Rainbow Strategy BacktestingRainbow Strategy Backtesting base on "Rainbow Moving Average" Strategy as below:
1.Rainbow Moving Average setup
- Source: source of 1st MA
- Type: SMA/EMA
- Period: period of 1st MA
- Displacement: period of 2nd MA to 7th MA with source is previous MA
2.Trend Define
- Up Trend: Main MA moving at the top of Rainbow
- Down Trend: Main MA moving at the bottom of Rainbow
- Sideway: Main MA moving between the top and the bottom of Rainbow
3.Signal
- Buy Signal: When Rainbow change to Up Trend.
- Sell Signal: When Rainbow change to Down Trend.
- Exit: When Rainbow change to Sideway.
4.RSI Filter
- "Enable": Only signals have 1st RSI moving between Overbought and Oversold and 2nd RSI moving outside Middle Channel are accepted.
- The filter may help trader avoid bull trap, bear trap and choppy market.
5.Backtesting Infomation
- Ticker: BTCUSDT
- Timeframe: H1
- Rainbow parameter:
+ Source: hlc3
+ Type: SMA
+ Period: 12
+ Displacement: 3
- RSI Filter parameter:
+ Enable
+ 1st RSI filter: period 12, overbought 65, oversold 35
+ 2nd RSI filter: period 9, upper middle 56, lower middle 44
在腳本中搜尋"top"
3 Auto Fibonacci RetracementsThe Indicator displays 3 different Auto Fibonacci Retracements with top, bottom, the 0.618 and 0.382 levels.
Also it displays 3 Moving Averages with the same length as the AutoFibos.
If the MA over the 0.618 level it colors itself yellow, if between 0.618 ans 0.382 white and under 0.382 blue.
The green lines are the top of the AutoFibos, red lines the bottom, blue lines are resistance/supports and yellow lines are stronger resistance/supports.
[blackcat] L1 Mel Widner Rainbow ChartNOTE: Because the originally released script failed to comply with the House Rule in the description, it was banned. After revising and reviewing the description, it is republished again. Please forgive the inconvenience caused.
Level: 1
Background
The Rainbow Charts indicator is a technical analysis tool that follows trend. It helps traders to visualize a full spectrum of trends in the market. Mel Widner developed the indicator and elaborated it in the 1997 issue of Technical Analysis of Stocks and Commodities magazine. It uses 10 simple moving averages and hence, it is a very interesting take on a simple moving average.
Function
The basis of the Rainbow Charts indicator are 10 moving averages. The first Rainbow Moving Average is a 2-period simple moving average. It applies recursive smoothing to this first SMA. The first moving average is the base of nine other simple Rainbow Moving Averages of different lengths. Each SMA bases on the previous SMA. The application of the recursive smoothing enables the indicator to create a full spectrum of the current trends in the market. As we know that the financial markets are full of wonders and surprises and we have an indicator that also surprises us. Yes, it is none other than the Rainbow Charts indicator that presents information on the charts in the form of a rainbow. That is the reason that it is known as the Rainbow Charts indicator.
The interpretation of the Rainbow Charts indicator is quite straightforward. The Rainbow Moving Average with the least recursive smoothing stays at the very top of the Rainbow during a bullish trend in the market. Conversely, the moving average with the most recursive smoothing stays at the bottom of the Rainbow.
On the other hand, the positions of the least and the most smoothed moving averages reverses during a bearish trend in the market. Now the least smoothed moving average stays at the bottom while the most smoothed moving average stays at the top of the Rainbow.
The Rainbow Charts indicator’s moving averages track the uptrend or downtrend in the market. The moving averages track the trend as it progresses and cross each other in a sequential order. The distancing of the price from the Rainbow indicates the continuation of the current market trend. Conversely, if the price moves closer to the Rainbow, it suggests that a potential trend reversal is imminent.
The use of the indicator is also quite simple. Traders should look for initiating a buy position as soon as a strong positive move starts. Similarly, they should look for opening a sell position at the very beginning of a strong negative trend. It is important to note that the angle of the moving averages helps to identify the strength of a trend. The steeper curve suggests a stronger trend and vice versa.
Traders can also use the tool in combination with other technical analysis tools as a trend-following indicator. Traders can enter a buy position when indicators suggest a strong bullish trend. They can initiate a sell position when indicators indicate a bearish trend. Technical analysts and experts always suggest to use the Rainbow Charts indicator in combination with other technical analysis tools for successful trading.
Key Signal
Plot a1~c4 --> 10 Rainbow Moving Averages.
Remarks
This is a Level 1 free and open source indicator.
Feedbacks are appreciated.
Detrended Rhythm Oscillator (DRO)How to detect the current "market beat" or market cycle?
A common way to capture the current dominant cycle length is to detrend the price and look for common rhythms in the detrended series. A common approach is to use a Detrended Price Oscillator (DPO). This is done in order to identify and isolate short-term cycles.
A basic DPO description can be found here:
www.tradingview.com
Improvements to the standard DPO
The main purpose of the standard DPO is to analyze historical data in order to observe cycle's in a market's movement. DPO can give the technical analyst a better sense of a cycle's typical high/low range as well as its duration. However, you need to manually try to "see" tops and bottoms on the detrended price and measure manually the distance from low-low or high-high in order to derive a possible cycle length.
Therefore, I added the following improvements:
1) Using a DPO to detrend the price
2) Indicate the turns of the detrended price with a ZigZag lines to better see the tops/bottoms
3) Detrend the ZigZag to remove price amplitude between turns to even better see the cyclic turns ("rhythm")
4) Measure the distance from last detrended zigzag pivot (high-high / low-low) and plot the distance in bars above/below the turn
Now, you can clearly see the rhythm of the dataset indicated by the Detrended Rhythm Oscillator including the exact length between the turns. This makes the procedure to "spot" turns and "measure" distance more simple for the trader.
How to use this information
The purpose is to check if there is a common rhythm or beat in the underlying dataset. To check that, look for recurring pattern in the numbers. E.g. if you often see the same measured distance, you can conclude that there is a major dominant cycle in this market. Also watch for harmonic relations between the numbers. So in the example above you see the highlighted cluster of detected length of around 40,80 and 120. There three numbers all have a harmonic relation to 40.
Once you have this cyclic information, you can use this number to optimize or tune technical indicators based on the current dominant cycle length. E.g. set the length parameter of a technical indicator to the detected harmonic length with the DRO indicator.
