OBV Oscillator Volume FilterOBV Oscillator Volume Filter
Introduction
The On-Balance Volume (OBV) is a widely-used technical indicator that aims to relate price and volume in trading. Price and volume are two of the most basic and yet crucial concepts in price movement. Together, they can reveal a lot about the instruments trends and the market's sentiment. This On Balance Volume (OBV) Oscillator incorporates enhanced features like a volume filter using a rolling window to detect outliers in accumulated volume, making it an advanced and more refined version of the standard OBV.
Interpreting the OBV Indicator
The primary function of the OBV is to accumulate volume. In simpler terms:
When the market closes higher than the previous candle, all of that candle's volume is considered 'up-volume'.
Conversely, when the market closes lower than the previous day, all of that candle's volume is considered 'down-volume'.
A rising OBV suggests that volume is being accumulated, indicating bullish market sentiment. A declining OBV, on the other hand, points to a bearish sentiment.
Features of the Script
1. Moving Averages Selection:
The script provides users with the option to select among six types of moving averages (EMA, DEMA, TEMA, SMA, WMA, HMA) to calculate the OBV. This feature offers flexibility and enables traders to choose an MA type they're most comfortable with or find the most effective.
2. Smoothing Option:
To reduce the inherent noise in the indicator, there's an option to apply smoothing. It uses a Simple Moving Average (SMA) to produce a clearer signal, making it easier for traders to interpret and respond to. If you don't want to use smoothing, just simply change the input length of smoothing to 1 in the settings.
3. Outlier Detection:
One of the standout features is the use of a rolling window to detect volume outliers. This ensures that the OBV only reacts to significant volume changes and isn't overly influenced by random spikes or drops. The volume filter is calculated based on a % of the highest OBV volume of X number of bars back. Users can adjust the time (# bars) and the sensitivity (%) of the volume filter. A longer timeperiode (# bars) and a higher % (sensitivity) in the settings result to less signals presented by the indicator.
4. Divergence Detection:
The script automatically highlights both regular and hidden divergences on the chart. Divergences can be a powerful signal of potential price reversals. This feature aids traders in spotting potential buy or sell opportunities based on divergences between price and OBV.
Regular Bullish Divergence: When the price makes lower lows, but the OBV makes higher lows.
Hidden Bullish Divergence: When the price makes higher lows, but the OBV makes lower lows.
Regular Bearish Divergence: When the price makes higher highs, but the OBV makes lower highs.
Hidden Bearish Divergence: When the price makes lower highs, but the OBV makes higher highs.
5. Alerts for Trend Reversals:
The script incorporates alerts that notify traders when the OBV indicates potential trend reversals. This feature can be instrumental in catching early entries or exits.
Disclaimer
It's crucial to understand that no single indicator should be used in isolation. To increase the probability of making accurate market predictions, always use the OBV Oscillator in conjunction with other indicators and tools. Remember that all trading involves risk, and it's possible to lose your invested capital. Always seek advice from a financial advisor before making any trading decisions. By enhancing the OBV with features like the volume filter, multiple MA types, smoothing, and divergence detection, this script becomes a potent tool in a trader's arsenal. Use it wisely, and always ensure to maintain proper risk management.
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TASC 2023.09 The Weekly Factor█ OVERVIEW
TASC's September 2023 edition of Traders' Tips features an article written by Andrea Unger titled “The Weekly Factor", discussing the application of price patterns as filters for trade entries. This script implements a sample trading strategy presented in the article for demonstration purposes only. It explores how the strategy's equity curve might benefit from filtering trade entries using a specific price pattern.
█ CONCEPTS
Pattern filters represent valuable tools that assess current market conditions based on price movements and determine when those conditions become more favorable for trade entries.
The filter used and tested in this article is a metric called the "weekly factor", which measures the price range over the last five trading days and compares it to the open of the session five days ago and the close of the session one day ago (i.e., the "body" of the five-day period). When the five-day body is small compared to the five-day range, this could indicate "indecision" or "compression", potentially followed by a price expansion. Thus, the weekly factor metric can help identify areas in the market where a period of compression might signal a potential breakout.
This script demonstrates the use of the weekly factor for a sample intraday trading strategy (intended for educational and exploratory purposes only). In this strategy, the entry signal is triggered when a 15-minute bar breaks out of the previous day's high-low range, and the position is closed at the end of the day.
█ CALCULATIONS
The script uses two timeframes:
• The strategy entries are processed on the 15-minute timeframe.
