INVITE-ONLY SCRIPT
Overbalance
Updated
Overbalance script tracks trend moves and biggest corrections in those moves.
Based on last trend extreme value (low or high) it can draw line symbolizing correction equal to
the biggest correction in that trend. It can track up to 20 independent (both up and down) trends on one chart.
Overbalance method works on an assumption that trend continues until we have correction bigger than the biggest existing correction in that trend. Comparing the historically biggest correction with the current one can give a warning signal.
There are markets and instruments for which the size of corrections is repeated, and tracking corrections in the trend can be used to predict the trend change moment. - Just remember that if something happened in the past it is not guaranteed that it will happen again.
This script can be used by ANY user. You DO NOT NEED to have PRO or PREMIUM account to use it.
Script settings:
Trend min change [%] - Filter out price moves smaller than % of current price.
OB up - Showing overbalance in up trends
OB down - Showing overbalance in down trends
Historical with precision [%] - Showing corrections moves that were equal to biggest previous correction in that trend with a given (%) precision.
OB prediction up - Showing overbalance threshold in current up trends
OB prediction down - Showing overbalance threshold in current down trends
OB Exceeded - Showing broken overbalance thresholds
Arrows - Showing overbalance thresholds with an arrows
(with labels) - Showing labels over overbalance threshold arrows
Price line - It draws a line at the price level, under the arrows.
Troubleshooting:
In case of any problems, send error details to the author of the script.
Based on last trend extreme value (low or high) it can draw line symbolizing correction equal to
the biggest correction in that trend. It can track up to 20 independent (both up and down) trends on one chart.
Overbalance method works on an assumption that trend continues until we have correction bigger than the biggest existing correction in that trend. Comparing the historically biggest correction with the current one can give a warning signal.
There are markets and instruments for which the size of corrections is repeated, and tracking corrections in the trend can be used to predict the trend change moment. - Just remember that if something happened in the past it is not guaranteed that it will happen again.
This script can be used by ANY user. You DO NOT NEED to have PRO or PREMIUM account to use it.
Script settings:
Trend min change [%] - Filter out price moves smaller than % of current price.
OB up - Showing overbalance in up trends
OB down - Showing overbalance in down trends
Historical with precision [%] - Showing corrections moves that were equal to biggest previous correction in that trend with a given (%) precision.
OB prediction up - Showing overbalance threshold in current up trends
OB prediction down - Showing overbalance threshold in current down trends
OB Exceeded - Showing broken overbalance thresholds
Arrows - Showing overbalance thresholds with an arrows
(with labels) - Showing labels over overbalance threshold arrows
Price line - It draws a line at the price level, under the arrows.
Troubleshooting:
In case of any problems, send error details to the author of the script.
Release Notes
Package of improvements and bug fixes:- Table with all trends, overbalance values and fib retracements factors.
- Broken trends are marked in the table with the red background
- New settings section:
Table: Position - Defining place where table will be drawn
Text - Defining table text size
List of fields visible in the table:
From value - Showing price value at the start point of a trend.
From time - Showing for how many days this trend exist.
Fib. retr. max - Showing what was the maximal fibonacci retracement for this trend.
Fib. retr. cur - Showing fibonacci retracement value for the current price.
Fib retr. OB - Showing fibonacci retracement value for overbalance threshold.
Ob. distance - Showing price distance from the overbalance threshold.
Verify Fib retr with inaccuracy ‰ - Feature that is highlighting fibonacci retracement values having value around typical fibonacii value with the provided precision ( in ‰)
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Investor_R for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Want to use this script on a chart?
Warning: please read before requesting access.
To get access or report problem write on toolkit4trading@proton.me
More details on Website and Youtube.
More details on Website and Youtube.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.