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MTF Evolving Weighted Composite Value Area🧾 Description: This indicator calculates evolving value areas across 3 different timeframes/periods and combines them into one composite, multi-timeframe evolving value area - with each of the underlying timeframes' VAs assigned their own weighting/importance in the final calculation. Layered with extra smoothing options, this creates an informative and useful 'rolling value area' effect that can give you a better perspective on the value area across multiple periods at once as it develops - without total calculation resets at the onset of every new period. Let's start with a simplified primer on value areas and then jump in to the new ideas this indicator introduces. 🤔 What is a value area? Value areas are a tool used in market profile analysis to determine the range of prices that represents where most trading activity occurred during a specific time period, typically within a single 'bar' of a certain higher timeframe, such as the 4-hour, daily, or weekly. It helps traders understand the levels where the market finds value. To calculate the value area, we look at the distribution of prices and trading volume. We determine a percentage, usually 70% or 80%, that represents the significant portion of trading volume. Then, we identify the price range that contains this percentage of trading volume, which becomes the value area. Value areas are useful because they provide insights into market dynamics and potential support and resistance levels. They show where traders have been most active and where they find value, and traders can use this information to make better-informed decisions. For example, if price is trading within the value area, it suggests that it's within a range where traders see value and are actively participating, which could indicate a balanced market. If the price moves above or below the value area, it may signal a potential shift in market sentiment or a breakout/breakdown from the established range. By understanding the value area, traders can identify potential areas of supply and demand, determine levels of interest for buyers and sellers, and make decisions based on the market's perception of value. 📑 Limitations of traditional value areas Static representation: Value areas are usually represented as static zones calculated after the fact. For example, after a daily period is completed, a typical 1D VA indicator will display the value area for the past period with static horizontal lines. This approach doesn't give you the power to see how the value area evolved, or developed, during the time period, as it is only displayed retroactively. It also doesn't give you the ability to view it as it evolves in real-time. This is why we chose to use an evolving value area representation, specifically borrowed from @sourcey's Value Area POC/VAH/VAL script function for calculating evolving VAs. Rollover resets - no memory of past periods!: The traditional value area is calculated over a static period - it is calculated from the beginning of the period, for example a 1 day period, to the end, and that's the end of it. When the next daily period begins, the calculation resets, and has no memory of the preceding period. This limits the usefulness of the value area visual when viewed near the beginning of a new period before price and volume have been given ample time to define an area. Hard to absorb all of that information: Value areas aren't generally meant to be a hardline representation of something extremely exact - they're based on a percentage of the area where traders appeared to find value over a certain time period. Most traders use them as a guide for support and resistance levels or finding an expected range. Traders typically overlay multiple VAs - sometimes requiring several instances of the same indicator to be applied - to represent the VA across multiple timeframes such as the 4H, 1D, or 1W. The chart quickly gets cluttered and it's not necessarily easy to understand the relationship between these multiple periods' VAs at a glance. 🧪 New concepts introduced in this indicator With the evolving weighted composite value area we tried to address these limitations, and we think the result can be useful and intuitive for traders who want more dynamic and practical VAs for their everyday technical analysis. ⚖️ 1. A composite, weighted multi-timeframe VA This indicator's value areas represent a combination or composite of the value areas calculated across multiple timeframes. The VAs calculated across each timeframe are then given a weighting percentage, which determines their contribution to the final 'weighted composite value area'. Pictured below: a 4H/1D/1W MTF evolving weighted composite VA on the BTCUSDT Perpetual Futures (Binance) 5 minute chart: Traditionally, when traders wanted to get a view of where the majority of trading activity occurred over the past four hours, day, and week, they would need to apply three value area indicators (or sometimes one if it allows multiple custom timeframes), each set to a different period (4H, 1D, 1W). The chart gets cluttered quickly and the information is hard to absorb in one shot. Addressing this problem was the main impetus for creating this weighted composite process. 〰️ 2. Rolling and smoothed evolving VAs Because the composite VA is calculated based on multiple period VAs, there is no one single point where the area calculation resets (unless all 3 selected timeframes happen to rollover on the same bar). This creates a 'rolling' effect that gives a sense of the progression of the VA as price transitions through the different underlying time periods, without the traditional 'jump' in calculations between periods. Pictured below: a 1D/1W/1M MTF evolving weighted composite VA on the NQ futures 1H chart: To help give even more of a sense of perspective and 'progression' of the VA, there are also smoothing options to even out the 'jumps' at period-rollover points. ✔️ What's it good for? Smoothed, rolling, and evolving multi-timeframe VAs that give you a better real-time perspective of where traders are finding value across multiple time periods at once. 📎 References 1. @sourcey's Value Area POC/VAH/VAL script by adapting its f_poc(tf) function. 💠 Features: A MTF evolving weighted composite value area based on 3 underlying VAs calculated across customizable timeframes Aesthetic and flexible coloring and color theme styling options Period-roller labels and options for ease-of-use and legibility ⚙️ Settings: Calculation Decimal Resolution: This setting essentially determines how 'granular' the value area calculating process is. This value should be set to some multiple of the tick size/smallest decimal of the symbol's price chart. Eg. On BTCUSDT, the tick size/decimal is usually 0.1. So, you might use 0.5. On TSLA, the tick size is 0.01. You might use 0.05 or 0.25. Beware: if the resolution is too small, calculation will take too long and the script may timeout. Show Me Suggested Resolutions: If enabled, a label will display in the bottom right of the chart with some suggested resolutions for the current chart. Area Percentage: Set the displayed percentage of the calculated composite value area. Igor method = 70%; Daniel method: 68%. Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method. Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use. Resistance Color: When 'Use a Color Theme' is disabled, this will set the 'resistance color' for the composite VA. Support Color: When 'Use a Color Theme' is disabled, this will set the 'support color' for the composite VA. Show Period Rollover Labels: When enabled, a label will show above or below the composite VA marking any underlying period rollovers with the label 'New __' (eg. 'New 4H', 'New 1D', 'New 1W'). Size: Sets the font size of the period rollover labels. Show Period Rollover Lines: When enabled, a translucent vertical dashed line will be drawn across the composite VA when one of the underlying periods rolls over. Fill Composite Value Area: When enabled, the composite VA will be filled with a gradient coloring from the support line to the resistance line using their respective colors. Smooth: When enabled, a smoothing moving average will be applied to the composite value area. Smoothing Period: Set the lookback period for the smoothing average. Smoothing Type: Set the calculation type for the smoothing average. Options include: Exponential, Simple, Weighted, Volume-Weighted, and Hull. Enable: Include/exclude a timeframe's VA in the composite VA calculation. Timeframe: Set the timeframe for this specific underlying VA. Weighting %: Set the weighting percentage or 'importance' of this timeframe's value area in calculating the composite VA. Beware! The sum of the weighting percentages across all enabled timeframes must ALWAYS add up to 100 in order for this indicator to work as designed.
