2Rsi buy & sell & candlesticks patterns in rsi[Trader's Journal]An Ingenious Trading Indicator: RSI, Japanese Candlesticks, and Buy/Sell Signals
The world of trading is a subtle game of analysis, where the smallest piece of information can make the difference between success and failure. In this perpetual quest to anticipate market movements, one indicator stands out: the Relative Strength Index (RSI), a powerful tool that measures the strength of price movements. However, RSI alone may not always suffice for informed trading decisions.
This is where our indicator comes into play, adding a new dimension to your analysis. The indicator skillfully combines RSI with Japanese candlesticks, those small candles rich in market movement information. The goal is clear: to generate buy and sell signals during trend reversals while keeping a keen eye on overbought and oversold zones.
RSI: Guardian of Extremes
The RSI is a basic tool that measures buying and selling pressure on an asset. It oscillates between 0 and 100, signaling overbought levels when the RSI exceeds 70 and oversold levels below 30. These extreme zones are often the stage for trend reversals, but timing is crucial.
Japanese Candlesticks: Messengers of the Market
Japanese candlesticks are more than just candles on a chart. They depict market emotions, reflecting the ongoing struggle between buyers and sellers. Trend reversals are typically heralded by specific candlestick patterns such as the Bearish Engulfing, Evening Star, or Inverted Hammer. These candlesticks act as powerful visual signals.
The Indicator in Action: Timing and Confirmation
When the RSI reaches the overbought zone (above 70) or oversold zone (below 30), our indicator is on alert. This is when vigilance is at its peak. However, buy and sell signals don't occur automatically. They await confirmation from Japanese candlesticks.
For a sell signal, the indicator awaits an exit from the overbought zone, followed by a bearish reversal candlestick. When these conditions are met, the sell signal is triggered. For a buy signal, the process is similar, but upon exiting the oversold zone and in the presence of a bullish candlestick.
The Elegance of the Combination
The beauty of this indicator lies in its ability to combine RSI analysis with the power of Japanese candlesticks. It doesn't just predict trend reversals, it does so elegantly, demanding visual confirmation, thus avoiding false signals.
As the market moves relentlessly, this indicator is your ally for making informed decisions. It reminds you that the wisdom of trading lies in combining different analytical tools to decipher the mysteries of the financial market. Envelop your trading strategies with this indicator, and witness how it can illuminate your path to success.
Candlestick analysis
Brutal scalps [Sublime Traders]The "Brutal Scalps" indicator is designed for both novice and expert traders looking to take advantage of short-term price movements. This powerful tool provides a multi-timeframe trend analysis along with dynamic Take Profit (TP) and Stop Loss (SL) levels, enhancing your trading decisions and risk management.
Features:
Multi-Timeframe Trend Analysis - You get a bird's eye view of the main oscillators on the selected timeframe
Last trade panel - Overview of the last trade values: TPs, SL and entry along with a quick stat on the performance over the last 10 trades
Baseline - MA based on either volatility or volume . Changes color depending on the angle and the consolidation area threshold that can be modified.
ATR(Average True Range) dynamic take profits and stop losses
Trend color - Can be enabled to highlight local trend start and end
Leverage setting
This setting is used to send a leverage amount with your alerts, this can be useful if you send your alerts though webhooks.
Signalling type - Classic
The original Brutal scalps signal detection mechanism based on order block/ engulfing candle detection only. Conditions in the MTF trend analysis panel must be met.
Signalling type - Breakout
Prioritizes candle formation that break a given number of candle formation(Eg. Highest high in the last x candles) , combined with the baseline entry condition
Signalling type - Trend following
Angled more towards longer direction moves. Uses adx combined with the price relationship to the 200MA
Key levels zone- Plots the liquidity pockets on the chart
Swing detections- uses moving averages that are plotted in regards to the selected number of candles.
Candle colors - The yellow candles are bullish engulfing candles, while the purple candles are bearish engulfing candles. These candles are also highlighted because their volume exceeds that of the previous 10 candles.
Peak profit - shows a label that displays the highest profit level reached after the signal was triggered , multiplied by the leverage in the input.
How to use:
Brutal Scalps is like your battle plan, you prepare for facing the markets with tools and insights.
1. Use the Multi TF Trend settings to set up the Trend Table in the top right (default position) panel. This will give you an overview of the oscillators in the selected timeframe. You should always watch a higher timeframe than the one you are using on the chart.
Ex.: If you are charting 15m , use the 1hr setting on the trend panel.
2. The baseline is one of the key factors in signal identification, use this wisely. The baseline consolidation threshold is the sensitivity of the line to stagnating candles. If the market is static and no trades come out , it might be because the threshold is set too high. The default of 3 should be a good fit for most setups. Just bare in mind that the higher the threshold the more candles will be considered as a consolidation area. Higher threshold also means better confirmation but also less trades coming in.
3. Signalling types can and should be used in regards to the current market formation.
Examples:
- If a market is moving in a stairs pattern, a good way to tackle it would be through the breakout signalling type.
- When the market is clearly trending, the use of the trend following type is most suited.
- If you want an all-rounder setup that is a jack of all trades but master of nothing, then the Classic type would be the most suited.
