Fan Projections [theEccentricTrader]█ OVERVIEW
This indicator automatically projects trendlines in the shape of a fan, from a single point of origin. In the example above I have applied the indicator twice to the 1D SPXUSD. The seven upper lines (green) are projected at an angle of -5 from the 1-month swing high anchor point. And the five lower lines (blue) are projected at an angle of 10 from the 1-week swing low anchor point.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Trendlines
Trendlines are straight lines that are drawn between two or more points on a price chart. These lines are used as dynamic support and resistance levels for making strategic decisions and predictions about future price movements. For example traders will look for price movements along, and reactions to, trendlines in the form of rejections or breakouts/downs.
█ FEATURES
Inputs
• Anchor Point Type
• Swing High/Low Occurrence
• HTF Resolution
• Highest High/Lowest Low Lookback
• Angle Degree
• Number Lines
• Line Color
Anchor Point Types
• Swing High
• Swing Low
• Swing High (HTF)
• Swing Low (HTF)
• Highest High
• Lowest Low
• Intraday Highest High (intraday charts only)
• Intraday Lowest Low (intraday charts only)
Swing High/Swing Low Occurrence
This input is used to determine which historic peak or trough to reference for swing high or swing low anchor point types.
HTF Resolution
This input is used to determine which higher timeframe to reference for swing high (HTF) or swing low (HTF) anchor point types.
Highest High/Lowest Low Lookback
This input is used to determine the lookback length for highest high or lowest low anchor point types.
Intraday Highest High/Lowest Low Lookback
When using intraday highest high or lowest low anchor point types, the lookback length is calculated automatically based on number of bars since the daily candle opened.
Angle Degree
This input is used to determine the angle of the trendlines. The output is expressed in terms of point or pips, depending on the symbol type, which is then passed through the built in math.todegrees() function. Positive numbers will project the lines upwards while negative numbers will project the lines downwards. Depending on the market and timeframe, the impact input values will have on the visible gaps between the lines will vary greatly. For example, an input of 10 will have a far greater impact on the gaps between the lines when viewed from the 1-minute timeframe than it would on the 1-day timeframe. The input is a float and as such the value passed through can go into as many decimal places as the user requires.
It is also worth mentioning that as more lines are added the gaps between the lines, that are closest to the anchor point, will get tighter as they make their way up the y-axis. Although the gaps between the lines will stay constant at the x2 plot, i.e. a distance of 10 points between them, they will gradually get tighter and tighter at the point of origin as the slope of the lines get steeper.
Number Lines
This input is used to determine the number of lines to be drawn on the chart, maximum is 500.
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
If the lines do not draw or you see a study error saying that the script references too many candles in history, this is most likely because the higher timeframe anchor point is not present on the current timeframe. This problem usually occurs when referencing a higher timeframe, such as the 1-month, from a much lower timeframe, such as the 1-minute. How far you can lookback for higher timeframe anchor points on the current timeframe will also be limited by your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
█ RAMBLINGS
It is my current thesis that the indicator will work best when used in conjunction with my Wavemeter indicator, which can be used to set the angle. For example, the average wave height or amplitude could be used as the value for the angle input. Or some factor or multiple of such an average. I think this makes sense as it allows for objectivity when applying the indicator across different markets and timeframes with different energies and vibrations.
“If you want to find the secrets of the universe, think in terms of energy, frequency and vibration.”
― Nikola Tesla
Komut dosyalarını "豪24配债" için ara
Wavemeter [theEccentricTrader]█ OVERVIEW
This indicator is a representation of my take on price action based wave cycle theory. The indicator counts the number of confirmed wave cycles, keeps a rolling tally of the average wave length, wave height and frequency, and displays the statistics in a table. The indicator also displays the current wave measurements as an optional feature.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. As can be seen in the example above, the first swing high or swing low will set the course for the sequence of wave cycles that follow; a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Wave Length
Wave length is here measured in terms of bar distance between the start and end of a wave cycle. For example, if the current wave cycle ends on a swing low the wave length will be the difference in bars between the current swing low and current swing high. In such a case, if the current swing low completes on candle 100 and the current swing high completed on candle 95, we would simply subtract 95 from 100 to give us a wave length of 5 bars.
Average wave length is here measured in terms of total bars as a proportion as total waves. The average wavelength is calculated by dividing the total candles by the total wave cycles.
Wave Height
Wave height is here measured in terms of current range. For example, if the current peak price is 100 and the current trough price is 80, the wave height will be 20.
Amplitude
Amplitude is here measured in terms of current range divided by two. For example if the current peak price is 100 and the current trough price is 80, the amplitude would be calculated by subtracting 80 from 100 and dividing the answer by 2 to give us an amplitude of 10.
Frequency
Frequency is here measured in terms of wave cycles per second (Hertz). For example, if the total wave cycle count is 10 and the amount of time it has taken to complete these 10 cycles is 1-year (31,536,000 seconds), the frequency would be calculated by dividing 10 by 31,536,000 to give us a frequency of 0.00000032 Hz.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
█ FEATURES
Inputs
Show Sample Period
Start Date
End Date
Position
Text Size
Show Current
Show Lines
Table
The table is colour coded, consists of two columns and, as many as, nine rows. Blue cells display the total wave cycle count and average wave measurements. Green cells display the current wave measurements. And the final row in column one, coloured black, displays the sample period. Both current wave measurements and sample period cells can be hidden at the user’s discretion.
Lines
For a visual aid to the wave cycles, I have added a blue line that traces out the waves on the chart. These lines can be hidden at the user’s discretion.
█ HOW TO USE
The indicator is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
For example, the indicator can be used to compare the current range and frequency with the average range and frequency, which can be useful for gauging current market conditions versus historic and getting a feel for how different markets and timeframes behave.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Fibonacci Ratios HTF [theEccentricTrader]█ OVERVIEW
This indicator automatically draws higher timeframe Fibonacci levels from current peak to current trough or current trough to current peak, depending on where the current wave cycle ends. In the example above I have set the higher timeframe resolution to 1-month and applied it to a daily chart.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Although there is some contention over which popular levels are and are not actually Fibonacci ratios, such as 50% and 100%, in this script I have based my retracement level calculations on the ratios of 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%. And my extension level calculations on the ratios of 161.8%, 261.8%, 361.8%, 423.6% and 461.8%.
█ FEATURES
Inputs
• HTF Resolution
• Show Fibonacci Extensions
• 00.0% Line Color
• 23.6% Line Color
• 38.2% Line Color
• 50.0% Line Color
• 61.8% Line Color
• 78.6% Line Color
• 100.0% Line Color
• 161.8% Line Color
• 261.8% Line Color
• 361.8% Line Color
• 423.6% Line Color
• 461.8% Line Color
• Extend Line Type
• Show Labels
• Label Colors
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Similarly, if the current timeframe is not a factor of the higher timeframe there will be occasions when the left hand offset is out by a couple of bars. This is because the calculations are ultimately based on how many lower timeframe bars there are inside a sequence of higher timeframe bars. The indicator will also behave unexpectedly if the higher timeframe resolution is lower than the current timeframe, but that should be expected.
