Identifies low volatility phases (lateralization). The lateralization condition is met when the price is near the simple moving average of the BB, suggesting an imminent increase in volatility.
Exponential Moving Averages (EMA):
10-period EMA: Quickly detects short-term trend direction.
200-period EMA: Filters long-term trends, ensuring entries occur in a bullish market.
Interaction: Positions are entered only if the price is above both EMAs, indicating a consolidated positive trend.
Relative Strength Index (RSI):
Description: 7-period RSI with a threshold above 30.
Role in the Strategy: Confirms the market is not oversold, supporting the validity of the buy signal.
Average Directional Index (ADX):
Description: 7-period ADX with 7-period smoothing and a threshold above 10.
Role in the Strategy: Assesses trend strength. An ADX above 10 indicates sufficient momentum to justify entry.
Average True Range (ATR) for Dynamic Stop Loss and Take Profit:
Description: 14-period ATR with multipliers of 2.0 for Stop Loss and 4.0 for Take Profit.
Role in the Strategy: Adjusts exit levels based on current volatility, enhancing risk management.
Resistance Identification and Breakout:
Description: Analyzes the highs of the last 20 candles to identify resistance levels with at least two touches.
Role in the Strategy: A breakout above this level signals a potential continuation of the bullish trend.
Time Filters and Market Conditions:
Trading Hours: Operates only during the opening of the German market (8:00 - 12:00) and US market (15:30 - 19:00).
Panic Candle: The current candle must close negative, leveraging potential emotional reactions in the market.
Avoiding Entry During Pullbacks:
Description: Checks that the two previous candles are not both bearish.
Role in the Strategy: Avoids entering during a potential pullback, improving trade success probability.
Post-Open Long Strategy with ATR-Based Stop Loss and Take Profit
The "Post-Open Long Strategy with ATR-Based Stop Loss and Take Profit" is designed to identify buying opportunities after the German and US markets open. It combines various technical indicators to filter entry signals, focusing on breakout moments following price lateralization periods.
Key Components and Their Interaction:
Bollinger Bands (BB):
Description: Uses BB with a 14-period length and standard deviation multiplier of 1.5, creating narrower bands for lower timeframes.
Role in the Strategy: Identifies low volatility phases (lateralization). The lateralization condition is met when the price is near the simple moving average of the BB, suggesting an imminent increase in volatility.
Exponential Moving Averages (EMA):
10-period EMA: Quickly detects short-term trend direction.
200-period EMA: Filters long-term trends, ensuring entries occur in a bullish market.
Interaction: Positions are entered only if the price is above both EMAs, indicating a consolidated positive trend.
Relative Strength Index (RSI):
Description: 7-period RSI with a threshold above 30.
Role in the Strategy: Confirms the market is not oversold, supporting the validity of the buy signal.
Average Directional Index (ADX):
Description: 7-period ADX with 7-period smoothing and a threshold above 10.
Role in the Strategy: Assesses trend strength. An ADX above 10 indicates sufficient momentum to justify entry.
Average True Range (ATR) for Dynamic Stop Loss and Take Profit:
Description: 14-period ATR with multipliers of 2.0 for Stop Loss and 4.0 for Take Profit.
Role in the Strategy: Adjusts exit levels based on current volatility, enhancing risk management.
Resistance Identification and Breakout:
Description: Analyzes the highs of the last 20 candles to identify resistance levels with at least two touches.
Role in the Strategy: A breakout above this level signals a potential continuation of the bullish trend.
Time Filters and Market Conditions:
Trading Hours: Operates only during the opening of the German market (8:00 - 12:00) and US market (15:30 - 19:00).
Panic Candle: The current candle must close negative, leveraging potential emotional reactions in the market.
Avoiding Entry During Pullbacks:
Description: Checks that the two previous candles are not both bearish.
Role in the Strategy: Avoids entering during a potential pullback, improving trade success probability.
Entry and Exit Conditions:
Long Entry:
The price breaks above the identified resistance.
The market is in a lateralization phase with low volatility.
The price is above the 10 and 200-period EMAs.
RSI is above 30, and ADX is above 10.
No short-term downtrend is detected.
The last two candles are not both bearish.
The current candle is a "panic candle" (negative close).
Order Execution: The order is executed at the close of the candle that meets all conditions.
Exit from Position:
Dynamic Stop Loss: Set at 2 times the ATR below the entry price.
Dynamic Take Profit: Set at 4 times the ATR above the entry price.
The position is automatically closed upon reaching the Stop Loss or Take Profit.
How to Use the Strategy:
Application on Volatile Instruments:
Ideal for financial instruments that show significant volatility during the target market opening hours, such as indices or major forex pairs.
Recommended Timeframes:
Intraday timeframes, such as 5 or 15 minutes, to capture significant post-open moves.
Parameter Customization:
The default parameters are optimized but can be adjusted based on individual preferences and the instrument analyzed.
Backtesting and Optimization:
Backtesting is recommended to evaluate performance and make adjustments if necessary.
Risk Management:
Ensure position sizing respects risk management rules, avoiding risking more than 1-2% of capital per trade.
Originality and Benefits of the Strategy:
Unique Combination of Indicators: Integrates various technical metrics to filter signals, reducing false positives.
Volatility Adaptability: The use of ATR for Stop Loss and Take Profit allows the strategy to adapt to real-time market conditions.
Focus on Post-Lateralization Breakout: Aims to capitalize on significant moves following consolidation periods, often associated with strong directional trends.
Important Notes:
Commissions and Slippage: Include commissions and slippage in settings for more realistic simulations.
Capital Size: Use a realistic trading capital for the average user.
Number of Trades: Ensure backtesting covers a sufficient number of trades to validate the strategy (ideally more than 100 trades).
Warning: Past results do not guarantee future performance. The strategy should be used as part of a comprehensive trading approach.
With this strategy, traders can identify and exploit specific market opportunities supported by a robust set of technical indicators and filters, potentially enhancing their trading decisions during key times of the day.
The Vet [TFO]In collaboration with @mickey1984 , "The Vet" was created to showcase various statistical measures of price.
The first core measurement utilizes the Defining Range (DR) concept on a weekly basis. For example, we might track the session from 09:30-10:30 on Mondays to get the DR high, DR low, IDR high, and IDR low. The DR high and low are the highest high and lowest low of the session, respectively, whereas the IDR high and low would be the highest candle body level (open or close) and lowest candle body level, respectively, during this window of time.
From this data, we use the IDR range (from IDR high to IDR low) to extrapolate several, custom projections of this range from its high and low so that we can collect data on how often these levels are hit, from the close of one DR session to the open of the next one.
This information is displayed in the Range Projection Table with a few main columns of information:
- The leftmost column indicates each level that is projected from the IDR range, where (+) indicates a projection above the range high, and (-) indicates a projection below the range low
- The "First Touch" column indicates how often price has reached these levels in the past at any point until the next weekly DR session
- The "Other Side Touch" column indicates how often price has reached a given level, then reversed to hit the opposing level of the same magnitude. For example, the above chart shows that if price hit the +1 projection, ~33% of instances also hit the -1 projection before the next weekly DR session. For this reason, the probabilities will be the same for projection levels of the same but opposite magnitude (+1 would be the same as -1, +3 would be the same as -3, etc.)
- The "Next Level Touch" column provides insight into how often price reaches the next greatest projection level. For example, in the above chart, the red box in the projection table is highlighting that once price hits the -2 projection, ~86% of instances reached the -3 projection before the next weekly DR session
- The last columns, "Within ADR" and "Within AWR" show if any of the projection levels are within the current Average Daily Range, or Average Weekly Range, respectively, which can both be enabled from the Average Range section
The next section, Distributions, primarily measures and displays the average price movements from specified intraday time windows. The option to Show Distribution Boxes will overlay a box showing each respective session's average range, while adjusting itself to encapsulate the price action of that session until the average range is met/exceeded. Users can choose to display the range average by Day of Week, or the Total average from all days. Values for average ranges can either be shown as point or percent values. We can also show a table to display this information about price's average ranges for each given session, and show labels displaying the current range vs its average.
The final section, Average Range, simply offers the ability to plot the Average Daily Range (ADR) and Average Weekly Range (AWR) of a specified length. An ADR of 10 for example would take the average of the last 10 days, from high to low, while an AWR of 10 would take the average of the last 10 weeks (if the current chart provides enough data to support this). Similarly, we can also show the Average Range Table to indicate what these ADR/AWR values are, what our current range is and how it compares to those values, as well as some simple statistics on how often these levels are hit. As an example, "Hit +/- ADR: 40%/35%" in this table would indicate that price has hit the upper ADR limit 40% of the time, and the lower limit 35% of the time, for the amount of data available on the current chart.
Smart Money Concepts by WeloTradesThe "Smart Money Concepts by WeloTrades" indicator is designed to offer traders a comprehensive tool that integrates multiple advanced features to aid in market analysis. By combining order blocks, liquidity levels, fair value gaps, trendlines, and market structure analysis, the indicator provides a holistic approach to understanding market dynamics and making informed trading decisions.
Components and Their Integration:
Order Blocks and Breaker Blocks Detection
Functionality: Order blocks represent areas where significant buying or selling occurred, creating potential support or resistance zones. Breaker blocks signal potential reversals.
Integration: By detecting and visualizing these blocks, the indicator helps traders identify key levels where price might react, aiding in entry and exit decisions. The customizable settings allow traders to adjust the visibility and parameters to suit their specific trading strategy.
Liquidity Levels Analysis
Functionality: Liquidity levels indicate zones where significant price movements can occur due to the presence of large orders. These are areas where smart money might be executing trades.
Integration: By tracking these high-probability liquidity areas, traders can anticipate potential price movements. Customizable display limits and mitigation strategies ensure that the information is tailored to the trader’s needs, providing precise and actionable insights.
Fair Value Gaps (FVG)
Functionality: Fair value gaps highlight areas where there is an imbalance between buyers and sellers. These gaps often represent potential trading opportunities.
Integration: The ability to identify and analyze FVGs helps traders spot potential entries based on market inefficiencies. The touch and break detection functionalities provide further refinement, enhancing the precision of trading signals.
Trendlines
Functionality: Trendlines help in identifying the direction of the market and potential reversal points. The additional trendline adds a layer of confirmation for breaks or retests.
Integration: Automatically drawn trendlines assist traders in visualizing market trends and making decisions about potential entries and exits. The additional trendline for stronger confirmation reduces the risk of false signals, providing more reliable trading opportunities.
Market Structure Analysis
Functionality: Understanding market structure is crucial for identifying key support and resistance levels and overall market dynamics. This component displays internal, external, and composite market structures.
Integration: By automatically highlighting shifts in market structure, the indicator helps traders recognize important levels and potential changes in market direction. This analysis is critical for strategic planning and execution in trading.
Customizable Alerts
Functionality: Alerts ensure that traders do not miss significant market events, such as the formation or breach of order blocks, liquidity levels, and trendline interactions.
Integration: Customizable alerts enhance the user experience by providing timely notifications of key events. This feature ensures that traders can act quickly and efficiently, leveraging the insights provided by the indicator.
Interactive Visualization
Functionality: Customizable visual aspects of the indicator allow traders to tailor the display to their preferences and trading style.
Integration: This feature enhances user engagement and usability, making it easier for traders to interpret the data and make informed decisions. Personalization options like colors, styles, and display formats improve the overall effectiveness of the indicator.
How Components Work Together
Comprehensive Market Analysis
Each component of the indicator addresses a different aspect of market analysis. Order blocks and liquidity levels highlight potential support and resistance zones, while fair value gaps and trendlines provide additional context for potential entries and exits. Market structure analysis ties everything together by offering a broad view of market dynamics.
Synergistic Insights
The integration of multiple features allows for cross-validation of trading signals. For instance, an order block coinciding with a high-probability liquidity level and a fair value gap can provide a stronger signal than any of these features alone. This synergy enhances the reliability of the insights and trading signals generated by the indicator.
Enhanced Decision Making
By combining these advanced features into a single tool, traders are equipped with a powerful resource for making informed decisions. The customizable alerts and interactive visualization further support this by ensuring that traders can act quickly on the insights provided.
Order Blocks ( OB) & Breaker Blocks (BB) Visuals:
📝 OB Input Settings
📊 Timeframe #1
TF #1🕑: Enable or disable Timeframe 1.
What it is: A boolean input to toggle the use of the first timeframe.
What it does: Enables or disables Timeframe 1 for the OB settings.
How to use it: Check or uncheck the box to enable or disable.