Additionally, if the market is extremely undecided and the above types don't perform that well on their own, the use of Allow Opposite Signal Only can reduce losses by only posting trades that are in the opposite direction, no more consecutive buys or sells.
Set the key levels zones to have extra manual confirmation. These zones are based on order blocks and highlight important liquidity areas. While these don't have any direct impact on the signal recognition, they can help to visually validate them.
Confluence Buy-Sell Indicator with Fibonacci The script is a "Confluence Indicator with Fibonacci" designed to work on the TradingView platform. This indicator combines multiple technical analysis strategies to generate buy and sell signals based on user-defined confluence criteria. Here's a breakdown of its features:
Confluence Criteria: Users can enable or disable various strategies like MACD, RSI, Bollinger Bands, Divergence, Fibonacci, and Moving Average. The number of strategies that need to align for a signal to be generated can be set by the user.
Strategies Included:
MACD Strategy: Uses the Moving Average Convergence Divergence method to identify buy/sell opportunities.
RSI Strategy: Utilizes the Relative Strength Index to detect overbought or oversold conditions.
Bollinger Bands Strategy: Incorporates Bollinger Bands to identify volatility and potential buy/sell signals.
Divergence Strategy: A basic implementation that detects bullish and bearish divergences using the RSI.
Fibonacci Strategy: Uses Fibonacci retracement levels to determine potential support and resistance levels.
Moving Average Strategy: Employs a crossover system between the 50-period and 200-period simple moving averages.
Additional Features:
Support & Resistance: Identifies major support and resistance levels from the last 50 bars.
Pivot Points: Calculates pivot points to determine potential turning points.
Stop Loss Levels: Automatically calculates and plots stop-loss levels for buy and sell signals.
NYC Midnight Level: Option to display the New York City midnight price level.
Visualization: Plots buy and sell signals on the chart with green and red markers respectively.
Adequate Category:
"Technical Analysis Indicators & Overlays" or "Strategy & Scripting Tools".
Renko StrategyRENKO STRATEGY
CAUTION : This strategy must be applied to a candlestick chart (not a Renko chart).
INTRODUCTION :
The Traditional Renko chart has been reproduced and is plotted according to the evolution of the price. It will enable us to receive buy or sell signals and follow major trends. This is a medium/long term strategy and depends a lot on the box size chosen in the parameters. There's also a money management method allowing us to reinvest part of the profits or reduce the size of orders in the event of substantial losses.
RENKO CHART :
Renko chart construction methodology :
The user must first choose the box size. The minimum is 0.00001 and there is no maximum. The default is 10. The user must then choose the source that will define the data on which the calculations will be based (high, low, open, close). By default, close is selected. The first candle on the chart is used to draw the first box with its high and low.
Each time the price changes by the amount of the box size relative to the high or low of the last box, a new box is added above or below the previous one. If price variations are less than the box size, the same box is added next to the previous one. If price variations are N (integer number) times greater than box size, N boxes are added above or below the previous one. Each box added above the previous one is a green box, while each box added below the previous one is a red box.
Conditions for drawing a green box above the previous one :
(source - high_of_the_last_box) / box_size > 1
Condition for drawing a red box below the previous one :
(low_of_the_last_box - source) / box_size > 1
If neither condition is triggered, the same box is drawn next to the previous one.
Example :
The last candle has drawn a box with low 12 and high 14. The box size is therefore 2. The strategy will look at the value of the close each time a candle ends. The current candle closes with a close equal to 15.5. As the variation from the previous high is only 1.5 (which is less than the box size), the same box is added next to the previous one. The next candle closes at 16.2. The price variation is therefore 2.2 compared with the previous high. We can now add a new green box just above the previous one, with a low of 14 and a high of 16. The same process applies if the candle's close is at least one box size below the low of the last box. In this case, a new red box is placed below the previous one.
PARAMETERS :
Source : Allows you to specify which data will be taken into account by the strategy when performing calculations. The default is close.
Box size : Size of Renko graph boxes. This is a very important parameter to choose carefully, as it has a strong impact on the strategy's performance. Defaults to 10.
Fixed Ratio : This is the amount of gain or loss at which the order quantity is changed. The default is 400, meaning that for each $400 gain or loss, the order size is increased or decreased by a user-selected amount.
Increasing Order Amount : This is the amount to be added to or subtracted from orders when the fixed ratio is reached. The default is $200, which means that for every $400 gain, $200 is reinvested in the strategy. On the other hand, for every $400 loss, the order size is reduced by $200.
Initial capital : $1000
Fees : Interactive Broker fees apply to this strategy. They are set at 0.18% of the trade value.
Slippage : 3 ticks or $0.03 per trade. Corresponds to the latency time between the moment the signal is received and the moment the order is executed by the broker.
Important : A bot has been used to test all possible box sizes to find out which one generates the highest return on BITSTAMP:LTCUSD while limiting the drawdown. This strategy is the most optimal with a box size equal to 5.08 in 8h timeframe.
BUY AND SHORT SIGNALS :
As the aim of this strategy is to follow major trends based on price movements, we need to be on the right side of price fluctuation. We trade every box reversal, i.e. we are LONG when the boxes are green indicating an uptrend and SHORT when they are red indicating a downtrend.