If the lines do not draw or you see a study error saying that the script references too many candles in history, this is most likely because the higher timeframe anchor point is not present on the current timeframe. This problem usually occurs when referencing a higher timeframe, such as the 1-month, from a much lower timeframe, such as the 1-minute. How far you can lookback for higher timeframe anchor points on the current timeframe will also be limited by your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
Fibonacci Ratios [theEccentricTrader]█ OVERVIEW
This indicator automatically draws Fibonacci levels from current peak to current trough or current trough to current peak, depending on where the current wave cycle ends.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Although there is some contention over which popular levels are and are not actually Fibonacci ratios, such as 50% and 100%, in this script I have based my retracement level calculations on the ratios of 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%. And my extension level calculations on the ratios of 161.8%, 261.8%, 361.8%, 423.6% and 461.8%.
█ FEATURES
Inputs
• Show Fibonacci Extensions
• 00.0% Line Color
• 23.6% Line Color
• 38.2% Line Color
• 50.0% Line Color
• 61.8% Line Color
• 78.6% Line Color
• 100.0% Line Color
• 161.8% Line Color
• 261.8% Line Color
• 361.8% Line Color
• 423.6% Line Color
• 461.8% Line Color
• Extend Line Type
• Show Labels
• Label Colors
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
ICT Macros by CryptoforICT Macros by Cryptofor
Time periods in which the price is most volatile. At this time, the algorithm is programmed to attack liquidity or fill a significant FVG from which the OF can continue.
Plots of macros:
1. London Macros:
02:33 - 03:00
04:03 - 04:30
2. New York AM Macros:
08:50 - 09:10
09:50 - 10:10
10:50 - 11:10
3. New York Lunch + PM Macros:
11:50 - 12:10
13:10 - 13:40
15:15 - 15:45
Features:
Flexible line settings
Flexible text settings
Display data for all time or for the last 24 hours
Switch for each type of macro
Macro background color settings
Trendlines HTF [theEccentricTrader]█ OVERVIEW
This indicator automatically draws dynamic higher timeframe support and resistance lines from preceding peak to current peak and from preceding trough to current trough. In the example above I have applied the indicator three times; one for the 1D trendlines (red), one for the 4H trendlines (orange) and one for the 2H trendlines (green).
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level, with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level, with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Trendlines
Trendlines are straight lines that are drawn between two or more points on a price chart. These lines are used as dynamic support and resistance levels for making strategic decisions and predictions about future price movements. For example traders will look for price movements along, and reactions to, trendlines in the form of rejections or breakouts/downs.
█ FEATURES
Inputs
• HTF Resolution
• Resistance Line Color
• Support Line Color
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Similarly, if the current timeframe is not a factor of the higher timeframe there will be occasions when the left hand offset is out by a couple of bars. This is because the calculations are ultimately based on how many lower timeframe bars there are inside a sequence of higher timeframe bars. The lines will also behave unexpectedly if the higher timeframe resolution is lower than the current timeframe, but that should be expected.
If the lines do not draw or you see a study error saying that the script references too many candles in history, this is most likely because the higher timeframe anchor point is not present on the current timeframe. This problem usually occurs when referencing a higher timeframe, such as the 1-month, from a much lower timeframe, such as the 1-minute. How far you can lookback for higher timeframe anchor points on the current timeframe will also be limited by your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
Trendlines [theEccentricTrader]█ OVERVIEW
This indicator automatically draws dynamic support and resistance lines from preceding peak to current peak and from preceding trough to current trough.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level, with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level, with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Trendlines
Trendlines are straight lines that are drawn between two or more points on a price chart. These lines are used as dynamic support and resistance levels for making strategic decisions and predictions about future price movements. For example traders will look for price movements along, and reactions to, trendlines in the form of rejections or breakouts/downs.
█ FEATURES
Inputs
• Resistance Line Color
• Support Line Color
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Return Line Downtrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part return line downtrends and should be used in conjunction with my Return Line Uptrends, Downtrends and Uptrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Red down-arrows, with the number of the trend part, denote return line downtrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Uptrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part uptrends and should be used in conjunction with my Return Line Uptrends, Downtrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote uptrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Downtrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part downtrends and should be used in conjunction with my Return Line Uptrends, Uptrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Red down-arrows, with the number of the trend part, denote downtrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Return Line Uptrends [theEccentricTrader]█ OVERVIEW
This indicator simply plots multi-part return line uptrends and should be used in conjunction with my Downtrends, Uptrends and Return Line Downtrends indicators as a visual aid to my Trend Counter indicator.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Plots
Green up-arrows, with the number of the trend part, denote return line uptrends.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
█ FEATURES
Inputs
Start Date
End Date
Position
Text Size
Show Sample Period
Table
The table is colour coded, consists of seven columns and, as many as, forty-one rows. Blue cells denote the multi-part trend scenarios, green cells denote the corresponding return line uptrend and uptrend scenarios and red cells denote the corresponding downtrend and return line downtrend scenarios.
The trend scenarios are listed in the first column with their corresponding total counts to the right, in the second and fifth columns. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third and sixth columns display the trend scenarios as percentage of total 1-part trends. And columns four and seven display the total trend scenarios as percentages of the, last, or preceding trend part. For example 4-part trends as a percentages of 3-part trends. This offers more insight into what might happen next at any given point in time.
Plots
For a visual aid to this indicator please use in conjunction with my Return Line Uptrends, Downtrends, Uptrends and Return Line Downtrends indicators which can all be found on my profile page under scripts, or in community scripts under the same names. Unfortunately, I could not fit all the plots with the correct offsets into one script so I had to make a separate indicator for each trend type. I decided against labels as this would limit the visual data points to 500.
Green up-arrows, with the number of the trend part, denote return line uptrends and uptrends. Red down-arrows, with the number of the trend part, denote downtrends and return line downtrends.
█ HOW TO USE
This is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the current trend will continue or fail, based on the current trend scenario and what has happened in the past under similar circumstances. Such information can be very useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Candle Trend Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed candle trend scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Muti-Part Green and Red Candle Trends
• A multi-part green candle trend begins upon the completion of a swing low and continues until a red candle completes the swing high, with each green candle counted as a part of the trend.
• A multi-part red candle trend begins upon the completion of a swing high and continues until a green candle completes the swing low, with each red candle counted as a part of the trend.
█ FEATURES
Inputs
Start Date
End Date
Position
Text Size
Show Sample Period
Show Plots
Table
The table is colour coded, consists of seven columns and, as many as, thirty-one rows. Blue cells denote the multi-part candle trend scenarios, green cells denote the corresponding green candle trend scenarios and red cells denote the corresponding red candle trend scenarios.
The candle trend scenarios are listed in the first column with their corresponding total counts to the right, in the second column. The last row in column one, displays the sample period which can be adjusted or hidden via indicator settings.