Pine Script™ indicator
by DarkWaveAlgo
5
New York, London and custom trading sessionsHi Traders The script : The Time sessions script plots the trading sessions of both New York and London markets (background fills), In addition to the above the script also plots a user defined trading session period (vertical lines). All plots may be toggled true or false inorder to ensure you can focus on the respective market / markets / custom session. Market sessions are useful for technical or quantitative analysis, as the majority of trading activity and net daily volume occurs in these zones, in fact the U.S./London market overlap tends to have the greatest volume accumulation across that range of time / bars than that range at any other time within the daily session. For FX traders it may also be important to take into account for many currency pairs the average exchange rate pip movement is greatest within these zones. The custom session, is intended to be used for traders who trade only within specific intervals within the market session or day for 24/7 traded asset classes Additional notes : Not as of now, I have only added three optional trading sessions. If you would like to change the sessions, copy the scripts code and change the "ctm_session" default time range value, insuring the second time value is 1 min > than the first. As always i Hope this is a useful script, and I will be updating this script in the near future.
Pine Script™ indicator
by Amjad_S
RSI MTF [Market Yogi]The Multi-Time Frame RSI with Money Flow Index and Average is a powerful trading indicator designed to help traders identify overbought and oversold conditions across multiple time frames. It combines the Relative Strength Index (RSI) with the Money Flow Index (MFI) and provides an average value for better accuracy. The Relative Strength Index (RSI) is a popular momentum oscillator that measures the speed and change of price movements. It oscillates between 0 and 100 and is used to identify overbought and oversold conditions in an asset. By incorporating the RSI across multiple time frames, this indicator offers a broader perspective on market sentiment. In addition to the RSI, this indicator also includes the Money Flow Index (MFI). The MFI is a volume-based oscillator that measures the inflow and outflow of money into an asset. It takes into account both price and volume, providing insights into the strength and direction of buying and selling pressure. By combining the RSI and MFI across multiple time frames, traders gain a comprehensive understanding of market dynamics. The indicator allows for comparing the RSI and MFI values across different time frames, enabling traders to identify divergences and potential trend reversals. Furthermore, this indicator provides an average value of the multi-time frame RSI, offering a consolidated signal that helps filter out noise and enhance the accuracy of trading decisions. Key Features: 1. Multi-Time Frame RSI: Combines the RSI across different time frames to provide a comprehensive view of market sentiment. 2. Money Flow Index (MFI): Incorporates the MFI to gauge buying and selling pressure based on both price and volume. 3. Average Calculation: Computes the average value of the multi-time frame RSI to generate a consolidated trading signal. 4. Divergence Detection: Enables traders to spot divergences between the RSI and MFI values, indicating potential trend reversals. 5. Overbought and Oversold Levels: Highlights overbought and oversold levels on the RSI, aiding in timing entry and exit points. The Multi-Time Frame RSI with Money Flow Index and Average is a versatile tool that can be applied to various trading strategies, including trend following, swing trading, and mean reversion. Traders can adjust the time frame settings to suit their preferences and trading style. Note: It's important to use this indicator in conjunction with other technical analysis tools and indicators to validate signals and make informed trading decisions.
Pine Script™ indicator
by Market_Yogi
Dodge Trend [MyTradingCoder]Introducing the "Dodge Trend" indicator, an innovative variant of the Supertrend indicator designed to help traders better avoid fakeouts and maintain positions in established trends. Like the Supertrend, the Dodge Trend uses Average True Range (ATR) but incorporates a unique adaptive adjustment feature that differentiates it from its counterparts. While the conventional Supertrend rises with the trend and only descends when the price crosses it, the Dodge Trend is designed to 'dodge' potential fakeouts. This 'dodging' mechanism works by allowing the Dodge Trend to fall slightly during pullbacks, reducing the risk of a premature exit due to a temporary price drop. The recovery rate after the pullback is quicker but is slightly lower than the rate at which a new Dodge Trend high would be established in an uptrend. This unique adjustment feature allows the Dodge Trend to chase price action in an exponential fashion, potentially enabling a quicker exit when the trend shifts. Key Settings: Length: Adjust how much price action is taken into consideration for the ATR average. Lower values yield higher responsiveness to recent price action. Size: Determines the initial deviation of the Dodge Trend when it resets after every flip/break. Source: Specifies the data point (close, high, open, low, hl2, etc.) used for the Dodge Trend. Dodge Intensity: Adjusts the intensity of the pullback effect. Higher values result in more intense pullbacks. Range is limited between 0 and 99, with 95 as the recommended default. Bullish Color Setting: Sets the color for the uptrend Dodge Trend. Bearish Color Setting: Sets the color for the downtrend Dodge Trend. Dodge Trend is a powerful tool for traders looking to ride trends and avoid unnecessary exits due to short-term price fluctuations. While it offers a unique feature that may potentially improve trading outcomes, it should be used in conjunction with other indicators and analysis methods for a comprehensive trading strategy. As with all tools, it does not guarantee profitable trades but aims to give traders more actionable and precise information to base their decisions on. Experience trend-following in a more adaptive and efficient manner with the Dodge Trend indicator, a tool designed to help you 'dodge' false exits and stay in line with the overall trend.
Pine Script™ indicator
by MyTradingCoder
6
Seasonal Performance for Stocks & CryptoThe Seasonal Performance indicator quickly allows you to see if you are in a bullish or bearish time of year for an underlying security and where the current performance stacks up compared to the same time of year historically. Table is fully customizable from colors to what data to see. Table Displays Average Performance Best Performance Worst Performance Last Performance Current Performance Note this indicator will only work with Stocks, ETF's, Index's or Crypto.