RISK MANAGEMENT :
This strategy can incur losses. The size of the box is decisive, as it is used to plot the RENKO chart and thus trigger buy or sell signals. It's also what allows us to manage risk. For every trade, we risk a maximum amount equal to 2 times the size of the box, i.e. :(5.08*2*nb_contract)/trade_value.
MONEY MANAGEMENT :
The fixed ratio method has been used to manage our gains and losses. For each gain of an amount equal to the value of the fixed ratio, we increase the order size by a value defined by the user in the "Increasing order amount" parameter. Similarly, each time we lose an amount equal to the value of the fixed ratio, we decrease the order size by the same user-defined value. This strategy not only increases our performance, but also our drawdown.
Enjoy the strategy and don't forget to take the trade :)
Choose Symbol, candle and Trend modeThis Pine Script code is designed for technical analysis and visualization of price movements on the TradingView platform. It serves as a tool for traders and investors to:
Price Chart Analysis: The code plots the price chart of a selected symbol and utilizes Heikin-Ashi candlesticks to visualize price movements. This aids in better understanding price trends, support and resistance levels, retracements, and other price actions.
Trend Identification: The code also employs the Exponential Moving Average (EMA) to identify the price trend. EMA is commonly used to determine the strength and direction of a trend. Traders and investors can use this information to track trends and develop trading strategies.
Buy and Sell Signals: The code generates buy and sell signals based on EMA. These signals provide information on when to consider buying or selling a specific symbol. This is particularly useful for traders when making trading decisions.
Timeframe Customization: Users can adapt the code to different timeframes. This flexibility is valuable for those looking to develop strategies for both short-term and long-term trading.
Customization: The code allows users to customize various parameters, including the symbol, timeframe, Heikin-Ashi mode, and others. This enables it to be tailored to different assets and trading styles.
Please note that this code is provided for educational and informational purposes only. It does not constitute financial advice or recommendations for specific trading actions. Any trading decisions made using this code should be based on individual research, analysis, and a clear understanding of the associated risks.
Entry Assistant by IvanIntention Of This Indicator
This indicator is intended to be used as an assistant in combination with a technical strategy.
This indicator has several functions intended to assist you at entering positions.
This indicator is intended to be used with strategies that place Stop Losses above / below candles, and entries at the BOC ( Break Of The Previous Candle , For Longs it is when price goes above the previous candles high, For Shorts it is when price goes below the previous candles low)
This indicator Draw / Displays the following
A line below ( for Longs ) / above ( for Shorts ) the current candle, with an additional pip value for extra space ( this displays where to place your Stop Loss )
A label displaying the price of the Stop Loss line, to assist in placing the Stop Loss
A line displaying where the BOC is ( based off of going Long or going Short )
A box that appears when the BOC has occurred ( entry signal )
Inputs
Inputs to change the aesthetics ( colours etc. )
Numeric inputs to modify the placement / spacing of the Stop Loss / Entry signal
Toggles to activate or deactivate features
Disclaimer
This indicator does not currently work for every instrument ( it only works for most Forex pairs and some Indices )
It is not at all intended to be a signal indicator on its own, but rather only to give a signal when used with specific technical strategies that us BOC entries.
This indicator is not guaranteed to be accurate, or error free.
This indicator is not signalling winning entries or high probability entries.
ADX Trend Confirmer [Honestcowboy]The ADX Trend Confirmer aims to give traders or algorithms a way to confirm a trend before entering a trade.
While the default for ADX is a smoothing factor of 14 and a length of 14 to measure directional strength. In my experience this is a lagging indicator and not the best for confirming if the market is trending.
🟢 What are the methods used for confirming trend in this indicator?
ADX above x number : By default we use an ADX length of 3 and it's value needs to be above 50.
ADX sloping up ? This will check if the ADX value is higher than that of previous bar, this to confirm that trend is getting momentum and not slowing down.
close>open / close<open : This is to check in which direction the trend is going.
Mid Point : We use a mid-point between highest high and lowest low in a given period by default of 3 bars. Price needs to close above/below this point to confirm direction. We use previous bar mid-point so there is no repainting of the line.
Min bar ratio: How many percent of the bar is the body? A high amount of wicks but not a lot of body can mean indecision (no trend). This to ensure entries are only after a convincing bar.
🟢 Extra Info:
Thanks to ZenAndTheArtOfTrading for publishing ZenLibrary which we use in this script.
This is not a strategy on it's own but a building block to add to your analysis.
Gap Statistics (Zeiierman)█ Overview
The Gap Statistics (Zeiierman) indicator is crafted to monitor, analyze, and visually present price gaps on a trading chart. Price gaps are areas on a chart where the price jumps up or down from the previous close to the next open, creating a "gap" in the normal price pattern. This script delivers an extensive range of statistics related to these gaps, encompassing their size, direction (whether bullish or bearish), frequency of getting filled, as well as the average number of bars it takes for a gap to be filled. The indicator also visually represents the gaps, making it easier for traders to spot and analyze them.
█ How It Works
Gap Identification: The script identifies gaps by comparing the open price of a bar to the close price of the previous bar. If there is a discrepancy between the two, it is recognized as a gap.
Gap Classification: Once a gap is identified, it is classified based on its size (as a percentage of the previous close price) and direction (bullish or bearish). The gap is then added to a specific category based on its size.
