Peak & Valley Levels [AlgoAlpha]The Peak & Valley Levels indicator is a sophisticated script designed to pinpoint key support and resistance levels in the market. By utilizing candle length and direction, it accurately identifies potential reversal points, offering traders valuable insights for their strategies.
Core Components:
Peak and Valley Detection: The script recognizes peaks and valleys in price action. Peaks (potential resistance levels) are identified when a candle is longer than the previous one, changes direction, and closes lower, especially on lower volume. Valleys (potential support levels) are detected under similar conditions but with the candle closing higher.
Color-Coded Visualization:
Red lines mark resistance levels, signifying peaks in the price action.
Green lines indicate support levels, representing valleys.
Dynamic Level Adjustment: The script adapts these levels based on ongoing market movements, enhancing their relevance and accuracy.
Rejection Functions:
Bullish Rejection: Determines if a candlestick pattern rejects a level as potential support.
Bearish Rejection: Identifies if a pattern rejects a level as possible resistance.
Usage and Strategy Integration:
Visual Aid for Support and Resistance: The indicator is invaluable for visualizing key market levels where price reversals may occur.
Entry and Exit Points: Traders can use the identified support and resistance levels to fine-tune entry and exit points in their trading strategies.
Trend Reversal Signals: The detection of peaks and valleys serves as an early indicator of potential trend reversals.
Application in Trading:
Versatile for Various Trading Styles: This indicator can be applied across different trading styles, including swing trading, scalping, or trend-following approaches.
Complementary Tool: For best results, it should be used alongside other technical analysis tools to confirm trading signals and strategies.
Customization and Adaptability: Traders are encouraged to experiment with different settings and timeframes to tailor the indicator to their specific trading needs and market conditions.
In summary, the Peak & Valley Levels by AlgoAlpha is a dynamic and adaptable tool that enhances a trader’s ability to identify crucial market levels. Its integration of candlestick analysis with dynamic level adjustment offers a robust method for spotting potential reversal points, making it a valuable addition to any trader's toolkit.
Candlestick analysis
Trailing Candle CounterThis script is for users who like to monitor and/or analyze a specified number of candles within the time the last candle closed. Al Brooks fans may enjoy this indicator.
While searching for an indicator that already had this functionality I found a script by @Steversteves which counted the candles/percentage within a set period of time. This let me know it could be done. In honor of Steversteves I kept the table the same colors - although, I added code to allow the table to be modified.
When opening the script the user will need to set a begin/end time to analyze – don't worry as you can set anything you want and it can be altered after the script is running.
This image shows the settings for a user to be able to set a begin time and have the indicator count all the candles from that time through to the current time and update at each candle close. The user can move the beginning time as needed. This is useful if the user is monitoring the length of a trend, wedge, channel, etc.:
If the indicator is in view and the beginning time is on the chart the user can select the table to view/select/change the beginning time.
This image shows the settings for a user to monitor the last set of candles since the last candle closed. This is useful if the user expects a pullback after a set number of candles or expects some alteration in a trend within a set number of candles. In this case the user setting is to watch five candles:
This setting is the reason for my creation of this indicator. This image shows the settings for a user to monitor two sets of candles. In this case an additional set of five candles has been added to the original set of five candles:
If one is watching for movements to last a certain number of bars when the first bar of the movement is exiting the background color the user can expect a change in the price momentum.
This image shows the same functionality as in Steversteves original script (although, I used almost none of his original code). The user can set a begin time and end time to analyze the number or red/green candles and the percentage of each within that time period.
If the indicator is in view and the beginning and end times are on the chart the user can select the table to view/select/change the times.
I hope you find this useful and if you have any questions/comments/suggestions for improvement please comment below.
Wave Reader v2.4.2 only GOLD/XAU/USD The WaveReader is an algorithm that works out a strategy using various indicators that have been reconfigured and as soon as certain areas/goals/triggers have been reached, this is visualized as a sell or buy signal (large triangles)
The indicator also uses the Smart Money Concept (Expo) by @Zeiierman which has been reconfigured and adapted from his open source code to perfectly fit the rest of the strategy.
The smart money concept refers to the idea that capital does not only exist in the form of financial resources, but also includes knowledge, experience and networks. In the context of investing, smart money means that investors not only provide money but also add value through their expertise, industry experience and strategic influence.
In the traditional sense, "dumb money" refers to investors who merely provide capital, without any specific knowledge or insight into the industry or company in which they are investing. In contrast, “smart money” refers to investors who not only contribute financial resources, but can also make an active contribution to the development of the company.
This concept is particularly relevant in venture capital and private equity circles, where startups and high-growth companies seek capital. Smart money investors bring not only their financial support, but also their industry-specific know-how, relationships and experience. This can help companies make strategic decisions, optimize their business models and grow successfully.
Smart money can also be used in the trading environment to indicate experienced and knowledgeable investors who trade based not only on financial analysis but also on their deep understanding of the market, industry trends and fundamental business factors.
Overall, the Smart Money Concept represents a holistic approach to investments in which not only the capital but also the intellectual resources of investors can have a significant influence on the success of a company.
Of course, everything that was built into this indicator/algo will not be revealed, but there are countless hours of optimization in this project.
Explanation of the various components of the WaveReader:
WaveReader Confluence Box (CB)
The WaveReader Confluence Box is a Confluence for swing and day trading. It also confirms our one signal.