• The weekly factor is obtained from the daily timeframe using the request.security function and the following formula:
math.abs(open - close ) < RangeFilter * (ta.highest(5) - ta.lowest(5) )
Here, RangeFilter is an input that can be optimized to find the favorable ratio between the five-day body and the five-day range. Smaller RangeFilter values will lead to fewer trade entries. A RangeFilter value of 1 is equivalent to turning off the filtering altogether.
Historical Pattern Matcher [Trendoscope]Do you believe in patterns and think price movements are more likely to follow historical patterns? If yes, this is an indicator for you.
🎲 Concept
The patterns in this script are not a named or known pattern. But, it can be any pattern that happen to repeat again and again over a period of time.
The indicator collects the following information over a period of time.
Collects all possible patterns for specified number of pivots based on relation between each pivot prices. (Default 6)
Keeps track of all the possible patterns for the given pivots and number of occurrences of such patterns over a period of time.
Collects the movement of next pivot (in terms of retracement ratio) after the pattern has formed for each occurrence.
Keeps track of the last occurrence of each pattern collected
And the indicator presents on chart following information
Current Pattern drawing based on last confirmed pivot.
Current Pattern drawing based on current unconfirmed pivot in the opposite direction.
Projection range based on historical retracement ratio for both patterns
Detailed info on last occurrence and overall occurrences.
Last occurrence of both confirmed and unconfirmed pivot patterns.
Please note that, if the patterns have not been repeated over a period, then it will not be shown on the screen. Hence, it is perfectly normal to not see any projection. This can happen when the current pattern has not been repeated any time before.
🎲 Details
When you load the indicator on the chart, you may see the following patterns and projections.
You may also notice, in the pattern details, information about the last occurrence of the pattern. If you scroll on your chart to the left to the given data and time, you can observe how the past occurrence of the pattern has formed and the price movement past that point.
For example, last occurrence of pattern based on confirmed pivot happened on 02-Jun-2023 00:00 UTC time
And last occurrence of pattern based on unconfirmed pivot happened on 27-Apr-2023 22:00 UTC time
🎲 Settings
Settings are minimal, and here is the meaning of them.
Most important setting here is the number of pivots forming the pattern.
🎲 Caution
The indicator is designed to present the projection based on historical occurrences of similar price pattern. This does not necessarily mean the patterns are supposed to be bullish or bearish. But, it will certainly give users an idea of what happened when similar price action presented historically.
Note to developers This script makes use of new pine script feature - maps
Clownpumps Higher/Lower Close Analysis (HLCA) IndicatorThe Clownpumps Higher/Lower Close Analysis" (HLCA) indicator offers a visual breakdown of the weekly behavior of a market, illustrating how often it closes higher or lower than its opening price. This comprehensive tool assists traders and analysts in pinpointing recurrent patterns that pertain to specific weekdays, forming a solid basis for a systematic trading strategy.
Features and Interpretation:
Color-Coded Analysis: The HLCA uses two intuitive colors to depict the daily trend:
Green: Indicates that, on average, the market closes higher than its opening price more frequently on that day.
Red: Highlights days when the market generally closes lower than its opening price.
Identifying Recurrent Patterns: Using the HLCA can reveal if a specific weekday consistently sees an asset closing higher or lower. For example, a consistent bullish sentiment on Mondays for a particular stock becomes easily observable.
Comparative Analysis: Deploying the HLCA across a range of assets can uncover trends that are either sector-wide or unique to individual stocks or cryptocurrencies.
Strategic Entry & Exit Points: Knowledge of which days an asset generally closes higher can guide traders in timing their market entries and exits.
Complementary to Other Tools: While the HLCA is a robust tool in itself, its true potential is unlocked when used in tandem with other market indicators. Pairing the daily closing patterns with volume data, for instance, can shed light on the strength of the observed trends.
Cautionary Notes:
Past behavior doesn't predict future performance. Always remember that correlation doesn't guarantee causation, especially when external market-shifting events come into play.
It's recommended to backtest any insights on historical data before committing to live trades.
EMA Deviation ReboundThe " EMA Deviation Rebound " indicator I've created utilizes calculations involving the standard deviation of closing prices and exponential moving averages (EMA) to generate a line. The color of this line changes based on whether the EMA value is above or below the current closing price. This can be interpreted as an indicator for potential buy or sell signals:
Buy Signal: If the price crosses the indicator from bottom to top, this can be considered a buy signal. This could indicate that the price has overcome a resistance and a potential upward movement may be forthcoming.
