Historical Correlation [LuxAlgo]The Historical Correlation tool aims to provide the historical correlation coefficients of up to 10 pairs of user-defined tickers starting from a user-defined point in time.
Users can choose to display the historical values as lines or the most recent correlation values as a heat map.
🔶 USAGE
This tool provides historical correlation coefficients, the correlation coefficient between two assets highlight their linear relationship and is always within the range (-1, 1).
It is a simple and easy to use statistical tool, with the following interpretation:
Positive correlation (values close to +1.0): the two assets move in sync, they rise and fall at the same time.
Negative correlation (values close to -1.0): the two assets move in opposite directions: when one goes up, the other goes down and vice versa.
No correlation (values close to 0): the two assets move independently.
The user must confirm the selection of the anchor point in order for the tool to be executed; this can be done directly on the chart by clicking on any bar, or via the date field in the settings panel.
For the parameter Anchor period , the user can choose between the following values NONE, HOURLY, DAILY, WEEKLY, MONTHLY, QUARTERLY and YEARLY. If NONE is selected, there will be no resetting of the calculations, otherwise the calculations will start from the first bar of the new period.
There is a wide range of trading strategies that make use of correlation coefficients between assets, some examples are:
Pair Trading: Traders may wish to take advantage of divergences in the price movements of highly positively correlated assets; even highly positively correlated assets do not always move in the same direction; when assets with a correlation close to +1.0 diverge in their behavior, traders may see this as an opportunity to buy one and sell the other in the expectation that the assets will return to the likely same price behavior.
Sector rotation: Traders may want to favor some sectors that are expected to perform in the next cycle, tracking the correlation between different sectors and between the sector and the overall market.
Diversification: Traders can aim to have a diversified portfolio of uncorrelated assets. From a risk management perspective, it is useful to know the correlation between the assets in your portfolio, if you hold equal positions in positively correlated assets, your risk is tilted in the same direction, so if the assets move against you, your risk is doubled. You can avoid this increased risk by choosing uncorrelated assets so that they move independently.
Hedging: Traders may want to hedge positions with correlated assets, from a hedging perspective, if you are long an asset, you can hedge going long a negative correlated asset or going short a positive correlated asset.
Traders generally need to develop awareness, a key point is to be aware of the relationships between the assets we hold or trade, the historical correlation is an invaluable tool in our arsenal which allows us to make better informed decisions.
On this chart we have an example of historical correlations for several futures markets.
We can clearly see how positively correlated the Nasdaq100 and Dow30 are with the SP500 over the whole period, or how the correlation between the Euro and the SP500 falls from almost +85% to almost -4% since 2021.
As we can see, correlations, like everything else in the market, are not static and vary over time depending on many factors, from macro to technical and everything in between.
🔹 Heatmap
The chart above shows the tool with the default settings and the Drawing Mode set to 'HEATMAP'.
We can see the current correlation between the assets, in this case the FX pairs.
The highest positive correlation is +90% (+0.90) between EURUSD and GBPUSD.
The highest negative correlation is -78% (-0.78) between EURUSD and USDJPY.
The pair with no correlation is AUDUSD and EURCAD with 1% (0.01)
On the above chart we can see the current correlations for the futures markets.
Currently, the assets that are less correlated to the SP500 are NaturalGas and the Euro, the more positive correlations are Nasdaq100 and Dow20, and the more negative correlations are the Yen, Treasury Bonds and 10-Year Notes.
🔶 DETAILS
🔹 Anchor Period
This chart shows the standard FX correlations with the Anchor Period set to `MONTHLY`.
We can clearly see how the calculations restart with the new month, in this case we can clearly see the differences between the correlations from month to month.
Let us look at the correlation coefficient between GBPUSD and USDJPY
In January, their correlation started at close to -100%, rose to close to +50%, only to fall to close to 0% and remain there for the second half of the month.
In February it was -90% in the first few days of the month and is now around -57%.
And between AUDUSD and EURCAD
Last month their correlation was negative for most of the month, reaching -70% and ending around -14%.
This month their correlation has never gone below +21% and at the time of writing is close to +53%.
🔶 SETTINGS
Anchor point: Starting point from which the tool is executed
Anchor period: At the beginning of each new period, the tool will reset the calculations
Pairs from 1 to 10: For each pair of tickers, you can: enable/disable the pair, select the color and specify the two tickers from which you wish to obtain the correlation
🔹 Style
Drawing Mode: Output style, `LINES` will show the historical correlations as lines, `HEATMAP` will show the current correlations with a color gradient from green for correlations near 1 to red for correlations near -1.