- If the price is above a newly opened CB, a long setup is confirmed.
- If the price is below a newly opened CB, a short setup is confirmed.
The WaveReader Cloud
WaveReader Cloud is our main trend.
WaveReader signals can be traded with or without confirmation.
However, the more confirmations we have, the more likely a successful setup will be.
- Green = Bullish Trend - Large Triangle (green)
- Red = Bearish Trend - Large Triangle (red)
- Gray = Neutral Trend - avoid new positions
The Waveline
The WaveReader Waveline is a trend confirmation. The waveline shows whether a trend is strong and serves as additional confirmation of a profitable setup.
Take trades when in bullish (green) or bearish (red), avoid new trades in neutral (black).
Re-entries and take profits
Re-entries and take profits are only displayed in the chart from the 1h time frame.
- Re-entry long position = small ▲ (green)
- Re-entry short position = small ▼ (red)
- Take profit in a long position = ⨯ (green)
- Take profit in a short position = ⨯ (red)
Additional features
- Display market structure (internal and swing).
- Display of order blocks (internal and swing).
- Display of fair value gaps (pre-filtered)
- Display EQ High Low
- Trailing Stop Loss
If you have any questions, please feel free to contact me
Price SandwichFor the script in question
This script acts as an indicator that a potential short term or long term trend reversal is coming. Note that not every candle can be used as an indication and the smaller ones tend to have little to no effect, however they can be used alongside orderblocks or future support/resistance areas.
The best timeframes I've found these to be useable are on the 1m, 2m, or second charts.
You may use this as an added confluence that a trend is ending either short term or long term.
You may also decide to use this with other indicators to build further confluence.
Note that this is just something I've noticed personally most likely does not apply to all trend reversals.
Some ideas on how to use it:
If you extend a rectangle out from the block itself, you can often find the next high or low overlaps with said rectangle.
They may also overlap with a fair value gap that could make that gap have more potential.
Hope this is of use and can help with that added confluence or early warning signal of a potential reversal. This should not be used alone and it's recommended to not use this as a surefire indication of whether to take a trade.//Krindler
Script Breakdown
//@version=5 // this makes the script v5 friendly
indicator("Price Sandwich", overlay=true) //makes this script an indicator, overlay=true to make it a part of the main chart
// User input for the highlight color
userColor = input(color.green, title="Highlight Color") //This allows you to choose what color you want the candle to be in the settings
//Function to check the custom candle pattern based on whether the candle is being englulfed by both preceding and latter candle.
isCustomPattern() => //let's me look for a custom candle pattern
high > high and high < high and low < low and low > low
//this checks the candle before and the candle after to check that the candle in the middle doesn't escape the range of the candle before, or the candle afters highs and lows thus making it a sandwiched candle.
//high > high and high < high and low < low and low > low basically says: candle 1 high must be greater than candle 2 high and candle 2 high must be less than candle 3 high and candle 1 low must be less than candle 2 low and candle 2 low must be greater than candle 3 low. Thus making sure that candle 2 is within the range of candle's 1 and 3 and doesn't have a high or low that is either above or below candle 1 and 3. 'and' is the operator to make sure that all of these values must be true in order for that candle to meet the criteria of getting colored.
// Apply bar color to Sandwiched candle if candle is found.
barcolor(isCustomPattern() ? userColor : na, offset=-1) //this targets the findings from isCustomPattern() and uses the user color chosen in settings and colors the middle bar by using offset=-1, otherwise it would color candle 3, so offset goes back 1 candle to color the middle candle.
If this script is already in circulation, please let me know and i'll remove it immediately. I checked but couldn't find one that did it.
No Wick Bull/Bear Candlesticks with Arrow premiumNo Wick Bull/Bear Candlesticks with Arrow premium
This script is for a custom trading indicator called "No Wick Bull/Bear Candlesticks with Arrow premium" developed by ClearTradingMind. It is designed for use with trading platforms that support scripting, such as TradingView. This indicator combines several technical analysis tools to help traders identify potential buy and sell signals in a financial market.
Key Components of the Indicator:
Moving Average (MA): The script allows users to select from various types of moving averages (SMA, EMA, HMA, etc.), which smooth out price data to identify trends. Users can set the length and type of the moving average.
Upper and Lower Bands: These bands are set at a specified deviation percentage above and below the chosen moving average. They help in identifying overbought and oversold conditions.
No Wick Bull/Bear Candlestick Identification:
Bullish Condition: A bullish candlestick is identified when the closing price is higher than the opening price, the low equals the open, and the close is above the moving average.
Bearish Condition: A bearish candlestick is identified when the closing price is lower than the opening price, the high equals the open, and the close is below the moving average.
No Wick: These conditions also imply that the candlesticks have no wicks, suggesting strong buying or selling pressure.
Arrows for Trading Signals:
No lower wick bull bar
No upper wick bear bar
When a bullish condition is met, a green upward-pointing triangle is plotted below the candlestick, indicating a potential buy signal.
When a bearish condition is met, a red downward-pointing triangle is plotted above the candlestick, indicating a potential sell signal.
EMA 20: An additional Exponential Moving Average with a length of 20 periods is plotted for further trend analysis.
Background Color Changes: The script changes the background color to blue if the EMA 20 is above the upper band, and to red if it is below the lower band, providing visual cues about the market trend.
How It Works:
Traders can input their preferences for the moving average type and length, source of the MA (like closing prices), and the deviation percentage for the bands.
