EMA Touch Alertit shows when price is touching with 10 ema,it is useful if u dont want to zoom in on price
Indicators and strategies
Nami Bands with Future Projection [FXSMARTLAB]The Nami Bands ( Inspired by "Nami", meaning "wave" in Japanese) are two dynamic bands around price data: an upper band and a lower band. These bands are calculated based on an Asymmetric Linear Weighted Moving Average of price and a similarly asymmetric weighted standard deviation. This weighting method emphasizes recent data without overreacting to short-term price changes, thus smoothing the bands in line with prevailing market conditions.
Advantages and Benefits of Using the Indicator
* Volatility Analysis: The bands expand and contract with market volatility, helping traders assess periods of high and low volatility. Narrow bands indicate low volatility and potential consolidation, while wide bands suggest increased volatility and potential price movement.
* Dynamic Support and Resistance Levels: By adapting to recent trends, the bands serve as dynamic support (lower band) and resistance (upper band) levels, which traders can use for entry and exit signals.
* Overbought and Oversold Conditions: When prices reach or cross the bands’ outer limits, it may signal overbought (upper band) or oversold (lower band) conditions, suggesting possible reversals or trend slowdowns.
* Trend Confirmation and Continuation: The slope of the central moving average confirms trend direction. An upward slope generally indicates a bullish trend, while a downward slope suggests a bearish trend.
* Anticipating Breakouts and Reversals: The projected bands help identify where price movements may head, allowing traders to anticipate potential breakouts or reversals based on projected support and resistance.
Indicator Parameters
Source (src): The price data used for calculations, by default set to the average of high, low, and close (hlc3).
Length: The period over which calculations are made, defaulted to 50 periods.
Projection Length: The length for future band projection, defaulted to 20 periods.
StdDev Multiplier (mult): A multiplier for the standard deviation, defaulted to 2.0.
Internal Calculations
1. Asymmetric Linear Weighted Moving Average of Price
The indicator uses an Asymmetric Linear Weighted Moving Average (ALWMA) to calculate a central value for the price.
Asymmetric Weighting: This weighting technique assigns the highest weight to the most recent value, with weights decreasing linearly as the data points become older. This structure provides a nuanced focus on recent price trends, while still reflecting historical price levels.
2. Asymmetric Weighted Standard Deviation
The standard deviation in this indicator is also calculated using asymmetric weighting:
Purpose of Asymmetric Weighted Standard Deviation: Rather than aiming for high sensitivity to recent data, this standard deviation measure smooths out volatility by integrating weighted values across the length period, stabilizing the overall measurement of price variability.
This approach yields a balanced view of volatility, capturing broader market trends without being overly reactive to short-lived changes.
3. Upper and Lower Bands
The upper and lower bands are created by adding and subtracting the asymmetric weighted standard deviation from the asymmetric weighted average of price. This creates a dynamic envelope that adjusts to both recent price trends and the smoothed volatility measure:
These bands represent adaptable support and resistance levels that shift with recent market volatility.
Future Band Projection
The indicator provides a projection of the bands based on their current slope.
1. Calculating the Slope of the Bands
The slope for each band is derived from the difference between the current and previous values of each band.
2. Projecting the Bands into the Future
For each period into the future, up to the defined Projection Length, the bands are projected using the current slope.
This feature offers an anticipated view of where support and resistance levels may move, providing insight for future market behavior based on current trends.
30 min Aroon Datlı Strategy Use 30 minute with 100 SMA. If it buys above 100 SMA a long trade will be entered. If it sells below 100 SMA short trade will be entered.
30 min Aroon Datlı StrategyUse 30 minute with 100 SMA. If it buys above 100 SMA a long trade will be entered. If it sells below 100 SMA short trade will be entered.
2 EMAs [Beymann Cap]This script plots two EMAs (9 and 20 by default).
Bullish trend:
When the shorter EMA is above the longer EMA, and both are rising, the trend turns green. If either one stops rising, it turns blue, indicating uncertainty.
