Weekly Profiles [TFO]This Weekly Profiles indicator was built to overlay historical data to show how prior weeks of price action have unfolded under specified input conditions.
When "Show Historical Weekly Profiles" is enabled, the indicator draws out how prior weeks have traded. This is done by tracking weekly price movements, measuring the percent change from each week's respective weekly open price, and translating that percent change to the current week's open price to visually describe how price fluctuated in those previous weeks.
With "Show Weekly Profile Table" enabled, we can observe some basic statistics on the weekly profiles that have been collected, such as the average range and which days have made the high/low of the week from the given dataset.
There are also options to refine the dataset by specifying which days have made the high/low of the week, which will only show profiles that meet said criteria. For instance, by enabling "Low of Week" and selecting "Monday", the indicator will show every weekly profile that made its low on a Monday. In the following chart, we can again use the table to observe that we currently have 14 such weeks on NQ1! (from the data available on our current chart timeframe and TradingView plan), whose average range is 3.65% from the week's low to the week's high, and from those 14 weeks, the high of the week was made on a Friday 10 times or 71% of the time.
The "Profile Resolution" option specifies the interval at which to show changes in price (given that it is greater than or equal to the current chart timeframe). In the below chart, the Profile Resolution is set to 4 hours. As such, it simplifies the profiles by tracking the close price of each 4 hour candle (again as a percent change from each profile's respective open price). The larger Profile Resolution can make it easier to observe commonalities between profiles, such as the below chart of NQ1! that highlights a noticeable price decrease during the New York morning session across several of the available weekly profiles.
There is also an option to "Highlight Closest Profiles" which does exactly that. Essentially, all weekly profiles are given a score according to how close the current week's price action is matching each profile up until the current point in time. For example, if one were observing this indicator on a Wednesday afternoon, each profile would be scored according to how close price is to each profile, starting from the weekly open, up until the Wednesday afternoon of each profile. Everything after that point in time is disregarded since it hasn't happened yet and can't be measured. With this in mind, profiles with greater similarity to the current week are highlighted with deeper colors, and profiles with lesser similarity are given lighter, more transparent colors.
The "Randomize Colors" option will use various colors for the weekly profiles for easier visual differentiation (especially where there are several profiles crowding each other), as opposed to otherwise having one color for all profiles. Lastly, there are basic styling options to control the table position, table size, and the line width of all weekly profiles.
Weeklyanalysis
Previous Day and Week RangesI've designed the "Previous Day and Week Ranges" indicator to enhance your trading strategy by clearly displaying daily and weekly price levels. This tool shows Open-Close and High-Low ranges for both daily and weekly timeframes directly on your trading chart.
Key Features :
Potential Support and Resistance: The indicator highlights previous day and week ranges that may serve as key support or resistance levels in subsequent trading sessions.
Customizable Display Options: Offers the flexibility to show or hide daily and weekly ranges based on your trading needs.
Color Customization: Adjust the color settings to differentiate between upward and downward movements, enhancing visual clarity and chart readability.
This indicator is ideal for traders aiming to understand market dynamics better, offering insights into potential pivot points and zones of price stability or volatility.
Weekly Range Support & Resistance Levels [QuantVue]Weekly Range Support & Resistance Levels
Description:
The Weekly Range Support & Resistance Levels analyzes weekly ranges and takes the average range of the last 30 weeks (default setting).
It also takes the average +/- a standard deviation, and creates support & resistance levels/zones based on the weekly opening price.
The levels will update each week, and previous weekly levels can be toggled on or off.
Settings:
🔹Averaging Period
🔹Standard Deviation Multiplier
🔹Toggle Support & Resistance Prices
🔹Show Weekly Open Line
🔹Show Previous Levels
Don't hesitate to reach out with any questions or concerns. We hope you enjoy!
Cheers.
WON WeekliesWilliam O'Neil was a big proponent of using weekly charts, often highlighting the significance of 3 or more tight weekly closes, or a sequence of five or more consecutive up weeks. This indicator recognizes both of these conditions providing clear visual cues to signify this institutional buying activity. When three tight weekly closes or more occur a circle will be drawn around the middle close or the background will change color, depending on user preference. If five or more consecutive up weeks are detected a box is drawn around all the price action of those weeks.
User Options:
- Choose to display both or only one condition
- Customizable colors
- Define what a tight close is (default is less than 1.5%)
- Change background color or display smaller circles for 3 weeks tight
- Alerts for both
Note: 5 weekly closes wont print until the 5th weeks candle is closed.