Example Use-Case
You can use this information to set the input for the following free public open-source script:
Disclaimer
This is not meant to be a technical indicator on its own and the derived cyclic length should not be used to forecast the next turn per se. The indicator should give you an indication of the current market beat or dominant beats which can be use to further optimize other oscillator or trading related settings.
Options & settings
The indicator allows to plot different versions. It allows to plot the original DPO, the DRO with ZigZag lines, the DRO with detrended ZigZag lines and length labels on/off. You can turn on or off these version in the indicator settings. So you can tweak it visually to your own needs.
Realtime Delta Volume Action [LucF]█ OVERVIEW
This indicator displays on-chart, realtime, delta volume and delta ticks information for each bar. It aims to provide traders who trade price action on small timeframes with volume and tick information gathered as updates come in the chart's feed. It builds its own candles, which are optimized to display volume delta information. It only works in realtime.
█ WARNING
This script is intended for traders who can already profitably trade discretionary on small timeframes. The high cost in fees and the excitement of trading at small timeframes have ruined many newcomers to trading. While trading at small timeframes can work magic for adrenaline junkies in search of thrills rather than profits, I DO NOT recommend it to most traders. Only seasoned discretionary traders able to factor in the relatively high cost of such a trading practice can ever hope to take money out of markets in that type of environment, and I would venture they account for an infinitesimal percentage of traders. If you are a newcomer to trading, AVOID THIS TOOL AT ALL COSTS — unless you are interested in experimenting with the interpretation of volume delta combined with price action. No tool currently available on TradingView provides this type of close monitoring of volume delta information, but if you are not already trading small timeframes profitably, please do not let yourself become convinced that it is the missing piece you needed. Avoid becoming a sucker who only contributes by providing liquidity to markets.
The information calculated by the indicator cannot be saved on charts, nor can it be recalculated from historical bars.
If you refresh the chart or restart the script, the accumulated information will be lost.
█ FEATURES
Key values
The script displays the following key values:
• Above the bar: ticks delta (DT), the total ticks for the bar, the percentage of total ticks that DT represents (DT%)
• Below the bar: volume delta (DV), the total volume for the bar, the percentage of total volume that DV represents (DV%).
Candles
Candles are composed of four components:
1. A top shaped like this: ┴, and a bottom shaped like this: ┬ (picture a normal Japanese candle without a body outline; the values used are the same).
2. The candle bodies are filled with the bull/bear color representing the polarity of DV. The intensity of the body's color is determined by the DV% value.
When DV% is 100, the intensity of the fill is brightest. This plays well in interpreting the body colors, as the smaller, less significant DV% values will produce less vivid colors.
3. The bright-colored borders of the candle bodies occur on "strong bars", i.e., bars meeting the criteria selected in the script's inputs, which you can configure.
4. The POC line is a small horizontal line that appears to the left of the candle. It is the volume-weighted average of all price updates during the bar.
Calculations
This script monitors each realtime update of the chart's feed. It first determines if price has moved up or down since the last update. The polarity of the price change, in turn, determines the polarity of the volume and tick for that specific update. If price does not move between consecutive updates, then the last known polarity is used. Using this method, we can calculate a running volume delta and ticks delta for the bar, which becomes the bar's final delta values when the bar closes (you can inspect values of elapsed realtime bars in the Data Window or the indicator's values). Note that these values will all reset if the script re-executes because of a change in inputs or a chart refresh.
While this method of calculating is not perfect, it is by far the most precise way of calculating volume delta available on TradingView at the moment. Calculating more precise results would require scripts to have access to tick data from any chart timeframe. Charts at seconds timeframes do use exchange/broker ticks when the feeds you are using allow for it, and this indicator will run on them, but tick data is not yet available from higher timeframes. Also, note that the method used in this script is far superior to the intrabar inspection technique used on historical bars in my other "Delta Volume" indicators. This is because volume and ticks delta here are calculated from many more realtime updates than the available intrabars in history. Unfortunately, the calculation method used here cannot be used on historical bars, where intrabar inspection remains, in my opinion, the optimal method.
Inputs
The script's inputs provide many ways to personalize all the components: what is displayed, the colors used to display the information, and the marker conditions. Tooltips provide details for many of the inputs; I leave their exploration to you.
Markers
Markers provide a way for you to identify the points of interest of your choice on the chart. You control the set of conditions that trigger each of the five available markers.
You select conditions by entering, in the field for each marker, the number of each condition you want to include, separated by a comma. The conditions are:
1 — The bar's polarity is up/dn.
2 — `close` rises/falls ("rises" means it is higher than its value on the previous bar).
3 — DV's polarity is +/–.
4 — DV% rises (↕).
5 — POC rises/falls.
6 — The quantity of realtime updates rises (↕).
7 — DV > limit (You specify the limit in the inputs. Since DV can be +/–, DV– must be less than `–limit` for a short marker).
8 — DV% > limit (↕).
9 — DV+ rises for a long marker, DV– falls for a short.
10 — Consecutive DV+/DV– on two bars.
11 — Total volume rises (↕).
12 — DT's polarity is +/–.
13 — DT% rises (↕).
14 — DT+ rises for a long marker, DT– falls for a short.
Conditions showing the (↕) symbol do not have symmetrical states; they act more like filters. If you only include condition 4 in a marker's setup, for example, both long and short markers will trigger on bars where DV% rises. To trigger only long or short markers, you must add a condition providing directional differentiation, such as conditions 1 or 2. Accordingly, you would enter "1,4" or "2,4".
For a marker to trigger, ALL the conditions you specified for it must be met. Long markers appear on the chart as "Mx▲" signs under the values displayed below candles. Short markers display "Mx▼" over the number of updates displayed above candles. The marker's number will replace the "x" in "Mx▲". The script loads with five markers that will not trigger because no conditions are associated with them. To activate markers, you will need to select and enter the set of conditions you require for each one.
Alerts
You can configure alerts on this script. They will trigger whenever one of the configured markers triggers. Alerts do not repaint, so they trigger at the bar's close—which is also when the markers will appear.
█ HOW TO USE IT
As a rule, I do not prescribe expected use of my indicators, as traders have proved to be much more creative than me in using them. Additionally, I tend to think that if you expect detailed recommendations from me to be able to use my indicators, it's a sign you are in a precarious situation and should go back to the drawing board and master the necessary basics that will allow you to explore and decide for yourself if my indicators can be useful to you, and how you will use them. I will make an exception for this thing, as it presents fairly novel information. I will use simple logic to surmise potential uses, as contrary to most of my other indicators, I have NOT used this one to actually trade. Markets have a way of throwing wrenches in our seemingly bullet-proof rationalizing, so drive cautiously and please forgive me if the pointers I share here don't pan out.
