ICT HTF Candles [Source Code] (fadi)Plotting a configurable higher timeframe on current chart's timeframe helps visualize price movement without changing timeframes. It also plots FVG and Volume Imbalance on the higher timeframe for easier visualization.
With ICT concepts, we usually wait for HTF break of structure and then find an entry on a lower timeframe. With this indicator, we can set it to the HTF and watch the develop of price action until the break of structure happens. We can then take an entry on the current timeframe.
Settings
HTF Higher timeframe to plot
Number of candles to display The number of higher timeframe candles to display to the right of current price action
Body/Border/Wick The candle colors for the body, border, and wick
Padding from current candles The distance from current timeframe's candles
Space between candles Increase / decrease the candle spacing
Candle width The size of the candles
Imbalance
Fair Value Gap Show / Hide FVG on the higher timeframe
Volume Imbalance Show / Hide Volume Imbalance on the higher timeframe
Trace
Trace lines Extend the OHLC lines of the higher timeframe and the source of each
Label Show/Hide the price levels of the OHLC
Candles
Flat Combo DetectorFlat Combo Detector (FCD)
Introduction:
The Flat Combo Detector is a unique tool crafted to aid traders in identifying potential trend reversals. Unlike standard indicators that primarily focus on moving averages or oscillators, the FCD bases its signals on specific candlestick patterns that manifest at crucial trend pivot points.
I use it mostly on OANDA:XAUUSD Gold
How It Works:
The logic of the Flat Combo Detector revolves around the formation of consecutive bearish and bullish candles with particular attributes:
Bearish to Bullish Transition:
Primary Candle : A bearish candle where the close is lower than the open and its close is equal to its low.
Following Candle: A bullish candle where the close is higher than the open, and the open approximates its low (within a user-defined tolerance).
Signal : A green triangle plotted below the price bar, indicating a potential shift from a bearish to bullish trend.
Bullish to Bearish Transition:
Primary Candle: A bullish candle where the close is higher than the open and equals its high.
Following Candle : A bearish candle where the close is lower than the open, and the open approximates its high (within a user-defined tolerance).
Signal : A red triangle plotted above the price bar, indicating a potential transition from a bullish to bearish trend.
Usage Guidance:
For traders unfamiliar with Pine Script, using this indicator is straightforward. Once added to the chart, look for the green and red triangle signals. A green triangle below a price bar suggests a possible bullish reversal, while a red triangle above a price bar hints at a potential bearish reversal. Always consider these signals in conjunction with other technical analysis tools and the broader market context to optimize decision-making.
Associated Strategy:
I've also developed a trading strategy that utilizes these specific entry points identified by the FCD. If you find the signals from this indicator helpful, you might also be interested in exploring the strategy for a comprehensive trading approach. Always remember to backtest and validate any strategy before live trading.
Chart Presentation:
The published chart associated with this script has been kept clean to ensure clarity. Users will only observe the main price bars/candles along with the green and red triangle signals generated by the FCD.
Conclusion:
The Flat Combo Detector provides traders with a fresh perspective on trend reversal points. Its focus on specific candlestick patterns makes it a valuable tool, especially when used in combination with other technical indicators. Always ensure to practice prudent risk management and consult multiple analysis methods before making trading decisions.
Custom Candlestick MarkingsThis indicator allows you to filter candlesticks based on their body (the real body) and wick lengths. Specifically, it marks candlesticks based on the following criteria:
For Bearish Candles:
1. The close price is lower than the open price (indicating a bearish candle).
2. The difference between the high and the maximum of open and close is less than or equal to the specified upper wick length.
3. The absolute difference between the close and open is greater than or equal to the specified body height.
For Bullish Candles:
1. The close price is higher than the open price (indicating a bullish candle).
2. The difference between the maximum of open and close and the low is less than or equal to the specified lower wick length.