Forex
ATH Gain PotentialThe indicator quantifies the relative position of a symbol's current closing price in relation to its historical all-time high (ATH).
By evaluating the ratio between the ATH and the present closing price, it provides an analytical framework to estimate the potential gains that could accrue if the symbol were to revert to its ATH from a specified reference point. The ratio serves as a quantitative measure for assessing the distance between the current market value and the symbol's historical peak, enabling investors to gauge the prospective profitability of a return to the ATH.
Volume Speed [By MUQWISHI]▋ INTRODUCTION :
The “Volume Dynamic Scale Bar” is a method for determining the dominance of volume flow over a selected length and timeframe, indicating whether buyers or sellers are in control. In addition, it detects the average speed of volume flow over a specified period. This indicator is almost equivalent to Time & Sales (Tape) .
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▋ OVERVIEW:
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▋ ELEMENTS
(1) Volume Dynamic Scale Bar. As we observe, it has similar total up and down volume values to what we're seeing in the table. Note they have similar default inputs.
(2) A notice of a significant volume came.
(3) It estimates the speed of the average volume flow. In the tooltip, it shows the maximum and minimum recorded speeds along with the time since the chart was updated.
(4) Info of entered length and the selected timeframe.
(5) The widget will flash gradually for 3 seconds when there’s a significant volume occurred based on the selected timeframe.
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▋ INDICATOR SETTINGS:
(1) Timezone.
(2) Widget location and size on chart.
(3) Up & Down volume colors.
(4) Option to enable a visual flash when a single volume is more than {X value} of Average. For instance, 2 → means double the average volume.
(5) Fetch data from the selected lower timeframe.
(6) Number of bars at chosen timeframe.
(7) Volume OR Price Volume.
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▋ COMMENT:
The Volume Dynamic Scale Bar should not be taken as a major concept to build a trading decision.
Please let me know if you have any questions.
Thank you.
Time & Sales (Tape) [By MUQWISHI]▋ INTRODUCTION :
The “Time and Sales” (Tape) indicator generates trade data, including time, direction, price, and volume for each executed trade on an exchange. This information is typically delivered in real-time on a tick-by-tick basis or lower timeframe, providing insights into the traded size for a specific security.
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▋ OVERVIEW:
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▋ Volume Dynamic Scale Bar:
It's a way for determining dominance on the time and sales table, depending on the selected length (number of rows), indicating whether buyers or sellers are in control in selected length.
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▋ INDICATOR SETTINGS:
#Section One: Table Settings
#Section Two: Technical Settings
(1) Implement By: Retrieve data by
(1A) Lower Timeframe: Fetch data from the selected lower timeframe.
(1B) Live Tick: Fetch data in real-time on a tick-by-tick basis, capturing data as soon as it's observed by the system.
(2) Length (Number of Rows): User able to select number of rows.
(3) Size Type: Volume OR Price Volume.
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▋ COMMENT:
The values in a table should not be taken as a major concept to build a trading decision.
Please let me know if you have any questions.
Thank you.
K's Reversal Indicator IIK’s Reversal Indicator II uses a moving average timing technique to deliver its signals. The method of calculation is as follows:
* Calculate a moving average (by default, a 13-period moving average).
* Calculate the number of times where the market is above its moving average. Whenever that number hits 21, a bearish signal is generated, and whenever that number if zero, a bullish signal is generated.
The indicator signals short-term to mid-term reversals as a mean-reversion move.
Forex & Stock Daily WatchList And Screener [M]Hi, this is a watchlist and screener indicator for Forex and Stocks.
This indicator is designed for traders who trade in the forex markets and monitor developments in indices and other currency pairs.
It includes information on 14 indices such as the volatility index, Baltic dry index, etc. You can customize the indices as you wish. The indices table contains the index's price (or points), daily change, stochastic value, and trend direction.
The second table is designed for trading forex and stock currency pairs.
In this table, you will find information such as price, volume, change, stochastic, RSI, trend direction, and MACD result for all traded pairs. You can customize all the currency pairs in this table as you wish, and you can also tailor the oscillator settings to your preferences.
In the settings section, you can use checkboxes to hide the pairs in both tables.