Sell Signal: If the price crosses the indicator from top to bottom, this could serve as a sell signal. This might suggest that the price has broken a support downward and possibly indicates an impending downward movement.
The indicator is named "EMA Deviation Rebound" because I use it to identify potential resistance and support levels. When the price rebounds at the indicator, this could signify a price movement in the opposite direction.
It's important to use such indicators in conjunction with other analysis techniques and market information to make informed trading decisions.
MTF Break of Structure(BOS) & Market Structure Shift(MSS)Brief Introduction
Hello fellow traders and coders, let me introduce to you the ultimate multi time-frame market structure indicator to cater to all your market structure needs. The script is extremely customizable with a maximum of 3 time-frames since I love top down analysis as I’m sure you do to, so without wasting any more time here are the available features.
List of Features
A maximum of 3 time-frames that can all be customized independently.
The ability to change individual swing lengths that create the market structure plots, all time-frames will come set at 7, you can however set this to whatever you are comfortable with.
BOS (Break of Structure) and MSS (Market Structure Shift) functionality fo all the individual time-frames.
The option to show market structure in the form of HH (Higher highs), HL (Higher Lows), LL (Lower Lows) and LH(Lower Highs).
The ability to either use (highs and lows) or closes for breaks of structure and market structure shifts, meaning a break of structure will only be valid if either a high or close (depending on your chosen input) crosses above the previous high for a bullish structural break.
The ability to change lines types for BOS and MSS.
The ability to change text sizes for the all the plots.
The ability to change the colors for nearly anything on the chart independently of any other line or plot.
The ability to change any time-frame to the chart’s time-frame.
The ability to prevent lower time frame structure from showing on higher time frames which I don’t advice as it will provide you with an inaccurate perception of the lower time frame structure hence I’ve made the feature available but set it to false.
The script also has a section called general settings that will allow you to hide all the market structure plots as well as all the lines on the chart and on all time-frames using just one input.
General Settings Functionality.
Input 1 if true will hide all market structure if true
Input 2 if true will hide all structural breaks (BOS and MSS)
Input 3 if false will show lower time frame structure on a higher time frame. High advice using it while its true as I work on this feature as it provide an innacurate depiction of structure.
Bull and Bear Market '20% IndicatorThis indicator uses the somewhat crude method of calculating bear/bull markets using the following popular ' 20% rule ':
A bear market begins when an asset trades 20% below its recent high for more than two months, a bear market ends when an asset trades 20% above its recent low for one month or more.
The 1d time-frame should be used, here's why:
"A bear market begins when an asset trades 20% below its recent high for more than two months."
If we take the standard trading month to be around 20-22 days (excluding weekends), then two months would be approximately 40-44 days. This is why we set the `bearDuration` to 60 days in the script to capture the "more than two months" criteria. Using a daily timeframe, 60 bars represent roughly 3 months (since markets are not open every day due to weekends and holidays).
"...a bear market ends when an asset trades 20% above its recent low for one month or more."
This is why the `bullDuration` is set to 20 days in the script, which represents roughly one trading month on a daily timeframe.
So, to capture the mentioned bear and bull market definitions, you'd want to apply the script on a daily (1d/1D) chart.
Candles In Row (Expo)█ Overview
The Candles In Row (Expo) indicator is a powerful tool designed to track and visualize sequences of consecutive candlesticks in a price chart. Whether you're looking to gauge momentum or determine the prevailing trend, this indicator offers versatile functionality tailored to the needs of active traders. The Candles In Row indicator can be an integral part of a multi-timeframe trading strategy, allowing traders to understand market momentum, and set trading bias. By recognizing the patterns and likelihood of future price movements, traders can make more informed decisions and align their trades with the overall market direction.
█ How to use
The indicator enhances traders' understanding of the consecutive candle patterns, helping them to uncover trends and momentum. Consecutive candles in the same direction may indicate a strong trend. The Candles In Row indicator can be an essential tool for traders employing a multiple timeframes strategy.
Analyzing a Higher Timeframe:
Understanding Momentum: By analyzing consecutive green or red candles in a higher timeframe, traders can identify the prevailing momentum in the market. A series of green candles would suggest an upward trend, while a series of red candles would indicate a downward trend.
Predicting Next Candle: The indicator's predictive feature calculates the likelihood of the next candle being green or red based on historical patterns. This probability helps traders gauge the potential continuation of the trend.
Setting the Trading Bias: If the likelihood of the next candle being green is high, the trader may decide to focus on long (buy) opportunities. Conversely, if the likelihood of the next candle being red is high, the trader may look for short (sell) opportunities.