3. The absolute difference between the close and open is greater than or equal to the specified body height.
These conditions are used to filter and mark candlesticks that meet the specified criteria, allowing you to visually identify them on the chart. This can be useful for technical analysis and identifying specific candlestick patterns or conditions based on body and wick lengths.
Certainly, this indicator can help in identifying trends more easily. Specifically, by applying certain criteria based on the length of candlestick bodies and wicks, it becomes easier to visually capture changes in market trends and specific patterns.
For instance, you can use this indicator to identify candlestick patterns that match specific body heights or wick lengths. This makes it easier to detect signs of trend reversals or trend changes, and it can assist in making trading decisions when combined with trendlines or support and resistance levels.
However, it's common to use this indicator in conjunction with other technical analysis tools and indicators. Confirming trends and pinpointing entry points often requires multiple sources of information and analysis. In investing and trading, thorough research and careful strategy are essential.
Session CandlesThis indicator is designed to visually represent different trading sessions on a price chart, highlighting candlestick colors to distinguish between bullish (upward movement) and bearish (downward movement) trends during various market sessions. Here's an overview of how the indicator works:
1. Session Definition: The indicator defines four distinct trading sessions:
- London Session: Typically covering the European trading hours.
- New York AM Session: Representing the morning hours of the New York trading session.
- New York PM Session: Representing the afternoon hours of the New York trading session.
- Asia Session: Encompassing the trading hours of the Asian markets.
2. Configuration Options: Users can customize the behavior of the indicator through input options. For each session, users can enable or disable the display of session-specific candles.
3. Candle Coloring: The indicator determines the color of candles based on the following criteria:
- For each session, it checks whether the current candle's closing price is higher than its opening price.
- If the closing price is higher, the candle is considered bullish, and a user-defined green color is used for the candle.
- If the closing price is lower, the candle is considered bearish, and a user-defined red color is applied.
4. Display: The indicator then applies the calculated candle colors to the respective candles of each trading session on the price chart. This visual distinction helps traders quickly identify the prevailing trend during different market sessions.
To use the indicator, traders can overlay it on their price charts in TradingView. By enabling or disabling specific trading sessions, they can focus on the trends and price movements during those specific time periods.
Please note that the actual appearance of the indicator on the chart depends on the user's chosen settings for session enablement and color preferences.
CCPD Candle Color Price DetectorThe "CCPD Candle Color Price Detector" is a custom indicator developed for TradingView, a popular platform for technical analysis and trading. This indicator assists traders in identifying potential trend reversals and assessing market sentiment based on candlestick color changes and key price levels.
This indicator operates as follows:
Color Change Detection: It primarily focuses on the color of candlesticks (green for bullish and red for bearish). When a candlestick closes higher than it opens, it is considered green (bullish), and when it closes lower, it is red (bearish).
High and Low Analysis: The indicator calculates the highest high and lowest low over a user-defined number of bars (specified by the 'Bars for High/Low' input parameter). This helps identify recent price extremes.
Midpoint Calculation: It then computes the midpoint between the highest high and lowest low, effectively determining a central reference point within the specified period.
Signal Generation: Buy and sell signals are generated based on the relationship between the current candlestick's close price, the midpoint, and the candlestick color. Buy signals occur when a green candle closes above the midpoint, suggesting potential bullish momentum. Conversely, sell signals trigger when a red candle closes below the midpoint, indicating possible bearish pressure.
Visualization: The indicator visualizes the highest high, lowest low, midpoint, and additional lines to aid in understanding the price action and potential reversal points.
Alerts: It provides alerts for buy and sell signals, allowing traders to receive notifications when potential trading opportunities arise.
Usage:
Traders can utilize the "CCPD Candle Color Price Detector" in the following ways:
Trend Reversal Identification: This indicator can help traders spot potential trend reversals by signaling when candlestick colors change and close near the midpoint. Buy and sell signals offer entry points for trades based on these reversals.