📊 Timeframe 1 Selection
Timeframe #1🕑: Select the timeframe for Timeframe 1.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Timeframe 1.
How to use it: Choose a timeframe from the dropdown list.
📊 Timeframe #2
TF #2🕑: Enable or disable Timeframe 2.
What it is: A boolean input to toggle the use of the second timeframe.
What it does: Enables or disables Timeframe 2 for the OB settings.
How to use it: Check or uncheck the box to enable or disable.
📊 Timeframe 2 Selection
Timeframe #2🕑: Select the timeframe for Timeframe 2.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Timeframe 2.
How to use it: Choose a timeframe from the dropdown list.
Additional Info: Higher TF Chart & Lower TF Setting / Lower TF Chart & Higher TF Setting.
📏 Show OBs
OB (Length)📏: Toggle the display of Order Blocks.
What it is: A boolean input to enable or disable the display of Order Blocks.
What it does: Shows or hides Order Blocks based on the selected swing length.
How to use it: Check or uncheck the box to enable or disable.
📏 Swing Length Option
Swing Length Option: Select the swing length option.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swings for Order Blocks.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
🔧 Custom Swing Length
🔧custom: Specify a custom swing length.
What it is: An integer input for setting a custom swing length.
What it does: Overrides the default swing lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
📛 Show BBs
BB (Method)📛: Toggle the display of Breaker Blocks.
What it is: A boolean input to enable or disable the display of Breaker Blocks.
What it does: Shows or hides Breaker Blocks.
How to use it: Check or uncheck the box to enable or disable.
📛 OB End Method
OB End Method: Select the method for determining the end of a Breaker Block.
What it is: A dropdown to choose between Wick and Close.
What it does: Sets the criteria for when a Breaker Block is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info: Wicks: OB is mitigated when the price wicks through the OB Level. Close: OB is mitigated when the closing price is within the OB Level.
🔍 Max Bullish Zones
🔍Max Bullish: Set the maximum number of Bullish Order Blocks to display.
What it is: A dropdown to select the maximum number of Bullish Order Blocks.
What it does: Limits the number of Bullish Order Blocks shown on the chart.
How to use it: Choose a value from the dropdown (1-10).
🔍 Max Bearish Zones
🔍Max Bearish: Set the maximum number of Bearish Order Blocks to display.
What it is: A dropdown to select the maximum number of Bearish Order Blocks.
What it does: Limits the number of Bearish Order Blocks shown on the chart.
How to use it: Choose a value from the dropdown (1-10).
🟩 Bullish OB Color
Bullish OB Color: Set the color for Bullish Order Blocks.
What it is: A color picker to set the color of Bullish Order Blocks.
What it does: Changes the color of Bullish Order Blocks on the chart.
How to use it: Select a color from the color picker.
🟥 Bearish OB Color
Bearish OB Color: Set the color for Bearish Order Blocks.
What it is: A color picker to set the color of Bearish Order Blocks.
What it does: Changes the color of Bearish Order Blocks on the chart.
How to use it: Select a color from the color picker.
🔧 OB & BB Range
↔ OB & BB Range: Select the range option for OB and BB.
What it is: A dropdown to choose between RANGE and CUSTOM.
What it does: Sets how far the OB or BB should extend.
How to use it: Choose an option from the dropdown.
Additional Info: RANGE = Current price, CUSTOM = Adjustable Range.
🔧 Custom OB & BB Range
🔧Custom: Specify a custom range for OB and BB.
What it is: An integer input for setting a custom range.
What it does: Defines how far the OB or BB should go, based on a custom value.
How to use it: Enter a custom integer value (range: 1000-500000).
💬 Text Options
💬Text Options: Set text size and color for OB and BB.
What it is: A dropdown to select text size and a color picker to choose text color.
What it does: Changes the size and color of the text displayed for OB and BB.
How to use it: Select a size from the dropdown and a color from the color picker.
💬 Show Timeframe OB
Text: Toggle to display the timeframe of OB.
What it is: A boolean input to show or hide the timeframe text for OB.
What it does: Displays the timeframe information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
💬 Show Volume
Volume: Toggle to display the volume of OB.
What it is: A boolean input to show or hide the volume information for Order Blocks.
What it does: Displays the volume information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The volume displayed represents the total trading volume that occurred during the formation of the Order Block. This can indicate the level of participation or interest in that price level.
How it's calculated: The volume is the sum of all traded volumes within the candles that form the Order Block.
What it means: Higher volume at an Order Block level may suggest stronger support or resistance. It shows the amount of trading activity and can be an indicator of the potential strength or validity of the Order Block.
Why it's shown: To give traders an idea of the market participation and to help assess the strength of the Order Block.
💬 Show Percentage
%: Toggle to display the percentage of OB.
What it is: A boolean input to show or hide the percentage information for Order Blocks.
What it does: Displays the percentage information for Order Blocks on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The percentage displayed usually represents the proportion of price movement relative to the Order Block.
How it's calculated: This can be the percentage move from the start to the end of the Order Block or the retracement level that price has reached relative to the Order Block's range.
What it means: It helps traders understand the extent of price movement within the Order Block and can indicate the significance of the price level.
Why it's shown: To provide a clearer understanding of the price dynamics and the importance of the Order Block within the overall price movement.
Additional Information
Volume Example: If an Order Block forms over three candles with volumes of 100, 150, and 200, the total volume displayed for that Order Block would be 450.
Percentage Example: If the price moves from 100 to 110 within an Order Block, and the total range of the Order Block is from 100 to 120, the percentage shown might be 50% (since the price has moved halfway through the Order Block's range).
Liquidity Levels visuals:
📊 Liquidity Levels Input Settings
📊 Current Timeframe
TF #1🕑: Enable or disable the current timeframe.
What it is: A boolean input to toggle the use of the current timeframe.
What it does: Enables or disables the display of liquidity levels for the current timeframe.
How to use it: Check or uncheck the box to enable or disable.
📊 Higher Timeframe
Higher Timeframe: Select the higher timeframe for liquidity levels.
What it is: A dropdown to select the desired higher timeframe.
What it does: Sets the higher timeframe for liquidity levels.
How to use it: Choose a timeframe from the dropdown list.
📏 Liquidity Length Option
📏Liquidity Length: Select the length for liquidity levels.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swings for liquidity levels.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
🔧 Custom Liquidity Length
🔧custom: Specify a custom length for liquidity levels.
What it is: An integer input for setting a custom swing length.
What it does: Overrides the default liquidity lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
📛 Mitigation Method
📛Mitigation (Method): Select the method for determining the mitigation of liquidity levels.
What it is: A dropdown to choose between Close and Wick.
What it does: Sets the criteria for when a liquidity level is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info:
Wick: Level is mitigated when the price wicks through the level.
Close: Level is mitigated when the closing price is within the level.
📛 Display Mitigated Levels
-: Select to display or hide mitigated levels.
What it is: A dropdown to choose between Remove and Show.
What it does: Displays or hides mitigated liquidity levels.
How to use it: Choose an option from the dropdown.
Additional Info:
Remove: Hide mitigated levels.
Show: Display mitigated levels.
🔍 Max Buy Side Liquidity
🔍Max Buy Side Liquidity: Set the maximum number of Buy Side Liquidity Levels to display.
What it is: An integer input to set the maximum number of Buy Side Liquidity Levels.
What it does: Limits the number of Buy Side Liquidity Levels shown on the chart.
How to use it: Enter a value between 0 and 50.
🟦 Buy Side Liquidity Color
Buy Side Liquidity Color: Set the color for Buy Side Liquidity Levels.
What it is: A color picker to set the color of Buy Side Liquidity Levels.
What it does: Changes the color of Buy Side Liquidity Levels on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Buy Side Liquidity Levels to display. Default: 5, Min: 1, Max: 50.
If liquidity levels are not displayed as expected, try increasing the max count.
🔍 Max Sell Side Liquidity
🔍Max Sell Side Liquidity: Set the maximum number of Sell Side Liquidity Levels to display.
What it is: An integer input to set the maximum number of Sell Side Liquidity Levels.
What it does: Limits the number of Sell Side Liquidity Levels shown on the chart.
How to use it: Enter a value between 0 and 50.
🟥 Sell Side Liquidity Color
Sell Side Liquidity Color: Set the color for Sell Side Liquidity Levels.
What it is: A color picker to set the color of Sell Side Liquidity Levels.
What it does: Changes the color of Sell Side Liquidity Levels on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Sell Side Liquidity Levels to display. Default: 5, Min: 1, Max: 50.
If liquidity levels are not displayed as expected, try increasing the max count.
✂ Box Style (Height)
✂ Box Style (↕): Set the box height style for liquidity levels.
What it is: A float input to set the height of the boxes.
What it does: Adjusts the height of the boxes displaying liquidity levels.
How to use it: Enter a value between -50 and 50.
Additional Info: Default value is -5.
📏 Box Length
b: Set the box length of liquidity levels.
What it is: An integer input to set the length of the boxes.
What it does: Adjusts the length of the boxes displaying liquidity levels.
How to use it: Enter a value between 0 and 500.
Additional Info: Default value is 20.
⏭ Extend Liquidity Levels
Extend ⏭: Toggle to extend liquidity levels beyond the current range.
What it is: A boolean input to enable or disable the extension of liquidity levels.
What it does: Extends liquidity levels beyond their default range.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Extend liquidity levels beyond the current range.
💬 Text Options
💬 Text Options: Set text size and color for liquidity levels.
What it is: A dropdown to select text size and a color picker to choose text color.
What it does: Changes the size and color of the text displayed for liquidity levels.
How to use it: Select a size from the dropdown and a color from the color picker.
💬 Show Text
Text: Toggle to display text for liquidity levels.
What it is: A boolean input to show or hide the text for liquidity levels.
What it does: Displays the text information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
💬 Show Volume
Volume: Toggle to display the volume of liquidity levels.
What it is: A boolean input to show or hide the volume information for liquidity levels.
What it does: Displays the volume information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The volume displayed represents the total trading volume that occurred during the formation of the liquidity level. This can indicate the level of participation or interest in that price level.
How it's calculated: The volume is the sum of all traded volumes within the candles that form the liquidity level.
What it means: Higher volume at a liquidity level may suggest stronger support or resistance. It shows the amount of trading activity and can be an indicator of the potential strength or validity of the liquidity level.
Why it's shown: To give traders an idea of the market participation and to help assess the strength of the liquidity level.
💬 Show Percentage
%: Toggle to display the percentage of liquidity levels.
What it is: A boolean input to show or hide the percentage information for liquidity levels.
What it does: Displays the percentage information for liquidity levels on the chart.
How to use it: Check or uncheck the box to enable or disable.
Additional Info:
What it represents: The percentage displayed usually represents the proportion of price movement relative to the liquidity level.
How it's calculated: This can be the percentage move from the start to the end of the liquidity level or the retracement level that price has reached relative to the liquidity level's range.
What it means: It helps traders understand the extent of price movement within the liquidity level and can indicate the significance of the price level.
Why it's shown: To provide a clearer understanding of the price dynamics and the importance of the liquidity level within the overall price movement.
Fair Value Gaps visuals:
📊 Fair Value Gaps Input Settings
📊 Show FVG
TF #1🕑: Enable or disable Fair Value Gaps for Timeframe 1.
What it is: A boolean input to toggle the display of Fair Value Gaps.
What it does: Shows or hides Fair Value Gaps on the chart.
How to use it: Check or uncheck the box to enable or disable.
📊 Select Timeframe
Timeframe: Select the timeframe for Fair Value Gaps.
What it is: A dropdown to select the desired timeframe.
What it does: Sets the timeframe for Fair Value Gaps.
How to use it: Choose a timeframe from the dropdown list.
Additional Info: Higher TF Chart & Lower TF Setting or Lower TF Chart & Higher TF Setting.
📛 FVG Break Method
📛FVG Break (Method): Select the method for determining when an FVG is mitigated.
What it is: A dropdown to choose between Touch, Wicks, Close, or Average.
What it does: Sets the criteria for when a Fair Value Gap is considered mitigated.
How to use it: Choose an option from the dropdown.
Additional Info:
Touch: FVG is mitigated when the price touches the gap.
Wicks: FVG is mitigated when the price wicks through the gap.
Close: FVG is mitigated when the closing price is within the gap.
Average: FVG is mitigated when the average price (average of high and low) is within the gap.
📛 Show Mitigated FVG
show: Toggle to display mitigated FVGs.