Pine Script™ indicator
by Amphibiantrading
4
MTF Smoothable RSI Nexus [DarkWaveAlgo]🧾 Description: A nexus is a connection, link, or neuronal junction where signals and information are transmitted between different elements. The MTF Smoothable RSI Nexus indicator serves as a nexus between smoothable, MTF RSIs by facilitating the visualization and interaction of up to six multi-timeframe RSIs, each with its own customizable timeframe, period, coloring customization, and price source. By combining these various RSIs, it helps you create a comprehensive view of MTF momentum trends and dynamics. It acts as a control center that brings together multiple MTF RSIs and allows you to visualize the interactions between them with exceptional ease-of-use and customizability, helping to provide you with valuable insights into potential trend reversals, momentum shifts, and trading opportunities. 💡 Originality and Usefulness: While there are other multi-timeframe RSI indicators available, MTF Smoothable RSI Nexus' global smoothing settings offer a flexible take on the development of price momentum across various timeframes. Its semi-transparent overbought and oversold fill zones create a compounding opaqueness when RSIs from multiple timeframes coalesce - making visual assessment of momentum extremes incredibly easy. We also believe it stands above the rest with its sheer quantity and quality of settings, features, and usability. ✔️ Re-Published to Avoid Misleading Values This script has been re-published to ensure that it does not use `request.security()` calls using lookahead_on to access future data when referencing RSIs from other timeframes. This decreases the likelihood that the indicator will provide deceiving values. This change has been made in accordance with the PineScript documentation: "Using barmerge.lookahead_on at timeframes higher than the chart's without offsetting the `expression` argument like in `close [ ]` will introduce future leak in scripts, as the function will then return the `close` price before it is actually known in the current context" and the Publishing Rule: "Do not use `request.security()` calls using lookahead to access future data". Historical and real-time values may differ when referencing timeframes other than the chart's. 💠 Features: 6 toggleable MTF Smoothable RSIs with customizable timeframes, periods, and price sources Compounding overbought/oversold filled areas for easy MTF momentum analysis Aesthetic and flexible coloring and color theme styling options End-of chart labels and options for ease-of-use and legibility ⚙️ Settings: Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method. Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use. Hide RSIs on Timeframes Lower Than the Chart: When this setting is enabled, any MTF RSI with a timeframe smaller than that of the chart the indicator is applied to will be hidden from view. Overbought Level: Set the level value for the overbought line. Oversold Level: Set the level value for the oversold line. Overbought Color: When 'Use a Color Theme' is disabled, this will set the color for the Overbought Level line. Oversold Color: When 'Use a Color Theme' is disabled, this will set the color for the Oversold Level line. Fill Overbought/Oversold Areas: When enabled, the area between any MTF RSI and the Overbought/Oversold level will be filled with semi-transparent coloring if that RSI is above/below the respective level. Smooth RSIs: When enabled, all MTF RSIs will be processed through an additional smoothing average calculation. Smoothing Type: Set the calculation type for the smoothing process. Options include: Exponential, Simple, Weighted, Volume-Weighted, and Hull. Enable: Show/hide a specific MTF RSI. Timeframe: Set the timeframe for a specific MTF RSI. Period: Set the lookback period for a specific MTF RSI. Source Price: Set the source value used for a specific MTF RSI's calculation. Coloring Method: Set the coloring method for this specific RSI. The coloring method defines how the RSI should be dynamically colored. Options include: 'Single Color' and 'Increasing/Decreasing'. Bullish Color: When 'Use a Color Theme' is disabled, this will set the 'bullish color' for this specific MTF RSI. Bearish Color: When 'Use a Color Theme' is disabled, this will set the 'bearish color' for this specific MTF RSI. Single Color: When the 'Coloring Method' is set to Single Color for this specific RSI, this color option will set the RSI's color. Enable Label: When enabled, a label will show at the end of the chart displaying the timeframe, period, smoothing type (if any), and current price value of this specific MTF RSI. Size: Sets the font size of this specific MTF RSI's label. Label Offset (in Bars): Sets the distance from the latest bar, in bars, at which this specific MTF RSI's label is displayed. Show Label Line: When enabled, this specific MTF RSI's label will be accommodated by a dashed line connecting it to its plot. 📈 Chart: The chart shown in this original publication displays the 15 minute chart on ETHUSDT. Displayed on the chart are 4 MTF RSIs: the 15m 14 WMA-Smoothed RSI, 1h 14 WMA-Smoothed RSI, 4h 14 WMA-Smoothed RSI, and the 1D 14 WMA-Smoothed RSI - offering an exemplary view of how you can easily use these MTF RSIs to your advantage in analyzing momentum relationship across multiple timeframes.
Pine Script™ indicator
by DarkWaveAlgo
7
MTF SuperTrends Nexus [DarkWaveAlgo]🧾 Description: A nexus is a connection, link, or neuronal junction where signals and information are transmitted between different elements. The MTF SuperTrends Nexus indicator serves as a nexus between MTF SuperTrends by facilitating the visualization of up to eight multi-timeframe SuperTrends, each with its own customizable timeframe, period, factor, and coloring customization. By combining these various SuperTrends, it helps you create a comprehensive view of MTF trend dynamics and cross-timeframe confluence according to the SuperTrend indicator. It acts as a utility/control center that brings together multiple MTF SuperTrends and allows you to visualize the interactions between them with exceptional ease-of-use and customizability, helping to provide you with valuable insights into potential trend reversals, momentum shifts, and trading opportunities. 💡 Originality and Usefulness: While there are other multi-timeframe SuperTrend indicators available, MTF SuperTrends Nexus' semi-transparent fills create a compounding opaqueness when SuperTrends from multiple timeframes coalesce - making visual assessment of cross-timeframe confluence extremely easy. We also believe it stands above the rest with its sheer quantity and quality of settings, features, and usability. ✔️ Re-Published to Avoid Misleading Values This script has been re-published to ensure that it does not use `request.security()` calls using lookahead_on to access future data when referencing SuperTrend calculations from other timeframes. This decreases the likelihood that the indicator will provide deceiving values. This change has been made in accordance with the PineScript documentation: "Using barmerge.lookahead_on at timeframes higher than the chart's without offsetting the `expression` argument like in `close [ ]` will introduce future leak in scripts, as the function will then return the `close` price before it is actually known in the current context" and the Publishing Rule: "Do not use `request.security()` calls using lookahead to access future data". Historical and real-time values may differ when referencing timeframes other than the chart's. 💠 Features: 8 toggleable MTF SuperTrends with customizable timeframes, periods, and factors Compounding filled areas for easy MTF SuperTrend confluence analysis Aesthetic and flexible coloring and color theme styling options End-of chart labels and options for ease-of-use and legibility ⚙️ Settings: Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method. Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use. Fill SuperTrend Areas: When enabled, the area between any MTF SuperTrend and the price bars will be filled with semi-transparent coloring. Hide SuperTrends on Timeframes Lower Than the Chart: When this setting is enabled, any MTF SuperTrend with a timeframe smaller than that of the chart the indicator is applied to will be hidden from view. Enable: Show/hide a specific MTF SuperTrend. Timeframe: Set the timeframe for a specific MTF SuperTrend. Period: Set the lookback period for a specific MTF SuperTrend. Factor: Set the multiplier factor used for a specific MTF SuperTrend's calculation. Bullish Color: When 'Use a Color Theme' is disabled, this will set the 'bullish color' for this specific MTF SuperTrend. Bearish Color: When 'Use a Color Theme' is disabled, this will set the 'bearish color' for this specific MTF SuperTrend. Enable Label: When enabled, a label will show at the end of the chart displaying the timeframe, period, factor, and current price value of this specific MTF SuperTrend. Size: Sets the font size of this specific MTF SuperTrend's label. Label Offset (in Bars): Sets the distance from the latest bar, in bars, at which this specific MTF SuperTrend's label is displayed. Show Label Line: When enabled, this specific MTF SuperTrend's label will be accommodated by a dashed line connecting it to its plot. 📈 Chart: The chart shown in this original publication displays the 5 minute chart on BTCUSDT. Displayed on the chart are 6 MTF SuperTrends: the 5m 50-period/3-factor SuperTrend, 15m 50-period/3-factor SuperTrend, 30m 50-period/3-factor SuperTrend, 1h 50-period/3-factor SuperTrend, 4h 50-period/3-factor SuperTrend, and the 1D 25-period/1.5-factor SuperTrend - offering an exemplary view of how you can easily use these MTF SuperTrends to your advantage in analyzing SuperTrend relationships across multiple timeframes.
