Williams %R on Chart w/ Dynamic Zones [Loxx]Williams %R on Chart w/ Dynamic Zones is a Williams %R indicator but instead of being an oscillator it appears on chart. The WPR calculation used here leverages T3 moving average for its calculation. In addition, the WPR is bound by Dynamic Zones.
What is Williams %R?
Williams %R , also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams %R may be used to find entry and exit points in the market. The indicator is very similar to the Stochastic oscillator and is used in the same way. It was developed by Larry Williams and it compares a stock’s closing price to the high-low range over a specific period, typically 14 days or periods.
What is T3 moving average?
Developed by Tim Tillson, the T3 Moving Average is considered superior to traditional moving averages as it is smoother, more responsive and thus performs better in ranging market conditions as well.
What are Dynamic Zones?
As explained in "Stocks & Commodities V15:7 (306-310): Dynamic Zones by Leo Zamansky, Ph .D., and David Stendahl"
Most indicators use a fixed zone for buy and sell signals. Here’ s a concept based on zones that are responsive to past levels of the indicator.
One approach to active investing employs the use of oscillators to exploit tradable market trends. This investing style follows a very simple form of logic: Enter the market only when an oscillator has moved far above or below traditional trading lev- els. However, these oscillator- driven systems lack the ability to evolve with the market because they use fixed buy and sell zones. Traders typically use one set of buy and sell zones for a bull market and substantially different zones for a bear market. And therein lies the problem.
Once traders begin introducing their market opinions into trading equations, by changing the zones, they negate the system’s mechanical nature. The objective is to have a system automatically define its own buy and sell zones and thereby profitably trade in any market — bull or bear. Dynamic zones offer a solution to the problem of fixed buy and sell zones for any oscillator-driven system.
An indicator’s extreme levels can be quantified using statistical methods. These extreme levels are calculated for a certain period and serve as the buy and sell zones for a trading system. The repetition of this statistical process for every value of the indicator creates values that become the dynamic zones. The zones are calculated in such a way that the probability of the indicator value rising above, or falling below, the dynamic zones is equal to a given probability input set by the trader.
To better understand dynamic zones, let's first describe them mathematically and then explain their use. The dynamic zones definition:
Find V such that:
For dynamic zone buy: P{X <= V}=P1
For dynamic zone sell: P{X >= V}=P2
where P1 and P2 are the probabilities set by the trader, X is the value of the indicator for the selected period and V represents the value of the dynamic zone.
The probability input P1 and P2 can be adjusted by the trader to encompass as much or as little data as the trader would like. The smaller the probability, the fewer data values above and below the dynamic zones. This translates into a wider range between the buy and sell zones. If a 10% probability is used for P1 and P2, only those data values that make up the top 10% and bottom 10% for an indicator are used in the construction of the zones. Of the values, 80% will fall between the two extreme levels. Because dynamic zone levels are penetrated so infrequently, when this happens, traders know that the market has truly moved into overbought or oversold territory.
Calculating the Dynamic Zones
The algorithm for the dynamic zones is a series of steps. First, decide the value of the lookback period t. Next, decide the value of the probability Pbuy for buy zone and value of the probability Psell for the sell zone.
For i=1, to the last lookback period, build the distribution f(x) of the price during the lookback period i. Then find the value Vi1 such that the probability of the price less than or equal to Vi1 during the lookback period i is equal to Pbuy. Find the value Vi2 such that the probability of the price greater or equal to Vi2 during the lookback period i is equal to Psell. The sequence of Vi1 for all periods gives the buy zone. The sequence of Vi2 for all periods gives the sell zone.
In the algorithm description, we have: Build the distribution f(x) of the price during the lookback period i. The distribution here is empirical namely, how many times a given value of x appeared during the lookback period. The problem is to find such x that the probability of a price being greater or equal to x will be equal to a probability selected by the user. Probability is the area under the distribution curve. The task is to find such value of x that the area under the distribution curve to the right of x will be equal to the probability selected by the user. That x is the dynamic zone.