The script then calculates the moving average, upper and lower bands, and checks for bullish or bearish candlestick conditions without wicks.
When such conditions are met, it plots arrows to suggest buy or sell signals.
The EMA 20 and background color changes offer additional trend information.
Usage:
This indicator is particularly useful in markets with clear trends. The no wick bull/bear candlesticks indicate strong buying or selling pressure, and the arrows provide clear visual signals for traders to consider entering or exiting positions. As with all trading indicators, it's recommended to use this tool in conjunction with other forms of analysis to confirm trading signals.
NAS100 - 5 Minute Opening Range with EMAsThis indicator is designed for traders who focus on the opening range breakout strategy and use EMAs as part of their trading decisions. The script markes the first 5 min opening candle and generates Buy and Sell signals calculating EMA.
Basic features are :
User Inputs: Allows users to enable/disable alerts and choose to display Exponential Moving Averages (EMAs) for 5, 20, and 50 periods.
Opening Range Calculation: It calculates the first five minutes of the trading day, adjusting for different chart timeframes.
New Day Detection: Determines if the current bar is the first bar of a new day.
Data Storage: Utilizes arrays to store opening range highs, lows, start bars, and last bars for the last five days.
Daily Updates: Updates the stored data at the start of each new day, maintaining data for only the last five days.
Opening Range Plotting: Plots the opening ranges (high and low) for the past five days, with special plotting and filling for the current day.
EMA Calculation and Plotting: Calculates and plots EMAs (5, 20, and 50 periods) if enabled.
Alert Conditions: Sets up conditions for alerts when the price crosses above or below the current day's opening range.
Signal Generation: Generates buy and sell signals based on the relationship of the closing price to the opening range and the position of EMA5 relative to EMA50.
Signal Plotting: Plots buy and sell signals as triangles on the chart.
[F][IND] - Big Candle IdentifierDescription:
The size of a candle in trading offers a fundamental insight into market direction. Larger candles often indicate robust price movements, suggesting strength in either buying or selling activity. In an uptrend, substantial green (bullish) candles signify strong buying momentum, while in a downtrend, sizable red (bearish) candles indicate significant selling pressure. Traders frequently interpret these larger candles as potential signals for a shift in sentiment or the continuation of an existing trend.
This indicator specifically identifies whether the candle body (the difference between Open and Close) is larger than the previous 5 candles. It serves as a simple yet effective tool for traders seeking recent notable candle movements as potential entry signals. It's crucial to emphasize that the indicator labels/alerts are initiated once the technical conditions are satisfied. However, it's imperative to wait for the candle to close to confirm that all technical conditions are met at the close of the candle.
It's important to note that while the candle body size provides valuable information, it's usually more effective when used in conjunction with other technical indicators and analysis methods. Traders often combine multiple tools to gain a comprehensive understanding of the market and make well-informed trading decisions.
Alerts:
You can enable alerts on this indicator to receive timely notifications.
Disclaimer:
This indicator is provided for educational purposes only. Trading involves risk, and users should consult with a financial professional before making any trading decisions.
Your Feedback Matters!
Please feel free to comment or reach out if you have any improvement suggestions or if you would like to request the development of a specific indicator. Your feedback is invaluable!
Candle size in pipsDescription
Enhance your trading strategy with precision using this script, designed to measure the range of a candle from wick to wick in pips. Whether you're implementing a specific pip requirement within a candle for your strategy, or simply seeking to better understand market dynamics, this tool provides valuable insights. The script is calculating the amount of pips between the high and the low then compares it to the minimal size you declared. If the amount of pips is more or equal to minimal size it will show the label.
Features
Alert Functionality: Opt to receive alerts by checking the checkbox (default: false).
Customizable Pip Threshold: Tailor the script to your needs by setting the minimum required pips to display on the screen (default: 12).
Different shape: circle, triangle up, triangle down, none
How to Use
Personalize your trading approach by integrating this script with your preferred strategy. For instance, in my strategy involving a 3M continuation, I leverage this tool to determine the pip count of the M15 candle before making entry decisions.
Note: Ensure you understand your strategy's requirements and adjust the script settings accordingly for optimal result s.
Feel free to reach out if you have any questions or require further assistance in maximizing the utility of this script.
Urika Relative PriceThe Urika Relative Price (URP) indicator is designed to compare the current price of an asset to an average of previous closing prices. It aims to show whether the current price is above or below the historical average and whether it's increasing or decreasing relative to that average. URP is more focused on the relationship between the current price and its historical context.
Calculation:
URP calculates the difference between the current price and the average of previous prices. It uses this difference to create a histogram that can be green (if the current price is higher than the historical average) or red (if it's lower). The color lightens if the current bar is shorter than the previous bar, providing additional visual information.
Blockunity Regime Monitoring (BRM)Efficiently analyze market conditions and detect overheating zones.
Regime Monitoring (BRM) is here to help you analyze the behavior of financial markets. The oscillator allows you to observe when an asset’s trend is likely to reverse. The trend is also given by the indicator, as is the phase the market is in (trending or congested). The BRM also provides the state of the Choppiness Index, indicating whether or not the asset is about to enter a more volatile phase.
The Idea
The goal is to provide the community with a comprehensive tool for tracking market conditions, with a visual approach to identifying overheating zones.
How to Use
This tool consists of 3 main components:
An oscillator, which we describe in detail below.