In this example, we are using the Heikin Ashi candles.
Moving to a Lower Timeframe:
Finding Entry Points: Once the trading bias is set based on the higher timeframe analysis, traders can switch to a lower timeframe to look for entry points in the direction of the bias. For example, if the higher timeframe suggests a high likelihood of a green candle, traders may look for buy opportunities in the lower timeframe.
Combining Timeframes for a Comprehensive Strategy:
Confirmation and Alignment: By analyzing the higher timeframe and confirming the direction in the lower timeframe, traders can ensure that they are trading in alignment with the broader trend.
Avoiding False Signals: By using a higher timeframe to set the trading bias and a lower timeframe to find entries, traders can avoid false signals and whipsaws that might be present in a single timeframe analysis.
█ Settings
Price Input Selection: Choose between regular open and close prices or Heikin Ashi candles as the basis for calculation.
Data Window Control: Decide between displaying the full data window or only the active data. You can also enable a counter that keeps track of the number of candles.
Alert Configuration: Set the desired number and color of consecutive candles that must occur in a row to trigger an alert.
Table Display Customization: Customize the location and size of the display table according to your preferences.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
VWAP, AVWAP and MVWAP - Omkar BanneThis indicator plots the VWAP, MVWAP and Anchored VWAP.
AVWAP: Anchored VWAP sometimes doesn't work the way it should. In such times, trades can use the default AVWAP on the right ribbon.
MVWAP: Moving average length can be changed; the default is 10.
Weekly BoxThe indicator shows a box based on the high and low of the previous week that extends into the current week. The box is used to monitor breakouts or break downs of the price with respect to the previous week levels.
The box is colored:
- green, if there is a breakout above the previous week high; or
- red, if there is a break down below the previous week low; or
- yellow, if the price stays inside of the box.
during the current week.
Labels for the box top and bottom prices can be enabled or disabled in the settings.
True Range/Expected MoveThis indicator plots the ratio of True Range/Expected Move of SPX. True Range is simple the high-low range of any period. Expected move is the amount that SPX is predicted to increase or decrease from its current price based on the current level of implied volatility. There are several choices of volatility indexes to choose from. The shift in color from red to green is set by default to 1 but can be adjusted in the settings.
Red bars indicate the true range was below the expected move and green bars indicate it was above. Because markets tend to overprice volatility it is expected that there would be more red bars than green. If you sell SPX or SPY option premium red days tend to be successful while green days tend to get stopped out. On a 1D chart it is interesting to look at the clusters of bar colors.
Brake Of Structure (BOS) By GadatasThis indicator is designed to identify and track swing highs and lows in a given market on any timeframe. It plots these swing highs and lows as solid lines on the chart. The indicator allows for customization of the line color and width and using another timeframe.
The indicator follows specific rules to determine when a new high or low is created. If the current range is considered bullish (meaning the most recent breakout was to the topside), the indicator will only update the low if a candle's body falls below the current low. However, if the current range is bearish (most recent breakout to the downside), the indicator will only update the high if a candle's body rises above the current high.
When a range is identified as bullish, the indicator will continue updating the high until a swing high is formed, denoting the high of the range. The high will only change if a candle's body surpasses the previous high. The low, on the other hand, will be updated based on the last time a candle's body falls below a previous candle's low. The lowest low after this condition is met will be assigned as the low of the range.
Conversely, when a range is identified as bearish, the indicator will continue updating the low until a swing low is formed, denoting the low of the range. The low will only change if a candle's body falls below the previous low. The high, in this case, will be updated based on the last time a candle's body rises above a previous candle's high. The highest high after this condition is met will be assigned as the high of the range.
Swing highs are determined by having lower highs to the left and right, while swing lows have higher lows to the left and right. These swings are used to determine the final high or low of a bullish or bearish range, respectively.
Tis Indicator differs from other indicators by incorporating this concept to track market structure. The indicator assumes that significant market players sell before making heavy purchases in bullish ranges and buy before selling heavily in bearish ranges. The lines on the chart represent prior highs and lows, as well as the current updated highs and lows based on this theory. By using this indicator, one can gain insights into the structure of price movement and potentially identify bullish or bearish continuations. It can also provide confluence when analyzing multiple timeframes to validate trend-following strategies.
SMC Structures and FVGThe SMC Structures and FVG indicator allows the user to easily identify trend continuations (Break Of Structure) or trend changes (CHange Of CHaracter) on any time frame. In addition, it display all FVG areas, whether they are bullish, bearish, or even mitigated.
