VIX based LevelsSupport and resistance levels for the day based on the volatility index.
Major - The Major support line where the day low, high or close can occur at that level
Minor - The second level of the Support/Resistance line , where we can expect some rejections or breakouts/breakdowns
Mild - The mid level between the Major and minor levels. The market may consolidate around that area.
The script will automatically get the previous day close value of the current scrip and the India vix.
India vix is calculated based on the annual percentage and hence the previous day close value of the scrip is divided by 19.1 ( square root of 365 )
The PDC values can be manually overridden for backtesting purposes.
Please note, there will be some slippages involved on the trend lines.
在腳本中搜尋"backtesting"
[KVA]Body Percentage Counter This indicator presents a comprehensive view of the historical candle data within user-defined body percentage ranges. Each column represents a specific body size percentage threshold, starting from as low as 0.01% and extending up to 20%.
The rows categorize candles by their closing and opening price differences, effectively sorting them into green (bullish) and red (bearish) candles based on whether they closed higher or lower than their opening prices.
First Row of the table is the bu
For developers, this table can be immensely useful in determining stop-loss ranges. By analyzing the frequency of candles that fall within certain body percentage ranges, developers can better understand where to set stop-loss orders. For instance, if a developer notices a high frequency of candles with body sizes within a specific percentage range, they may choose to set their stop-loss orders outside of this range to avoid being stopped out by normal market fluctuations.
Moreover, the indicator can be used to:
Volatility Assessment : The indicator can be used to gauge market volatility. Smaller bodies may indicate consolidation periods, while larger bodies might suggest more volatile market conditions.
Optimize Trading Strategies : Adjust entry and exit points based on the prevalence of certain candle sizes.
Risk Management : Determine the commonality of price movements within a certain range to better manage risks.
Backtesting : Use historical data to backtest how different stop-loss ranges would have performed in the past.
Comparative Analysis : Traders can compare the frequency of different body sizes over a selected period, providing insights into how the market is evolving.
Educational Use : For new traders, the indicator can serve as an educational tool to understand the implications of candlestick sizes and their relationship with market dynamics
The data provided in this output can guide developers to make more informed decisions about where to place stop-loss orders, potentially increasing the effectiveness of their trading algorithms or manual trading strategies.
The output of the " Body Percentage Counter" indicator is organized into a table format, which can be broken down as follows:
Header (First Row) : This row lists the body percentage thresholds used to categorize the candles. It starts from 0.01% and increases incrementally to 20%. These thresholds are likely set by the user and represent the range of candle body sizes as a percentage of the total candle size.
Green Candle Count (Second Row) : This row displays the count of green candles—candles where the close price is higher than the open price—that fall within each body percentage threshold. For example, under the column "0.01", the number 25 indicates there are 25 green candles whose body size is 0.01% of the total candle size.
Red Candle Count (Third Row) : This row shows the count of red candles—candles where the close price is lower than the open price—for each body percentage threshold. The numbers in this row reflect the number of red candles that match the body percentage criteria in the corresponding column.
Total Candle Count (Fourth Row) : This row sums the counts of both green and red candles for each body percentage threshold, providing a total count of candles that have a body size within the specific range. For instance, if under "0.01" the green count is 25 and the red count is 26, then the total would be 51.
This organized data representation allows users to quickly assess the distribution of candle body sizes over a historical period, which is especially useful for determining the frequency of price movements that are significant enough to consider for stop-loss settings or other trade management decisions.
Trend Pinbar PT49 by CuancuanIdea Behind:
Buying the short-term trend that shows a pin-bar candlestick pattern. Meant to be traded on a daily chart / higher timeframe.
To determine the short-term trend we use short EMA such as 8-16-30 and check the slope of each one, and definitely, the shorter one must be above the longer one for an uptrend. Vice versa for a downtrend.
To determine a pin-bar candlestick, I calculate that the body size (open to close) is at maximum a-third of the candle size (high to low). Besides that, I ensure that the close of the candle is above the shortest MA for bullish and below it for bearish.
As extra filters to reduce trade numbers:
1. Longer MA Filter = You can turn it off if you think the higher timeframe filter is unnecessary.
2. Slope Filter = To ensure the slope of the shorter MA is steeper rather than the mid-MA.
3. Size Filter = To check whether the overall candle size (high to low) is bigger than the ATR number. When the size filter is turned on, it removes small insignificant candles.
PS: Don't trade anything live unless you find it comfortable after backtesting it by yourself .
Strong Pullback Indicator [Rami_LB]Strong Pullback Indicator
Description:
The Strong Pullback Indicator is designed to identify potential pullbacks or even trend reversals by utilizing a specific candlestick pattern in conjunction with the Relative Strength Index (RSI). It is advised to employ this indicator in chart intervals of 15 minutes or higher, as intervals below 15 minutes may generate excessive false signals.
Working Mechanism:
Upon detecting the designated candlestick pattern, the indicator examines whether any of the last five candles exhibit RSI values below 30 or above 70 across at least four distinct time intervals, depending on whether the pattern is bullish or bearish. The RSI calculations incorporate eight different intervals: 1 minute (1m), 5 minutes (5m), 15 minutes (15m), 30 minutes (30m), 1 hour (1h), 2 hours (2h), 4 hours (4h), and 1 day (1d). An arrow is rendered above or below the current candle only when these conditions are met.
Users have the option to adjust the number of overbought or oversold intervals, as well as the general settings for the RSI.
SL/TP Lines:
The indicator can also serve as a trade signal to initiate trades in the opposite direction. To evaluate the potential success of a trade in a backtesting scenario, SL (Stop Loss) and TP (Take Profit) lines can be displayed on the chart. The SL is calculated by taking the distance from the close of the current candle to the high/low of the previous candle and multiplying it by 2.
In the settings, you can alter the Risk Reward Ratio (RRR) of the trade. Given the pullback nature of this indicator, a RRR of 1:1 is deemed logical, thus set as the default value.
Bullish vs. Bearish Candle Counter:
An additional feature of this indicator is its ability to analyze the last 100 candles to ascertain the ratio of bullish to bearish candles. When a 60% threshold is reached, the chart background color alters accordingly. This feature was conceived after a thorough analysis of over 50,000 candles of a currency pair revealed nearly identical counts of bullish and bearish candles, suggesting a market tendency to maintain this balance.
Within the settings, you have the flexibility to modify the number of candles to be analyzed and the percentage threshold for each candle type.
Should you have any ideas on how to enhance the accuracy of this indicator, or suggestions for other indicators that could improve the signals, feel free to leave a comment.
TradingView.To Strategy Template (with Dyanmic Alerts)Hello traders,
If you're tired of manual trading and looking for a solid strategy template to pair with your indicators, look no further.
This Pine Script v5 strategy template is engineered for maximum customization and risk management.
Best part?
This Pine Script v5 template facilitates the dynamic construction of TradingView.TO alerts, sparing users the time and effort of mastering the TradingView.TO syntax and manually create alert commands.
This powerful tool gives much power to those who don't know how to code in Pinescript and want to automate their indicators' signals via TradingView.TO bot.
IMPORTANT NOTES
TradingView.TO is a trading bot software that forwards TradingView alerts to your brokers (examples: Binance, Oanda, Coinbase, Bybit, Metatrader 4/5, ...) for automating trading.