The "Customize" section in the settings allows you to personalize the table appearances according to your preferences.
MAX_MIN_V1
Another simple indicator, maximum, minimum and average values. The point of imbalance in the price of an asset is sought.
It is used for any temporality and in almost any asset.
You can configure the visibility of the different elements.
All Candlestick Patterns on Backtest [By MUQWISHI]▋ INTRODUCTION :
The “All Candlestick Patterns on Backtest” indicator generates a table that offers a clear visualization of the historical return percentages for each candlestick pattern strategy over a specified time period. This table serves as an organized resource, serving as a launching point for in-depth research into candle formations. It may help to rectify any misconceptions surrounding candlestick patterns, refine trading approaches, and it could be foundation to make informed decisions in trading journey.
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▋ OVERVIEW:
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▋ CREDIT:
Credit to public technical “*All Candlestick Patterns*” indicator.
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▋ TABLE:
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▋ CHART:
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▋ INDICATOR SETTINGS:
#Section One: Table Setting
#Section Two: Backtest Setting
(1) Backtest Starting Period.
Note: If the datetime of the first candle on the chart is after the entreated datetime, the calculation will start from the first candle on the chart.
(2) Initial Equity ($).
(3) Leverage: Current Equity x Leverage Value.
(4) Entry Mode:
- “At Close”: Execute entry order as soon as the candle confirmed.
- “Breakout High (Low for Short)”: Stop limit buy order, entry order will be executed as soon as the next candle breakout the high of last pattern’s candle (low for short)
(5) Cancel Entry Within Bars: This option is applicable with {Entry Mode = Breakout High (Low for Short)}, to cancel the Entry Order if it's not executed within certain selected number of bars.
(6) Stoploss Range: the range refers to high of pattern - low of pattern.
(7) Risk:Reward: the calculation of risk:reward range start from entry price level. For example: A pattern triggered with range 10 points, and entry price is 100.
- For 1:1~risk:reward would the stoploss at 90 and takeprofit at 110.
- For 1:3~risk:reward would the stoploss at 90 and takeprofit at 130.
#Section Three: Technical & Candle Patterns
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▋ Comments:
This table was developed for research and educational purposes.
Candlestick patterns are almost similar as seen in “*All Candlestick Patterns*” indicator.
The table results should not be taken as a major concept to build a trading decision.
Personally, I see candlestick patterns as a means to comprehend the psychology of the market, and help to follow the price action.
Please let me know if you have any questions.
Thank you.
All Candlestick Patterns Screener [By MUQWISHI]▋ INTRODUCTION :
The Candlestick Patterns Screener has been designed to offer an advanced monitoring solution for up to 40 symbols. Utilizing a log screener style, it efficiently gathers information on confirmed candlestick pattern occurrences and presents it in an organized table. This table includes essential details such as the symbol name, signal price, and the corresponding candlestick pattern name.
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▋ OVERVIEW:
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▋ CREDIT:
Credit to public technical “*All Candlestick Patterns*” indicator.
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▋ USAGE:
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▋ Final Comments:
For best performance, add the Candlestick Patterns Screener on active symbol chart like QQQ, SPY, AAPL, BTCUSDT, ES, EURUSD or …etc.
Candlestick patterns are not a major concept to build a trading decision.
Personally, I see candlestick patterns as a means to comprehend the psychology of the market, and help to follow the price action.
Please let me know if you have any questions.
Thank you.
Extreme Reversal SignalThe Extreme Reversal Signal is designed to signal potential pivot points when the price of an asset becomes extremely overbought or oversold. Extreme conditions typically signal a brief or extensive price reversal, offering valuable entry or exit points. It's important to note that this indicator may produce multiple signals, making it essential to corroborate these signals with other forms of analysis to determine their validity. While the default settings provide valuable insights, it might be beneficial to experiment with different configurations to ensure the indicator's efficacy.
Two primary conditions define extremely overbought and oversold states. The first condition is that the price must deviate by two standard deviations from the 20-day Simple Moving Average (SMA). The second condition is that the 3-day SMA of the 14-day Stochastic Oscillator (STO) derived from the 14-day Relative Strength Index (RSI) is above or below the upper or lower limit.