The first thing to do is to disable your normal bars. You can do this by clicking on the eye icon that appears when you hover over the symbol's name in the upper-left corner of your chart.
The absolute value and polarity of DV mean little without perspective; that's why I include both total volume for the bar and the percentage that DV represents of that total volume. I interpret a low DV% value as indecision. If you share that opinion, you could, let's say, configure one of the markers on "DV% > 80%", for example (to do so you would enter "8" in the condition field of any marker, and "80" in the limit field for condition 8, below the marker conditions).
I also like to analyze price action on the bar with DV%. Small DV% values should often produce small candle bodies. If a small DV% value occurs on a bar with much movement and high volume, I'm thinking "tough battle with potential explosive power when one side wins". Conversely, large bodies with high DV% mean that large volume is breaching through multiple levels, or that nobody is suddenly willing to take the other side of a normal volume of trades.
I find the POC lines really interesting. First, they tell us the price point where the most significant action (taking into account both price occurrences AND volume) during the bar occurred. Second, they can be useful when compared against past values. Third, their color helps us in figuring out which ones are the most significant. Unsurprisingly, bunches of orange POCs tend to appear in consolidation zones, in pauses, and before reversals. It may be useful to often focus more on POC progression than on `close` values. This is not to say that OHLC values are not useful; looking, as is customary, for higher highs or lower lows, or for repeated tests of precise levels can of course still be useful. I do like how POCs add another dimension to chart readings.
What should you do with the ticks delta above bars? Old-time ticker tape readers paid attention to the sounds coming from it (the "ticker" moniker actually comes from the sound they made). They knew activity was picking up when the frequency of the "ticks" increased. My thinking is that the total number of ticks will help you in the same way, since increasing updates usually mean growing interest—and thus perhaps price movement, as increasing volatility or volume would lead us to surmise. Ticks delta can help you figure out when proportionally large, random orders come in from traders with other perspectives than the short-term price action you are typically working with when you use this tool. Just as volume delta, ticks delta are one more informational component that can help you confirm convergence when building your opinions on price action.
What are strong bars? They are an attempt to identify significance. They are like a default marker, except that instead of displaying "Mx▲/▼" below/above the bar, the candle's body is outlined in bright bull/bear color when one is detected. Strong bars require a respectable amount of conditions to be met (you can see and re-configure them in the inputs). Think of them as pushes rather than indications of an upcoming, strong and multi-bar move. Pushes do, for sure, often occur at the beginning of strong trends. You will often see a few strong bars occur at 2-3 bar intervals at the beginning or middle of trends. But they also tend to occur at tops/bottoms, which makes their interpretation problematic. Another pattern that you will see quite frequently is a final strong bar in the direction of the trend, followed a few bars later by another strong bar in the reverse direction. My summary analyses seemed to indicate these were perhaps good points where one could make a bet on an early, risky reversal entry.
The last piece of information displayed by the indicator is the color of the candle bodies. Three possible colors are used. Bull/bear is determined by the polarity of DV, but only when the bar's polarity matches that of DV. When it doesn't, the color is the divergence color (orange, by default). Whichever color is used for the body, its intensity is determined by the DV% value. Maximum intensity occurs when DV%=100, so the more significant DV% values generate more noticeable colors. Body colors can be useful when looking to confirm the convergence of other components. The visual effect this creates hopefully makes it easier to detect patterns on the chart.
One obvious methodology that comes to mind to trade with this tool would be to use another indicator like Technical Ratings at a higher timeframe to identify the larger context's trend, and then use this tool to identify entries for short-term trades in that direction.
█ NOTES AND RAMBLINGS
Instant Calculations
This indicator uses instant values calculated on the bar only. No moving averages or calculations involving historical periods are used. The only exception to this rule is in some of the marker conditions like "Two consecutive DV+ values", where information from the previous bar is used.
Trading Small vs Long Timeframes
I never trade discretionary at the 5sec–5min timeframes this indicator was designed to be used with; I trade discretionary at 1D, 1W and 1M timeframes, and let systems trade at smaller timeframes. The higher the timeframe you trade at, the fewer fees you will pay because you trade less and are not churning trading volume, as is inevitable at smaller timeframes. Trading at higher timeframes is also a good way to gain an instant edge on most of the trading crowd that has its nose to the ground and often tends to forget the big picture. It also makes for a much less demanding trading practice, where you have lots of time to research and build your long-term opinions on potential future outcomes. While the future is always uncertain, I believe trades riding on long-term trends have stronger underlying support from the reality outside markets.
To traders who will ask why I publish an indicator designed for small timeframes, let me say that my main purpose here is to showcase what can be done with Pine. I often see comments by coders who are obviously not aware of what Pine is capable of in 2021. Since its humble beginnings seven years ago, Pine has grown and become a serious programming language. TradingView's growing popularity and its ongoing commitment to keep Pine accessible to newcomers to programming is gradually making Pine more and more of a standard in indicator and strategy programming. The technical barriers to entry for traders interested in owning their trading practice by developing their personal tools to trade have never been so low. I am also publishing this script because I value volume delta information, and I present here what I think is an original way of analyzing it.
Performance
The script puts a heavy load on the Pine runtime and the charting engine. After running the script for a while, you will often notice your chart becoming less responsive, and your chart tab can take longer to activate when you go back to it after using other tabs. That is the reason I encourage you to set the number of historical values displayed on bars to the minimum that meets your needs. When your chart becomes less responsive because the script has been running on it for many hours, refreshing the browser tab will restart everything and bring the chart's speed back up. You will then lose the information displayed on elapsed bars.
Neutral Volume
This script represents a departure from the way I have previously calculated volume delta in my scripts. I used the notion of "neutral volume" when inspecting intrabar timeframes, for bars where price did not move. No longer. While this had little impact when using intrabar inspection because the minimum usable timeframe was 1min (where bars with zero movement are relatively infrequent), a more precise way was required to handle realtime updates, where multiple consecutive prices often have the same value. This will usually happen whenever orders are unable to move across the bid/ask levels, either because of slow action or because a large-volume bid/ask level is taking time to breach. In either case, the proper way to calculate the polarity of volume delta for those updates is to use the last known polarity, which is how I calculate now.