WIB & 3WTCThis indicator plots the Weekly inside bar and 3 Weekly tight close.
i : Weekly inside bar
- : Weekly tight close
1. Weekly inside bar (WIB)
Which shows the price contraction where the current bar's range is lower than the previous bar's range
Conditions:
Current bar's low is higher than previous low and high less than the previous bar
Range of the current bar should be at least 30% less than the previous bar (Can be modified in the input settings)
Distance between Current bar's low and 50 D Simple Moving average should be at least less than 5% (Can be modified in the input settings)
sometimes low or high of current bar could be few points fluctuated from the previous so tolerance percentage has been set to 1 (Can be modified in the input settings)
Candle range should not be more than 10%. More the compression in the candle better it is for taking a position
Position:
Long could be initiate when the high of the current bar is broken
2. 3 Weeks Tight Close (3 WTC)
where the last three weeks close are within 1.5% range
Conditions:
Last three weeks close is with in 1.5% range (Can be modified in the input settings)
Position:
Long could be initiated current market price
Note: Below conditions apply for both the patterns
Close should be higher than Moving Average(40)
Volume should be less than Volume moving average(10)
Tip
Candle range is visible in the tooltip by hovering over the plots of WIB and WTC characters
Play with Indicator settings for the study purpose
TPCharts HighOfWeekShows the days on which highs and lows for a week occurred (Sunday through Saturday).
Yeah, you could download data feeds and write some Python, but not everybody wants to do that.
Usage:
Get probability on your side when entering or taking profits.
If 60% of the weekly lows are on a Tuesday, what day probably works best to buy?
Keep in mind that many altcoins have slightly different weekly patterns.
Options in settings:
1. Show each day's name in a bubble underneath.
2. Display "summary" total stats for highs / lows when over 50 SMA.
Future updates:
Handle bear markets for final stats. Currently only calculates high/lows in summary bubble when over the 50 SMA.
Dynamic Weekly Price Envelope
This is a indicator that I have been developing and personally using for over a year. The basic concept is a dynamic range that is derived from the previous weeks range. The main philosophy followed when designing this indicator was that it should be applicable to all asset classes, and it should provide objective price levels of support and resistance that do not change when price approaches them. This indicator is most useful in range bound price action, but gives a lot of useful information on any market condition at a glance. The indicator also generates a custom vwap that reflects the volume weighted price since the price broke significant levels.
Indicator Description
The indicators most important price levels are the top 3 lines and the bottom 3 lines. These lines are distinguished by their wider line thickness with default settings. These levels act as support and resistance, and the price entering these regions indicates that the asset is overbought or oversold. A setting is available to highlight in red or green when price is overbought or oversold. Here is an example:
This example also demonstrates one of my personal favorite signals, which is when the price reenters the central channel, then retests the overbought/oversold region, as it does in the example, shown by the second set of red arrows.
Timeframes
This indicator reacts dynamically, so the levels will look different on different timeframes. The hourly chart works best from my experience in forex and crypto with default settings, but in general lower timeframes will give a more accurate picture during extreme price action. Note: assets that have shorter sessions generally should use a smaller timeframe. I like to use 15min on stocks, this is similar to the hour chart in crypto or forex. Take this GBPUSD chart for example:
As you can see the price has a very extreme impulse, and all resistances are passed. You can see that the lines still act as support when price falls back into the range, but the indicator is not very useful when price exits the range. The solution for this is to drop down to a lower timeframe that will adjust faster to the extreme price movement.
Here you can see that the range shifts with the price movement, indicating support levels throughout the entire price impulse.
I will also drop down to lower timeframes if I want to utilize the price levels within the channel as support and resistance levels for intraday trading. Here is an example with price level interactions indicated by red and green arrows.
THe most significant levels are still the centerline and the top and bottom three levels, but the inner lines also are nice for intraday support and resistance.
Larger time frames like the daily chart also are useful. Let's take the daily Bitcoin chart as an example:
On larger timeframes,
If price is below the central red line price is trending down, and if price is above central red line, the trend is up
The asset trading outside of the entire range indicates that the trend is very strong, reentry into the channel indicates that price is likely to consolidate.
The outer lines still serve as significant support and resistance.
Settings
I have configured the default settings to perform well for most assets, but I allow the user to change settings as they desire.
Line Color - this setting changes the color of the lines.
Fill Color - this setting changes the fill color used for the indicator
Line Transparency - The transparency of the lines, set to 100 to completely hide all lines
Base Fill Transparency - This setting changes the base transparency for the channel, this transparency will be used for the outermost bands
Transparency Gradient Step - each band will become this amount more transparent as they come closer to the centerline
Adjustment Lag - this adjusts how quickly the channel adjusts when the top and bottom levels are breached. I have always used 100, but using much higher or lower values gives interesting results.
Show Signals - This enables basic swing signals to be shown by red and green triangles. Note that this is only one signal, and the system actually has many signals outside of these triangles. They only indicate optimal entries for a swing trading technique based on the indicator.
Show Oversold/Overbought Price - ticking this box results in the fill color changing to green when price is oversold, and red when the price is overbought.
That about covers all the basics for using this indicator, please reach out with comments or messages if you would like to know anything more. Thanks for reading, and I hope you can use this tool to help your analysis. A monthly version and a refined strategy are in the works and will be published soon.
