Trade Tool VDWMA + OI RSI BasedThis indicator works only for symbols where open interest data is available.
The idea was to create a combination of Volume Delta, Open Interest, RSI, Moving Average and Support / Resistance as a unified tool.
I created a Weighted Moving Average based on the Volume Delta (VDWMA). The idea behind this was to reflect the moving average on the difference between buy and sell volume.
There are two VDWMA to determine a trend. Fast and Slow. The principle is the same as with conventional moving averages. For visualization, the candles are colored based on the following logic:
up trend = Fast VDWMA is above the Slow VDWMA and the price is above the Fast VWDWMA.
down Trend = Fast VDWMA is below the Slow VDWMA and the Short is below the Fast VDWMA
Further, support and resistance zones were defined based on the close and high prices as well as close and low prices.
A simple logic looks for divergences between RSI and price to generate first signals for possible price reversals.
Another RSI was created based on the open interest.
In combination with the conventional RSI, oversold and overbought zones were defined based on the following logic, which are marked by vertical zones on the chart.
Oversold zone = RSI is below 30 and OI RSI is above 70 or below 30 and OI opening is not greater than OI closing price
Overbought zone = RSI is above 70 and OI RSI is above 70 or below 30 and OI opening is not smaller than OI closing price
Based on this, buy and sell signals were defined.
First, the support or resistance zone must remain the same for two candles, which signals that the zone has not been breached. In addition, a divergence must occur in the RSI and the price must bounce.
newsell = resistance == resistance and high >= resistance and close < resistance and bearishDiv
newbull = support == support and low <= support and close > support and bullishDiv
The OI signaling was deliberately not included as well as the trend function. The tool should be suitable for scalping as well as for swinging. Thus, depending on the tradestyle itself to decide which points you want to trade.
Have fun with it
"收集一只股票30个交易日的成交量、开盘价、最高价和最低价和收盘价" için komut dosyalarını ara
Multi-Asset Performance [Spaghetti] - By LeviathanThis indicator visualizes the cumulative percentage changes or returns of 30 symbols over a given period and offers a unique set of tools and data analytics for deeper insight into the performance of different assets.
Multi Asset Performance indicator (also called “Spaghetti”) makes it easy to monitor the changes in Price, Open Interest, and On Balance Volume across multiple assets simultaneously, distinguish assets that are overperforming or underperforming, observe the relative strength of different assets or currencies, use it as a tool for identifying mean reversion opportunities and even for constructing pairs trading strategies, detect "risk-on" or "risk-off" periods, evaluate statistical relationships between assets through metrics like correlation and beta, construct hedging strategies, trade rotations and much more.
Start by selecting a time period (e.g., 1 DAY) to set the interval for when data is reset. This will provide insight into how price, open interest, and on-balance volume change over your chosen period. In the settings, asset selection is fully customizable, allowing you to create three groups of up to 30 tickers each. These tickers can be displayed in a variety of styles and colors. Additional script settings offer a range of options, including smoothing values with a Simple Moving Average (SMA), highlighting the top or bottom performers, plotting the group mean, applying heatmap/gradient coloring, generating a table with calculations like beta, correlation, and RSI, creating a profile to show asset distribution around the mean, and much more.
One of the most important script tools is the screener table, which can display:
🔸 Percentage Change (Represents the return or the percentage increase or decrease in Price/OI/OBV over the current selected period)
🔸 Beta (Represents the sensitivity or responsiveness of asset's returns to the returns of a benchmark/mean. A beta of 1 means the asset moves in tandem with the market. A beta greater than 1 indicates the asset is more volatile than the market, while a beta less than 1 indicates the asset is less volatile. For example, a beta of 1.5 means the asset typically moves 150% as much as the benchmark. If the benchmark goes up 1%, the asset is expected to go up 1.5%, and vice versa.)
🔸 Correlation (Describes the strength and direction of a linear relationship between the asset and the mean. Correlation coefficients range from -1 to +1. A correlation of +1 means that two variables are perfectly positively correlated; as one goes up, the other will go up in exact proportion. A correlation of -1 means they are perfectly negatively correlated; as one goes up, the other will go down in exact proportion. A correlation of 0 means that there is no linear relationship between the variables. For example, a correlation of 0.5 between Asset A and Asset B would suggest that when Asset A moves, Asset B tends to move in the same direction, but not perfectly in tandem.)
🔸 RSI (Measures the speed and change of price movements and is used to identify overbought or oversold conditions of each asset. The RSI ranges from 0 to 100 and is typically used with a time period of 14. Generally, an RSI above 70 indicates that an asset may be overbought, while RSI below 30 signals that an asset may be oversold.)
⚙️ Settings Overview:
◽️ Period
Periodic inputs (e.g. daily, monthly, etc.) determine when the values are reset to zero and begin accumulating again until the period is over. This visualizes the net change in the data over each period. The input "Visible Range" is auto-adjustable as it starts the accumulation at the leftmost bar on your chart, displaying the net change in your chart's visible range. There's also the "Timestamp" option, which allows you to select a specific point in time from where the values are accumulated. The timestamp anchor can be dragged to a desired bar via Tradingview's interactive option. Timestamp is particularly useful when looking for outperformers/underperformers after a market-wide move. The input positioned next to the period selection determines the timeframe on which the data is based. It's best to leave it at default (Chart Timeframe) unless you want to check the higher timeframe structure of the data.
◽️ Data
The first input in this section determines the data that will be displayed. You can choose between Price, OI, and OBV. The second input lets you select which one out of the three asset groups should be displayed. The symbols in the asset group can be modified in the bottom section of the indicator settings.
◽️ Appearance
You can choose to plot the data in the form of lines, circles, areas, and columns. The colors can be selected by choosing one of the six pre-prepared color palettes.
◽️ Labeling
This input allows you to show/hide the labels and select their appearance and size. You can choose between Label (colored pointed label), Label and Line (colored pointed label with a line that connects it to the plot), or Text Label (colored text).
◽️ Smoothing
If selected, this option will smooth the values using a Simple Moving Average (SMA) with a custom length. This is used to reduce noise and improve the visibility of plotted data.
◽️ Highlight
If selected, this option will highlight the top and bottom N (custom number) plots, while shading the others. This makes the symbols with extreme values stand out from the rest.
◽️ Group Mean
This input allows you to select the data that will be considered as the group mean. You can choose between Group Average (the average value of all assets in the group) or First Ticker (the value of the ticker that is positioned first on the group's list). The mean is then used in calculations such as correlation (as the second variable) and beta (as a benchmark). You can also choose to plot the mean by clicking on the checkbox.
◽️ Profile
If selected, the script will generate a vertical volume profile-like display with 10 zones/nodes, visualizing the distribution of assets below and above the mean. This makes it easy to see how many or what percentage of assets are outperforming or underperforming the mean.
◽️ Gradient
If selected, this option will color the plots with a gradient based on the proximity of the value to the upper extreme, zero, and lower extreme.
◽️ Table
This section includes several settings for the table's appearance and the data displayed in it. The "Reference Length" input determines the number of bars back that are used for calculating correlation and beta, while "RSI Length" determines the length used for calculating the Relative Strength Index. You can choose the data that should be displayed in the table by using the checkboxes.
◽️ Asset Groups
This section allows you to modify the symbols that have been selected to be a part of the 3 asset groups. If you want to change a symbol, you can simply click on the field and type the ticker of another one. You can also show/hide a specific asset by using the checkbox next to the field.
Incomplete Session Candle - Incomplete Timeframe Candle Marker The "Incomplete Session Candle - Incomplete Timeframe Candle Marker" is an advanced tool tailored for technical analysts who understand the importance of accurate timeframes in their charting. While the indicator is not limited to the Indian market, its genesis is rooted in the nuances of trading sessions like those in India, which span 375 minutes from 9:15 AM to 3:30 PM.
Key Features:
Detects if the current timeframe is intraday (minutes or hours).
Calculates the expected duration of the candle for the chosen timeframe.
Highlights candles that don't achieve their expected session duration by placing a cross shape above the bar.
Compatible across various intraday timeframes, aiding traders in spotting discrepancies promptly.
Why We Made This: Not Just for India:
While we looked at the Indian market, this indicator works everywhere. Regular timeframes like 30 minutes, 1 hour, and 2 hours often end with incomplete candles, especially at the end of the trading day. For example:
A 30-minute timeframe makes 13 candles, but the last one is only 15 minutes long.
A 1-hour timeframe shows 7 candles, but the last one is just the last 15 minutes.
By switching to different timeframes like 25 minutes, 75 minutes, and 125 minutes, you get more complete information for better trading decisions. Learn more about this in our article: "Power of 25, 75, and 125-Minute Timeframes in the Indian Market", recognized by Trading View's Editors' Pick.
Benefits:
The indicator extends its benefits even to users without access to certain timeframes. It accommodates traders using a 1-hour timeframe (pertaining to Indian traders). By employing this indicator, traders consistently remain mindful of incomplete candles within their chosen timeframe
For those who utilize concepts like RBR, RBD, DBR, and DBD, this indicator is paramount. An incomplete candle can skew analysis, leading to potential misinterpretations of base or leg candles.