Bearish trend:
When the shorter EMA is below the longer EMA, and both are falling, the trend turns red. If either one stops falling, it turns blue, indicating uncertainty.
13/200 EMA Cross with pullback entry (Trend Filter)This indicator first tracks a 13/200 ema cross
then provides a trend affirming dot as the price pulls back to the 13 ema
allowing for optimal trend following entry opportunities.
Indicator includes a 13 and 200 ema and customizable icons to your liking
Also the indicator does not include signals contrary to the trend
(only bullish pullbacks above 200 ema and only bearish below)
as per trend following rules
enjoy :)
Average Bullish & Bearish Percentage ChangeAverage Bullish & Bearish Percentage Change
Processes two key aspects of directional market movements relative to price levels. Unlike traditional momentum tools, it separately calculates the average of positive and negative percentage changes in price using user-defined independent counts of actual past bullish and bearish candles. This approach delivers comprehensive and precise view of average percentage changes.
FEATURES:
Count-Based Averages: Separate averaging of bullish and bearish %𝜟 based on their respective number of occurrences ensures reliable and precise momentum calculations.
Customizable Averaging: User-defined number of candle count sets number of past bullish and bearish candles used in independent averaging.
Two Methods of Candle Metrics:
1. Net Move: Focuses on the body range of the candle, emphasizing the net directional movement.
2. Full Capacity: Incorporates wicks and gaps to capture full potential of the bar.
The indicator classifies Doji candles contextually, ensuring they are appropriately factored into the bullish or bearish metrics to avoid mistakes in calculation:
1. Standard Doji - open equals close.
2. Flat Close Doji - Candles where the close matches the previous close.
Timeframe Flexibility:
The indicator can be applied across any desired timeframe, allowing for seamless multi-timeframe analysis.
HOW TO USE
Select Method of Bar Metrics:
Net Move: For analyzing markets where price changes are consistent and bars are close to each other.
Full Capacity: Incorporates wicks and gaps, providing relevant figures for markets like stocks
Set the number of past candles to average:
🟩 Average Past Bullish Candles (Default: 10)
🟥 Average Past Bullish Candles (Default: 10)
Why Percentage Change Is Important
Standardized Measurement Across Assets:
Percentage change normalizes price movements, making it easier to compare different assets with varying price levels. For example, a $1 move in a $10 stock is significant, but the same $1 move in a $1,000 stock is negligible.
Highlights Relative Impact:
By measuring the price change as a percentage of the close, traders can better understand the relative impact of a move on the asset’s overall value.
Volatility Insights:
A high percentage change indicates heightened volatility, which can be a signal of potential opportunities or risks, making it more actionable than raw price changes. Percents directly reflect the strength of buying or selling pressure, providing a clearer view of momentum compared to raw price moves, which may not account for the relative size of the move.
By focusing on percentage change, this indicator provides a normalized, actionable, and insightful measure of market momentum, which is critical for comparing, analyzing, and acting on price movements across various assets and conditions.
Rainbow EMA Areas with Volatility HighlightThe indicator provides traders with an enhanced visual tool to observe price movements, trend strength, and market volatility on their charts. It combines multiple EMAs (Exponential Moving Averages) with color-coded areas to indicate the market’s directional bias and a high-volatility highlight for detecting times of increased market activity.
Explanation of Key Components
Multiple EMAs (Exponential Moving Averages):
Six different EMAs are calculated for various periods (15, 45, 100, 150, 200, 300).
Each EMA period represents a different timeframe, from short-term to long-term trends, providing a well-rounded view of price behavior across different market cycles.
The EMAs are color-coded for easy differentiation:
Green shades indicate bullish trends when prices are above the EMAs.
Red shades indicate bearish trends when prices are below the EMAs.