Fair Value Gap :
The FVG process shows every bullish, bearish or even mitigated FVG liquidity area. When a FVG is fully mitigated it will directly be removed of the chart.
There is an history of FVG to show. By selecting specific number of FVG to show in the chart, the user can focus its analysis on lasts liquidity area.
Here's the rules for FVG color :
Green when it's a bullish FVG and has not been mitigated
Red when it's a bearish FVG and has not been mitigated
Gray when the bullish / bearish FVG has been mitigated
Removed when the FVG has been fully mitigated
Structures analysis:
The Structure process show BOS in grey lines and CHoCH in yellow lines. It shows to the user the lasts price action pattern.
The blue lines are the high value and the low value of the current structure.
TrendGuard Flag Finder - Strategy [presentTrading]
Introduction and How It Is Different
In the vast world of trading strategies, the TrendGuard Flag Finder stands out as a unique blend of traditional flag pattern detection and the renowned SuperTrend indicator.
- A significant portion of the Flag Pattern detection is inspired by the "Flag Finder" code by @Amphibiantrading, which serves as one of foundational element of this strategy.
- While many strategies focus on either trend-following or pattern recognition, this strategy harmoniously combines both, offering traders a more holistic view of the market.
- The integration of the SuperTrend indicator not only provides a clear direction of the prevailing trend but also offers potential stop-loss levels, enhancing the strategy's risk management capabilities.
AAPL 1D chart
ETHBTC 6hr chart
Strategy: How It Works
The TrendGuard Flag Finder is primarily built on two pillars:
1. Flag Pattern Detection : At its core, the strategy identifies flag patterns, which are continuation patterns suggesting that the prevailing trend will resume after a brief consolidation. The strategy meticulously detects both bullish and bearish flags, ensuring traders can capitalize on opportunities in both rising and falling markets.
What is a Flag Pattern? A flag pattern consists of two main components:
1.1 The Pole : This is the initial strong price move, which can be either upwards (for bullish flags) or downwards (for bearish flags). The pole represents a strong surge in price in a particular direction, driven by significant buying or selling momentum.
1.2 The Flag : Following the pole, the price starts consolidating, moving against the initial trend. This consolidation forms a rectangular shape and is characterized by parallel trendlines. In a bullish flag, the consolidation will have a slight downward tilt, while in a bearish flag, it will have a slight upward tilt.
How the Strategy Detects Flags:
Identifying the Pole: The strategy first identifies a strong price movement over a user-defined number of bars. This movement should meet a certain percentage change to qualify as a pole.
Spotting the Flag: After the pole is identified, the strategy looks for a consolidation phase. The consolidation should be counter to the prevailing trend and should be contained within parallel lines. The depth (for bullish flags) or rally (for bearish flags) of this consolidation is calculated to ensure it meets user-defined criteria.
2. SuperTrend Integration : The SuperTrend indicator, known for its simplicity and effectiveness, is integrated into the strategy. It provides a dynamic line on the chart, signaling the prevailing trend. When prices are above the SuperTrend line, it's an indication of an uptrend, and vice versa. This not only confirms the flag pattern's direction but also offers a potential stop-loss level for trades.
When combined, these components allow traders to identify potential breakout (for bullish flags) or breakdown (for bearish flags) scenarios, backed by the momentum indicated by the SuperTrend.
Usage
To use the SuperTrend Enhanced Flag Finder:
- Inputs : Begin by setting the desired parameters. The strategy offers a range of user-controlled settings, allowing for customization based on individual trading preferences and risk tolerance.
- Visualization : Once the parameters are set, the strategy will identify and visually represent flag patterns on the chart. Bullish flags are represented in green, while bearish flags are in red.
- Trade Execution : When a breakout or breakdown is identified, the strategy provides entry signals. It also offers exit signals based on the SuperTrend, ensuring that traders can capitalize on the momentum while managing risk.
Default Settings
The strategy comes with a set of default settings optimized for general use:
- SuperTrend Parameters: Length set to 10 and Factor set to 5.0.
- Bull Flag Criteria: Max Flag Depth at 7, Max Flag Length at 10 bars, Min Flag Length at 3 bars, Prior Uptrend Minimum at 9%, and Flag Pole Length between 7 to 13 bars.
- Bear Flag Criteria: Similar settings adjusted for bearish patterns.
- Display Options: By default, both bullish and bearish flags are displayed, with breakout and breakdown points highlighted.
MTF FVGThis script finds Imbalance (Fair Value Gap (FVG)) on multi timeframes.