The Order Book
Without access to the order book's levels (the depth of market), we are limited to analyzing transactions that come in the TradingView feed for the chart. That does not mean the volume delta information calculated this way is irrelevant; on the contrary, much of the information calculated here is not available in trading consoles supplied by exchanges/brokers. Yet it's important to realize that without access to the order book, you are forfeiting the valuable information that can be gleaned from it. The order book's levels are always in movement, of course, and some of the information they contain is mere posturing, i.e., attempts to influence the behavior of other players in the market by traders/systems who will often remove their orders when price comes near their order levels. Nonetheless, the order book is an essential tool for serious traders operating at intraday timeframes. It can be used to time entries/exits, to explain the causes of particular price movements, to determine optimal stop levels, to get to know the traders/systems you are betting against (they tend to exhibit behavioral patterns only recognizable through the order book), etc. This tool in no way makes the order book less useful; I encourage all intraday traders to become familiar with it and avoid trading without one.
Bollinger Band Width PercentileIntroducing the Bollinger Band Width Percentile
Definitions :
Bollinger Band Width Percentile is derived from the Bollinger Band Width indicator.
It shows the percentage of bars over a specified lookback period that the Bollinger Band Width was less than the current Bollinger Band Width.
Bollinger Band Width is derived from the Bollinger Bands® indicator.
It quantitatively measures the width between the Upper and Lower Bands of the Bollinger Bands.
Bollinger Bands® is a volatility-based indicator.
It consists of three lines which are plotted in relation to a security's price.
The Middle Line is typically a Simple Moving Average.
The Upper and Lower Bands are typically 2 standard deviations above, and below the SMA (Middle Line).
Volatility is a statistical measure of the dispersion of returns for a given security or market index, measured by the standard deviation of logarithmic returns.
The Broad Concept :
Quoting Tradingview specifically for commonly noted limitations of the BBW indicator which I have based this indicator on....
“ Bollinger Bands Width (BBW) outputs a Percentage Difference between the Upper Band and the Lower Band.
This value is used to define the narrowness of the bands.
What needs to be understood however is that a trader cannot simply look at the BBW value and determine if the Band is truly narrow or not.
The significance of an instruments relative narrowness changes depending on the instrument or security in question.
What is considered narrow for one security may not be for another.
What is considered narrow for one security may even change within the scope of the same security depending on the timeframe.
In order to accurately gauge the significance of a narrowing of the bands, a technical analyst will need to research past BBW fluctuations and price performance to increase trading accuracy. ”
Here I present the Bollinger Band Width Percentile as a refinement of the BBW to somewhat overcome the limitations cited above.
Much of the work researching past BBW fluctuations, and making relative comparisons is done naturally by calculating the Bollinger Band Width Percentile.
This calculation also means that it can be read in a similar fashion across assets, greatly simplifying the interpretation of it.
Plotted Components of the Bollinger Band Width Percentile indicator :
Scale High
Mid Line
Scale Low
BBWP plot
Moving Average 1
Moving Average 2
Extreme High Alert
Extreme Low Alert
Bollinger Band Width Percentile Properties:
BBWP Length
The time period to be used in calculating the Moving average which creates the Basis for the BBW component of the BBWP.
Basis Type
The type of moving average to be used as the Basis for the BBW component of the BBWP.
BBWP Lookback
The lookback period to be used in calculating the BBWP itself.
BBWP Plot settings
The BBWP plot settings give a choice between a user defined solid color, and a choice of "Blue Green Red", or "Blue Red" spectrum palettes.
Moving Averages
Has 2 Optional User definable and adjustable moving averages of the BBWP.
Visual Alerts
Optional User adjustable High and low Signal columns.
How to read the BBWP :
A BBWP read of 95 % ... means that the current BBW level is greater than 95% of the lookback period.
A BBWP read of 5 % .... means that the current BBW level is lower than 95% of the lookback period.
Proposed interpretations :
When the BBWP gets above 90 % and particularly when it hits 100% ... this can be a signal that volatility is reaching a maximum and that a macro High or Low is about to be set.
When the BBWP gets below 10 % and particularly when it hits 0% ...... this can be a signal that volatility is reaching a minimum and that there could be a violent range breakout into a trending move.
When the BBWP hits a low level < 5 % and then gets above its moving average ...... this can be an early signal that a consolidation phase is ending and a trending move is beginning.
When the BBWP hits a high level > 95 % and then falls below its moving average ... this can be an early signal that a trending move is ending and a consolidation phase is beginning.
Essential knowledge :
The BBWP was designed with the daily timeframe in mind, but technical analysists may find use for it on other time frames also.
High and Low BBWP readings do not entail any direction bias.
Deeper Concepts :
In finance, “mean reversion” is the assumption that a financial instrument's price will tend to move towards the average price over time.
If we apply that same logic to volatility as represented here by the Bollinger band width percentile, the assumption is that the Bollinger band width percentile will tend to contract from extreme highs, and expand from extreme lows over time corresponding to repeated phases of contraction and expansion of volatility.
It is clear that for most assets there are periods of directional trending behavior followed by periods of “consolidation” ( trading sideways in a range ).
This often ends with a tightening range under reducing volume and volatility ( popularly known as “the squeeze” ).
The squeeze typically ends with a “breakout” from the range characterized by a rapid increase in volume, and volatility when price action again trends directionally, and the cycle repeats.
Typical Use Cases :
The Bollinger Band Width Percentile may be especially useful for Options traders, as it can provide a bias for when Options are relatively expensive, or inexpensive from a Volatility (Vega) perspective.
When the Bollinger Band Width Percentile is relatively high ( 85 percentile or above ) it may be more advantageous to be a net seller of Vega.
When the Bollinger Band Width Percentile is relatively low ( 15 percentile or below ) it may be advantageous to be net long Vega.
Here we examine a number of actionable signals on BTCUSD daily timeframe using the BBWP and a momentum oscillator ( using the TSI here but can equally be used with Bollinger bands, moving averages, or the traders preferred momentum oscillator ).
In this first case we will examine how a spot trader and an options trader could each use a low BBWP read to alert them to a good potential trade setup.
note: using a period of 30 for both the Bollinger bands and the BBWP period ( approximately a month ) and a BBWP lookback of 350 ( approximately a year )
As we see the Bollinger Bands have gradually contracted while price action trended down and the BBWP also fell consistently while below its moving average ( denoting falling volatility ) down to an extremely low level <5% until it broke above its moving average along with a break of range to the upside ( signaling the end of the consolidation at a low level and the beginning of a new trending move to the upside with expanding volatility).