Many traders don't know how to create TradingView.TO dynamically-compatible alerts using the data from their TradingView scripts.
Traders using trading bots want their alerts to reflect the stop-loss/take-profit/trailing-stop/stop-loss to break options from your script and then create the orders accordingly.
This script showcases how to create TradingView.TO alerts dynamically.
TRADINGVIEW ALERTS
1) You'll have to create one alert per asset X timeframe = 1 chart.
Example: 1 alert for BTC/USDT on the 5 minutes chart, 1 alert for BTC/USDT on the 15-minute chart (assuming you want your bot to trade the BTC/USDT on the 5 and 15-minute timeframes)
2) Select the Order fills and alert() function calls condition
3) For each alert, the alert message is pre-configured with the text below
{{strategy.order.alert_message}}
Please leave it as it is.
It's a TradingView native variable that will fetch the alert text messages built by the script.
4) TradingView.TO uses webhook technology - setting a webhook URL from the alerts notifications tab is required.
KEY FEATURES
I) Modular Indicator Connection
* plug your existing indicator into the template.
* Only two lines of code are needed for full compatibility.
Step 1: Create your connector
Adapt your indicator with only 2 lines of code and then connect it to this strategy template.
To do so:
1) Find in your indicator where the conditions print the long/buy and short/sell signals.
2) Create an additional plot as below
I'm giving an example with a Two moving averages cross.
Please replicate the same methodology for your indicator, whether a MACD , ZigZag, Pivots , higher-highs, lower-lows or whatever indicator with clear buy and sell conditions.
//@version=5
indicator("Supertrend", overlay = true, timeframe = "", timeframe_gaps = true)
atrPeriod = input.int(10, "ATR Length", minval = 1)
factor = input.float(3.0, "Factor", minval = 0.01, step = 0.01)
= ta.supertrend(factor, atrPeriod)
supertrend := barstate.isfirst ? na : supertrend
bodyMiddle = plot(barstate.isfirst ? na : (open + close) / 2, display = display.none)
upTrend = plot(direction < 0 ? supertrend : na, "Up Trend", color = color.green, style = plot.style_linebr)
downTrend = plot(direction < 0 ? na : supertrend, "Down Trend", color = color.red, style = plot.style_linebr)
fill(bodyMiddle, upTrend, color.new(color.green, 90), fillgaps = false)
fill(bodyMiddle, downTrend, color.new(color.red, 90), fillgaps = false)
buy = ta.crossunder(direction, 0)
sell = ta.crossunder(direction, 0)
//////// CONNECTOR SECTION ////////
Signal = buy ? 1 : sell ? -1 : 0
plot(Signal, title = "Signal", display = display.data_window)
//////// CONNECTOR SECTION ////////
Important Notes
🔥 The Strategy Template expects the value to be exactly 1 for the bullish signal and -1 for the bearish signal
Now, you can connect your indicator to the Strategy Template using the method below or that one.
Step 2: Connect the connector
1) Add your updated indicator to a TradingView chart
2) Add the Strategy Template as well to the SAME chart
3) Open the Strategy Template settings, and in the Data Source field, select your 🔌Connector🔌 (which comes from your indicator)
Note it doesn’t have to be named 🔌Connector🔌 - you can name it as you want - however, I recommend an explicit name you can easily remember.
From then, you should start seeing the signals and plenty of other stuff on your chart.
🔥 Note that whenever you update your indicator values, the strategy statistics and visuals on your chart will update in real-time
II) BOT Risk Management:
- Max Drawdown:
Mode: Select whether the max drawdown is calculated in percentage (%) or USD.
Value: If the max drawdown reaches this specified value, set a value to halt the bot.
- Max Consecutive Days:
Use Max Consecutive Days BOT Halt: Enable/Disable halting the bot if the max consecutive losing days value is reached.
- Max Consecutive Days: Set the maximum number of consecutive losing days allowed before halting the bot.
- Max Losing Streak:
Use Max Losing Streak: Enable/Disable a feature to prevent the bot from taking too many losses in a row.
- Max Losing Streak Length: Set the maximum length of a losing streak allowed.
Margin Call:
- Use Margin Call: Enable/Disable a feature to exit when a specified percentage away from a margin call to prevent it.
Margin Call (%): Set the percentage value to trigger this feature.
- Close BOT Total Loss:
Use Close BOT Total Loss: Enable/Disable a feature to close all trades and halt the bot if the total loss is reached.
- Total Loss ($): Set the total loss value in USD to trigger this feature.
Intraday BOT Risk Management:
- Intraday Losses:
Use Intraday Losses BOT Halt: Enable/Disable halting the bot on reaching specified intraday losses.
Mode: Select whether the intraday loss is calculated in percentage (%) or USD.
- Max Intraday Losses (%): Set the value for maximum intraday losses.
Limit Intraday Trades:
- Use Limit Intraday Trades: Enable/Disable a feature to limit the number of intraday trades.
- Max Intraday Trades: Set the maximum number of intraday trades allowed.
Restart Intraday EA:
III) Order Types and Position Sizing
- Choose between market or limit orders.
- Set your position size directly in the template.
Please use the position size from the “Inputs” and not the “Properties” tab.
I know it's redundant. - the template needs this value from the "Inputs" tab to build the alerts, and the Backtester needs it from the "Properties" tab.
IV) Advanced Take-Profit and Stop-Loss Options
- Choose to set your SL/TP in either USD or percentages.
- Option for multiple take-profit levels and trailing stop losses.
- Move your stop loss to break even +/- offset in USD for “risk-free” trades.
V) Miscellaneous:
Retry order openings if they fail.
Order Types:
Select and specify order type and price settings.
Position Size:
Define the type and size of positions.
Leverage:
Leverage settings, including margin type and hedge mode.
Session:
Limit trades to specific sessions.
Dates:
Limit trades to a specific date range.
Trades Direction:
Direction: Specify the market direction for opening positions.
VI) Logger
The TradingView.TO commands are logged in the TradingView logger.
You'll find more information about it in this TradingView blog post .
WHY YOU MIGHT NEED THIS TEMPLATE
1) Transform your indicator into a TradingView.TO trading bot more easily than before
Connect your indicator to the template
Create your alerts
Set your EA settings
2) Save Time
Auto-generated alert messages for TradingView.TO.
I tested them all and checked with the support team what could/couldn’t be done.
3) Be in Control
Manage your trading risks with advanced features.
4) Customizable
Fits various trading styles and asset classes.
REQUIREMENTS
* Make sure you have your TradingView.TO account
* If there is any issue with the template, ask me in the comments section - I’ll answer quickly.
BACKTEST RESULTS FROM THIS POST
1) I connected this strategy template to a dummy Supertrend script.
I could have selected any other indicator or concept for this script post.
I wanted to share an example of how you can quickly upgrade your strategy, making it compatible with TradingView.TO.
2) The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
This strategy is a template to be connected to any indicator - the sky is the limit. :)
3) This template is made to take 1 trade per direction at any given time.
Pyramiding is set to 1 on TradingView.
The strategy default settings are:
* Initial Capital: 100000 USD
* Position Size: 1%
* Commission Percent: 0.075%
* Slippage: 1 tick
* No margin/leverage used
ProfitView Strategy TemplateHello traders,
This script took me a full week of coding/testing, sweat, and tears - and I’m too nice as I’m giving it for free to the community.
