MM Sector Intraday TrackerWhat this script does:
This script tracks the percent that price has moved from the opening print of each of the 9 sector ETFs. It color codes the values so you can see which sectors are down (red color) and which sectors are up (green color). If a sector is only up or down half of one ATR, it the color will be light, but if it is beyond half of one ATR, it is a darker color.
How this script works:
It simply measures the distance that price has moved from the opening print today, and presents that information in an easy to read table on your chart.
How to use this script:
If all sectors are moving in one direction, it indicates that the entire market is in a trend day in that direction. You can use this information to decide which direction you should be trading (ie. with trend). For example, in order for there to be healthy bullish moves in the market, you would want this indicator to show you that all sectors are green, or at least that some sectors are green, which would indicate that there is healthy rotation of capital across the market sectors.
What makes this script original:
Most indicators and even the TradingView watchlist measure the percent changed on the day from the closing price of a stock on the prior trading day, essentially telling you what sentiment is since yesterday. This script tells you the sentiment today since it is priced from the opening print.
Komut dosyalarını "国泰黄金ETF联接C相关行业指数的最新政策" için ara
ToxicJ3ster - Day Trading SignalsThis Pine Script™ indicator, "ToxicJ3ster - Signals for Day Trading," is designed to assist traders in identifying key trading signals for day trading. It employs a combination of Moving Averages, RSI, Volume, ATR, ADX, Bollinger Bands, and VWAP to generate buy and sell signals. The script also incorporates multiple timeframe analysis to enhance signal accuracy. It is optimized for use on the 5-minute chart.
Purpose:
This script uniquely combines various technical indicators to create a comprehensive and reliable day trading strategy. Each indicator serves a specific purpose, and their integration is designed to provide multiple layers of confirmation for trading signals, reducing false signals and increasing trading accuracy.
1. Moving Averages: These are used to identify the overall trend direction. By calculating short and long period Moving Averages, the script can detect bullish and bearish crossovers, which are key signals for entering and exiting trades.
2. RSI Filtering: The Relative Strength Index (RSI) helps filter signals by ensuring trades are only taken in favorable market conditions. It detects overbought and oversold levels and trends within the RSI to confirm market momentum.
3. Volume and ATR Conditions: Volume and ATR multipliers are used to identify significant market activity. The script checks for volume spikes and volatility to confirm the strength of trends and avoid false signals.
4. ADX Filtering: The ADX is used to confirm the strength of a trend. By filtering out weak trends, the script focuses on strong and reliable signals, enhancing the accuracy of trade entries and exits.
5. Bollinger Bands: Bollinger Bands provide additional context for the trend and help identify potential reversal points. The script uses Bollinger Bands to avoid false signals and ensure trades are taken in trending markets.
6. Higher Timeframe Analysis: This feature ensures that signals align with broader market trends by using higher timeframe Moving Averages for trend confirmation. It adds a layer of robustness to the signals generated on the 5-minute chart.
7. VWAP Integration: VWAP is used for intraday trading signals. By calculating the VWAP and generating buy and sell signals based on its crossover with the price, the script provides additional confirmation for trade entries.
8. MACD Analysis: The MACD line, signal line, and histogram are calculated to generate additional buy/sell signals. The MACD is used to detect changes in the strength, direction, momentum, and duration of a trend.
9. Alert System: Custom alerts are integrated to notify traders of potential trading opportunities based on the signals generated by the script.
How It Works:
- Trend Detection: The script calculates short and long period Moving Averages and identifies bullish and bearish crossovers to determine the trend direction.
- Signal Filtering: RSI, Volume, ATR, and ADX are used to filter and confirm signals, ensuring trades are taken in strong and favorable market conditions.
- Multiple Timeframe Analysis: The script uses higher timeframe Moving Averages to confirm trends, aligning signals with broader market movements.
- Additional Confirmations: VWAP, MACD, and Bollinger Bands provide multiple layers of confirmation for buy and sell signals, enhancing the reliability of the trading strategy.
Usage:
- Customize the input parameters to suit your trading strategy and preferences.
- Monitor the generated signals and alerts to make informed trading decisions.
- This script is made to work best on the 5-minute chart.
Disclaimer:
This indicator is not perfect and can generate false signals. It is up to the trader to determine how they would like to proceed with their trades. Always conduct thorough research and consider seeking advice from a financial professional before making trading decisions. Use this script at your own risk.
Brooks 18 Bars [KintsugiTrading]Brooks 18 Bars
Overview:
This indicator allows traders to specify a time frame within each trading day and plots lines at the highest and lowest prices recorded during that period. It is particularly useful for identifying key levels of support and resistance within a specified time range.
Features:
User-Defined Time Frame: Traders can input their desired start and end times in a 24-hour format, allowing flexibility to analyze different market sessions.
High and Low Price Levels: The indicator plots lines representing the highest and lowest prices observed within the specified time frame each day.
Clear Visual Representation: The high and low lines are color-coded for easy identification, with the high & low prices in Kintsugi Trading Gold.
How to Use:
Set the Time Frame:
Adjust the "Start Time Hour" and "Start Time Minute" to define the beginning of your desired time frame.
Adjust the "End Time Hour" and "End Time Minute" to define the end of your desired time frame.