What it is: A boolean input to show or hide mitigated Fair Value Gaps.
What it does: Displays or hides mitigated Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
📛 Fill FVG
Fill: Toggle to fill Fair Value Gaps.
What it is: A boolean input to fill the Fair Value Gaps with color.
What it does: Adds a color fill to the Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
📛 Shade FVG
Shade: Toggle to shade Fair Value Gaps.
What it is: A boolean input to shade the Fair Value Gaps.
What it does: Adds a shade effect to the Fair Value Gaps.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Select the method to break FVGs and toggle the visibility of FVG Breaks (fill FVG and/or shade FVG).
🔍 Max Bullish FVG
🔍Max Bullish FVG: Set the maximum number of Bullish Fair Value Gaps to display.
What it is: An integer input to set the maximum number of Bullish Fair Value Gaps.
What it does: Limits the number of Bullish Fair Value Gaps shown on the chart.
How to use it: Enter a value between 0 and 50.
🔍 Max Bearish FVG
🔍Max Bearish FVG: Set the maximum number of Bearish Fair Value Gaps to display.
What it is: An integer input to set the maximum number of Bearish Fair Value Gaps.
What it does: Limits the number of Bearish Fair Value Gaps shown on the chart.
How to use it: Enter a value between 0 and 50.
🟥 Bearish FVG Color
Bearish FVG Color: Set the color for Bearish Fair Value Gaps.
What it is: A color picker to set the color of Bearish Fair Value Gaps.
What it does: Changes the color of Bearish Fair Value Gaps on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Bearish Fair Value Gaps to display. Default: 5, Min: 1, Max: 50.
If Fair Value Gaps are not displayed as expected, try increasing the max count.
🟦 Bullish FVG Color
Bullish FVG Color: Set the color for Bullish Fair Value Gaps.
What it is: A color picker to set the color of Bullish Fair Value Gaps.
What it does: Changes the color of Bullish Fair Value Gaps on the chart.
How to use it: Select a color from the color picker.
Additional Info:
Tooltip: Set the maximum number of Bullish Fair Value Gaps to display. Default: 5, Min: 1, Max: 50.
If Fair Value Gaps are not displayed as expected, try increasing the max count.
📏 FVG Range
↔ FVG Range: Set the range for Fair Value Gaps.
What it is: An integer input to set the range of the Fair Value Gaps.
What it does: Adjusts the range of the Fair Value Gaps displayed.
How to use it: Enter a value between 0 and 100.
Additional Info: Adjustable length only works when both RANGE & EXTEND display OFF. Range=current price, Extend=Full Range.
⏭ Extend FVG
Extend⏭: Toggle to extend Fair Value Gaps beyond the current range.
What it is: A boolean input to enable or disable the extension of Fair Value Gaps.
What it does: Extends Fair Value Gaps beyond their default range.
How to use it: Check or uncheck the box to enable or disable.
⏯ FVG Range
Range⏯: Toggle the range of Fair Value Gaps.
What it is: A boolean input to enable or disable the range display for Fair Value Gaps.
What it does: Sets the range of Fair Value Gaps displayed.
How to use it: Check or uncheck the box to enable or disable.
↕ Max Width
↕ Max Width: Set the maximum width of Fair Value Gaps.
What it is: A float input to set the maximum width of Fair Value Gaps.
What it does: Limits the width of Fair Value Gaps as a percentage of the price range.
How to use it: Enter a value between 0 and 5.0.
Additional Info: FVGs wider than this value will be ignored.
♻ Filter FVG
Filter FVG ♻: Toggle to filter out small Fair Value Gaps.
What it is: A boolean input to filter out small Fair Value Gaps.
What it does: Ignores Fair Value Gaps smaller than the specified max width.
How to use it: Check or uncheck the box to enable or disable.
➖ Mid Line Style
➖Mid Line Style: Select the style of the mid line for Fair Value Gaps.
What it is: A dropdown to choose between Solid, Dashed, or Dotted.
What it does: Sets the style of the mid line within Fair Value Gaps.
How to use it: Choose an option from the dropdown.
🎨 Mid Line Color
Mid Line Color: Set the color for the mid line within Fair Value Gaps.
What it is: A color picker to set the color of the mid line.
What it does: Changes the color of the mid line within Fair Value Gaps.
How to use it: Select a color from the color picker.
Additional Information
Mitigation Methods: Each method (Touch, Wicks, Close, Average) provides different criteria for when a Fair Value Gap is considered mitigated, helping traders to understand the dynamics of price movements within gaps.
Volume and Percentage: Displaying volume and percentage information for Fair Value Gaps helps traders gauge the strength and significance of these gaps in relation to trading activity and price movements.
Trendlines visuals:
📊 Trendlines Input Settings
📊 Show Trendlines
Trendlines & Trendlines Difference(%) ↕: Enable or disable trendlines and set the percentage difference from the first trendline.
What it is: A boolean input to toggle the display of trendlines.
What it does: Shows or hides trendlines on the chart and allows setting a percentage difference from the first trendline.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: The percentage difference determines the distance of the second trendline from the first one.
📏 Trendline Length Option
📏Trendline Length: Select the length for trendlines.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of trendlines.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=50, MID=100, LONG=200.
🔧 Custom Trendline Length
🔧custom: Specify a custom length for trendlines.
What it is: An integer input for setting a custom trendline length.
What it does: Overrides the default trendline lengths if set to CUSTOM.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
🔍 Max Bearish Trendlines
🔍Max Trendlines Bearish: Set the maximum number of bearish trendlines to display.
What it is: A dropdown to select the maximum number of bearish trendlines.
What it does: Limits the number of bearish trendlines shown on the chart.
How to use it: Choose a value from the dropdown (2-20).
🟩 Bearish Trendline Color
Bearish Trendline Color: Set the color for bearish trendlines.
What it is: A color picker to set the color of bearish trendlines.
What it does: Changes the color of bearish trendlines on the chart.
How to use it: Select a color from the color picker.
Additional Info: Adjust to control how many bearish trendlines are displayed.
🔍 Max Bullish Trendlines
🔍Max Trendlines Bullish: Set the maximum number of bullish trendlines to display.
What it is: A dropdown to select the maximum number of bullish trendlines.
What it does: Limits the number of bullish trendlines shown on the chart.
How to use it: Choose a value from the dropdown (2-20).
🟥 Bullish Trendline Color
Bullish Trendline Color: Set the color for bullish trendlines.
What it is: A color picker to set the color of bullish trendlines.
What it does: Changes the color of bullish trendlines on the chart.
How to use it: Select a color from the color picker.
Additional Info: Adjust to control how many bullish trendlines are displayed.
📐 Degrees Text
📐Degrees ° (💬 Size): Enable or disable degrees text and set its size and color.
What it is: A boolean input to show or hide the degrees text for trendlines.
What it does: Displays the degrees text for trendlines.
How to use it: Check or uncheck the box to enable or disable.
📏 Text Size for Degrees
Text Size: Set the text size for degrees on trendlines.
What it is: A dropdown to select the size of the degrees text.
What it does: Changes the size of the degrees text displayed for trendlines.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🎨 Degrees Text Color
Degrees Text Color: Set the color for the degrees text on trendlines.
What it is: A color picker to set the color of the degrees text.
What it does: Changes the color of the degrees text on the chart.
How to use it: Select a color from the color picker.
♻ Filter Degrees
♻ Filter Degrees °: Enable or disable angle filtering and set the angle range.
What it is: A boolean input to filter trendlines by their angle.
What it does: Shows only trendlines within a specified angle range.
How to use it: Check or uncheck the box to enable or disable.
Additional Info: Angles outside this range will be filtered out.
🔢 Angle Range
Angle Range: Set the angle range for filtering trendlines.
What it is: Two float inputs to set the minimum and maximum angle for trendlines.
What it does: Defines the range of angles for which trendlines will be shown.
How to use it: Enter values for the minimum and maximum angles.
➖ Line Style
➖Style #1 & #2: Select the style of the primary and secondary trendlines.
What it is: Two dropdowns to choose between Solid, Dashed, or Dotted for the trendlines.
What it does: Sets the style of the primary and secondary trendlines.
How to use it: Choose a style from each dropdown.
📏 Line Thickness
: Set the thickness for the trendlines.
What it is: An integer input to set the thickness of the trendlines.
What it does: Adjusts the thickness of the trendlines displayed on the chart.
How to use it: Enter a value between 1 and 5.
Additional Information
Trendline Percentage Difference: Setting a percentage difference helps in analyzing the relative position and angle of trendlines.
Filtering by Angle: This feature allows focusing on trendlines within a specific angle range, enhancing the clarity of trend analysis.
BOS & CHOCH Market Structure visuals:
📊 BOS & CHOCH Market Structure Input Settings
📏 Market Structure Length Option
📏Market Structure: Select the market structure length option.
What it is: A dropdown to choose between INTERNAL, EXTERNAL, ALL, CUSTOM, or NONE.
What it does: Sets the type of market structure to be displayed.
How to use it: Choose an option from the dropdown.
Additional Info:
INTERNAL: Only internal structure.
EXTERNAL: Only external structure.
ALL: Both internal and external structures.
CUSTOM: Custom lengths.
NONE: No structure.
🔧 Custom Internal Length
🔧Custom Internal: Specify a custom length for internal market structure.
What it is: An integer input for setting a custom internal length.
What it does: Defines the length of internal market structures if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
💬 Internal Label Size
💬Internal Label Size: Set the label size for internal market structures.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for internal market structures.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 Internal Bullish Color
Internal Bullish Color: Set the color for bullish internal market structures.
What it is: A color picker to set the color of bullish internal market structures.
What it does: Changes the color of bullish internal market structures on the chart.
How to use it: Select a color from the color picker.
🟥 Internal Bearish Color
Internal Bearish Color: Set the color for bearish internal market structures.
What it is: A color picker to set the color of bearish internal market structures.
What it does: Changes the color of bearish internal market structures on the chart.
How to use it: Select a color from the color picker.
🔧 Custom External Length
🔧Custom External: Specify a custom length for external market structure.
What it is: An integer input for setting a custom external length.
What it does: Defines the length of external market structures if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
💬 External Label Size
💬External Label Size: Set the label size for external market structures.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for external market structures.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 External Bullish Color
External Bullish Color: Set the color for bullish external market structures.
What it is: A color picker to set the color of bullish external market structures.
What it does: Changes the color of bullish external market structures on the chart.
How to use it: Select a color from the color picker.
🟥 External Bearish Color
External Bearish Color: Set the color for bearish external market structures.
What it is: A color picker to set the color of bearish external market structures.
What it does: Changes the color of bearish external market structures on the chart.
How to use it: Select a color from the color picker.
📐 Show Equal Highs and Lows
EQL & EQH📐: Toggle visibility for equal highs and lows.
What it is: A boolean input to show or hide equal highs and lows.
What it does: Displays or hides equal highs and lows on the chart.
How to use it: Check or uncheck the box to enable or disable.
📏 Equal Highs and Lows Threshold
Equal Highs and Lows Threshold: Set the threshold for equal highs and lows.
What it is: A float input to set the threshold for equal highs and lows.
What it does: Defines the range within which highs and lows are considered equal.
How to use it: Enter a value between 0 and 10.
💬 Label Size for Equal Highs and Lows
💬Label Size for Equal Highs and Lows: Set the label size for equal highs and lows.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for equal highs and lows.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🟩 Bullish Color for Equal Highs and Lows
Bullish Color for Equal Highs and Lows: Set the color for bullish equal highs and lows.
What it is: A color picker to set the color of bullish equal highs and lows.
What it does: Changes the color of bullish equal highs and lows on the chart.
How to use it: Select a color from the color picker.
🟥 Bearish Color for Equal Highs and Lows
Bearish Color for Equal Highs and Lows: Set the color for bearish equal highs and lows.
What it is: A color picker to set the color of bearish equal highs and lows.
What it does: Changes the color of bearish equal highs and lows on the chart.
How to use it: Select a color from the color picker.
📏 Show Swing Points
Swing Points📏: Toggle visibility for swing points.
What it is: A boolean input to show or hide swing points.
What it does: Displays or hides swing points on the chart.
How to use it: Check or uncheck the box to enable or disable.
📏 Swing Points Length Option
Swing Points Length Option: Select the length for swing points.
What it is: A dropdown to choose between SHORT, MID, LONG, or CUSTOM.
What it does: Sets the length of swing points.
How to use it: Choose an option from the dropdown.
Additional Info: Default lengths are SHORT=10, MID=28, LONG=50.