Included
Bar coloring
Channels fill
Loxx's Expanded Source Types
35+ moving average types
Williams Osilatörleri
Larry Williams Large Trade Index (LWTI) [Loxx]Larry Williams Large Trade Index (LWTI) is an indicatory by Larry Williams as explained in his book "Trade Stocks and Commodities with the Insiders: Secrets of the COT Report". I've added optional smoothing if you wish to smooth the output.
What is the Larry Williams Large Trade Index (LWTI)?
The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:
MovingAvg(Close - Close , bars used in average)/MovingAvg(Range,bars used in average)*50 + 50
Included
Bar coloring
Signals
Alerts
Larry Williams Proxy Index (LWPI) [Loxx]Larry Williams Proxy Index (LWPI) is an indicatory by Larry Williams as explained in his book "Trade Stocks and Commodities with the Insiders: Secrets of the COT Report", pages 129-135. This is an INVERSE indicator, so follow the signals and colors to understand what it's doing. I've added optional smoothing if you wish to smooth the output.
What is the Larry Williams Proxy Index (LWPI)?
The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:
MovingAvg(Open-Close, bars used in average)/MovingAvg(Range, bars used in average)*50+50
Included
Bar coloring
Signals
Alerts
Williams %R w/ Bollinger Bands [Loxx]Williams %R w/ Bollinger Bands is a Williams %R indicator with Bollinger bands. The Bollinger bands are used to determine when breakouts/breakdowns occur.
What is Williams %R?
Williams %R , also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams %R may be used to find entry and exit points in the market. The indicator is very similar to the Stochastic oscillator and is used in the same way. It was developed by Larry Williams and it compares a stock’s closing price to the high-low range over a specific period, typically 14 days or periods.
Included:
bar coloring
signals
alerts
All TimeFrame OscillatorsI have always fighted to understand the market direction because it looks different on different timeframes.
I wanted an indicator where I can see all the different timeframes at once.
This indicator shows already existing oscillators but not only in the current chart's timeframe, but all the most important higer timeframes at once.
I have started with the stoch, then added as many oscillators as I could.
Experimenting with this I have saw that confluence of 4H 1D and 1W Stoch can be very interesting and can highlight higher timeframe take profit areas and sometimes major tops/bottoms.
Also bounces can be interesting when a lower timeframe stoch is bounced or rejected from a higher one.
Oscillators:
Stoch - Stochastic Oscillator
SMI - Stochastic Momentum Index
Rsi - Relative Strength Index
StochRsi - Stochastic RSI
WaveTrend - Vumanchu alias Market Cypher Wave Trend line
CCI - Commodity Channel Index
CCIStoch - Stochastic CCI
Williams Percent Range - Williams %R
Norm. MACD - Normalized Moving Average Convergence Divergence
Norm. MACD Hist - Normalized MACD Histogramm
PVT - Normalized Price Volume Trend
MFI - Money Flow Index
CMF - Chaikin Money Flow
Chande Momentum - Chande Momentum
Volume - Normalized Volume
CandleValue - Vumanchu alias Market Cypher MoneyFlow
BBWP - Bollinger Band Width Percentile
Line Type
Smooth: lines are smoothed, but the actualy not closed values are not shown
Step: Step lines, the actually open timeframes are calculated as they closed at the current values
Plot Oscillator or it's Slope:
its possible to not plot the oscillator but it's slope
Print dots when:
Cross Up/Down oversold/overbougt level - best for most oscillators. for example when Stoch crosses above 20 or below 80
Cross os/ob and the one higher TF is about to cross - when it's crosses beolw 80 and the higher timeframe oscillator is still above ans sloping down
Cross above/below middle line - for example on RSI being above or below 50 can be interesting
Print triangles when:
All Slope Match - all visible timeframe lines are pointing up or down at the same time
All above/belove middle line - all visible lines are above or belove the middle line
All above/belove middle line and slope match - like the previous one and the slope direction is the same
All above/below oversold/overbougt - all lines are above or below os/ ob. this is the default. it can be a very important confluence
Lower TF in order - 5, 15, 30, 60 minute timeframes are in order.
Higher TF in order - 4H 1D 1W in order (like 4H above 1D abd 1D above 1W). can be interesting at RSI
4H-1D in order - 4H 1D in order .
Print triangles
Print all triangles - print all triangles when the condition is met
Print only first triangles - only show when the condition starts to met
Print only last triangles - small triangles when the condition met first, large when last. tis is the default.