Gap Tracking: The script keeps track of all identified gaps using arrays and user-defined types, storing details like their size, direction, and whether they have been filled.
Gap Filling: The script continuously monitors the price to check if any previously identified gaps get filled. A gap is considered filled if the price moves back into the gap area.
Statistics and Alerts: The script calculates various statistics like the total number of gaps, the number of filled gaps, the average number of bars it takes for a gap to fill, and the percentage of gaps that get filled. It also generates alerts when a new gap is identified or an existing gap gets filled.
█ How to Use
Gaps are often classified into four main types:
Common Gaps: These are not associated with any major news and are likely to get filled quickly.
Breakaway Gaps: These occur at the end of a price pattern and signal the beginning of a new trend.
Runaway Gaps: Also known as continuation gaps, these occur in the middle of a trend and signal a surge in interest in the stock.
Exhaustion Gaps: These occur near the end of a price pattern and signal a final attempt to hit new highs or lows.
The Gap Statistics (Zeiierman) indicator enhances a trader's ability to use gaps in their trading strategy in several ways:
Statistical Analysis: Traders get comprehensive statistics on gaps, such as their size, direction, and how often they get filled.
Performance Tracking: The indicator tracks how many bars it typically takes for a gap to fill, providing traders with an average timeframe for gap closure.
█ Settings
Display Gaps: Choose to display "All Gaps," "Active Gaps," or "None."
Show Gap Size: Toggle on/off the display of the gap size.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
itradesize /\ Previous HTF x OHLC Box
FYI: It is an invite-only script, if you are interested in, please scroll down to see the Author's instructions.
Introducing an indicator which inspired by ICT concepts that use a model, based on what TTrades teaches in some of his DOL videos about how to get a proper bias.
Having a daily bias can be frustrating and this script could make it easy for you besides creating a ton of opportunities for scalpers as well as not only helpful for a daily bias, it can also help you to determine the actual H4 or H1 bias or even lower.
Always keep in mind: the higher the timeframe you use, the more accurate it can be.
You can use OHLC to determine the current or higher time frame bias as it can be used on any of them and properly gain a sentiment of a drawn of liquidity.
This model integrates the previous candle's open, high, low, and close values (or open, low, high close) in addition to their equilibrium to make it easier to identify where the price should go moreover they can be used as reference points for potential trading opportunities.
The 50% also known as equilibrium creates premium and discount zones within the previous candles. Using the former higher timeframe candle’s OHLC you can simply have an external range of liquidity and where the current price should it drawn to.
With this tool, you can achieve a proper trading framework as you can easily recognize the external & internal range of liquidity, so whether you are a scalper or a day trader you are able to rely on the indicator.
A bit of a candlestick analysis:
When the price wicks below means a potential bullish reversal is incoming.
When the price wicks above, then it means a potential bearish reversal is happening.
Closing below means lower prices. (Bearish trend)
Closing above means higher prices. (Bullish trend)
This indicator is an absolute monster for the OHLC guys.
How to use it?
- Analyse the trend on the higher timeframe, bullish trend is when the price continuously takes the previous candle’s high over and over again. Bearish trend is the total opposite.
- Wait for external liquidity to be taken.
- When it's happening there should be a displacement back to the range with an actual structure shift.
- Looking for an imbalance in the displacement.
- Aiming for an imbalance that is above 50% of the former move.
- Aggressive stop: below or above the candle which has an imbalance
- Conservative stop: below or above the former swing
Classic sell setup:
Classic buy setup:
The indicator has a ton of customizable features, the power of the tool is really in there, as you can find or refine your own model with it. Once you're familiar with your setup you will be really feeling the power of the tool, I promise.
Indicator Features:
• M5/M15/H1/H4/D Time frames
• OHLC bar with an offset (you can have a look at the current HTF bar developing or you can use it as a locked previous bar)
• Current time frame OHLC / OLHC box with extended lines to the current time
• Showing the previous time frame OHLC / OLHC box with extended lines and the ability to add labels. The color of the OHLC or OLHC box is based on the candle closing. If it's a bear candle, if it's a bull candle.
• Previous high time frame open / close lines with labels, customisable colours, label sizes
• It has a lot of customisable features, the power of the tool is really in there as you can find or refine your own model with it.
• Every box and bar automatically switches its colors based on the close of the candle whether it's a bear or a bull candle.
• The color of the labels is switching automatically based on the coloring of your chart.
• You can customize each and every box color - OHLC/OLHC based on your taste, and the open and closing lines of the previous HTF.
Additional Information:
You can combine it with my own model. If you are not familiar with it, you can find here .