The space between each EMA is filled with a gradient color, creating a "wave" effect that helps identify the market’s overall direction.
ATR-Based Volatility Detection:
The ATR (Average True Range), a measure of market volatility, is used to assess how much the price is fluctuating. When volatility is high, price movements are typically more significant, indicating potential trading opportunities or times to exercise caution.
The indicator calculates ATR and uses a customizable multiplier to set a high-volatility threshold.
When the ATR exceeds this threshold, it signals that the market is experiencing high volatility.
Visual High Volatility Highlight:
A yellow background appears on the chart during periods of high volatility, giving a subtle but clear visual indication that the market is active.
This highlight helps traders spot potential breakout areas or increased activity zones without obstructing the EMA areas.
Volatility Signal Markers:
Small, red triangular markers are plotted above price bars when high volatility is detected, marking these areas for additional emphasis.
These signals serve as alerts to help traders quickly recognize high volatility moments where price moves may be stronger.
How to Use This Indicator
Identify Trends Using EMA Areas:
Bullish Trend: When the price is above most or all EMAs, and the EMA areas are colored in shades of green, it indicates a strong bullish trend. Traders might look for buy opportunities in this scenario.
Bearish Trend: When the price is below most or all EMAs, and the EMA areas are colored in shades of red, it signals a bearish trend. This condition can suggest potential sell opportunities.
Consolidation or Neutral Trend: If the price is moving within the EMA bands without a clear green or red dominance, the market may be in a consolidation phase. This period often precedes a breakout in either direction.
Volatility-Based Entries and Exits:
High Volatility Areas: The yellow background and red triangular markers signal high-volatility areas. This information can be valuable for identifying potential breakout points or strong moves.
Trading in High Volatility: During high-volatility phases, the market may experience rapid price changes, which can be ideal for breakout trades. However, high volatility also involves higher risk, so traders may adjust their strategies accordingly (e.g., setting wider stops or adjusting position sizes).
Trading in Low Volatility: When the yellow background and markers are absent, volatility is lower, indicating a calmer market. In these times, traders may choose to look for range-bound trading opportunities or wait for the next trend to develop.
Combining with Other Indicators:
This indicator works well in combination with momentum or oscillating indicators like RSI or MACD, providing a well-rounded view of the market.
For example, if the indicator shows a bullish EMA area with high volatility, and an RSI is trending up, it could be a stronger buy signal. Conversely, if the indicator shows a bearish EMA area with high volatility and RSI is trending down, this could be a stronger sell signal.
Practical Trading Examples
Bullish Trend in High Volatility:
Price is above the EMAs, showing green EMA areas, and the high volatility background is active.
This indicates a strong bullish trend with significant price movement potential.
A trader could look for breakout or continuation entries in the direction of the trend.
Bearish Reversal Signal:
Price crosses below the EMAs, showing red EMA areas, while high volatility is also detected.
This suggests that the market may be reversing to a bearish trend with increased price movement.
Traders could consider taking short positions or setting stops on existing long trades.
This indicator is designed to provide a rich visual experience, making it easy to spot trends, consolidations, and volatility zones at a glance. It is best used by traders who benefit from visual cues and who seek a quick understanding of both trend direction and market activity. Let me know if you'd like further customization or additional functionalities!
Reptile Candle Marker with ArrowsReptile Candle Marker
The Reptile Candle Marker is a custom indicator designed to identify a specific pattern in price action, known as the "reptile candle." This pattern is characterized by a small body with long wicks on both the upper and lower sides. These candles often indicate indecision or a reversal in the market, making them useful for traders looking for potential turning points.
Key Features:
Small Body and Large Wicks: The indicator highlights candles with a small body relative to the overall candle range, accompanied by long upper and lower wicks. This is achieved by comparing the size of the wicks to the body and the overall candle range.
Volume Confirmation: The indicator ensures that the identified candles are accompanied by high volume, which serves as confirmation of the significance of the price action.