Timeframes to show:
You can turn on/off different timeframs to show or not from the list below:
1m 5m 15m 30m 1H 4H D 5D W M
This is for experimenting/ understanding the market direction on multiple timeframes at once.
Don't take it's signals (and any other indicator's) as exact trade signals. use it as confirmation instead.
Any comments, insights, ideas are welcome.
Williams Vix Fix Bottoms and TopsThis indicator uses the very popular Williams Vix Fix for Bottoms by Chris Moody but not only does it search for bottoms, it can also be switch to work for tops for those who look to short the market. I've also added in a few options like flipping the indicator, color adjustments on the settings page, as well as cut a few of the options I feel did not need to be in which cluttered the screen when the settings were opened. In his later revisions of the Williams Vix Fix, CM took out the functions which draw the high/low ranges as well as the standard deviation which is what this indicator uses to show entry points. I have added options back on to draw these, I think it's useful. To be honest, I have not messed around with the number settings much so I am not sure how adjusting the look back range or going for smaller / bigger percentage changes would change how well the indicator works. It seems to work very well at its default settings.
With the Bollinger Band deviation, you have to remember that it looks back at the set amount of candles (20 by default) and uses those for the standard deviation: 1 dev = 68%, 2 dev = 95%, 3 dev = 99.7%
These percentages mean that at 2 dev, 95% of the last 20 candles will remain within the boundaries of the Bollinger Bands. Three tends to be too high, one is usually too low. Two is pretty good.
The lowest percentile option probably won't change much other than bring up the bottom line which doesn't effect the alerts or signals, just something to observe.
The highest percentile option makes a difference similar to the stand deviation and Bollinger Band. The higher you put it, the less likely it will get triggered but the more reliant it of a signal it should be.
As always, I have left notes throughout the code and I did leave in the code that was original but commented it out as I don't believe it's worth having.
I like to have the high/lows drawn, as well as the standard deviation. Then I find that the filtered entries are most accurate signals to follow. Simple entry is hit or miss, Aggressive entry is always early but sometimes that's not a great thing.
Intermediate Williams %R w/ Discontinued Signal Lines [Loxx]Intermediate Williams %R w/ Discontinued Signal Lines is a Williams %R indicator with advanced options:
-Williams %R smoothing, 30+ smoothing algos found here:
-Williams %R signal, 30+ smoothing algos found here:
-DSL lines with smoothing or fixed overbought/oversold boundaries, smoothing algos are EMA and FEMA
-33 Expanded Source Type inputs including Heiken-Ashi and Heiken-Ashi Better, found here:
What is Williams %R?
Williams %R, also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams %R may be used to find entry and exit points in the market. The indicator is very similar to the Stochastic oscillator and is used in the same way. It was developed by Larry Williams and it compares a stock’s closing price to the high-low range over a specific period, typically 14 days or periods.
Included:
-Toggle on/off bar coloring
-Toggle on/off signal line
MACD Willy StrategyThis strategy is mainly developed for scalping / intraday trading. It could potentially be used to identify entry/exit signals for short term options trading. It performs decently well on popular stocks when used on time frames between 5 min to 15 min using regular session bar data. It combines 3 popular indicators, EMA, MACD, and William %range, to generate both long and short signals.
EMA:
Default is 200 EMA line.
MACD:
Default is 12/26 lengths for fast/slow signal inputs.
William %R - Smoothed (Published):
This is a custom indicator that generates two moving average lines from the original William %R line.
How it works:
Entry conditions:
1. Long/short entries when bar closes above/below EMA line
2. Long/short entries when MACD line is above/below signal line (histogram > 0 for long, < 0 for short)
3. Long/short entries when William %R fast MA line is above/below slow MA line
Exit conditions:
1. Exit long when MACD line is below signal line, vise versa for exit short
2. Exit long when William %R fast MA line is below slow MA line, vise versa for exit short
3. Exit long when William %R fast MA line must in below the overbought (-20) limit, exit short when above the oversold (-80) limit.
***Note that parameters are NOT optimized for any particular stocks / instruments.
Enjoy~~!!