Final thoughts:
In markets like the Indian stock market, adopting such a tool is not just beneficial, but necessary. Whether you have access to unconventional timeframes or are using traditional ones, recognizing and accounting for the limitations of incomplete candles is critical & it's important to know if your candles fit the timeframe properly. This indicator gives you a better view of the market, which helps you make smarter trades.
Lastly, Thank you for your support! Your likes & comments. If you want to give any feedback then you can give in comment section.
Let's conquer the markets together!
Moving Average Contrarian IndicatorThis indicator is designed to identify potential turning points in the market. By measuring the distance between the price and a moving average, and normalizing it, the MACI provides valuable insights into market sentiment and potential reversals. In this article, we will explore the calculation, interpretation, and practical applications of the MACI, along with its potential limitations.
The MACI is calculated in several steps. First, a moving average is computed using a user-defined length, representing the average price over the specified period. The distance between the current price and the moving average is then determined. This distance is normalized using the highest and lowest distances observed within the chosen length, resulting in a value between 0 and 100. Higher MACI values indicate that the price is relatively far from the moving average, potentially signaling an overextension, while lower values suggest price consolidation or convergence with the moving average.
Altering the parameters of the Moving Average Contrarian Indicator can provide traders with additional flexibility and adaptability to suit different market conditions and trading styles. By adjusting the length parameter, traders can customize the sensitivity of the indicator to price movements. A shorter length may result in more frequent and responsive signals, which can be useful for short-term traders aiming to capture quick price reversals. On the other hand, a longer length may provide smoother signals, suited for traders who prefer to focus on longer-term trends and are less concerned with minor fluctuations. Experimenting with different parameter values allows traders to fine-tune the indicator to align with their preferred trading timeframes and risk tolerance. However, it is essential to strike a balance and avoid excessive parameter adjustments that may lead to over-optimization or curve fitting. Regular evaluation and optimization based on historical data and real-time market observations can help identify the most suitable parameter values for optimal performance.
The coloration of the Moving Average Contrarian Indicator provides visual cues that assist traders in interpreting its signals. The background color, set based on the indicator's values, adds an additional layer of context to the chart. When the indicator is indicating bullish conditions, the background color is set to lime, suggesting a favorable environment for long positions. Conversely, when the indicator signals bearish conditions, the background color is set to fuchsia, indicating a potential advantage for short positions. In neutral or transitional periods, the background color is set to yellow, indicating caution and the absence of a clear bias.
The bar color complements the histogram and provides additional visual clarity. When the MACI value is greater than the MACI SMA value and exceeds the threshold of 30, the bars are colored lime, signaling potential bullish conditions. Conversely, when the MACI value is below the MACI SMA value and falls below the threshold of 70, the bars are colored fuchsia, indicating potential bearish conditions. For values that fall between these thresholds, the bars are colored yellow, highlighting a neutral or transitional state.
Practical Uses and Strategies:
The MACI offers traders and analysts valuable insights into market dynamics and potential reversal points. When the MACI is above its moving average and above a predefined threshold (e.g., 30), it suggests that prices have deviated significantly from the average and may be overbought. This could serve as an early indication for potential short-selling opportunities or taking profits on existing long positions. Conversely, when the MACI is below its moving average and below a predefined threshold (e.g., 70), it suggests oversold conditions, potentially signaling a buying opportunity. Traders can combine MACI with other technical indicators or price patterns to further refine their trading strategies.
The MACI can be a powerful tool for identifying potential market reversals. When the MACI reaches extreme levels, such as above 70 or below 30, it indicates overbought or oversold conditions, respectively. Traders can use these signals to anticipate price reversals and adjust their trading strategies accordingly. For example, when the MACI enters the overbought zone, traders may consider initiating short positions or tightening stop-loss levels on existing long positions. Conversely, when the MACI enters the oversold zone, it may indicate a buying opportunity, prompting traders to consider initiating long positions or loosening stop-loss levels.
The MACI can also be used in conjunction with price action to identify potential divergence patterns. Divergence occurs when the MACI and price move in opposite directions. For instance, if the price is making higher highs while the MACI is making lower highs, it suggests a bearish divergence, indicating a potential trend reversal. Conversely, if the price is making lower lows while the MACI is making higher lows, it suggests a bullish divergence, signaling a potential trend reversal to the upside. Traders can use these divergence patterns as additional confirmation signals when making trading decisions.
Limitations:
-- Sideways and Choppy Markets : The MACI performs best in trending markets where price movements are more pronounced. In sideways or choppy markets with limited directional bias, the MACI may generate false signals or provide less reliable indications. Traders should exercise caution when relying solely on the MACI in such market conditions and consider incorporating additional analysis techniques or filters to confirm potential signals.
-- Lagging Indicator : The MACI is a lagging indicator, as it relies on moving averages and historical price data. It may not provide timely signals for very short-term trading or capturing rapid price movements. Traders should be aware that there may be a delay between the occurrence of a signal and its confirmation by the MACI.
-- False Signals : Like any technical indicator, the MACI is not immune to false signals. It is essential to use the MACI in conjunction with other technical indicators, chart patterns, or fundamental analysis to increase the probability of accurate predictions. Combining multiple confirmation signals can help filter out false signals and enhance the overall reliability of trading decisions.
-- Market Conditions : It's important to consider that the effectiveness of the MACI may vary across different markets and asset classes. Each market has its own characteristics, and what works well in one market may not work as effectively in another. Traders should evaluate the performance of the MACI within their specific trading environment and adapt their strategies accordingly.
This indicator can be a valuable addition to a trader's toolkit, offering insights into potential entry and exit points. However, it should be used in conjunction with other analysis techniques and should not be relied upon as a standalone trading signal. Understanding its calculation, interpreting its values, and considering its limitations will empower traders to make more informed decisions in their pursuit of trading success.
Autoregressive CloudHello,
I am releasing this indicator called the Autoregressive Cloud Indicator.
What it does:
The indicator performs an autoregression analysis on 3 price variables of a ticker, those being the High, the Low and the Close. It uses a 1-lag system and looks back at the previous close, high and low’s effect on the proceeding high, low and close. It then plots out the anticipated range for the ticker based on the autoregression analysis, as well as displays the lag-correlation (autocorrelation) in a table.
What is Autoregression analysis?
Autoregression is a modelling technique used to describe a time series based on its own past values. It assumes that the current value of a variable is a linear combination of its previous values and a random error term.
And what is autocorrelation?
Autocorrelation measures the correlation between a time series and its lagged values. It quantifies the degree to which the current value of a series is related to its past values at different lags, indicating any patterns or dependencies in the data over time. Autoregression and autocorrelation are closely related concepts used to analyze and model time series data.
So how does it work?
The indicator calculates autoregressive values for the close, high, and low prices of a security based on the specified lookback length (which is defaulted to 50). It then plots three sets of clouds representing the smoothed autoregressive values for each price component (done using the SMA function). The transparency of the clouds can be adjusted using the "Transparency" input. Additionally, the code includes a correlation table that displays the correlation coefficients between the lagged values of the close, high, and low prices. The table's position can be customized using the "Position" input.
The indicator defaults to the chart timeframe; however, you can manually adjust the indicator to display the range for whatever timeframe you would like. You can view the 30 minute, 15 or even hourly range on the 1 minute or 5 minute chart if you want.
The indicator will show the anticipated “true trading range” of the stock based on the autoregression and autocorrelation of all 3 variables:
Above is SPY on the 5 minute timeframe with 15 minute levels overlayed. Here, you can see the anticipated trading range for that 15 minute time period.
Using the Correlation Table:
The correlation table displays the Pearson Coefficient for all 3 autoregressions.
A positive correlation: A positive autocorrelation indicates a positive relationship between past and current values of a time series variable. It suggests that when the variable has a high value at a certain time, it is more likely to have a high value in the future, and when it has a low value, it is more likely to have a low value in the future. This positive autocorrelation can imply persistence or trend in the data, indicating that past values can provide useful information for predicting future values. The rule of thumb is anything over 0.5 is considered significant.
A positive correlation among all 3 variables also indicates an uptrend. If you see a strong positive (i.e. the values are all greater than 0.8), it indicates an incredibly decisive and strong uptrend.
A negative correlation: A negative autocorrelation indicates an inverse relationship between past and current values of a time series variable. It suggests that when the variable has a high value at a certain time, it is more likely to have a low value in the future, and vice versa. This negative autocorrelation can imply mean reversion or oscillatory behavior in the data, where extreme values tend to be followed by values closer to the average. It indicates that past values can provide useful information for predicting future values by anticipating a reversal in the direction of the variable. The rule of thumb is anything below or equal to -0.5 is considered significant.
A negative correlation among all 3 variables also indicates a downtrend. If you see a strong negative (i.e. the values are all less than or equal to -0.8), it indicates an incredibly decisive and strong downtrend.
Uses of the Indicator:
The indicator can be used for the following functions:
1. Day trading and scalping within an expected range;
2. Determining the strength or weakness of an uptrend or downtrend on various timeframes;
3. Determining the relationship between previous values and past performance and its effect on future performance;
4. Can alert to changes in trend direction in advance (you may see high, low or close turn negative before others, signifying that weakness is beginning to materialize in an uptrend, or inverse in a downtrend (value changes positive)).