The third column displays the total candle trend scenarios as percentages of total 1-candle trends, or complete swing highs and swing lows. And column four displays the total candle trend scenarios as percentages of the, last, or preceding candle trend part. For example 4-candle trends as a percentage of 3-candle trends. This offers more insight into what might happen next at any given point in time.
Plots
I have added plots as a visual aid to the various candle trend scenarios listed in the table. Green up-arrows, with the number of the trend part, denote green candle trends. Red down-arrows, with the number of the trend part, denote red candle trends.
█ HOW TO USE
This indicator is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
It can, for example, give you an idea of whether the next candle will close higher or lower than it opened, based on the current scenario and what has happened in the past under similar circumstances. Such information can be very useful when conducting top down analysis across multiple timeframes and making strategic decisions.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Swing Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed swing high and swing low scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Peak and Trough Prices (Advanced)
• The advanced peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the highest preceding green candle high price, depending on which is higher.
• The advanced trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the lowest preceding red candle low price, depending on which is lower.
Green and Red Peaks and Troughs
• A green peak is one that derives its price from the green candle/s that constitute the swing high.
• A red peak is one that derives its price from the red candle that completes the swing high.
• A green trough is one that derives its price from the green candle that completes the swing low.
• A red trough is one that derives its price from the red candle/s that constitute the swing low.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
█ FEATURES
Inputs
• Start Date
• End Date
• Position
• Text Size
• Show Sample Period
• Show Plots
• Show Lines
Table
The table is colour coded, consists of three columns and nine rows. Blue cells denote neutral scenarios, green cells denote return line uptrend and uptrend scenarios, and red cells denote downtrend and return line downtrend scenarios.
The swing scenarios are listed in the first column with their corresponding total counts to the right, in the second column. The last row in column one, row nine, displays the sample period which can be adjusted or hidden via indicator settings.
Rows three and four in the third column of the table display the total higher peaks and higher troughs as percentages of total peaks and troughs, respectively. Rows five and six in the third column display the total lower peaks and lower troughs as percentages of total peaks and troughs, respectively. And rows seven and eight display the total double-top peaks and double-bottom troughs as percentages of total peaks and troughs, respectively.
Plots
I have added plots as a visual aid to the swing scenarios listed in the table. Green up-arrows with ‘HP’ denote higher peaks, while green up-arrows with ‘HT’ denote higher troughs. Red down-arrows with ‘LP’ denote higher peaks, while red down-arrows with ‘LT’ denote lower troughs. Similarly, blue diamonds with ‘DT’ denote double-top peaks and blue diamonds with ‘DB’ denote double-bottom troughs. These plots can be hidden via indicator settings.
Lines
I have also added green and red trendlines as a further visual aid to the swing scenarios listed in the table. Green lines denote return line uptrends (higher peaks) and uptrends (higher troughs), while red lines denote downtrends (lower peaks) and return line downtrends (lower troughs). These lines can be hidden via indicator settings.
█ HOW TO USE
This indicator is intended for research purposes and strategy development. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe. It can, for example, give you an idea of any inherent biases such as a greater proportion of higher peaks to lower peaks. Or a greater proportion of higher troughs to lower troughs. Such information can be very useful when conducting top down analysis across multiple timeframes, or considering entry and exit methods.
What I find most fascinating about this logic, is that the number of swing highs and swing lows will always find equilibrium on each new complete wave cycle. If for example the chart begins with a swing high and ends with a swing low there will be an equal number of swing highs to swing lows. If the chart starts with a swing high and ends with a swing high there will be a difference of one between the two total values until another swing low is formed to complete the wave cycle sequence that began at start of the chart. Almost as if it was a fundamental truth of price action, although quite common sensical in many respects. As they say, what goes up must come down.
The objective logic for swing highs and swing lows I hope will form somewhat of a foundational building block for traders, researchers and developers alike. Not only does it facilitate the objective study of swing highs and swing lows it also facilitates that of ranges, trends, double trends, multi-part trends and patterns. The logic can also be used for objective anchor points. Concepts I will introduce and develop further in future publications.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
The sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
█ NOTES
I feel it important to address the mention of advanced peak and trough price logic. While I have introduced the concept, I have not included the logic in my script for a number of reasons. The most pertinent of which being the amount of extra work I would have to do to include it in a public release versus the actual difference it would make to the statistics. Based on my experience, there are actually only a small number of cases where the advanced peak and trough prices are different from the basic peak and trough prices. And with adequate multi-timeframe analysis any high or low prices that are not captured using basic peak and trough price logic on any given time frame, will no doubt be captured on a higher timeframe. See the example below on the 1H FOREXCOM:USDJPY chart (Figure 1), where the basic peak price logic denoted by the indicator plot does not capture what would be the advanced peak price, but on the 2H FOREXCOM:USDJPY chart (Figure 2), the basic peak logic does capture the advanced peak price from the 1H timeframe.
Figure 1.
Figure 2.
█ RAMBLINGS
“Never was there an age that placed economic interests higher than does our own. Never was the need of a scientific foundation for economic affairs felt more generally or more acutely. And never was the ability of practical men to utilize the achievements of science, in all fields of human activity, greater than in our day. If practical men, therefore, rely wholly on their own experience, and disregard our science in its present state of development, it cannot be due to a lack of serious interest or ability on their part. Nor can their disregard be the result of a haughty rejection of the deeper insight a true science would give into the circumstances and relationships determining the outcome of their activity. The cause of such remarkable indifference must not be sought elsewhere than in the present state of our science itself, in the sterility of all past endeavours to find its empirical foundations.” (Menger, 1871, p.45).
█ BIBLIOGRAPHY
Menger, C. (1871) Principles of Economics. Reprint, Auburn, Alabama: Ludwig Von Mises Institute: 2007.
Candle Counter [theEccentricTrader]█ OVERVIEW
This indicator counts the number of confirmed candle scenarios on any given candlestick chart and displays the statistics in a table, which can be repositioned and resized at the user's discretion.
█ CONCEPTS
Green and Red Candles
A green candle is one that closes with a high price equal to or above the price it opened.
A red candle is one that closes with a low price that is lower than the price it opened.
Upper Candle Trends
A higher high candle is one that closes with a higher high price than the high price of the preceding candle.
A lower high candle is one that closes with a lower high price than the high price of the preceding candle.
A double-top candle is one that closes with a high price that is equal to the high price of the preceding candle.
Lower Candle Trends
A higher low candle is one that closes with a higher low price than the low price of the preceding candle.
A lower low candle is one that closes with a lower low price than the low price of the preceding candle.
A double-bottom candle is one that closes with a low price that is equal to the low price of the preceding candle.
█ FEATURES
Inputs
Start Date
End Date
Position
Text Size
Show Sample Period
Show Plots
Table
The table is colour coded, consists of three columns and twenty-two rows. Blue cells denote all candle scenarios, green cells denote green candle scenarios and red cells denote red candle scenarios.
The candle scenarios are listed in the first column with their corresponding total counts to the right, in the second column. The last row in column one, row twenty-two, displays the sample period which can be adjusted or hidden via indicator settings.