If needed all TF can be used at once: 1, 3, 5, 15, 30, 45, 60, 120, 180, 240, D, W.
It finds FVG on any desired TF that is greater or equal than TF on the chart.
FVG stands for fair value gap, which is a three-candle structure that indicates an imbalance or inefficiency in the market. An imbalance means that the buying and selling is not equal, and there is a gap between the fair value and the market value of an asset. A bullish FVG shows that the market value is lower than the fair value, and a bearish FVG shows the opposite.
FVG takes place in a series of 3 candles when the middle candle gaps up or down. This signals strong buying or selling pressure in the direction of the gap. When a gap occurs the wicks of the candles do not overlap each other.
Price Range BlockThe price range block indicator. User input divides the price into blocks (eg a block of 1 dollar) if the price would go from 1 dollar to greater than 1 dollar, the next block is drawn including the center line. Same for if it went down. Trading choices could be made through the behavior of the price in such a block.
Auto Fibonacci TP Levels [WJ]This script automatically draws Fibonacci levels on a trading chart which are popular tools for traders seeking to identify potential areas of support and resistance.
Here are the features and benefits of this script:
1. Versatility in Sourcing Trade Entries:
Trade source can be customized to either longs (buying trades) or shorts (selling trades). The user has the flexibility to adjust their entry points based on their trading strategy.
Up to 2 sources can be used, expand if you wish.
As it is coded now, the source you have to pick from has to have a 'plot' that sends a (long) or (short) and is equal to 1 and 2 respectively.
Example: In the script you want to use for Long and Shorts, make a plot like this:
plot(LONG ? 1 : SHORT ? 2 : 0, title = "⭐ Outbound signal", display = display.none, editable = false)
The variable name of the LONG and SHORT needs to be the same as the one your code is using to indicate those trades.
2. Flexible Fibonacci Start Points:
The starting points for drawing Fibonacci levels can be customized for both longs and shorts.
3. Configurable Historical Data Length:
Users can adjust the number of historical bars to analyze for calculating higher highs (HH) and lower lows (LL).
4. Informative Labels and Lines:
The script can be configured to show the distance from the entry point to the 0.618 Fibonacci level (the so-called "golden ratio"). This helps traders to visualize the risk-reward ratio of their trades.
It indicates when a Fibonacci level was crossed which could signal a potential reversal.
It allows users to display the golden pocket levels only (0.618 and 0.65) or all the Fibonacci levels.
5. Customizable Fibonacci Levels and Colors:
Users can define their preferred Fibonacci levels and assign specific colors to each of these levels. This helps in identifying different levels quickly and intuitively.
The script also includes functionality for setting stop loss levels for short and long positions, which helps in risk management.
6. Clear Visualization of Crossing Levels:
If a trade crosses a specific Fibonacci level, the script draws lines indicating the crossing. This can help traders to identify potential breakout or reversal points.
7. Calculation of Fibonacci Boxes:
For each Fibonacci level, the script creates a box that indicates the level's range on the chart. This visual aid can help traders to better understand the price movement within these levels.
8. Customizable Labels:
The script provides percentage difference labels at each Fibonacci level, displaying the difference between the price at that level and the price at the 0 Fibonacci level. This can help users quickly understand the price change in terms of percentage at each level.
9. Performance Efficiency:
The script uses arrays to store and manage the Fibonacci levels and their associated colors. This approach enhances the performance of the script, especially when processing a large amount of data.
10. Adaptability:
This script automatically adapts to market movements. When the price crosses a level, it identifies and records this event, aiding the trader's decision-making process.
Overall, this script is highly customizable, adaptable and provides a clear visual representation of important trading data, making it an effective tool for traders using Fibonacci levels in their strategies.
NOTE: If you can't see the fib lines, it is because they have already been triggered/touched by a candle and they are set to not continue after they are touched.
ICT Institutional Order Flow (fadi)ICT Institutional Order Flow indicator is intended to provide wholistic view to better analyze order flow and where price may go to next. The concept follows ICT principles.
ICT Market Structure
ICT breaks down Pivot points into three categories:
Short Term High/Low (STH/STL) is a 3 candle pattern with a low with higher low on each side (STL), or a high with lower high on each side (STH)
Intermediate Term High/Low (ITH/ITL) uses the calculated STH/STL and marks any STH that has lower or STH on each side, and STL that has higher STL on each side
Long Term High/Low (LTH/LTL) uses the calculated ITH/ITL and marks any ITH that has lower or ITH on each side, and ITL that has higher ITL on each side
Note: ICT also states that if a STH wicks into and closes (almost?) a FVG, he marks it as ITH even if it does not have STH on reach side. This scenario is not covered by this indicator
Liquidity
liquidity is usually present under pivot points. The more prominent the pivot point, the more likely higher values liquidity pools reside under/above it. Liquidity under ITL and LTL as an example, will have better indication of which liquidity the price may seek next.