In this next case we will continue to follow the price action presuming that the traders have taken or locked in profit at reasonable take profit levels from the previous trade setup.
Here we see the contraction of the Bollinger bands, and the BBWP alongside price action breaking below the BB Basis giving a warning that the trending move to the upside is likely over.
We then see the BBWP rising and getting above its moving average while price action fails to get above the BB Basis, likewise the TSI fails to get above its signal line and actually crosses below its zeroline.
The trader would normally take this as a signal that the next trending move could be to the downside.
The next trending move turns out to be a dramatic downside move which causes the BBWP to hit 100% signaling that volatility is likely to hit a maximum giving good opportunities for profitable trades to the skilled trader as outlined.
Limitations :
Here we will look at 2 cases where blindly taking BBWP signals could cause the trader to take a failed trade.
In this first example we will look at blindly taking a low volatility options trade
Low Volatility and corresponding low BBWP levels do not automatically mean there has to be expansion immediately, these periods of extreme low volatility can go on for quite some time.
In this second example we will look at blindly taking a high volatility spot short trade
High volatility and corresponding high BBWP levels do not automatically mean there has to be a macro high and contraction of volatility immediately, these periods of extreme high volatility can also go on for quite some time, hence the famous saying "The trend is your friend until the end of the trend" and lesser well known, but equally valid saying "never try to short the top of a parabolic blow off top"
Markets are variable and past performance is no guarantee of future results, this is not financial advice, I am not a financial advisor.
Final thoughts
The BBWP is an improvement over the BBW in my opinion, and is a novel, and useful addition to a Technical Analysts toolkit.
It is not a standalone indicator and is meant to be used in conjunction with other tools for direction bias, and Good Risk Management to base sound trades off.
John Bollinger has suggested using Bolliger bands, and its related indicators with two or three other non-correlated indicators that provide more direct market signals.
He believes it is crucial to use indicators based on different types of data.
Some of his favored technical techniques are moving average divergence/convergence (MACD), on-balance volume and relative strength index (RSI).
Thanks
Massive respect to John Bollinger, long-time technician of the markets, and legendary creator of both the Bollinger Bands® in the 1980´s, and the Bollinger band Width indicator in 2010 which this indicator is based on.
His work continues to inspire, decades after he brought the original Bollinger Bands to the market.
Much respect also to Eric Crown who gave me the fundamental knowledge of Technical Analysis, and Options trading.
Tape [LucF]█ OVERVIEW
This script prints an ersatz of a trading console's "tape" section to the right of your chart. It displays the time, price and volume of each update of the chart's feed. It also calculates volume delta for the bar. As it calculates from realtime information, it will not display information on historical bars.
█ FEATURES
Calculations
Each new line in the tape displays the last price/volume update from the TradingView feed that's building your chart. These updates do not necessarily correspond to ticks from the originating broker/exchange's matching engine. Multiple broker/exchange ticks are often aggregated in one chart update.
The script first determines if price has moved up or down since the last update. The polarity of the price change, in turn, determines the polarity of the volume for that specific update. If price does not move between consecutive updates, then the last known polarity is used. Using this method, we can calculate a running volume delta accumulation for the bar, which becomes the bar's final volume delta value when the bar closes (you can inspect values of elapsed realtime bars in the Data Window or the indicator's values). Note that these values will all reset if the script re-executes because of a change in inputs or a chart refresh.
While this method of calculating volume delta is not perfect, it is currently the most precise way of calculating volume delta available on TradingView at the moment. Calculating more precise results would require scripts to have access to bid/ask levels from any chart timeframe. Charts at seconds timeframes do use exchange/broker ticks when the feeds you are using allow for it, and this indicator will run on them, but tick data is not yet available from higher timeframes, for now. Also note that the method used in this script is far superior to the intrabar inspection technique used on historical bars in my other "Delta Volume" indicators. This is because volume delta here is calculated from many more realtime updates than the available intrabars in history.
Inputs
You can use the script's inputs to configure:
• The number of lines displayed in the tape.
• If new lines appear at the top or bottom.
• If you want to hide lines with low volume.
• The precision of volume values.
• The size of the text and the colors used to highlight either the tape's text or background.
• The position where you want the tape on your chart.
• Conditions triggering three different markers.
Display
Deltas are shown at the bottom of the tape. They are reset on each bar. Time delta displays the time elapsed since the beginning of the bar, on intraday timeframes only. Contrary to the price change display by TradingView at the top left of charts, which is calculated from the close of the previous bar, the price delta in the tape is calculated from the bar's open, because that's the information used in the calculation of volume delta. The time will become orange when volume delta's polarity diverges from that of the bar. The volume delta value represents the current, cumulative value for the bar. Its color reflects its polarity.
When new realtime bars appear on the chart, a ↻ symbol will appear before the volume value in tape lines.
Markers
There are three types of markers you can choose to display:
• Marker 1 on volume bumps. A bump is defined as two consecutive and increasing/decreasing plus/minus delta volume values,
when no divergence between the polarity of delta volume and the bar occurs on the second bar.
• Marker 2 on volume delta for the bar exceeding a limit of your choice when there is no divergence between the polarity of delta volume and the bar. These trigger at the bar's close.
• Marker 3 on tape lines with volume exceeding a threshold. These trigger in realtime. Be sure to set a threshold high enough so that it doesn't generate too many alerts.
These markers will only display briefly under the bar, but another marker appears next to the relevant line in the tape.
The marker conditions are used to trigger alerts configured on the script. Alert messages will mention the marker(s) that triggered the specific alert event, along with the relevant volume value that triggered the marker. If more than one marker triggers a single alert, they will overprint under the bar, which can make it difficult to distinguish them.
For more detailed on-chart analysis of realtime volume delta, see my Delta Volume Realtime Action .
█ NOTES FOR CODERS
This script showcases two new Pine features:
• Tables, which allow Pine programmers to display tabular information in fixed locations of the chart. The tape uses this feature.
See the Pine User Manual's page on Tables for more information.
• varip -type variables which we can use to save values between realtime updates.
See the " Using `varip` variables " publication by PineCoders for more information.
(JS) Triple StochasticSo I ended up adding a ton of stuff to my prior Double Stochastic script which you can see here .