Rows two and three in the third column of the table display the total green and red candles as percentages of total candles. Rows four to nine in column three, coloured blue, display the corresponding candle scenarios as percentages of total candles. Rows ten to fifteen in column three, coloured green, display the corresponding candle scenarios as percentages of total green candles. And lastly, rows sixteen to twenty-one in column three, coloured red, display the corresponding candle scenarios as percentages of total red candles.
Plots
I have added plots as a visual aid to the various candle scenarios listed in the table. Green up-arrows denote higher high candles when above bar and higher low candles when below bar. Red down-arrows denote lower high candles when above bar and lower low candles when below bar. Similarly, blue diamonds when above bar denote double-top candles and when below bar denote double-bottom candles. These plots can also be hidden via indicator settings.
█ HOW TO USE
This indicator is intended for research purposes and strategy development. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe. It can, for example, give you an idea of any inherent biases such as a greater proportion of green candles to red. Or a greater proportion of higher low green candles to lower low green candles. Such information can be very useful when conducting top down analysis across multiple timeframes, or considering trailing stop loss methods.
What you do with these statistics and how far you decide to take your research is entirely up to you, the possibilities are endless.
This is just the first and most basic in a series of indicators that can be used to study objective price action scenarios and develop a systematic approach to trading.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY, do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
+ Average Candle Bodies RangeACBR, or, Average Candle Bodies Range is a volatility and momentum indicator designed to indicate periods of increasing volatility and/or momentum. The genesis of the idea formed from my pondering what a trend trader is really looking for in terms of a volatility indicator. Most indicators I've come across haven't, in my opinion, done a satisfactory job of highlighting this. I kept thinking about the ATR (I use it for stops and targets) but I realized I didn't care about highs or lows in regards to a candle's volatility or momentum, nor do I care about their relation to a previous close. What really matters to me is candle body expansion. That is all. So, I created this.
ACBR is extremely simple at its heart. I made it more complicated of course, because why would I want anything for myself to be simple? Originally it was envisaged to be a simple volatility indicator highlighting areas of increasing and decreasing volatility. Then I decided some folks might want an indicator that could show this in a directional manner, i.e., an oscillator, so I spent some more hours tackling that
To start, the original version of the indicator simply subtracts opening price from closing price if the candle closes above the open, and subtracts the close from the open if the candle closes below the open. This way we get a positive number that simply measures candle expansion. We then apply a moving average to these values in order to smooth them (if you want). To get an oscillator we always subtract the close from the open, thus when a candle closes below its open we get a negative number.
I've naturally added an optional signal line as a helpful way of gauging volatility because obviously the values themselves may not tell you much. But I've also added something that I call a baseline. You can use this in a few ways, but first let me explain the two options for how the baseline can be calculated. And what do I mean by 'baseline?' I think of it as an area of the indicator where if the ACBR is below you will not want to enter into any trades, and if the ACBR is above then you are free to enter trades based on your system (or you might want to enter in areas of low volatility if your system calls for that). Waddah Attar Explosion is another indicator that implements something similar. The baseline is calculated in two different ways: one of which is making a Donchian Channel of the ACBR, and then using the basis as the baseline, while the other is applying an RMA to the cb_dif, which is the base unit that makes up the ACBR. Now, the basis of a Donchian Channel typically is the average of the highs and the lows. If we did that here we would have a baseline much too high (but maybe not...), however, I've made the divisor user adjustable. In this way you can adjust the height (or I guess you might say 'width' if it's an oscillator) however you like, thus making the indicator more or less sensitive. In the case of using the ACBR as the baseline we apply a multiplier to the values in order to adjust the height. Apologies if I'm being overly verbose. If you want to skip all of this I have tooltips in the settings for all of the inputs that I think need an explanation.
When using the indicator as an oscillator there are baselines above and below the zero line. One funny thing: if using the ACBR as calculation type for the baselines in oscillator mode, the baselines themselves will oscillate around the zero line. There is no way to fix this due to the calculation. That isn't necessarily bad (based on my eyeball test), but I probably wouldn't use it in such a way. But experiment! They could actually be a very fine entry or confirmation indicator. And while I'm on the topic of confirmation indicators, using this indicator as an oscillator naturally makes it a confirmation indicator. It just happens to have a volatility measurement baked into it. It may also be used as an exit and continuation indicator. And speaking of these things, there are optional shapes for indicating when you might want to exit or take a continuation trade. I've added alerts for these things too.
Lastly, oscillator mode is good for identifying divergences.
Above we have the indicator set to directional, or oscillator, mode. Baselines are Donchian Channels. I changed the default EMA length from 4 to 24 in this case, otherwise all the settings are default, as in the main image for the indicator (which is clearly set to non-directional). The indicator is set to requiring an advancing signal line for background and bar colors. Background color is not on by default. Candle colors, as you can see are aqua when above the top baseline (and only when the signal line is advancing, as per the settings), magenta when below the bottom baseline, and grey for anything else. The red and blue X's are exit signals. There are two types: one, when the signal line weakens and, two, when the ACBR crosses above or below the signal line. There are also arrows. These are continuation signals (ACBR crossing signal line).
Same image as above, but the baselines are set to ACBR rather than Donchian Channels.
Again, the same image, but with everything but the ACBR Baseline turned off. You can see how this might make for an excellent confirmation indicator, but for the areas of chap. Maybe run a second instance of the indicator on your chart as a volatility indicator, as you would not be using it in that way in this instance.
Here I have bar coloring turned off except for signal line crosses NOT requiring the signal line to be advancing. Background coloring is also turned on. You can see that these all line up with continuation signals, or exits for purple candles.
Same image as above but requiring the signal line to be advancing. You can see that continuation signals are not contingent upon the signal line to be advancing. I had it setup that way at first, but of course it still gave false signals, so I thought more signals (not that there are many) is better than fewer. To be sure, just because the indicator shows a continuation signal does not mean you should always take it.
Price Legs: Time & Distance. Measuring moves in time & price-Tool to measure price legs in terms of both time and price; gives an idea of frequency of market movements and their typical extent and duration.
-Written for backtesting: seeing times of day where setups are most likely to unfold dynamically; getting an idea of typical and minimum sizes of small/large legs.
-Two sets of editable lookback numbers to measure both small and large legs independently.
-Works across timeframes and assets (units = mins/hours/days dependent on timeframe; units = '$' for indices & futures, 'pips' for FX).
~toggle on/off each set of bull/bear boxes.
~choose lookback/forward length for each set. Increase number for larger legs, decrease for smaller legs.
(for assets outside of the big Indices and FX, you may want to edit the multiplier, pMult, on lines 23-24)
small legs
large legs
Trail Blaze - (Multi Function Trailing Stop Loss) - [mutantdog]Shorter version:
As the title states, this is a 'Trailing Stop' type indicator, albeit one with a whole bunch of additional functionality, making it far more versatile and customisable than a standard trailing stop.
The main set of features includes:
Three independent trailing types each with their own +/- multipliers:
- Standard % change
- ATR (aka Supertrend)
- IQR (inter-quartile range)
These can be used in isolation or summed together. A subsequent pair of direction specific multipliers are also included.