If you're tired of manual trading and looking for a solid strategy template to pair with your indicators, look no further.
This Pine Script v5 strategy template is engineered for maximum customization and risk management.
Best part?
This Pine Script v5 template facilitates the dynamic construction of ProfitView alerts, sparing users the time and effort of mastering the ProfitView syntax and manually creating alert commands.
This powerful tool gives much power to those who don't know how to code in Pinescript and want to automate their indicators' signals via the ProfitView Chrome extension.
IMPORTANT NOTES
ProfitView is a trading bot software that forwards TradingView alerts to your brokers (examples: Binance, Oanda, Coinbase, Bybit, etc.) for automating trading.
Many traders don't know how to dynamically create ProfitView-compatible alerts using the data from their TradingView scripts.
Traders using trading bots want their alerts to reflect the stop-loss/take-profit/trailing-stop/stop-loss to break options from your script and then create the orders accordingly.
This script showcases how to create ProfitView alerts dynamically.
TRADINGVIEW ALERTS
1) You'll have to create one alert per asset X timeframe = 1 chart.
Example: 1 alert for EUR/USD on the 5 minutes chart, 1 alert for EUR/USD on the 15-minute chart (assuming you want your bot to trade the EUR/USD on the 5 and 15-minute timeframes)
2) Select the Order fills and alert() function calls condition
3) For each alert, the alert message is pre-configured with the text below
{{strategy.order.alert_message}}
Please leave it as it is.
It's a TradingView native variable that will fetch the alert text messages built by the script.
4) ProfitView doesn't use webhook technology, so setting a webhook URL from the alerts notifications tab is unnecessary.
KEY FEATURES
I) Modular Indicator Connection
* plug your existing indicator into the template.
* Only two lines of code are needed for full compatibility.
Step 1: Create your connector
Adapt your indicator with only 2 lines of code and then connect it to this strategy template.
To do so:
1) Find in your indicator where the conditions print the long/buy and short/sell signals.
2) Create an additional plot as below
I'm giving an example with a Two moving averages cross.
Please replicate the same methodology for your indicator, whether a MACD , ZigZag, Pivots , higher-highs, lower-lows or whatever indicator with clear buy and sell conditions.
//@version=5
indicator("Supertrend", overlay = true, timeframe = "", timeframe_gaps = true)
atrPeriod = input.int(10, "ATR Length", minval = 1)
factor = input.float(3.0, "Factor", minval = 0.01, step = 0.01)
= ta.supertrend(factor, atrPeriod)
supertrend := barstate.isfirst ? na : supertrend
bodyMiddle = plot(barstate.isfirst ? na : (open + close) / 2, display = display.none)
upTrend = plot(direction < 0 ? supertrend : na, "Up Trend", color = color.green, style = plot.style_linebr)
downTrend = plot(direction < 0 ? na : supertrend, "Down Trend", color = color.red, style = plot.style_linebr)
fill(bodyMiddle, upTrend, color.new(color.green, 90), fillgaps = false)
fill(bodyMiddle, downTrend, color.new(color.red, 90), fillgaps = false)
buy = ta.crossunder(direction, 0)
sell = ta.crossunder(direction, 0)
//////// CONNECTOR SECTION ////////
Signal = buy ? 1 : sell ? -1 : 0
plot(Signal, title = "Signal", display = display.data_window)
//////// CONNECTOR SECTION ////////
Important Notes
🔥 The Strategy Template expects the value to be exactly 1 for the bullish signal and -1 for the bearish signal
Now, you can connect your indicator to the Strategy Template using the method below or that one.
Step 2: Connect the connector
1) Add your updated indicator to a TradingView chart
2) Add the Strategy Template as well to the SAME chart
3) Open the Strategy Template settings, and in the Data Source field, select your 🔌Connector🔌 (which comes from your indicator)
Note it doesn’t have to be named 🔌Connector🔌 - you can name it as you want - however, I recommend an explicit name you can easily remember.
From then, you should start seeing the signals and plenty of other stuff on your chart.
🔥 Note that whenever you update your indicator values, the strategy statistics and visuals on your chart will update in real-time
II) BOT Risk Management:
- Max Drawdown:
Mode: Select whether the max drawdown is calculated in percentage (%) or USD.
Value: If the max drawdown reaches this specified value, set a value to halt the bot.
- Max Consecutive Days:
Use Max Consecutive Days BOT Halt: Enable/Disable halting the bot if the max consecutive losing days value is reached.
- Max Consecutive Days: Set the maximum number of consecutive losing days allowed before halting the bot.
- Max Losing Streak:
Use Max Losing Streak: Enable/Disable a feature to prevent the bot from taking too many losses in a row.
- Max Losing Streak Length: Set the maximum length of a losing streak allowed.
Margin Call:
- Use Margin Call: Enable/Disable a feature to exit when a specified percentage away from a margin call to prevent it.
Margin Call (%): Set the percentage value to trigger this feature.
- Close BOT Total Loss:
Use Close BOT Total Loss: Enable/Disable a feature to close all trades and halt the bot if the total loss is reached.
- Total Loss ($): Set the total loss value in USD to trigger this feature.
Intraday BOT Risk Management:
- Intraday Losses:
Use Intraday Losses BOT Halt: Enable/Disable halting the bot on reaching specified intraday losses.
Mode: Select whether the intraday loss is calculated in percentage (%) or USD.
- Max Intraday Losses (%): Set the value for maximum intraday losses.
Limit Intraday Trades:
- Use Limit Intraday Trades: Enable/Disable a feature to limit the number of intraday trades.
- Max Intraday Trades: Set the maximum number of intraday trades allowed.
Restart Intraday EA:
- Use Restart Intraday EA: Enable/Disable a feature to restart the bot at the first bar of the next day if it has been stopped with an intraday risk management safeguard.
III) Order Types and Position Sizing
- Choose between market, limit, or stop orders.
- Set your position size directly in the template.
Please use the position size from the “Inputs” and not the “Properties” tab.
I know it's redundant. - the template needs this value from the "Inputs" tab to build the alerts, and the Backtester needs it from the "Properties" tab.
IV) Advanced Take-Profit and Stop-Loss Options
- Choose to set your SL/TP in either pips or percentages.
- Option for multiple take-profit levels and trailing stop losses.
- Move your stop loss to break even +/- offset in pips for “risk-free” trades.
V) Miscellaneous
Retry order openings if they fail.
Order Types:
Select and specify order type and price settings.
Position Size:
Define the type and size of positions.
Leverage:
Leverage settings, including margin type and hedge mode.
Session:
Limit trades to specific sessions.
Dates:
Limit trades to a specific date range.
Trades Direction:
Direction: Specify the market direction for opening positions.
VI) Notifications (Telegram/Discord/Email/IFTTT/Twilio/SMS)
Customize notifications sent to Telegram, Discord, Email, IFTTT, Twilio, and ProfitView Logger.
VII) Logger
The ProfitView commands are logged in the TradingView logger.
You'll find more information about it in this TradingView blog post .
WHY YOU MIGHT NEED THIS TEMPLATE
1) Transform your indicator into a ProfitView trading bot more easily than before
Connect your indicator to the template
Create your alerts
Set your EA settings
2) Save Time
Auto-generated alert messages for ProfitView.
I tested them all and checked with the support team what could/couldn’t be done.