Visual Highlighting: When a "reptile" candle is detected, the body of the candle and the wicks are both colored yellow. This allows for easy identification on the chart.
Custom Wick Lines: To ensure the wicks stand out, the indicator draws yellow lines above and below the candles, representing the upper and lower wicks. These lines remain fixed in place even as the chart is scaled or moved.
How It Works:
The indicator identifies candles where:
The upper wick is longer than the body by a specified ratio.
The lower wick is longer than the body by the same ratio.
The candle's body size is small compared to the total candle range (less than 30% of the range).
The volume is significantly higher than the 20-period moving average volume, indicating increased market activity.
When these conditions are met, the indicator marks the candle by coloring its body and wicks yellow. Additionally, it draws custom yellow wick lines to visually represent the wick size.
How to Use:
This indicator is designed to highlight potential reversal points or periods of indecision in the market. Traders can use it to spot possible turning points, especially when accompanied by other technical analysis tools such as support/resistance levels or trend indicators.
Customizable Parameters:
Wick to Body Ratio: Controls the sensitivity for detecting large wicks relative to the candle body.
Volume Factor: Adjusts the threshold for identifying candles with significantly higher volume than the moving average.
5-Minute EurUsd GbpUsd Pivot Bars 1.0The 5-Minute EurUsd GbpUsd Pivot Bars indicator is a specialized tool crafted to identify low-range pivot bars on 5-minute charts, specifically optimized for EURUSD and GBPUSD pairs. By focusing on precise pip measurements tailored for pairs where 1 pip is represented by 0.0001, this indicator highlights potential pivot bars within specific trading sessions, helping traders identify intraday reversals and optimal entry points. This is particularly beneficial for traders looking for directional clarity in high-liquidity pairs like EURUSD and GBPUSD during key trading sessions.
Key Features:
- Customizable Pip Thresholds for EURUSD and GBPUSD:
This indicator uses the following thresholds, tailored for EURUSD and GBPUSD pairs:
- Limited Range: Highlights bars with a range of 4 pips or less between open and close.
- High/Low Directionality: Requires at least 3 pips between the close/open and the bar's high or low.
- Open/Close Proximity: Marks bars where the open and close are within 4 pips.
- Inside Bar Tolerance: Excludes inside bars that fall within a 3-pip range of the previous bar’s high and low.
- Session-Based Alerts:
- The indicator allows users to enable alerts specifically for the European Session (6:00-12:00), American Session (12:00-17:00), and London Close (17:00-20:00). Adjust these session times based on your time zone by using the time-shift parameter.
- Alerts are triggered in real-time for valid bullish and bearish pivot bars within the specified sessions, enabling you to react to potential market moves promptly.
- Time Shift Flexibility:
- Adjust the "Time Shift" parameter to account for different time zones, ensuring session alignment wherever you are trading from.
How It Works:
1. Pivot Bar Identification:
The indicator scans for bars where the difference between the open and close is within the "Limited Range" threshold. Both the open and close should be near either the high or the low of the bar.
2. Directional Filtering:
It only considers bars with a strong directional bias by enforcing a minimum distance between the open/close levels and the opposite end of the bar (high/low). Bars that do not exhibit this directionality are excluded.
3. Inside Bar Exclusion:
Inside bars, where the bar's range is completely contained within the previous bar’s high and low (with a tolerance of 3 pips), are excluded. Consecutive inside bars are also excluded, helping to filter out bars typically associated with market consolidation.
4. Session-Specific Alerts:
When a valid pivot bar appears within the chosen sessions, an alert is triggered. The alerts differentiate between bullish and bearish pivot bars based on whether the close is near the high or the low of the bar.
How to Use:
- Trend Reversals: This indicator can help spot potential trend reversals or pullbacks within active trading sessions on a 5-minute chart.
- Refining Entry Points: The highlighted bars provide potential entry signals for traders looking to capitalize on short-term directional changes.
