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CHAMELEON V3
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CHAMELEON:
V3 update contains more accurate conditional logic filtering
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A price action candle color changing indicator which adds valuable chart information on all timeframes and currency pairs AFAIK.
CHAMELEON changes the colors of the bars based on mathematical sequencing in order to identify trends and relationships between price action. This indicator suggests trade setup ideas with an acceptable probability of success especially if another filter is used such as the time resistant principles of Supply and Demand.
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COLOR LEGEND:
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MAROON candles can be excellent signals for a SHORT entry. They often act as range markers before a tradeable move down as shown, but also usually are the local top from which price recedes from quickly
FOREST GREEN candles indicate that the price is in an up trend.
RED candles indicate that the price is in an up trend.
YELLOW bars are a useful trigger to close SHORTS. They are also the first condition needed in order for a confirmed trend reversal up to be detected.
GREEN TRIANGLE UP shapes below the candle confirm the trend reversal up which was highlighted by the yellow candle.
RED TRIANGLE DOWN shapes above the candle suggests that the trend is not so strong and the stop loss should be moved up to a tighter position.
ORANGE candles help establish a local range.
ORANGE candles with a golden cross provide a clue of the direction, but are not strong enough indicators to take a trade on.
OLIVE bars are a useful trigger to close LONGS, in order to get a better entry at a lower price near to local resistance level .
MAGENTA candles help establish a local range. Unlike the ORANGE ones, these usually occur at the bottom of price structure.
TEAL Candles, indicate a High in a sequence of 5 candles. They predict a downside reversal of 1-3 bars. This is not usually an entry candle, but a possible LONG exit until the trend is clear again.
SEA GREEN candles indicate that the UP trend is weak.
GRAY signifies NO trend.
MAROON TRIANGLE DOWN shapes below the center of candle body indicates there is momentum to the downside. Use this as a filter to discourage LONG entries and also for a SHORT entry since this is a strong signal.
GREEN TRIANGLE UP shapes above the center of candle body indicates there is momentum to the upside. Use this as a filter to discourage SHORT entries.
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SETTINGS and ALERTS:
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There is a BAR 2 BAR Relationship setting which displays whether there is a simple relationship between the current bar and the previous. Bars with no Bar2Bar triangle have no relationship. So the info here would be no trend relationship, which is useful because it's not mathematically possible for a trend to start without there being a BAR 2 BAR in that direction first. Since the measurement is so short term, you wouldn't use a B2B in isolation.
The indicator has alert conditions set for the possible ENTRY candles, so you can wait for the GREEN candles on the timeframe you prefer and leave the charts until it arrives. The indicator has been tested on some FOREX markets and BTC and ETH and stands up well across all the usual timeframes.
CHAMELEON:
V3 update contains more accurate conditional logic filtering
=================
A price action candle color changing indicator which adds valuable chart information on all timeframes and currency pairs AFAIK.
CHAMELEON changes the colors of the bars based on mathematical sequencing in order to identify trends and relationships between price action. This indicator suggests trade setup ideas with an acceptable probability of success especially if another filter is used such as the time resistant principles of Supply and Demand.
=================
COLOR LEGEND:
=================
MAROON candles can be excellent signals for a SHORT entry. They often act as range markers before a tradeable move down as shown, but also usually are the local top from which price recedes from quickly
FOREST GREEN candles indicate that the price is in an up trend.
RED candles indicate that the price is in an up trend.
YELLOW bars are a useful trigger to close SHORTS. They are also the first condition needed in order for a confirmed trend reversal up to be detected.
GREEN TRIANGLE UP shapes below the candle confirm the trend reversal up which was highlighted by the yellow candle.
RED TRIANGLE DOWN shapes above the candle suggests that the trend is not so strong and the stop loss should be moved up to a tighter position.
ORANGE candles help establish a local range.
ORANGE candles with a golden cross provide a clue of the direction, but are not strong enough indicators to take a trade on.
OLIVE bars are a useful trigger to close LONGS, in order to get a better entry at a lower price near to local resistance level .
MAGENTA candles help establish a local range. Unlike the ORANGE ones, these usually occur at the bottom of price structure.
TEAL Candles, indicate a High in a sequence of 5 candles. They predict a downside reversal of 1-3 bars. This is not usually an entry candle, but a possible LONG exit until the trend is clear again.
SEA GREEN candles indicate that the UP trend is weak.
GRAY signifies NO trend.
MAROON TRIANGLE DOWN shapes below the center of candle body indicates there is momentum to the downside. Use this as a filter to discourage LONG entries and also for a SHORT entry since this is a strong signal.
GREEN TRIANGLE UP shapes above the center of candle body indicates there is momentum to the upside. Use this as a filter to discourage SHORT entries.
=================
SETTINGS and ALERTS:
=================
There is a BAR 2 BAR Relationship setting which displays whether there is a simple relationship between the current bar and the previous. Bars with no Bar2Bar triangle have no relationship. So the info here would be no trend relationship, which is useful because it's not mathematically possible for a trend to start without there being a BAR 2 BAR in that direction first. Since the measurement is so short term, you wouldn't use a B2B in isolation.