3) Be in Control
Manage your trading risks with advanced features.
4) Customizable
Fits various trading styles and asset classes.
REQUIREMENTS
* Make sure you have your ProfitView account and do the settings correctly in your Chrome extension. If you don't know how to do it, read the documentation + ask for help in the ProfitView Discord support channel.
* If there is any issue with the template, ask me in the comments section - I’ll answer quickly.
BACKTEST RESULTS FROM THIS POST
1) I connected this strategy template to a dummy Supertrend script.
I could have selected any other indicator or concept for this script post.
I wanted to share an example of how you can quickly upgrade your strategy, making it compatible with ProfitView.
2) The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
This strategy is a template to be connected to any indicator - the sky is the limit. :)
3) This template is made to take 1 trade per direction at any given time.
Pyramiding is set to 1 on TradingView.
The strategy default settings are:
* Initial Capital: 100000 USD
* Position Size: 1%
* Commission Percent: 0.075%
* Slippage: 1 tick
* No margin/leverage used
Best regards,
Dave
Because Wicks Dont Lie" Because Wicks Don't Lie " is a specialized indicator designed to assist traders in identifying and visualizing significant candle wicks on any timeframe. Wicks, often referred to as Liquidity Targets, are areas that almost always get filled by price at some point. They can help map out the trajectory of price movement, acting as a magnet, drawing the price towards them. Recognizing these wicks can provide invaluable insights into potential trading opportunities and market sentiment.
We are looking for Candles with LONG Wick and TINY Candle Body! Only those types of Wicks have (according to my experience and backtesting) a 100% chance to get filled in the future.
Features:
Wick Visualization:
The script highlights significant bullish (blue) and bearish (red) wicks that meet specific criteria, helping you quickly spot potential trading opportunities.
VWAP Bands for Filtering Extremes:
The VWAP bands are incorporated to filter out wicks created at extreme price points. By ensuring that wicks are within a user-defined percentage of the VWAP (Volume Weighted Average Price), traders can avoid targeting extreme wicks that might take a longer time to get filled, thus enhancing the efficacy of strategies that trade towards wicks.
Alerts:
Traders can set alerts for when a significant bullish or bearish wick is detected, ensuring they never miss potential setups.
Usage:
Once applied to your chart, the script will automatically scan for significant wicks and display them with blue (bullish) and red (bearish) markers. By adjusting the script settings, users can customize the VWAP band percentage to fine-tune the filtering of extreme wicks.
Conclusion:
Wicks often contain valuable information about market sentiment, rejection of price levels, and potential future price direction. By acting as liquidity targets, they serve as indications of where the price is likely to move. "Because Wicks Don't Lie" simplifies the process of identifying these crucial candle formations and, with the inclusion of the VWAP bands, ensures that traders can prioritize the most actionable wicks while avoiding extreme outliers.
Input Fields:
Average Candle Size Multiplier:
This parameter allows users to adjust the base size of what the script considers as a significant wick. By multiplying the average size of candles over the last 4998 bars, users can fine-tune the script to detect only wicks of a certain prominence. A higher value will mean that only larger wicks (relative to recent price action) will be considered significant.
Wick Ratio (Wick Proportion Threshold):
This ratio helps determine the proportion of the wick to the entire candle for it to be considered significant. A higher ratio means that the wick must be a larger part of the total candle size to be marked as significant. It's an essential parameter to differentiate between candles with tiny wicks and those with substantial wicks which might offer trading opportunities.
Risk Reward Optimiser [ChartPrime]█ CONCEPTS
In modern day strategy optimization there are few options when it comes to optimizing a risk reward ratio. Users frequently need to experiment and go through countless permutations in order to tweak, adjust and find optimal in their data.
Therefore we have created the Risk Reward Optimizer.
The Risk Reward Optimizer is a technical tool designed to provide traders with comprehensive insights into their trading strategies.
It offers a range of features and functionalities aimed at enhancing traders' decision-making process.
With a focus on comprehensive data, it is there to help traders quickly and efficiently locate Risk Reward optimums for inbuilt of custom strategies.
█ Internal and external Signals:
The script can optimize risk to reward ratio for any type of signals
You can utilize the following :
🔸Internal signals ➞ We have included a number of common indicators into the optimizer such as:
▫️ Aroon
▫️ AO (Awesome Oscillator)
▫️ RSI (Relative Strength Index)
▫️ MACD (Moving Average Convergence Divergence)
▫️ SuperTrend
▫️ Stochastic RSI
▫️ Stochastic
▫️ Moving averages
All these indicators have 3 conditions to generate signals :
Crossover
High Than
Less Than
🔸External signal
▫️ by incorporating your own indicators into the analysis. This flexibility enables you to tailor your strategy to your preferences.
◽️ How to link your signal with the optimizer:
In order to be able to analysis your signal we need to read it and to do so we would need to PLOT your signal with a defined value
plot( YOUR LONG Condition ? 100 : 0 , display = display.data_window)
█ Customizable Risk to Reward Ratios:
This tool allows you to test seven different customizable risk to reward ratios , helping you determine the most suitable risk-reward balance for your trading strategy. This data-driven approach takes the guesswork out of setting stop-loss and take-profit levels.
█ Comprehensive Data Analysis:
The tool provides a table displaying key metrics, including:
Total trades
Wins
Losses
Profit factor
Win rate
Profit and loss (PNL)
This data is essential for refining your trading strategy.
🔸 It includes a tooltip for each risk to reward ratio which gives data for the:
Most Profitable Trade USD value
Most Profitable Trade % value
Most Profitable Trade Bar Index
Most Profitable Trade Time (When it occurred)
Position and size is adjustable
█ Visual insights with histograms:
Visualize your trading performance with histograms displaying each risk to reward ratio trade space, showing total trades, wins, losses, and the ratio of profitable trades.
This visual representation helps you understand the strengths and weaknesses of your strategy.
It offers tooltips for each RR ratio with the average win and loss percentages for further analysis.
█ Dynamic Highlighting:
A drop-down menu allows you to highlight the maximum values of critical metrics such as:
Profit factor
Win rate
PNL
for quick identification of successful setups.
█ Stop Loss Flexibility:
You can adjust stop-loss levels using three different calculation methods:
ATR
Pivot
VWAP
This allows you to align risk-reward ratios with your preferred risk tolerance.
█ Chart Integration:
Visualize your trades directly on your price chart, with each trade displayed in a distinct color for easy tracking.
When your take-profit (TP) level is reached , the tool labels the corresponding risk-reward ratio for that specific TP, simplifying trade management.
█ Detailed Tooltips:
Tooltips provide deeper insights into your trading performance. They include information about the most profitable trade, such as the time it occurred, the bar index, and the percentage gain. Histogram tooltips also offer average win and loss percentages for further analysis.
█ Settings:
█ Code:
In summary, the Risk Reward Optimizer is a data-driven tool that offers traders the ability to optimize their risk-reward ratios, refine their strategies, and gain a deeper understanding of their trading performance. Whether you're a day trader, swing trader, or investor, this tool can help you make informed decisions and improve your trading outcomes.
Heatmap MACD Strategy - Pineconnector (Dynamic Alerts)Hello traders
This script is an upgrade of this template script.
Heatmap MACD Strategy
Pineconnector
Pineconnector is a trading bot software that forwards TradingView alerts to your Metatrader 4/5 for automating trading.