Customizability:
SMA: The autoregression data is smoothed by a 3 period lookback. You can change this if you want, but in order for the indicator to present the true trading range, it is recommended to leave it at <= 3.
Lookback Length: This is the length of the lookback period for the autoregression and autocorrelation functions.
Transparency settings: You can adjust the transparency of the clouds manually.
Timeframe: You can adjust the timeframe, as explained above, to display the timeframe of interest. When you adjust the timeframe, the data will all reflect that timeframe and not necessarily the current TF you have open (i.e. you select 30 minutes while viewing it on the 5 minute, it will show the data for the 30 minute TF period).
Video Tutorial:
I have prepared a video outlining the indicator and also explaining the theory of autoregression/correlation. You can find it below:
Let me know any comments, questions or suggestions below.
Thank you for taking the time to read/watch and check out this indicator.
Safe trades everyone!
FibonRSI / ErkOziHello,
This software is a technical analysis script written in the TradingView Pine language. The script creates a trading indicator based on Fibonacci retracement levels and the RSI indicator, providing information about price movements and asset volatility by using Bollinger Bands.
There are many different scripts in the market that draw RSI and Fibonacci retracement levels. However, this script was originally designed by me and shared publicly on TradingView.
***The indicator uses RSI (Relative Strength Index) and Bollinger Bands (BB) as the basis for the FibonRSI strategy. RSI measures the strength of a price movement, and BB measures the volatility of an asset. The FibonRSI strategy is based on the idea that the Fibonacci ratios and RSI can be used to predict a asset's price retracement levels.
***The script allows for various parameters to be adjusted. Users can specify the price source type and adjust the periods for RSI and Bollinger Bands. The standard deviation number for Bollinger Bands can also be customized.
***The script calculates the current RSI indicator position and the basic, upper, and lower levels of Bollinger Bands. It then calculates and draws the Fibonacci retracement levels. The color of the RSI line is determined by the upper and lower distribution levels of Bollinger Bands. Additionally, the color of the Fibonacci retracement levels can also be customized by the user.
***This script can be used to determine potential buy and sell signals using Fibonacci retracement levels and RSI. For example, when the RSI is oversold and the price is close to a Fibonacci retracement level, it can be interpreted as a buying opportunity. Similarly, when the RSI is overbought and the price is close to a Fibonacci retracement level, it can be interpreted as a selling opportunity.
***The script takes input parameters such as the price source used for calculation, the period for the RSI indicator, the period for the Moving Average in Bollinger Bands, and the number of standard deviations used in Bollinger Bands.
***The script's conditions include elements such as calculating the current position of the RSI indicator, calculating the upper and lower Bollinger Bands, calculating the dispersion factor, and calculating Fibonacci levels.
***The parameters in the code can be adjusted for calculation, including the price type used, the RSI period, the Moving Average period for BB, and the standard deviation count for BB. After this, the current position of the RSI, Moving Average, and standard deviation for BB are calculated. After calculating the upper and lower BB, the levels above and below the average are calculated using a specific dispersion constant.
CONDITIONS FOR THE SCRIPT
current_rsi = ta.rsi(src, for_rsi) // Current position of the RSI indicator
basis = ta.ema(current_rsi, for_ma)
dev = for_mult * ta.stdev(current_rsi, for_ma)
upper = basis + dev
lower = basis - dev
dispersion = 1
disp_up = basis + (upper - lower) * dispersion
disp_down = basis - (upper - lower) * dispersion
// Fibonacci Levels
f100 = basis + (upper - lower) * 1.0
f78 = basis + (upper - lower) * 0.78
f65 = basis + (upper - lower) * 0.65
f50 = basis
f35 = basis - (upper - lower) * 0.65
f23 = basis - (upper - lower) * 0.78
f0 = basis - (upper - lower) * 1.0
***When calculating Fibonacci levels, the distance between the average of BB and the upper and lower BB is used. These levels are 0%, 23.6%, 35%, 50%, 65%, 78.6%, and 100%. Finally, the RSI line that changes color according to a specific RSI position, Fibonacci levels, and BB are visualized. Additionally, the levels of 70, 30, and 50 are also shown.
The script then sets the color of the RSI position according to the EMA and draws Bollinger Bands, RSI, Fibonacci levels, and the 70, 30, and 50 levels.
In conclusion, this script enables traders to analyze market trends and make informed decisions. It can also be customized to suit individual trading strategies.
This script analyzes the RSI indicator using Bollinger Bands and Fibonacci levels. The default settings are 14 periods for RSI, 233 periods and 2 standard deviations for BB. The MA period inside BB is selected as the BB period and is used when calculating Fibonacci levels.
***The reason for selecting these settings is to provide enough time for BB period to confirm a possible trend. Additionally, the MA period inside BB is matched with the BB period and used when calculating Fibonacci levels.
***Fibonacci levels are calculated from the distance between the upper and lower bands of BB and show how RSI movement is related to these levels. Better results can be achieved when RSI periods are set to Fibonacci numbers such as 21, 55, and 89. Therefore, the use of Fibonacci numbers is recommended when adjusting RSI periods. Fibonacci numbers are among the technical analysis tools that can capture the reflection of naturally occurring movements in the market. Therefore, the use of Fibonacci numbers often helps to better track fluctuations in the market.
Finally, the indicator also displays the 70 and 30 levels and the middle level (50) with Fibonacci levels drawn in circles. Changing these settings can help optimize the Fibonacci levels and further improve the indicator.
Thank you in advance for your suggestions and opinions......
ICT Opening Lines [MK]Plots horizontal lines for the following opening times:
00:00 open
08:30 open
09:30 open
13:30 open
Opening lines can be used to monitor for power of 3/judas swings as per ICT teachings. The script allows the user to set a maximum timeframe for displaying the lines to keep HTF charts clean. Also an option is available to hide the lines after the market closes. If the hide option is used, the lines will be removed at 23:00.
Removing the lines after market closes ensures that the charts are clean when the market opens.
Labels can be displayed, colors and line styles can be customised.
Initial Balance |ASE|Introduction
Initial Balance (IB) refers to the price data that is formed during the first hour of a trading session. It is an important concept in trading as it provides insights into the market's opening sentiment and potential trading opportunities or reversals for the day. There are multiple trading sessions throughout the day. The most popular, the NY Session, is open from 9:30 am to 4:00pm EST making the Initial Balance(IB) range the first hour (9:30-10:30) The other sessions include London, Tokyo, and Sydney.
IB Customization
The Initial Balance lines are fully customizable to fit the traders need.
Show Initial Balance
This setting will plot the Initial Balance
Fill/Extend IB Range
The Fill IB Range toggle fills the area in between the IB High and IB Low. Use the IB Fill Color option to change the fill color in the “Line Settings” group on the settings panel.
The Extend IB Range extends the IB lines until the market closes.
Show 1x/2x Extensions
The Show 1x Extension toggle displays 1 times the IB range line (IB High - IB Low) above IB High and 1 times the IB range line below IB Low.
The Show 2x Extension toggle displays the 2 times the IB range line (IB High - IB Low) above IB High and 2 times the IB range line below IB Low.
*Use the Extension Level Color in the “Line Settings” to change the color of the lines.
Show Middle Levels
The Show Middle Levels toggle shows all the 50% lines between the upper 2x and upper 1x line, upper 1x and IB high, IB high and IB low, IB low and lower 1x line, and the lower 1x and lower 2x line.
*Use the Mid Level Color in the “Line Settings” to change the color of the lines.
Delete Previous Day’s Levels
This setting will only show the current day's Initial Balance and delete all previous day levels to produce a clean chart.
How To Use:
The Initial Balance Range can support a bias as it shows the opening market sentiment. By watching price action interact with the Initial Balance Range we can watch for indications of trending or failing moves at the high or the low and overall a ranging or trending session.
The extension levels are projections as to where price could potentially reach in a trending market. If we are bullish and trending higher, we would want to see price reach the first extension, signs of strength at these levels can be used as confirmation to target other levels.
Overall, all these levels can and should be used as support and resistance levels, and as always, can not be used by themselves and require additional confirmation, whether that be an indicator or price action. Below you can see chart examples of these levels in action.
Adaptive Candlestick Pattern Recognition System█ INTRODUCTION
Nearly three years in the making, intermittently worked on in the few spare hours of weekends and time off, this is a passion project I undertook to flesh out my skills as a computer programmer. This script currently recognizes 85 different candlestick patterns ranging from one to five candles in length. It also performs statistical analysis on those patterns to determine prior performance and changes the coloration of those patterns based on that performance. In searching TradingView's script library for scripts similar to this one, I had found a handful. However, when I reviewed the ones which were open source, I did not see many that truly captured the power of PineScrypt or leveraged the way it works to create efficient and reliable code; one of the main driving factors for releasing this 5,000+ line behemoth open sourced.
Please take the time to review this description and source code to utilize this script to its fullest potential.
█ CONCEPTS
This script covers the following topics: Candlestick Theory, Trend Direction, Higher Timeframes, Price Analysis, Statistic Analysis, and Code Design.