Two separate custom source inputs are available, both feature the standard options alongside a selection of 'weighted inputs' and the option to use another indicator (selected via 'AUX'):
- 'Centre' determines the value about which the trailing sum will be added to define the stop level.
- 'Trigger' determines the value used for crossing of stops, initiating trend changes and triggering alerts.
A selection of optional filters and moving averages are available for both.
Furthermore there are various useful visualisation options available, including the underlying bands that govern the stop levels. Preset alerts for trend reversals are also included.
This is not really an 'out-of-the-box' indicator. Depending upon the market and timeframe some adjustments will be necessary for it to function in a useful manner, these can be as simple or complex as the feature-set allows. Basic settings are easy to dial in however and the default state is intended as a good starting point. Alternatively with some experimentation, a plethora of unique and creative configurations are possible, making this a great tool for tweaking. Below is a more detailed overview followed by a bunch of simple example settings.
------------------------
Lengthy Version :
DESIGN & CONCEPT
Before we start breaking this down, a little background. This started off as an attempt to improve upon the ever-popular Supertrend indicator. Of course there are many excellent user created variants available utilising some interesting methods to overcome the drawbacks of the basic version. To that end, rather than copying the work of others, the direction here shifted towards a hybrid trailing stop loss with a bunch of additional user customisation options. At some point, a completely different project involving IQR got morphed into this one. After sitting through months of sideways chop (where this proved to be of limited use), at the time of publication the market has began to form some near term trend direction and it appears to be performing well in many different timeframes.
And so with that out of the way...
INPUTS
The standard Supertrend (and most other variants) includes a single source input, as default set to 'hl2' (candle mid-range). This is the centre around which the atr bands are added/subtracted to govern the stop levels. This is not however the value which is used to trigger the trend reversal, that is usually hard-coded to 'close'. For this version both source values are adjustable: labelled 'centre' and 'trigger' respectively.
Each has custom input selectors including the usual options, a selection of 'weighted inputs' and the option to use another indicator (selected from the Aux input). The 'weighted inputs' are those introduced in Weight Gain 4000, for more details please refer to that listing. These should be treated as experimental, however may prove useful in certain configurations. In this case 'hl-oc2' can be considered an estimate of the candle median and may be a good alternative to the default 'centre' setting of 'hl2', in contrast 'cc-ohlc4' can tend to favour the extremes in the trend direction so could be useful as a faster 'trigger' than the default 'close'.
To cap them off both come with a selection of moving average filters (SMA, EMA, WMA, RMA, HMA, VWMA and a simple VWEMA - note: not elastic) aswell as median and mid-range. 'Centre' can also be set to the output of 'trigger' post-filter which can be useful if working with fast/slow crosses as the basis.
DYNAMICS
This is the main section, comprised of three separate factors: 'TSL', 'ATR' and 'IQR'. The first two should be fairly obvious, 'TSL' (trailing stop loss) is simply a percentage of the 'centre' value while 'ATR' (average true range) is the standard RMA-based version as used in Supertrend, Volatility Stop etc.
The third factor is less common however: 'IQR' (inter-quartile range). In case you are unfamiliar the principle here is, for a given dataset, the greatest 25% and smallest 25% of samples are removed. The remainder is then treated as a set and the range is calculated by highest - lowest. This is a commonly used method in statistical analysis, by removing the extremes it is less prone to influence by outliers and gives a good representation of the main dispersion around the median. In practise i have found it can be a good alternative to ATR, translating better across multiple time-frames due to it representing a fraction of the total range rather than an average of per-candle range like ATR. Used in combination with the others it can also add a factor more representative of longer-term/higher-timeframe trend. By discarding outliers it also benefits from not being impacted by brief pumps/volatility, instead responding only to more sustained changes in trend, such as rallies and parabolic moves. In order to give an accurate result the IQR is calculated using a dataset of high, low and hlcc4 values for all bars within the lookback length. Once calculated this value is then halved which, strictly speaking, makes it a semi-interquartile range.
All three of these components can be used individually or summed together to create a hybrid dynamics factor. Furthermore each multiplier can be set to both positive and negative values allowing for some interesting and creative possibilities. An optional smoothing filter can be applied to the sum, this is a basic SWMA-4 which is can reduce the impact of sudden changes but does incur a noticeable lag. Finally, a basic limiter condition has been hard-coded here to prevent the sum total from ever going below zero.
Capping off this section is a pair of direction multipliers. These simply take the prior dynamics sum and allow for further multiplication applied only to one side (uptrend/lo-stop and downtrend/hi-stop). To see why this is useful consider that markets often behave differently in each direction, we've all seen prices steadily climb over several weeks and then abruptly dump in the process of a day or two, shorter time frames are no stranger to this either. A lack of downside liquidity, a panicked market, aggressive shorts. All these things contribute to significant differences in downward price action. This function allows for tighter stops in one direction compared to the other to reflect this imbalance.
VISUALISATIONS
With all of these options and possibilities, some visual aids are useful. Beneath the dynamics' section are several visual options including both sources post-filter and the actual 'bands' created by the dynamics. These are what govern the stop levels and seeing them in full can help to better understand what our various configurations actually do. We can even hide the stop levels altogether and just use the bands, making this a kind of expanded Keltner Channel. Here we can also find colour and opacity settings for everything we've discussed.
EXAMPLES
The obvious first example here is the standard %-change trailing stop loss which, from my experience, tends to be the best suited for lower time frames. Filtering should probably minimal here. In both charts here we use the default config for source inputs, the top is a standard bi-directional setup with 1.5% tsl while the bottom uses a 2.5% tsl with the histop multiplier reduced to 0 resulting in an uptrend only stoploss.
Shown here in grey is the standard Supertrend which uses 'hl2' as centre and 'close' as trigger, ATR(10) multiplied by 3. On top we have the default filtered source config with ATR(8) multiplied by 2 which gives a different yet functionally similar result, below is the same source config instead using IQR(12) multiplied by 2. Notice here the more 'stepped' response from IQR following the central rally, holding back for a while before closing in on price and ultimately initiating reversal much sooner. Unlike ATR, the length parameter for IQR is absolute and can more significantly affect its responsiveness.
Next we focus on the visualisation options, on top we have the default source config with ATR(8) multiplied by 2 and IQR(12) multiplied by 1. Here we have activated the switch to show 'bands', from this we can see the actual summed dynamics and how it influences the stop levels. Below that we have an altogether different config utilising the included filters which are now visible. In this example we have created a basic 8/21 EMA cross and set a 1% TSL, notice the brief fakeout in the middle which ordinarily might indicate a buy signal. Here the TSL functions as an additional requirement which in this case is not met and thus no buy signal is given.