The indicator has alert conditions set for the possible ENTRY candles, so you can wait for the GREEN candles on the timeframe you prefer and leave the charts until it arrives. The indicator has been tested on some FOREX markets and BTC and ETH and stands up well across all the usual timeframes.
Nota Keluaran
Updated the bar color repainting transparency so that it is easy to see the important direction indicators which come from the oscillator. It is advisable to change the display overlay in your own chart to make it even easier to see this. Nota Keluaran
Getting ready for porting into testing harness.Nota Keluaran
Added option to hide the information label which describes the trend.Nota Keluaran
Added the option to show a DEMAND area.Nota Keluaran
Repositioned buy labels which were overlapping confirmed reversal triangle.Nota Keluaran
Add background color change for bars which have buy or sell ideas.Nota Keluaran
Label style tweakNota Keluaran
Fixed a bug with the pivot range detection.Added an option to enable pivot ranges, (disabled by default because pivots are pesky and it is better to be patient to see how they play out)
Nota Keluaran
Rearranged Settings MenyNota Keluaran
Improved trade entry idea logic outside of supply and demand range.Nota Keluaran
Fixed Stop loss reset when long and short signals are competing.Nota Keluaran
Fixes related to minor bugs with conditional logic relating to entries which depend on special circumstances. This should help improvements since the code is a little easier to maintain now. Added a grace period in case a down candle paints in the initial 5 of an up move. Just 2 candles grace for down since these are more dramatic. This should ideally eventually become a variable and be used as part of the optimisation testing. A lot of changes have been made so there could well be some errors with buy/sell signals at this stage. Nota Keluaran
Trade logic improvements.Nota Keluaran
Trade management minor improvements:Added a rule to close a SHORT if the price touches DEMAND in profit.
Added a rule to close a LONG if the price touches SUPPLY in profit
Nota Keluaran
Trade Idea Improvement: Stop Limit Optimisation using ATR(14) with thanks to the "Signal-for-Backtesting-Trading-Engine-PineCoders"
Nota Keluaran
Tidied up the stop plot in the trade idea option.Removed some legacy stop limit calculations and variables.
Improved variable resetting.
Nota Keluaran
RefactorNota Keluaran
Revised signal plot for compatibility with Engine testing framework.Nota Keluaran
Further work in progress on trade optimisation through initial testing in The Engine.Nota Keluaran
Fixed trade logic which was triggering "Exit Long and Exit Short" signals when price was above and below local "Supply" and "Demand" prematurely.Nota Keluaran
After spending time with the PineCoders Backtesting Engine, some minor improvements have been made. There is now a detection of Hammer and Star formations to help refrain early exit recommendation. Largest gains come in the form of a filter indicator, "CHAMELEON CONTEXT" which was developed alongside the testing activity and is soon to be published. Nota Keluaran
Added additional ALERT CONDITIONS so that it is possible to be identified of some of the conditions which are considered Override Trade Ideas. Also reduced the clutter on the chart when the Trade Entry Ideas is selected. The testing with the Backtesting Engine highlighted the deficiency in this indicator with respect to optimising trade exits (both take profit levels and stop losses need to be carefully considered). Therefore it is fitting that the indicator does not continually paint these ideas. The ideas are a good start and with correct risk management and discipline they can be used to help produce a consistent trading method, but they cannot be relied upon entirely as the trading system panacea to solve all markets in all timeframes at all times!
Nota Keluaran
Removed superfluous label.Nota Keluaran
Preferred default values.Nota Keluaran
Added generic ALERT for ENTER LONG and ENTER SHORT.Nota Keluaran
Included warning that the BUY and SELL alerts should be taken with a grain of salt.Nota Keluaran
Cleaned up the labelling so that subsequent BUY and SELL do not show, but maintained the background color to help manage a trade.Nota Keluaran
Adding an easy way to set an an alert when higher timeframe conditions are favourable for searching for LONG or SHORT trade ideas.Hammer and Star candle detection added to assist trade management.
Nota Keluaran
Shorten Alert MessageNota Keluaran
FIX - "CHAMELEON SCORE" ALERT VARIABLENota Keluaran
Added alert condition for the MAGENTA candle, since it is liable to spark tradable moves, as the screenshot currently shows and as is seen in the slides documentation and youtube video.Nota Keluaran
buy sell label logic tweakNota Keluaran
Minor display tweaks. Making the PIVOT RANGE show between CROSS instead of CIRCLE plotshape due to the extra precision this presents.Nota Keluaran
The cycle top and bottom logic has now been included in the algorithm score. The label now shows this score over the most recent closed candle.
Nota Keluaran
The CHAMELEON SCORE, previously busy under the surface is now available as a direction indicator, shown by green and red flags - useful for checking confluence with other filters such as the CHAMELEON TAIL and the CHAMELEON CONTEXT.Added an option so that the CHAMELEON SCORE value can be shown over the last closed candle.
Chart indicators and tools to trade trends & pivot breakouts in the crypto and forex markets! -- Discord Group: discord.gg/VaW9zG7n
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