💬 Swing Points Label Size
💬Swing Points Label Size: Set the label size for swing points.
What it is: A dropdown to select the size of the labels.
What it does: Changes the size of the labels for swing points.
How to use it: Choose a size from the dropdown (XS, S, M, L, XL).
🎨 Swing Points Color
Swing Points Color: Set the color for swing points.
What it is: A color picker to set the color of swing points.
What it does: Changes the color of swing points on the chart.
How to use it: Select a color from the color picker.
🔧 Custom Swing Points Length
🔧Custom Swings: Specify a custom length for swing points.
What it is: An integer input for setting a custom length for swing points.
What it does: Defines the length of swing points if CUSTOM is selected.
How to use it: Enter a custom integer value (only shown when CUSTOM is selected).
Additional Information
Market Structure Types: Understanding internal and external structures helps in analyzing different market behaviors.
Equal Highs and Lows: This feature identifies areas where price action is balanced, which can be significant for trading strategies.
Swing Points: Highlighting swing points aids in recognizing significant market reversals or continuations.
Benefits
Enhance your trading strategy by visualizing smart money's influence on price movements.
Make informed decisions with real-time data on significant market structures.
Reduce manual analysis with automated detection of key trading signals.
Ideal For
Traders looking for an edge in forex, equities, and cryptocurrency markets by understanding the underlying forces driving market dynamics.
Acknowledgements
Special thanks to these amazing creators for inspiration and their creations:
I want to thank these amazing creators for creating there amazing indicators , that inspired me and also gave me a head start by making this indicator! Without their amazing indicators it wouldn't be possible!
Flux Charts: Volumized Order Blocks
LuxAlgo: Trend Lines
UAlgo: Fair Value Gaps (FVG)
By Leviathan: Market Structure
Sonarlab: Liquidity Levels
Note
Remember to always backtest the indicator first before integrating it into your strategy! For any questions about the indicator, please feel free to ask for assistance.
Bitcoin Macro Trend Map [Ox_kali]
## Introduction
__________________________________________________________________________________
The “Bitcoin Macro Trend Map” script is designed to provide a comprehensive analysis of Bitcoin’s macroeconomic trends. By leveraging a unique combination of Bitcoin-specific macroeconomic indicators, this script helps traders identify potential market peaks and troughs with greater accuracy. It synthesizes data from multiple sources to offer a probabilistic view of market excesses, whether overbought or oversold conditions.
This script offers significant value for the following reasons:
1. Holistic Market Analysis : It integrates a diverse set of indicators that cover various aspects of the Bitcoin market, from investor sentiment and market liquidity to mining profitability and network health. This multi-faceted approach provides a more complete picture of the market than relying on a single indicator.
2. Customization and Flexibility : Users can customize the script to suit their specific trading strategies and preferences. The script offers configurable parameters for each indicator, allowing traders to adjust settings based on their analysis needs.
3. Visual Clarity : The script plots all indicators on a single chart with clear visual cues. This includes color-coded indicators and background changes based on market conditions, making it easy for traders to quickly interpret complex data.
4. Proven Indicators : The script utilizes well-established indicators like the EMA, NUPL, PUELL Multiple, and Hash Ribbons, which are widely recognized in the trading community for their effectiveness in predicting market movements.
5. A New Comprehensive Indicator : By integrating background color changes based on the aggregate signals of various indicators, this script essentially creates a new, comprehensive indicator tailored specifically for Bitcoin. This visual representation provides an immediate overview of market conditions, enhancing the ability to spot potential market reversals.
Optimal for use on timeframes ranging from 1 day to 1 week , the “Bitcoin Macro Trend Map” provides traders with actionable insights, enhancing their ability to make informed decisions in the highly volatile Bitcoin market. By combining these indicators, the script delivers a robust tool for identifying market extremes and potential reversal points.
## Key Indicators
__________________________________________________________________________________
Macroeconomic Data: The script combines several relevant macroeconomic indicators for Bitcoin, such as the 10-month EMA, M2 money supply, CVDD, Pi Cycle, NUPL, PUELL, MRVR Z-Scores, and Hash Ribbons (Full description bellow).
Open Source Sources: Most of the scripts used are sourced from open-source projects that I have modified to meet the specific needs of this script.
Recommended Timeframes: For optimal performance, it is recommended to use this script on timeframes ranging from 1 day to 1 week.
Objective: The primary goal is to provide a probabilistic solution to identify market excesses, whether overbought or oversold points.
## Originality and Purpose
__________________________________________________________________________________
This script stands out by integrating multiple macroeconomic indicators into a single comprehensive tool. Each indicator is carefully selected and customized to provide insights into different aspects of the Bitcoin market. By combining these indicators, the script offers a holistic view of market conditions, helping traders identify potential tops and bottoms with greater accuracy. This is the first version of the script, and additional macroeconomic indicators will be added in the future based on user feedback and other inputs.
## How It Works
__________________________________________________________________________________
The script works by plotting each macroeconomic indicator on a single chart, allowing users to visualize and interpret the data easily. Here’s a detailed look at how each indicator contributes to the analysis:
EMA 10 Monthly: Uses an exponential moving average over 10 monthly periods to signal bullish and bearish trends. This indicator helps identify long-term trends in the Bitcoin market by smoothing out price fluctuations to reveal the underlying trend direction.Moving Averages w/ 18 day/week/month.
Credit to @ryanman0
M2 Money Supply: Analyzes the evolution of global money supply, indicating market liquidity conditions. This indicator tracks the changes in the total amount of money available in the economy, which can impact Bitcoin’s value as a hedge against inflation or economic instability.
Credit to @dylanleclair
CVDD (Cumulative Value Days Destroyed): An indicator based on the cumulative value of days destroyed, useful for identifying market turning points. This metric helps assess the Bitcoin market’s health by evaluating the age and value of coins that are moved, indicating potential shifts in market sentiment.
Credit to @Da_Prof
Pi Cycle: Uses simple and exponential moving averages to detect potential sell points. This indicator aims to identify cyclical peaks in Bitcoin’s price, providing signals for potential market tops.
Credit to @NoCreditsLeft
NUPL (Net Unrealized Profit/Loss): Measures investors’ unrealized profit or loss to signal extreme market levels. This indicator shows the net profit or loss of Bitcoin holders as a percentage of the market cap, helping to identify periods of significant market optimism or pessimism.
Credit to @Da_Prof
PUELL Multiple: Assesses mining profitability relative to historical averages to indicate buying or selling opportunities. This indicator compares the daily issuance value of Bitcoin to its yearly average, providing insights into when the market is overbought or oversold based on miner behavior.
Credit to @Da_Prof
MRVR Z-Scores: Compares market value to realized value to identify overbought or oversold conditions. This metric helps gauge the overall market sentiment by comparing Bitcoin’s market value to its realized value, identifying potential reversal points.
Credit to @Pinnacle_Investor
Hash Ribbons: Uses hash rate variations to signal buying opportunities based on miner capitulation and recovery. This indicator tracks the health of the Bitcoin network by analyzing hash rate trends, helping to identify periods of miner capitulation and subsequent recoveries as potential buying opportunities.
Credit to @ROBO_Trading
## Indicator Visualization and Interpretation
__________________________________________________________________________________
For each horizontal line representing an indicator, a legend is displayed on the right side of the chart. If the conditions are positive for an indicator, it will turn green, indicating the end of a bearish trend. Conversely, if the conditions are negative, the indicator will turn red, signaling the end of a bullish trend.
The background color of the chart changes based on the average of green or red indicators. This parameter is configurable, allowing adjustment of the threshold at which the background color changes, providing a clear visual indication of overall market conditions.
## Script Parameters
__________________________________________________________________________________
The script includes several configurable parameters to customize the display and behavior of the indicators:
Color Style:
Normal: Default colors.
Modern: Modern color style.
Monochrome: Monochrome style.
User: User-customized colors.
Custom color settings for up trends (Up Trend Color), down trends (Down Trend Color), and NaN (NaN Color)
Background Color Thresholds:
Thresholds: Settings to define the thresholds for background color change.
Low/High Red Threshold: Low and high thresholds for bearish trends.
Low/High Green Threshold: Low and high thresholds for bullish trends.
Indicator Display:
Options to show or hide specific indicators such as EMA 10 Monthly, CVDD, Pi Cycle, M2 Money, NUPL, PUELL, MRVR Z-Scores, and Hash Ribbons.
Specific Indicator Settings:
EMA 10 Monthly: Options to customize the period for the exponential moving average calculation.
M2 Money: Aggregation of global money supply data.
CVDD: Adjustments for value normalization.
Pi Cycle: Settings for simple and exponential moving averages.
NUPL: Thresholds for unrealized profit/loss values.
PUELL: Adjustments for mining profitability multiples.
MRVR Z-Scores: Settings for overbought/oversold values.
Hash Ribbons: Options for hash rate moving averages and capitulation/recovery signals.
## Conclusion
__________________________________________________________________________________
The “Bitcoin Macro Trend Map” by Ox_kali is a tool designed to analyze the Bitcoin market. By combining several macroeconomic indicators, this script helps identify market peaks and troughs. It is recommended to use it on timeframes from 1 day to 1 week for optimal trend analysis. The scripts used are sourced from open-source projects, modified to suit the specific needs of this analysis.
## Notes
__________________________________________________________________________________
This is the first version of the script and it is still in development. More indicators will likely be added in the future. Feedback and comments are welcome to improve this tool.
## Disclaimer:
__________________________________________________________________________________
Please note that the Open Interest liquidation map is not a guarantee of future market performance and should be used in conjunction with proper risk management. Always ensure that you have a thorough understanding of the indicator’s methodology and its limitations before making any investment decisions. Additionally, past performance is not indicative of future results.
Intellect_city - Halvings Bitcoin CycleWhat is halving?
The halving timer shows when the next Bitcoin halving will occur, as well as the dates of past halvings. This event occurs every 210,000 blocks, which is approximately every 4 years. Halving reduces the emission reward by half. The original Bitcoin reward was 50 BTC per block found.
Why is halving necessary?
Halving allows you to maintain an algorithmically specified emission level. Anyone can verify that no more than 21 million bitcoins can be issued using this algorithm. Moreover, everyone can see how much was issued earlier, at what speed the emission is happening now, and how many bitcoins remain to be mined in the future. Even a sharp increase or decrease in mining capacity will not significantly affect this process. In this case, during the next difficulty recalculation, which occurs every 2014 blocks, the mining difficulty will be recalculated so that blocks are still found approximately once every ten minutes.
How does halving work in Bitcoin blocks?
The miner who collects the block adds a so-called coinbase transaction. This transaction has no entry, only exit with the receipt of emission coins to your address. If the miner's block wins, then the entire network will consider these coins to have been obtained through legitimate means. The maximum reward size is determined by the algorithm; the miner can specify the maximum reward size for the current period or less. If he puts the reward higher than possible, the network will reject such a block and the miner will not receive anything. After each halving, miners have to halve the reward they assign to themselves, otherwise their blocks will be rejected and will not make it to the main branch of the blockchain.
The impact of halving on the price of Bitcoin
It is believed that with constant demand, a halving of supply should double the value of the asset. In practice, the market knows when the halving will occur and prepares for this event in advance. Typically, the Bitcoin rate begins to rise about six months before the halving, and during the halving itself it does not change much. On average for past periods, the upper peak of the rate can be observed more than a year after the halving. It is almost impossible to predict future periods because, in addition to the reduction in emissions, many other factors influence the exchange rate. For example, major hacks or bankruptcies of crypto companies, the situation on the stock market, manipulation of “whales,” or changes in legislative regulation.