Pine Script™ indicator
by DarkWaveAlgo
7
MTF MAs and Crosses Nexus [DarkWaveAlgo]🧾 Description: A nexus is a connection, link, or neuronal junction where signals and information are transmitted between different elements. The MTF MAs and Crosses Nexus indicator serves as a nexus between MTF Moving Averages by facilitating the visualization and interaction of up to eight multi-timeframe moving averages, each with its own customizable timeframe, period, cross-over and cross-under alerts and plot markers, moving average calculation type, and price source. It acts as a utility/control center that brings together multiple MTF moving averages (MTF MAs) and allows you to visualize the interactions between them with exceptional ease-of-use and customizability, helping to provide you with valuable insights into potential trend reversals, momentum shifts, and trading opportunities. 💡 Originality and Usefulness: While there are other multi-timeframe moving average indicators available, MTF MAs and Crosses Nexus' customizable alert and signal settings offer intra-indicator MTF moving average cross markers and alerts not seen in other MTF MA indicators, allowing you to visualize the cross-over and cross-under relationships between the indicator's MAs with an 'all-in-one' experience. We also believe it stands above the rest with its sheer quantity and quality of settings, features, and usability. ✔️ Re-Published to Avoid Misleading Values This script has been re-published to ensure that it does not use `request.security()` calls using lookahead_on to access future data when referencing moving averages from other timeframes. This decreases the likelihood that the indicator will provide deceiving values. This change has been made in accordance with the PineScript documentation: "Using barmerge.lookahead_on at timeframes higher than the chart's without offsetting the `expression` argument like in `close ` will introduce future leak in scripts, as the function will then return the `close` price before it is actually known in the current context" and the Publishing Rule: "Do not use `request.security()` calls using lookahead to access future data". 💠 Features: 8 toggleable MTF Moving Averages with customizable timeframes, periods, moving average calculation types, and price sources Customizable cross-over and cross-under alert and chart signal options for each MTF MA (toggleable cross alerts and signals for crosses between intra-indicator MAs and bar price values) Aesthetic and flexible coloring and color theme styling options End-of chart labels and options for ease-of-use and legibility ⚙️ Settings: Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method. Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use. Hide MAs on Timeframes Lower Than the Chart: When this setting is enabled, any MTF MA with a timeframe smaller than that of the chart the indicator is applied to will be hidden from view. Enable: Show/hide a specific MTF MA. Timeframe: Set the timeframe for a specific MTF MA. Period: Set the lookback period for a specific MTF MA. Type: Set the calculation type for a specific MTF MA. Options include: Exponential, Simple, Weighted, Volume-Weighted, and Hull. Source Price: Set the source value used for a specific MTF MA's calculation. Enable Cross Over Signals & Alerts: When enabled, cross-over chart signals (markers) and alerts are enabled for when this specific MTF MA crosses above its respective 'Cross Over Cross Source'. Enable Cross Under Signals & Alerts: When enabled, cross-under chart signals (markers) and alerts are enabled for when this specific MTF MA crosses below its respective 'Cross Under Cross Source'. Cross Source: Set the target plot which this specific MTF MA must cross (for either a cross-over or cross-under event) to trigger a chart signal and alert. Marker Position: Set the position where this specific MTF MA's cross chart signal should appear. Options include: Above Bar, Below Bar, and On MA Line. Coloring Method: Set the coloring method for this specific MA. The coloring method defines how the MA should be dynamically colored. Options include: Single Color, Increasing/Decreasing, and Over/Under Price. Bullish Color: When 'Use a Color Theme' is disabled, this will set the 'bullish color' for this specific MTF MA. Bearish Color: When 'Use a Color Theme' is disabled, this will set the 'bearish color' for this specific MTF MA. Single Color: When the 'Coloring Method' is set to Single Color for this specific MA, this color option will set the MA's color. Enable Label: When enabled, a label will show at the end of the chart displaying the timeframe, period, MA type, and current price value of this specific MTF MA. Size: Sets the font size of this specific MTF MA's label. Label Offset (in Bars): Sets the distance from the latest bar, in bars, at which this specific MTF MA's label is displayed. Show Label Line: When enabled, this specific MTF MA's label will be accommodated by a dashed line connecting it to its plot. 📈 Chart: The chart shown in this original publication displays the 15 minute chart on BTCUSDT. Displayed on the chart are 4 MTF MAs: the 15m 20 WMA, 30m 100 EMA, 1h 11 EMA, and 1D 7 VWMA - offering an exemplary view of how you can use these MTF MAs and crosses to your advantage in gauging trend relationships across multiple timeframes.
