OPEN-SOURCE SCRIPT
Predictive Candles Variety Pack [SS]
This indicator provides you with the ability to select from a variety of candle prediction methods.
It permits for:
👉 Traditional Linear Regression Candle Predictions
👉 Candle Predictions based on the underlying Stochastics
👉 Candle Predictions based on the underlying RSI
👉 Candle Predictions based on the underlying MFI
👉 Candle Predictions based on the EMA 9
👉 Candle Predictions based on ARIMA modelling
Which is best?
Each method serves its unique purpose.
Here are some general tips of which candles are better suited for what:
🎯Trend Following🎯
For Trend following, the EMA 9 would be an appropriate choice of candle as it helps you to identify the current trend and potential early pullbacks/reversals.
🎯Momentum Following🎯
Momentum following is best carried out with the Stochastics Candles.
🎯Pullback Determination🎯
Pullback Determination is best accomplished through the RSI candles, as the ranges compress or expand based on the current state of oversold/overboughtness.
🎯Detrended Range🎯
To see the detrended range of where the ticker should be falling, absent the trendy noise, it's best to use the ARIMA candles.
Other Features
👉 Other features include a Backtest option that can be toggled on or off and will backtest over the length of the assessment. I don't recommend leaving it on as it can be resource-heavy on Pinescript though.
👉 The ability to adjust the transparency of the candles if you want them to be more or less visible.
Troubleshooting Note
The ARIMA modeling version is extremely resource-heavy, as it has to fully develop an ARIMA model. I have tried to optimize it by reducing the lagged assessment to just 2 lags. If you are using a free or non-premium membership, you may need to reduce the length of the assessment.
And that's it! Pretty straightforward indicator.
Hope you enjoy it!
It permits for:
👉 Traditional Linear Regression Candle Predictions
👉 Candle Predictions based on the underlying Stochastics
👉 Candle Predictions based on the underlying RSI
👉 Candle Predictions based on the underlying MFI
👉 Candle Predictions based on the EMA 9
👉 Candle Predictions based on ARIMA modelling
Which is best?
Each method serves its unique purpose.
Here are some general tips of which candles are better suited for what:
🎯Trend Following🎯
For Trend following, the EMA 9 would be an appropriate choice of candle as it helps you to identify the current trend and potential early pullbacks/reversals.
🎯Momentum Following🎯
Momentum following is best carried out with the Stochastics Candles.
🎯Pullback Determination🎯
Pullback Determination is best accomplished through the RSI candles, as the ranges compress or expand based on the current state of oversold/overboughtness.
🎯Detrended Range🎯
To see the detrended range of where the ticker should be falling, absent the trendy noise, it's best to use the ARIMA candles.
Other Features
👉 Other features include a Backtest option that can be toggled on or off and will backtest over the length of the assessment. I don't recommend leaving it on as it can be resource-heavy on Pinescript though.
👉 The ability to adjust the transparency of the candles if you want them to be more or less visible.
Troubleshooting Note
The ARIMA modeling version is extremely resource-heavy, as it has to fully develop an ARIMA model. I have tried to optimize it by reducing the lagged assessment to just 2 lags. If you are using a free or non-premium membership, you may need to reduce the length of the assessment.
And that's it! Pretty straightforward indicator.
Hope you enjoy it!
Open-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.
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Disclaimer
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