The concept of the Double was to smooth out the existing Stochastic by applying a Stochastic to the existing Stochastic (hence the Double). My concept for the Triple Stochastic is much different. It combines a regular stochastic, stochastic RSI, and the double stochastic to get a smoothed output based on all 3.
Also - since I love being able to see a Squeeze (see my Squeeze Pro indicators - Squeeze Pro 2 & Squeeze Pro Overlays ) I added the Squeeze to the Stochastic (the dots). If you're unfamiliar with how a Squeeze works, or what it is, check out my links for explanation. A quick explanation however is that the Squeeze is an indicator that was invented by John Carter that detects price compression before a big move out of a range. This is done by using Bollinger Bands and Keltner Channels, the BB shrink inside the KC. The color of the dots represent the depth of the BB in the KC, white (or black) being the lightest squeeze, red being the standard squeeze, and yellow being the strongest squeeze. Now on to the indicator:
The first thing you'll notice is the options available for the type of Stochastic you'd like to use:
Standard : This is a regular Stochastic
Stochastic RSI : This is the standard Stochastic RSI
Double : This is the Stochastic on top of a Stochastic from the prior version
Triple : This is simply an average of all 3 of the above combined together
(Top indicator shows the Triple Stochastic)
The options "K", "D", and "Smooth" are the settings from a regular Stochastic used to set up the type of Stochastic you choose to use.
Now let's say you're not sure how one type performs compared to another, or you like the quickest momentum change but also like to see the smoothest trend, or you want to use the same types of Stochastic and watch for them to cross like moving averages - for these reasons I added the ability to add a second Stochastic for comparison.
(2nd indicator shows a fast and slow Triple Stochastic together)
Quite obviously, the "K 2", "D 2", and "Smooth 2" are what is used in order to set the parameters for the second Stochastic.
Now another thing I added was the option to replace the regular Stochastic and instead look at the distance between the K and D. By turning off "Use K% and D%" you get to see this in action. To put it simply, a cross above zero would indicate a positive Stochastic crossover, and a cross below zero would represent the opposite. There's also an option titled "SMA Length using Difference" which, to smooth this out a bit, allows you to apply a moving average to the distance. By setting it at 1 you'd see the actual distance between K and D.
(3rd indicator shows the K and D distance used as a plot)
Another thing I wanted to do was add a different type of background that wasn't based on the indicator itself. I decided to use ADX & DMI which is a great way to determine the trend. When you select "ADX/DMI BG" the BG colors will change from being based on the indicator to being based on ADX and DMI.
(The 3rd indicator also shows the ADX/DMI BG being used).
And now finally the last feature I decided to add takes us back to the Squeeze. Essentially it is just the Stochastic shown through the lens of Squeeze momentum, as I ended up plugging the Stochastic output into the Squeeze momentum formula to create an oscillator. By selecting "Use Oscillator" you will see this in action as well.
(Bottom indicator shows the oscillator addition)
Arah LilinThis indicator is made to see the trend of candle movement.
there are three lines namely top, middle, and bottom.
the top and bottom lines are made using the Keltner channel indicator and the middle line is made using the exponential moving average indicator.
there is a forecast point for the midline to determine the future movement of the candle.
however, it must be used with reason and other analysis to strengthen the point of prediction.
how to use: (approximately the same as the Bollinger band indicator and Keltner channel)
1. look at the direction of movement of the candle
2. Determine the direction using this indicator and your analysis techniques
Speculation Ratio TerritorySpeculation Ratio Territory
It is used to find the Index Top or Bottom which will define the buying and selling zone.
It should be checked on a weekly chart.
Example : As Nifty Trades around 248 days in a year.
So, 248/2 = 124
Now Use 124 DSMA on weekly chart.
Suppose Nifty 124 DSMA is @16000 and Current Market Price is 16500, then
SRT = 16500/16000 = 1.031
Top SRT of Nifty = 1.55
Bottom SRT of Nifty = 0.55
One should start investing when SRT value is between 0.55 to 0.75
And exit when SRT value is between 1.30 to 1.55
0.55 to 0.75 --> ENTER (Green Zone)
0.75 to 1.30 --> HOLD (Blue Zone)
1.30 to 1.55 --> EXIT (Red Zone)
Credit for DSMA Script : //Deviation Scaled Moving Average by John Ehlers
Volume Buzz 2.0Volume Buzz/Volume Run Rate as seen on TC2000 and MarketSmith respectively.
Basically, the volume buzz tells you what percentage over average(100 time period moving average) the volume traded was. You can use this indicator to more readily identify above-average trading volume and accumulation days on charts. The percentage will show up in the top left corner, make sure to click the settings button and uncheck the second box(left of plot) in order to get rid of the chart line.
Pictured above, a chart with the volume on the bottom along with the 50-day moving average applied to volume. As you can see in the top left it will tell you the "volume buzz" of that day, telling you what days were on above-average volume and how above-average those days were.
Camarilla screenerBasic script to screen up to 10 tickers with regards to their central pivot range and camarilla pivots.
Same color layout as the Danarilla script ().
The colors in the screener mean the following:
Blue : bar close price is > H4 or < L4
Red : bar close price is < H3 and > CPR top
Fuchsia : bar close price is < CPR top and > CPR bottom
Green : bar close price is < CPR bottom and > L3
No color means it is between H4/H3 or L3/L4
Resolution can be changed for the calculation of the pivots.
Script contains snippets from other screeners and the Danarilla script so many thanks to all who publish their scripts.
IV Rank and Percentile"All stocks in the market have unique personalities in terms of implied volatility (their option prices). For example, one stock might have an implied volatility of 30%, while another has an implied volatility of 50%. Even more, the 30% IV stock might usually trade with 20% IV, in which case 30% is high. On the other hand, the 50% IV stock might usually trade with 75% IV, in which case 50% is low.
So, how do we determine whether a stock's option prices (IV) are relatively high or low?
The solution is to compare each stock's IV against its historical IV levels. We can accomplish this by converting a stock's current IV into a rank or percentile.
Implied Volatility Rank (IV Rank) Explained
Implied volatility rank (IV rank) compares a stock's current IV to its IV range over a certain time period (typically one year).
Here's the formula for one-year IV rank:
(Current IV - 1 Year Low IV) / (1 Year High IV - 1 Year Low IV) * 100
For example, the IV rank for a 20% IV stock with a one-year IV range between 15% and 35% would be:
(20% - 15%) / (35% - 15%) = 25%
An IV rank of 25% means that the difference between the current IV and the low IV is only 25% of the entire IV range over the past year, which means the current IV is closer to the low end of historical levels of implied volatility.
