OPEN-SOURCE SCRIPT

New Tradability by haji

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Introduction:

The New Tradability Indicator is a state-of-the-art, meticulously coded tool designed for traders on TradingView. Crafted with precision and an in-depth understanding of market dynamics, this indicator offers a comprehensive insight into market tradability across various time frames. By leveraging the core metrics of Trend Area and Quality, it aims to empower traders with the right information to make informed decisions, mitigate FOMO, and maximize profitability.

Core Features:

Three-tiered Time Frame Analysis:

Macro Time Frame: This captures the overarching market movement by analyzing long-term trends. It gives a bird's-eye view of the market's direction and momentum, ideal for position and swing traders.

Normal Time Frame: This is aligned with the current chart time frame. It offers real-time insights for those who trade more frequently, such as day traders or those who base their decisions on hourly or daily charts.

Micro Time Frame: Tailored for scalpers and short-term traders, this captures the minutiae of market fluctuations by focusing on smaller time frames.

Dual-metric Analysis:

Trend Area: This metric delves deep into the market's current trend strength. Whether bullish or bearish, it provides a quantified representation of the trend's vigor and possible continuation. A higher percentage indicates a more pronounced trend, offering traders clarity on potential breakout or reversal scenarios.

Quality: Designed to combat one of the trader's arch-nemeses, FOMO (Fear of Missing Out), this metric evaluates the aptness of entering a trade. A high-quality score signifies a ripe opportunity, suggesting that it's an optimal time to enter the market. Conversely, a low-quality score can act as a warning sign, indicating that the prime entry point might have passed, thus cautioning traders against making hasty decisions.

Tradability Bar: The culmination of the indicator's insights is reflected in the Tradability Bar. This holistic bar synthesizes data from all metrics and time frames to present traders with a singular, easy-to-read percentage. The higher the percentage, the more favorable the market conditions are deemed for trading.

Usage Guidelines:

For optimal results, traders are advised to:

Use the Tradability Bar as an initial reference point. A high percentage suggests promising trading conditions.
Dive deeper by analyzing individual metrics (Trend Area & Quality) and respective time frames to validate or refine their trading strategies.
Always consider external market news, events, and other technical analysis tools in conjunction with this indicator for a more rounded decision-making process.
Conclusion:

The New Tradability Indicator for TradingView stands as a beacon for traders navigating the tumultuous seas of the financial markets. By distilling complex market dynamics into actionable insights, it seeks to be an indispensable ally in a trader's journey towards consistent profitability. Whether you're a seasoned trader or just starting out, this tool is tailored to provide clarity, confidence, and a competitive edge in the trading arena. Welcome to the future of informed trading.

發布通知

This code is now available to the public. People may now copy and reuse the code in bigger projects. However this script property of NoGoodLuck LLC, and may not be copied or redistributed without credit to Elhadji Ouedrago or NoGoodLuck.