Displacement
Displacement registers above average move in the price resulting in strong visible move. If requiring a FVG is enabled (in settings), then the displacement could possibly (but never guaranteed) be used to visually recognize a move as it develops.
Full Credit: The calculation for Displacement is derived from TFO's Visualizing Displacement
Imbalances
Imbalances can come in different forms. This indicator identifies three type of imbalances:
1. FVG
2. Volume Imbalance
3. Open Gaps
Imbalances completes the picture by help visualize strong moves, where possible pivot points may develop, and how to enter or manage a trade.
Engulfing IndicatorThis is an "Engulfing" indicator. The "Engulfing" candle pattern is a reversal pattern that can appear at the end of an uptrend or downtrend.
The indicator includes the following inputs or settings:
1. `tolerance`: This defines the percentage difference in size that there must be between the body of the current candle and that of the previous candle to consider that one candle "engulfs" the other.
2. `tailSizePercentage`: This defines the maximum percentage size of the candle's tail in relation to the body of the candle for it to be considered valid.
3. `hideBuy` and `hideSell`: If set to true, they hide the buy and sell labels on the chart.
4. `checkTailSize` and `checkPrevTailSize`: If set to true, they check the size of the tail of the current and previous candle in relation to the body of the candle. If the tail is too large (as defined by `tailSizePercentage`), it is not considered valid.
The indicator works as follows:
First, it calculates the size of the body of the current and previous candle. Then, it checks if the current candle is green (close greater than open) or red (close less than open).
Next, it checks if the current candle "engulfs" the previous one. This means that, in the case of a green candle, the open must be less than or equal to the previous candle's close and the close must be greater than or equal to the previous candle's open. For a red candle, it's the other way around.
The indicator also checks if the size of the previous candle's body is at least a certain percentage (defined by `tolerance`) of the size of the current candle's body.
If `checkTailSize` or `checkPrevTailSize` is enabled, the indicator also checks the size of the tail of the current and/or previous candle. If the tail is too large in relation to the body of the candle (as defined by `tailSizePercentage`), the candle is not considered valid.
Finally, if all conditions are met, a buy or sell signal is generated and a label is drawn on the chart. An alert is also generated.
All Candlestick Patterns Screener [By MUQWISHI]▋ INTRODUCTION :
The Candlestick Patterns Screener has been designed to offer an advanced monitoring solution for up to 40 symbols. Utilizing a log screener style, it efficiently gathers information on confirmed candlestick pattern occurrences and presents it in an organized table. This table includes essential details such as the symbol name, signal price, and the corresponding candlestick pattern name.
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▋ OVERVIEW:
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▋ CREDIT:
Credit to public technical “*All Candlestick Patterns*” indicator.
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▋ USAGE:
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▋ Final Comments:
For best performance, add the Candlestick Patterns Screener on active symbol chart like QQQ, SPY, AAPL, BTCUSDT, ES, EURUSD or …etc.
Candlestick patterns are not a major concept to build a trading decision.
Personally, I see candlestick patterns as a means to comprehend the psychology of the market, and help to follow the price action.
Please let me know if you have any questions.
Thank you.
Master Pattern [LuxAlgo]The Master Pattern indicator is derived from the framework proposed by Wyckoff and automatically displays major/minor patterns and their associated expansion lines on the chart.
Liquidity levels are also included and can be used as targets/stops. Note that the Liquidity levels are plotted retrospectively as they are based on pivots.
🔶 USAGE
The Master Pattern indicator detects contraction phases in the markets (characterized by a lower high and higher low). The resulting average from the latest swing high/low is used as expansion line. Price breaking the contraction range upwards highlights a bullish master pattern, while a break downward highlights a bearish master pattern.
During the expansion phase price can tend to be stationary around the expansion level. This phase is then often followed by the price significantly deviating from the expansion line, highlighting a markup phase.
Expansion lines can also be used as support/resistance levels.
🔹 Major/Minor Patterns
The script can classify patterns as major or minor patterns.
Major patterns occur when price breaks both the upper and lower extremity of a contraction range, with their contraction area highlighted with a border, while minor patterns have only a single extremity broken.
🔶 SETTINGS
Contraction Detection Lookback: Lookback used to detect the swing points used to detect the contraction range.