Or you can combine it with other frameworks for extra confluences like combining it with Daye’s QT in some simple equation:
Open → Q1 , High → Q2, Low → Q3, Close → Q4
Open → Q1, Low → Q2, High → Q3, Close → Q4
Asiri Colored CandleNote: To use this code, you must choose Hollow candle
This code color the candle based the relationship current volume to previous volume, according these features:
1- White candle when the current volume greater than the previous one, and all of them greater than moving average for 20 periods of volume
2- Green candle color when the current volume greater than the previous one, and all of them lower than moving average for 20 periods of volume
3- Blue candle it means (Bullish Candle) purchasing candles, with change 3% or higher
4- Yellow candle it means (Bearish Candle) with change 3% or higher
5- The number upper the candle means how much does the volume represent relative to the volume moving average
6- The number lower candle means value of MFI indicator value
كود برمجي يقوم بإعطاء لون للشموع بناء على الحجم
لطي تتمكن من استخدام هذا الكود يجب أن يكون نمط الشموع الذي على الشارت شموع مفرغة
من خصائصه التالي
1- إذا الحجم السفلي الحالي أكبر من الحجم السابق وكلاهما فوق متوسط 20 للحجم والسعر الحالي ارتفع عن السعر السابق يقوم بتلوين الشمعة بيضاء
2- إذا الحجم السفلي الحالي أكبر من الحجم السابق وكلاهما أسفل متوسط 20 للحجم والسعر الحالي ارتفع عن السعر السابق يقوم بتلوين الشمعة خضراء
3- إذا الحجم الحالي أقل من السابق ولكن تكونت شمعة شرائية ارتفعت الشمعة بـ 3% أو تغيرها كان 3% فأعلى يكون لونها أزرق
4- إذا تكونت شمعة بيعية انخفاضها أو تغيرها كان 3% بأعلى يكون لونها أصفر
5- الأرقام أعلى الشموع تبين كم أن الحجم المقابل للشمعة ضعف الحجم لمتوسط حجم 20 فترة سابقة للحجم يعني إذا كان أعلى الشمعة 3 فهذا يعني أن الحجم لهذه الشمعة ارتفع بـ 3 أضعاف متوسط 20 فترة سابقة للحجم ، كما أن هذا الرقم يظهر أعلى شمعة الدوجي التي إغلاقها مساوي لافتتاحها
6- الرقم أسفل الشمعة يبين قيمة مؤشر التدفق النقدي MFI
أخيرا تستطيع التعديل على الكود حسب ما تراه و إخفاء الأرقام أعلى أو أسفل الشموع
لا تنسوني من دعائكم
SpiceIn the chart photo is a description for each shape and letter, saying what each one is.
BB, Reversals are off by default.
BB + Reversals + Next bar confirmation - The way this should be used is by waiting for a 1 or 2 bar confirmation closed above/below the high/low of the Reversal candle. So if its a Top R, a yellow box will print as a confirmed 1 bar if it closed below the top R's low, then you can wait for the second bar to close also below the Top R's low. Vice versa with the Bot R.
RSI arrows - Essentially showing you when the multi time frame RSIs are coming back up above 30, or below 70. Respective to what time frames you have selected.
Three Line Strike - A trend continuation candlestick pattern consisting of four candles
Leledc Exhaustion suggest the trend may be reversing. Combined with the moving average as a trend filter, the indicator can signal the end of a pull back and the continuation of the trend.
EMAs - Help measuring the trend direction over a period of time.
Credit to all these amazing creators -
Multi Timeframe RSI (LTF) by @millerrh
3 Line Strike by @Lij_MC 'MarketVision A'
Leledc Exhaustion by @glaz, used updated version by @Joy_Bangla
If anyone uses the BB reversals source code to put into their own indicator/strategy, you are free to do so. Just send me a message I'd love to see your work with it! :)
Thanks to Lij_MC's MarketVision A indicator for inspiring me to add more features. At first it was just the RSI Arrows and the BB reversals candles + Condition but then I found MarketVision A and loved the extra Leledc and 3 Line Strike features.
Hope you enjoy this Spice!
No Signal is 100% correct at what it's trying to do. Use caution when trading!
Practice Risk Management.
3 TIMEFRAMES BOXES3 boxes, with their recent high/low and their respective open/close, and the 50% line of the high/low. All adjustable for preferred timeframes, colour and thickness.
My personal preference is previous week 00:00 to 00:00, yesterday 00:00 to 00:00, and the day before 00:00 to 00:00 (NY timezone). Another could be the London, NY, and Asian sessions (which you have to manually place the timeframes for). As said, you can adjust it completely to your own liking. Enjoy!
ETP SignalManager🔍 Overview:
This indicator is a trader's tool used to generate long/short signals. These signals are crafted by customizing specific conditions set up by the trader, depending on their trading system.
🔑 Key Features:
Signal Types: Generates both long and short signals.
Custom Conditions: Users can define up to 10 conditions via SignalManager in order to generate a signal.
Comparison: You can establish conditions by:
Comparing two indicators.
Comparing an indicator against a fixed value.
Comparing default sources such as low, high, close, and open – either between two sources or pairing a source with another indicator.
Using relational operators like >, <, >=, <=, crossing above, and crossing below.
Indicator Selection: For the indicators used in conditions, you can choose from any loaded indicator on your chart.
Condition Relationships: Combine up to 10 conditions using AND or OR.
Visual Alerts: These alerts activate when the specific conditions are met. They can be displayed or hidden using the dedicated options in the indicator settings. The options for visual alerts are:
Background coloring and
Chart-shape drawings
💡 Benefits:
Eliminate the need for programming skills.
Ability to backtest trading signals before investing real funds or before commissioning full programming.
Save on costs from hiring external programming services.
🎯 In Summary:
Combine indicators to obtain the desired trading signal and backtest your trading idea without any programming skill or expertise.