Analyze Key Levels:
Al Brooks popularized the following idea and basis for creating this indicator:
On a 5-minute chart, Bar 1 has a 20-30% chance of being the High or Low of the day.
Bar 12 has a 50% chance.
Bar 18 has an 80-90% chance.
Use the plotted lines to identify significant support and resistance levels within your specified time frame. These levels can help inform your trading decisions, such as entry and exit points.
Good luck with your trading!
Markov Chain Trend IndicatorOverview
The Markov Chain Trend Indicator utilizes the principles of Markov Chain processes to analyze stock price movements and predict future trends. By calculating the probabilities of transitioning between different market states (Uptrend, Downtrend, and Sideways), this indicator provides traders with valuable insights into market dynamics.
Key Features
State Identification: Differentiates between Uptrend, Downtrend, and Sideways states based on price movements.
Transition Probability Calculation: Calculates the probability of transitioning from one state to another using historical data.
Real-time Dashboard: Displays the probabilities of each state on the chart, helping traders make informed decisions.
Background Color Coding: Visually represents the current market state with background colors for easy interpretation.
Concepts Underlying the Calculations
Markov Chains: A stochastic process where the probability of moving to the next state depends only on the current state, not on the sequence of events that preceded it.
Logarithmic Returns: Used to normalize price changes and identify states based on significant movements.
Transition Matrices: Utilized to store and calculate the probabilities of moving from one state to another.
How It Works
The indicator first calculates the logarithmic returns of the stock price to identify significant movements. Based on these returns, it determines the current state (Uptrend, Downtrend, or Sideways). It then updates the transition matrices to keep track of how often the price moves from one state to another. Using these matrices, the indicator calculates the probabilities of transitioning to each state and displays this information on the chart.
How Traders Can Use It
Traders can use the Markov Chain Trend Indicator to:
Identify Market Trends: Quickly determine if the market is in an uptrend, downtrend, or sideways state.
Predict Future Movements: Use the transition probabilities to forecast potential market movements and make informed trading decisions.
Enhance Trading Strategies: Combine with other technical indicators to refine entry and exit points based on predicted trends.
Example Usage Instructions
Add the Markov Chain Trend Indicator to your TradingView chart.
Observe the background color to quickly identify the current market state:
Green for Uptrend, Red for Downtrend, Gray for Sideways
Check the dashboard label to see the probabilities of transitioning to each state.
Use these probabilities to anticipate market movements and adjust your trading strategy accordingly.
Combine the indicator with other technical analysis tools for more robust decision-making.
Consistent ATR Trailing Stop (ATR, 1m based) [nn1]This indicator implements a Consistent ATR (Average True Range) Trailing Stop that maintains uniform behavior across various chart timeframes. It's designed to provide traders with a reliable tool for setting dynamic stop-loss levels that adapt to market volatility while remaining consistent regardless of the chosen chart interval.
Key Features:
1. Consistent ATR Calculation: The indicator calculates the ATR based on 1-minute data, regardless of the current chart timeframe. This ensures that the ATR value remains consistent across different intervals (e.g., 10s, 15s, 30s, 60s), providing a stable base for the trailing stop.
2. Dynamic Trailing Stop: The trailing stop adjusts based on the ATR, moving up in uptrends and down in downtrends to protect profits while allowing room for price fluctuations.
3. Trend Detection: The indicator determines the trend based on the price's relationship to the trailing stop, switching between long and short modes as the trend changes.
4. Visual Cues: The trailing stop line changes color to indicate the current trend (green for uptrends, red for downtrends) and briefly turns yellow during trend changes. Small circles below or above the price action further highlight the current trend direction.
5. Information Display: A label shows the current ATR value and trend direction, providing at-a-glance information to the trader.
6. Trend Change Highlights: The background briefly changes color when a trend change occurs, drawing attention to potential trading opportunities or exit points.
Usage:
- ATR Length: Set the number of periods for the ATR calculation. This is based on 1-minute data, so a value of 14 represents 14 minutes of data.
- ATR Multiplier: Adjust how far the trailing stop is placed from the price. Higher values create a wider stop, allowing for more price movement before triggering.
This indicator is particularly useful for traders who:
- Use multiple timeframes in their analysis and want consistent signals across charts.
- Seek a dynamic stop-loss method that adapts to market volatility.
- Want clear visual cues for trend direction and changes.
By providing a consistent ATR-based trailing stop across different timeframes, this indicator helps traders maintain a unified approach to their trading strategy, regardless of the chart interval they are viewing.
Lines of Chaos (ATR/ADR Levels)Lines of Chaos Indicator
This script is designed to provide traders with ATR (Average True Range) and ADR (Average Daily Range) support and resistance levels.
How it Works:
Support and Resistance Lines: The script plots ATR/ADR-based support and resistance lines based on a moving average of the last ATR/ADR Length days, the previous day's close, and the current day's open. Changing the ATR/ADR Length value changes the number of days of data to average.
EMA: The EMA is colored red when the ticker is potentially bearish. The EMA is colored green when the ticker is potentially bullish. Changing the EMA Length changes the number of data bars to average.
Default Settings: The default settings are optimized for most trading environments.
Key Features:
ATR & ADR Calculation: You can use ATR, ADR, or both. ATR is recommended for most scenarios.