Candlestick Theory - This script focuses solely on the concept of Candlestick Theory: arrangements of candlesticks may form certain patterns that can potentially influence the future price action of assets which experience those patterns. A full list of patterns (grouped by pattern length) will be in its own section of this description. This script contains two modes of operation for identifying candlestick patterns, 'CLASSIC' and 'BREAKOUT'.
CLASSIC: In this mode, candlestick patterns will be identified whenever they appear. The user has a wide variety of inputs to manipulate that can change how certain patterns are identified and even enable alerts to notify themselves when these patterns appear. Each pattern selected to appear will have their Profit or Loss (P/L) calculated starting from the first candle open succeeding the pattern to a candle close specified some number of candles ahead. These P/L calculations are then collected for each pattern, and split among partitions of prior price action of the asset the script is currently applied to (more on that in Higher Timeframes ).
BREAKOUT: In this mode, P/L calculations are held off until a breakout direction has been confirmed. The user may specify the number of candles ahead of a pattern's appearance (from one to five) that a pattern has to confirm a breakout in either an upward or downward direction. A breakout is constituted when there is a candle following the appearance of the pattern that closes above/at the highest high of the pattern, or below/at its lowest low. Only then will percent return calculations be performed for the pattern that's been identified, and these percent returns are broken up not only by the partition they had appeared in but also by the breakout direction itself. Patterns which do not breakout in either direction will be ignored, along with having their labels deleted.
In both of these modes, patterns may be overridden. Overrides occur when a smaller pattern has been detected and ends up becoming one (or more) of the candles of a larger pattern. A key example of this would be the Bearish Engulfing and the Three Outside Down patterns. A Three Outside Down necessitates a Bearish Engulfing as the first two candles in it, while the third candle closes lower. When a pattern is overridden, the return for that pattern will no longer be tracked. Overrides will not occur if the tail end of a larger pattern occurs at the beginning of a smaller pattern (Ex: a Bullish Engulfing occurs on the third candle of a Three Outside Down and the candle immediately following that pattern, the Three Outside Down pattern will not be overridden).
Important Functionality Note: These patterns are only searched for at the most recently closed candle, not on the currently closing candle, which creates an offset of one for this script's execution. (SEE LIMITATIONS)
Trend Direction - Many of the patterns require a trend direction prior to their appearance. Noting TradingView's own publication of candlestick patterns, I utilize a similar method for determining trend direction. Moving Averages are used to determine which trend is currently taking place for candlestick patterns to be sought out. The user has access to two Moving Averages which they may individually modify the following for each: Moving Average type (list of 9), their length, width, source values, and all variables associated with two special Moving Averages (Least Squares and Arnaud Legoux).
There are 3 settings for these Moving Averages, the first two switch between the two Moving Averages, and the third uses both. When using individual Moving Averages, the user may select a 'price point' to compare against the Moving Average (default is close). This price point is compared to the Moving Average at the candles prior to the appearance of candle patterns. Meaning: The close compared to the Moving Average two candles behind determines the trend direction used for Candlestick Analysis of one candle patterns; three candles behind for two candle patterns and so on. If the selected price point is above the Moving Average, then the current trend is an 'uptrend', 'downtrend' otherwise.
The third setting using both Moving Averages will compare the lengths of each, and trend direction is determined by the shorter Moving Average compared to the longer one. If the shorter Moving Average is above the longer, then the current trend is an 'uptrend', 'downtrend' otherwise. If the lengths of the Moving Averages are the same, or both Moving Averages are Symmetrical, then MA1 will be used by default. (SEE LIMITATIONS)
Higher Timeframes - This script employs the use of Higher Timeframes with a few request.security calls. The purpose of these calls is strictly for the partitioning of an asset's chart, splitting the returns of patterns into three separate groups. The four inputs in control of this partitioning split the chart based on: A given resolution to grab values from, the length of time in that resolution, and 'Upper' and 'Lower Limits' which split the trading range provided by that length of time in that resolution that forms three separate groups. The default values for these four inputs will partition the current chart by the yearly high-low range where: the 'Upper' partition is the top 20% of that trading range, the 'Middle' partition is 80% to 33% of the trading range, and the 'Lower' partition covers the trading range within 33% of the yearly low.
Patterns which are identified by this script will have their returns grouped together based on which partition they had appeared in. For example, a Bullish Engulfing which occurs within a third of the yearly low will have its return placed separately from a Bullish Engulfing that occurred within 20% of the yearly high. The idea is that certain patterns may perform better or worse depending on when they had occurred during an asset's trading range.
Price Analysis - Price Analysis is a major part of this script's functionality as it can fundamentally change how patterns are shown to the user. The settings related to Price Analysis include setting the number of candles ahead of a pattern's appearance to determine the return of that pattern. In 'BREAKOUT' mode, an additional setting allows the user to specify where the P/L calculation will begin for a pattern that had appeared and confirmed. (SEE LIMITATIONS)
The calculation for percent returns of patterns is illustrated with the following pseudo-code (CLASSIC mode, this is a simplified version of the actual code):
type patternObj
int ID
int partition
type returnsArray
float returns
// No pattern found = na returned
patternObj TEST_VAL = f_FindPattern()
priorTestVal = TEST_VAL
if not na( priorTestVal )
pnlMatrixRow = priorTestVal.ID
pnlMatrixCol = priorTestVal.partition
matrixReturn = matrix.get(PERCENT_RETURNS, pnlMatrixRow, pnlMatrixCol)
percentReturn = ( (close - open ) / open ) * 100%
array.push(matrixReturn.returns, percentReturn)
Statistic Analysis - This script uses Pine's built-in array functions to conduct the Statistic Analysis for patterns. When a pattern is found and its P/L calculation is complete, its return is added to a 'Return Array' User-Defined-Type that contains numerous fields which retain information on a pattern's prior performance. The actual UDT is as follows:
type returnArray
float returns = na
int size = 0
float avg = 0
float median = 0
float stdDev = 0
int polarities = na
All values within this UDT will be updated when a return is added to it (some based on user input). The array.avg , array.median and array.stdev will be ran and saved into their respective fields after a return is placed in the 'returns' array. The 'polarities' integer array is what will be changed based on user input. The user specifies two different percentages that declare 'Positive' and 'Negative' returns for patterns. When a pattern returns above, below, or in between these two values, different indices of this array will be incremented to reflect the kind of return that pattern had just experienced.
These values (plus the full name, partition the pattern occurred in, and a 95% confidence interval of expected returns) will be displayed to the user on the tooltip of the labels that identify patterns. Simply scroll over the pattern label to view each of these values.
Code Design - Overall this script is as much of an art piece as it is functional. Its design features numerous depictions of ASCII Art that illustrate what is being attempted by the functions that identify patterns, and an incalculable amount of time was spent rewriting portions of code to improve its efficiency. Admittedly, this final version is nearly 1,000 lines shorter than a previous version (one which took nearly 30 seconds after compilation to run, and didn't do nearly half of what this version does). The use of UDTs, especially the 'patternObj' one crafted and redesigned from the Hikkake Hunter 2.0 I published last month, played a significant role in making this script run efficiently. There is a slight rigidity in some of this code mainly around pattern IDs which are responsible for displaying the abbreviation for patterns (as well as the full names under the tooltips, and the matrix row position for holding returns), as each is hard-coded to correspond to that pattern.
However, one thing I would like to mention is the extensive use of global variables for pattern detection. Many scripts I had looked over for ideas on how to identify candlestick patterns had the same idea; break the pattern into a set of logical 'true/false' statements derived from historically referencing candle OHLC values. Some scripts which identified upwards of 20 to 30 patterns would reference Pine's built-in OHLC values for each pattern individually, potentially requesting information from TradingView's servers numerous times that could easily be saved into a variable for re-use and only requested once per candle (what this script does).
█ FEATURES
This script features a massive amount of switches, options, floating point values, detection settings, and methods for identifying/tailoring pattern appearances. All modifiable inputs for patterns are grouped together based on the number of candles they contain. Other inputs (like those for statistics settings and coloration) are grouped separately and presented in a way I believe makes the most sense.
Not mentioned above is the coloration settings. One of the aims of this script was to make patterns visually signify their behavior to the user when they are identified. Each pattern has its own collection of returns which are analyzed and compared to the inputs of the user. The user may choose the colors for bullish, neutral, and bearish patterns. They may also choose the minimum number of patterns needed to occur before assigning a color to that pattern based on its behavior; a color for patterns that have not met this minimum number of occurrences yet, and a color for patterns that are still processing in BREAKOUT mode.
There are also an additional three settings which alter the color scheme for patterns: Statistic Point-of-Reference, Adaptive coloring, and Hard Limiting. The Statistic Point-of-Reference decides which value (average or median) will be compared against the 'Negative' and 'Positive Return Tolerance'(s) to guide the coloration of the patterns (or for Adaptive Coloring, the generation of a color gradient).
Adaptive Coloring will have this script produce a gradient that patterns will be colored along. The more bullish or bearish a pattern is, the further along the gradient those patterns will be colored starting from the 'Neutral' color (hard lined at the value of 0%: values above this will be colored bullish, bearish otherwise). When Adaptive Coloring is enabled, this script will request the highest and lowest values (these being the Statistic Point-of-Reference) from the matrix containing all returns and rewrite global variables tied to the negative and positive return tolerances. This means that all patterns identified will be compared with each other to determine bullish/bearishness in Adaptive Coloring.