📊 Chart Example:
In the chart below, we utilized a combination of four indicators to generate trading signals:
Indicators Used:
Short-term Smoothed Moving Average (SMMA)
Long-term Smoothed Moving Average (SMMA)
Relative Strength Index (RSI)
On-Balance Volume (OBV)
Additional Rule:
The relation between the close of the current bar and the close of the previous bar.
🔧 Signal Manager Configuration:
For a Long Signal:
Short-term SMMA crosses above the long-term SMMA. This indicates a potential bullish trend.
Simultaneously, RSI is below 70. This condition ensures that the market is not overbought, making it suitable for a long trade.
The OBV blue line is above the OBV orange line from 3 bars back. This 3-bar offset accounts for the lag in the orange line, and it confirms increasing buying pressure following the SMMA crossover.
The close of the current bar should be above the close of the previous bar. This rule adds an extra layer of confirmation to the long trade setup.
For a Short Signal:
Short-term SMMA crosses below the long-term SMMA. This suggests a potential bearish trend.
Simultaneously, RSI is above 30. This condition ensures that the market is not oversold, making it suitable for a short trade.
The OBV blue line is below the OBV orange line from 3 bars back. This 3-bar offset accounts for the lag in the orange line and confirms increasing selling pressure following the SMMA crossover.
The close of the current bar should be below the close of the previous bar. This rule adds an extra layer of confirmation to the short trade setup.
🚨 Visual Alerts: As you can see on the chart, both visual alerts are active: background coloring and chart-shape drawing. Whenever the conditions mentioned above are met, the visual alert will appear on the bar that satisfies those conditions. This visual feedback enhances your ability to identify potential trade setups quickly and effectively.
This example illustrates a combination of indicators employed to generate trading signals. However, it's essential to recognize that the possibilities are vast when it comes to using indicators to create trading conditions. You can leverage any indicator you have loaded on your chart to establish criteria for trade signals. The key lies in understanding your selected indicators and crafting a strategy that aligns with your trading objectives and market analysis.
Please make sure to check your TradingView plan to determine the number of different indicators you can load on your chart. Your plan will dictate how many indicators you can effectively combine within the Signal Manager. Understanding your plan's limitations is crucial to optimizing your trading strategy.
Flat Combo DetectorFlat Combo Detector (FCD)
Introduction:
The Flat Combo Detector is a unique tool crafted to aid traders in identifying potential trend reversals. Unlike standard indicators that primarily focus on moving averages or oscillators, the FCD bases its signals on specific candlestick patterns that manifest at crucial trend pivot points.
I use it mostly on OANDA:XAUUSD Gold
How It Works:
The logic of the Flat Combo Detector revolves around the formation of consecutive bearish and bullish candles with particular attributes:
Bearish to Bullish Transition:
Primary Candle : A bearish candle where the close is lower than the open and its close is equal to its low.
Following Candle: A bullish candle where the close is higher than the open, and the open approximates its low (within a user-defined tolerance).
Signal : A green triangle plotted below the price bar, indicating a potential shift from a bearish to bullish trend.
Bullish to Bearish Transition:
Primary Candle: A bullish candle where the close is higher than the open and equals its high.
Following Candle : A bearish candle where the close is lower than the open, and the open approximates its high (within a user-defined tolerance).
Signal : A red triangle plotted above the price bar, indicating a potential transition from a bullish to bearish trend.
Usage Guidance:
For traders unfamiliar with Pine Script, using this indicator is straightforward. Once added to the chart, look for the green and red triangle signals. A green triangle below a price bar suggests a possible bullish reversal, while a red triangle above a price bar hints at a potential bearish reversal. Always consider these signals in conjunction with other technical analysis tools and the broader market context to optimize decision-making.
Associated Strategy:
I've also developed a trading strategy that utilizes these specific entry points identified by the FCD. If you find the signals from this indicator helpful, you might also be interested in exploring the strategy for a comprehensive trading approach. Always remember to backtest and validate any strategy before live trading.
Chart Presentation:
The published chart associated with this script has been kept clean to ensure clarity. Users will only observe the main price bars/candles along with the green and red triangle signals generated by the FCD.
Conclusion:
The Flat Combo Detector provides traders with a fresh perspective on trend reversal points. Its focus on specific candlestick patterns makes it a valuable tool, especially when used in combination with other technical indicators. Always ensure to practice prudent risk management and consult multiple analysis methods before making trading decisions.
Volume-Price DiffScript is designed to analize volatility in real-time.
Once added to chart, script starting to collect 2 things:
Ticks count (tc)
Price changing ticks count (pctc)
The pctc/tc ratio may be interpret as a volatility measure.
Label above real-time bar shows:
Ticks count
Price changing ticks count
Ratio between (2) and (1) in percents
Using this indicator trader may detect volatility spikes.
More the "Diff" - less the volatility and vice versa.
Top and Bottom Identifier [digit23]This indicator is designed to identify potential market tops and bottoms based on customizable conditions. It employs price action analysis, considering candlestick patterns, body size, and recent price history. Traders can adjust parameters like the threshold multiplier and body size multiplier to fine-tune sensitivity.
Features:
Identifies potential tops and bottoms.
Customizable threshold and body size multipliers.
Utilizes price action analysis exclusively.
User-friendly and visually represented on the chart.