---------------------------------------------
Table - Past and future Bitcoin halvings:
---------------------------------------------
Date: Number of blocks: Award:
0 - 03-01-2009 - 0 block - 50 BTC
1 - 28-11-2012 - 210000 block - 25 BTC
2 - 09-07-2016 - 420000 block - 12.5 BTC
3 - 11-05-2020 - 630000 block - 6.25 BTC
4 - 20-04-2024 - 840000 block - 3.125 BTC
5 - 24-03-2028 - 1050000 block - 1.5625 BTC
6 - 26-02-2032 - 1260000 block - 0.78125 BTC
7 - 30-01-2036 - 1470000 block - 0.390625 BTC
8 - 03-01-2040 - 1680000 block - 0.1953125 BTC
9 - 07-12-2043 - 1890000 block - 0.09765625 BTC
10 - 10-11-2047 - 2100000 block - 0.04882813 BTC
11 - 14-10-2051 - 2310000 block - 0.02441406 BTC
12 - 17-09-2055 - 2520000 block - 0.01220703 BTC
13 - 21-08-2059 - 2730000 block - 0.00610352 BTC
14 - 25-07-2063 - 2940000 block - 0.00305176 BTC
15 - 28-06-2067 - 3150000 block - 0.00152588 BTC
16 - 01-06-2071 - 3360000 block - 0.00076294 BTC
17 - 05-05-2075 - 3570000 block - 0.00038147 BTC
18 - 08-04-2079 - 3780000 block - 0.00019073 BTC
19 - 12-03-2083 - 3990000 block - 0.00009537 BTC
20 - 13-02-2087 - 4200000 block - 0.00004768 BTC
21 - 17-01-2091 - 4410000 block - 0.00002384 BTC
22 - 21-12-2094 - 4620000 block - 0.00001192 BTC
23 - 24-11-2098 - 4830000 block - 0.00000596 BTC
24 - 29-10-2102 - 5040000 block - 0.00000298 BTC
25 - 02-10-2106 - 5250000 block - 0.00000149 BTC
26 - 05-09-2110 - 5460000 block - 0.00000075 BTC
27 - 09-08-2114 - 5670000 block - 0.00000037 BTC
28 - 13-07-2118 - 5880000 block - 0.00000019 BTC
29 - 16-06-2122 - 6090000 block - 0.00000009 BTC
30 - 20-05-2126 - 6300000 block - 0.00000005 BTC
31 - 23-04-2130 - 6510000 block - 0.00000002 BTC
32 - 27-03-2134 - 6720000 block - 0.00000001 BTC
Cycles 90mThe cycles are separated by vertical lines. The first cycle (Q1) is marked with a red line because it is a manipulative cycle where you should not open positions. Other cycles are green (Q2, Q3, Q4).
You can add the time of the current candle, its size and position on the chart in the settings
The time is highlighted in red in the timeframes 9:30-9:40, 10:00-10:10, 11:00-11:30, 15:30-15:40, 16:00-16:10, 17:00-17:10, 17:30-17:40, as price movements are most often expected during these timeframes.
The cycle lines automatically disappear if you open a timeframe above M15
Channels With Patterns [ChartPrime]The Channels With Patterns indicator is an attempt at minimizing the delay in forming a trend channel. This indicator uses a single pivot in conjunction with a smooth version of the price to estimate the direction of an emerging trend. Using ATR, this indicator estimates the volatility of the new trend by adjusting the channel size by a multiple of the current ATR.
One of the biggest complains for any trend indicator is that it takes too long to create a channel or trend line. This indicator estimates the trend channel by checking if the price is moving in the correct direction and then it projects the channel from a single pivot. To allow for some margin of error, this script uses an offset to help center the channel.
This offset is generated from the ATR at the time of formation. In conjunction with forming estimated trend channels, this indicator features select candle stick patterns. These candle stick patterns are filtered by location in the formed trend channel. If the price is within an extremity of the trend channel it will appear. Filtering classical vanilla candle stick patterns using this methodology can result in some interesting results and possible confluence points for traders. For example; a bearish hammer appearing when filtered in an upper zone might add an extra level of realtime unique confluence traders.
Traders can use this script as a general trend line indicator that is a bit more forward looking than others, or it can be used it as its full blown trend channel estimator. Due to the fact that this is an estimate using the minimum possible information to make the channel, its accuracy will not always be perfect and can suffer compared to alternative methods.
When configuring the indicator it is important to understand the role of each input. Here is a description of all of the settings provided:
Presets (`preset`): This input allows users to quickly configure the indicator based on the market they are trading in. Selecting "Stocks," "Forex," or "Crypto" automatically adjusts various parameters to settings deemed optimal for these markets. The "User" option lets traders manually configure settings for a more personalized approach.
Style (`style`): This setting determines how pivot points are calculated. "Wick" uses the high and low of candlesticks (including wicks), which can be more sensitive to market extremes. "Body" uses only the open and close prices (the body of the candlesticks), potentially offering a more stable pivot point calculation.
Break Style (`break_style`): This option defines what price is used to determine if a channel has been broken. "Close" uses the closing price of a candlestick, while "High/Low" uses the highest and lowest prices. This affects how channel breaks are identified and can influence trading signals.
Instant Mode (`instant`): When enabled, this feature allows the indicator to form channels more quickly by initiating them as soon as potential formations are detected. This can provide earlier signals but may increase the risk of false positives.
ATR Length (`atr_length`): This input sets the period for the Average True Range (ATR), a common volatility indicator. A longer ATR period may smooth out the channel but could delay responsiveness to market changes. A shorter period might make the channel more responsive but potentially more erratic.
Offset Center (`offset`): Adjusts the vertical positioning of the channel. This can help in aligning the channel more accurately with the price action, depending on market conditions and personal trading strategies.
Size (`atr_multiplier`): Alters the channel's size relative to the ATR. A higher multiplier makes a wider channel, which might be useful in more volatile markets. A lower multiplier tightens the channel, which could be better for less volatile conditions.
Padding % (`padding`): This setting adjusts the padding within the top and bottom quarters of the channel. It essentially fine-tunes the channel's sensitivity to price movements near its boundaries.
Pivot Length (`pivot_length`): Determines the number of bars used to calculate pivot points. A longer length may provide more significant pivot points but can reduce the number of channels formed.
Pivot Look Forward (`look_forward`): Sets the number of bars to look forward in the pivot calculation, affecting how quickly the channel adapts to new pivots.
Average H/L Length (`avg_length`): Controls the smoothing of the high and low prices used in the channel calculation. A longer average length can lead to smoother, more gradual channel slopes.
Enable Hammer (`enable_hammer`): When enabled, the indicator will highlight Hammer candlestick patterns, which are often considered bullish reversal indicators.
Enable Inverted Hammer (`enable_ihammer`): This toggles the display of Inverted Hammer patterns, typically viewed as potential bullish reversal signals.
Enable Bullish Engulfing (`enable_bullish_engulfing`): Enables the identification of Bullish Engulfing patterns, another type of bullish reversal indicator.
Enable Bearish Engulfing (`enable_bearish_engulfing`): When activated, this highlights Bearish Engulfing patterns, which are often interpreted as bearish reversal signals.
Extend Channel (`extend`): This option, when enabled, extends the drawn channels forward until they are either broken or a new channel is formed.
Show Break Label (`show_break_label`): Toggles the display of labels indicating where the channel has been broken, providing visual cues for potential trade entries or exits.
Channel History Length (`history_length`): Determines how many historical channels are displayed on the chart. This can be useful for analyzing past performance and patterns.
Channel Colors (`top_color`, `bottom_color`, `center_color`): These settings allow customization of the channel's appearance by setting the colors of the top, bottom, and center lines.
Line Transparency (`line_trans`): Adjusts the transparency of the channel lines, helping to balance visibility with chart readability.
Center Line Transparency (`center_trans`): Specifically sets the transparency level of the center line of the channel.
Channel Fill Transparency (`fill_trans`): Modifies the transparency of the filled areas between the channel lines, which can enhance chart clarity and focus on the price action.
Break Colors (`break_up_color`, `break_down_color`): Sets the colors for labels that appear when the channel is broken, either upwards or downwards.
Break Label Text Color (`text_color`): Determines the color of the text in the break labels, enhancing readability based on the chart's background and color scheme.
Candle Pattern Colors (`h_color`, `ih_color`, `bullish_engulfing_color`, `bearish_engulfing_color`): These inputs allow for the customization of the colors used to highlight various candle patterns on the chart.
Candle Pattern Text Color (`candle_text_color`): Sets the color of the text for labels associated with candle pattern indicators.
Alerts (`new_channel_alert`, `break_alert`, `hammer_alert`, `ihammer_alert`, `bullish_engulfing_alert`, `bearish_engulfing_alert`): These toggles enable or disable alerts for different events, such as the formation of new channels, channel breaks, or the appearance of specific candle patterns. This feature is crucial for traders who rely on timely notifications for potential trading opportunities.
We have provided a few presets to allow you to get a feeling for how the indicator works with different settings easily. Here is a description of the settings used in each preset:
Stocks Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Forex Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 100
Size (ATR Multiplier): 5
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
Crypto Preset:
Style: "Wick"
Break Style: False (High/Low)
Instant Mode: True
ATR Length: 10
Size (ATR Multiplier): 4
Pivot Length: 10
Pivot Look Forward: 15
Average H/L Length: 18
This script first starts by defining and collecting the relevant data for the main body of the code with data(). This generates the pivot data, the levels, the ranges, the averages, the deltas, and finally the candle sticks. Once there is a higher low, or lower high detected via the pivots and the current price it triggers the formation of the new channel. It takes the delta between the last pivot and the current average price and projects the trend channel using this delta. If the price exceeds the extremities of the channel it will classify this as a break from the estimated structure and begin looking for a new channel. The idea is that when trending, the price will oscillate between extremities as defined by a range and direction. If the price is inside of one of these extremities the script will look for candle stick patterns. This is how the script operates.
On a more technical level, this script is meant to showcase Pine Script's custom types and methods. We have made use of a properties pattern allows functions to use a minimal number of arguments. This allows you to add new inputs without modifying a string of functions. The use of methods and data structures allows the main body of the code to be easy to understand and for the script as a whole to be easily modified. We have made sure that the script is modular so that users can incorporate this into their own custom scripts. It should be easy to expand on this script as the main logic is fairly compact and open for easy modification. All features are packed into their own function for easy use elsewhere. This is particularly evident in the candle stick section. I have simplified the process of creating candle stick patterns by creating a type. All users have to do is make methods for this type.
candle()=>
polarity = open < close
body_top = math.max(open, close)
body_bottom = math.min(open, close)
body_range = body_top - body_bottom
top_wick = high - body_top
bottom_wick = body_bottom - low
average_body = ta.ema(body_range, 14)
average_top_wick = ta.ema(top_wick, 14)
average_bottom_wick = ta.ema(bottom_wick, 14)
has_body = body_range != 0
has_top_wick = top_wick != 0
has_bottom_wick = bottom_wick != 0
above_average_body = body_range > average_body
above_average_top_wick = top_wick > average_top_wick
above_average_bottom_wick = bottom_wick > average_bottom_wick
candle_data.new(
polarity
, body_top
, body_bottom
, body_range
, top_wick
, bottom_wick
, average_body
, average_top_wick
, average_bottom_wick
, has_body
, has_top_wick
, has_bottom_wick
, above_average_body
, above_average_top_wick
, above_average_bottom_wick
)
In conclusion, this script offers a blend of rapid trend channel formation and candlestick pattern recognition, making it a unique tool for traders looking for a more proactive approach to trend analysis.
Volume Delta Trailing Stop [LuxAlgo]The ' Volume Delta Trailing Stop ' indicator uses Lower Time Frame (LTF) volume delta data which can provide potential entries together with a Volume-Delta based Trailing Stop-line .
🔶 USAGE
Our 'Volume Delta Trailing Stop' script can show potential entries/Stop Loss lines
A trigger line needs to be broken before a position is taken, after which a Volume Delta-controlled Trailing Stop-line is created:
🔶 DETAILS
🔹 Volume rises when bought or sold
🔹 When the opening price appears on the chart, a buy/sell order has been executed.
If that order is less than the available supply of that particular price, volume will rise, without moving the price.
🔹 When the opening price is the same as the closing price, the volume of that bar can be seen as "neutral volume" (nV); nor "up", nor "down" volume.
Example
A buy order doesn't fill the first available supply in the order book. This price will be the opening price with a certain volume.
When at closing time, price still hasn't moved (the first available supply in the order book isn't filled, or no movement downwards),
the closing price will be equal to the opening price, but with volume. This can be seen as "neutral volume (nV)".
🔹 Delta Volume (ΔV): this is "up volume" minus "down volume"
🔹 Standard volume is colored red when closing price is lower than opening price ( = "down volume").
🔹 Standard volume is colored green when closing price is higher OR equal (nV) than opening price ( = "up volume").
🔹 Neutral Volume
The "Neutral-Volume" is considered "Up-Volume" - setting will dictate whether nV is considered as green 'buy' volume or not.
🔶 EXAMPLE
29 July 10:00 -> 10:05, chart timeframe 5 minutes, open 29311.28, close 29313.89
close > open, so the volume (39.55) is colored green ("up volume").