Hard Limiting will prevent these global variables from being rewritten, so patterns whose Statistic Point-of-Reference exceed the return tolerances will be fully colored the bullish or bearish colors instead of a generated gradient color. (SEE LIMITATIONS)
Apart from the Candle Detection Modes (CLASSIC and BREAKOUT), there's an additional two inputs which modify how this script behaves grouped under a "MASTER DETECTION SETTINGS" tab. These two "Pattern Detection Settings" are 'SWITCHBOARD' and 'TARGET MODE'.
SWITCHBOARD: Every single pattern has a switch that is associated with its detection. When a switch is enabled, the code which searches for that pattern will be run. With the Pattern Detection Setting set to this, all patterns that have their switches enabled will be sought out and shown.
TARGET MODE: There is an additional setting which operates on top of 'SWITCHBOARD' that singles out an individual pattern the user specifies through a drop down list. The names of every pattern recognized by this script will be present along with an identifier that shows the number of candles in that pattern (Ex: " (# candles)"). All patterns enabled in the switchboard will still have their returns measured, but only the pattern selected from the "Target Pattern" list will be shown. (SEE LIMITATIONS)
The vast majority of other features are held in the one, two, and three candle pattern sections.
For one-candle patterns, there are:
3 — Settings related to defining 'Tall' candles:
The number of candles to sample for previous candle-size averages.
The type of comparison done for 'Tall' Candles: Settings are 'RANGE' and 'BODY'.
The 'Tolerance' for tall candles, specifying what percent of the 'average' size candles must exceed to be considered 'Tall'.
When 'Tall Candle Setting' is set to RANGE, the high-low ranges are what the current candle range will be compared against to determine if a candle is 'Tall'. Otherwise the candle bodies (absolute value of the close - open) will be compared instead. (SEE LIMITATIONS)
Hammer Tolerance - How large a 'discarded wick' may be before it disqualifies a candle from being a 'Hammer'.
Discarded wicks are compared to the size of the Hammer's candle body and are dependent upon the body's center position. Hammer bodies closer to the high of the candle will have the upper wick used as its 'discarded wick', otherwise the lower wick is used.
9 — Doji Settings, some pulled from an old Doji Hunter I made a while back:
Doji Tolerance - How large the body of a candle may be compared to the range to be considered a 'Doji'.
Ignore N/S Dojis - Turns off Trend Direction for non-special Dojis.
GS/DF Doji Settings - 2 Inputs that enable and specify how large wicks that typically disqualify Dojis from being 'Gravestone' or 'Dragonfly' Dojis may be.
4 Settings related to 'Long Wick Doji' candles detailed below.
A Tolerance for 'Rickshaw Man' Dojis specifying how close the center of the body must be to the range to be valid.
The 4 settings the user may modify for 'Long Legged' Dojis are: A Sample Base for determining the previous average of wicks, a Sample Length specifying how far back to look for these averages, a Behavior Setting to define how 'Long Legged' Dojis are recognized, and a tolerance to specify how large in comparison to the prior wicks a Doji's wicks must be to be considered 'Long Legged'.
The 'Sample Base' list has two settings:
RANGE: The wicks of prior candles are compared to their candle ranges and the 'wick averages' will be what the average percent of ranges were in the sample.
WICKS: The size of the wicks themselves are averaged and returned for comparing against the current wicks of a Doji.
The 'Behavior' list has three settings:
ONE: Only one wick length needs to exceed the average by the tolerance for a Doji to be considered 'Long Legged'.
BOTH: Both wick lengths need to exceed the average of the tolerance of their respective wicks (upper wicks are compared to upper wicks, lower wicks compared to lower) to be considered 'Long Legged'.
AVG: Both wicks and the averages of the previous wicks are added together, divided by two, and compared. If the 'average' of the current wicks exceeds this combined average of prior wicks by the tolerance, then this would constitute a valid 'Long Legged' Doji. (For Dojis in general - SEE LIMITATIONS)
The final input is one related to candle patterns which require a Marubozu candle in them. The two settings for this input are 'INCLUSIVE' and 'EXCLUSIVE'. If INCLUSIVE is selected, any opening/closing variant of Marubozu candles will be allowed in the patterns that require them.
For two-candle patterns, there are:
2 — Settings which define 'Engulfing' parameters:
Engulfing Setting - Two options, RANGE or BODY which sets up how one candle may 'engulf' the previous.
Inclusive Engulfing - Boolean which enables if 'engulfing' candles can be equal to the values needed to 'engulf' the prior candle.
For the 'Engulfing Setting':
RANGE: If the second candle's high-low range completely covers the high-low range of the prior candle, this is recognized as 'engulfing'.
BODY: If the second candle's open-close completely covers the open-close of the previous candle, this is recognized as 'engulfing'. (SEE LIMITATIONS)
4 — Booleans specifying different settings for a few patterns:
One which allows for 'opens within body' patterns to let the second candle's open/close values match the prior candles' open/close.
One which forces 'Kicking' patterns to have a gap if the Marubozu setting is set to 'INCLUSIVE'.
And Two which dictate if the individual candles in 'Stomach' patterns need to be 'Tall'.
8 — Floating point values which affect 11 different patterns:
One which determines the distance the close of the first candle in a 'Hammer Inverted' pattern must be to the low to be considered valid.
One which affects how close the opens/closes need to be for all 'Lines' patterns (Bull/Bear Meeting/Separating Lines).
One that allows some leeway with the 'Matching Low' pattern (gives a small range the second candle close may be within instead of needing to match the previous close).
Three tolerances for On Neck/In Neck patterns (2 and 1 respectively).
A tolerance for the Thrusting pattern which give a range the close the second candle may be between the midpoint and close of the first to be considered 'valid'.
A tolerance for the two Tweezers patterns that specifies how close the highs and lows of the patterns need to be to each other to be 'valid'.
The first On Neck tolerance specifies how large the lower wick of the first candle may be (as a % of that candle's range) before the pattern is invalidated. The second tolerance specifies how far up the lower wick to the close the second candle's close may be for this pattern. The third tolerance for the In Neck pattern determines how far into the body of the first candle the second may close to be 'valid'.
For the remaining patterns (3, 4, and 5 candles), there are:
3 — Settings for the Deliberation pattern:
A boolean which forces the open of the third candle to gap above the close of the second.
A tolerance which changes the proximity of the third candle's open to the second candle's close in this pattern.
A tolerance that sets the maximum size the third candle may be compared to the average of the first two candles.
One boolean value for the Two Crows patterns (standard and Upside Gapping) that forces the first two candles in the patterns to completely gap if disabled (candle 1's close < candle 2's low).
10 — Floating point values for the remaining patterns:
One tolerance for defining how much the size of each candle in the Identical Black Crows pattern may deviate from the average of themselves to be considered valid.
One tolerance for setting how close the opens/closes of certain three candle patterns may be to each other's opens/closes.*
Three floating point values that affect the Three Stars in the South pattern.
One tolerance for the Side-by-Side patterns - looks at the second and third candle closes.
One tolerance for the Stick Sandwich pattern - looks at the first and third candle closes.
A floating value that sizes the Concealing Baby Swallow pattern's 3rd candle wick.
Two values for the Ladder Bottom pattern which define a range that the third candle's wick size may be.
* This affects the Three Black Crows (non-identical) and Three White Soldiers patterns, each require the opens and closes of every candle to be near each other.
The first tolerance of the Three Stars in the South pattern affects the first candle body's center position, and defines where it must be above to be considered valid. The second tolerance specifies how close the second candle must be to this same position, as well as the deviation the ratio the candle body to its range may be in comparison to the first candle. The third restricts how large the second candle range may be in comparison to the first (prevents this pattern from being recognized if the second candle is similar to the first but larger).
The last two floating point values define upper and lower limits to the wick size of a Ladder Bottom's fourth candle to be considered valid.
█ HOW TO USE
While there are many moving parts to this script, I attempted to set the default values with what I believed may help identify the most patterns within reasonable definitions. When this script is applied to a chart, the Candle Detection Mode (along with the BREAKOUT settings) and all candle switches must be confirmed before patterns are displayed. All switches are on by default, so this gives the user an opportunity to pick which patterns to identify first before playing around in the settings.
All of the settings/inputs described above are meant for experimentation. I encourage the user to tweak these values at will to find which set ups work best for whichever charts they decide to apply these patterns to.
Refer to the patterns themselves during experimentation. The statistic information provided on the tooltips of the patterns are meant to help guide input decisions. The breadth of candlestick theory is deep, and this was an attempt at capturing what I could in its sea of information.
█ LIMITATIONS
DISCLAIMER: While it may seem a bit paradoxical that this script aims to use past performance to potentially measure future results, past performance is not indicative of future results . Markets are highly adaptive and often unpredictable. This script is meant as an informational tool to show how patterns may behave. There is no guarantee that confidence intervals (or any other metric measured with this script) are accurate to the performance of patterns; caution must be exercised with all patterns identified regardless of how much information regarding prior performance is available.