Many traders don't know how to dynamically create Pineconnector-compatible alerts using the data from their TradingView scripts.
Traders using trading bots want their alerts to reflect the stop-loss/take-profit/trailing-stop/stop-loss to breakeven options from your script and then create the orders accordingly.
This script showcases how to create Pineconnector alerts dynamically.
Pineconnector doesn't support alerts with multiple Take Profits.
As a workaround, for 2 TPs, I had to open two trades.
It's not optimal, as we end up paying more spreads for that extra trade - however, depending on your trading strategy, it may not be a big deal.
TradingView Alerts
1) You'll have to create one alert per asset X timeframe = 1 chart.
Example : 1 alert for EUR/USD on the 5 minutes chart, 1 alert for EUR/USD on the 15-minute chart (assuming you want your bot to trade the EUR/USD on the 5 and 15-minute timeframes)
2) For each alert, the alert message is pre-configured with the text below
{{strategy.order.alert_message}}
Please leave it as it is.
It's a TradingView native variable that will fetch the alert text messages built by the script.
3) Don't forget to set the webhook URL in the Notifications tab of the TradingView alerts UI.
EA configuration
The Pyramiding in the EA on Metatrader must be set to 2 if you want to trade with 2 TPs => as it's opening 2 trades.
If you only want 1 TP, set the EA Pyramiding to 1.
Regarding the other EA settings, please refer to the Pineconnector documentation on their website.
Logger
The Pineconnector commands are logged in the TradingView logger.
You'll find more information about it from this TradingView blog post
Important Notes
1) This multiple MACDs strategy doesn't matter much.
I could have selected any other indicator or concept for this script post.
I wanted to share an example of how you can quickly upgrade your strategy, making it compatible with Pineconnector.
2) The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
3) This template is made to take 1 trade per direction at any given time.
Pyramiding is set to 1 on TradingView.
The strategy default settings are:
Initial Capital: 100000 USD
Position Size: 1 contract
Commission Percent: 0.075%
Slippage: 1 tick
No margin/leverage used
For example, those are realistic settings for trading CFD indices with low timeframes but not the best possible settings for all assets/timeframes.
Concept
The Heatmap MACD Strategy allows selecting one MACD in five different timeframes.
You'll get an exit signal whenever one of the 5 MACDs changes direction.
Then, the strategy re-enters whenever all the MACDs are in the same direction again.
It takes:
long trades when all the 5 MACD histograms are bullish
short trades when all the 5 MACD histograms are bearish
You can select the same timeframe multiple times if you don't need five timeframes.
For example, if you only need the 30min, the 1H, and 2H, you can set your timeframes as follow:
30m
30m
30m
1H
2H
Risk Management Features
All the features below are pips-based.
Stop-Loss
Trailing Stop-Loss
Stop-Loss to Breakeven after a certain amount of pips has been reached
Take Profit 1st level and closing X% of the trade
Take Profit 2nd level and close the remaining of the trade
Custom Exit
I added the option ON/OFF to close the opened trade whenever one of the MACD diverges with the others.
Help me help the community
If you see any issue when adding your strategy logic to that template regarding the orders fills on your Metatrader, please let me know in the comments.
I'll use your feedback to make this template more robust. :)
What's next?
I'll publish a more generic template built as a connector so you can connect any indicator to that Pineconnector template.
Then, I'll publish a template for Capitalise AI, ProfitView, AutoView, and Alertatron.
Thank you
Dave
Heatmap MACD StrategyHello traders
A customer gave me the idea indirectly after I made an update to that script:
Supertrend MTF Heatmap
Important Notes
The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
I wanted to showcase that any Heatmap script can be converted into a strategy.
The strategy default settings are:
Initial Capital: 100000 USD
Position Size: 1 contract
Commission Percent: 0.075%
Slippage: 1 tick
No margin/leverage used
For example, those are realistic settings for trading CFD indices with low timeframes, but not the best possible settings for all assets/timeframes.
Concept
The Heatmap MACD Strategy allows selecting one MACD in five different timeframes.
You'll get an exit signal whenever one of the 5 MACDs changes direction.
Then, the strategy re-enters whenever all the MACDs are in the same direction again.
It takes:
long trades when all the 5 MACD histograms are bullish
short trades when all the 5 MACD histograms are bearish
You can select the same timeframe multiple times if you don't need five timeframes.
For example, if you only need the 30min, the 1H, and 2H, you can set your timeframes as follow:
30m
30m
30m
1H
2H
Risk Management Features
Nothing too fancy
All the features below are pips-based
Stop-Loss
Trailing Stop-Loss
Stop-Loss to Breakeven after a certain amount of pips has been reached
Take Profit 1st level and closing X% of the trade
Take Profit 2nd level and close the remaining of the trade
What's next?
I'll publish this script's open-source Pineconnector, ProfitView, and AutoView versions for educational purposes.
Thank you
Dave
BTC hash rate oscillatorOVERVIEW:
This script looks to identify entry point opportunities when moving averages over Bitcoin's hash rate are indicative of Miner capitulation. The script implements an oscillator based on Charles Capriole's "Hash Ribbons & Bitcoin Bottoms" concept. It analyses the short-term and long-term moving averages of Bitcoin's hash rate and then identifies potential entry opportunities from this.
KEY FEATURES:
Signal Generation: The script identifies entry points when the short-term moving average crosses under the long-term moving average and the rate of change falls below a specified threshold. These conditions suggest potential trading opportunities.
Historical Signals: Optionally the script displays historical signals, indicating past instances where hash rate conditions suggested favourable entry points. Users can also assess the script's historical performance.
USAGE:
The generated opportunities can be used as potential entry points for BTC. The script provides visual cues on the chart (blue labels above the miner capitulation zones) for identification of signals. Customisable moving average lengths and threshold values are supported, which allow adaptation to various strategies.
CONSIDERATIONS:
Validation: It's recommended that careful backtesting over historical data be done before acting on any identified opportunities.
User Discretion: Trading decisions should not rely solely on this script. Users should exercise their judgment and consider market conditions.
Note: This script identifies opportunities based on historical data and should be used with caution, as past performance is not indicative of future results.
Z-ScoreDescription:
The Z-Score indicator is a powerful tool for assessing the relative position of a financial instrument's current price compared to its historical price data. It calculates the Z-Score, which is a statistical measure of how many standard deviations an asset's current price is away from its historical mean. This can help traders identify overbought and oversold conditions in the market.
Input Parameters:
Length: This parameter sets the look-back period for calculating the mean and standard deviation. It is set to 20 by default but can be adjusted according to your trading preferences.
How it works:
The indicator first calculates the mean (average) and standard deviation of the selected price source (default: closing prices) over the specified length.
The Z-Score is then computed by measuring how many standard deviations the current price is away from the mean. This value is plotted on the chart, providing insight into the current price's relative position.
Usage:
Overbought: When the Z-Score rises above the upper threshold (e.g., +2 standard deviations, shown in red), it suggests that the asset's price is significantly above its historical average, indicating a potential overbought condition. Traders might consider this as a signal to be cautious about entering long positions or to look for potential short opportunities.
Oversold: Conversely, when the Z-Score falls below the lower threshold (e.g., -2 standard deviations, shown in green), it suggests that the asset's price is significantly below its historical average, indicating a potential oversold condition. Traders might consider this as a signal to be cautious about entering short positions or to look for potential long opportunities.