Bar color to transcribe oscillator information directly onto the graph. To activate Bar Color, make sure the first option is checked in the settings. You must also uncheck "Borders" and "Wick" in your Chart Settings.
A panel that summarizes the status of various indicator information.
Elements
The Regime Monitoring oscillator
The oscillator provides several information points. First, it gives the market trend of the asset:
Green: Bullish trend.
Red: Bearish trend.
Blue: Contested trend.
It then indicates areas of overheating, where it is considered statistically probable that we will see a change in trend dynamics. These moments are shown in yellow.
This market trend is also indicated in the table.
If you see that the oscillator is above or below these limits, but not yellow, this is because we use a Choppiness Index to filter this information.
The "Enable Choppiness Index Filter" is enabled by default in the settings. So, if the Chop is discharged (under 38.2), then the oscillator's overheating state is ignored.
You can see the difference in the images below, the first with the filter and the other without:
Market Phase
We use a Vertical Horizontal Filter (VHF) to define the market phase the asset is in. This phase can have two values:
Trending: Assets evolve within a trend.
Congestion: The asset is in a moment of congestion.
Chop State
Visualize the Choppiness Index, indicating whether an asset is gearing up to enter a phase of increased volatility. It can be:
Charged: Chop is considered to indicate to be entering a stable phase.
Neutral: Chop is neutral and does not provide any specific information.
Discharged: Chop is considered to indicate a continuation of the trend.
In addition, with the "Show Choppiness Index" option, you can plot the Chop on the oscillator:
Other Settings
You can also modify the standard Regime Monitoring parameters (Lookback, Smoothing, Limits), display or hide certain components, and change all the colors.
How it Works
Regime Monitoring's main oscillator is established as follows:
We calculate the percentage of times the closing price was higher than the opening price. This is then divided by a lookback period, which in this case defaults to 20. This calculation gives a probability of the current regime.
Break of Structure with trend table by GadatasThis indicator is designed to identify and track swing highs and lows in a given market on chart timeframe. It plots these swing highs and lows as solid lines on the chart. The indicator allows for customization of the line color and width. The selected timeframe trend is visually represented in a table located in the upper right corner of the chart. To enhance consistency, the background color of the timeframe column now elegantly matches the color of the BOS line.
The indicator follows specific rules to determine when a new high or low is created. If the current range is considered bullish (meaning the most recent breakout was to the topside), the indicator will only update the low if a candle's body falls below the current low. However, if the current range is bearish (most recent breakout to the downside), the indicator will only update the high if a candle's body rises above the current high.
When a range is identified as bullish, the indicator will continue updating the high until a swing high is formed, denoting the high of the range. The high will only change if a candle's body surpasses the previous high. The low, on the other hand, will be updated based on the last time a candle's body falls below a previous candle's low. The lowest low after this condition is met will be assigned as the low of the range.
Conversely, when a range is identified as bearish, the indicator will continue updating the low until a swing low is formed, denoting the low of the range. The low will only change if a candle's body falls below the previous low. The high, in this case, will be updated based on the last time a candle's body rises above a previous candle's high. The highest high after this condition is met will be assigned as the high of the range.
Swing highs are determined by having lower highs to the left and right, while swing lows have higher lows to the left and right. These swings are used to determine the final high or low of a bullish or bearish range, respectively.
Tis Indicator differs from other indicators by incorporating this concept to track market structure. The indicator assumes that significant market players sell before making heavy purchases in bullish ranges and buy before selling heavily in bearish ranges. The lines on the chart represent prior highs and lows, as well as the current updated highs and lows based on this theory. By using this indicator, one can gain insights into the structure of price movement and potentially identify bullish or bearish continuations. It can also provide confluence when analyzing multiple timeframes to validate trend-following strategies.
Open-source script.
It now displays both short and long condition changes along with their respective arguments:
1. In the case of a high Bos line break followed by a fall, a very long condition change is made when at least three breaks of Bos Low are observed, transitioning from very short to short then distribution , and after that to long.
2. Short conditions are indicated when a high Bos falls and the condition changes from very long to long and then accumulation, short, and very short with each break.
Additionally, the break counter column now shows positive numbers for long situations, indicating each low Bos break, and negative numbers for short situations, indicating each high Bos break.
The background color of the break counter column now changes to green for positive numbers and red for negative numbers.
Renko Box Chart Overlay by BDThis is Renko chart overlay for Candles chart. You can use it to identify market direction and potential key points.
To use it simply select box size and any timeframe you want.
With this overlay you can be sure that you'll see every brick on a chart showing general market direction with all the details of a candles chart.
Alternatives Renko overlay charts:
If you don't have access to 1s timeframe or you don't want to use low TF here is the situation with built in Renko chart on 5m TF:
This Renko boxes are linked to chart by time(candle) and price. It will draw a box even if price didn't close above(or below) of box level:
But be careful when setting box size too small because it will produce bad results:
The issue is known and I'll work on fixing it in next update, for now use box size at least the size of a body of a candle, after all renko is for general market movement and not for marking up every tick.
Let me know if you want to see any additions.
Trend Finder A Trend Finder is a specialized indicator designed to analyze market trends by combining pivot points and candlestick patterns. This hybrid approach aims to provide more accurate signals for identifying potential market directions. Here's a refined description of its features and usage:
**Overview:**
A Trend Finder indicator utilizes a combination of pivot points and candlestick patterns to offer insights into the prevailing market trend. By incorporating both elements, it seeks to enhance the accuracy of trend analysis.