Customizable Lengths: Adjust the ATR/ADR Length to refine the average calculation to your preference, with 14 being the standard value.
EMA for Market Bias: The EMA helps determine the ticker bias. It is colored green when the market is above the average price and red when below. This allows you to more easily determine whether or not the ADR/ATR levels are valid.
Versatile Usage: Suitable for various trading types, ensuring broad applicability across different market conditions.
How to Use:
Bounces off Levels: When the price bounces off a support/resistance level, the price will likely respect this level. This indicates that the price is unlikely to exceed the ticker's average volatility.
Breakthroughs of Levels: When the price breaks through a support/resistance level, the price will likely continue beyond this level. This indicates that the price has moved beyond that ticker's average volatility.
ATR/ADR Support and Resistance LevelsATR/ADR Support and Resistance Levels Indicator
This script is designed to provide traders with precise ATR (Average True Range) and ADR (Average Daily Range) support and resistance levels. It can be effectively used to identify price breakouts or rejections near these critical lines and assist in confirming trend retests.
How It Works:
Support and Resistance Lines: The script plots ATR/ADR-based support and resistance lines, which can be toggled on or off.
Daily Data Integration: It incorporates daily open and close prices to enhance the accuracy of the support and resistance levels.
Clear Visuals: The indicator uses distinct colors for support (green) and resistance (red) levels, providing clear visual cues.
Default Settings: The default settings are optimized for most trading environments. Adjusting the ATR/ADR Length can fine-tune the indicator's responsiveness to market movements.
Key Features:
ATR & ADR Calculation: Choose between using ATR, ADR, or both. ATR is recommended for most scenarios.
Customizable Lengths: Adjust the ATR/ADR Length to refine the average calculation to your preference, with 14 being the standard value.
EMA for Market Bias: The EMA helps determine the ticker bias. It is colored green when the market is above the average price and red when it is below. This allows you to more easily determine whether or not the ADR/ATR levels are valid.
Versatile Usage: Suitable for various trading types, ensuring broad applicability across different market conditions.
How to Use:
ATR vs ADR: You should use ADR if you are day trading AND do not want to include gap data in the levels. It is recommended you use ATR.
Bounces off Levels: When price bounces off of a support/resistance level, it is very likely that price will respect this level. This indicates that price is unlikely to move beyond the ticker's average volatility. You should wait for an additional bounce to confirm.
Breakthroughs of Levels: When price breaks through a support/resistance level, it is very likely that price will continue beyond this level. This indicates that price has moved beyond that ticker's average volatility. You should wait for a bounce off the level to confirm.
This indicator is a valuable tool for traders seeking to enhance their technical analysis with support and resistance levels based on ATR and ADR calculations. It is perfect for identifying key price points and understanding market trends.
Market Inner Strength IndexThe "Market Inner Strength Index" is an indicator designed to visually represent the market strength by analyzing the six major sectors: XLK, XLV, XLF, XLY, XLC and XLI. These sectors represent more than 80% of the SPX index, making their performance crucial for understanding overall market conditions. The indicator calculates the individual strengths of these sectors and combines them to provide an overall market strength index, helping to identify scenarios of sector rotation, euphoria, or panic.
Rationale:
The six major sectors (XLK, XLV, XLF, XLY, XLC, XLI) are essential as they encompass a significant portion of the SPX index. Typically, money rotates among these sectors, meaning some sectors grow while others decline. Rare occasions where all sectors move in the same direction can indicate market-wide euphoria (upwards) or panic (downwards). The Market Inner Strength Index helps track sector performance and identify these scenarios.
Methodology:
Script requests current timeframe data for each of the sectors and assigns scores, based on its performance. It will work best on the daily and higher timeframes but can also be used on the lower timeframes.
Score assignment:
If the sector is green (positive performance) for the given timeframe, it receives positive points.
If the sector is red (negative performance), it receives negative points.
If the current close price is above the previous period high, additional positive points are assigned.
If the current close price is below the previous period low, additional negative points are assigned.
The scores for the six sectors are averaged to compute a total score, which is plotted on the chart. A table displays the performance of each sector, color-coded based on their scores for the last period.
Parameters:
Neutral Zone : Define the neutral zone threshold.
Heikin Ashi : Option to use Heikin Ashi candles instead of normal ones.
Show Divergency : Option to show divergences on the chart. Divergence occurs when the SPY is bullish, but the sector score is bearish, or vice versa. This option will only work on SPY chart.
Sector selections : Enable/disable specific sectors in score calculation.
Groupings [SS]Hey everyone,
Releasing this indicator called groupings.
If you watch/read my analyses on Tradingview, you will have heard me talk about groups. Groups is something I invented. What it is, is just taking the Euclidean Distance (ED) of the previous 5 candles in a specified period (i.e. daily timeframe, weekly, 1 minute, 5 minute, etc.) and rounding the ED up to a whole number.
I have had great success in this approach because the information provided is broad enough to give leniency in interpretation but narrow enough to hone in on potential moves and target prices.
This indicator is a simplified version of how I do groupings in other software, however it is no less powerful!
What do groups tell us?
A "group" takes into account the previous 5 candles, using the ED. This gives Pinescript a general idea of what the short term trend looks like mathematically. From there, Pinescript can look for other groups that looked similar to how this current trend looks. From there, it can offer us insights into what tends to happen in candles subsequent to this group. For example, the ATR range, the close range and whether it is bearish or bullish.