Williams %R - SmoothedFrom TradingView's description:
Williams %R (%R) is a momentum-based oscillator used in technical analysis, primarily to identify overbought and oversold conditions. The %R is based on a comparison between the current close and the highest high for a user defined look back period. %R Oscillates between 0 and -100 (note the negative values) with readings closer to zero indicating more overbought conditions and readings closer to -100 indicating oversold. Typically %R can generate set ups based on overbought and oversold conditions as well overall changes in momentum.
What's special?
This indicator adds two additional EMA lines to the original Williams %R indicator. Default EMA lengths are 5 and 13. The result is 2 smoother average lines, which are easier to read.
This indicator includes:
- signals for EMA crosses. EMA crosses can help indicate confirmed trend changes. Default colors are green and red
- signals for trend reversals on the faster EMA line. Default colors are blue and orange
Alerts available for bullish/bearish crossovers and reversals.
Enjoy~~!
ICT index correlated market indicatorThis is not a real indicator, but is what ICT use as indicator for trading futures indexes.
it can only display SP500, Dow Jon Industrial Average and Nasdaq, if someone want other market can copy the code and change some parameters (is more easy than it can appear)
A good idea is using this other market on backtest to confirm the divergence idea of Linda Raske, than use it to spot quickly in real market.
Another idea published by ICT is the "hidden entry pattern", the entry signal appear in ES or YM but I trade NQ for volatility, so I use the trigger of SP500 or Dow to enter in Nasdaq.
Rember always don't trust anybody, do your own backtest and research!
Kijun Trend IndicatorName: Kijun Trend Indicator
Category: Trend Analysis
Timeframe: All timeframes
Suggested usage: In a trending market, to understand when it is good to enter short (red line) and when to enter long (blue line).
Technical Analysis: The original idea was taken from Larry Williams: an uptrend is identified when the price is above an 18-period simple moving average (SMA) and when at least two candles do not touch the simple moving average with their lows. The opposite is true for a downtrend.
Corrado Rondelli has therefore reinterpreted with Ichimoku aka "ichimokized" replacing the 18-period Simple Moving Average with the 26-period Kijun - as per the original Ichimoku settings.
In order to make the indicator more flexible an Exponential Moving Average (EMA) has also been added.
The indicator plots the chosen line that becomes red when it is good to enter short and blue when it is good to enter long.
Configuration:
- Length: period to be used to calculate the line.
- Type: the line type that can be the Kijun (26-period) or SMA/EMA (18-period)
Inverse Fisher Transform on Williams %RInverse Fisher Transform On Williams %R
Since Williams R indicator produces negative values, I preferred to add 50 instead of subtracting 50.
It produces values between 0.5 and -0.5.
Generates clear buy and sell signals.
Williams %R determines overbought and oversold levels.
You can see more softly.
William %R MTF [DM]Greeting Colleagues
Today I share The Wlliams %R
Extras=
- 5 diferent length
- 1 extra signal with the technique used in the ultimate oscillator
- Fibo Leves based on ob os leves "width it's automatic"
- Colored bars bassed en average strength
- The indicator that is modified now has the same range as the ultimate oscillator.
Enjoy
Williams Accumulation/DistributionThis is an indicator described by Larry Williams in one of his books. Larry won the 1987 World Cup Championship of Futures Trading, where he turned $10,000 to over $1,100,000 in a 12-month competition with real money.
Larry used this indicator to track divergences between price action and volume, which he called patterns of accumulation (bullish divergence) and distribution(bearish divergence). Its logic is similar to On Balance Volume(OBV), where it accumulates up and down volume in a single line, but also takes into account the size of the candle in its calculation, by taking the difference between the open and close, and the high and the low.
Enjoy!
Cryptobull | Long / Short IndicatorCryptobull is a indicator based on the Williams R and Bollinger Band to find Long / Short entries (together with your strategy).
!!! The indicator is not working in every market situation -> so i recommend to add the indicator to your existing strategy !!!
Designed for:
->15m Chart
->5m Chart
->Crypto
->(Stocks)
I recommend using this indicator with Price Action or your own strategy to enter trades.
Combo Backtest 123 Reversal & Smoothed Williams ADThis is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Accumulation is a term used to describe a market controlled by buyers;
whereas distribution is defined by a market controlled by sellers.