**How to Use Trend Finder:**
Using the Trend Finder is straightforward and involves interpreting the signals provided by different coloured boxes:
1. **Green Box (Bull Box):**
- Indicates a potential uptrend in the market.
- Highlights possible market direction and key points.
- Offers insights into bullish market conditions.
2. **Red Box (Downtrend Box):**
- Signals a potential downtrend in the market.
- Illustrates possible downward market direction and pivotal points.
- Provides an estimate of potential market decline using pivot point calculations.
**Customization Options:**
The Trend Finder comes with customization options to tailor the analysis based on candlestick patterns. Users can adjust these settings to refine the accuracy of trend identification.
**Additional Features:**
The indicator includes extra features to enhance its functionality:
- Displays the previous day's high, low, and close values.
- Utilizes this historical data to suggest potential trend directions.
- Enables users to make informed trading decisions based on past market behaviour.
**Usage Guidelines:**
Traders can use the Trend Finder by observing the signals within the coloured boxes, considering the pivot point calculations, and factoring in candlestick patterns. The indicator's flexibility allows users to adjust settings to better align with their preferred trading strategies.
In essence, the Trend Finder serves as a comprehensive tool for traders seeking a nuanced understanding of market trends. By combining pivotal technical indicators, it aims to provide a more accurate depiction of potential market movements, assisting traders in making informed decisions.
Modified Box Plots
Box Plot Concept: The script creates a modified box plot where the central box represents the range within 1 standard deviation from the midpoint (hl2), which is the average of the high and low prices. The whiskers extend to cover a range of 3 standard deviations, providing a visualization of the overall price distribution.
Color Scheme: The color of the modified box plot is determined based on comparisons between the current midpoint (g) and the +/- 1 SD values of the previous candle (i and j ). If g > i , the color is green; if g < j , it's red; otherwise, it's yellow. This color scheme allows users to quickly assess the relationship between the current market conditions and recent price movements. if the mid point price is above/below +/- 1 SD values of the previous candle the price movement is considered as significant.
Plotcandle Function: The plotcandle function is employed to visualize the modified box plot. The color of the box is dynamically determined by the candleColor variable, which reflects the current market state based on the color scheme. The wicks, represented by lines extending from the box, are colored in white.
Explanation of Box and Wicks:
Box (Open and Close): In this modified box plot, the box does not represent traditional open and close prices. Instead, it signifies a range within 1 standard deviation of the midpoint (hl2), providing insight into the typical price variation around the average of the high and low.
Wicks (High and Low): The wicks extend from the box to cover a range of 3 standard deviations from the midpoint (hl2). They do not correspond to the actual high and low prices but serve as a visualization of potential outliers in the price distribution. The actual high and low prices are also plotted as green and red dots when the actual high and low prices fall outside the +/- 3SD wicks (whiskers) and also indicate the prices does not fit the distribution based on the recent price volatility.
In summary, this modified box plot offers a unique perspective on price distribution by considering standard deviations from the midpoint. The color scheme aids in quickly assessing market conditions, and the wicks provide insights into the potential presence of outliers. It's essential to understand that the box and wicks do not represent traditional open, close, high, and low prices but offer a different way to visualize and interpret intraday price movements.
Step by step explanation
Here's the step-by-step explanation:
a = ta.highest(high, 7): Calculates the highest high in the last 7 bars.
b = ta.lowest(low, 7): Calculates the lowest low in the last 7 bars.
c = ta.stdev(hl2, 7): Calculates the standard deviation of the average of high and low prices (hl2) over the last 7 bars.
d = (a - b) / c: Computes a scaling factor d based on the highest, lowest, and standard deviation. This factor is used to scale the intraday range in the next steps.
e = (high - low): Calculates the intraday range of the candle.
f = e / d: Estimates the standard deviation (f) of the intraday candle price using the scaling factor d.
g = hl2: Defines the intraday midpoint of the candle, which is the average of high and low prices.
i = g + 1 * f, j = g - 1 * f, k = g + 3 * f, l = g - 3 * f: Calculate values representing coverage of +1 SD, -1 SD, +3 SD, and -3 SD from the intraday midpoint.
The script utilizes historical high, low, and standard deviation values to dynamically estimate the standard deviation of the intraday candle, providing a measure of volatility for the current price range. This estimation is then used to construct a modified box plot around the intraday midpoint.
In addition I have included a 7 period hull moving average just to see the overall trend direction.
Conclusion:
The "Nasan Modified Box Plots" indicator on TradingView is a dynamic visualization tool that provides insights into the distribution of price ranges over a specified period. It adapts to changing market conditions by incorporating historical data in the calculation of a scaling factor (d). The indicator constructs a modified box plot, where the size of the box and the whiskers is determined by recent volatility
Protected Highs & Lows [TFO]This indicator presents an alternative approach to identify Market Structure. The logic used is derived from learning material created by @DaveTeaches
When quantifying Market Structure, it is common to use fractal highs and lows to identify "significant" swing pivots. When price closes through these pivots, we may identify a Market Structure Shift (MSS) for reversals or a Break of Structure (BOS) for continuations. The main difference with this "protected" logic is in how we determine the pivots/levels that are utilized to determine a valid MSS or BOS.