And that is precisely how this indicator operates, Pinescript will calculate the group of the previous 5 canndles in the timeframe period you are looking at. It will then lookback over the designated "train" length and identify previous groups, and what happened in those groups. It looks specifically at:
- What is that average High ATR associated with that group,
- What is the average Low ATR associated with that group,
- What is the average close range associated with that group,
- What is the sentiment associated with that group.
How to use the indicator?
In terms of use, the indicator is relatively simple to use. It will plot three lines, a red for the anticipated low range, a green for the anticipated high range and purple for the opening range (where the current candle opened at).
In addition, it will plot a dot for the anticipated close area. When the dot is green, it expects a bullish close. When the dot is red, it expects a bearish close.
The indicator is going to give you a heads up as to whether we are in a bullish group, what you can anticipate the high and low range to be and where you can anticipate the close.
Of course, its not always exact, as in the image above you can see it underestimated the high range and over-estimated the low range; however, we did close within the anticipate range.
The indicator is meant to help you with your bias. I will reference this indicator on the daily timeframe at open to see what the expectations are for the day.
However, you can use it on any timeframe you wish.
Other functions:
The indicator can plot the EMA 9, 21 and 5. These are the 3 indicators I like and I find them helpful for both intraday and swing trading. However, they can be toggled off if you do not wish to view them.
In addition, the EMAs will be green if the ticker is trending above the EMA 21 (which is a critical EMA for me to determine the immediate sentiment). If the ticker is below, they will turn red.
There is also the ability to adjust the train time. The default is 1,000 candles back, but I usually have it on 1500. If you have a lot of indicators and a lot going on, on your chart, you may find that 1500 is too much and it will lag/error. That’s okay, 500 candles is sufficient and will not put a lot of stress on Pinescript.
Concluding remarks
Its overall a fairly simple concept and indicator, but it has been a neat and helpful / insightful invention. I originally developed this using R and happy to have now brought it into Pinescript.
I hope you enjoy!
Safe trades everyone!
Flush Percent RangeFans of Woodies CCI may recognize the approach to this one. This is my attempt at using the same methods but for taking the highs and lows into account without the standard deviation of the CCI. The smoothness of other oscillators may not be ideal however the Williams Percent Range is a fast stochastic that also operates within a channel. This provides an alternative yet still complex view for the virtuoso. A unique feature is total utilization of the weighted moving average, from the standard to the more complex. A fun fact is the Hull Moving Average is actually calculated using weighted moving averages.
How to use:
The base length is for accuracy, the fast length is for catching all the moves(even the wrong ones sometimes.)
The bars back option will not flip the histogram/base trend to its bullish/bearish alternative until the base plot remains on the latter half of the oscillator for a certain number of bars. This can be set to zero if desired.
The factor controls the chop on the various levels. A higher number will increase it.
The oscillator levels are measuring slope, price relative to the average, and a summation of percent changes between the two. Both the baseline/histogram and the levels have color coding for bullishness, bearishness, and indecision(depending on the factor.) The fast line matches the indecision color by default. This is all customizable.
There are many potential ways to trade with this indicator. From hooks back toward the trend and range line crossovers to divergence and reversals. It's important to note the current performance of the oscillator levels. Time cycles may come in handy along with other forecasting tools.
Lastly, there are optional linear regression lines plotted on the chart. They're synchronized to the lengths in the oscillator. This is an additional visual aid to provide context to the direction of the channel.
Overall the Flush Percent Range is for analyzing multiple regression models within a single price channel. No smoothing, fast averages, and specified timeframes of highs/lows. Credit to Larry Williams for the original calculation and Ken Woods for design/methodology inspiration.
Symbols Correlation, built for pair tradingOverview:
This script is designed for pairs trading. If you are not familiar with pairs trading, I suggest learning about it, as it can be a profitable strategy in neutral markets (or neutral trends between two assets). The correlation between two assets is the foundation of pairs trading, and without it, the chances of making a profit are low.
Correlation can be described in two opposite ways:
1: Absolute positive correlation (meaning the asset prices move together).
-1: Absolute negative correlation (meaning the asset prices move in opposite directions).
Any value between 1 and -1 indicates some degree of correlation, but generally, values higher than 0.7 or lower than -0.7 are considered significant.
Features:
Typically, correlation is measured using the closing prices. This script adds three more correlation studies based on open, high, and low prices. By using all four lines, we can get a better understanding of the pair's correlation.
How to Read This Indicator:
To use this indicator effectively, you need to input your pair as a ratio. For example, if your pair is TSN and ZBH, enter it in the symbol search as: TSN/ZBH
Gray Area : This area indicates "no high correlation" (default is between -0.8 and 0.8, adjustable in the settings).
Gray Line : This represents the close correlation within the "no high correlation" range.
Green Line : This represents the close correlation within the "high correlation" range.
Dot Lines : These represent the open, high, and low correlations.
Example Interpretations:
A : All four lines are close together & the line is green – very good correlation!
B : The line is gray, and the dot lines are apart – not a strong correlation.
C : When the close correlation remains green for a long time, it signals a strong correlation.