Confirmation Tool: It can be used in conjunction with other technical analysis tools to confirm trading decisions. For example, a buy signal from this indicator, coupled with a bullish trendline break or a bounce from a key support level, may provide a stronger bullish signal.
Risk Management: By understanding potential reversal points and using stop-loss orders, traders can better manage their risk and protect their capital when entering positions based on the indicator's signals.
Customization: The indicator allows users to adjust the number of bars for high/low calculations, making it adaptable to different trading strategies and timeframes.
In summary, the "CCPD Candle Color Price Detector" is a versatile indicator that can aid traders in spotting potential trend changes, enhancing trading decisions, and managing risk effectively. However, like any trading tool, it should be used in conjunction with other analysis methods and risk management strategies for optimal results.
Candle Tick SizeHello everyone!
I dont think it exists, I couldnt find it any way I searched, maybe it is part of a bigger indicator. This is a really basic code, all it does, it shows the tick/pip size of the candles forming. You can adjust on how many candles should it show. Also because the code counts the point size of the candles from high to low, you can adjust that how many ticks are in one point, like for ES and NQ 4 ticks to a point, which is the basic setting. It helps me with entrys when I calculate the contract size so my risk/reward stays pretty much the same depending on the candle size for my entrys.
Pro RSI CalculatorThe "Pro RSI Calculator" indicator is the latest addition to a series of custom trading tools that includes the "Pro Supertrend Calculator" and the "Pro Momentum Calculator."
Building upon this series, the "Pro RSI Calculator" is designed to provide traders with further insights into market trends by leveraging the Relative Strength Index (RSI) indicator.
Its primary objective remains consistent: to analyze historical price data and make informed predictions about future price movements, with a specific focus on identifying potential bullish (green) or bearish (red) candlestick patterns.
1. RSI Calculation:
The indicator begins by computing the RSI, a widely used momentum oscillator. It calculates two crucial RSI parameters:
RSI Length: This parameter determines the lookback period for RSI calculations.
RSI Upper and Lower Bands: These thresholds define overbought and oversold conditions, typically set at 70 and 30, respectively.
2. RSI Bands Visualization:
The RSI values obtained from the calculation are skillfully plotted on the price chart, appearing as two distinct lines:
Red Line: Represents the RSI when indicating a bearish trend, anticipating potential price declines.
Teal Line: Represents the RSI in bullish market conditions, signaling the possibility of price increases.
3. Consecutive Candlestick Analysis:
The indicator's core functionality revolves around tracking consecutive candlestick patterns based on their relationship with the RSI lines.
To be included in the analysis, a candlestick must consistently close either above (green candles) or below (red candles) the RSI lines for multiple consecutive periods.
4. Labeling and Enumeration:
To communicate the count of consecutive candles displaying consistent trend behavior, the indicator meticulously assigns labels to the price chart.
Label positioning varies depending on the trend's direction, appearing either below (for bullish patterns) or above (for bearish patterns) the candlesticks.
The color scheme aligns with the candle colors: green labels for bullish candles and red labels for bearish ones.
5. Tabular Data Presentation:
The indicator enhances its graphical analysis with a customizable table that prominently displays comprehensive statistical insights.
Key data points in the table include:
- Consecutive Candles: The count of consecutive candles displaying consistent trend characteristics.
- Candles Above Upper RSI: The number of candles closing above the upper RSI threshold during the consecutive period.
- Candles Below Lower RSI: The number of candles closing below the lower RSI threshold during the consecutive period.
- Upcoming Green Candle: An estimated probability of the next candlestick being bullish, derived from historical data.
- Upcoming Red Candle: An estimated probability of the next candlestick being bearish, also based on historical data.
6. Custom Configuration:
To cater to various trading strategies and preferences, the indicator offers extensive customization options.
Traders can fine-tune parameters like RSI length, upper, and lower bands, label and table placement, and table size to align with their unique trading approaches.
