OPEN-SOURCE SCRIPT
Prometheus Auto Optimizing Saber
This indicator is a tool that uses prior ranges to determine the directional trend of the market. The process is along the lines of a volatility estimate to determine relative strength.
Calculation:
Square rooting the highest high and lowest low, helps it be easier to work with if there are extreme values. Then we normalize it by subtracting it by the range of the current bar. Next, we get bands for the value. The highest high plus that value, v, and the lowest low minus v.
Next we get that average, then smooth it so we can view it nicely.
Now for the Auto Optimizing part in the title. Instead of trying different lookback values for different tickers and timeframes. Prometheus uses a Sum of Squared Errors, SSE, calculation to determine which price would most closely represent the current price. This gives us a dynamic value to use as the lookback. There is no guarantee this is the best value to use for a given point in time.
The user is able to use a custom lookback value if they please.
Chart examples.
Here on the
QQQ daily chart we see the Saber colored in blue when it is a bullish scenario, characterized by close being above the Saber , and when it is below it is red, for bearish.
This Saber is quite resistant to large moves, until the range widens quickly. This example shows that.
We see on the
PLTR daily chart, the earnings candle in the white box shows that. The Saber is resistant to change until things get fast. After the trend switches bullish from the earnings candle, it stays bullish regardless of the last drawdown.
Intra Day example:
The range here is quite wide and the moves are well spread apart from wide trends, slow moves, and pops. The Saber acts in a way to provide an aid identifying the direction of the moves.
We encourage traders to not follow indicators blindly, none are 100% accurate. SSE does not guarantee that the values generated will be the best for a given moment in time. Please comment on any desired updates, all criticism is welcome!
Calculation:
Square rooting the highest high and lowest low, helps it be easier to work with if there are extreme values. Then we normalize it by subtracting it by the range of the current bar. Next, we get bands for the value. The highest high plus that value, v, and the lowest low minus v.
Next we get that average, then smooth it so we can view it nicely.
Now for the Auto Optimizing part in the title. Instead of trying different lookback values for different tickers and timeframes. Prometheus uses a Sum of Squared Errors, SSE, calculation to determine which price would most closely represent the current price. This gives us a dynamic value to use as the lookback. There is no guarantee this is the best value to use for a given point in time.
The user is able to use a custom lookback value if they please.
Chart examples.
Here on the
QQQ daily chart we see the Saber colored in blue when it is a bullish scenario, characterized by close being above the Saber , and when it is below it is red, for bearish.This Saber is quite resistant to large moves, until the range widens quickly. This example shows that.
We see on the
PLTR daily chart, the earnings candle in the white box shows that. The Saber is resistant to change until things get fast. After the trend switches bullish from the earnings candle, it stays bullish regardless of the last drawdown.Intra Day example:
The range here is quite wide and the moves are well spread apart from wide trends, slow moves, and pops. The Saber acts in a way to provide an aid identifying the direction of the moves.
We encourage traders to not follow indicators blindly, none are 100% accurate. SSE does not guarantee that the values generated will be the best for a given moment in time. Please comment on any desired updates, all criticism is welcome!
開源腳本
在真正的TradingView精神中，這個腳本的作者以開源的方式發佈，這樣交易員可以理解和驗證它。請向作者致敬！您可以免費使用它，但在出版物中再次使用這段程式碼將受到網站規則的約束。 您可以收藏它以在圖表上使用。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。