Application in Pairs Trading:
In pairs trading, aim for the highest possible correlation, and it is important to have a sustained correlation over a long period. Pairs that correlate only part of the year but not consistently are less reliable for pairs trading.
This is an example for good correlation for pairs trading:
This is an example for bad correlation for pairs trading:
Here is a view of my full indicators when doing pairs trading:
RSI DeviationAn oscillator which de-trends the Relative Strength Index. Rather, it takes a moving average of RSI and plots it's standard deviation from the MA, similar to a Bollinger %B oscillator. This seams to highlight short term peaks and troughs, Indicating oversold and overbought conditions respectively. It is intended to be used with a Dollar Cost Averaging strategy, but may also be useful for Swing Trading, or Scalping on lower timeframes.
When the line on the oscillator line crosses back into the channel, it signals a trade opportunity.
~ Crossing into the band from the bottom, indicates the end of an oversold condition, signaling a potential reversal. This would be a BUY signal.
~ Crossing into the band from the top, indicates the end of an overbought condition, signaling a potential reversal. This would be a SELL signal.
For ease of use, I've made the oscillator highlight the main chart when Overbought/Oversold conditions are occurring, and place fractals upon reversion to the Band. These repaint as they are calculated at close. The earliest trade would occur upon open of the following day.
I have set the default St. Deviation to be 2, but in my testing I have found 1.5 to be quite reliable. By decreasing the St. Deviation you will increase trade frequency, to a point, at the expense of efficiency.
Cheers
DJSnoWMan06
Dynamic Support & Resistance Tracker with MTFDynamic Support & Resistance Tracker with Weekly, Monthly & Daily Levels
The Dynamic Support & Resistance Tracker is designed to help traders identify key support and resistance levels across multiple timeframes, enhancing market analysis and decision-making. This indicator calculates and plots support and resistance levels for daily, weekly, and monthly periods, along with extension lines that provide insights into potential price targets.
Key Features:
Multi-Timeframe Analysis:
Daily Levels: Identifies the high, low, and midpoint for each trading day. These levels help traders recognize important price points for short-term trading strategies.
Weekly Levels: Plots the high, low, and midpoint for each week. This feature is valuable for swing traders who need to understand broader market trends.
Monthly Levels: Displays the high, low, and midpoint for each month, which is essential for long-term investors.
Extension Lines:
Calculates extension lines beyond the standard support and resistance levels to help anticipate potential price targets and reversals. These extensions are based on the distance between the high/low and midpoint levels.
Real-Time Updates:
Automatically updates the levels based on the most recent market data, ensuring traders have the most current information for their analysis.
Clear Visuals:
The indicator provides clearly labeled and color-coded lines for easy identification of key levels, improving the visual clarity of market analysis.
How It Works:
Daily, Weekly, and Monthly Levels: The indicator calculates the high, low, and midpoint levels for daily, weekly, and monthly timeframes and plots them on the chart. These levels serve as potential areas of support and resistance where price action may react.
Extension Lines: The extension lines are calculated based on the distance between the high/low and midpoint levels, projecting potential areas where price may find support or resistance beyond the standard levels.
Automatic Updates: The indicator continuously updates the plotted levels based on the latest market data, providing real-time insights.
Benefits:
Improved Market Analysis: By providing a clear view of support and resistance levels across multiple timeframes, this indicator helps traders understand market trends and price movements more effectively.
Informed Trading Decisions: The detailed plotting of levels and extensions allows traders to make more informed decisions, enhancing their trading strategies.
Versatility: Suitable for various trading styles, including intraday trading, swing trading, and long-term investing.
Instructions for Use:
Analyze the Levels: Observe the plotted high, low, and mid-levels for daily, weekly, and monthly timeframes.
Plan Your Trades: Use the identified support and resistance levels to set your entry and exit points, stop-losses, and profit targets.
Monitor the Market: Stay updated with real-time adjustments of the levels, ensuring you always have the latest market information.
Note: This indicator is designed to enhance your trading analysis by providing clear and reliable support and resistance levels. However, it should be used as part of a comprehensive trading strategy and not as the sole basis for trading decisions.
Multiple Moving Averages, Bollinger Bands, VWAP Options - Lett5 simple moving averages.
You decide:
1. The type of moving average
2. The length of the moving average
3. To show Bollinger Bands
4. To show VWAP.
ET's FlagsPurpose:
This Pine Script is designed for the TradingView platform to identify and visually highlight specific technical chart patterns known as "Bull Flags" and "Bear Flags" on financial charts. These patterns are significant in trading as they can indicate potential continuation trends after a brief consolidation. The script includes mechanisms to manage signal frequency through a cooldown period, ensuring that the trading signals are not excessively frequent and are easier to interpret.
Functionality:
Input Parameters:
flagpole_length: Defines the number of bars to consider when identifying the initial surge in price, known as the flagpole.
flag_length: Determines the number of bars over which the flag itself is identified, representing a period of consolidation.
percent_change: Sets the minimum percentage change required to validate the presence of a flagpole.
cooldown_period: Specifies the number of bars to wait before another flag can be identified, reducing the risk of overlapping signals.
Percentage Change Calculation:
The script calculates the percentage change between two price points using a helper function percentChange(start, end). This function is crucial for determining whether the price movement within the specified flagpole_length meets the threshold set by percent_change, thus qualifying as a potential flagpole.