- Combining with Other Indicators: For more robust analysis, combine this tool with momentum indicators or trendlines to confirm signals and enhance decision-making.
Default Parameters:
- Limited Range: 4 Pips
- High/Low Directionality: 3 Pips
- Open/Close Proximity: 4 Pips
- Inside Bar Tolerance: 3 Pips
- Session Alerts: Enabled for European, American, and London Close sessions
- Time Shift: Default set to 6 (adjustable to match your time zone)
This indicator is specifically optimized for EURUSD and GBPUSD pairs on 5-minute charts due to its pip calculation.
Yorks RSI Combined Bull and Bear Zone with Adjustable TimeframeBased on 'RSI with Divergences, Reverse Formulas, and Bull/Bear Zones by @kylealberry
I have combined two of Kyle's script together with the option of having one set to current time frame and a second on a higher time frame. You can choose your own theshold's for bull/bear zones on both time frames. When both time frames are in agreement the indicator will show either a green (bull zone) or red (bear zone) background. When the two time frame bull/bear zones are not in agreement the indicator will show a grey background (no trade zone).
For example if you have rsi 1 thresholds set to 35 and 65 and rsi 2 thresholds both set to 50 on your chosen higher time frame, when rsi is in a bull zone (rsi has crossed above 65 and not yet crossed below 35) and rsi 2 is above 50 on higher time frame the indicator background will be green. If rsi drops below 50 the background will turn grey.
My idea for use it is in either a red or green background wait for a pullback (background must remain red or green) and use your favourite entry trigger. Avoid trading when the indicator is showing a grey background.
Rikki's DikFat Buy/Sell OscillatorAttached we have a very simple Buy/Sell Oscillator.
This script will color candles red when price is bear trending and green when price is bull trending.
I have taken elements of our CCI color signaler indicator found here: to make this very simple and easy to read candlestick color oscillator for traders both new and seasoned.
The the red candles color red as a result of the fuchsia CCI condition on the previously mentioned indicator.
The green candles color as a result of the black CCI color condition on the previously mentioned script.
The script was modified to run the black CCI condition anywhere the fuchsia condition is not displayed and the colors were changed to red and green for a clean visual representation on the chart.
I have not quite got the wick and border colors correct. For some reason they keep reverting when you click out of the script setting. Will update once complete.
The code and script are public. Enjoy :)
RVI-Based Support & Resistance[Kopottaja]RVI-Based Support & Resistance
This indicator is designed to identify dynamic support and resistance levels based on the Relative Vigor Index (RVI) crossover signals. Instead of using static horizontal lines, it marks key levels on the chart using cross symbols (X) where recent Buy and Sell signals occurred.
Green crosses (X) represent potential support levels based on the last Buy signal.
Red crosses (X) indicate potential resistance levels based on the last Sell signal.
The indicator dynamically updates the support and resistance levels whenever a new signal appears.
Features:
Utilizes Relative Vigor Index (RVI) with a customizable length for trend detection.
Displays cross symbols on the chart at the price levels where the latest Buy and Sell signals were detected.
Provides built-in alerts for new Buy and Sell signals, allowing users to react quickly to potential market changes.
Usage:
Green crosses may indicate areas where the price could find support if revisited.
Red crosses may suggest areas where the price could encounter resistance.
Use this tool in conjunction with other technical indicators or trading strategies for enhanced decision-making.
This indicator is suitable for traders looking for a visual representation of key support and resistance levels that adjust dynamically with market conditions.