Pine Script™ indicator
by DarkWaveAlgo
1
120x ticker screener (composite tickers)In specific circumstances, it is possible to extract data, far above the 40 `request.*()` call limit for 1 single script . The following technique uses composite tickers . Changing tickers needs to be done in the code itself as will be explained further.           ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ 🔶 PRINCIPLE         Standard example:   c1 = request.security('MTLUSDT' , 'D', close)         This will give the close value from 1 ticker (MTLUSDT); c1 for example is 1.153         Now let's add 2 tickers to MTLUSDT; XMRUSDT and ORNUSDT with, for example, values of 1.153 (I), 143.4 (II) and 0.8242 (III) respectively.         Just adding them up 'MTLUSDT+XMRUSDT+ORNUSDT' would give 145.3772 as a result, which is not something we can use...         Let's multiply ORNUSDT by                  100 ->            14340         and   multiply MTLUSDT  by 1000000000 -> 1153000000                 (from now, 10e8 will be used instead of 1000000000)         Then we make the sum.         When we put this in a security call (just the close value) we get:   c1 = request.security('MTLUSDT*10e8+XMRUSDT*100+ORNUSDT', 'D', close)         'MTLUSDT*10e8+XMRUSDT*100+ORNUSDT' -> 1153000000 + 14340 + 0.8242 = 1153014340.8242 (a)         This (a) will be split later on, for example:         1153014330.8242 / 10e8 = 1.1530143408242 -> round -> in this case to 1.153 (I), multiply again by 10e8 -> 1153000000.00 (b)         We subtract this from the initial number:             1153014340.8242   (a)          - 1153000000.0000   (b)           –––––––––––––––––                        14340.8242   (c)         Then -> 14340.8242 / 100 = 143.408242 -> round -> 143.4 (II) -> multiply -> 14340.0000 (d)          -> subtract             14340.8242   (c)          - 14340.0000   (d)           ––––––––––––                      0.8242   (III)         Now we have split the number again into 3 tickers: 1.153 (I), 143.4 (II) and 0.8242 (III)           ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ In this publication the function compose_3_() will make a composite ticker of 3 tickers, and the split_3_() function will split these 3 tickers again after passing 1 request.security() call. In this example: t46 = 'BINANCE:MTLUSDT', n46 = 10e8 , r46 = 3, t47 = 'BINANCE:XMRUSDT', n47 = 10e1, r47 = 1, t48 = 'BINANCE:ORNUSDT', r48 = 4 // T16 ••• T16= compose_3_(t48, t47, n47, t46, n46) ••• = request.security(T16, res, ) ••• = split_3_(c16, n46, r46, n47, r47, r48) 🔶 CHANGING TICKERS If you need to change tickers, you only have to change the first part of the script, USER DEFINED TICKERS Back to our example, at line 26 in the code, you'll find: t46 = 'BINANCE:MTLUSDT', n46 = 10e8 , r46 = 3, t47 = 'BINANCE:XMRUSDT', n47 = 10e1, r47 = 1, t48 = 'BINANCE:ORNUSDT', r48 = 4 // T16 ( t46 , T16 ,... will be explained later) You need to figure out how much you need to multiply each ticker, and the number for rounding, to get a good result. In this case: 'BINANCE:MTLUSDT', multiply number = 10e8, round number is 3 (example value 1.153) 'BINANCE:XMRUSDT', multiply number = 10e1, round number is 1 (example value 143.4) 'BINANCE:ORNUSDT', NO multiply number, round number is 4 (example value 0.8242) The value with most digits after the decimal point by preference is placed to the right side (ORNUSDT) If you want to change these 3, how would you do so? First pick your tickers and look for the round values, for example: 'MATICUSDT', example value =   0.5876 -> round -> 4 'LTCUSDT'    , example value = 77.47      -> round -> 2 'ARBUSDT'    , example value =   1.0231 -> round -> 4 Value with most digits after the decimal point -> MATIC or ARB, let's pick ARB to go on the right side, LTC at the left of ARB, and MATIC at the most left side. -> 'MATICUSDT', LTCUSDT', ARBUSDT' Then check with how much 'LTCUSDT' and 'MATICUSDT' needs to be multiplied to get this: 5876 0 7747 0 1.0231 'MATICUSDT' -> 10e10 'LTCUSDT'      -> 10e3 Replace: t46 = 'BINANCE:MTLUSDT', n46 = 10e8 , r46 = 3, t47 = 'BINANCE:XMRUSDT', n47 = 10e1, r47 = 1, t48 = 'BINANCE:ORNUSDT', r48 = 4 // T16 -> t46 = 'BINANCE:MATICUSDT', n46 = 10e10 , r46 = 4, t47 = 'BINANCE:LTCUSDT', n47 = 10e3, r47 = 2, t48 = 'BINANCE:ARBUSDT', r48 = 4 // T16 DO NOT change anything at t46, n46,... if you don't know what you're doing! Only  • tickers ('BINANCE:MTLUSDT', 'BINANCE:XMRUSDT', 'BINANCE:ORNUSDT', ...),  • multiply numbers (10e8, 10e1, ...) and  • round numbers (3, 1, 4, ...) should be changed. There you go! 🔶 LIMITATIONS 🔹 The composite ticker fails when 1 of the 3 isn't in market in the weekend, while the other 2 are.      That is the reason all tickers are crypto. I think it is possible to combine stock,... tickers, but they have to share the same market hours. 🔹 The number cannot be as large as you want, the limit lays around 15-16 digits.      This means when you have for example 123, 45.67 and 0.000000000089, you'll get issues when composing to this:      -> 123045670.000000000089 (21 digits)      Make sure the numbers are close to each other as possible, with 1 zero (or 2) in between:      -> 1.230045670089 (13 digits by doing -> (123 * 10e-3) + (45.67 * 10e-7) + 0.000000000089) 🔹 This script contains examples of calculated values, % change, SMA, RMA and RSI.      These values need to be calculated from HTF close data at current TF (timeframe).      This gives challenges. For example the SMA / %change is not a problem (same values at 1h TF from Daily data).       RMA , RSI is not so easy though...      Daily values are rather similar on a 2-3h TF, but 1h TF and lower is quite different.      At the moment I haven't figured out why, if someone has an idea, don't hesitate to share.      The main goal of this publication is 'composite tickers ~ request.security()' though. 🔹 When a ticker value changes substantially (x10, x100), the multiply number needs to be adjusted accordingly. 🔶 SETTINGS SHOW SETS SET    •  Length : length of SMA, RMA and RSI    •  HTF : Higher TimeFrame (default Daily) TABLE    •  Size table :                         \ _ Self-explanatory    •  Include exchange name :  /    •  Sort : If exchange names are shown, the exchanges will be sorted first COLOURS    •  CH%    •  RSI    •  SMA (RMA) DEBUG Remember t46 , T16 ,... ? This can be used for debugging/checking ALWAYS DISABLE " sort " when doing so. Example: Set string -> T1 (tickers FIL, CAKE, SOL) (Numbers are slightly different due to time passing by between screen captures) Placing your tickers at the side panel makes it easy to compare with the printed label below the table (right side, 332201415014.45 ), together with the line T1 in the script: t1 = 'BINANCE:FILUSDT' , n1 = 10e10, r1 = 4, t2 = 'BINANCE:CAKEUSDT' , n2 = 10e5 , r2 = 3, t3 = 'BINANCE:SOLUSDT' , r3 = 2 // T1 FIL     :    3.322 CAKE:    1.415 SOL   : 14.56 Now it is easy to check whether the tickers are placed close enough to each other, with 1-2 zero's in between. If you want to check a specific ticker, use " Show Ticker" , see out initial example: Set string     -> T16 Show ticker -> 46 (in the code -> t46 = 'BINANCE:MTLUSDT') (Set at 0 to disable " check string " and NONE to disable " Set string ") -> Debug/check/set away! 😀 🔶 OTHER TECHNIQUES  • REGEX ( Regular expression ) and str.match() is used to delete the exchange name from the ticker, in other words, everything before ":" is deleted by following regex: exch(t) => incl_exch ? t : str.match(t, "(?<=:) +")  • To sort, array.sort_indices() is used (line 675 in the code), just as in my first "sort" publication Sort array alphabetically - educational aSort = arrT.copy() sort_Indices = array.sort_indices(id= aSort, order= order.ascending)  • Numbers and text colour will adjust automatically when switching between light/dark mode by using chart.fg_color / chart.bg_color 🔹 DISCLAIMER Please don't ask me for custom screeners, thank you.
