TradeChartist Visualizer

2020年10月3日

™TradeChartist Visualizer is a fully packed Trader's toolkit that helps decide Trade Entries and Exits based on Bollinger Bands and Donchian Channels breakouts and can be further exploited by the use of various visualizers and built in Filters like Ichimoku Cloud, 15 different Moving Averages, RSI, TradeChartist's original MA Visualizer and Automatic Levels Generator.

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Bollinger Bands is a classic indicator that uses a simple moving average of 20 periods, along with plots of upper and lower bands that are 2 standard deviations away from the basis line. These bands help visualize price volatility and trend based on where the price is, in relation to the bands.

Donchian Channels comprises of three plots - a upper band, a lower band and a mean line (or mid line of the channel). The upper band is based on highest high of N periods specified by the user and the lower band is based on the lowest low of N periods specified by the user. These channels help spot price breaching high or low of last N periods clearly, thereby aiding the trader to understand the price action of any security better on any given timeframe.

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╔═════ 𝗕𝗕 & 𝗗𝗼𝗻𝗰𝗵𝗶𝗮𝗻 𝗖𝗵𝗮𝗻𝗻𝗲𝗹𝘀 ═════╗


™TradeChartist Visualizer is based on the idea of Bollinger Bands and Donchian Channels Breakout model for generating Trade Entries. Visualizer uses the following three fundamental plot options from the settings that the user can choose from, to spot breakouts, support/resistance levels and the trading price range of the security.

1. Bollinger Bands

The 𝟏. 𝐁𝐨𝐥𝐥𝐢𝐧𝐠𝐞𝐫 𝐁𝐚𝐧𝐝𝐬 option plots the Bollinger Bands for the chart timeframe (default is 55 SMA with 1 standard Deviation). This can be changed by entering different values in BB Sᴛᴀɴᴅᴀʀᴅ Dᴇᴠɪᴀᴛɪᴏɴ and MA Lᴇɴɢᴛʜ ғᴏʀ BB/Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟs.

To use a different Moving Average for the Bollinger Bands Basis line, uncheck 𝐒𝐌𝐀 𝐁𝐁 𝐨𝐧𝐥𝐲 - 𝐔𝐧𝐜𝐡𝐞𝐜𝐤 𝐟𝐨𝐫 𝐧𝐨𝐧-𝐒𝐌𝐀 𝐁𝐁

The option is enabled as default as it keeps the SMA as standard. Unchecking this option and choosing a different moving average out of the 15 MAs in the dropdown, the plot changes significantly for each. Also a warning label will appear on screen if Standard Deviation more than 1 is used for non standard MA for Bollinger Bands, as the settings must be tested for non-standard Bollinger Bands before planning to trade with it.


2. True Donchian Channels

The 𝟐. 𝐓𝐫𝐮𝐞 𝐃𝐨𝐧𝐜𝐡𝐢𝐚𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬 option plots Donchian Channels by inspecting the lookback lengths for highest highs and lowest lows of the user specified periods, which can be changed in Uᴘᴘᴇʀ Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟ Lᴇɴɢᴛʜ and Lᴏᴡᴇʀ Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟ Lᴇɴɢᴛʜ user input boxes from Visualizer settings.


3. Donchian Channels - MA and Non-MA Source

The 𝟑. 𝐃𝐨𝐧𝐜𝐡𝐢𝐚𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬 - 𝐌𝐀/𝐍𝐨𝐧-𝐌𝐀 𝐒𝐨𝐮𝐫𝐜𝐞 option plots modified Donchian Channels based on highest high and lowest low of Moving Average or the Source using user specified periods, which can be changed in Uᴘᴘᴇʀ Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟ Lᴇɴɢᴛʜ, Lᴏᴡᴇʀ Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟ Lᴇɴɢᴛʜ, MA Lᴇɴɢᴛʜ ғᴏʀ BB/Dᴏɴᴄʜɪᴀɴ Cʜᴀɴɴᴇʟs choosing the source plot from Sᴏᴜʀᴄᴇ and MA Type from MA ᴛʏᴘᴇ - (ғᴏʀ ᴘʟᴏᴛs 1 & 3). For Donchian Channels plot of Non-MA Source, choose Use Source from MA ᴛʏᴘᴇ - (ғᴏʀ ᴘʟᴏᴛs 1 & 3) dropdown.