External Indicator Analysis Overlay | Buy/Sell | HTF Heikin-AshiThis chart overlay offers multiple candlestick display options. The Regular (Japanese) and the Heikin-Ashi candles are well known. The Mari-Ashi (or Renko) option is something special as it should be timeframe independent, so that sideways action should be represented in one candle. That is difficult to realize as an overlay on the normal candlestick structure, but perhaps the chosen implementation is useful nonetheless. The Velocity option is experimental and is designed to show if the price has accelerated too much in a trend direction. In this case, the highs and lows do not reflect the actual highs and lows, but indicate the overshooting velocity. The opening of the candle also depends on the inherent velocity, but the close of the candle is always the actual close. Anyway, it doesn't look very useful, but the option is there.
All options can be applied to higher timeframes. A usable setting is obtained by disabling only the body of the TradingView candles in regular mode and enabling this overlay.
A large part of this overlay consists of buy/sell indication settings. For activation it is necessary to select an external source. For example the “Relative Bi-Directional Volatility Range”, specifically the Trend Shift Signal (TSS). This signal switches from 0 to 1, if the trend becomes bullish or from 0 to -1, if the trend becomes bearish. It will be automatically detected without specifying the Indication Type. Alternatively, the Volatility Moving Average (VMA) would meet the requirements for the Indication Type “Buy = positive | Sell = negative”. The Moving Average Convergence Divergence (MACD) also fulfills these conditions. Another example is to use any Moving Average with the Indication Type “Buy = rising | Sell = falling”. In the chart above the Hull Moving Average (HMA) is used. In addition, it is possible to reverse the signal, so that positive signals become negative and vice versa. The signals will be labeled as Buy or Sell on the chart.
The user can analyze whether the provided signals are good or bad indications for going long or short or simply for rebalancing a portfolio. Therefore, it is possible to set a starting point for the analysis and choose a weighting for the investments from 0% to 100% of the portfolio. To avoid sleepless nights, a very reliable (and conservative) setting seems to be Rebalancing with 50% (very similar to the well-known 60/40 portfolio). The calculation results are shown in a table.
As a small addition there is the possibility to label the peaks by setting the distance between the highs/lows. This will make the quality of the buy and sell signals even more clear.
Volume Delta CandlesThis indicator is designed to visualize the volume delta, which represents the difference between buying and selling volumes during each candle period. The indicator plots custom candlesticks on the chart, with OHLC values calculated based on the volume delta.
Calculations:
To calculate the volume delta, the indicator first determines the buying and selling volumes. If the closing price is higher than the opening price (close > open), the volume is considered as buying volume. If the closing price is lower than the opening price (close < open), the volume is considered as selling volume. Otherwise, the volume is set to zero. The volume delta is then calculated as the difference between the buying volume and the selling volume.
The custom OHLC values are derived from the volume delta. The custom open is obtained by subtracting the volume delta from the closing price. The custom close is obtained by adding the volume delta to the closing price. The custom high is set as the maximum value between the closing price and the custom open, ensuring that the candle represents the highest value within the range. The custom low is set as the minimum value between the closing price and the custom open, ensuring that the candle represents the lowest value within the range.
Interpretation:
The indicator's custom candles provide visual insights into the volume delta. Each candlestick's color (lime for positive volume delta, fuchsia for negative volume delta) indicates the dominance of buying or selling pressure during that period. When the volume delta is positive, it suggests that buying volume exceeded selling volume, possibly indicating a bullish sentiment. Conversely, when the volume delta is negative, it indicates that selling volume was higher, potentially signaling a bearish sentiment. The indicator also plots a zero line to represent the equilibrium point, where buying and selling volumes are equal.
Potential Uses and Limitations:
Traders can use the indicator to gain insights into the strength and direction of buying and selling pressures. Positive volume delta during an uptrend could suggest the presence of strong buying interest, potentially supporting further bullish moves. On the other hand, negative volume delta during a downtrend could indicate intensified selling pressure, hinting at potential further declines. Traders might use the indicator in conjunction with other technical analysis tools, such as support and resistance levels, trendlines, or oscillators, to confirm potential reversal points or trend continuations.