Liquidity Levels: Lookback for the swing points detection used as liquidity levels. Higher values return longer term liquidity levels.
Show Major Pattern: Display major patterns.
Show Minor Pattern: Display minor patterns.
Trend Analyser by Abdul KhaderThis indicator is designed to provide buy and sell signals based on a combination of technical analysis methods. It uses the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Exponential Moving Averages (EMA) to generate signals. It also calculates Stop Loss (SL) and Take Profit (TP) levels based on the Average True Range (ATR).
Components:
RSI: An oscillator that measures the speed and change of price movements. RSI is used to identify overbought and oversold conditions. In this indicator, an RSI below 30 is considered oversold and an RSI above 70 is considered overbought.
MACD: A trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD triggers technical signals when it crosses above (to buy) or below (to sell) its signal line.
EMA: These moving averages give more weight to recent prices and are used to identify short-term price trends. A crossover of a shorter period EMA (9 periods in this case) above a longer period EMA (21 periods in this case) generates a buy signal. Conversely, a crossover of the shorter EMA below the longer EMA generates a sell signal.
ATR: This is a market volatility indicator. The ATR is used to calculate Stop Loss and Take Profit levels. These levels are set at a distance from the entry price, equal to a certain multiplier (1.5 in this case) of the ATR.
How to Use:
Buy Signal: A green triangle below the price bar indicates a buy signal. This is generated when the following conditions are met:
The short-term EMA crosses above the long-term EMA
The RSI is below 30 (oversold condition)
The MACD line crosses above the signal line and is above zero
Sell Signal: A red triangle above the price bar indicates a sell signal. This is generated when the following conditions are met:
The short-term EMA crosses below the long-term EMA
The RSI is above 70 (overbought condition)
The MACD line crosses below the signal line and is below zero
Stop Loss and Take Profit: These levels are indicated by dashed lines. The stop loss for a long position is set below the entry price, while the take profit is set above. For a short position, the stop loss is set above the entry price and the take profit is set below.
Important Notes:
This indicator is designed for intraday trading and may not be suitable for longer-term trades.
Always use this indicator in conjunction with other aspects of technical and fundamental analysis. No indicator can provide accurate signals 100% of the time.
Always backtest this indicator with historical data before using it in live trading.
Risk management is crucial in trading. Never risk more than a small percentage of your trading capital on a single trade.
Japanese Candlestick Patterns💡 Japanese Candlesticks are a visual representation of price movements in financial markets. They were first developed by Japanese rice traders in the 18th century to analyze the price of rice contracts, and have since been adopted by traders across the world for a wide range of assets.
📌 A candlestick is composed of a rectangular body and two thin lines, known as wicks, that extend from the top and bottom of the body. The body represents the difference between the opening and closing prices of the asset during a specific time period, while the wicks indicate the high and low prices reached during that period.
📌 By using these and other candlestick patterns, traders can identify potential buying and selling opportunities and manage their risk accordingly. However, it's important to note that candlestick patterns should be used in conjunction with other technical and fundamental analysis tools to make well-informed trading decisions.
📌 Candlestick patterns are particularly useful because they are based on price action rather than external factors such as news or economic data. This makes them useful for traders who employ technical analysis, as they can use candlestick patterns to identify potential trading opportunities and manage their risk accordingly.
🚀 Candlesticks can be used to identify market trends, as well as potential buying and selling opportunities. By analyzing the patterns formed by multiple candlesticks, traders can gain insights into the behavior of the market and make informed trading decisions. Overall, Japanese Candlesticks are a powerful tool for technical analysis that can provide valuable insights into financial markets.
🔍 THE PATTERNS THAT ARE RECOGNIZED:
🔄 Reversal Patterns
* Counterattack Lines
* Dark-Cloud Cover
* Engulfing ( Bearish / Bullish )
* Hammer
* Hanging Man
* Harami ( Bearish / Bullish )
* In Neck
* On Neck
* Piercing
* Three Black Crows
* Thrusting
* Upside Gap Two Crows
⭐️ Stars
* Abandoned Baby
* Evening star
* Inverted Hammer
* Morning Star
* Shooting Star
🎯 Doji
* Doji
* Dragonfly Doji
* Evening Doji Star
* Gravestone Doji
* Long Legged Doji
* Morning Doji Star
🔥 Continuation Patterns
* Falling Three Methods
* Rising Three Methods
* Tasuki ( Upside / Downside )
🥊 Utility
* Long Lower Shadow
* Long Upper Shadow
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