Daveatt

Candle Meter

Hello ladies and gentlemen

I'm back in my (almost daily) publishing challenge - to educate/show pinescript not commonly known tips

↑ Trend Direction ↓

Remember that script ?
I often use it to detect higher highs or lower lows. When an oblique/diagonal breaks, it indicates that a trend may move in the opposite direction.

Combining this along with other momentum indicators may give interesting setup.

💎INDICATOR OF THE DAY💎

The TD sequential fans are going to love that one.
TD Sequential has two parts – TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count.
When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely.
It is also at that point where TD Sequential starts the second phase with TD Countdown and is completed with a 13 count.
When the 13 count is recorded, it is at that point, a price pause, price pullback, or a reversal is likely.

The Candle Meter indicator counts the sequence of candles in one direction.
Gives also the number of consecutive candles in one direction.

The direction is based on open and close. I'll publish another version based on highs and lows if there is demand for it.

5.7 🔔 Alerts 🔔

I enabled 4 alerts. For BUY/SELL reversal events, I captured whenever we get 9 and 13 consecutive candles in the same direction.
Those 9 and 13 values are well known among TD sequential users.
The script is Open Source so you can change how they're set.

See you tomorrow for a Cumulative/Relative/Combo Open-Source indicator.

Love you all
Dave

____________________________________________________________

Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :)

Disclaimer:
Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you.
Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur.
Trading also involves risks of gambling addiction.
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Lovely, it would be even better if you can actually make it so that it is based on actual "price flips", i.e comparing with close of 4 bar previous one. Making this already great idea even greater and negate our need to have actual TD seq indicator on main charts. It can be quite troublesome if you actually use some other methods to trade and use TD as support indicator.

I know this can be quite a daunting project but I had to trow in some idea

Thanks for indicator, looks lovely, you are one of the ppl whose codes have helped me learn little bit of pine since I started. :)
+1 Balas
@Owl, Thanks for the suggestion

Do you mean comparing the last candle close with the 4 previous ones? And if the last is greater than the 4 previous ones, what does it mean for you?
Balas
Owl Daveatt
@Daveatt, Those are called price flips, from then counting would start like 1 to 9 for setup part, then there is countdown part which has its own set of rules.

A more precise summery would be this:

TD Sequential: Setup
Long Trades: At least 9 consecutive closes are lower than the corresponding closes 4 trading days earlier (Close < Close; Index: i ~ Current Bar). In the case where today’s close is equal or greater than the close 4 trading days before, the setup must begin again.
Short Trades: At least 9 consecutive closes are higher than the corresponding closes 4 trading days earlier (Close > Close; Index: i ~ Current Bar). In the case where today’s close is equal or smaller than the close 4 trading days before, the setup must begin again.
Note: Each day in a look back period is a trading day.
TD Sequential: Intersection
Long Trades: The high of any day on or after the 8th day of the setup is greater than or equal to the low of any day 3 or more days earlier. This rule assures that prices are declining in an orderly fashion.
Short Trades: The low of any day on or after the 8th day of the setup is lower than or equal to the high of any day 3 or more days earlier. This rule assures that prices are advancing in an orderly fashion.

TD Sequential: Countdown
Long Trades: Once the setup and intersection are satisfied, we count the number of days in which the close is lower than the low 2 days earlier (Close < Low; Index: i ~ Current Bar). The days that satisfy this requirement do not need to be in a row. When the countdown reaches 13, the countdown is completed and we get a buy signal unless one of the following conditions occurs: (a) A new setup is formed simultaneously as the countdown process is taking place; (b) There is a close that exceeds the highest intraday high that occurred during the setup stage.
Short Trades: Once the setup and intersection are satisfied, we count the number of days in which the close is higher than the high 2 days earlier (Close > High; Index: i ~ Current Bar). The days that satisfy this requirement do not need to be in a row. When the countdown reaches 13, the countdown is completed and we get a sell signal unless one of the following conditions occurs: (a) A new setup is formed simultaneously as the countdown process is taking place; (b) There is a close that exceeds the lowest intraday low that occurred during the setup stage.

Technically this is called "TD Combo" and is usually consisting of setup (till 9) and then count (till 13), there are lot of further small detailing in there but we don't have to get too much into it, there are different specific very big codes for it and it would be counter productive to our objective of simplicity and serving as support indicator. We only need counting part, which is in line with your idea as well :)
Balas
Great work, getting 9 and 13 consecutive candles in the same direction are rare, I tried 5/3/1 Min time frame consecutive number i saw is 6
+1 Balas
Daveatt bharatk
@bharatk, rare indeed but they appear ... we know those are potentially powerful signals
Balas
Thank you, I like this script
+1 Balas
Daveatt fran10101
@fran10101, Thanks for the nice comment
Balas
great work , I think you have the best scripting ability in TV with Ricardo Santos:)
+1 Balas
Daveatt RafaelZioni
@RafaelZioni, Toda raba
Balas
Thank great work.
+1 Balas
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