Oversold states arise when the first condition is met and the 3-day SMA of the 14-day Stochastic RSI falls below the lower limit, suggesting a buy signal. These are visually represented by green triangles below the price bars. Overbought states arise when the first condition is met and the 3-day SMA of the 14-day Stochastic RSI rises above the upper limit, suggesting a sell signal. These are visually represented by red triangles above the price bars. It's also possible to set up automated alerts to get notifications when either of these two conditions is met to avoid missing out.
While this indicator has traditionally identified overbought and oversold conditions in various different assets, past performance does not guarantee future results. Therefore, it is advisable to supplement this indicator with other technical tools. For instance, trend indicators can greatly improve the decision-making process when planning for entries and exit points.
RiverFlow ADX ScreenerRiverFlow ADX Screener, Scans ADX and Donchian Trend values across various Timeframes. This screener provides support to the Riverflow indicator. Riverflow concept is based on Two indicators. Donchian Channel and ADX or DMI.
How to implement?
1.Donchian Channel with period 20
2. ADX / DMI 14,14 threshold 20
Entry / Exit:
1. Buy/Sell Signal from ADX Crossovers.
2. Trend Confirmation Donchian Channel.
3. Major Trend EMA 200
Buy/Sell:
After a buy/sell is generated by ADX Crossover, Check for Donchian Trend. it has to be in same direction as trend. for FTT trades take 2x limit. for Forex and Stocks take 1:1.5, SL must be placed below recent swing. One can use Riverflow indicator for better results.
ADX Indicator is plotted with
Plus: Green line
Minus: Red Line
ADX strength: plotted as Background area.
TREND: Trend is represented by Green and Red Area around Threshold line
Table:
red indicates down trend
green indicates up trend
grey indicates sideways
Weak ADX levels are treated sideways and a channel is plotted on ADX and PLUS and MINUS lines . NO TRADES are to be TAKEN on within the SIDEWAYS region.
Settings are not required as it purely works on Default settings. However Donchian Length can be changed from settings.
Timeframes below 1Day are screened. Riverflow strategy works on timeframe 5M and above timeframe. so option is not provided for lower timeframes.
Best suits for INTRADAY and LONG TERM Trading
Days in rangeThis script is a little widget that I made to do some homework on the VIX.
As you can see in the chart I was analyzing the 2008 market crash and the stats that followed it after until the market started to recover.
You can see that theory in my "Ideas" tab.
This is an interactive set of lines that you can use to count the the bars inside and outside of your chosen range, and the percentage outside that range.
You should initially enter the price range of your product in the menu and set some arbitrary dates that you can easily see on your chart.
Drag and drop the lines around to suit what price and the dates you are analyzing.
The table will display the bar count inside and outside of the range, the total bars, and the percentage outside that range.
I personally used this as a tool to study the overall average of the product, compared with the behavior during major market events.
It is currently my opinion that post 2020 analysis needs to take into account the behavior of any given product prior to 2020 when the
VIX was in its comfort zone. Not to say that a price valuation hasn't been set, but that the movement to that price was outside of "Normal Market Conditions,"
and the time factor to return to that value might be skewed. Other factors would need to be considered at that point pertaining to your specific product or corelating indicator.
I could see this tool being useful to Forex and commodities traders. But that isn't my field so that that for what it is. I do think it would perform best on something that is more
pegged to a price range. I personally would use it on product's, like the VIX, that I use as an indicator product. That is what it was designed for.
But I suppose it could be used for Mean price and time related analysis, maybe with a Vwap, SMA or other breakout style indicators.
Volume analysis might be pretty sporty. Possibly time patterns... the possibilities could be endless. Or... limited.
I am publishing this for my trade group so that it can be tinkered with to find other helpful ways to use it.
If anyone finds something interesting with other indicators, please drop a comment below and I could consider creating a script to integrate with this tool.
FX Sessions & Killzones ETJust another sessions indicator. Among all the many existing ones, I didn't find anything simple that would cover my needs and that would actually be correct.
New York time is forced here for plotting the stripes so you don't need to worry about the time zone currently set on your chart. The indicator will be accurate during Daylight Saving Time (which, in 2023 for example, started on Sunday, 12 March , 02:00:00 and will be in effect until Sunday, 5 November, 02:00:00).
Rounded Forex Levels: Big-Figure, Mid-Figure, 80-20 levels, BFRNSimple indicator to show Rounded levels in typical Forex pairs: Big figure, Mid-figure, 80-20 Insitutional Levels, 10pip levels, 5pip levels
Wrote this indicator because other ones out there seem to clutter the chart. This is simple, low-clutter and can be set by user to have arbitrary start and end points for the lines.
