Auto Wyckoff Schematic [by DanielM]This indicator is designed to automatically detect essential components of Wyckoff schematics. This tool aims to capture the critical phases of liquidity transfer from weak to strong hands, occurring before a trend reversal. While the Wyckoff method is a comprehensive and a very nuanced approach, every Wyckoff schematic is unique, making it impractical to implement all its components without undermining the detection of the pattern. Consequently, this script focuses on the essential elements critical to identifying these schematics effectively.
Key Features:
Swing Detection Sensitivity:
The sensitivity of swing detection is adjustable through the input parameter. This parameter controls the number of past bars analyzed to determine swing highs and lows, allowing users to fine-tune detection based on market volatility and timeframes.
Pattern Detection Logic:
Accumulation Schematic:
Detects consecutive lower swing lows, representing phases like Selling Climax (SC) and Spring, which often precede a trend reversal upward. After the final low is identified, a higher high is detected to confirm the upward trend initiation.
Labeled Key Points:
SC: Selling Climax, marking the beginning of the accumulation zone.
ST: Secondary Test during the schematic.
ST(b): Secondary Test in phase B.
Spring: The lowest point in the schematic, signaling a final liquidity grab.
SOS: Sign of Strength, confirming a bullish breakout.
The schematic is outlined visually with a rectangle to highlight the price range.
Distribution Schematic:
Detects consecutive higher swing highs, which indicate phases such as Buying Climax (BC) and UTAD, often leading to a bearish reversal. After the final high, a lower low is detected to confirm the downward trend initiation.
Labeled Key Points:
BC: Buying Climax, marking the beginning of the distribution zone.
ST: Secondary Test during the schematic.
UT: Upthrust.
UTAD: Upthrust After Distribution, signaling the final upward liquidity grab before a bearish trend.
SOW: Sign of Weakness, confirming a bearish breakout.
The schematic is visually outlined with a rectangle to highlight the price range.
Notes:
Simplification for Practicality: Due to the inherent complexity and variability of Wyckoff schematics, the indicator focuses only on the most essential features—liquidity transfer and key reversal signals.
Limitations: The tool does not account for all components of Wyckoff's method (e.g., minor phases or nuanced volume analysis) to maintain clarity and usability.
Unique Behavior: Every Wyckoff schematic is different, and this tool is designed to provide a simplified, generalized approach to detecting these unique patterns.
Wyckofftrading
Wyckoff Springs [QuantVue]The Wyckoff Springs indicator is designed to identify potential bullish reversal patterns known as "springs" in the Wyckoff Method. A Wyckoff spring occurs when the price temporarily dips below a support level, then quickly rebounds, suggesting a false breakdown and a
potential buying opportunity.
How it works:
Pivot detection:
The indicator identifies pivot lows based on the specified pivot length.
These pivot points are stored and analyzed for potential spring patterns.
Volume and Range Checks:
If volume confirmation is enabled, the indicator checks if the current volume exceeds a threshold based on the average volume over the specified period.
The indicator ensures that the price undercuts the defined trading range before confirming a spring pattern.
Spring Identification
The indicator checks for price conditions indicative of a Wyckoff spring: a temporary dip below a pivot low followed by a close above it. The recovery must take place within 3 bars.
If these conditions are met, a spring label is placed below the bar.
Features:
Pivot Length:
The user can set the pivot length to match any style of trading.
Volume Confirmation:
An optional feature where the user can specify if volume confirmation is required for a spring signal.
Volume threshold can be set to determine what constitutes significant volume compared to the average volume over a specified period. By default it is set to 1.5
How to Trade a Spring:
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We hope you enjoy.
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Wyckoff Trading RangeWyckoff Trading Range Indicator - an indispensable tool for the astute trader. Uniquely capable of identifying and charting Wyckoff trading ranges, this indicator not only accurately pinpoints accumulation and distribution phases but also marks key events, ensuring you never miss significant trading opportunities. Moreover, with the ability to calculate target profits through the Point and Figure (PNF) method, this indicator becomes a powerful assistant, enabling you to make informed, calculated trading decisions. Let the Wyckoff Trading Range Indicator unlock the door to success in your trading world.
⭐️ Wyckoff Price Cycle
According to Wyckoff, the market can be understood and anticipated through detailed analysis of supply and demand, which can be ascertained from studying price action, volume and time. As a broker, he was in a position to observe the activities of highly successful individuals and groups who dominated specific issues; consequently, he was able to decipher, via the use of what he called vertical (bar) and figure (Point and Figure) charts, the future intentions of those large interests. An idealized schematic of how he conceptualized the large interests' preparation for and execution of bull and bear markets is depicted in the figure below. The time to enter long orders is towards the end of the preparation for a price markup or bull market (accumulation of large lines of stock), while the time to initiate short positions is at the end of the preparation for price markdown.
⭐️ FEATURES
- Supply and Demand Zones:
- Wyckoff Schematics and Events.
- Point and Figure (PNF) Target.
* View with PNF chart
⭐️ USAGE S
When it comes to trading using the Wyckoff method, there are five key points to consider for entering trades, as illustrated below
Point #1: Trade in the direction of the previous trend (Phase B)
Point #2: Trade against the previous trend. (Phase B)
Point #3: Identify the point of strength that forms a new trend. (Phase C)
Point #4: Confirm the new trend. (Phase D)
Point #5: Ensure that prices move in the correct direction and do not revert within the Trading Range (dont break LPS/LPSY). (Phase E)
⭐️ NOTES :
- Use the 1 minute or 5 minute timeframe to view the bias dashboard. Using a timeframe longer than 5 minute may provide an inaccurate bias view.
- The alert new TR function will give you alert 6 timeframe on dashboard with only one setup. The best timeframe to set up an alert is 2 hours.