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╔═════════ 𝗠𝗔 𝗩𝗶𝘀𝘂𝗮𝗹𝗶𝘇𝗲𝗿 ═════════╗


MA Visualizer is a powerful and very useful original visual method to plot Moving Averages of the close price of the security for user specified look back period in a visually appealing style in the form of colour coded bands. MA Visualizer not only helps the trader spot the price action of the security relative to the moving average, but also paints a visual picture of the trend strength, which must be seen and used on chart to appreciate its elegance.

Activate 𝗠𝗔 𝗩𝗶𝘀𝘂𝗮𝗹𝗶𝘇𝗲𝗿 and choose the MA type from MA Vɪsᴜᴀʟɪᴢᴇʀ Tʏᴘᴇ dropdown and entering the lookback period in MA Vɪsᴜᴀʟɪᴢᴇʀ ᴘᴇʀɪᴏᴅ input box. MA Visualizer colour theme can be be changed from MA Vɪsᴜᴀʟɪᴢᴇʀ Cᴏʟᴏʀ Sᴄʜᴇᴍᴇ dropdown.

The faster of the two set of bands that form the MA Visualizer reacts to price action faster and can be clearly seen from its change of colour from Bull Colour to Bear Colour or viceversa earlier than the slower set of bands. The fill colour between the bands also helps the user stay in a trade or exit a trade based on other confirmators or filters included in ™TradeChartist Visualizer.

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╔═══════ 𝗦𝗶𝗴𝗻𝗮𝗹𝘀 𝗮𝗻𝗱 𝗙𝗶𝗹𝘁𝗲𝗿𝘀 ═══════╗


𝗦𝗶𝗴𝗻𝗮𝗹𝘀

Trade Signals can be enabled along with use of various filters from this heading in Visualizer settings. To plot Trade entry markers on chart when a trade signal is generated, enable 𝐁𝐁/𝐃𝐨𝐧𝐜𝐡𝐢𝐚𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬 𝐁𝐫𝐞𝐚𝐤𝐨𝐮𝐭 𝐒𝐢𝐠𝐧𝐚𝐥𝐬.

The script automatically detects the breakouts based on user specified settings under 𝗕𝗕 & 𝗗𝗼𝗻𝗰𝗵𝗶𝗮𝗻 𝗖𝗵𝗮𝗻𝗻𝗲𝗹𝘀. Trade Entries are plotted on the real-time breakout candle, so it is recommended to wait for bar close before taking a position in the direction of the breakout.

𝗙𝗶𝗹𝘁𝗲𝗿𝘀

Various Filters can be used from this heading to reduce noise and help make the trade decision more effective and eliminates unproductive trades when the price is ranging or during sideways movement.

To use Filters, enable 𝐔𝐬𝐞 𝐓𝐫𝐚𝐝𝐞 𝐅𝐢𝐥𝐭𝐞𝐫 and choose the Filters from under Tʀᴀᴅᴇ Fɪʟᴛᴇʀ 1 and Tʀᴀᴅᴇ Fɪʟᴛᴇʀ 2. If --- is chosen, no filter will be used. Trade filter parameters can be changed from under 𝗙𝗶𝗹𝘁𝗲𝗿 𝗣𝗮𝗿𝗮𝗺𝗲𝘁𝗲𝗿𝘀 section of Visualizer settings. The two trade filter dropdowns enable traders to use upto 2 filters from the following.

══> MA filter - This filters entries after a breakout only if the close price had breached the MA price. Filter MA is based on the same settings as MA Visualizer. This MA used for Filter can also be plotted by enabling 𝐃𝐢𝐬𝐩𝐥𝐚𝐲 𝐌𝐀 𝐅𝐢𝐥𝐭𝐞𝐫 (𝐌𝐀 𝐕𝐢𝐬𝐮𝐚𝐥𝐢𝐳𝐞𝐫 𝐒𝐞𝐭𝐭𝐢𝐧𝐠𝐬). To view this MA plot clearly, disable MA Visualizer.

══> MA Visualizer filter - This filters entries after a breakout only if both set of MA Visualizer bands had turned into same colour (either Bull or Bear Colour) agreeing with the direction of the breakout.

══> RSI filter - This filters entries after a breakout only if the RSI had crossed above RSI - Lᴏɴɢ Eɴᴛʀʏ Fɪʟᴛᴇʀ for Longs or if RSI had crossed below RSI - Sʜᴏʀᴛ Eɴᴛʀʏ Fɪʟᴛᴇʀ.