(The Volume script used in the following examples is the open-source publication Volume Columns w. Alerts (V) from LucF )
Let's zoom to the 1-minute TF:
The same period is now divided into more bars, volume direction (color) is dependable on the difference between open and close.
Counting up and down volume gives a more detailed result, it remains in an upward direction though):
(ΔV = +15.51)
Let's further zoom in to the 1-second TF:
The same period is now divided into even more bars (more possibility for changing direction on each bar)
Here we see several bars that haven't moved in price, but they have volume ("neutral" volume).
(neutral volume is coloured light green here, while up volume is coloured darker green)
When we count all green and red volume bars, the result is quite different:
(ΔV = -0.35)
In total more volume is found when price went downwards, yet price went up in these 5 minutes.
-> This is the heart of our publication, when this divergence occurs, you can see a barcolor changement:
• orange: when price went up, but LTF Volume was mainly in a downward direction.
• blue: when price went down, but LTF Volume was mainly in an upwards direction.
When we split the green "up volume" into "up" and "neutral", the difference is even higher
(here "neutral volume" is colored grey):
(ΔV = -12.76; "up" - "down")
🔶 CONCEPTS
bullishBear = current bar is red but LTF volume is in upward direction -> blue bar
bearishBull = current bar is green but LTF volume is in downward direction -> orange bar
🔹 Potential positioning - forming of Trigger-line
When not in position, the script will wait for a divergence between price and volume direction. When found, a Trigger-line will appear:
• at high when a blue bar appears ( bullishBear ).
• at low when an orange bar appears ( bearishBull ).
Next step is when the Trigger-line is broken by close or high/low (settings: Trigger )
Here, the closing price went under the grey Trigger-line -> bearish position:
🔹 Trailing Stop-line
When the Trigger-line is broken, the Trailing Stop-line (TS-line) will start:
• low when bullish position
• high when bearish position
You can choose (settings -> Trigger -> Close or H/L ) whether close price or high/low should break the Trigger-line
When alerts are enabled ("Any alert() function call"), you'll get the following message:
• ' signal up ' when bullish position
• ' signal down' when bearish position
After that, the TS-line will be adjusted when:
• a blue bullishBear bar appears when in bullish position -> lowest of {low , previous blue bar's high or orange bar's low}
• an orange bearishBull bar appears when in bearish position -> highest of {high, previous blue bar's high or orange bar's low}
When alerts are enabled ("Any alert() function call"), and the TS-line is broken, you'll get the following message:
• ' TS-line broken down ' when out bullish position
• ' TS-line broken up ' when out bearish position
🔹 Reference Point
Default the direction of price will be evaluated by comparing closing price with opening price.
When open and close are the same, you'll get "neutral volume".
You can use "previous close" instead (as in built-in volume indicator) to include gaps.
If close equals open , but close is lower than previous close , it will be regarded as " down volume ",
similar, when close is higher than previous close , it will be regarded as " up volume "
Note, the setting applies for the current timeframe AND Lower timeframe:
Based on: " open " (close - open)
Based on: " previous close " (close - previous close)
🔹 Adjustment
When the TS-line changes, this can be adjusted with a percentage of price , or a multiple of " True Range "
Default (Δ line -> Adjustment - 0)
Δ line -> Adjustment 0.03% (of price)
Δ line -> Mult of TR (10)
🔶 SETTINGS
🔹 LTF: choose your Lower TimeFrame: 1S (seconds), 5S, 10S, 15S, 30S, 1 minute)
🔹 Trigger: Choose the trigger for breaking the Trigger-line ; close or H/L (high when bullish position, low when bearish position)
🔹 Δ line ( Trailing Stop-line ): add/subtract an adjustment when the TS-line changes ( default: Adjustment ):
• Adjustment ( default: 0 ): add/subtract an extra % of price
• Mult of TR : add/subtract a multiple of True Range
🔹 Based on: compare closing price against:
• open
• previous close
🔹 "Neutral-Volume" is considered "Up-Volume" : this setting will dictate whether nV is considered as green 'buy' volume or not.
🔶 CONSIDERATIONS
🔹 The lowest LTF (1S) will give you more detail and will get data close to tick data.
However, a maximum of 100,000 intrabars can be used in calculations .
This means on the daily chart you won't see anything since 1 day ~ 86400 seconds. (just over 1 bar)
-> choose a lower chart timeframe, or choose a higher LTF (5S, 10S, ... 1 minute)
🔹 Always choose a LTF lower than the current chart timeframe.
🔹 Pine Script™ code using this request.security_lower_tf() may calculate differently on historical and real-time bars, leading to repainting .
MarketSmith Daily Market IndicatorsMarketSmith Daily Market Indicators is designed to mimic the Daily Market Indicators tab found in MarketSmith. This tab contains 4 different secondary indicators to help gauge the health of the overall market.
This indicator allows you to choose which of the 4 indicators to show, as well as which index to pull data from, Nasdaq or NYSE. There is also a snapshot table showing the following:
# of stock advancing and up volume
# of stocks declining and down volume
# of stock unchanged and unchanged volume
# of stocks making new highs and new lows
Now let's look at the 4 indicators and how they work.
Advance/Decline Line
Plots the number of advancing shares vs the number of declining shares. Heavily weighted index stocks can skew price action, this line helps reveal that and whether most stocks are aligned with the trend.
Short Term Overbought/Oversold Oscillator
A 10-day moving average of the number of stocks moving up in price less the number of stocks moving down in price.
10 Day Moving Average of Up & Down Volume
Two 10 day moving averages to represent the volume of all stocks. Blue line: total volume of all stocks moving up in price. Red line: the total volume of all stocks moving down in price.
10 Day Moving Average of New Highs & New Lows
Two 10-day moving average to represent stocks making new highs and new lows. Blue line: The number of stocks making new price highs. Red line: The number of stocks reaching new lows.
Note this indicator is designed to work on a daily time frame chart. Data typically updates 90 minutes after the close. Data may differ from Marketsmith due to different providers, however the general trends are the same.
Line Colorizer - DurbtradeThe Line Colorizer is a simple indicator that can plot up/down-colorized lines for up to 10 unique individual sources!
Plot up/down colors are based on whether the current value is above or below the previous value.
Also included is a separate color for when the current value is equal to the previous value.
All colors can be modified, along with the plot styles.
--------------------------------------------
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Here is the Inputs tab of the Settings menu :
As you can see, you can plot a colorized line of up to 10 individual sources!
Checking the checkbox turns on that particular colorized plot,
and clicking on the drop down menu allows you select the source for that plot.
The plot styles, up/equal/down colors, and opacities
are customizable under the Style tab within the Settings menu :
Overall, it is pretty easy to use.
--------------------------------------------
Let's look at some examples of the Line Colorizer being used...
Colorize a basic Bollinger Bands indicator :
Want to colorize 3 EMA's? Go for it :
Spice up the standard MACD salad :
Customize the colors of your RSI's :
Try using the Line Colorizer on all of your favorite indicators.
--------------------------------------------
Script Stats :
Pinescript Version : 5
Code Length : 44 Lines
Max Unique Input Sources : 10
Max Visible Plots : 10
Total Colors/Opacities : 30
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Tips :
Typically you will want this indicator to be on a layer above (in front of) the source plot layer.
Stay mindful of line thicknesses,
and whether the original source plot is still visible or not.
The final output of the colorized plots are drawn in numerical order,
so, Colorized Source #1 is drawn first, and will appear below Colorized Source #2 on the chart...
and so on, with Colorized Source #10 being drawn last, at the very top.
Final Thoughts :
I like having this indicator.
The idea and script is simple, and the indicator is practical.
It's one method of easily separating some of the aspects of color from your favorite indicators and scripts,
and then customizing those aspects to your liking.
Especially practical for those who do not want to learn about writing their own scripts.
I think that this indicator can be a useful tool in the shed,
used for customizing the visuals of multiple unique sources
that are all on the same price/value scale.
It can help increase chart clarity and/or detail...
whether using it on top of a main chart that is simple,
or on top of a standalone indicator that is crowded with oscillating information.
I hope that you enjoy it and find it useful!
- Please feel free to comment your thoughts, critiques, or suggestions. They are all very helpful!
- Also, please feel free to comment any positive feedback, or awesome screencaps/ideas of the indicator in action!
- Check out my other Pinescript indicators if you like this one... they work well together.
- May your trades be successful!
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// Durbtrade
Financial Radar Chart by zdmreRadar chart is often used when you want to display data across several unique dimensions. Although there are exceptions, these dimensions are usually quantitative, and typically range from zero to a maximum value. Each dimension’s range is normalized to one another, so that when we draw our spider chart, the length of a line from zero to a dimension’s maximum value will be the similar for every dimension.
This Charts are useful for seeing which variables are scoring high or low within a dataset, making them ideal for displaying performance.
How is the score formed?
Debt Paying Ability
if Debt_to_Equity < %10 : 100
elif < 20% : 90
elif < 30% : 80
elif < 40% : 70
elif < 50% : 60
elif < 60% : 50
elif < 70% : 40
elif < 80% : 30
elif < 90% : 20
elif < 100% : 10
else: 0
ROIC
if Return_on_Invested_Capital > %50 : 100
elif > 40% : 90
elif > 30% : 80
elif > 20% : 70
elif > 10% : 50
elif > 5% : 20
else: 0
ROE
if Return_on_Equity > %50 : 100
elif > 40% : 90
elif > 30% : 80
elif > 20% : 70
elif > 10% : 50
elif > 5% : 20
else: 0
Operating Ability
if Operating_Margin > %50 : 100
elif > 30% : 90
elif > 20% : 80
elif > 15% : 60
elif > 10% : 40
elif > 0 : 20
else: 0
EV/EBITDA
if Enterprise_Value_to_EBITDA < 3 : 100
elif < 5 : 80
elif < 7 : 70
elif < 8 : 60
elif < 10 : 40
elif < 12 : 20
else: 0
FREE CASH Ability
if Price_to_Free_Cash_Flow < 5 : 100
elif < 7 : 90
elif < 10 : 80
elif < 16 : 60
elif < 18 : 50
elif < 20 : 40
elif < 22 : 30
elif < 30 : 20
elif < 40 : 15
elif < 50 : 10
elif < 60 : 5
else: 0
GROWTH Ability
if Revenue_One_Year_Growth > %20 : 100
elif > 16% : 90
elif > 14% : 80
elif > 12% : 70
elif > 10% : 50
elif > 7% : 40
elif > 4% : 30
elif > 2% : 20
elif > 0 : 10
else: 0
VIX Futures Spread StrategyThis script was an exercise in learning Pinescript and exploring the futures curve of the VIX in relation to SPY. Was deleted by TV, trying to republish it now with updated parameters for slippage and commission and a more detailed description.
"VIX Futures Spread Strategy" is a trading strategy that capitalizes on the spread between the 3-month VIX futures (VIX3M) and the spot VIX index. This strategy is based on the idea that the VIX futures spread can serve as a contrarian indicator of market sentiment, with extreme negative spreads potentially signaling oversold conditions and opportunities for long positions.
Ordinarily the VIX curve is in contango as futures contracts are priced at a premium to the current spot price and are used to hedge future uncertainty in the market. When the spot price of VIX spikes the curve can invert and enter backwardation; this strategy detects this condition and uses it as a trigger to open a long position in SPY. The spread going negative tends to correlate with excessive fear and uncertainty in the short term while expecting lower volatility in the long term, in this case 3 months out.
The strategy is designed to enter a long position when the VIX futures spread is negative and to exit the position when the spread rises above 3 -- when the curve is in contango again. The strategy employs a pyramiding approach, allowing up to 10 additional orders to be placed while the entry condition is met, with each order consisting of 10 contracts. This approach aims to maximize potential profits during periods of favorable market conditions.
In this strategy, the VIX futures spread is calculated as the difference between the 3-month VIX futures (VIX3M) and the spot VIX index. The spread is plotted as a histogram on the chart, with the zero line representing no spread, and horizontal lines at 0 and 3 indicating the entry and exit thresholds, respectively.
The strategy's backtesting settings use an initial capital of HKEX:10 ,000, a commission of 0.5% per trade, and a maximum of 10 pyramiding orders, and a slippage of 2 ticks.
Please note that this strategy is intended for educational purposes and should not be considered as financial advice. Before using this strategy in live trading, make sure to thoroughly test and optimize its parameters to suit your risk tolerance and specific trading conditions.