The Z-Score indicator can be a valuable addition to your technical analysis toolkit, helping you make informed trading decisions based on statistical price deviations.
Please make sure to conduct thorough backtesting and combine this indicator with other analysis techniques before making any trading decisions.
Session CandlesThis indicator is designed to visually represent different trading sessions on a price chart, highlighting candlestick colors to distinguish between bullish (upward movement) and bearish (downward movement) trends during various market sessions. Here's an overview of how the indicator works:
1. Session Definition: The indicator defines four distinct trading sessions:
- London Session: Typically covering the European trading hours.
- New York AM Session: Representing the morning hours of the New York trading session.
- New York PM Session: Representing the afternoon hours of the New York trading session.
- Asia Session: Encompassing the trading hours of the Asian markets.
2. Configuration Options: Users can customize the behavior of the indicator through input options. For each session, users can enable or disable the display of session-specific candles.
3. Candle Coloring: The indicator determines the color of candles based on the following criteria:
- For each session, it checks whether the current candle's closing price is higher than its opening price.
- If the closing price is higher, the candle is considered bullish, and a user-defined green color is used for the candle.
- If the closing price is lower, the candle is considered bearish, and a user-defined red color is applied.
4. Display: The indicator then applies the calculated candle colors to the respective candles of each trading session on the price chart. This visual distinction helps traders quickly identify the prevailing trend during different market sessions.
To use the indicator, traders can overlay it on their price charts in TradingView. By enabling or disabling specific trading sessions, they can focus on the trends and price movements during those specific time periods.
Please note that the actual appearance of the indicator on the chart depends on the user's chosen settings for session enablement and color preferences.
HL 930 by JPThe "High and Low of 9:30 Candle" strategy is a simple trading strategy commonly used in the stock market and other financial markets. It involves using the price range (high and low) of the first candlestick that forms at the opening of a trading session, typically at 9:30 AM, as a basis for making trading decisions. Here's a description of this strategy:
1. Timeframe: This strategy is often applied to intraday trading, where traders focus on short-term price movements within a single trading day.
2. 9:30 AM Candle: The strategy begins by observing the first candlestick that forms at 9:30 AM, which is the opening time for many stock markets, including the New York Stock Exchange (NYSE). This candle represents the price action during the first few minutes of trading.
3. High and Low: Identify the highest price (the candle's high) and the lowest price (the candle's low) during the 9:30 AM candle's time period. These price levels are critical for the strategy.
4. Trading Decisions:
Long (Buy) Signal: If the current market price breaks above the high of the 9:30 AM candle, it may trigger a bullish signal. Traders may consider entering a long (buy) position, anticipating further upward momentum.
Short (Sell) Signal: Conversely, if the market price breaks below the low of the 9:30 AM candle, it may trigger a bearish signal. Traders may consider entering a short (sell) position, anticipating further downward movement.
5. Stop-Loss and Take-Profit: To manage risk, traders often set stop-loss orders just below the low (for long positions) or just above the high (for short positions) of the 9:30 AM candle. They may also establish take-profit levels based on their risk-reward preferences.
6. Time Frame: This strategy is typically used for short-term trading and may be effective in capturing quick price movements that often occur at the market open. Traders often close their positions before the end of the trading day.
7. Caution: While the "High and Low of 9:30 Candle" strategy can be straightforward, it should not be used in isolation. Traders should consider other technical and fundamental factors, such as volume, market sentiment, news events, and overall market trends, when making trading decisions.
Remember that trading strategies always carry risks, and it's essential to have a well-thought-out risk management plan in place. Additionally, backtesting and practice are crucial before implementing any trading strategy in a live market to evaluate its historical performance and suitability for your trading style.
ICT Time Indicator - MinimalisticThis indicator is intended to make backtesting and journaling a lot easier.
This script will automatically plot the sessions you selec.t
You don't have to worry about your timezone because this indicator will automatically handle that.
For best results please don't go any higher than the Hourly.
I aimed to keep this indicator very minimalistic to reduce the 'lipstick' on your chart.
Enabling any of the follow settings will quickly show you on your chart the times you want to be looking at:
Morning Session
Lunch
Afternoon Session
Marco 0950-1010
Marco 1050-1110
Marco 1450-1510
Silver Bullet London Open
Silver Bullet AM
Silver Bullet PM
You can also customize the color of any time session to suite your color scheme.
If you have any requests please leave a comment (I'm sure there are more marcos) :)
Personal Trading Hours (timezone Europe/Amsterdam)This Personal Trading Hours indicator is intended to specify the times you can trade and make them visible on the chart. Multiple sessions can be specified per specific day of the week and you can give each day its own color if you want.
This can be used perfectly if you are backtesting your strategy manually. You can indicate exactly when you have time to look at the charts and therefore only perform your backtest at those times. Making mistakes that you open en close trades during your sleeptime or worktime in your backtest are gone.
But this indicator is also suitable for live trading.
Filter out the times when you don't want to trade, for example during lunchtime, during opening hours of the exchanges or when you know that big news events will take place during your tradingweek. All the timesessions you do want to trade you can make visible on you chart.
The timezone that is used for this indicator is the timezone: Europe/Amsterdam and therefor only usable for traders in this timezone.
You can use this indicator for timeframes lower then the Daily timeframe with the normal settings. If you want to use this indicator on the Daily timeframe, all the settings in the upper part of the settingsmenu must be unchecked and only the part at the bottom of the settingsmenu can then be used.
This indicator doesn't work on timeframes higher than the Daily timeframe.
If you do not use all the tradingsessions on each day, you have to make sure that all the boxes are filled. So unused session boxes must have the same timeperiodes as the used boxes, otherwise the whole day will be highlighted on the chart.
All Candlestick Patterns on Backtest [By MUQWISHI]▋ INTRODUCTION :
The “All Candlestick Patterns on Backtest” indicator generates a table that offers a clear visualization of the historical return percentages for each candlestick pattern strategy over a specified time period. This table serves as an organized resource, serving as a launching point for in-depth research into candle formations. It may help to rectify any misconceptions surrounding candlestick patterns, refine trading approaches, and it could be foundation to make informed decisions in trading journey.
_______________________
▋ OVERVIEW:
_______________________
▋ CREDIT:
Credit to public technical “*All Candlestick Patterns*” indicator.
_______________________
▋ TABLE:
_______________________
▋ CHART:
_______________________
▋ INDICATOR SETTINGS:
#Section One: Table Setting
#Section Two: Backtest Setting
(1) Backtest Starting Period.
Note: If the datetime of the first candle on the chart is after the entreated datetime, the calculation will start from the first candle on the chart.
(2) Initial Equity ($).
(3) Leverage: Current Equity x Leverage Value.
(4) Entry Mode:
- “At Close”: Execute entry order as soon as the candle confirmed.
- “Breakout High (Low for Short)”: Stop limit buy order, entry order will be executed as soon as the next candle breakout the high of last pattern’s candle (low for short)
(5) Cancel Entry Within Bars: This option is applicable with {Entry Mode = Breakout High (Low for Short)}, to cancel the Entry Order if it's not executed within certain selected number of bars.
(6) Stoploss Range: the range refers to high of pattern - low of pattern.