I wanted the ability for lines to plot discreetly to the right hand side of price as in the chart above, since in my opinion, these are only of secondary consideration to a trader, an extra confirmation/confluence to an existing idea.
//Purpose & Usage:
-Big-figure levels (100pips) & Mid-figure levels (50pips) will have a senstitivity to price, that can be an additional tool when looking for confluence for a target or an entry.
-As well as BF levels and MF levels; Institutional levels (20pips below and 20 pips above a Big Figure level) and standard 10pip or 5pip levels, can be useful in the right context (i.e added confirmation that of a minor sweep target; added conviction in an idea if the level aligns with another seperately derived level).
//User inputs:
-Toggle on/off each of the types of level.
-Line spacing: choose pip spacing of lines .
-Number of lines above/below (i.e. setting of 5 will be 11 lines. One central, 5 above, 5 below).
-Formatting: for each class of lines, code by color, style and width (as per the example chart below).
-Line start offset and line end offset: bars forward/back for each of start point and end point. So lines could be spread right across chart; or neatly pushed to the far right or left of the chart.
//Notes:
-Designed for typical Forex pairs with units close to 1.0 (like Eur/Usd, Usd/Cad, Aud/Usd, Gbp/Usd, Eur/Gbp, Nzd/Usd).
-Lines are based from the rounded close of the previous bar, Updating (if applicable) on each new bar.
Demo Plotting levels in the past; Dialog box example display:
[MiV] MA Screener v1.0In my trading I stick to the following strategy: I buy an asset above the 100/200 moving average and then sell it.
The most problematic thing in all this is to look for assets that are above the 100 or 200 moving average, and to assess how "far" the price is from that moving average.
In fact, to solve this problem I created this indicator.
It works with 30 different assets and displays the state of its two moving averages, whether the price is higher or not, and how much higher the price is from that level.
Forex Sessions by CryptoforForex Sessions Boxes
Killzones are the period of greatest volatility, and volatility is one of the main factors for finding the optimal trade time (OTT/Optimal Trade Time). That is, in a period of high volatility, we as traders have the most chances to open a good position, and at the same time not to sit on the charts for too long waiting for its closing.
Sessions:
1. Asian Session:
2. Frankfurt Session:
3. London Session:
3. New York Session:
Features:
Time zone change
Session time change
Show/hide Historical Data
Show/hide Pips
Show/hide Previous Day High/Low
Show/hide New York Midnight/True Daily Open
Text size and align customization
Borders style
Line and border sizes
Full customization of colors: borders, price lines, text, background
TRIX with Momentum----------- ENGLISH --------------
This indicator is called "TRIX with Momentum" and is used to analyze the momentum of an asset's price and predict potential trend reversals. The logic of operation is based on the combination of two indicators: the Triple Exponential Moving Average (TRIX) and the momentum oscillator.
The TRIX is calculated using three exponential moving averages (EMA) of the asset's closing price, with a user-defined length (set to 14 by default). The TRIX is then normalized and centered around 0 to facilitate analysis of its relationship with the momentum oscillator.
The momentum oscillator is calculated using the EMA of the normalized TRIX with a user-defined length (set to 14 by default).
The indicator plots the normalized TRIX and the momentum oscillator on a chart, using different colors to indicate whether the TRIX is above or below 0. Additionally, the color of the y-axis label changes based on the position of the oscillator, while the color of the x-axis label remains gray.
The indicator uses a weighted average between the normalized TRIX and the momentum oscillator to create a colored background of the chart, which changes based on the weighted average. If the weighted average is positive, the chart's background is green, otherwise it is red. Finally, a horizontal line is drawn at point 0 to facilitate visual analysis of the chart.
------------ ITALIANO -------------
Questo indicatore è chiamato "TRIX with Momentum" ed è utilizzato per analizzare il momentum del prezzo di un asset e prevedere eventuali inversioni di trend. La logica di funzionamento è basata sulla combinazione di due indicatori: il TRIX (Indicatori di media mobile Tripla Esponenziale) e l'oscillatore momentum.