ICT Concepts [LuxAlgo]The ICT Concepts indicator regroups core concepts highlighted by trader and educator "The Inner Circle Trader" (ICT) into an all-in-one toolkit. Features include Market Structure (MSS & BOS), Order Blocks, Imbalances, Buyside/Sellside Liquidity, Displacements, ICT Killzones, and New Week/Day Opening Gaps.
🔶 SETTINGS
🔹 Mode
When Present is selected, only data of the latest 500 bars are used/visualized, except for NWOG/NDOG
🔹 Market Structure
Enable/disable Market Structure.
Length: will set the lookback period/sensitivity.
In Present Mode only the latest Market Structure trend will be shown, while in Historical Mode, previous trends will be shown as well:
You can toggle MSS/BOS separately and change the colors:
🔹 Displacement
Enable/disable Displacement.
🔹 Volume Imbalance
Enable/disable Volume Imbalance.
# Visible VI's: sets the amount of visible Volume Imbalances (max 100), color setting is placed at the side.
🔹 Order Blocks
Enable/disable Order Blocks.
Swing Lookback: Lookback period used for the detection of the swing points used to create order blocks.
Show Last Bullish OB: Number of the most recent bullish order/breaker blocks to display on the chart.
Show Last Bearish OB: Number of the most recent bearish order/breaker blocks to display on the chart.
Color settings.
Show Historical Polarity Changes: Allows users to see labels indicating where a swing high/low previously occurred within a breaker block.
Use Candle Body: Allows users to use candle bodies as order block areas instead of the full candle range.
Change in Order Blocks style:
🔹 Liquidity
Enable/disable Liquidity.
Margin: sets the sensitivity, 2 points are fairly equal when:
'point 1' < 'point 2' + (10 bar Average True Range / (10 / margin)) and
'point 1' > 'point 2' - (10 bar Average True Range / (10 / margin))
# Visible Liq. boxes: sets the amount of visible Liquidity boxes (max 50), this amount is for Sellside and Buyside boxes separately.
Colour settings.
Change in Liquidity style:
🔹 Fair Value Gaps
Enable/disable FVG's.
Balance Price Range: this is the overlap of latest bullish and bearish Fair Value Gaps.
By disabling Balance Price Range only FVGs will be shown.
Options: Choose whether you wish to see FVG or Implied Fair Value Gaps (this will impact Balance Price Range as well)
# Visible FVG's: sets the amount of visible FVG's (max 20, in the same direction).
Color settings.
Change in FVG style:
🔹 NWOG/NDOG
Enable/disable NWOG; color settings; amount of NWOG shown (max 50).
Enable/disable NDOG ; color settings; amount of NDOG shown (max 50).
🔹 Fibonacci
This tool connects the 2 most recent bullish/bearish (if applicable) features of your choice, provided they are enabled.
3 examples (FVG, BPR, OB):
Extend lines -> Enabled (example OB):
🔹 Killzones
Enable/disable all or the ones you need.
Time settings are coded in the corresponding time zones.
🔶 USAGE
By default, the indicator displays each feature relevant to the most recent price variations in order to avoid clutter on the chart & to provide a very similar experience to how a user would contruct ICT Concepts by hand.
Users can use the historical mode in the settings to see historical market structure/imbalances. The ICT Concepts indicator has various use cases, below we outline many examples of how a trader could find usage of the features together.
In the above image we can see price took out Sellside liquidity, filled two bearish FVGs, a market structure shift, which then led to a clean retest of a bullish FVG as a clean setup to target the order block above.
Price then fills the OB which creates a breaker level as seen in yellow.
Broken OBs can be useful for a trader using the ICT Concepts indicator as it marks a level where orders have now been filled, indicating a solidified level that has proved itself as an area of liquidity. In the image above we can see a trade setup using a broken bearish OB as a potential entry level.
We can see the New Week Opening Gap (NWOG) above was an optimal level to target considering price may tend to fill / react off of these levels according to ICT.
In the next image above, we have another example of various use cases where the ICT Concepts indicator hypothetically allow traders to find key levels & find optimal entry points using market structure.
In the image above we can see a bearish Market Structure Shift (MSS) is confirmed, indicating a potential trade setup for targeting the Balanced Price Range imbalance (BPR) below with a stop loss above the buyside liquidity.
Although what we are demonstrating here is a hindsight example, it shows the potential usage this toolkit gives you for creating trading plans based on ICT Concepts.
Same chart but playing out the history further we can see directly after price came down to the Sellside liquidity & swept below it...
Then by enabling IFVGs in the settings, we can see the IFVG retests alongside the Sellside & Buyside liquidity acting in confluence.
Which allows us to see a great bullish structure in the market with various key levels for potential entries.
Here we can see a potential bullish setup as price has taken out a previous Sellside liquidity zone and is now retesting a NWOG + Volume Imbalance.
Users also have the option to display Fibonacci retracements based on market structure, order blocks, and imbalance areas, which can help place limit/stop orders more effectively as well as finding optimal points of interest beyond what the primary ICT Concepts features can generate for a trader.
In the above image we can see the Fibonacci extension was selected to be based on the NWOG giving us some upside levels above the buyside liquidity.
🔶 DETAILS
Each feature within the ICT Concepts indicator is described in the sub sections below.
🔹 Market Structure
Market structure labels are constructed from price breaking a prior swing point. This allows a user to determine the current market trend based on the price action.
There are two types of Market Structure labels included:
Market Structure Shift (MSS)
Break Of Structure (BOS)
A MSS occurs when price breaks a swing low in an uptrend or a swing high in a downtrend, highlighting a potential reversal. This is often labeled as "CHoCH", but ICT specifies it as MSS.
On the other hand, BOS labels occur when price breaks a swing high in an uptrend or a swing low in a downtrend. The occurrence of these particular swing points is caused by retracements (inducements) that highlights liquidity hunting in lower timeframes.
🔹 Order Blocks
More significant market participants (institutions) with the ability of placing large orders in the market will generally place a sequence of individual trades spread out in time. This is referred as executing what is called a "meta-order".
Order blocks highlight the area where potential meta-orders are executed. Bullish order blocks are located near local bottoms in an uptrend while bearish order blocks are located near local tops in a downtrend.
When price mitigates (breaks out) an order block, a breaker block is confirmed. We can eventually expect price to trade back to this breaker block offering a new trade opportunity.
🔹 Buyside & Sellside Liquidity
Buyside / Sellside liquidity levels highlight price levels where market participants might place limit/stop orders.
Buyside liquidity levels will regroup the stoploss orders of short traders as well as limit orders of long traders, while Sellside liquidity levels will regroup the stoploss orders of long traders as well as limit orders of short traders.
These levels can play different roles. More informed market participants might view these levels as source of liquidity, and once liquidity over a specific level is reduced it will be found in another area.
🔹 Imbalances
Imbalances highlight disparities between the bid/ask, these can also be defined as inefficiencies, which would suggest that not all available information is reflected by the price and would as such provide potential trading opportunities.
It is common for price to "rebalance" and seek to come back to a previous imbalance area.
ICT highlights multiple imbalance formations:
Fair Value Gaps: A three candle formation where the candle shadows adjacent to the central candle do not overlap, this highlights a gap area.
Implied Fair Value Gaps: Unlike the fair value gap the implied fair value gap has candle shadows adjacent to the central candle overlapping. The gap area is constructed from the average between the respective shadow and the nearest extremity of their candle body.
Balanced Price Range: Balanced price ranges occur when a fair value gap overlaps a previous fair value gap, with the overlapping area resulting in the imbalance area.
Volume Imbalance: Volume imbalances highlight gaps between the opening price and closing price with existing trading activity (the low/high overlap the previous high/low).
Opening Gap: Unlike volume imbalances opening gaps highlight areas with no trading activity. The low/high does not reach previous high/low, highlighting a "void" area.
🔹 Displacement
Displacements are scenarios where price forms successive candles of the same sentiment (bullish/bearish) with large bodies and short shadows.
These can more technically be identified by positive auto correlation (a close to open change is more likely to be followed by a change of the same sign) as well as volatility clustering (large changes are followed by large changes).
Displacements can be the cause for the formation of imbalances as well as market structure, these can be caused by the full execution of a meta order.
🔹 Kill Zones
Killzones represent different time intervals that aims at offering optimal trade entries. Killzones include:
- New York Killzone (7:9 ET)
- London Open Killzone (2:5 ET)
- London Close Killzone (10:12 ET)
- Asian Killzone (20:00 ET)
🔶 Conclusion & Supplementary Material
This script aims to emulate how a trader would draw each of the covered features on their chart in the most precise representation to how it's actually taught by ICT directly.
There are many parallels between ICT Concepts and Smart Money Concepts that we released in 2022 which has a more general & simpler usage:
ICT Concepts, however, is more specifically aligned toward the community's interpretation of how to analyze price 'based on ICT', rather than displaying features to have a more classic interpretation for a technical analyst.
Market Structure & Liquidity: CHoCHs+Nested Pivots+FVGs+Sweeps//Purpose:
This indicator combines several tools to help traders track and interpret price action/market structure; It can be divided into 4 parts;
1. CHoCHs, 2. Nested Pivot highs & lows, 3. Grade sweeps, 4. FVGs.
This gives the trader a toolkit for determining market structure and shifts in market structure to help determine a bull or bear bias, whether it be short-term, med-term or long-term.
This indicator also helps traders in determining liquidity targets: wether they be voids/gaps (FVGS) or old highs/lows+ typical sweep distances.
Finally, the incorporation of HTF CHoCH levels printing on your LTF chart helps keep the bigger picture in mind and tells traders at a glance if they're above of below Custom HTF CHoCH up or CHoCH down (these HTF CHoCHs can be anything from Hourly up to Monthly).
//Nomenclature:
CHoCH = Change of Character
STH/STL = short-term high or low
MTH/MTL = medium-term high or low
LTH/LTL = long-term high or low
FVG = Fair value gap
CE = consequent encroachement (the midline of a FVG)
~~~ The Four components of this indicator ~~~
1. CHoCHs:
•Best demonstrated in the below charts. This was a method taught to me by @Icecold_crypto. Once a 3 bar fractal pivot gets broken, we count backwards the consecutive higher lows or lower highs, then identify the CHoCH as the opposite end of the candle which ended the consecutive backwards count. This CHoCH (UP or DOWN) then becomes a level to watch, if price passes through it in earnest a trader would consider shifting their bias as market structure is deemed to have shifted.
•HTF CHoCHs: Option to print Higher time frame chochs (default on) of user input HTF. This prints only the last UP choch and only the last DOWN choch from the input HTF. Solid line by default so as to distinguish from local/chart-time CHoCHs. Can be any Higher timeframe you like.
•Show on table: toggle on show table(above/below) option to show in table cells (top right): is price above the latest HTF UP choch, or is price below HTF DOWN choch (or is it sat between the two, in a state of 'uncertainty').
•Most recent CHoCHs which have not been met by price will extend 10 bars into the future.
• USER INPUTS: overall setting: SHOW CHOCHS | Set bars lookback number to limit historical Chochs. Set Live CHoCHs number to control the number of active recent chochs unmet by price. Toggle shrink chochs once hit to declutter chart and minimize old chochs to their origin bars. Set Multi-timeframe color override : to make Color choices auto-set to your preference color for each of 1m, 5m, 15m, H, 4H, D, W, M (where up and down are same color, but 'up' icon for up chochs and down icon for down chochs remain printing as normal)
2. Nested Pivot Highs & Lows; aka 'Pivot Highs & Lows (ST/MT/LT)'
•Based on a seperate, longer lookback/lookforward pivot calculation. Identifies Pivot highs and lows with a 'spikeyness' filter (filtering out weak/rounded/unimpressive Pivot highs/lows)
•by 'nested' I mean that the pivot highs are graded based on whether a pivot high sits between two lower pivot highs or vice versa.
--for example: STH = normal pivot. MTH is pivot high with a lower STH on either side. LTH is a pivot high with a lower MTH on either side. Same applies to pivot lows (STL/MTL/LTL)
•This is a useful way to measure the significance of a high or low. Both in terms of how much it might be typically swept by (see later) and what it would imply for HTF bias were we to break through it in earnest (more than just a sweep).
• USER INPUTS: overall setting: show pivot highs & lows | Bars lookback (historical pivots to show) | Pivots: lookback/lookforward length (determines the scale of your pivot highs/lows) | toggle on/off Apply 'Spikeyness' filter (filters out smooth/unimpressive pivot highs/lows). Set Spikeyness index (determines the strength of this filter if turned on) | Individually toggle on each of STH, MTH, LTH, STL, MTL, LTL along with their label text type , and size . Toggle on/off line for each of these Pivot highs/lows. | Set label spacer (atr multiples above / below) | set line style and line width
3. Grade Sweeps:
•These are directly related to the nested pivots described above. Most assets will have a typical sweep distance. I've added some of my expected sweeps for various assets in the indicator tooltips.