Pine Script™ indicator
by fikira
78
Show Extended Hours (Futures & Crypto)OVERVIEW This indicator mimics TradingViews "Extended trading hours" background color settings. It is most useful on symbols that do not conventionally have extended hours, but are available to trade during those hours (ie. Futures and Crypto). Because market participation (ie. volatility) in a given symbol can change dramatically at or near these transitions, seeing conventional market open / closures expedites price action context around these transitions. INPUTS You can configure: Background colors for both Premarket and After Hours Which extended hours you would like to see Market Hours and Time Zone
Pine Script™ indicator
by liquid-trader
7
Relative Strength, not RSIThe Smoothed Relative Strength Indicator (not RSI) with Multi-Timeframe Support is a custom indicator that combines the concepts of Relative Strength (not RSI) and Money Flow Index (MFI) to create a smoothed trend-following tool. It works on any timeframe and adapts to different market conditions. Key Features: Multi-timeframe support: [ The script uses the request.security function to fetch data from other timeframes, allowing users to analyze the trend on different timeframes simultaneously. Relative Strength calculation: The script calculates the Relative Strength (not RSI) by averaging the gains and losses over a user-defined period (len). Money Flow Index calculation: The script calculates the Money Flow Index (MFI) by considering both price and volume data. The MFI is an oscillator that ranges between 0 and 100, and it helps identify overbought or oversold conditions in the market. Combination of Relative Strength and MFI:The indicator calculates the average of Relative Strength and MFI values to create the Trend Reversal Strength (TRS) line. Smoothing the TRS line: The TRS line is smoothed using a Simple Moving Average (SMA) with a user-defined smoothing length (smoothLen). This helps to reduce noise and make the trend more readable. Trend color determination: The script determines the trend color based on the slope of the smoothed TRS line. If the current value of the smoothed TRS line is higher than the previous one, the line is colored green (uptrend). If the current value is lower than the previous one, the line is colored red (downtrend). Visual representation of trend changes: The indicator plots small circles at points where the trend color changes, making it easier to identify potential trend reversal points. Zero line: The script draws a horizontal line at the zero level to help users gauge the market's strength or weakness relative to this level. Usage: This indicator can be used as a trend-following tool to identify potential entry and exit points in the market. When the smoothed TRS line is green and rising, it suggests a bullish trend, and traders may consider entering long positions. Conversely, when the smoothed TRS line is red and falling, it indicates a bearish trend, and traders may consider short positions or exiting long trades. Please note that this indicator should be used in conjunction with other technical analysis tools and proper risk management techniques to improve the accuracy of your trading decisions.
Pine Script™ indicator
by smalltilt
2
Turtle Soup IndicatorTurtle Soup Indicator plots a shape when we have a 20-period high or 20-period low. Turtle Soup Setup The Turtle Soup setup was published in the book Street Smarts by Laurence A Connors and Linda Raschke. You can learn about it there. It is a great setup for false breakouts or breakdowns in the group failure tests. Going long 1) We have a new 20-period low 2) that must have occured at least four trading sessions earlier <- this is very important Then we place a buy stop above 5-10 ticks or 5 to 10 cents above the previous 20-period low. If filled immediately place a good til cancelled sell stop one tick or one cent below todays low. Turtle Soup Plus One Similar to above but occurs one day later. It should close at/below previous 20-period low. Buy stop at earlier 20 day low. Cancel fi not filled on day 2. Take partials within 2-6 bars on this one and trail stop rest of position. Going short Reverse Time frames Works on all timeframes. Only adjust stoplosses accordingly to chosen timeframe. Settings You can change the color, shape and placement of the indicator shape. I actually prefer a grey color for both highs and lows as the color actually doesn't add much information. The placement says it all but it is up to you to change this as you like.
Pine Script™ indicator
by kulturdesken
3
90 Minute Cycles + MTFCredit goes to LuxAlgo for the inspiration from 'Sessions' which allowed users to analyse specific price movements within a user defined period with tools such as trendline, mean and vwap. Settings Sessions Enable Session: Allows to enable or disable all associated elements with a specific user set session. Session Time: Opening and closing times of the user set session in the hh:mm format. Range: Highlights the associated session range on the chart. Ranges Settings Range Area colour: Set each range to a specific colour. Range Label: Shows the session label at the mid-point of the session interval. Usage By breaking 24hrs in quarters, starting with an Asian range of 18:00 NY time you can visualise the principles of Accumulation, Manipulation, Distribution and Rebalance. Know as AMD or PO3 (Power of Three), the principle is that the Manipulation phase will break above or below the Accumulation, before moving in an apposing direction and then rebalancing. This only works when there is a higher timeframe PD array or liquidity to support an apposing move. Further to the daily quarters, each one can then be broken down again into 90min cycles. Again, each represents AMD, allowing the user an opportunity to watch for reversals during the 90min manipulation phase. Note: Ensure the Asian Cycle always begins at 18:00 NY time. The example shows that the 90min cycle occurs, followed by an apposing move away in price action Here is the Daily cycle, highlighting the Manipulation phase. Enjoy!
Pine Script™ indicator
by HandlesHandled
29
Hann Window Amplitude FilterThis script is designed to implement a multi-signal Hann filter, which is essentially a movable Hann window filter. The purpose of this filter is to allow users to select the periods or frequencies that best align with their trading strategy or market analysis. The Hann window filter operates by enabling the selection of either lower or higher frequencies. The period of the window is twice the number of signals you wish to filter. As you shift the window by the number of your signals, the signal on one side will have an amplitude of 0, while the other side will have an amplitude of 1. Continuing to shift the window will result in new values of 0. This feature is particularly useful for further filtering the frequencies or periods that you want to focus on for your trading decisions. In summary, this script provides a flexible and customizable tool for filtering signals based on their frequency or period, which can be a valuable addition to any trader's technical analysis toolkit.