Flagpole Identification:
Bull Flagpole: Identified by finding the lowest close price over the flagpole_length and determining if the subsequent price rise meets or exceeds the specified percent_change.
Bear Flagpole: Identified by finding the highest close price over the flagpole_length and checking if the subsequent price drop is sufficient as per the percent_change.
Flag Identification:
After identifying a flagpole, the script assesses if the price action within the next flag_length bars consolidates in a manner that fits a flag pattern. This involves checking if the price fluctuation stays within the bounds set by the percent_change.
Signal Plotting:
If a bull or bear flag pattern is confirmed, and the cooldown period has passed since the last flag of the same type was identified, the script plots a visual shape on the chart:
Green shapes below the price bar for Bull Flags.
Red shapes above the price bar for Bear Flags.
Line Drawing:
For enhanced visualization, the script draws lines at the high and low prices of the flag during its formation period. This visually represents the consolidation phase of the flag pattern.
Debugging Labels:
The script optionally displays labels at the flag formation points, showing the exact percentage change achieved during the flagpole formation. This feature aids users in understanding why a particular segment of the price chart was identified as a flag.
Compliance and Usage:
This script does not automate trading but provides visual aids and potential signals based on historical price analysis. It adheres to TradingView's scripting policies by only accessing publicly available price data and user-defined parameters without executing trades or accessing any external data.
Conclusion:
This Pine Script is a powerful tool for traders who follow technical analysis, offering a clear, automated way to spot potential continuation patterns in the markets they monitor. By emphasizing visual clarity and reducing signal redundancy through cooldown periods, the script enhances decision-making processes for chart analysis on TradingView.
Bloodbath IndicatorThis indicator identifies days where the number of new 52-week lows for all issues exceeds a user-defined threshold (default 4%), potentially signaling a market downturn. The background of the chart turns red on such days, providing a visual alert to traders following the "Bloodbath Sidestepping" strategy.
Based on: "THE RIPPLE EFFECT OF DAILY NEW LOWS," By Ralph Vince and Larry Williams, 2024 Charles H. Dow Award Winner
threshold: Percentage of issues making new 52-week lows to trigger the indicator (default: 4.0).
Usage:
The chart background will turn red on days exceeding the threshold of new 52-week lows.
Limitations:
This indicator relies on historical data and doesn't guarantee future performance.
It focuses solely on new 52-week lows and may miss other market signals.
The strategy may generate false positives and requires further analysis before trading decisions.
Disclaimer:
This script is for informational purposes only and should not be considered financial advice. Always conduct your own research before making any trading decisions.
Pivot WebThe Pivot Web is a prototype with its base derived from TradingView's standard pivot point indicator plus inspiration from LuxAlgo's trendline work alongside my own observations/experiences.
The theory is that there's legitimacy, from a technical standpoint, pivot point calculations are an adequate gauge of momentum and sentiment because the same math was used under pressure by floor traders themselves. That calculation is centered on the average of high, low, and closing prices. This indicator creates trendlines connecting the last pivot, support, and resistance levels to the current ones. A dynamic visual cue could make it easier to assess if the price will continue or reverse the current trajectory. This method also shows us an excellent visual for volatility.
Key Takeaways:
This indicator draws new dynamic trendlines.
These new trendlines connect the past and present pivot point levels based on the timeframe you select.
Shorter timeframes = More trendlines
Price adherence to the path of these lines may offer insight for trading.
Lastly, note the first set of data in each new timeframe displays the current original pivot point levels along with the trendlines attached to their ending point. Most of the time this indicator leaves room by briefly highlighting the original static levels with all levels also being optional displays. Also note that a more stable asset may not require the outermost support and resistance levels. Like most time series analysis tools, the Pivot Web requires current data to function properly.
"Nature is pleased with simplicity, and nature is no dummy."
Prometheus Analytics Hurst ExponentThis indicator uses market data to calculate the Hurst Exponent so traders can have knowledge of the long memory of the asset.
Users can control the lookback length for the H value (Hurst Exponent), lookback length for the SMA (Simple Moving Average) of the Hurst Exponent, to show either, and what to calculate the H value and SMA on.
Hurst Exponent:
The Hurst Exponent is a value between 0 and 1 with 0.5 as a midline.
An H value(Hurst Exponent) above 0.5 indicates a trending market, and a market that should have larger, longer moves.
An H value below 0.5 indicates a mean reverting market, and a market that should have smaller, shorter moves.
An H value of0.5 indicates a random walk. This would mean the price would follow a Brownian Motion model and future prices would be independent from past prices.
Just because the H value is above 0.5 does not indicate that there should be an UP trend, just as a value below 0.5 does not indicate a DOWN trend. It indicates that there should be a trend, up or down.
Scenarios:
An intuitive way to use the Hurst Exponent is as an asset is trending in whatever direction, as the H value crosses below 0.5 it indicates a reversal. It indicates that what was happening before isn’t impacting what is happening now as much.
Steps explained from picture:
Step 1: Strong uptrend is identified with the asset moving up aggressively with H above 0.5.
Step 2: The H value crosses below 0.5 and prices stay elevated.