Usage:
Red Triangles: Indicate potential market tops.
Green Triangles: Indicate potential market bottoms.
Parameters:
Threshold Multiplier: Adjusts sensitivity.
Body Size Multiplier: Controls the significance of candlestick body size.
Note:
This indicator is for traders preferring price action analysis to identify potential reversals. It's recommended to use alongside other technical analysis tools for comprehensive trading decisions.
Disclaimer:
Trading involves risk; thorough analysis is crucial before making decisions. This indicator is a tool for technical analysis and should be part of a broader trading strategy.
Sequence Volume BarsThis script in TradingView is designed to identify sequences of bars with increasing volume. It creates two indicators: one for bullish trends (green sequence) and another for bearish trends (red sequence).
Green Sequence: The script considers a green sequence when the current closing price is higher than the previous one, and the volume is increasing. When the green sequence approaches a user-defined length, it highlights it on the chart with a green triangle below the bar.
Red Sequence: Similarly, the script looks for a bearish sequence when the current closing price is lower than the previous one, and the volume is increasing. When the red sequence approaches the specified length, it highlights it with a red triangle above the bar.
Both indicators can also send alerts when their respective sequences reach the specified length minus one. This script can be useful for traders seeking entry points based on specific volume patterns in the market.
P.S. I'm not sure how this can be useful to you, but sometimes a pump and dump can be predicted. Maybe you'll come up with ideas on how to refine this concept.
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Этот скрипт для TradingView предназначен для выявления последовательностей баров с ростом объема. Он создает два индикатора: один для бычьих трендов (зеленая последовательность) и другой для медвежьих трендов (красная последовательность).
Зеленая последовательность: Скрипт считает, что происходит зеленая последовательность, если текущая цена закрытия выше предыдущей, а объем увеличивается. Когда зеленая последовательность по длине приближается к заданной пользователем, он выделяет это на графике зеленым треугольником под баром.
Красная последовательность: Аналогично скрипт ищет медвежью последовательность, когда текущая цена закрытия ниже предыдущей, а объем растет. Когда красная последовательность приближается к указанной длине, он выделяет это красным треугольником над баром.
Оба индикатора могут также отправлять предупреждения, когда соответствующая последовательность достигает заданной длины минус один. Этот скрипт может быть полезен для трейдеров, ищущих входные точки, основанные на определенных шаблонах объема в рынке.
Не знаю как вам может это пригодиться, но иногда предсказывается пам и дамп. Может у Вас появится идея как доработать эту идею
PhantomFlow RangeDetectorPhantomFlow RangeDetector analyzes the current price action of the market and draws ranges depending on the minimum number of bars in the zone of one candle you specify. Each range is colored depending on the closing direction of the candle outside this range. Accordingly, in trend trading, it is advisable to look for long trades from the green zones, and short trades from the red zones (with standard color settings).
If you have a basic understanding of the market context, you can consider such zones in a mirror retest to find trades with higher RR.
Multi Timeframe Supply & Demand ZonesIntroduction
Hello fellow traders and coders, I’d like to introduce the multi time-frame supply and demand indicator that you’ve been looking for, its a dynamic script encompassing a lot of features however it is merely a tool to be used in conjunction with your own market analysis.
Features
A maximum of 2 time-frames that can be customized independently.
The ability to change individual swing lengths that create the supply and demand boxes, all time-frames will come set at 7, you can however set this to whatever you are comfortable with.
Supply and demand functionality for both time-frames.
The ability to either use (highs and lows) or closes for mitigation of supply and demand zones, meaning that if set to close the zones will be mitigated if a close is above the top for supply and bottom from demand, the same will apply when the high and low flag is used.
The ability to customize box colors, border type, border width and text size.
The ability to prevent lower time frame structure from showing on higher time frames which I don’t advice as it will provide you with an inaccurate perception of the lower time frame structure hence I’ve made the feature available but set it to false.
The script also has a section called general settings that will allow you to hide all the supply and demand zones on the chart.
The ability to choose the number of supply or demand zones to display per time-frame.
General Settings Functionality.
Input 1 allows you to hide all the demand zones on the chart.
Input 2 allows you to hide all the supply zones on the chart.
Input 3 if false will show lower time frame structure on a higher time frame. Default is true to prevent inaccurate results on higher time-frames.
Engulfing with TrendThe script above is a trading strategy with rules based on the Engulfing candlestick pattern within the context of the trend. Some key elements of this script include:
1. ATR (Average True Range) settings to measure market volatility.
2. Supertrend settings to identify the market trend.
3. Conditions for determining uptrend and downtrend.
4. Determination of Bullish (Engulfing pattern during uptrend) and Bearish (Engulfing pattern during downtrend).
5. Calculation of Stop Loss (SL) and Take Profit (TP) levels based on the Engulfing pattern.
6. Entry conditions based on the Engulfing pattern and the corresponding trend.
7. Exit conditions based on price crossovers with SL and TP levels.
8. Plotting of the Engulfing patterns on the chart.
This strategy is used to identify trading opportunities based on Engulfing candlestick patterns that align with the direction of the market trend. Additionally, stop loss and take profit levels are calculated based on the Engulfing pattern, and trading signals are displayed on the chart.
It's important to note that this script can be customized according to your trading preferences and strategy.