Candlestick Theory - In the name, Candlestick Theory is a theory , and all theories come with their own limits. Some patterns identified by this script may be completely useless/unprofitable/unpredictable regardless of whatever combination of settings are used to identify them. However, if I truly believed this theory had no merit, this script would not exist. It is important to understand that this is a tool meant to be utilized with an array of others to procure positive (or negative, looking at you, short sellers ) results when navigating the complex world of finance.
To address the functionality note however, this script has an offset of 1 by default. Patterns will not be identified on the currently closing candle, only on the candle which has most recently closed. Attempting to have this script do both (offset by one or identify on close) lead to more trouble than it was worth. I personally just want users to be aware that patterns will not be identified immediately when they appear.
Trend Direction - Moving Averages - There is a small quirk with how MA settings will be adjusted if the user inputs two moving averages of the same length when the "MA Setting" is set to 'BOTH'. If Moving Averages have the same length, this script will default to only using MA 1 regardless of if the types of Moving Averages are different . I will experiment in the future to alleviate/reduce this restriction.
Price Analysis - BREAKOUT mode - With how identifying patterns with a look-ahead confirmation works, the percent returns for patterns that break out in either direction will be calculated on the same candle regardless of if P/L Offset is set to 'FROM CONFIRMATION' or 'FROM APPEARANCE'. This same issue is present in the Hikkake Hunter script mentioned earlier. This does not mean the P/L calculations are incorrect , the offset for the calculation is set by the number of candles required to confirm the pattern if 'FROM APPEARANCE' is selected. It just means that these two different P/L calculations will complete at the same time independent of the setting that's been selected.
Adaptive Coloring/Hard Limiting - Hard Limiting is only used with Adaptive Coloring and has no effect outside of it. If Hard Limiting is used, it is recommended to increase the 'Positive' and 'Negative' return tolerance values as a pattern's bullish/bearishness may be disproportionately represented with the gradient generated under a hard limit.
TARGET MODE - This mode will break rules regarding patterns that are overridden on purpose. If a pattern selected in TARGET mode would have otherwise been absorbed by a larger pattern, it will have that pattern's percent return calculated; potentially leading to duplicate returns being included in the matrix of all returns recognized by this script.
'Tall' Candle Setting - This is a wide-reaching setting, as approximately 30 different patterns or so rely on defining 'Tall' candles. Changing how 'Tall' candles are defined whether by the tolerance value those candles need to exceed or by the values of the candle used for the baseline comparison (RANGE/BODY) can wildly affect how this script functions under certain conditions. Refer to the tooltip of these settings for more information on which specific patterns are affected by this.
Doji Settings - There are roughly 10 or so two to three candle patterns which have Dojis as a part of them. If all Dojis are disabled, it will prevent some of these larger patterns from being recognized. This is a dependency issue that I may address in the future.
'Engulfing' Setting - Functionally, the two 'Engulfing' settings are quite different. Because of this, the 'RANGE' setting may cause certain patterns that would otherwise be valid under textbook and online references/definitions to not be recognized as such (like the Upside Gap Two Crows or Three Outside down).
█ PATTERN LIST
This script recognizes 85 patterns upon initial release. I am open to adding additional patterns to it in the future and any comments/suggestions are appreciated. It recognizes:
15 — 1 Candle Patterns
4 Hammer type patterns: Regular Hammer, Takuri Line, Shooting Star, and Hanging Man
9 Doji Candles: Regular Dojis, Northern/Southern Dojis, Gravestone/Dragonfly Dojis, Gapping Up/Down Dojis, and Long-Legged/Rickshaw Man Dojis
White/Black Long Days
32 — 2 Candle Patterns
4 Engulfing type patterns: Bullish/Bearish Engulfing and Last Engulfing Top/Bottom
Dark Cloud Cover
Bullish/Bearish Doji Star patterns
Hammer Inverted
Bullish/Bearish Haramis + Cross variants
Homing Pigeon
Bullish/Bearish Kicking
4 Lines type patterns: Bullish/Bearish Meeting/Separating Lines
Matching Low
On/In Neck patterns
Piercing pattern
Shooting Star (2 Lines)
Above/Below Stomach patterns
Thrusting
Tweezers Top/Bottom patterns
Two Black Gapping
Rising/Falling Window patterns
29 — 3 Candle Patterns
Bullish/Bearish Abandoned Baby patterns
Advance Block
Collapsing Doji Star
Deliberation
Upside/Downside Gap Three Methods patterns
Three Inside/Outside Up/Down patterns (4 total)
Bullish/Bearish Side-by-Side patterns
Morning/Evening Star patterns + Doji variants
Stick Sandwich
Downside/Upside Tasuki Gap patterns
Three Black Crows + Identical variation
Three White Soldiers
Three Stars in the South
Bullish/Bearish Tri-Star patterns
Two Crows + Upside Gap variant
Unique Three River Bottom
3 — 4 Candle Patterns
Concealing Baby Swallow
Bullish/Bearish Three Line Strike patterns
6 — 5 Candle Patterns
Bullish/Bearish Breakaway patterns
Ladder Bottom
Mat Hold
Rising/Falling Three Methods patterns
█ WORKS CITED
Because of the amount of time needed to complete this script, I am unable to provide exact dates for when some of these references were used. I will also not provide every single reference, as citing a reference for each individual pattern and the place it was reviewed would lead to a bibliography larger than this script and its description combined. There were five major resources I used when building this script, one book, two websites (for various different reasons including patterns, moving averages, and various other articles of information), various scripts from TradingView's public library (including TradingView's own source code for *all* candle patterns ), and PineScrypt's reference manual.
Bulkowski, Thomas N. Encyclopedia of Candlestick Patterns . Hoboken, New Jersey: John Wiley & Sons Inc., 2008. E-book (google books).
Various. Numerous webpages. CandleScanner . 2023. online. Accessed 2020 - 2023.
Various. Numerous webpages. Investopedia . 2023. online. Accessed 2020 - 2023.
█ AKNOWLEDGEMENTS
I want to take the time here to thank all of my friends and family, both online and in real life, for the support they've given me over the last few years in this endeavor. My pets who tried their hardest to keep me from completing it. And work for the grit to continue pushing through until this script's completion.
This belongs to me just as much as it does anyone else. Whether you are an institutional trader, gold bug hedging against the dollar, retail ape who got in on a squeeze, or just parents trying to grow their retirement/save for the kids. This belongs to everyone.
Private Beta for new features to be tested can be found here .
Vires In Numeris
Nick_OS RangesUNDERSTANDING THE SCRIPT:
TIMEFRAME RESOLUTION:
* You have the option to choose Daily , Weekly , or Monthly
LOOKBACK WINDOW:
* This number represents how far back you want the data to pull from
- Example: "250" would represent the past 250 Days, Weeks, or Months depending on what is selected in the Timeframe Resolution
RANGE 1 nth (Gray lines):
* This number represents the range of the nth biggest day, week, or month in the Lookback Window
- Example: "30" would represent the range of the 30th biggest day in the past 250 days. (If the Lookback Window is "250")
RANGE 2 nth (Blue lines):
* This number represents the range of the nth biggest day, week, or month in the Lookback Window
- Example: "10" would represent the range of the 10th biggest day in the past 250 days. (If the Lookback Window is "250")
RANGE 3 nth (Pink lines):
* This number represents the range of the nth biggest day, week, or month in the Lookback Window
- Example: "3" would represent the range of the 3rd biggest day in the past 250 days. (If the Lookback Window is "250")
YELLOW LINES:
* The yellow lines are the average percentage move of the inputted number in the Lookback Window
SUGGESTED INPUTS:
FOR DAILY:
Lookback Window: 250
Range 1 nth: 30
Range 2 nth: 10
Range 3 nth: 3
FOR WEEKLY:
Lookback Window: 50
Range 1 nth: 10
Range 2 nth: 5
Range 3 nth: 2
FOR MONTHLY:
Lookback Window: 12
Range 1 nth: 3
Range 2 nth: 2
Range 3 nth: 1
TIMEFRAMES TO USE (If You Have TradingView Premium):
Daily: 5 minute timeframe and higher (15 minute timeframe and higher for Futures)
Weekly: 15 minute timeframe and higher
Monthly: Daily timeframe and higher (Monthly still has issues)
TIMEFRAMES TO USE (If You DO NOT Have TradingView Premium):
Daily: 15 minute timeframe and higher
Weekly: 30 minute timeframe and higher
Monthly: Daily timeframe and higher (Monthly still has issues)
IMPORTANT RELATED NOTE:
If you decide to use a higher Lookback Window, the ranges might be off and the timeframes listed above might not apply
ISSUES THAT MIGHT BE RESOLVED IN THE FUTURE
1. If it is a shortened week (No Monday or Friday), then the Weekly Ranges will show the same ranges as last week
2. Monthly ranges will change based on any timeframe used
Expected Move Plotter IntradayHello everyone!
I am releasing my Intra-day expected move plotter indicator.
About the indicator:
This indicator looks at 3 differing time frames, the 15, 30 and 60 minute time frames.
It calculates the average move from high to low over the past 5 candle period and then plots out the expected move based on that average.