Step 3: Price reverts back down as the H value stays below 0.5
Just because the H value is above 0.5 doesn’t mean the asset has to be uptrending. In this example we see the asset fall as the H value is above 0.5. Not only that, but every time it crosses below 0.5, the asset takes a breather on the way down
Step 1: As the H value crosses above 0.5, we can expect trends to appear in the asset.
Step 2: After the trend switches to down, we only see a breather and some chop after the H value crosses back below 0.5.
Step 3: Once The H value crosses back over we see the downtrend continue and new lows be made.
Step 4: We see it once again, simply the area of chop is bigger. We don’t see a higher high, breaking the overall downtrend, but once the H value crosses over again the downturn continues and we see a lower low.
It may occur when no strong trend is made in either direction. The H value above 0.5 does indeed sometimes correlate with an uptrend sometimes.
Step 1: After the strong downtrend we see a break below 0.5 with some consolidation.
Step 2: No clear big move on the asset or H value.
Step 3: H value above 0.5 leads to a break of highs and a new uptrend.
Users have the option to decide what to calculate the H value on. Close is the default, or dollar return per bar are the options. Dollar return per bar and offer an H value that may give a better indication of when price moves will be small and sporadic.
Using dollar move per bar.
Step 1: H value cross above 0.5, we see large candles and fast moves.
Step 2: H value crosses below 0.5, the candles immediately following are shorter. The big red candles come right before the cross back above.
Step 3: H value cross back above 0.5, after some chop, large move down.
Similar story
Step 1: H value above 0.5, big trends either direction
Step 2: After the H value crosses below, the moves are short and choppy.
Settings:
Options to show or remove either the H value or it’s SMA.
Options to adjust the period uses, default is (32, 16)
Custom Signal Oscillator StrategyThe CSO is made to help traders easily test their theories by subtracting the difference between two customizable plots(indicators) without having to search for strategies. The general purpose is to provide a tool to users without coding knowledge.
How to use :
Apply the indicator(s) to test
Go to the CSO strategy input settings and select the desired plots from the added indicators. (The back test will enter long or short depending on the fast signal crosses on the slow signal)
Pull up the strategy tester
Adjust the input settings on the selected indicator(s) to back test
For example, the published strategy is using the basis lines from two Donchian channels with varying length. This can be utilized with multiple overlays on the chart and oscillators that are operating on the same scale with each other. Since chart glows aren't extremely common, a glow option is included to stand out on the chart as the chain operator. A long only option for is also included for versatility.
Buy-Sell Volume Bar Gauge [By MUQWISHI]▋ INTRODUCTION :
The Buy-Sell Volume Bar Gauge is developed to provide traders with a detailed analysis of volume in bars using a low timeframe, such as a 1-second interval, to measure the dominance of buy and sell for each bar. By highlighting the balance between buying and selling activities, the Buy-Sell Volume Bar Gauge helps traders identify potential volume momentum of a bar; aimed at being a useful tool for day traders and scalpers.
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▋ OVERVIEW:
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▋ METHODOLOGY:
The concept is based on bars from a lower timeframe within the current chart timeframe bar, where volume is categorized into Up, Down, and Neutral Volume, with each one displayed as a portion of a column plot. Up Volume is recorded when the price experiences a positive change, Down Volume occurs when the price experiences a negative change, and Neutral Volume is observed when the price shows no significant change.
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▋ INDICATOR SETTINGS:
(1) Fetch data from the selected lower timeframe. Note: If the selected timeframe is invalid (higher than chart), the indicator will automatically switch to 1 second.
(2) Price Source.
(3) Treating Neutral Data (Price Source) as
Neutral: In a lower timeframe, when the bar has no change in its price, the volume is counted as Neutral Volume.
Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the previous change; “Up Volume” if the previous change was positive, and “Down Volume” if the previous change was negative.
Opposite Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the opposite previous change; “Up Volume” if the previous change was negative, and “Down Volume” if the previous change was positive.
(4) Average Volume Length, it's used for lighting/darkening columns in a plot.
(5) Enable Alert.
(7) Total bought (%) Level.
(8) Total Sold (%) Level.
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▋ COMMENT:
The Buy-Sell Volume Bar Gauge can be taken as confirmation for predicting the next move, but it should not be considered a major factor in making a trading decision.
Chuck Dukas Market Phases of Trends (based on 2 Moving Averages)This script is based on the article “Defining The Bull And The Bear” by Chuck Duckas, published in Stocks & Commodities V. 25:13 (14-22); (S&C Bonus Issue, 2007).
The article “Defining The Bull And The Bear” discusses the concepts of “bullish” and “bearish” in relation to the price behavior of financial instruments. Chuck Dukas explains the importance of analyzing price trends and provides a framework for categorizing price activity into six phases. These phases, including recovery, accumulation, bullish, warning, distribution, and bearish, help to assess the quality of the price structure and guide decision-making in trading. Moving averages are used as tools for determining the context preceding the current price action, and the slope of a moving average is seen as an indicator of trend and price phase analysis.