--i.e. Eur/Usd 10-20-30 pips is a typical 'grade' sweep. S&P HKEX:5 - HKEX:10 is a typical grade sweep.
•Each of the ST/MT/LT pivot highs and lows have optional user defined grade sweep boxes which paint above until filled (or user option for historical filled boxes to remain).
•Numbers entered into sweep input boxes are auto converted into appropriate units (i.e. pips for FX, $ or 'handles' for indices, $ for Crypto. Very low $ units can be input for low unit value crypto altcoins.
• USER INPUTS: overall setting: Show sweep boxes | individually select colors of each of STH, MTH, LTH, STL, MTL, LTL sweep boxes. | Set Grade sweep ($/pips) number for each of ST, MT, LT. This auto converts between pips and $ (i.e. FX vs Indices/Crypto). Can be a float as small or large as you like ($0.000001 to HKEX:1000 ). | Set box text position (horizontal & vertical) and size , and color . | Set Box width (bars) (for non extended/ non-auto-terminating at price boxes). | toggle on/off Extend boxes/lines right . | Toggle on/off Shrink Grade sweeps on fill (they will disappear in realtime when filled/passed through)
4. FVGs:
•Fair Value gaps. Represent 'naked' candle bodies where the wicks to either side do not meet, forming a 'gap' of sorts which has a tendency to fill, or at least to fill to midline (CE).
•These are ICT concepts. 'UP' FVGS are known as BISIs (Buyside imbalance, sellside inefficiency); 'DOWN' FVGs are known as SIBIs (Sellside imbalance, buyside inefficiency).
• USER INPUTS: overall setting: show FVGs | Bars lookback (history). | Choose to display: 'UP' FVGs (BISI) and/or 'DOWN FVGs (SIBI) . Choose to display the midline: CE , the color and the line style . Choose threshold: use CE (as opposed to Full Fill) |toggle on/off Shrink FVG on fill (CE hit or Full fill) (declutter chart/see backtesting history)
////••Alerts (general notes & cautionary notes)::
•Alerts are optional for most of the levels printed by this indicator. Set them via the three dots on indicator status line.
•Due to dynamic repainting of levels, alerts should be used with caution. Best use these alerts either for Higher time frame levels, or when closely monitoring price.
--E.g. You may set an alert for down-fill of the latest FVG below; but price will keep marching up; form a newer/higher FVG, and the alert will trigger on THAT FVG being down-filled (not the original)
•Available Alerts:
-FVG(BISI) cross above threshold(CE or full-fill; user choice). Same with FVG(SIBI).
-HTF last CHoCH down, cross below | HTF last CHoCH up, cross above.
-last CHoCH down, cross below | last CHoCH up, cross above.
-LTH cross above, MTH cross above, STH cross above | LTL cross below, MTL cross below, STL cross below.
////••Formatting (general)::
•all table text color is set from the 'Pivot highs & Lows (ST, MT, LT)' section (for those of you who prefer black backgrounds).
•User choice of Line-style, line color, line width. Same with Boxes. Icon choice for chochs. Char or label text choices for ST/MT/LT pivot highs & lows.
////••User Inputs (general):
•Each of the 4 components of this indicator can be easily toggled on/off independently.
•Quite a lot of options and toggle boxes, as described in full above. Please take your time and read through all the tooltips (hover over '!' icon) to get an idea of formatting options.
•Several Lookback periods defined in bars to control how much history is shown for each of the 4 components of this indicator.
•'Shrink on fill' settings on FVGs and CHoCHs: Basically a way to declutter chart; toggle on/off depending on if you're backtesting or reading live price action.
•Table Display: applies to ST/MT/LT pivot highs and to HTF CHoCHs; Toggle table on or off (in part or in full)
////••Credits:
•Credit to ICT (Inner Circle Trader) for some of the concepts used in this indicator (FVGS & CEs; Grade sweeps).
•Credit to @Icecold_crypto for the specific and novel concept of identifying CHoCHs in a simple, objective and effective manner (as demonstrated in the 1st chart below).
CHoCH demo page 1: shifting tweak; arrow diagrams to demonstrate how CHoCHs are defined:
CHoCH demo page 2: Simplified view; short lookback history; few CHoCHs, demo of 'latest' choch being extended into the future by 10 bars:
USAGE: Bitcoin Hourly using HTF daily CHoCHs:
USAGE-2: Cotton Futures (CT1!) 2hr. Painting a rather bullish picture. Above HTF UP CHoCH, Local CHoCHs show bullish order flow, Nice targets above (MTH/LTH + grade sweeps):
Full Demo; 5min chart; CHoCHs, Short term pivot highs/lows, grade sweeps, FVGs:
Full Demo, Eur/Usd 15m: STH, MTH, LTH grade sweeps, CHoCHs, Usage for finding bias (part A):
Full Demo, Eur/Usd 15m: STH, MTH, LTH grade sweeps, CHoCHs, Usage for finding bias, 3hrs later (part B):
Realtime Vs Backtesting(A): btc/usd 15m; FVGs and CHoCHs: shrink on fill, once filled they repaint discreetly on their origin bar only. Realtime (Shrink on fill, declutter chart):
Realtime Vs Backtesting(B): btc/usd 15m; FVGs and CHoCHs: DON'T shrink on fill; they extend to the point where price crosses them, and fix/paint there. Backtesting (seeing historical behaviour):
Momentum Ratio Oscillator [Loxx]What is Momentum Ratio Oscillator?
The theory behind this indicator involves utilizing a sequence of exponential moving average (EMA) calculations to achieve a smoother value of momentum ratio, which compares the current value to the previous one. Although this results in an outcome similar to that of some pre-existing indicators (such as volume zone or price zone oscillators), the use of EMA for smoothing is what sets it apart. EMA produces a smooth step-like output when values undergo sudden changes, whereas the mathematics used for those other indicators are completely distinct. This is a concept by the beloved Mladen of FX forums.
To utilize this version of the indicator, you have the option of using either levels, middle, or signal crosses for signals. The indicator is range bound from 0 to 1.
What is an EMA?
EMA stands for Exponential Moving Average, which is a type of moving average that is commonly used in technical analysis to smooth out price data and identify trends.
In a simple moving average (SMA), each data point is given equal weight when calculating the average. For example, if you are calculating the 10-day SMA, you would add up the prices for the past 10 days and divide by 10 to get the average. In contrast, in an EMA, more weight is given to recent prices, while older prices are given less weight.
The formula for calculating an EMA involves using a smoothing factor that is multiplied by the difference between the current price and the previous EMA value, and then adding this to the previous EMA value. The smoothing factor is typically calculated based on the length of the EMA being used. For example, a 10-day EMA might use a smoothing factor of 2/(10+1) or 0.1818.
The result of using an EMA is that the line produced is more responsive to recent price changes than a simple moving average. This makes it useful for identifying short-term trends and potential trend reversals. However, it can also be more volatile and prone to whipsaws, so it is often used in combination with other indicators to confirm signals.
Overall, the EMA is a widely used and versatile tool in technical analysis, and its effectiveness depends on the specific context in which it is applied.
What is Momentum?
In technical analysis, momentum refers to the rate of change of an asset's price over a certain period of time. It is often used to identify trends and potential trend reversals in financial markets.
Momentum is calculated by subtracting the closing price of an asset X days ago from its current closing price, where X is the number of days being used for the calculation. The result is the momentum value for that particular day. A positive momentum value suggests that prices are increasing, while a negative value indicates that prices are decreasing.
Traders use momentum in a variety of ways. One common approach is to look for divergences between the momentum indicator and the price of the asset being traded. For example, if an asset's price is trending upwards but its momentum is trending downwards, this could be a sign of a potential trend reversal.
Another popular strategy is to use momentum to identify overbought and oversold conditions in the market. When an asset's price has been rising rapidly and its momentum is high, it may be considered overbought and due for a correction. Conversely, when an asset's price has been falling rapidly and its momentum is low, it may be considered oversold and due for a bounce back up.
Momentum is also often used in conjunction with other technical indicators, such as moving averages or Bollinger Bands, to confirm signals and improve the accuracy of trading decisions.
Overall, momentum is a useful tool for traders and investors to analyze price movements and identify potential trading opportunities. However, like all technical indicators, it should be used in conjunction with other forms of analysis and with consideration of the broader market context.
Extras
Alerts
Signals
Loxx's Expanded Source Types, see here for details
Parallel Projections [theEccentricTrader]█ OVERVIEW
This indicator automatically projects parallel trendlines or channels, from a single point of origin. In the example above I have applied the indicator twice to the 1D SPXUSD. The five upper lines (green) are projected at an angle of -5 from the 1-month swing high anchor point with a projection ratio of -72. And the seven lower lines (blue) are projected at an angle of 10 with a projection ratio of 36 from the 1-week swing low anchor point.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Trendlines
Trendlines are straight lines that are drawn between two or more points on a price chart. These lines are used as dynamic support and resistance levels for making strategic decisions and predictions about future price movements. For example traders will look for price movements along, and reactions to, trendlines in the form of rejections or breakouts/downs.
█ FEATURES
Inputs
• Anchor Point Type
• Swing High/Low Occurrence
• HTF Resolution
• Highest High/Lowest Low Lookback
• Angle Degree
• Projection Ratio
• Number Lines
• Line Color
Anchor Point Types
• Swing High
• Swing Low
• Swing High (HTF)
• Swing Low (HTF)
• Highest High
• Lowest Low
• Intraday Highest High (intraday charts only)
• Intraday Lowest Low (intraday charts only)
Swing High/Swing Low Occurrence
This input is used to determine which historic peak or trough to reference for swing high or swing low anchor point types.
HTF Resolution
This input is used to determine which higher timeframe to reference for swing high (HTF) or swing low (HTF) anchor point types.
Highest High/Lowest Low Lookback
This input is used to determine the lookback length for highest high or lowest low anchor point types.
Intraday Highest High/Lowest Low Lookback
When using intraday highest high or lowest low anchor point types, the lookback length is calculated automatically based on number of bars since the daily candle opened.
Angle Degree
This input is used to determine the angle of the trendlines. The output is expressed in terms of point or pips, depending on the symbol type, which is then passed through the built in math.todegrees() function. Positive numbers will project the lines upwards while negative numbers will project the lines downwards. Depending on the market and timeframe, the impact input values will have on the visible gaps between the lines will vary greatly. For example, an input of 10 will have a far greater impact on the gaps between the lines when viewed from the 1-minute timeframe than it would on the 1-day timeframe. The input is a float and as such the value passed through can go into as many decimal places as the user requires.
It is also worth mentioning that as more lines are added the gaps between the lines, that are closest to the anchor point, will get tighter as they make their way up the y-axis. Although the gaps between the lines will stay constant at the x2 plot, i.e. a distance of 10 points between them, they will gradually get tighter and tighter at the point of origin as the slope of the lines get steeper.
Projection Ratio
This input is used to determine the distance between the parallels, expressed in terms of point or pips. Positive numbers will project the lines upwards while negative numbers will project the lines downwards. Depending on the market and timeframe, the impact input values will have on the visible gaps between the lines will vary greatly. For example, an input of 10 will have a far greater impact on the gaps between the lines when viewed from the 1-minute timeframe than it would on the 1-day timeframe. The input is a float and as such the value passed through can go into as many decimal places as the user requires.
Number Lines
This input is used to determine the number of lines to be drawn on the chart, maximum is 500.
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
If the lines do not draw or you see a study error saying that the script references too many candles in history, this is most likely because the higher timeframe anchor point is not present on the current timeframe. This problem usually occurs when referencing a higher timeframe, such as the 1-month, from a much lower timeframe, such as the 1-minute. How far you can lookback for higher timeframe anchor points on the current timeframe will also be limited by your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
█ RAMBLINGS
It is my current thesis that the indicator will work best when used in conjunction with my Wavemeter indicator, which can be used to set the angle and projection ratio. For example, the average wave height or amplitude could be used as the value for the angle and projection ratio inputs. Or some factor or multiple of such an average. I think this makes sense as it allows for objectivity when applying the indicator across different markets and timeframes with different energies and vibrations.
“If you want to find the secrets of the universe, think in terms of energy, frequency and vibration.”
― Nikola Tesla