L'indicatore consente all'utente di impostare la lunghezza del TRIX e dell'oscillatore momentum come input personalizzato. Il TRIX viene calcolato utilizzando tre medie mobili esponenziali (EMA) della chiusura dei prezzi dell'asset, mentre l'oscillatore momentum viene calcolato utilizzando l'EMA del TRIX normalizzato.
Il TRIX normalizzato viene centrato intorno allo 0 per facilitare l'analisi della sua relazione con l'oscillatore momentum. L'indicatore plotta il TRIX normalizzato e l'oscillatore momentum su un grafico, utilizzando diversi colori per indicare se il TRIX è sopra o sotto lo 0.
L'indicatore utilizza una media pesata tra il TRIX normalizzato e l'oscillatore momentum per creare uno sfondo colorato del grafico, che cambia in base alla media pesata. L'utente può impostare il peso da dare al TRIX e all'oscillatore momentum come input personalizzato, e il peso dell'oscillatore momentum verrà automaticamente impostato come complementare al peso del TRIX.
Se la media pesata è positiva, lo sfondo del grafico è verde, altrimenti è rosso. Viene tracciata anche una linea orizzontale al punto 0 per facilitare l'analisi visiva del grafico.
Infine, il colore dell'etichetta dell'asse y cambia in base alla posizione dell'oscillatore, mentre il colore dell'etichetta dell'asse x rimane sempre grigio.
Import Forex Volume from 5 biggest FX Brokers (single/combined) Some Brokers like Forex.com don't show Volume for FX. This indicator allows user to import Volume from a range of FX brokers that DO show volume
-Combine the reported volumes from all five brokers: FXCM, GLOBALPRIME, PEPPERSTONE, Currency.com, OANDA. Or pick a specific broker to import volume from.
-Image above shows combined Volume from the big 5 brokers, with added notes on the 2yr average of various broker's volumes; showing their size in descending order.
-Works across timeframes & FX pairs. Standard color formatting options Added.
//notes:
~default settings pull/combine volume from all 5 brokers. History goes back to Sept 2019 (due to GlobalPrime's later start date in publishing Volume data).
~~toggle ON 'only show FXCM, Pepperstone & Oanda' for a LONGER history, going back to June 2012.
~individual broker feeds: top checkbox toggled OFF, choose your preferred broker.
~~FXCM has both the longest history and the highest volume size of all the brokers.
~Table (toggle on/off) shows the broker feed (which broker(s) volume is on display) and the SMA 100 to give an idea of relative size.
//Cautionary note:
Volume is not as reliable in Forex as it is in Equities/commodities, due to unreported Inter-bank trades; the broker volumes do not give the full picture, but this is a best approximation of combined total volume based on brokers reported volume. The true volume will likely be much higher.
-Thank you @theEccentricTrader for the idea of pulling volume feed from other brokers.
5 Minute TF 200 EMA Retest by Grantwww.tradingview.com
This indicator is a simple script meant to find retests on the 200 period moving average. It's current state is optimized for the 5 minute timeframe.
This works in all markets and all timeframes as long as you adjust certain rules for higher timeframes.
It's strengths and weaknesses
- Good at trend continuation in strong markets
- Bad in ranging markets (not surprising)
How does it work?
- It first identifies an overall trend by using the 200 ema.
- For long positions, it waits for price to close below the 200 ema, and then shortly closing back above the ema. For short positions its the opposite.
- For lower timeframes there are some other factors that help filter out bad signals that include:
- Makes sure that volume is increasing.
- Makes sure that volume is higher than average volume.
- For higher timeframes, the more specific factors aren't required.
How to use this indicator:
- Green triangles mean long positions
- Red triangles mean short positions
- Always trade with stoplosses and never risk too much of your account, please practice proper risk managment.
DISCLAIMER: Trading is inherently dangerous and carries lot's of risk. What you decide to do with my script has nothing to do with me. I am not responsible for any financial gains or losses made using this script. It is important to recognize other factors in the market to make better decisions.
Expansion Finder by nnamWhat this Indicator Does
This indicator helps the trader locate expansion and contraction areas in an easy visual way.
When the asset moves from a contraction phase into an expansion phase, the bars change color (customizable). This allows the trader to recognize areas of contraction and avoid trading them. Once a Bar Range moves outside of the average range as specified by the user, the bar will change color informing the trader that the current bar and by default the market, is moving into an expansion phase from a contraction phase.
The indicator works well for those traders that use the Forex Master Pattern to locate Value Lines and Value Areas on the chart giving them an opportunity to draw in these areas with ease.