FOLLOW TREND CUANTEROUSSS//@version=5
indicator("Follow Trend EMA Volume", overlay=true)
/// Mengatur panjang EMA yang dibutuhkan
ema5 = ta.ema(close, 5)
ema7 = ta.ema(close, 7)
ema21 = ta.ema(close, 21)
ema34 = ta.ema(close, 34)
ema55 = ta.ema(close, 55)
ema90 = ta.ema(close, 90)
ema100 = ta.ema(close, 100)
ema161 = ta.ema(close, 161)
ema200 = ta.ema(close, 200)
/// Menghitung rata-rata EMA untuk menentukan tren dominan
ema_avg = (ema5 + ema7 + ema21 + ema34 + ema55 + ema90 + ema100 + ema161 + ema200) / 9
/// Menghitung volume rata-rata untuk menyaring sinyal
vol_avg = ta.sma(volume, 20) // Volume rata-rata 20 periode
/// Aturan untuk trend dominan berdasarkan posisi harga terhadap EMA rata-rata
bullish_trend = close > ema_avg and volume > vol_avg
bearish_trend = close < ema_avg and volume > vol_avg
/// Warna berdasarkan trend dominan
color_trend = bullish_trend ? color.blue : bearish_trend ? color.red : na
/// Plot garis trend dengan warna yang berubah
plot(ema_avg, color=color_trend, linewidth=3, title="Trend Line")
Probabilistic Trend Oscillator** MACD PLOTS ARE NOT PART OF THE INDICATOR IT IS FOR COMPARSION**
The "Probabilistic Trend Oscillator" is a technical indicator designed to measure trend strength and direction by analyzing price behavior relative to a moving average over both long-term and short-term periods. This indicator incorporates several innovative features, including probabilistic trend detection, enhanced strength scaling, and percentile-based thresholds for identifying potential trend reversals.
Key Components
Inputs:
The indicator allows users to customize several key parameters:
EMA Length defines the period for the Exponential Moving Average (EMA), which serves as a baseline to classify trend direction.
Long and Short Term Lengths provide customizable periods for analyzing trend strength over different timeframes.
Signal Line Length is used to smooth the trend strength data, helping users spot more reliable trend signals.
Extreme Value Lookback Length controls how far back to look when calculating percentile thresholds, which are used to identify overbought and oversold zones.
Trend Classification:
The indicator categorizes price behavior into four conditions:
Green: Price closes above the open and is also above the EMA, suggesting a strong upward trend.
Red: Price closes below the open but is above the EMA, indicating weaker upward pressure.
Green1: Price closes above the open but remains below the EMA, representing weak upward movement.
Red1: Price closes below the open and the EMA, signaling a strong downward trend.
Trend Strength Calculation:
The script calculates long-term and short-term trend values based on the frequency of these trend conditions, normalizing them to create probabilistic scores.
It then measures the difference between the short-term and long-term trend values, creating a metric that reflects the intensity of the current trend. This comparison provides insight into whether the trend is strengthening or weakening.
Enhanced Trend Strength:
To emphasize significant movements, the trend strength metric is scaled by the average absolute price change (distance between close and open prices). This creates an "enhanced trend strength" value that highlights periods with high momentum.
Users can toggle between two variations of trend strength:
Absolute Trend Strength is a straightforward measure of the trend's force.
Relative Trend Strength accounts for deviations between short term and long term values, focusing on how current price action differs from a long term behavior.
Percentile-Based Thresholds:
The indicator calculates percentile thresholds over the specified lookback period to mark extreme values:
The 97th and 3rd percentiles act as overbought and oversold zones, respectively, indicating potential reversal points.
Intermediate levels (75th and 25th percentiles) are added to give additional context for overbought or oversold conditions, creating a probabilistic range.
Visualization:
The selected trend strength value (either absolute or relative) is plotted in orange.
Overbought (green) and oversold (red) percentiles are marked with dashed lines and filled in blue, highlighting potential reversal zones.
The signal line—a smoothed EMA of the trend strength—is plotted in white, helping users to confirm trend changes.
A gray horizontal line at zero acts as a baseline, further clarifying the strength of upward vs. downward trends.
