Random Price Action Visible Chartplots randomly generated price (closing basis) from LHS of the chart. Re-plots each time you scroll
-just a curiosity really; perhaps a lesson in seeing patterns where there are none; 'fooled by randomness' etc.
-always anchors/starts from the real close of the asset on the visible Left hand side of the chart.
-adjust ATR as you like (bigger = probably more reliable/realistic).
-adjust ATRmultiple as you like (discretionary; basically how many ATR ranges above/below last bar's random close, will the maximum random value above/below be; default is 1.5x (arbitrary).
Randomness
Pseudo-Random Number Generators via Pine ScriptThese are my "Pseudo-Random Number Generators via Pine Script", having uniform distribution between 0 and 1. In my quest for sequential pseudo-random numbers in Pine, tinkering with mathematical chaos, I have come up with these three simple yet handy generators. I believe these may be useful in the future by developers of the Tradingview community.
NOTICE: Use it as you please, this is free code to implement into your new Pine projects. You don't have to ask for my permission to reuse these functions in your published scripts, simply because I have better things to do than answer requests for the reuse of these simplistic PRNG functions. I don't require accreditation for members to reuse these functions either. I simply don't want any credit. I only require that you respectfully put it to "good and proper use" complimenting the elaborate script you have in mind. I would however like to see some great ideas utilizing these when I randomly and accidentally come across them in the public library. I didn't know where to put this script, so I just tossed it into the "Trend Analysis" category.
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Random Walk SimulationUnderstanding the Random Walk Simulation
This indicator randomly generates alternative price outcomes derived from the price movements of the underlying security. Monte Carlo methods rely on repeated random sampling to create a data set that has the same characteristics as the sample source, representing examples of alternate outcomes. The data set created using random sampling is called a “random walk”.
First, every bar in the time stamp is measured and put into a logarithmic population. Then, a sample is drawn at random from the population and is used to determine the next price movement of the random walk. This process is repeated fifteen times to visualise whether the alternative outcomes lie above or beneath the current market price of the security.
Random Walk Utility
The random walk generator allows users of the Monte Carlo to further understand how the Monte Carlo projection is generated by creating a visual representation of individual random walks. Trends that occur on the random walks may correlate to the historical price action of the underlying security.
You can find the Monte Carlo Simulator here:
Input Values
Select the “ Format ”, button located next to the indicator label to adjust the input values and the style.
The Random Walk indicator only has one user-defined input value that can be changed.
The Random_Variable randomises a set of random walks. If this variable is changed, it will run a fresh set of 15 random walks which will result in a slightly different outcome.
Adding the indicator to your chart multiple times using many different random variables will allow you to achieve a more accurate reading. Ideally, the Monte Carlo Simulator takes an average of these to be interpreted.
For more information on this indicator, the full PDF can be found here: www.kenzing.com
