OPEN-SOURCE SCRIPT
Symbolik Sequential
Updated
The Symbolik Sequential indicator aims to identify potential trend exhaustion points and trend reversals in the market. It consists of two main components: Setup and Countdown.
Setup:
A bullish setup occurs when there are 9 consecutive closes lower than the close 4 bars earlier.
A bearish setup occurs when there are 9 consecutive closes higher than the close 4 bars earlier.
When a setup is completed, it's called "perfected" and is shown as a triangle on the chart (green triangle for bullish, red for bearish).
Countdown:
Why it Signals:
How to Best Use It:
Setup Signals:
Countdown:
Conflicting Signals:
Setup:
A bullish setup occurs when there are 9 consecutive closes lower than the close 4 bars earlier.
A bearish setup occurs when there are 9 consecutive closes higher than the close 4 bars earlier.
When a setup is completed, it's called "perfected" and is shown as a triangle on the chart (green triangle for bullish, red for bearish).
Countdown:
- After a setup is perfected, a countdown begins.
- For a bullish countdown, it counts up to 13 when the close is lower than the low two bars earlier.
- For a bearish countdown, it counts up to 13 when the close is higher than the high two bars earlier.
- Countdown numbers are displayed on the chart (green at the bottom for bullish, red at the top for bearish).
Why it Signals:
- The indicator signals potential trend exhaustion and reversal points.
- A perfected setup (triangle) suggests that the current trend might be losing momentum.
- A completed countdown (reaching 13) indicates a higher probability of a trend reversal.
- Trend is weakening when both bearish and bullish countdowns are occurring at the same time.
How to Best Use It:
Setup Signals:
- When you see a green triangle (bullish setup), it might indicate a potential bottom. Consider looking for buying opportunities.
- When you see a red triangle (bearish setup), it might indicate a potential top. Consider looking for selling opportunities.
- However, don't rely solely on these signals; use them in conjunction with other technical analysis tools.
Countdown:
- As the countdown progresses, be increasingly cautious about the current trend.
- When the countdown reaches 13, it signals a high probability of a trend reversal. Consider closing positions or preparing for a potential reversal.
Conflicting Signals:
- The indicator doesn't show a bullish setup signal if there's an active bearish countdown, and vice versa. This helps avoid conflicting signals.
Release Notes
Added:Risk Level(circles):
- The Risk Level helps traders identify the maximum threshold that the price can reach before the reversal signal is invalidated.
- It can be used as a stop-loss level for trades taken based on the Countdown completion.
- Traders might look for additional confirmation when price approaches the Risk Level before entering a trade.
Countdown Deferral(+):
- The countdown has reached 13, but the trend may not be as strong as desired for a reversal signal
- There's a higher chance of the existing trend continuing
- They should wait for either the deferred state to resolve or for other confirming signals before making trading decisions
Chart:
- Updated chart picture to abide by House Rules
Release Notes
Updated ChartOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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