It also attempts to determine the sentiment. How it does this is by taking the average of the High, Low and Close of the previous 5 minute candle and comparing it in relation to the close of the current 5 minute candle. It essentially is the premise of pivot points.
Each time frame can be shut off or selected based on your preference, as well as the sentiment fills.
How to use:
Please play around with it and determine how you feel you could best use it, but I can share with you some tips that I have picked up from using this.
Wait for a clear rejection of respect of a level:
Once you have confirmed rejection or support, you can scalp to the next support level:
As well, you can switch between the 30 and 60 minute time frames as reference
30 Minute:
And that's it!
Its a very simplistic indicator, but it is quite helpful to help identify potential areas of reversal.
There really isn't much to it!
Also, it can be used on any stock!
As always, I have provided a quick tutorial video for your reference, linked below:
Let me know if you have any questions or recommendations for modification to make the indicator more useful and helpful.
Thanks so much for checking it out and trying it out everyone!
As always, safe trades and green days!
STD-Stepped, Variety N-Tuple Moving Averages [Loxx]STD-Stepped, Variety N-Tuple Moving Averages is the standard deviation stepped/filtered indicator of the following indicator
Variety N-Tuple Moving Averages is a moving average indicator that allows you to create 1- 30 tuple moving average types; i.e., Double-MA, Triple-MA, Quadruple-MA, Quintuple-MA, ... N-tuple-MA. This version contains 5 different moving average types including T3. A list of tuples can be found here if you'd like to name the order of the moving average by depth: Tuples extrapolated
STD-Stepped, You'll notice that this is a lot of code and could normally be packed into a single loop in order to extract the N-tuple MA, however due to Pine Script limitations and processing paradigm this is not possible ... yet.
If you choose the EMA option and select a depth of 2, this is the classic DEMA ; EMA with a depth of 3 is the classic TEMA , and so on and so forth this is to help you understand how this indicator works. This version of NTMA is restricted to a maximum depth of 30 or less. Normally this indicator would include 50 depths but I've cut this down to 30 to reduce indicator load time. In the future, I'll create an updated NTMA that allows for more depth levels.
This is considered one of the top ten indicators in forex. You can read more about it here: forex-station.com
How this works
Step 1: Run factorial calculation on the depth value,
Step 2: Calculate weights of nested moving averages
factorial(nemadepth) / (factorial(nemadepth - k) * factorial(k); where nemadepth is the depth and k is the weight position
Examples of coefficient outputs:
6 Depth: 6 15 20 15 6
7 Depth: 7 21 35 35 21 7
8 Depth: 8 28 56 70 56 28 8
9 Depth: 9 36 34 84 126 126 84 36 9
10 Depth: 10 45 120 210 252 210 120 45 10
11 Depth: 11 55 165 330 462 462 330 165 55 11
12 Depth: 12 66 220 495 792 924 792 495 220 66 12
13 Depth: 13 78 286 715 1287 1716 1716 1287 715 286 78 13
Step 3: Apply coefficient to each moving average
For QEMA, which is 5 depth EMA , the caculation is as follows
ema1 = ta. ema ( src , length)
ema2 = ta. ema (ema1, length)
ema3 = ta. ema (ema2, length)
ema4 = ta. ema (ema3, length)
ema5 = ta. ema (ema4, length)
qema = 5 * ema1 - 10 * ema2 + 10 * ema3 - 5 * ema4 + ema5
Included:
Alerts
Loxx's Expanded Source Types
Bar coloring
Signals
Standard deviation stepping
Variety N-Tuple Moving Averages [Loxx]Variety N-Tuple Moving Averages is a moving average indicator that allows you to create 1- 30 tuple moving average types; i.e., Double-MA, Triple-MA, Quadruple-MA, Quintuple-MA, ... N-tuple-MA. This version contains 5 different moving average types including T3. A list of tuples can be found here if you'd like to name the order of the moving average by depth: Tuples extrapolated
You'll notice that this is a lot of code and could normally be packed into a single loop in order to extract the N-tuple MA, however due to Pine Script limitations and processing paradigm this is not possible ... yet.
If you choose the EMA option and select a depth of 2, this is the classic DEMA; EMA with a depth of 3 is the classic TEMA, and so on and so forth this is to help you understand how this indicator works. This version of NTMA is restricted to a maximum depth of 30 or less. Normally this indicator would include 50 depths but I've cut this down to 30 to reduce indicator load time. In the future, I'll create an updated NTMA that allows for more depth levels.
This is considered one of the top ten indicators in forex. You can read more about it here: forex-station.com
How this works
Step 1: Run factorial calculation on the depth value,
Step 2: Calculate weights of nested moving averages
factorial(nemadepth) / (factorial(nemadepth - k) * factorial(k); where nemadepth is the depth and k is the weight position
Examples of coefficient outputs:
6 Depth: 6 15 20 15 6
7 Depth: 7 21 35 35 21 7
8 Depth: 8 28 56 70 56 28 8
9 Depth: 9 36 34 84 126 126 84 36 9
10 Depth: 10 45 120 210 252 210 120 45 10
11 Depth: 11 55 165 330 462 462 330 165 55 11
12 Depth: 12 66 220 495 792 924 792 495 220 66 12
13 Depth: 13 78 286 715 1287 1716 1716 1287 715 286 78 13
Step 3: Apply coefficient to each moving average
For QEMA, which is 5 depth EMA, the caculation is as follows
ema1 = ta.ema(src, length)
ema2 = ta.ema(ema1, length)
ema3 = ta.ema(ema2, length)
ema4 = ta.ema(ema3, length)
ema5 = ta.ema(ema4, length)
qema = 5 * ema1 - 10 * ema2 + 10 * ema3 - 5 * ema4 + ema5
Included:
Alerts
Loxx's Expanded Source Types
Bar coloring
FALGUN INDICATOR WITH SAR V1.0This script is a trend-following system that uses a long-term and Short-term Moving Average to spot the trend.
Default Settings and Calculation:
- The trend is detected using the Simple Moving Average on 200 periods and 30 Periods.
- The Market is considered an Uptrend when the price closes above the 30 and 200 Moving Averages.
- The Market is considered in a Downtrend when the price closes below the 30 and 200 Moving Averages.
This script is best suited for all timeframes.
The options allow for modification of the type of moving average to use.
RSI ModifiedThe RSI is an excellent indicator for determining when equities are overbought/oversold. Though I believe there is a shortcoming in using the 70/30 levels since they are static and do not adjust for when an equity is trending. It stands to reason that in a downtrend, the overbought might be less than 70 and the oversold less than 30—Vice versa for a bull trend. Using the built-in function of pivots, I have attempted to create overbought/oversold lines that adjust with the trend. Leaving the 70/30 lines on the indicator also helps visualize the equity trend. All pivot settings are adjustable in the input menu. The pivot limits serve as a filter for recording pivot points. For example, with an upper pivot limit of 60, only pivots greater than 60 will be recorded into the array used to determine overbought. The crosses represent which values are used to determine overbought/oversold and do not provide timely indications.
Commodity Channel Relative StrengthNew concept(I think atleast) I've joined the Standard RSI and CCI at the hip with another plotcandle, which gives a picture of a larger candle With more interesting movement imo. Includes Fib Retracement Levels, High/Low and a couple of coppock curves for more confirmation. Broadening candles seem to indicate a weakening of trend strength (from what i've seen atleast) although exceptions do occur. Vice versa for tapering to a lesser degree I imagine. RSI has been shifted down to 0 to align the center point with the CCI , so the usual 30/70 RSI Levels are now -20/20 (although I have 30/-30 instead for the hlines).
SPY Volume Weighted CloseHey everyone!
Deciding to make this indicator public and open access.
This is a volume weighted close indicator for SPY. It is a statistics based indicator.
How it works:
It uses volume data mixed with some price action data to prospectively predict where SPY's price will close within a 30 minute interval.
As such, its different from other indicators in the sense that its not reactive, it proactive and actively predicts the price that SPY will see within the next 30 minutes and where SPY will most likely close at.
It has 3 bands. The main centre band (blue, but colour can be changed) is the most likely price that SPY will close at within the next 30 minutes.
The Upper Level Confidence and Lower Level Confidence bands are the expected range that the analysis thinks SPY will remain confined in based on current volume and price action.
How to Use it:
I personally use this in place of VWAP, but the applications are infinite. Take a look at the chart below:
Applications:
This is specifically programmed for SPY but I have used it with other stocks such as QQQ, UPRO and DIA. However, using it with those stocks, the upper and lower confidence bands are not helpful. But YMMV with other stocks. This is specifically designed for SPY.
Let me know your questions and thoughts!
Thanks for reading and checking this out!
Customizable OCC Non Repainting Scalper Bot v7.0bThis strategy is intended to be used on an automated trading platform and should be run on a one minute chart for fastest confirmations and signal relay to crypto automation platform. The strategy has been modded to only go long at this time to focus on profitability for one direction. The open long and close long text fields allow you to use your own webhook message for this purpose.
I have spent quite a bit of time and I figured I would put it out to the community to share the work and also get some feedback.