Pine Script™ indicator
by mks17
EMA ProHi Traders! This Improved EMA Cross Pro Indicator does a few things that Ease Up Our Charting. Personally it Saved me Tons of Time searching for structure highs / lows, measuring ranges and distances from my entry to stop or take profit. It's like having most of your trade in front of you, charted for you. Works Across Assets & Time Frames. The Functions 1. Signals EMA Crosses - green for Bull Cross & Red for Bear Cross 2. Signals Touches to the 55 EMA a. In a Bull Cross it will only signal touches and closes Above the 55 b. In a Bear Cross it will only signal touches and closes Under the 55 3. Plots Current Horizontals: a. The current position of the 55 b. The last High & Low 4. Calculation: a. % from the 55 to the High & Low b. Risk / Reward Ratio ("Bad Risk Management" message appears if ratio is not favorable) c. Over Range between the Low and the High 5. Labels - Current prices for all horizontals marked as Entry, Exit & Stop Notes: * This Indicator is Interchanging between bull and bear crosses, it recognizes the trend and adapts its high and low output. * You Can and Should make your personal changes. everything can be changed in the settings inputs. * You can Turn On & Off most functions in the settings inputs. BYBIT:BTCUSDT.P
Pine Script™ indicator
by AlexShech
20
Hourly MidlineDescription: The indicator displays horizontal line in the middle of each hourly candle. You can change the source for calculating the middle level (either middle between High and Low of hourly candle, or middle between Open and Close). It is intended for use on minutely timeframes. Parameters: - Source -> source for calculating the middle level - Line width -> width of the middle lines - Line color -> color of the middle lines - Show 1H candle levels -> display the levels used to calculate middle level
Pine Script™ indicator
by sabricat
4
RSI of Zero Lag MA (ValueRay)The RSI of a Zero Lag Moving Average a powerful tool for for reliable exit signals. The Relative Strength Index (RSI) is a widely recognized momentum oscillator that measures the speed and change of price movements. It provides valuable insights into overbought and oversold conditions, enabling traders to identify potential reversal points and take advantage of market inefficiencies. The RSI of a Zero Lag Indicator takes this concept a step further by incorporating the Zero Lag Moving Average. The Zero Lag Moving Average is a cutting-edge indicator that minimizes lag and provides a smoother representation of price action, allowing for quicker and more precise responses to market movements. By combining the RSI with the Zero Lag Moving Average, this indicator offers traders a superior exit strategy. When the RSI reaches extreme levels of overbought or oversold conditions, it indicates a potential reversal in the market. The Zero Lag Moving Average further enhances this signal by reducing delays and providing timely exit points. Moreover, the RSI of a Zero Lag Indicator is not limited to mean reversion strategies. While it excels in identifying mean reversion opportunities, it can also be used in conjunction with other trading approaches. Traders can take advantage of its objective signals to exit trades profitably, regardless of their chosen strategy. With its ability to accurately pinpoint overbought and oversold conditions, the RSI of a Zero Lag Indicator offers traders a competitive edge in the market. By providing timely exit signals and minimizing lag, it helps traders optimize their trading decisions and increase their chances of success.
Pine Script™ indicator
by derMatzeImNetz
6
Price Action (ValueRay)With this indicator, you gain access to up to 5 moving averages from a selection of 15 different types. This flexibility allows you to customize your trading strategy based on your preferences and market conditions. Whether you're a fan of simple moving averages, exponential moving averages, or weighted moving averages, our indicator has got you covered! Additionally, all the MAs are Multi-Time-Frame! The indicator also provides trading signals. By analyzing market trends and price movements, it generates accurate buy and sell signals, providing you with clear entry and exit points. You can choose between Fast, Mid, and Slow signal speeds. Trendlines are another crucial aspect of effective trading, and our indicator seamlessly integrates them, helping you visualize the market's direction. Furthermore, the indicator empowers you with recent highs and lows. By highlighting these key levels, it becomes easier than ever to spot support and resistance areas, aiding you in making well-informed trading choices. Additionally, you can switch the ADR% (Average Daily Range as a Percentage) on and off. This number instantly provides you with information on how much the stock usually moves per day as a percentage. Key Features: Up to 5 Moving Averages, each with its own timeframe. SMA, EMA, WMA, RMA, Triangular, Volume Weighted, Elastic Volume Weighted, Least Squares, ZLEMA, Hull, Double EMA, Triple EMA, T3, ALMA, KAMA (more to come in future versions). Recent High and Low Pivot Points acting as support/resistance. Trendline indicating the current trend. Buy/Sell Signals (recommended for use as exit points, stop loss, or take profit levels). Signals can have three different speeds: Fast, Mid, and Slow. You can switch them anytime depending on how quickly or slowly you want to exit a trade. The predefined colors are best suited for a dark background, and the predefined settings provide a solid starting point that many traders use in their daily work. Unlock the full potential of your trading strategy with our comprehensive indicator and start making informed trading decisions today!
Pine Script™ indicator
by derMatzeImNetz
8
Session Open PriceThis Indicator displays the ICT kill zones' open price You will be able to see the following open prices (ALL TIMES ARE IN NEW YORK TIME) All times and appearances are customisable to your own liking. The default time setting is recommended - 00:00 AM Midnight New York Open Price (RED DASH LINE) - 2:00 AM Frankfurt Open Price (GREEN DASH LINE) - 3:00 AM London Open Price (BLUE DASH LINE) - 8:30 AM New York Open Price (ORANGE DASH LINE) HOW TO USE SESSION OPEN PRICE IN YOUR TRADING If the price is above the opening price you only look for sells whereas if the price is under the opening price you only look for buys BUY EXAMPLE Wait for Midnight New York and Frankfurt open price to display The price must be under both prices Look for a Market maker buy model or your own entry model Stoploss will be at the swing low and Take profit can be a fixed RR or how you calculate your take profit level
Pine Script™ indicator
by Intrusivefx
4
4H RangeThis script visualizes certain key values based on a 4-hour timeframe of the selected market on the chart. These values include the High, Mid, and Low price levels during each 4-hour period. These levels can be helpful to identify inside range price action, chop, and consolidation. They can sometimes act as pivots and can be a great reference for potential entries and exits if price continues to hold the same range. Here's a step-by-step overview of what this indicator does: 1. Inputs: At the beginning of the script, users are allowed to customize some inputs: Choose the color of lines and labels. Decide whether to show labels on the chart. Choose the size of labels ("tiny", "small", "normal", or "large"). Choose whether to display price values in labels. Set the number of bars to offset the labels to the right. Set a threshold for the number of ticks that triggers a new calculation of high, mid, and low values. * Tick settings may need to be increased on equity charts as one tick is usually equal to one cent. For example, if you want to clear the range when there is a close one point/one dollar above or below the range high/low then on ES that would be 4 ticks but one whole point on AAPL would be 100 ticks. 100 ticks on an equity chart may or may not be ideal due to different % change of 100 ticks might be too excessive depending on the price per share. So be aware that user preferred thresholds can vary greatly depending on which chart you're using. 2. Retrieving Price Data: The script retrieves the high, low, and closing price for every 4-hour period for the current market. The script also calculates the mid-price of each 4-hour period (the average of the high and low prices). 3. Line Drawing: At the start of the script (first run), it draws three lines (high, mid, and low) at the levels corresponding to the high, mid, and low prices. Users can also change transparency settings on historical lines to view them. Default setting for historical lines is for them to be hidden. 4. Updating Lines and Labels: For each subsequent 4-hour period, the script checks whether the close price of the period has gone beyond a certain threshold (set by user input) above the previous high or below the previous low. If it has, the script deletes the previous lines and labels, draws new lines at the new high, mid, and low levels, and creates new labels (if the user has opted to show labels). 5. Displaying Values in the Data Window: In addition to the visual representation on the chart, the script also plots the high, mid, and low prices. These plotted values appear in the Data Window of TradingView, allowing users to see the exact price levels even when they're not directly labeled on the chart. 6. Updating Lines and Labels Position: At the end of each period, the script moves the lines and labels (if they're shown) to the right, keeping them aligned with the current period. Please note: This script operates based on a 4-hour timeframe, regardless of the timeframe selected on the chart. If a shorter timeframe is selected on the chart, the lines and labels will appear to extend across multiple bars because they represent 4-hour price levels. If a longer timeframe is selected, the lines and labels may not accurately represent high, mid, and low levels within that longer timeframe.