Nonetheless, the significance of our swing pivots is still governed by the input Pivot Strength parameter, which requires valid swing pivots to be compared to this many bars to the left and right of them. This is an optional parameter as it is traditionally set to 1 by default.
When identifying a BOS: When price closes below a valid swing low, we look back from the current bar to find the highest high that was made in that range. This becomes our protected high; similarly, when price closes above a valid swing high, we look back from the current bar to find the lowest low that was made in that range, which then becomes our protected low.
Note these valid highs and lows are the first swing pivots created after a MSS/BOS. For example, when price makes a bullish BOS/MSS and then trades away, a swing high is formed. This first swing high is what needs to be traded through to see a valid BOS.
When identifying a MSS: If the current trend is bearish and we're looking for a bullish reversal, we would need price to close above the most recent protected high. When this happens, we still look back to find the lowest low that was created in that range, and make that our new protected low. Likewise when looking for a bearish reversal, price would need to close below the most recent protected low, which would then give us a new protected high as a result (the highest point in that range).
The Trend Candles option allows users to easily visualize the current state of Market Structure with bullish and bearish colors. Users may also show BOS and MSS labels if desired.
Show Protected Highs & Lows will annotate the protected highs and lows, just note that the labels themselves are plotted in the past due to the lookback function required to identify them.
Lastly, the Show Protected Trail option will draw a line to essentially indicate a trailing stop-like line to denote the most recent protected low (if bullish) or protected high (if bearish).
I am simply a student of Dave's concepts, so please feel free to leave feedback if you are familiar with his concepts and have suggestions/improvements.
NisonCandleScannerNison Candle Scanner (NCS) - the only indicator personally designed and tested by the acknowledged Western world’s top candlestick expert Steve Nison. Harness the proprietary technology of NCS to reveal important candle signals to quickly uncover potential entry and exit signals in any market and time frame. NCS is easy to set up and use... Discover for yourself how quickly it will boost your trading and investing confidence.
*Highlight 28 different candle patterns in either standard or strict criteria
*Strict Criteria candle patterns provide a tighter and higher quality definition of a pattern
*Utilize either pattern abbreviations or full names highlighted on your charts
*Scan for and be alerted to any or all of the candle patterns in any time frame, and any market
I’ve spent over 30 years totally immersed in candlestick charting techniques and using them correctly to help traders and investors around the world (my book has been translated in 22 languages and we have students from over 85 countries.)
Now using my decades of real world experience, I designed the easy to use tools in Nison Candle Scanner™ (NCS) to highlight, scan, and alert you to the 28 most powerful candle patterns that I personally use in my own trading. The research into this software was originally intended to save me hours of time to find in minutes the best potential setups in any market and any time frame. I’ve now opened up the power of NCS to TradingView and all of its users.
Since candle signals require both the correct shape of the candle lines AND the correct prior trend, we derived our proprietary formula to accurately take trend and the shape of the candle lines to ensure accurate results.
NCS will highlight these candle patterns for you in either full name or abbreviations, scan for any or all 28 of those patterns in your watchlists and time frames of choice, and then alert you to these critical candle signals in real time!
NCS will help you quickly find potential entry/exit points in any market and time frame before your competition.
Example of Highlighting Patterns with either Full Names or Pattern Abbreviations
Select between Yes, No, or Strict on 28 Different Candle Patterns
Bull :
Hammer
Inverted Hammer
Bull Counter Attack
Bullish Engulfing
Bull Harami
Piercing
Bull Sash
Bull Seperating Line
Tweezers Bottom
Rising Window
Morning Star
Rising Three
Three White Soldiers
Bear
Hanging Man
Shooting Star
Bear Counter Attack
Bearish Engulfing
Bear Harami
Dark Cloud Cover
Bear Sash
Bear Seperating Line
Tweezers Top
Falling Window
Evening Star
Falling Three
Three Black Crows
Neutral
Doji
High Wave
Scan for and Be alerted to any or all of the 28 patterns in your watchlists and timeframes
For those with proper candle education, the ability to highlight, scan, and be alerted to candle patterns will aide in identifying reversal and continuation patterns. Utilize Nison Candle Scanner to find the best potential setups that fit your criteria!
CBC FlipThis is an indicator for the Candle By Candle (CBC) Flip strategy as created by @MapleStax
It’s useful to traders because it’s a simple approach to gauge if bulls or bears are in control for any particular candle. The logic is as follows:
If the most recent candle close is above the previous candle high, then bulls are in control.
If the most recent candle close is below the previous candle low, then bears are in control.
If neither of these 2 conditions are met, then whoever was already in control remains in force until one of the 2 conditions is met and the sentiment is flipped, hence the name CBC Flip.
My script is original because there are no other CBC Flip scripts available on TV. This is the first, which is why I created it, to help other traders benefit from the power of CBC Flips.
The indicator output is simply interpreted as follows:
Triangle up = bulls in control
Triangle down = bears in control
In my experience this script is best used on the 5 or 10 minute time frames, as it helps to keep you in the trade for the bigger moves once a trend is established, while not getting shaken out from the “noisy” up/down candle price action of lower time frames like the 1 minute.
I’ve also had more success with this indicator when only taking long trades once the green triangle appears and price is above VWAP, and only taking short trades once the red triangle appears and price is below VWAP.
Tick Volume Direction IndicatorTick Volume Direction Indicator
This indicator captures:
• tick volume
• tick direction
The settings are as follows:
• volume or base currency value selection.