(7) Risk:Reward: the calculation of risk:reward range start from entry price level. For example: A pattern triggered with range 10 points, and entry price is 100.
- For 1:1~risk:reward would the stoploss at 90 and takeprofit at 110.
- For 1:3~risk:reward would the stoploss at 90 and takeprofit at 130.
#Section Three: Technical & Candle Patterns
_______________________
▋ Comments:
This table was developed for research and educational purposes.
Candlestick patterns are almost similar as seen in “*All Candlestick Patterns*” indicator.
The table results should not be taken as 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.
MACD Bands - Multi Timeframe [TradeMaster Lite]We present a customizable MACD indicator, with the following features:
Multi-timeframe
Deviation bands to spot unusual volatility
9 Moving Average types
Conditional coloring and line crossings
👉 What is MACD?
MACD is a classic, trend-following indicator that uses moving averages to identify changes in momentum. It can be used to identify trend changes, overbought and oversold conditions, and potential reversals.
👉 Multi-timeframe:
This feature allows to analyze the same market data on multiple time frames, which can be in help to identify trends and patterns that would not be visible on a single time frame. When using the multi-timeframe feature, it is important to start with the higher time frame and then look for confirmation on the lower time frames. This will help you to avoid false signals. Please note that only timeframes higher than the chart timeframe is supported currently with this feature enabled. Might get updated in the future.
👉 Deviation bands to spot unusual volatility:
Deviation bands are plotted around the Signal line that can be in help to identify periods of unusual volatility. When the MACD line crosses outside of the deviation bands, it suggests that the market is becoming more volatile and a strong trend may form in that direction.
👉 9 Moving Average types can be used in the script. Each type of moving average offers a unique perspective and can be used in different scenarios to identify market trends.
SMA (Simple Moving Average): This calculates the average of a selected range of values, by the number of periods in that range.
SMMA (Smoothed Moving Average): This takes into account all data available and assigns equal weighting to the values.
EMA (Exponential Moving Average): This places a greater weight and significance on the most recent data points.
DEMA (Double Exponential Moving Average): This is a faster-moving average that uses a proprietary calculation to reduce the lag in data points.
TEMA (Triple Exponential Moving Average): This is even quicker than the DEMA, helping traders respond more quickly to changes in trend.
LSMA (Least Squares Moving Average): This moving average applies least squares regression method to determine the future direction of the trend.
HMA (Hull Moving Average): This moving average is designed to reduce lag and improve smoothness, providing quicker signals for short-term market movements.
VWMA (Volume Weighted Moving Average): This assigns more weight to candles with a high volume, reflecting the true average values more accurately in high volume periods.
WMA (Weighted Moving Average): This assigns more weight to the latest data, but not as much as the EMA.
👉 Conditional coloring :
This feature colors the MACD line line based on it's direction and fills the area between the MACD line and Deviation band edges to highlight the potential volatility and the strength of the momentum. This can be useful to identify when the market is trending strongly and when it is in a more neutral or choppy state.
👉 MACD Line - Signal Line crossings:
This is a classic MACD trading signal that occurs when the MACD line crosses above or below the signal line. Crossovers can be used to identify potential trend reversals. This can be a bullish or bearish signal, depending on the direction of the crossover.
👉 General advice
Confirming Signals with other indicators:
As with all technical indicators, it is important to confirm potential signals with other analytical tools, such as support and resistance levels, as well as indicators like RSI, MACD, and volume. This helps increase the probability of a successful trade.
Use proper risk management:
When using this or any other indicator, it is crucial to have proper risk management in place. Consider implementing stop-loss levels and thoughtful position sizing.
Combining with other technical indicators:
The indicator can be effectively used alongside other technical indicators to create a comprehensive trading strategy and provide additional confirmation.
Keep in Mind:
Thorough research and backtesting are essential before making any trading decisions. Furthermore, it's crucial to have a solid understanding of the indicator and its behavior. Additionally, incorporating fundamental analysis and considering market sentiment can be vital factors to take into account in your trading approach.
Limitations:
This is a lagging indicator. Please note that the indicator is using moving averages, which are lagging indicators.
The indicators within the TradeMaster Lite package aim for simplicity and efficiency, while retaining their original purpose and value. Some settings, functions or visuals may be simpler than expected.
⭐ Conclusion
We hold the view that the true path to success is the synergy between the trader and the tool, contrary to the common belief that the tool itself is the sole determinant of profitability. The actual scenario is more nuanced than such an oversimplification. Our aim is to offer useful features that meet the needs of the 21st century and that we actually use.
🛑 Risk Notice:
Everything provided by trademasterindicator – from scripts, tools, and articles to educational materials – is intended solely for educational and informational purposes. Past performance does not assure future returns.
[OKX Signal Bot] Indicator Script Set Up TemplateDiscover the power of the Turtle Trade Channels Indicator (TUTCI), an innovative tool that integrates the time-tested principles of the legendary Turtle Trade system. This groundbreaking system shattered the belief that successful traders are born, not made, by transforming ordinary individuals into profitable traders.
The Turtle Trade Experiment, which achieved a remarkable 80% annual return over four years and amassed a staggering $150 million, showcased the immense potential of this trend-following strategy. Unlike the conventional "buy low and sell high" approach, the Turtle Trade system embraces a different philosophy—one of capturing substantial profits by following prevailing trends.
At the heart of the Turtle Trade Channels Indicator lies the concept of Donchian Channels, a powerful technical indicator developed by Richard Donchian. Building upon this foundation, the main rule of TUTCI is to identify 20-day breakouts and capitalize on them, while simultaneously utilizing a profit-taking strategy based on breaching 10-day highs or lows.
For long trades, the indicator signals a buying opportunity when the price breaks above the 20-day high. Conversely, for short trades, a selling opportunity arises when the price falls below the 20-day low. This systematic approach allows traders to align themselves with the prevailing momentum, capturing significant price movements.
To further enhance trading precision, TUTCI incorporates two key lines. The red line represents the trading line, indicating the direction of the trend. Price bars above the trend line suggest an uptrend, while those below indicate a downtrend. The dotted blue line serves as the exit line, guiding traders to close their positions when price action breaches the 10-day high or low. This rule safeguards profits and helps traders avoid potential trend reversals.
The Turtle Trade Channels Indicator (TUTCI) is a versatile tool applicable to various financial markets, including stocks, commodities, and forex. By harnessing the power of breakouts and integrating profit-taking rules, this indicator empowers traders to capitalize on favorable trading opportunities while managing risk effectively.
As with any trading strategy, it is crucial to conduct thorough backtesting and evaluation of the TUTCI system before implementing it in live trading. Traders can customize the indicator's parameters to align with their trading preferences and adapt to changing market conditions. Employing sound risk management techniques, such as position sizing and stop-loss orders, is paramount to protect capital and minimize potential losses.
Experience the transformational potential of the Turtle Trade Channels Indicator (TUTCI) and embark on a journey of trend following, capturing significant profits, and achieving trading success.
These scripts are only functioning as sample script templates to support okx alert standards. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
RVol LabelThis Code is update version of Code Provided by @ssbukam, Here is Link to his original Code and review the Description
Below is Original Description
1. When chart resolution is Daily or Intraday (D, 4H, 1H, 5min, etc), Relative Volume shows value based on DAILY. RVol is measured on daily basis to compare past N number of days.