As shown in the screenshot below, the boxes are manually drawn after the trader locates an easily identifiable area of contraction.
The Indicator makes it easy to find longer areas of contraction and ignore the noise of smaller contractions.
Customizable Settings allow the trader to define the lookback range that determines the number of bars to base the average.
A "multiplier" setting allows the trader to easily adjust the Average by changing the average using a simple calculation.
Example, if the average multiplier is set to "1", the average will be used.
Using the standard average is not always the best way to define these contractions, so traders can set the average to a higher or lower number by using the multiplier, thus changing the calculation but maintaining a consistent number across the chart.
Example: If the average is not plotting the contraction correctly, the trader can manually adjust the multiplier down to 0.5 thus adjusting the average in half or increase the multiplier to 2 thus doubling the average.
As seen in the screenshot below, this changes the number of expansion bars visible on the chart.
Below you can see Value Areas and Value Lines drawn in. These lines assist the trader in defining important levels for future trading.
I hope this Indicator helps you locate value areas and value lines on charts in an easy way.
Any questions or concerns or suggestions, please do not hesitate to reach out.
Happy Trading !!!!
Customizable Moving Average RibbonThis indicator is a highly customizable moving average ribbon with some unique features.
This script can utilize multiple unique sources, including a non-repainting renko closing price. Renko charts focus solely on price movement and minimize the impacts of time and the extra noise time creates. Employing the renko close helps smooth out the MA ribbon. Insignificant price movements will not cause a change in the plotted lines of the indicator unless a new threshold is breached or a "brick" is created. This is highly useful for quickly identifying consolidation areas or overall flat price movement.
There are two methods for selecting the box size when utilizing the renko source. Box size is critical for the overall function and efficacy of the plots you will visually see with this indicator. Box size is set automatically using the Average True Range "ATR" or manually using the "Traditional" setting. The simplest way to determine a manual box size is to take the ATR of the given instrument and round it to the nearest decimal place. As an example, if the ATR for the asset is 0.18, you would round that number to 0.2 and utilize this as your traditional box size.
The MA ribbon contains eleven adjustable moving average lines. Users can choose to turn off as many as they would like. Users can also adjust the length of the individual moving averages and the source for all moving averages. There are nine types of moving averages to choose from for the ribbon. The MA options are:
Exponential Moving Average = 'EMA'
Double Exponential Moving Average= 'DEMA'
Triple Exponential Moving Average = 'TEMA'
Simple Moving Average = 'SMA'
Relative Moving Average = 'RMA'
Volume Weighted Moving Average = 'VWMA'
Weighted Moving Average = 'WMA'
Smoothed Simple Moving Average = 'SSMA'
Hull Moving Average = 'HULL'
We believe that the ribbons features, including the line color change, help quickly identify trends and give users optimum customization. Users can select from five different color schemes including:
Green/Red
Purple/White
White/Blue
Silver / Orange
Teal/ Orange
Market Sessions - By LeviathanA simple indicator to help you keep track of 4 market sessions (default: Tokyo, London, New York, Sydney) in 4 different visual forms (boxes, timeline, zones, colored candles) with many other useful tools.
You can choose between 4 different market sessions. The default ones are Tokyo, London, New York and Sydney but you can easily customize the times, names and colors to make the script plot any session you need. Sessions can be viewed in 4 different ways: boxes, zones, timelines, or just colored candles, all with customizable appearances. You can make your chart cleaner by merging sessions overlaps, choosing a custom lookback period and also picking between various additional settings such as viewing session High/Low or Open/Close change in % or pips, hiding weekends, viewing the Open/Close Line to identify session’s direction and 0.5 level to see session’s “Equilibrium” and much more. More updates with interesting tools will be added in the future.
Note: The script will plot the correct default Tokyo, London, New York and Sydney sessions automatically, your chart/Tradingview app timezone does not matter! If you wish to tweak the open/close times of sessions, just make sure you input them in UTC (but even this can be changed later in the settings)
Settings Overview
SESSIONS
- You can show/hide Tokyo Session, rename it, change the color and set up start/end time.
- You can show/hide London Session, rename it, change the color and set up start/end time.
- You can show/hide New York Session, rename it, change the color and set up start/end time.
- You can show/hide Sydney Session, rename it, change the color and set up start/end time.