• label distance (away from the low of the candle).
• Tick volume - on/off switch for tick volume.
• label size.
• Up tick move color.
• tick move absorbed - when the tick doesn't change position.
• Down tick move.
On the first initial load, it will have the existing volume data as "?" as tradingview doesn't have a history of each tick.
Be aware, any settings change you make will refresh the tick data from start.
This indicator is one of the best real-time ways of seeing buying and selling pressure.
Choose Symbol, Mode with Hull,Stochatic Mom,EMA,MACD,RSI,TableThis Pine Script code is a comprehensive indicator for the TradingView platform, offering a variety of technical analysis tools. Below is an English introduction to its features and purposes:
Introduction:
This indicator is designed for traders on TradingView and provides a multi-functional analysis toolset. It includes different charting modes (Heikin-Ashi, Linear, and Normal), a Hull Moving Average (Hull), Stochastic Momentum, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), EMA (Exponential Moving Average), Bollinger Bands, and a summary table displaying key metrics.
Key Features:
Charting Modes:
Users can choose between "Heikin-Ashi," "Linear," or "Normal" modes to visualize price data in different ways.
Hull Moving Average:
The script incorporates the Hull Moving Average for trend analysis, highlighting potential buy and sell signals.
Stochastic Momentum:
Stochastic Momentum, with customizable parameters (K, D, and Smooth), is included to identify overbought and oversold conditions.
RSI (Relative Strength Index):
RSI is calculated and displayed, aiding in identifying potential trend reversals or exhaustion points.
MACD (Moving Average Convergence Divergence):
The MACD indicator is included, along with a histogram, to highlight changes in momentum and potential crossovers.
RSI Momentum:
RSI Momentum is calculated, providing additional insights into momentum changes.
Exponential Moving Averages (EMA):
The script calculates and displays three EMAs (Exponential Moving Averages) with customizable periods.
Bollinger Bands:
Bollinger Bands are incorporated, offering insights into volatility and potential price reversals.
Summary Table:
A table is displayed on the chart summarizing key metrics, including Stochastic MoM, RSI, MACD, RSI EMA, Hull percentage change, and EMA values.
Customization:
Users have the option to customize various parameters, including chart modes, lengths of moving averages, Stochastic parameters, and more.
Usage:
The indicator aims to provide a comprehensive view of price action and potential trend changes. Traders can use it for technical analysis and decision-making.
Important Note:
This script is provided for educational purposes and does not constitute financial advice. Traders and investors should conduct their research and analysis before making any trading decisions.
Pipe tops & bottoms v1.0This indicator detects Pipe Tops and Pipe Bottoms chart patterns, using the concept described by Thomas Bulkowski: Tops , Bottoms .
Pipe tops and bottoms patterns are marked on the chart. You can change the indicator sensitivity by using the main settings which define detected price variation boundaries. This will lead to more dense or sparse pattern detection.
Once the bar following each detected top or bottom pattern satisfies signal condition (the current close price must be higher than the high of the pipe bottom, or lower than the low of the pipe top), these bars are also marked on the chart and can be used to define potential long or short entry points.
You can optionally choose to show only signal marks on the chart (this is preferable to avoid visual cluttering), or both pattern and signal marks.
Script calculations are based on the 'Pipe Bottoms Indicator Based on Thomas Bulkowski's Theories' indicator developed by BoilderRoomColdCaller in 2020.
Market Structure [Truth Indie]Market Structure
Market structure is a crucial component of various trading methodologies. If you can accurately map the market structure, tailored to the volatility or assets you are trading, it helps you identify trends clearly and enhances the accuracy of your trading strategies.
This indicator facilitates easy and swift mapping of market structure for traders. The market structure in this indicator consists of 3 types:
1.Fractal structure
2.Internal structure
3.External structure
FRACTAL STRUCTURE MAPPING
-Wick breaks are sufficient for a Fractal break of structure.
-The precise moment when the price breaks a Fractal high or low confirms the break.
BULLISH & BEARISH FRACTAL STRUCTURE
Bullish Fractal Structure:
-A Fractal high is validated when the subsequent candle fails to surpass its high (fractal pullback).
-A Fractal higher low is validated once the price breaches the Fractal high (always identify the NEAREST Fractal low). This will be the most recent candle that was unable to exceed the high of the previous candle.
Bearish Fractal Structure:
-A Fractal low is validated when the following candle fails to break its low (fractal pullback).
-A Fractal lower high is validated once the price breaks the Fractal low (always identify the NEAREST Fractal high). This will be the most recent candle that was unable to surpass the low of the previous candle.
Settings
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text when there is a BoS and CHoCH.
-Mark swing when there is a valid pullback, adjust the size and color.
INTERNAL STRUCTURE MAPPING
Body breaks confirm an internal structure break.
BULLISH & BEARISH INTERNAL STRUCTURE
Bullish Internal Structure:
-An internal high is validated with 4 optional criteria.
-An internal higher low is validated when the internal high structure is broken. A higher low refers to the lowest price.
Bearish Internal Structure:
-An internal low is validated with 4 optional criteria.
-An internal lower high is validated when the internal high structure is broken. A lower high refers to the highest price.
Settings
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text when there is a BoS and CHoCH.
-Mark swing when there is a valid pullback, adjust the size and color.
Validation of pullback has 4 options for exploration, with the default value set to Fractal CHoCH 1 time:
1.Fractal CHoCH 1 time.