Finally we have a couple of more 'experimental' examples. On top we have Lazybear's 'Variable Moving Average' in white which has been assigned via 'aux' as the centre with no additional filtering, the default config for trigger is used here and a basic TSL of 1.5% added. It's a simple example but it shows how this can be applied to other indicators. At the bottom we return to the default source config, combining a TSL of 8% with IQR(24) multiplied by -2. Note here the negative IQR with greater length which causes the stop to close in on price following significant deviations while otherwise remaining fairly wide. Combining positive and negative multiples of each factor can yield mixed results, some more useful than others depending upon suitable market conditions.
Since this has been quite lengthy, i shall leave it there. Suffice to say that there are plenty more ways to use this besides these examples. Please feel free to share any of your own ideas in the comments below. Enjoy.
CVD - Cumulative Volume Delta (Chart)█ OVERVIEW
This indicator displays cumulative volume delta (CVD) as an on-chart oscillator. It uses intrabar analysis to obtain more precise volume delta information compared to methods that only use the chart's timeframe.
The core concepts in this script come from our first CVD indicator , which displays CVD values as plot candles in a separate indicator pane. In this script, CVD values are scaled according to price ranges and represented on the main chart pane.
█ CONCEPTS
Bar polarity
Bar polarity refers to the position of the close price relative to the open price. In other words, bar polarity is the direction of price change.
Intrabars
Intrabars are chart bars at a lower timeframe than the chart's. Each 1H chart bar of a 24x7 market will, for example, usually contain 60 bars at the lower timeframe of 1min, provided there was market activity during each minute of the hour. Mining information from intrabars can be useful in that it offers traders visibility on the activity inside a chart bar.
Lower timeframes (LTFs)
A lower timeframe is a timeframe that is smaller than the chart's timeframe. This script utilizes a LTF to analyze intrabars, or price changes within a chart bar. The lower the LTF, the more intrabars are analyzed, but the less chart bars can display information due to the limited number of intrabars that can be analyzed.
Volume delta
Volume delta is a measure that separates volume into "up" and "down" parts, then takes the difference to estimate the net demand for the asset. This approach gives traders a more detailed insight when analyzing volume and market sentiment. There are several methods for determining whether an asset's volume belongs in the "up" or "down" category. Some indicators, such as On Balance Volume and the Klinger Oscillator , use the change in price between bars to assign volume values to the appropriate category. Others, such as Chaikin Money Flow , make assumptions based on open, high, low, and close prices. The most accurate method involves using tick data to determine whether each transaction occurred at the bid or ask price and assigning the volume value to the appropriate category accordingly. However, this method requires a large amount of data on historical bars, which can limit the historical depth of charts and the number of symbols for which tick data is available.
In the context where historical tick data is not yet available on TradingView, intrabar analysis is the most precise technique to calculate volume delta on historical bars on our charts. This indicator uses intrabar analysis to achieve a compromise between simplicity and accuracy in calculating volume delta on historical bars. Our Volume Profile indicators use it as well. Other volume delta indicators in our Community Scripts , such as the Realtime 5D Profile , use real-time chart updates to achieve more precise volume delta calculations. However, these indicators aren't suitable for analyzing historical bars since they only work for real-time analysis.
This is the logic we use to assign intrabar volume to the "up" or "down" category:
• If the intrabar's open and close values are different, their relative position is used.
• If the intrabar's open and close values are the same, the difference between the intrabar's close and the previous intrabar's close is used.
• As a last resort, when there is no movement during an intrabar and it closes at the same price as the previous intrabar, the last known polarity is used.
Once all intrabars comprising a chart bar are analyzed, we calculate the net difference between "up" and "down" intrabar volume to produce the volume delta for the chart bar.
█ FEATURES
CVD resets
The "cumulative" part of the indicator's name stems from the fact that calculations accumulate during a period of time. By periodically resetting the volume delta accumulation, we can analyze the progression of volume delta across manageable chunks, which is often more useful than looking at volume delta accumulated from the beginning of a chart's history.
You can configure the reset period using the "CVD Resets" input, which offers the following selections:
• None : Calculations do not reset.
• On a fixed higher timeframe : Calculations reset on the higher timeframe you select in the "Fixed higher timeframe" field.
• At a fixed time that you specify.
• At the beginning of the regular session .
• On trend changes : Calculations reset on the direction change of either the Aroon indicator, Parabolic SAR , or Supertrend .
• On a stepped higher timeframe : Calculations reset on a higher timeframe automatically stepped using the chart's timeframe and following these rules:
Chart TF HTF
< 1min 1H
< 3H 1D
<= 12H 1W
< 1W 1M
>= 1W 1Y
Specifying intrabar precision
Ten options are included in the script to control the number of intrabars used per chart bar for calculations. The greater the number of intrabars per chart bar, the fewer chart bars can be analyzed.
The first five options allow users to specify the approximate amount of chart bars to be covered:
• Least Precise (Most chart bars) : Covers all chart bars by dividing the current timeframe by four.
This ensures the highest level of intrabar precision while achieving complete coverage for the dataset.
• Less Precise (Some chart bars) & More Precise (Less chart bars) : These options calculate a stepped LTF in relation to the current chart's timeframe.
• Very precise (2min intrabars) : Uses the second highest quantity of intrabars possible with the 2min LTF.
• Most precise (1min intrabars) : Uses the maximum quantity of intrabars possible with the 1min LTF.
The stepped lower timeframe for "Less Precise" and "More Precise" options is calculated from the current chart's timeframe as follows:
Chart Timeframe Lower Timeframe
Less Precise More Precise
< 1hr 1min 1min
< 1D 15min 1min
< 1W 2hr 30min
> 1W 1D 60min
The last five options allow users to specify an approximate fixed number of intrabars to analyze per chart bar. The available choices are 12, 24, 50, 100, and 250. The script will calculate the LTF which most closely approximates the specified number of intrabars per chart bar. Keep in mind that due to factors such as the length of a ticker's sessions and rounding of the LTF, it is not always possible to produce the exact number specified. However, the script will do its best to get as close to the value as possible.
As there is a limit to the number of intrabars that can be analyzed by a script, a tradeoff occurs between the number of intrabars analyzed per chart bar and the chart bars for which calculations are possible.
Display
This script displays raw or cumulative volume delta values on the chart as either line or histogram oscillator zones scaled according to the price chart, allowing traders to visualize volume activity on each bar or cumulatively over time. The indicator's background shows where CVD resets occur, demarcating the beginning of new zones. The vertical axis of each oscillator zone is scaled relative to the one with the highest price range, and the oscillator values are scaled relative to the highest volume delta. A vertical offset is applied to each oscillator zone so that the highest oscillator value aligns with the lowest price. This method ensures an accurate, intuitive visual comparison of volume activity within zones, as the scale is consistent across the chart, and oscillator values sit below prices. The vertical scale of oscillator zones can be adjusted using the "Zone Height" input in the script settings.
This script displays labels at the highest and lowest oscillator values in each zone, which can be enabled using the "Hi/Lo Labels" input in the "Visuals" section of the script settings. Additionally, the oscillator's value on a chart bar is displayed as a tooltip when a user hovers over the bar, which can be enabled using the "Value Tooltips" input.