Williams recommends trading this indicator based on divergences:
Distribution of the security is indicated when the security is making
a new high and the A/D indicator is failing to make a new high. Sell.
Accumulation of the security is indicated when the security is making
a new low and the A/D indicator is failing to make a new low. Buy.
WARNING:
- For purpose educate only
- This script to change bars colors.
[DS]Entry_Exit_TRADE.V01-StrategyThe proposal of this script is to show the possible trading points of BUY and SELL based on the 15-minute chart of the Nasdaq Future Index. The start point of the strategy was schedule for 2021/01/01 and until the time of this publication (2021/01/31), for 1 index contract the results presented area a Gross Profit of 2.97% with a Net Profit of 1.35%.
█ FEATURES
The indicator shows on the graph the position of the MACD and TSI indicators that are the places of strength among Buyers and Sellers.
It's possible to observe a sharp fall or rise in the price of these positions.
On the current candle, a label is displayed containing the value of the William %R Mod indicator, which will display the OverBought position (dark red) and OverSold position (dark green). The other colors like light red and green are the regions where the price makes the decision of which direction to go.
There are also other indicators:
a) The positions of the BUY (light green) and SELL areas (light red);
b) The label with the position of BUY (dark green) and SELL (dark red) with the line that connects these points;
c) DEMA 72 (orange);
d) EmaOchl4 in the color green for BULL and red for BEAR market;
e) Pivots high and low
f) Maximum (purple light) and minimum areas (blue light)
█ FUNCTIONS AND SETTINGS
The indicator uses the following functions:
(1) DEMA - Double Exponential Moving Average (08,17,34, 72)
(2) ema () - Exponential Moving Averge (72, ohlc4)
(3) plot()
(4) barcolor()
(5) cross()
(6) pivots ()
(7) William R% Md (OverBought = -7, OverSold=-93)
(8) Maximum and Minimum Value
(9) fill()
(10) macd () - Moving Average Convergence Divergence (Fast Lengt=12, Slow Length=26, Source=close, Signal Smoothing=9)
(11) tsi() - Trading Strenght Indicator==> Índice de Força Real ( IFR ) (Long Length=72, Short Length=17, Signal Length=17)
(12) Buy and Sell TRADE Points
█ PERFORMANCE AND ERRORS
The positions of BUY and SELL points are defined through the crossing of the Dema 34 candles with the Ema Ohcl4. As it is an indicator, it can present different positions from de market direction. Thus there is a need to observe the direction of the market in order to verify whether the indicate decision is really acceptable. The decision to BUY or SELL an asset must be well studied to avoid financial losses. The indicator will only help you in this decision, is your responsibility the decision of entering or leaving an asset.
█ THANKS TO
PineCoders for all they do, all the tools and help they provide, and their involvement in making a better community. All the PineCoders, Pine Pros, and Pine Wizards, people who share their work and knowledge for the sake of it and helping others, I'm very happy and grate full indeed.
█ NOTE
If you have any suggestions for improving the script or need help using it, please send a message in the comments
[blackcat] L3 Composite MACD-KDJ-RSI-WR-DMI Trading SystemLevel: 3
Background
The moving average convergence / divergence (MACD) indicator is a pulse oscillator that is mainly used to trade trends. Although it is an oscillator, it is not typically used to identify overbought or oversold conditions. It appears in the diagram as two lines that oscillate without limits. The crossing of the two lines provides trading signals similar to a system with two moving averages.
The KDJ indicator is a technical indicator used to analyze and predict changes in stock performance and the price patterns of a traded asset. The KDJ indicator is also known as the random index. It is a very useful technical indicator that is most commonly used in short term stock market trend analysis. KDJ is a derived form of the Stochastic Oscillator Indicator with the only difference that an additional line is called the J-line. Values of% K and% D indicate whether the security is overbought (over 80) or oversold (under 20). The moments when% K exceeds% D are the moments to sell or buy. The J line represents the deviation of the% D value from% K. The value of J can exceed for the% K and% D lines on the graph.
The Relative Strength Index (RSI) developed by J. Welles Wilder is a pulse oscillator that measures the speed and change of price movements. The RSI hovers between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when below 30. Signals can be generated by looking for divergences and error fluctuations.