2. When resolution is changed to Weekly or Monthly, then Relative Volume shows corresponding value. i.e. Weekly shows weekly relative volume of this week compared to past 'N' weeks. Likewise for Monthly. You would see change in label name. Like, Weekly chart shows W_RVol (Weekly Relative Volume). Likewise, Daily & Intraday shows D_RVol. Monthly shows M_RVol (Monthly Relative Volume).
3. Added a plot (by default hidden) for this specific reason: When you move the cursor to focus specific candle, then Indicator Value displays relative volume of that specific candle. This applies to Intraday as well. So if you're in 1HR chart and move the cursor to a specific candle, Indicator Value shows relative volume for that specific candlestick bar.
4. Updating the script so that text size and location can be customized.
Changes to Updated Label by me
1. Added Today's Volume to the Label
2. Added Total Average Volume to the Label
3. Comparison vs Both in Single Line and showing how much volume has traded vs the average volume for that time of the day
4. Aesthetic Look of the Label
How to Use Relative Volume for Trading
Using Relative Volume (RVol) in trading can be a valuable tool to help you identify potential trading opportunities and gain insight into market behavior. Here are some ways to use RVol in your trading strategy:
Identifying High-Volume Breakouts: RVol can help you spot potential breakouts when the volume surges significantly above its average. High RVol during a breakout suggests strong market interest, increasing the probability of a sustained move in the direction of the breakout.
Confirming Trends and Reversals: RVol can act as a confirmation tool for trends and reversals. A trend accompanied by rising RVol indicates a strong and sustainable move. Conversely, a trend with declining RVol might suggest a weakening trend or potential reversal.
Spotting Volume Divergence: When the price is moving in one direction, but RVol is declining or not confirming the move, it may indicate a divergence. This discrepancy could suggest a potential reversal or trend change.
Support and Resistance Confirmation: High RVol near key support or resistance levels can indicate potential price reactions at those levels. This confirmation can be valuable in determining whether a level is likely to hold or break.
Filtering Trade Signals: Incorporate RVol into your existing trading strategy as a filter. For example, you might consider taking trades only if RVol is above a certain threshold, ensuring that you focus on high-impact trading opportunities.
Avoiding Low-Volume Traps: Low RVol can indicate a lack of interest or participation in the market. In such situations, price movements may be erratic and less reliable, so it's often wise to avoid trading during low RVol periods.
Monitoring News Events: Around significant news events or earnings releases, RVol can help you gauge the market's reaction to the information. High RVol during such events can present trading opportunities but be cautious of increased volatility and potential gaps.
Adjusting Trade Size: During periods of extremely high RVol, it might be prudent to adjust your position size to account for higher risk.
Using Relative Volume in Morning Session
If the Volume traded in first 15 minute to 30 Minutes is already at 50% or 100% depending upon the ticker, it means that it is going to have very high Volume vs average by end of the day.
This gives me conviction for Long or Short Trades
Remember that RVol is not a standalone indicator; it works best when used in conjunction with other technical and fundamental analysis tools. Additionally, RVol's effectiveness may vary across different markets and trading strategies. Therefore, backtesting and validating the use of RVol in your trading approach is essential.
Lastly, risk management is crucial in trading. While RVol can provide valuable insights, it cannot guarantee profitable trades. Always use appropriate risk management strategies, such as setting stop-loss levels, and avoid overexposing yourself to the market based solely on RVol readings.
TTP QFL OptimiserThis tool is designed to help finding the best take profit and stop loss levels when trading with QFL bases (Quick Fingers Luc).
You can use it to see the average drawdown among all historic bases broken for an asset and then find the drawdowns that are more frequent using the percentile parameters provided.
For example, by knowing that 98% of the bases got broken with a drawdown of up to 5% can become extremely useful for deciding where to place your take profit or stop loss levels.
It supports QFL 1H, 2H and 4H but make sure to set the chart timeframe to a lower timeframe than QFL to obtain valid results.
Two percentiles are provided to be able to evaluate potential TP and SL at the same time.
Steps:
- Load an asset in the 15min TF
- Select the QFL version: 1H more deals / lower quality vs 4H less deals/ better quality
- Find a percentile that triggers enough deals (example: 70) and then another percentile that doesn't get hit too much (example: 98)
- Confirm the values p1 and p2 provided in the table and the white and grey lines for the results of which drawdown percentages correspond to such selection of percentiles
Once having p1 and p2 use your backtesting and forward testing tools to confirm and adjust accordingly.
Previous OHLC Levels [TradeMaster Lite]In trading, the “Previous Open/High/Low/Close” (or previous OHLC) refers to the opening, high, low and closing price of the instrument in the previous period. These prices are typically used in technical analysis to identify trends and patterns and to make trading decisions. Some traders may also use the differences between the opening, high, low and closing prices to make trading decisions. For example, the difference between the closing and opening price (the so-called “true body”) and the high and low price (the so-called “upper shadow” and “lower shadow”) can indicate the strength of a trend, whether the bulls or bears are controlling the market, and can also give an idea of market volatility, and are also used as support and resistance levels.
Previous Open: shows the opening price of the previous period. It's the price at which the market first started trading in that period.
Previous High: represents the highest price reached during the previous period. It can act as a resistance level for the current period.
Previous Low: indicates the lowest price hit during the previous period. It can serve as a support level in the current period.
Previous Close: the last price at which the asset traded during the previous period. It's often considered the most accurate reflection of the market sentiment at the end of that period.
These values provide a summary of the previous trading period's price action, giving you a baseline for comparing current price movements. They can help in understanding the market's direction and identifying potential support and resistance levels. It is important to keep in mind that, like any other technical indicator, Previous OHLC does not give a definitive indication of future market direction and should be used in conjunction with other analytical tools, as well as fundamental analysis and market sentiment. It is also important to have appropriate risk management in place.
👉 General advice
Confirming Signals with other indicators:
As with all technical indicators, it is important to confirm potential signals with other analytical tools, such as support and resistance levels, as well as indicators like RSI, MACD, and volume. This helps increase the probability of a successful trade.
Use proper risk management:
When using this or any other indicator, it is crucial to have proper risk management in place. Consider implementing stop-loss levels and thoughtful position sizing.
Combining with other technical indicators:
The indicator can be effectively used alongside other technical indicators to create a comprehensive trading strategy and provide additional confirmation.
Keep in Mind:
Thorough research and backtesting are essential before making any trading decisions. Furthermore, it's crucial to have a solid understanding of the indicator and its behavior. Additionally, incorporating fundamental analysis and considering market sentiment can be vital factors to take into account in your trading approach.
Limitations:
This is a lagging indicator. Please note that the displayed values are delayed by the chosen timeframe on historical bars and show the values from the previous period on the current bar.
The indicators within the TradeMaster Lite package aim for simplicity and efficiency, while retaining their original purpose and value. Some settings, functions or visuals may be simpler than expected.
⭐ Conclusion
We hold the view that the true path to success is the synergy between the trader and the tool, contrary to the common belief that the tool itself is the sole determinant of profitability. The actual scenario is more nuanced than such an oversimplification. Our aim is to offer useful features that meet the needs of the 21st century and that we actually use.
🛑 Risk Notice:
Everything provided by trademasterindicator – from scripts, tools, and articles to educational materials – is intended solely for educational and informational purposes. Past performance does not assure future returns.