Divergences occur when the polarity of volume delta does not match that of the chart bar. The script displays divergences as bar colors and background colors that can be enabled using the "Color bars on divergences" and "Color background on divergences" inputs.
An information box in the lower-left corner of the indicator displays the HTF used for resets, the LTF used for intrabars, the average quantity of intrabars per chart bar, and the number of chart bars for which there is LTF data. This is enabled using the "Show information box" input in the "Visuals" section of the script settings.
FOR Pine Script™ CODERS
• This script utilizes `ltf()` and `ltfStats()` from the lower_tf library.
The `ltf()` function determines the appropriate lower timeframe from the selected calculation mode and chart timeframe, and returns it in a format that can be used with request.security_lower_tf() .
The `ltfStats()` function, on the other hand, is used to compute and display statistical information about the lower timeframe in an information box.
• The script utilizes display.data_window and display.status_line to restrict the display of certain plots.
These new built-ins allow coders to fine-tune where a script’s plot values are displayed.
• The newly added session.isfirstbar_regular built-in allows for resetting the CVD segments at the start of the regular session.
• The VisibleChart library developed by our resident PineCoders team leverages the chart.left_visible_bar_time and chart.right_visible_bar_time variables to optimize the performance of this script.
These variables identify the opening time of the leftmost and rightmost visible bars on the chart, allowing the script to recalculate and draw objects only within the range of visible bars as the user scrolls.
This functionality also enables the scaling of the oscillator zones.
These variables are just a couple of the many new built-ins available in the chart.* namespace.
For more information, check out this blog post or look them up by typing "chart." in the Pine Script™ Reference Manual .
• Our ta library has undergone significant updates recently, including the incorporation of the `aroon()` indicator used as a method for resetting CVD segments within this script.
Revisit the library to see more of the newly added content!
Look first. Then leap.
libcompressLibrary "libcompress"
numbers compressor for large output data compression
compress_fp24()
converts float to base64 (4 chars) | 24 bits: 1 sign + 5 exponent + 18 mantissa
Returns: 4-character base64_1/5/18 representation of x
compress_ufp18()
converts unsigned float to base64 (3 chars) | 18 bits: 5 exponent + 13 mantissa
Returns: 3-character base64_0/5/13 representation of x
compress_int()
converts int to base64
Intrabar Efficiency Ratio█ OVERVIEW
This indicator displays a directional variant of Perry Kaufman's Efficiency Ratio, designed to gauge the "efficiency" of intrabar price movement by comparing the sum of movements of the lower timeframe bars composing a chart bar with the respective bar's movement on an average basis.
█ CONCEPTS
Efficiency Ratio (ER)
Efficiency Ratio was first introduced by Perry Kaufman in his 1995 book, titled "Smarter Trading". It is the ratio of absolute price change to the sum of absolute changes on each bar over a period. This tells us how strong the period's trend is relative to the underlying noise. Simply put, it's a measure of price movement efficiency. This ratio is the modulator utilized in Kaufman's Adaptive Moving Average (KAMA), which is essentially an Exponential Moving Average (EMA) that adapts its responsiveness to movement efficiency.
ER's output is bounded between 0 and 1. A value of 0 indicates that the starting price equals the ending price for the period, which suggests that price movement was maximally inefficient. A value of 1 indicates that price had travelled no more than the distance between the starting price and the ending price for the period, which suggests that price movement was maximally efficient. A value between 0 and 1 indicates that price had travelled a distance greater than the distance between the starting price and the ending price for the period. In other words, some degree of noise was present which resulted in reduced efficiency over the period.
As an example, let's say that the price of an asset had moved from $15 to $14 by the end of a period, but the sum of absolute changes for each bar of data was $4. ER would be calculated like so:
ER = abs(14 - 15)/4 = 0.25
This suggests that the trend was only 25% efficient over the period, as the total distanced travelled by price was four times what was required to achieve the change over the period.
Intrabars
Intrabars are chart bars at a lower timeframe than the chart's. Each 1H chart bar of a 24x7 market will, for example, usually contain 60 intrabars at the LTF of 1min, provided there was market activity during each minute of the hour. Mining information from intrabars can be useful in that it offers traders visibility on the activity inside a chart bar.
Lower timeframes (LTFs)
A lower timeframe is a timeframe that is smaller than the chart's timeframe. This script determines which LTF to use by examining the chart's timeframe. The LTF determines how many intrabars are examined for each chart bar; the lower the timeframe, the more intrabars are analyzed, but fewer chart bars can display indicator information because there is a limit to the total number of intrabars that can be analyzed.
Intrabar precision
The precision of calculations increases with the number of intrabars analyzed for each chart bar. As there is a 100K limit to the number of intrabars that can be analyzed by a script, a trade-off occurs between the number of intrabars analyzed per chart bar and the chart bars for which calculations are possible.
Intrabar Efficiency Ratio (IER)
Intrabar Efficiency Ratio applies the concept of ER on an intrabar level. Rather than comparing the overall change to the sum of bar changes for the current chart's timeframe over a period, IER compares single bar changes for the current chart's timeframe to the sum of absolute intrabar changes, then applies smoothing to the result. This gives an indication of how efficient changes are on the current chart's timeframe for each bar of data relative to LTF bar changes on an average basis. Unlike the standard ER calculation, we've opted to preserve directional information by not taking the absolute value of overall change, thus allowing it to be utilized as a momentum oscillator. However, by taking the absolute value of this oscillator, it could potentially serve as a replacement for ER in the design of adaptive moving averages.
Since this indicator preserves directional information, IER can be regarded as similar to the Chande Momentum Oscillator (CMO) , which was presented in 1994 by Tushar Chande in "The New Technical Trader". Both CMO and ER essentially measure the same relationship between trend and noise. CMO simply differs in scale, and considers the direction of overall changes.
█ FEATURES
Display
Three different display types are included within the script:
• Line : Displays the middle length MA of the IER as a line .
Color for this display can be customized via the "Line" portion of the "Visuals" section in the script settings.
• Candles : Displays the non-smooth IER and two moving averages of different lengths as candles .
The `open` and `close` of the candle are the longest and shortest length MAs of the IER respectively.
The `high` and `low` of the candle are the max and min of the IER, longest length MA of the IER, and shortest length MA of the IER respectively.
Colors for this display can be customized via the "Candles" portion of the "Visuals" section in the script settings.
• Circles : Displays three MAs of the IER as circles .
The color of each plot depends on the percent rank of the respective MA over the previous 100 bars.
Different colors are triggered when ranks are below 10%, between 10% and 50%, between 50% and 90%, and above 90%.
Colors for this display can be customized via the "Circles" portion of the "Visuals" section in the script settings.
With either display type, an optional information box can be displayed. This box shows the LTF that the script is using, the average number of lower timeframe bars per chart bar, and the number of chart bars that contain LTF data.
Specifying intrabar precision
Ten options are included in the script to control the number of intrabars used per chart bar for calculations. The greater the number of intrabars per chart bar, the fewer chart bars can be analyzed.
The first five options allow users to specify the approximate amount of chart bars to be covered:
• Least Precise (Most chart bars) : Covers all chart bars by dividing the current timeframe by four.