Furthermore, an IV rank of 0% indicates that the current IV is the very bottom of the one-year range, and an IV rank of 100% indicates that the current IV is at the top of the one-year range.
Implied Volatility Percentile (IV Percentile) Explained
Implied volatility percentile (IV percentile) tells you the percentage of days in the past that a stock's IV was lower than its current IV.
Here's the formula for calculating a one-year IV percentile:
Number of trading days below current IV / 252 * 100
As an example, let's say a stock's current IV is 35%, and in 180 of the past 252 days, the stock's IV has been below 35%. In this case, the stock's 35% implied volatility represents an IV percentile equal to:
180/252 * 100 = 71.42%
An IV percentile of 71.42% tells us that the stock's IV has been below 35% approximately 71% of the time over the past year.
Applications of IV Rank and IV Percentile
Why does it help to know whether a stock's current implied volatility is relatively high or low? Well, many traders use IV rank or IV percentile as a way to determine appropriate strategies for that stock.
For example, if a stock's IV rank is 90%, then a trader might look to implement strategies that profit from a decrease in the stock's implied volatility, as the IV rank of 90% indicates that the stock's current IV is at the top of its range over the past year (for a one-year IV rank).
On the other hand, if a stock's IV rank is 0%, then traders might look to implement strategies that profit from an increase in implied volatility, as the IV rank of 0% indicates the stock's current implied volatility is at the bottom of its range over the past year."
This script approximates IV by using the VIX products, which calculate the 30-day implied volatility of the specified security.
*Includes an option for repainting -- default value is true, meaning the script will repaint the current bar.
False = Not Repainting = Value for the current bar is not repainted, but all past values are offset by 1 bar.
True = Repainting = Value for the current bar is repainted, but all past values are correct and not offset by 1 bar.
In both cases, all of the historical values are correct, it is just a matter of whether you prefer the current bar to be realistically painted and the historical bars offset by 1, or the current bar to be repainted and the historical data to match their respective price bars.
As explained by TradingView,`f_security()` is for coders who want to offer their users a repainting/no-repainting version of the HTF data.
StochRSI x RSI x CCI x EMAsWanted to put this out there. Kind of a rough explanation but basically I wanted to build an indicator that takes out emotions and is easy to read. The indicator is basically RSI, stochRSI, CCI, and EMAs into an easy to read package. The traffic lights at the end will tell you if stochRSI/RSI and price action above according to EMA ribbon are in agreement. RSI with a period of 2 also always seemed very useful to me but it was just extremely distracting to look at it. I tried to make many rules in this indicator to find as much confluence between RSI, stochRSI, CCI, and EMAs to help you make better decisions. What is shown on the indicator is not necessarily a buy/sell signal. It should be seen as a way to view strength of price and possible momentum changes.
I find that one of the biggest distractions of indicators is taking your eyes off what is really happening at the chart above. This indicator uses popular and well used tools and helps you to get an easier visual of what is happening.
Purple lines at top and bottom: Short RSI ob/os
Red/orange and blue/green lines at top and bottom: When stochRSI kd and CCI also crosses +/- 100 or 200
Blue background: when stochRSI k > d and short RSI crosses above 30
Red background: when stochRSI k < d and short RSI crosses below 70
Green crosses: StochRSI is above 80 and making higher highs
Red X crosses: StochRSI is below 20 and making lower lows
Red/green fill of stochRSI and purple/blue dots on RSI: When short RSI and stochRSI are both ob/os
Red/green fill of RSI: Green when Long rsi > 50, red when Long rsi < 50
60/40 lines: Possible support/resistance for RSI
Traffic lights
1st light: Long RSI > EMA and stoch RSI k>d or vice versa
2nd light: Price above EMA 1 and 2 or vice versa
3rd light: when lights 1 and 2 are in agreement
Hope you enjoy!
Tweezers and Kangaroo TailHello Traders,
Here Tweezers and Kangaroo Tail script is in your service. The script searches for Tweezer / Kangaroo Tail candlestick patterns and shows them as T (Tweezer) and K (Kangaroo Tail). Thanks to RorschachT who game me the idea and some details while working on this script.
What are these candlestick patterns?
Tweezers :
- A tweezers pattern occurs when the highs/Lows of two candlesticks occur at almost exactly the same level
- Both candles must have wicks
- Bigger Wick / Smaller Wick rate should not be greater than 150% ( 150% by default and you have option to change it)
- First Candle must be highest/lowest for last 5 candles (5 by default and you have option to change it)
- The level of High for Top, Low for Bottom must be almost lower than 20% of the bigger wick of tweezer candles (20% by default and you have option to change it)
- The Candles can be right next to each other or apart but not more than 12 candles apart (12 by default and you have option to change it)
- You will see that Tweezers pattern occurs frequently
Kangaroo Tail:
- Looks almost like a Hammer or Inverted Hammer candle
- They have both its open and close in the top or bottom third of the candle
- There must be some space/room on the left of the kangaroo tail
- The open and close of the Kangaroo Tail candle must be inside the range of the previous candlestick
- The next candle should create a new high or new low
- You have several options to set details about the "Room" that should be on the left and also options for Wick/Body rates
- You can see example below
You have option to enable/disable any of these patterns.
as far as I have tested they are strong reversal patterns but none of the indicators or patterns may not be enough alone. so you should confirm the signals using other indicators or tools
If you need more information you can find a lot of info on the net ;)
Example: Tweezers - Aparted
Example: Kangaroo Tail - Bullish
Enjoy!
Adoptive Supertrend - BandsAnother adoption of supertrend. This time based on different channels - Bollinger Band, Keltner Channel, Donchian Channel and Pivot point based Donchian channel.
When price hits top of bands, it is considered as start or continuation of uptrend. When price hits bottom of the band it is considered as start or continuation of downtrend. Hence, supertrend is drawn based on these calculations. Use ATR Periods and ATR Multiplier to create stops certain ATR away from band's top and bottom.
Other supertrend adoptions published are here:
Pivot point based donchian channel is published here:
TTC: Triangular Trend ChannelTTC: Triangular Trend Channel is a script to dynamically create a trend channel on the move. It uses open, high, low, close, simple moving average inputs for it's plot lines.