Z Score CANDLE and Exciting candle signal [DJ D]This script paints candles when their zscore reaches above 2 standard deviations in price from the mean. The blue candle represents up candle above 2. Magenta candle below -2. The candles can signal the beginning of a move and also importantly exhaustion.
The script also signals when a candle has volatility above 6. The higher the sensitivity the less frequent it will paint. These are real time paints and signals. You can adjust for higher time frames by adjusting the length of the z score and adjust the sensitivity of the volatility candles.
The yellow candle is a mean candle and can signify consolidation and/or indecision. Drawing a Darvis type box around around mean candles can give you a zone to watch.
These settings are for 1 minute scalping. The volatility sensitivity range between 1- 2 is good for 15, 30, (ie 1.0 or 1.2) and your discretion....
S/R and Reversal BarsToday I'm proposing an idea to form S/R with a slightly different basic idea. This is a combination of CCI and candlestick study, and we will use this to mark possible reversal candles and possible S/R lines.
This is nothing complicated, I've used a basic CCI indicator with certain rules/system to mark S/R levels on the chart. (Have loaded traditional CCI indicator on bottom for comparison)
S/R levels are market as followed
Cross -
Lime = Support
Red = Resistance
Zero/Balance line - Yellow circles
The idea is to use this indicator to trade sideways market more successfully, in trending market this can be futile if you are not waiting for the break-out or breakdowns with confirmation.
Since this is based on CCI, it will give static result only when bar is closed, till then it will be susceptible for repaint. This is inherited nature from CCI readings on current bar. I could change this to only making reading on closed bar (historical bar), but that takes away from the uniqueness of this indicator in giving early indications.
This is a great tool for intraday scalping, but it does work on all timeframes, it's not bound by granularity.
This is for education purpose only.
Past success or seemingly positive results on published posts are not indication of future success.
Candle Color RatioThe Candle Color Ratio indicator is designed to analyze the ratio of green (bullish) to red (bearish) candles over a specified lookback period. This ratio can offer insights into the prevailing market sentiment and potential trend reversals. The indicator calculates the number of green and red candles and provides two key metrics: the Green to Red Ratio and the Red to Green Ratio. Additionally, it allows users to set a threshold for these ratios to identify extreme sentiment conditions.
Calculations :
- Green Score and Red Score: The script first checks the color of the candles over a user-defined lookback period (up to 10 bars back). For each bar, it assesses whether the closing price is higher (green) or lower (red) than the opening price. The green and red scores are calculated by counting the number of green and red candles, respectively, within the lookback period.
- Green to Red Ratio: This metric is the ratio of the Green Score to the Red Score. It quantifies the relative prevalence of bullish candles compared to bearish candles within the specified lookback period. A higher Green to Red ratio indicates a stronger bullish sentiment.
- Red to Green Ratio: This metric is the inverse of the Green to Red Ratio. It calculates the relative prevalence of bearish candles compared to bullish candles within the lookback period. A higher Red to Green ratio indicates a stronger bearish sentiment.
Interpretation :
- Green Score and Red Score: These histograms display the raw counts of green and red candles within the lookback period. Traders can use these histograms to observe the recent distribution of bullish and bearish candles.
- Green to Red Ratio: This line graph represents the ratio of bullish candles to bearish candles. When this ratio is above 1, it indicates a predominantly bullish sentiment, suggesting potential upward momentum. Conversely, when it's below 1, it signifies a bearish sentiment, suggesting potential downward pressure.
- Red to Green Ratio: This line graph represents the inverse ratio, indicating the strength of bearish sentiment relative to bullish sentiment. Similar to Green to Red, values above 1 indicate a bearish bias, while values below 1 indicate a bullish bias.
- Ratio Threshold: The white horizontal line on the chart represents the user-defined threshold. Traders can set this threshold to identify extreme sentiment conditions. When either the Green to Red ratio or Red to Green ratio crosses the threshold, it may signal overbought (above threshold) or oversold (below threshold) market conditions.
Potential Applications:
- Trend Confirmation: Traders can use this indicator to confirm the prevailing trend. A strong GRratioScore may validate a bullish trend, while a strong RGratioScore may confirm a bearish trend.
Contrarian Signals: Extreme readings (crossing the threshold) can be interpreted as potential reversal points. For example, a very high GRratioScore followed by a crossover below the threshold might indicate an overbought market and a potential bearish reversal.
Divergence Analysis: Traders can analyze divergences between price movements and the indicator. If price makes higher highs while the indicator shows lower highs, it may signal a weakening bullish trend.
Limitations:
- Lookback Period: The indicator's effectiveness may vary depending on the selected lookback period. Longer periods smooth out fluctuations but may lag in capturing recent changes in sentiment.
- Threshold Sensitivity: The interpretation of extreme readings can be subjective. Traders should carefully select and adjust the threshold based on their trading strategy and market conditions.
- Lack of Context: This indicator solely focuses on candle color ratios and does not consider other factors like volume, market news, or fundamental analysis. It should be used in conjunction with other indicators and analysis techniques.
This indicator provides a simple yet valuable tool for assessing market sentiment and potential trend reversals based on candle color ratios. Traders can use this information to make informed trading decisions, but it's essential to consider its limitations and use it as part of a comprehensive trading strategy.