Williams% R, also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams% R can be used to find entry and exit points in the market. The indicator is very similar to the stochastic oscillator and is used in the same way.
The Directional Movement Index (DMI) is an indicator developed by J. Welles Wilder in 1978 to determine in which direction asset prices are moving. The indicator does this by comparing previous highs and lows and drawing two lines: a positive movement line (+DI) and a negative movement line (-DI). The optional third line is called "Directional Movement (DX)" and it shows the difference between the two lines. When +DI is higher than -DI, the upward pressure on the price is greater than the downward pressure. If -DI is higher than +DI, the price will have greater downward pressure. This indicator can help traders assess the trend direction. Crosses between lines are sometimes used as buying and selling signals.
Function
L3 Composite MACD-KDJ-RSI-WR-DMI Trading System is a simple trading system composed of MACD-KDJ-RSI-WR-DMI together. It can produce 6 types of long entries and 3 types of short entries. It utilizes divergence effect from MACD, KDJ and RSI to detect trend reversal. 6 types of Bottom and top divergence labels are displayed in the chart together with "BUY" and "SELL".
NOTE:In order to make the actual label of the chart more clear, this script does not add stop loss and take profit functions and according labels.
Signal
b1~b3 ---> MACD, KDJ, RSI bottom divergence signal respectively, which hint bull trend may start soon.
d1~d3 ---> MACD, KDJ, RSI top divergence signal respectively, which hint bear trend may start soon.
longentry1~6 ---> with composite indicators together, 6 types of long entry signal are produced.
shortentry1~3 ---> with composite indicators together, 3 types of short entry signal are produced.
Pros and Cons
Pros:
1. excellent open-close, long-short entry signal generation with multiple powerful indicators
2. indicator resonance can help to promote the confidence level of signal and divergence alerts
Cons:
1. integration of multiple indicators is not deeply optimized. fake signal may be produced without filtering schemes
2. no range filter is added
Remarks
To celebrate number of followers exceeds 100. This is my first L3 script published.
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
L1 Composite RSI-William%R IndicatorLevel: 1
Background
The Relative Strength Index (RSI) developed by J. Welles Wilder is a pulse oscillator that measures the speed and change in price movements. The RSI hovers between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30. Signals can be generated by looking for divergences and error fluctuations. RSI can also be used to identify the general trend.
Williams% R, also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams% R can be used to find entry and exit points in the market. The indicator is very similar to the stochastic oscillator and is used in the same way.
Function
L1 Composite RSI-William%R Indicator combines both RSI and William%R indicator to indicate long and short entries.
Key Signal
rsi1 --> rsi in white
wr1 --> William%R in yellow
bull --> long entry in lime
Pros and Cons
Pros:
1. resonance of RSI and William%R will provide better long and short entry signal
2. use 'bull' to indicate a long entry zone
Cons:
1. It is sensitive to fluctuations
2. More independent long and short entries should be considered
Remarks
Composite RSI+William%R
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Enhanced Williams %RThe Enhanced Williams %R Indicator was created by Robert J Kinder Jr (Stocks & Commodities V5:5 (180-182)) and is based on the Williams %R Indicator. It takes volume into account and the buy and sell signals are pretty much the same. I would recommend to buy when the indicator is over the signal and if you want a confirmation then also make sure the signal is above 0. Sell if it falls below the signal or if the signal goes below 0 or of course buy or sell when the indicator goes into overbought or oversold territory.
I'm still tinkering with this indicator and it is the first time I have seen this indicator script published so let me know if you have any suggestions for me.
And of course let me know if you would like me to write indicators for you or anything else you would like to see!
Combo Backtest 123 Reversal & DSS Bressert This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Double Smoothed Stochastics (DSS) is designed by William Blaw.
It attempts to combine moving average methods with oscillator principles.
WARNING:
- For purpose educate only
- This script to change bars colors.
Combo Strategy 123 Reversal & DSS Bressert This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Double Smoothed Stochastics (DSS) is designed by William Blaw.
It attempts to combine moving average methods with oscillator principles.
WARNING:
- For purpose educate only
- This script to change bars colors.