The six phases of trends
// Definitions of Market Phases
recovery_phase = src > ma050 and src < ma200 and ma050 < ma200 // color: blue
accumulation_phase = src > ma050 and src > ma200 and ma050 < ma200 // color: purple
bullish_phase = src > ma050 and src > ma200 and ma050 > ma200 // color: green
warning_phase = src < ma050 and src > ma200 and ma050 > ma200 // color: yellow
distribution_phase = src < ma050 and src < ma200 and ma050 > ma200 // color: orange
bearish_phase = src < ma050 and src < ma200 and ma050 < ma200 // color red
Recovery Phase : This phase marks the beginning of a new trend after a period of consolidation or downtrend. It is characterized by the gradual increase in prices as the market starts to recover from previous losses.
Accumulation Phase : In this phase, the market continues to build a base as prices stabilize before making a significant move. It is a period of consolidation where buying and selling are balanced.
Bullish Phase : The bullish phase indicates a strong upward trend in prices with higher highs and higher lows. It is a period of optimism and positive sentiment in the market.
Warning Phase : This phase occurs when the bullish trend starts to show signs of weakness or exhaustion. It serves as a cautionary signal to traders and investors that a potential reversal or correction may be imminent.
Distribution Phase : The distribution phase is characterized by the market topping out as selling pressure increases. It is a period where supply exceeds demand, leading to a potential shift in trend direction.
Bearish Phase : The bearish phase signifies a strong downward trend in prices with lower lows and lower highs. It is a period of pessimism and negative sentiment in the market.
These rules of the six phases outline the cyclical nature of market trends and provide traders with a framework for understanding and analyzing price behavior to make informed trading decisions based on the current market phase.
60-period channel
The 60-period channel should be applied differently in each phase of the market cycle.
Recovery Phase : In this phase, the 60-period channel can help identify the beginning of a potential uptrend as price stabilizes or improves. Traders can look for new highs frequently in the 60-period channel to confirm the trend initiation or continuation.
Accumulation Phase : During the accumulation phase, the 60-period channel can highlight that the current price is sufficiently strong to be above recent price and longer-term price. Traders may observe new highs frequently in the 60-period channel as the slope of the 50-period moving average (SMA) trends upwards while the 200-period moving average (SMA) slope is losing its downward slope.
Bullish Phase : In the bullish phase, the 60-period channel showing a series of higher highs is crucial for confirming the uptrend. Additionally, traders should observe an upward-sloping 50-period SMA above an upward-sloping 200-period SMA for further validation of the bullish phase.
Warning Phase : When in the warning phase, the 60-period channel can provide insights into whether the current price is weaker than recent prices. Traders should pay attention to the relationship between the price close, the 50-period SMA, and the 200-period SMA to gauge the strength of the phase.
Distribution Phase : In the distribution phase, traders should look for new lows frequently in the 60-period channel, hinting at a weakening trend. It is crucial to observe that the 50-period SMA is still above the 200-period SMA in this phase.
Bearish Phase : Lastly, in the bearish phase, the 60-period channel reflecting a series of lower lows confirms the downtrend. Traders should also note that the price close is below both the 50-period SMA and the 200-period SMA, with the relationship of the 50-period SMA being less than the 200-period SMA.
By carefully analyzing the 60-period channel in each phase, traders can better understand market trends and make informed decisions regarding their investments.
Relative Momentum Index with Laguerre FilterThe Relative Momentum Index
The Relative Momentum Index (RMI) is an oscillator that is a variation of the Relative Strength Index (RSI), but incorporates momentum over a variable lookback period rather than just consecutive price changes, which can help identify reversals and filter out noise.
It measures the momentum of price changes over a specified period, rather than just the magnitude of price changes like the RSI does.
It counts up and down days from the current closing price relative to the closing price a certain number of days ago (e.g. 5 days ago), instead of just comparing consecutive daily closes like the RSI
It is calculated by taking the ratio of the average upward price changes to the average downward price changes over a given period, where each change is measured from the close X days ago (X is the “momentum” period)
Like the RSI, the RMI oscillates between 0 and 100, with readings above 70 considered overbought and below 30 oversold.
In trending markets, the RMI tends to remain in overbought or oversold territory for extended periods. In trading ranges, it oscillates more predictably between the overbought and oversold levels.
The RMI is generally considered better than the RSI at identifying potential reversal points, as it incorporates a momentum factor rather than just strength.
It can be used in a similar way to the RSI for trade signals, such as buying when it rises above 30 from below, or selling when it falls below 70 from above
The Laguerre filter
A Laguerre filter is a type of infinite impulse response (IIR) filter used for smoothing signals or data. The Laguerre filter provides a way to apply variable smoothing to a signal by adjusting its pole position, allowing you to control the balance between smoothness and lag based on your preferences. It is an alternative to simple moving averages that can better preserve the shape of the original signal.
Median Momentum with Buy/Sell Signals and Bar ColorMomentum Calculation:
Momentum is calculated as the difference between the current close price and the close price momentum_length periods ago: momentum = close - close .
Highest and Lowest Momentum:
The highest and lowest momentum values over the specified length are calculated.
Median Momentum:
The median momentum is calculated as the average of the highest and lowest momentum values.
Color Setting:
medianColor is set based on whether the momentum is above, below, or equal to the median momentum.
barColor is set similarly for bar coloring.
Plotting:
The script plots the median momentum and the actual momentum values.
Buy and sell signals are generated when momentum crosses over or under the median momentum.
The script also plots the buy and sell signals with arrows on the chart.