2.Fractal CHoCH and wait for Fractal BoS/Fractal CHoCH 3 times in a row.
3.PIP Rule, using PIP to determine the distance of a valid pullback.
-Show or hide lines and values. This option will only display results when you activate the PIP Rule. Change the style of lines and change the color of lines.
-In the PIP field, enter the PIP value you want to explore. In the 1 PIP Size field, enter the decimal places in the asset you are trading. For example, for the EUR/USD pair with decimals at position 4.
4.ATR Rule, utilizing ATR multiples to establish the range of a valid pullback.
-Show or hide lines and values. This option will only display results when you activate the ATR Rule. Change the style of lines and change the color of lines.
-ATR type allows you to choose from 5 ma types. ATR Period adjusts the backward-looking average value you want to explore. Multiple: Enter a multiplier value for ATR to match the volatility or asset you are trading.
If you choose only ATR Rule, the result is the validation of the pullback with ATR Rule only. If you choose more than 1 option, whichever condition is true, the validation pullback occurs immediately. If you don't choose anything, the default value is Internal CHoCH 1 time.
Swing internal structure
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text.
Equilibrium internal
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text.
-Adjust the percentage of Equilibrium.
EXTERNAL STRUCTURE MAPPING
Body breaks confirm an internal structure break.
BULLISH & BEARISH EXTERNAL STRUCTURE
Bullish external Structure:
-An external high is validated with 4 optional criteria.
-An external higher low is validated when the external high structure is broken. A higher low refers to the lowest price.
Bearish external Structure:
-An external low is validated with 4 optional criteria.
-An external lower high is validated when the external high structure is broken. A lower high refers to the highest price.
Settings
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text when there is a BoS and CHoCH.
-Mark swing when there is a valid pullback, adjust the size and color.
Validation of pullback has 4 options for exploration, with the default value set to Internal CHoCH 1 time:
1.Internal CHoCH 1 time.
2.Internal CHoCH and wait for Internal BoS/Internal CHoCH 3 times in a row.
3.PIP Rule, using PIP to determine the distance of a valid pullback.
-Show or hide lines and values. This option will only display results when you activate the PIP Rule. Change the style of lines and change the color of lines.
-In the PIP field, enter the PIP value you want to explore. In the 1 PIP Size field, enter the decimal places in the asset you are trading. For example, for the EUR/USD pair with decimals at position 4.
4.ATR Rule, utilizing ATR multiples to establish the range of a valid pullback.
-Show or hide lines and values. This option will only display results when you activate the ATR Rule. Change the style of lines and change the color of lines.
-ATR type allows you to choose from 5 ma types. ATR Period adjusts the backward-looking average value you want to explore. Multiple: Enter a multiplier value for ATR to match the volatility or asset you are trading.
If you choose only ATR Rule, the result is the validation of the pullback with ATR Rule only. If you choose more than 1 option, whichever condition is true, the validation pullback occurs immediately. If you don't choose anything, the default value is Internal CHoCH 1 time.
Swing external structure
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text.
Equilibrium external
-Show or hide text and lines, including adjusting the color of text and lines.
-Adjust the size of text, and change the type of lines, including modifying text.
-Adjust the percentage of Equilibrium.
The values of these 4 options are: 1. PIP Rule in the internal structure 2. ATR Rule in the internal structure 3. PIP Rule in the external structure 4. ATR Rule in the external structure
These 4 options will be displayed only when the rule is selected along with choosing to display the value.
DISCLAIMER
All investments involve risks. Profit or loss depends on your knowledge, understanding, and decisions.
My scripts/indicators/strategies are created for researching past price behavior only. They are not investment advice, and future results are not guaranteed.
High Volume Engulfing Candle_bullHornThe "High Volume Engulfing Candle" indicator is a technical analysis tool used in trading to identify specific candlestick patterns that suggest potential reversals or significant price movements in a financial instrument. It focuses on two key criteria: the engulfing candlestick pattern and high trading volume. Here's a brief description of the indicator:
Engulfing Candlestick Pattern: The indicator looks for bullish and bearish engulfing candlestick patterns.
Bullish Engulfing: This pattern occurs when the current candlestick completely engulfs the previous one. In other words, the current candlestick's body (the open and close prices) is larger than the previous candlestick's body, and it closes higher than the previous candle's close. It suggests a potential bullish reversal.
Bearish Engulfing: This pattern occurs when the current candlestick's body completely engulfs the previous one, but in the opposite direction. The current candlestick's body is larger than the previous candlestick's body, and it closes lower than the previous candle's close. It suggests a potential bearish reversal.
High Volume Confirmation: In addition to the engulfing pattern, the indicator considers trading volume. It looks for instances where the volume accompanying the engulfing candle is significantly higher than a moving average of the volume. This indicates strong market participation and validates the importance of the engulfing candle pattern.
Arrows on the Chart: When a high volume engulfing candle pattern is detected, the indicator plots arrows on the price chart. A green triangle pointing up is used for bullish engulfing patterns, while a red triangle pointing down is used for bearish engulfing patterns. These arrows help traders quickly identify potential reversal points.
Overall, the "High Volume Engulfing Candle" indicator combines the visual recognition of candlestick patterns with volume analysis to provide traders with potential signals for trend reversals or significant price moves in the market. Traders can use these signals as part of their technical analysis and trading strategies.