══> Kumo Breakout filter - This filters entries after a breakout only if price had closed above or below the Kumo of the Ichimoku Cloud in the direction of the breakout.

══> Price crossing Kijun Sen - This filters entries after a breakout only if close price had crossed Kijun Sen or the Ichimoku Base Line in the direction of the breakout.

To visualize the Kumo Breakout or Price crossing Kijun Sen, Ichimoku Cloud can be plotted on chart by enabling 𝐃𝐢𝐬𝐩𝐥𝐚𝐲 𝐈𝐜𝐡𝐢𝐦𝐨𝐤𝐮 𝐂𝐥𝐨𝐮𝐝 from 𝗙𝗶𝗹𝘁𝗲𝗿 𝗣𝗮𝗿𝗮𝗺𝗲𝘁𝗲𝗿𝘀 section of Visualizer settings.

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╔═══ 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗟𝗲𝘃𝗲𝗹𝘀 𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗼𝗿 ════╗


Enabling 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗟𝗲𝘃𝗲𝗹𝘀 𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗼𝗿 plots support and resistance levels automatically without any input from the user other than preferred levels plot from the indicator settings namely,

• Plot Local Levels for Lower TF - Plots all important Support/Resistance levels for mostly smaller time frames (can be used for up to 1hr in most cases). Recommended for Scalping/Swing Trading mostly dependent on volatility.

• Plot Local Levels for Higher TF - Plots all important Support/Resistance levels inferred from mostly time frames - Short to Mid term outlook.

Use Trading View Data Window to make effective use of the levels.

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╔═════════ 𝗨𝘀𝗲𝗳𝘂𝗹 𝗘𝘅𝘁𝗿𝗮𝘀 ═════════╗

• Volatility exhaustion is detected by the script and plots $ on bar highs for Long Trades and bar lows for Short Trades if Tᴀᴋᴇ Pʀᴏғɪᴛ Bᴀʀs is enabled.

• Candles/Bars can be colored with Price action trend strength by enabling Vɪsᴜᴀʟɪᴢᴇʀ Cᴏʟᴏʀ Bᴀʀs and by choosing one of two themes from Bᴀʀ Cᴏʟᴏʀ Sᴄʜᴇᴍᴇ. Bar colors can also be inverted using Iɴᴠᴇʀᴛ Bᴀʀ Cᴏʟᴏʀs option.

• To paint the background of the chart to spot trade zones, enable Tʀᴀᴅᴇ Zᴏɴᴇs Bᴀᴄᴋɢʀᴏᴜɴᴅ Fɪʟʟ.

Alerts

• Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars based on Breakout and filter conditions. It is recommended to wait for bar close before taking a position based on Visualizer Trade Entries.

• The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about signals disappearing.

• ™TradeChartist Visualizer can also be connected to ™TradeChartist Plug and Trade to generate entries along with Targets, Stop Loss plots etc. Target and Stop Loss alerts can be created using Plug and Trade's Alerts system.

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There are several combinations of settings that can be tested on the security traded based on timeframe and risk/reward expectations. The indicator can be used for trade entries with filter combinations or can be used as standalone Visualizer for trend confirmations, levels etc. Following are a few examples using the Visualizer.


Example Charts


1. ETH-USDT 1hr chart using Bollinger Bands (55/1, SMA) with 89 period Hull MA as MA Visualizer filter for BB Entries.




2. AAPL 1hr chart using 34 period Donchian Channels with 89 period Zero-Lag EMA as MA Visualizer filter for Entries.




3.EUR-USD 1hr chart using 34 period Donchian Channels with 89 period TEMA as MA Visualizer Filter for Entries.




4. XBT Daily chart using 9/21 Donchian Channels with Kumo Breakout Filter and 34 period Hull MA Visualizer Filter for Entries connected to Plug and Trade.




5. LINK-USDT 1hr chart using 34 period Donchian Channels with 55 period LSMA MA Visualizer Filter for Entries with Ichimoku Cloud Plot.




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Best Practice: Test with different settings first using Paper Trades before trading with real money

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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)

Premium Scripts - Trial access and Information

Trial access offered on all Premium scripts.

PM me directly to request trial access to the scripts or for more information.

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2020年11月23日

發行說明

Code Optimised