Ok, so let me say that I have done absolutely everything I can to make the strategy not repaint while still maintaining it's profitability. It has been a challenge so I am publishing this to the community to help test this.
What I have observed: the strategy will not repaint in real time. That is, if you have the chart open and keep it open, the signals are the same as the ones that are sent out by the strategy. In certain cases, when I reload the chart- the signals might be off from what was sent. In some ways, that is repainting, but it is repainting based on losing the real time data and recalculating from a different set of bars- since I am running it on a one minute chart then the start becomes different when you refresh.
To address repainting while keeping the strategy calculating as quickly as possibly I have altered the logic in the following ways:
I have made an assumption which might not work for everyone- at the first tick of the next bar, you can almost safefly assume in crypto that if you are looking at the previous bar for information, the open of the current bar was the close of the previous bar. This for the most part holds true in crypto with good liquidity. If you are trading a pair that jumps around due to low volume- this might not be the strategy to use. I might publish a different version with a different logic.
I have altered the security repaint to use isbarconfirmed, so at the very end of the bar (as soon as the bar is confirmed), we recalculate to the higher time frames. So as soon as the data is available, it is at that point that we can then safely calculate higher time frames. This is unique and experimental, but seems to do well at creating good signals for entry.
I have employed my own intervals by utilizing the resolution as an integer (used by the previous authors)- but in this case, I use the interval to take a snapshot of the higher time frame. With open close cross, the different moving averages can cause the repainting as they change to show the exact point of the cross. The interval feature I created minimizes this by utilizing the previous bar info until the interval is closed and then we recalculate the variants. You can use the interval offset feature to denote which minute is the one that starts and ends the interval. So for instance, Trading View uses minue 1 and minute 31 for 30 minute intervals. If you offset your 30 minute interval would start on minute 16 and do its calculations based on the last 30 minutes,
As with most of my scripts, I have started using filters and a "show data" feature that will give you the ability to see the values of indicators that you cannot plot in the overlay. This allows you to figure out how to filter losing trades or market conditions.
I have also added a trailing stop and created a fixed stop loss as seems to perform better than the original occ strategy. The original one seemed to repaint enough that it would close too quickly and not give the posiition enough time to become profitable. In certain cases where there was a large move, it would perform well, but for the most part the trades would not close profitably even though the backtest said that it did - probably due to the delay in execution and pinescript not having a confirmation on what the actual position price was.
This is still in beta mode, so please forward test first and use at your own risk.
If you spot repaint issues, please send me a message and try to explain the situation.
Ichimoku Kinko HyoThis indicator is adding to the original indicator Ichimoku Cloud some visual informations.
Be aware of settings that are by default 10, 30, 60, while in the original indicator, default settings are 9, 26, 52. These are commonly consider like "crypto settings".
Tenkan = blue line
Kijun = orange line
SSB = red line
This indicator display three categories of signals that are given by the Ichimoku indicator:
- tenkan / kijun crosses ;
- breaks of mid prices for the different time horizon ;
- bar coloring depending of the trend
Let's review more in deep each of these elements.
Tenkan / Kijun crosses
When the tenkan crossover the kijun, this is called gold cross and it's display by a green triangle at the bottom of the chart.
When the tenkan crossunder the kijun, this is called death cross and it's display by a red triangle at the top of the chart.
I advise to not enter long or short only on this signal because it can be fake, especially during ranges.
To confirm the signal, we need to wait for a movement of the kijun in the same side of the cross. See first arrow on the chart.
Breaks of mid prices
Ichimoku is composed of three han-le lines that displays mid-price of the last candles depending on the settings (10, 30, 60).
Tenkan show us the mid-price of the last 10 candles (short term)
Kijun show us the mid-price of the last 30 candles (mid term)
SSB show us the mid-price of the last 60 candles (long term)
Break of tenkan by the price is the first signal that Ichimoku gives us before a reversal of the trend. This signal is display by a blue triangle.
Then, happened the break of kijun line follow by the break of the SSB. These are display respectively by an orange triangle and a red triangle.
Same advise, don't enter long or short only on break of these lines.
However, tenkan and kijun breaks can be used as exit point.
Bar coloring
The bar coloring display the strength of the trend:
- green candle: strong bullish trend - this happen when the current price is above tenkan, kijun and SSB ;
- blue candle: potential starting of a bullish trend - this happen when the current price is above tenkan and kijun but below the SSB ;
- no colored candle: no trend, market is in a range - this happen when the current price is above tenkan and below kijun and SSB or when the current price is below tenkan and above kijun and SSB ;
- orange candle: potential starting of a bearish trend - this happen when the current price is below tenkan and kijun but above SSB ;
- red candle: strong bearish trend - this happen when the current price is below tenkan, kijun and SSB
How to use to enter / exit trades
First of all, we need confirmations to enter in the side of the trend.
The first signal that the indicator gives us is the break of tenkan, follow by the break of kijun. Candles becomes blue / orange depending of the side.
Then, we wait for a cross of tenkan and kijun. This cross has to be confirmed by a movement of kijun. A flat kijun tell us this is a fake cross.
When the movement of kijun happened in the same side of the cross it is possible to enter a trade if you are aggresive.
Otherwise, you can wait for the third signal to take place: break of SSB, candle become green / red, depending on the side.
You can then enter a trade.
Then hold the position and wait to exit for break of tenkan or kijun, depending on your horizon (short / mid term).
If you have other questions or some features that are missing, pm me. Thanks.
MME MTF CCIHi All,
This is a Dual/Multi TF CCI script to be used for Intraday as well as positional system.
Intraday:
Chart TF : 5 mins
Underlying Trend CCI : CCI 34 of 30 mins TF
Immediate Trend CCI : CCI 34 of 5 mins TF
Execution CCI : CCI 8 of 5 mins TF
The CCIs are used for entry, exit during momentum breakouts or pullbacks.
General Long Setup:
Buy at CCI-8 5m below -135, when CCI-34 30 mins is > +100. Long exit when CCI 34 5 min < -60
General Short Setup:
Sell at CCI-8 5m above -135, when CCI-34 30 mins is < -100. Short exit when CCI 34 5 min > +60
The same CCI settings can be used for positional or investment per appropriate timeframes one is interested to trade, along with HTF above in ratio 1:5.
Hope its helpful!
MTF Stochastic ScannerThis Stochastic scanner can be use to identify overbought and oversold of 10 symbols over multiple timeframes
it will give you a quick overview which pair is more overbough or more oversold and also signals tops and bottoms in the AVG row
light red/green cell = weak bearish (Stoch = 30-20) / bullish (Stoch = 70-80)
medium red/green cell = bearish (Stoch = 20-10) / bullish (Stoch = 80-90)
dark red/green cell = strong bearish (Stoch <= 10) / bullish (Stoch >= 90)
gray cell = neutral (Stoch = 30-70)
Usage
If AVG (average of all 4 timeframes) falls below 20, the cell will get green, indicating a good time to enter long (buy)
If AVG (average of all 4 timeframes) rises above 80, the cell will get red, indicating a good time to enter short (sell)
Use the "MTF Stochastic Scanner" in combination with the " MTF RSI Scanner "
to find tops (RSI MTF avg >=70 AND Stochastic MTF avg >= 80)
or bottoms (RSI MTF avg <= 30 AND Stochastic MTF avg <= 20)
Here is how the two MTF scanners looked on Nov 08 2021 (ATH) »
and here how the MTF scanners looked on June 21 2022
use TradingViews Replay function to check how it would have worked in the past and when not.
As always… there NOT a single indicator that can show to the top & bottom 100% every single time. So use with caution, with other indicators and/or deeper understanding of technicals analysis ☝️☝️☝️
Settings
You can change the timeframes, symbols, Stochastic settings, overbought/oversold levels and colors to your liking
Drag the table onto the price chart, if you want to use it as an overlay.
NOTE:
Because of the 4x10 security requests, it can take up to 1 minute for changed settings to take effect! Please be patient 🙃
If you have any idea on how to optimise the code, please feel free to share 🙏
*** Inspired by "Binance CHOP Dashboard" from @Cazimiro and "RSI MTF Table" from @mobester16 ***
ATR vs Day Trading Range and PercentageThis indicator displays the Current Daily ATR vs the current Day Range and displays the percentage.
For example if the Daily ATR is $5 and the current range of the day is $10 this would be 200% the original move.
It is color coded (and can be modified) to change color when the Daily range is over 100% the ATR.
The time frame can be changed from Daily just be aware you must be on a lower timeframe then selected. So if you want to compare the current 30 minute ATR to the current 30 minute range you will need to be showing a 30 min chart or lower for it to calculate correctly.
MTF Bullish/Bearish IndicatorThe script plots a bullish/bearish indicator by evaluating a variety of moving averages for a security across multiple timeframes. It's derived from built in Technical Analysis indicator published by TradingView. The result of evaluation is plotted on the chart in green light/red light format in a configurable location.
evaluated moving averages include
- SMA 10, 20, 30, 50, 100, 200
- EMA 10, 20, 30, 50, 100, 200
- Hull MA 9
- VWMA 20
- Ichimoku Cloud
moving averages are evaluated at chart timeframes and 5 min, 15 min, 30 min, 120 min, 240 min, and daily by default but can be customized.