Summary
This indicator provides a flexible, probabilistic approach to trend detection, allowing users to monitor trend strength with customizable thresholds and lookback periods. By combining percentile-based thresholds with enhanced trend strength scaling, it offers insights into market reversals and momentum shifts, making it a valuable tool for both trend-following and counter-trend trading strategies.
ViganThe Vigan is a range bound momentum oscillator. The Vigan indicator is designed to display the location of the close compared to the high/low range over a user defined number of periods. This indicator is used for three things; Identifying overbought and oversold levels, spotting divergences and also identifying bull and bear set ups or signals.
Bollinger Bands with CCI and RSI Crossover Strategy이 코드의 주요 기능:ㅁ
CCI와 RSI 지표를 차트에 추가하여 표시합니다.
ta.crossover() 함수를 사용하여 CCI가 RSI를 상향 교차할 때 매수 신호를 표시합니다.
ta.crossunder() 함수를 사용하여 CCI가 RSI를 하향 교차할 때 매도 신호를 표시합니다.
교차 지점에 매수/매도 신호를 차트에 표시합니다.
VIX IndicatorShows volatility using supertrend indicator.
It grabs the latest pivot data from CBOE:VIX (4h by default).
Can be used in options trading.
Enhanced London Session SMC SetupEnhanced London Session SMC Setup Indicator
This Pine Script-based indicator is designed for traders focusing on the London trading session, leveraging smart money concepts (SMC) to identify potential trading opportunities in the GBP/USD currency pair. The script uses multiple techniques such as Order Block Detection, Imbalance (Fair Value Gap) Analysis, Change of Character (CHoCH) detection, and Fibonacci retracement levels to aid in market structure analysis, providing a well-rounded approach to trade setups.
Features:
London Session Highlight:
The indicator visually marks the London trading session (from 08:00 AM to 04:00 PM UTC) on the chart using a blue background, signaling when the high-volume, high-impulse moves tend to occur, helping traders focus their analysis on this key session.
Order Block Detection:
Identifies significant impulse moves that may form order blocks (supply and demand zones). Order blocks are areas where institutions have executed large orders, often leading to price reversals or continuation. The indicator plots the high and low of these order blocks, providing key levels to monitor for potential entries.
Imbalance (Fair Value Gap) Detection:
Detects and highlights price imbalances or fair value gaps (FVG) where the market has moved too quickly, creating a gap in price action. These areas are often revisited by price, offering potential trade opportunities. The upper and lower bounds of the imbalance are visually marked for easy reference.
Change of Character (CHoCH) Detection:
This feature identifies potential trend reversals by detecting significant changes in market character. When the price action shifts from bullish to bearish or vice versa, a CHoCH signal is triggered, and the corresponding level is marked on the chart. This can help traders catch trend reversals at key levels.
Fibonacci Retracement Levels:
The script calculates and plots the key Fibonacci retracement levels (0.618 and 0.786 by default) based on the highest and lowest points over a user-defined swing lookback period. These levels are commonly used by traders to identify potential pullback zones where price may reverse or find support/resistance.
Directional Bias Based on Market Structure:
The indicator provides a market structure analysis by comparing the current highs and lows to the previous periods' highs and lows. This helps in identifying whether the market is in a bullish or bearish state, providing a clear directional bias for trade setups.
Alerts:
The indicator comes with built-in alert conditions to notify the trader when an order block, imbalance, CHoCH, or other significant price action event is detected, ensuring timely action can be taken.
Ideal Usage:
Timeframe: Suitable for intraday trading, particularly focusing on the London session (08:00 AM to 04:00 PM UTC).
Currency Pair: Specifically designed for GBP/USD but can be adapted to other pairs with similar market behavior.
Trading Strategy: Best used in conjunction with a price action strategy, focusing on the key levels identified (order blocks, FVG, CHoCH) and using Fibonacci retracement levels for precision entries.
Target Audience: Ideal for traders who follow smart money concepts (SMC) and are looking for a structured approach to identify high-probability setups during the London session.