Default color coded in top to bottom price order:
green = top
orange
blue
white = center (9sma)
purple
yellow
red = bottom
The base sma is 9, but all default settings can be changed to suit your needs in the dialogue box. Depending on the time frame chart, you can dial in the accuracy by adjusting the default settings.
Do your own due diligence, your risk is 100% your responsibility. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Small incremental steps work : If you double a penny for a month it = $5,368,709. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, risk management
Beware of analysts motives
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
www.tradingview.com
RSI Stochastic AlignmentRSI Stochastic Alignment input RSI and Stochastic into 1 windows and align them to find bullish and bearish divergence.
A. The Line display in windows:
1. Fast RSI (green line) is RSI(close,3)
2. Slow Rsi (red line) is Linear Regession of Fast RSI with 5 period and offset 0 = linreg(rsi,5,0)
3. Fast Stochastic (blue line) is %K of Stochastic
4. Slow Stochastic (aqua line) is %D of Stochastic
B. Alignment and Divergence Detect
1. Bearish Divergence:
* Slow RSI at top
* Fast Stochastic at bottom
* Fast RSI over overbought level (default = 70)
* Slow Stochastic under overbought level minus a constant value (Divergence Power value, default this value = 1)
2. Bullish Divergence:
* Fast Stochastic at top
* Slow RSI at bottom
* Fast RSI under oversold level (default = 30)
* Slow Stochastic over oversold level plus a constant value (Divergence Power value, default this value = 1)
C. Script Option
1. RSI value adjustable
2. Stochastic value adjustable
3. Overbought and Oversold Level adjustable
4. Enable/Disable Level line
5. Enable/Disable Divergence Column
6. Enable/Disable Key Bar Colored
Simple Candle Info This script shows the following simple information about the last candle:
- Candle size
- Body size included %
- Top Wick size
- Bottom Wick size
- Top Wick + Body size
- Bottom Wick + Body size
You can change:
- colors and position for labels
- add information for previous candle too
- change language
Everything RSIThis indicator includes:
RSI Candles set to the default 14 length (un check Borders in the Style tab to see the candlesticks better)
I like using the wicks as an early warning for a possible trend change, which is generally in the opposite direction of the wicks.
It's also easier for me to draw trend lines using the RSI Candles vs the rsi plot line.
40 ema of the RSI Candles
2nd RSI set to the 20 length , which plots just inside the wicks of the RSI Candles. This RSI also highlights Oversold and Overbought levels.
I sometimes leave the RSI Candle Borders checked and use the 20 RSI plot with the wicks of the RSI Candles
Signals to look for Short or Long opportunities , which use the 5 sma of the RSI Candles crossing under the overbought and over the
oversold levels. If you'd like to plot the 5 sma, remove the // at the beginning of the code on line 72.
3nd RSI set to the default 14 length which can be set to a different timeframe as the current chart. Default setting is the 1h.
This RSI plots a + at the top of the indicator when it's above the 50 level and an x at the bottom of the indicator when it's below the 50 level.
For me, this is just a visual aid when I'm scalping on lower timeframes.
If the 1h RSI is above the 50 level, I focus on long scalps. If the 1h RSI is below the 50 level, I focus on short scalps.
RSI Cloud which is formed by filling in the area between the 14 ema of both the 7 RSI and 28 RSI.
I used part of @FnM_Capital 's Trend-Sniper script for my RSI Candles. Thank you! You're extremely talented and deserve all of the credit for your work.
I'd also like to thank @SeanNance for answering all of my random coding questions!!!
I've added the indicator to the example twice to show a couple of the ways I view the RSI's.
The top indicator shows the RSI Candle Borders "un checked" and without the 2nd RSI plot.
The bottom indicator shows RSI Candle Borders "checked", using 2nd RSI plot with the RSI Candle Wicks.
Triple RSIThis idea behind this indicator was to show an un cluttered view of the RSI on 3 different timeframes. The RSI for the current chart highlights Lime/Red when it crosses the Overbought and Oversold levels, which are editable in the Inputs tab. RSI 2 defaults to the 1h timeframe and prints a lime dot at the top of the indicator when it's above the 50 level and a Red Dot at the bottom of the indicator when it's below the 50 level. It can also be viewed as a plot line that changes color when it's above or below the 50 level. RSI 3 defaults to the 4h timeframe and prints a blue square at the top of the indicator when it's above the 50 level and an orange square at the bottom of the indicator when it's below the 50 level. It also can be viewed as a plot line that changes color when it's above or below the 50 level.
I've added the indicator multiple times to show a few of the different viewing options, with the default settings at the very bottom.
High and Low Checker
GBPUSD / 3m
BTCUSD / 5m
This is an indicator used to know the tops and bottoms of the market.
The logic is simple.
1. find out whether the current price is above or below the past by a very slow stoch.
2. Find out if the RSI is overbought or oversold.
3. Combine these two conditions and find out if the current price is tops or bottoms than it was in the past.
Appropriate settings will vary depending on the market and the time frame. Try changing various settings!
It is also not useful in markets that are experiencing a very strong trend.
For this case, we have chosen to display overshoot.
日本語
これは相場の天井と底をスナイプするために作ったインジケーターです。
ロジックはいたってシンプルです。
1. 非常に期間の長いStochを使い現在の価格が、過去から見て上か下に位置するのかを判断します。
2. RSIの買われすぎ、売られ過ぎを判断します。
3. この2つを組み合わせます。価格帯が上に位置する場合買われ過ぎが有効になり、価格帯が下に位置する場合売られ過ぎが有効になります。
銘柄や時間軸によって適切な設定値が変わると思うので、色々と試してみて下さい。
また、非常に強いトレンドが発生している相場では基本的に役に立ちません。
その場合のために、オーバーシュート（×マーク）を表示するようにしているので、参考にして下さい。
Standard deviation zones Support & Resistance [LM]Hi Guy,
I would like to introduce you Standard deviation zones Support & Resistance horizontals. It draws line horizontals on high and low st dev zone. The colors are dynamic depending whether price is below or above the line.
Credit is due to @Zeiierman for st dev zone calculation so shout out to him.
There are various sections in setting:
general setting where you can select source for zone calculation
tops setting
bottom setting
show and hide section of the first timeframe
show and hide section of the second timeframe
Be aware that when new zone starts and is not finished yet than the top will trail the high of unfinished zone that could be also at the high of current candle and next candle it can change
Any suggestions are welcomed