* Keep in mind that you can fully change and customize these sessions and therefore create any other sessions or a zone you wish to display.
ADDITIONAL TOOLS AND SETTINGS
1. “Change (Pips)” - this will add the pip distance between Session High and Session Low or the pip distance between Session Open and Session Close to the session label.
2. “Change (%)” - this will add the percentage distance between Session High and Session Low or the percentage distance between Session Open and Session Close to the session label.
3. “Merge Overlaps” - this will merge the overlapping sessions and show only one at a time (end of Tokyo is moved to start of London, the end of London is moved to the start of New York, end of New York is moved to start of Sydney and end of Sydney is moved to start of Tokyo).
4. “Hide Weekends” - this will prevent the script from plotting sessions over the weekend when the markets are closed.
5. “Open/Close Line” - this will draw a line from the session open to the session close (or current price, if session is ongoing).
6. “Session 0.5 Level” - this will draw a horizontal line halfway between the session’s high and the session’s low.
7. “Color Candles” - this will color the bars/candlesticks with the color of the session in which they occurred.
8. Display Type” - Choose between three different ways of session visualization (Boxes, Zones and Candles).
9. “Lookback (Days)” - this input tells the script to only draw sessions for X days back (1 = one day).
10. “Change (%/Pips) Source) - this is where you choose the source of “Change (Pips)” and ”Change (%) ” labels. Picking “Session High/Low” will show you the change between Session High and Session Low and picking “Session Open/Close” will show you the change between Session Open and Session Close.
11. “Input Timezone” - this defines the timezone of the session start/end inputs (you don’t have to change this unless you know what you’re doing)
Make sure to read future update logs to keep track of the most recent additions and settings of this script.
Box generation code inspired by Jos(TradingCode), session box visuals inspired by @boitoki's FX Market Sessions
GRIDBOT Scalper by nnamWhat is this Indicator used for?
Made specifically for GRID Bots
note: before continuing... this indicator works on any timeframe, but it WORKS BEST ON THE 15 MINUTE TIMEFRAME
Straters and Forex Master Pattern Value Line Traders use this to help determine when the price could reverse.
This indicator is a scalping indicator that produces signals when a "potential" reversal in price is indicated. When the price moves UP and a Potential Bearish Reversal Signal occurs, traders can use this signal as a potential SHORT entry signal for their Short Grid Bot. The process is the same in reverse. After a sustained move down, a Potential Bullish Signal can be used by the trader as a potential LONG entry signal for their GridBot.
As shown in the screenshot below, lines develop on the chart (either RED or GREEN) indicating that a sustained move in one direction is currently occurring; however, there is no potential reversal signal plotted (this means that price action is currently moving in one direction only).
As shown in the screenshot below, lines can be used as a stop-loss after entering the GRIDbot. (usually, by this time, the Grid Bot is in Profit as it usually moves in the opposite direction first)
What this Indicator Does
The GRIDBOT Scalper provides information regarding potential reversals in the market after a sustained movement in one direction (either Bullish or Bearish).
The indicator is based on PRICE-ACTION ONLY and does not take into account the current state of the market (Bullish or Bearish).
Once the price moves in a particular direction for at least 14 bars , a line appears as shown in a previous screenshot. Once the price stops moving in that direction and begins moving in the opposite direction - and after a sustained run - a "signal" appears alerting the trader that a "potential" reversal could be on the horizon soon.
If price moves in one direction and plots both a line and a signal and then begins moving back in the other direction in a sustained manner, the original signal will remain even when a NEW line begins forming (the original line will disappear). (see below) This line will continue to move as the price continues to move. Not until a signal plots on the chart is the potential reversal forming. THE LINE DOES NOT SIGNAL A REVERSAL . Some traders, however, use this information to "ride the wave UP or DOWN" and exit their positions once the signal prints.
As shown below, optional input settings allow the trader to set the line at CLOSE or HIGH/LOW of the candle preceding the potential reversal.
It is suggested to use Close instead of High or Low but the setting allows one to use either.
As shown in the screenshot below, it is typical on LOWER TIME FRAMES to see the price pass the signal line. The Indicator works best on the 15 minute timeframe, as it gives the trader time to make the decisions required as the volatility is less on the 15 minute chart vs the 1 minute or 5 minute charts.
If you have any questions or suggestions for this indicator, please join our Discord. We offer free training on this Indicator on our Discord Server.