Pine Script™ indicator
by reallywendy
19
Directional Volume EStimate from Price Action (RedK D_VESPA)The "Directional Volume EStimate from Price Action (RedK D_VESPA)" is another weapon for the VPA (Volume Price Analysis) enthusiasts and traders who like to include volume-based insights & signals to their trading. The basic concept is to estimate the sell and buy split of the traded volume by extrapolating the price action represented by the shape of the associated price bar. We then create and plot an average of these "estimated buy & sell volumes" - the estimated average Net Volume is the balance between these 2 averages. D_VESPA uses clear visualizations to represent the outcomes in a less distracting and more actionable way. How does D_VESPA work? ------------------------------------- The key assumption is that when price moves up, this is caused by "buy" volume (or increasing demand), and when the price moves down, this is due to "selling" volume (or increasing supply). Important to note that we are making our Buy/sell volume estimates here based on the shape of the price bar, and not looking into lower time frame volume data - This is a different approach and is still aligned to the key concepts of VPA. Originally this work started as an improvement to my Supply/Demand Volume Viewer (V.Viewer) , I ended up re-writing the whole thing after some more research and work on VPA, to improve the estimation, visualization and usability / tradability. Think of D_VESPA as the "Pro" version of V.Viewer -- and please go back and review the details of V.Viewer as the root concepts are the same so I won't repeat them here (as it comes to exploring Balance Zone and finding Price Convergence/Divergence) Main Features of D_VESPA -------------------------------------- - Update Supply/Demand calculation to include 2-bar gaps (improved algo) - Add multiple options for the moving average (MA type) for the calculation - my preference is to use WMA - Add option to show Net Volume as 3-color bars - Visual simplification and improvements to be less distracting & more actionable - added options to display/hide main visuals while maintaining the status line consistency (Avg Supply, Avg Demand, Avg Net) - add alerts for NetVol moving into Buy (crosses 0 up) or Sell (crosses 0 down) modes - or swing from one mode to the other (there are actually 2 sets of alerts, one set for the main NetVol plot, and the other for the secondary TF NetVol - give user more options on how to utilize D_VESPA) Quick techie piece, how does the estimated buy/sell volume algo work ? ------------------------------------------------------------------------------------------ * per our assumption, buy volume is associated with price up-moves, sell volume is associated with price down-moves * so each of the bulls and bears will get the equivalent of the top & bottom wicks, * for up bars, bulls get the value of the "body", else the bears get the "body" * open gaps are allocated to bulls or bears depending on the gap direction The below sketch explains how D_VESPA estimates the Buy/Sell Volume split based on the bar shape (including gap) - the example shows a bullish bar with an opening gap up - but the concept is the same for a down-bar or a down-gap. I kept both the "Volume Weighted" and "2-bar Gap Impact" as options in the indicator settings - these 2 options should be always kept selected. They are there for those who would like to experiment with the difference these changes have on the buy/sell estimation. The indicator will handle cases where there is no volume data for the selected symbol, and in that case, it will simply reflect Average Estimated Bull/Bear ratio of the price bar The Secondary TF Est Average Net Volume: --------------------------------------------------------- I added the ability to plot the Estimate Average Net Volume for a secondary timeframe - options 1W, 1D, 1H, or Same as Chart. - this feature provides traders the confidence to trade the lower timeframes in the same direction as the prevailing "market mode" - this also adds more MTF support beyond the existing TradingView's built-in MTF support capability - experiment with various settings between exposing the indicator's secondary TF plot, and changing the TF option in the indicator settings. Note on the secondary TF NetVol plot: - the secondary TF needs to be set to same as or higher TF than the chart's TF - if not, a warning sign would show and the plot will not be enabled. for example, a day trader may set the secondary TF to 1Hr or 1Day, while looking at 5min or 15min chart. A swing/trend trader who frequently uses the daily chart may set the secondary TF to weekly, and so on.. - the secondary TF NetVol plot is hidden by default and needs to be exposed thru the indicator settings. the below chart shows D_VESPA on a the same (daily) chart, but with secondary TF plot for the weekly TF enabled Final Thoughts ------------------- * RedK D_VESPA is a volume indicator, that estimates buy/sell and net volume averages based on the price action reflected by the shape of the price bars - this can provide more insight on volume compared to the classic volume/VolAverage indicator and assist traders in exploring the market mode (buyers/sellers - bullish/bearish) and align trades to it. * Because D_VESPA is a volume indicator, it can't be used alone to generate a trading signal - and needs to be combined with other indicators that analysis price value (range), momentum and trend. I recommend to at least combine D_VESPA with a variant of MACD and RSI to get a full view of the price action relative to the prevailing market and the broader trend. * I found it very useful to take note and "read" how the Est Buy vs Est Sell lines move .. they sort of "tell a story" - experiment with this on your various chart and note the levels of estimate avg demand vs estimate avg supply that this indicator exposes for some very valuable insight about how the chart action is progressing. Please feel free to share feedback below.
Pine Script™ indicator
by RedKTrader
23