CM_Williams_Vix_Fix - Market Top and Bottom with multi-timeframe

abhijeetdesai14 已更新   
This is a modification of CM_Williams_Vix_Fix indicator to include both market tops and bottoms with multi-timeframe support. The original indicator only finds market bottoms.

All credits go to the original author ChrisMoody.
Original script link

The histogram above 0 signifies the trend of market going UP and the histogram below 0 signifies the trend of market going DOWN.

The histogram bar is calculated using "LookBack Period Standard Deviation High" number of candles. A threshold is calculated using bollinger bands and based on percentile of "Look Back Period Percentile High" number of candles.

If the histogram bar above 0 crosses the up threshold then we have market top which is signified by histogram bar having the color green. If the histogram bar below 0 crosses the down threshold then we have market bottom which is signified by histogram bar having the color red.

The market tops and bottoms can also be calculated across multiple timeframes.

Sample usage:
Suppose the market is in an uptrend and the indicator displays red market bottom bar, this might be an indication that the market has reached the end of a pullback. We can use additional indicators like stochastic or rsi to get additional confluence.

This indicator does not repaint but you need to wait for the candle to close.
Alerts added

本著真正的TradingView精神,該腳本的作者將其開源發布,以便交易者可以理解和驗證它。為作者喝彩吧!您可以免費使用它,但在出版物中重複使用此代碼受網站規則的約束。 您可以收藏它以在圖表上使用。