This ensures the highest level of intrabar precision while achieving complete coverage for the dataset.
• Less Precise (Some chart bars) & More Precise (Less chart bars) : These options calculate a stepped LTF in relation to the current chart's timeframe.
• Very precise (2min intrabars) : Uses the second highest quantity of intrabars possible with the 2min LTF.
• Most precise (1min intrabars) : Uses the maximum quantity of intrabars possible with the 1min LTF.
The stepped lower timeframe for "Less Precise" and "More Precise" options is calculated from the current chart's timeframe as follows:
Chart Timeframe Lower Timeframe
Less Precise More Precise
< 1hr 1min 1min
< 1D 15min 1min
< 1W 2hr 30min
> 1W 1D 60min
The last five options allow users to specify an approximate fixed number of intrabars to analyze per chart bar. The available choices are 12, 24, 50, 100, and 250. The script will calculate the LTF which most closely approximates the specified number of intrabars per chart bar. Keep in mind that due to factors such as the length of a ticker's sessions and rounding of the LTF, it is not always possible to produce the exact number specified. However, the script will do its best to get as close to the value as possible.
Specifying MA type
Seven MA types are included in the script for different averaging effects:
• Simple
• Exponential
• Wilder (RMA)
• Weighted
• Volume-Weighted
• Arnaud Legoux with `offset` and `sigma` set to 0.85 and 6 respectively.
• Hull
Weighting
This script includes the option to weight IER values based on the percent rank of absolute price changes on the current chart's timeframe over a specified period, which can be enabled by checking the "Weigh using relative close changes" option in the script settings. This places reduced emphasis on IER values from smaller changes, which may help to reduce noise in the output.
█ FOR Pine Script™ CODERS
• This script imports the recently published lower_ltf library for calculating intrabar statistics and the optimal lower timeframe in relation to the current chart's timeframe.
• This script uses the recently released request.security_lower_tf() Pine Script™ function discussed in this blog post .
It works differently from the usual request.security() in that it can only be used on LTFs, and it returns an array containing one value per intrabar.
This makes it much easier for programmers to access intrabar information.
• This script implements a new recommended best practice for tables which works faster and reduces memory consumption.
Using this new method, tables are declared only once with var , as usual. Then, on the first bar only, we use table.cell() to populate the table.
Finally, table.set_*() functions are used to update attributes of table cells on the last bar of the dataset.
This greatly reduces the resources required to render tables.
Look first. Then leap.
Quantitative Backtesting Panel + ROI Table - ShortsThis script is an aggregate of a backtesting panel with quantitative metrics, ROI table and open ROI reader. It also contains a mechanism for having a fixed percentage stop loss, similar to native TV backtester. For shorts only.
Backtesting Panel:
- Certain metrics are color coded, with green being good performance, orange being neutral, red being undesirable.
• ROI : return with the system, in %
• ROI(COMP=1): return if money is compounded at a rate of 100%
• Hit rate: accuracy of the system, as a %
• Profit factor: gross profit/gross loss
• Maximum drawdown: the maximum value from a peak to a successive trough of the system's equity curve
• MAE: Maximum Adverse Excursion. The biggest loss of a trade suffered while the position is still open
• Total trades: total number of closed trades
• Max gain/max loss: shows the biggest win over the biggest loss suffered
• Sharpe ratio: measures the performance of the system with adjusted risk (no comparison to risk-free asset)
• CAGR: Compound Annual Growth Rate. The mean annual rate of growth of the system of n years (provided n>1)
• Kurtosis: measures how heavily the tails of the distribution differ from that of a normal distribution (symmetric on both sides of mean where mean=0, standard deviation=1). A normal distribution has a kurtosis of 3, and skewness of 0. The kurtosis indicates whether or not the tails of the returns contain extreme values
• Skewness: measures the symmetry of the distribution of returns
- Leptokurtic: K > 0. Having more kurtosis than a normal distribution. It's stretched up and to the side too (2nd pic down). High kurtosis (leptokurtic) is bad as the wider tails (called heavy tails) suggest there is relatively high probability of extreme events
- Mesokurtic: K =0. Having the same kurtosis as a normal distribution
- Platykurtic: K < 0. Having less kurtosis than a normal distribution. This suggests there are light tails and fewer extreme events in the distribution
- Skewness is good: +/- 0.5 (fairly symmetrical)
- Skewness is average: -1 to -0.5 or 0.5 to 1 (moderately skewed)
- Skewness is bad: > +/- 1 (highly skewed)
Evolving ROI table:
- The table of ROI values evolve with the year and month. The sum of each year is given. Please avoid using it on non-cryptocurrencies or any market whose trading session is not 24/7
Open ROI reader:
- At the top center is the open ROI of a trade
Quantitative Backtesting Panel + ROI Table - LongsThis script is an aggregate of a backtesting panel with quantitative metrics, ROI table and open ROI reader. It also contains a mechanism for having a fixed percentage stop loss, similar to native TV backtester. For longs only.
Backtesting Panel:
- Certain metrics are color coded, with green being good performance, orange being neutral, red being undesirable.
• ROI : return with the system, in %
• ROI(COMP=1): return if money is compounded at a rate of 100%
• Hit rate: accuracy of the system, as a %
• Profit factor: gross profit/gross loss
• Maximum drawdown: the maximum value from a peak to a successive trough of the system's equity curve
• MAE: Maximum Adverse Excursion. The biggest loss of a trade suffered while the position is still open
• Total trades: total number of closed trades
• Max gain/max loss: shows the biggest win over the biggest loss suffered
• Sharpe ratio: measures the performance of the system with adjusted risk (no comparison to risk-free asset)
• CAGR: Compound Annual Growth Rate. The mean annual rate of growth of the system of n years (provided n>1)
• Kurtosis: measures how heavily the tails of the distribution differ from that of a normal distribution (symmetric on both sides of mean where mean=0, standard deviation=1). A normal distribution has a kurtosis of 3, and skewness of 0. The kurtosis indicates whether or not the tails of the returns contain extreme values
• Skewness: measures the symmetry of the distribution of returns
- Leptokurtic: K > 0. Having more kurtosis than a normal distribution. It's stretched up and to the side too (2nd pic down). High kurtosis (leptokurtic) is bad as the wider tails (called heavy tails) suggest there is relatively high probability of extreme events
- Mesokurtic: K =0. Having the same kurtosis as a normal distribution
- Platykurtic: K < 0. Having less kurtosis than a normal distribution. This suggests there are light tails and fewer extreme events in the distribution
- Skewness is good: +/- 0.5 (fairly symmetrical)
- Skewness is average: -1 to -0.5 or 0.5 to 1 (moderately skewed)
- Skewness is bad: > +/- 1 (highly skewed)
Evolving ROI table:
- The table of ROI values evolve with the year and month. The sum of each year is given. Please avoid using it on non-cryptocurrencies or any market whose trading session is not 24/7
Open ROI reader:
- At the top center is the open ROI of a trade
