Formation Defined Moving Support and ResistanceThe script was originally coded in 2018 with Pine Script version 3, and it was in protected code status. It has been updated and optimised for Pine Script v5 and made completely open source.
The Formation Defined Moving Support and Resistance indicator is a sophisticated tool for identifying dynamic support and resistance levels based on specific price formations and level interactions. This indicator goes beyond traditional static support and resistance by updating levels based on predefined formation patterns and market behaviour, providing traders with a more responsive view of potential support and resistance zones.
Features:
The indicator detects essential price levels:
Lower Low (LL)
Higher Low (HL)
Higher High (HH)
Lower High (LH)
Equal Lower Low (ELL)
Equal Higher Low (EHL)
Equal Higher High (EHH)
Equal Lower High (ELH)
By identifying these key points, the script builds a foundation for tracking and responding to changes in price structure.
Pre-defined Formations and Comparisons:
The indicator calculates and recognises nine different pre-defined formations, such as bullish and bearish formations, based on the sequence of price levels.
These formations are compared against previous levels and formations, allowing for a sophisticated understanding of recent market movements and momentum shifts.
This formation-based approach provides insights into whether the price is likely to maintain, break, or reverse key levels.
Dynamic Support and Resistance Levels:
The indicator offers an option to toggle Moving Support and Resistance Levels.
When enabled, the support and resistance levels dynamically adjust:
Upon a change in the detected formation.
When the bar’s closing price breaks the last defined support or resistance level.
This feature ensures that the support and resistance levels adapt quickly to market changes, giving a more accurate and responsive perspective.
Customisable Price Source:
Users can choose the price source for level detection, selecting between close or high/low prices.
This flexibility allows the indicator to adapt to different trading styles, whether the focus is on closing prices for more conservative levels or on highs and lows for more sensitive level tracking.
This indicator can benefit traders relying on dynamic support and resistance rather than fixed, historical levels. It adapts to recent price actions and market formations, making it useful for identifying entry and exit points, trend continuation or reversal, and setting trailing stops based on updated support and resistance levels.
Formation
Broadening Formations [TFO]This indicator highlights deviations from broadening formations (or megaphone patterns). Deviations from broadening ranges can often foreshadow reversals, especially in consolidation phases. These deviations are highlighted via trendlines that change color when tested, and also have the option to be alerted.
These broadening formations are heavily used with "The Strat" and can add confluence when looking for reversals within higher timeframe points of interest.
OZGENCIntroduction
Pattern formations enable traders to predict future significant points to buy and sell stocks. This might due to the scale-free nature of stock prices, also reflecting many phenomena in the nature. OZGENC indicator utilizes this to predict future potential support and resistance points. By choosing two local peak and throughs, the indicator estimates these potential points by calculating some kind of ratio between the two selected points. The indicator calculates these future points without using the accustomed Fibonacci ratio.
How to use:
The user should select two local points, through and peak, respectively. Local through is defined as A, and peak is defined as B in this case. The user should click on each of them twice, first for determining price (y-axis), second for time/date (x-axis). The indicator then calculates C and D points, C as the support and D as the resistance point. These points will be shown in the chart as horizontal lines in addition to their predicted values.
Özgen Çatal
twitter: @Ozgencx
TopTenAlgo 9. Formation & Patterns HuntersEN:
• All Harmonic and Triangle Formation Patterns and OBO (Added) Displays labels with detected patterns.
• Displays the slope information rate of price, time difference and pricing angle (Experimental, Vary.)
• It shows the effects such as Target Price, Stoploss price or formation start price.
• It instantly detects the formation changes and allows you to make a reversal.
This algorithm is prepared with @Top10Algo ...
TR:
• Tüm Harmonik ve Triangle Formayon Kalıpları ile OBO(Eklendi). Algılanan kalıplara sahip tüm etiketleri görüntüler.
• Fiyat, zaman farkı ve fiyatlama açısının eğim bilgi oranını görüntüler (Deneysel, Değişiklik Gösterebilir.)
• Hedef Fiyat, Stoploss fiyatı yada formasyon başlangıç fiyatı gibi etkiketleri gösterir.
• Formasyon değişiklerini anında algılayarak hızlı dönüş (reversal) yapmanızı sağlar.
Bu algoritma @Top10Algo ile beraber hazırlanmıştır...
Candlestick PatternsCandlestick Patterns
- Candlesticks are graphical representations of price movements for a given period of time.
- There are candlestick patterns that try to predict the final direction, caused by pressure between buyers and sellers.
As a general recommendation, use the candlestick patterns in the same direction of the current trend (continuations),
for reverse patterns we must expect the price to be over extended, for example,
that it is the highest or lowest value of (20-50) periods,
or that the RSI is overbought or oversold (14-50),
or that the price is far from its standard deviation.
- This indicator allows you to view more than 20 different patterns, some of them:
Doji
Engulfing
Hammer
Shooting Star
Inverted Hammer
Hanging Man
Morning Star
Evening Star
etc...
- The indicator allows displaying the full name of the pattern
- It allows you to view the labels at the top of the chart, to avoid this affecting the technical analysis
Phi35 - Candlestick Reversal Patterns V1 ©Candlestick Reversal Pattern V1 by Phi35 - 9rd September 2016 ©
Check also my " Candlestick Continuation Pattern " indicator which will follow soon!
Do not modify the code without my permission!
If there is an issue or any suggestions, feel free to contact me on the link below
www.tradingview.com
www.tradingview.com
It seems to work well but still no guarantee on completeness!
RISK WARNING! PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. IN MAKING AN INVESTMENT DECISION, TRADERS MUST RELY ON THEIR OWN EXAMINATION OF THE ENTITY MAKING THE TRADING DECISIONS!
Wait always for confirmation (next opening price or closing price)!!
RECOGNIZABLE REVERSAL PATTERNS
01.Engulfing
02.Harami
03.Piercing Line
04.Morning Star
05.Evening Star
06.Belt Hold
07.Three White Soldiers
08.Three Black Crows
09.Three Stars in the South
10.Stick Sandwich
11.Meeting Line
12.Kicking
13.Ladder Bottom
Although the Engulfing and Harami Patterns are important but can occur too often and give false signals, I give you the option to turn them completely off.