It's essential to interpret the indicator in the context of the overall market environment. While volume delta can provide valuable insights into short-term buying and selling imbalances, it is just one aspect of market analysis. Traders should consider other factors, such as market structure, fundamental events, and overall sentiment, to make informed trading decisions. Additionally, the indicator's efficacy might vary across different market conditions, and it may produce false signals during low-volume periods or choppy markets.
Conclusion:
By visualizing volume delta through custom candlesticks, traders can gauge market sentiment and potentially identify key reversal or continuation points. As with any technical indicator, it is advisable to use the Volume Delta Candles in combination with other tools to gain a comprehensive understanding of market conditions and make well-informed trading choices. Additionally, traders should practice proper risk management techniques to protect their capital while using the indicator in their trading strategy.
Higher Time Frame {HTF} Candles [QuantVue]Introducing the Higher Time Frame {HTF} Candles from QuantVue!
This script was developed to help you visually emphasize higher time frame (HTF) candles.
Higher time frames reduce the 'noise' inherent in lower time frames, providing a clearer, more accurate picture of the market's movements.
By examining higher time frames, you can better identify trends, reversals, and key areas of support and resistance.
The Higher Time Frame Candles indicator overlays higher time frame data directly onto your current chart.
You can easily specify the higher time frame candles you'd like to view, and the indicator will overlay the higher time frame candles directly over the corresponding current time frame bars.
This indicator by default will display the most current higher time frame candle plus the previous 5 candles.
Give this indicator a BOOST and COMMENT your thoughts!
We hope you enjoy.
Cheers.
Price on chart Binance spot USDT and Bybit perpetual USDT.P.A simple indicator showing the current time candles from the SPOT market on Binance and Futures from Bybit.
Fair Value Gap ChartThe Fair Value Gap chart is a new charting method that displays fair value gap imbalances as Japanese candlesticks, allowing traders to quickly see the evolution of historical market imbalances.
The script is additionally able to compute an exponential moving average using the imbalances as input.
🔶 USAGE
The Fair Value Gap chart allows us to quickly display historical fair value gap imbalances. This also allows for filtering out potential noisy variations, showing more compact trends.
Most like other charting methods, we can draw trendlines/patterns from the displayed results, this can be helpful to potentially predict future imbalances locations.
Users can display an exponential moving average computed from the detected fvg's imbalances. Imbalances above the ema can be indicative of an uptrend, while imbalances under the ema are indicative of a downtrend.
Note that due to pinescript limitations a maximum of 500 lines can be displayed, as such displaying the EMA prevent candle wicks from being displayed.
🔶 DETAILS
🔹 Candle Structure
The Fair Value Gap Chart is constructed by keeping a record of all detected fair value gaps on the chart. Each fvg is displayed as a candlestick, with the imbalance range representing the body of the candle, and the range of the imbalance interval being used for the wicks.
🔹 EMA Source Input
The exponential moving average uses the imbalance range to get its input source, the extremity of the range used depends on whether the fvg is bullish or bearish.
When the fvg is bullish, the maximum of the imbalance range is used as ema input, else the minimum of the fvg imbalance is used.
Volume-Blended Candlesticks [QuantVue]Introducing the Volume-Blended Candlestick Indicator, a powerful tool that seamlessly integrates volume information with candlesticks, providing you with a comprehensive view of market dynamics in a single glance.
The Volume-Blended Candlestick Indicator employs a unique approach of projecting volume totals by calculating the total volume traded per second and comparing it to the time left in the session as well as the historical average length selected by the user.
The indicator then dynamically adjusts the opacity of the candlestick colors based on the intensity of the projected volume. As volume intensifies, the candlestick colors become more pronounced, while low volume will cause colors to fade allowing you to visually perceive the level of buying or selling.
One of the standout features of the Volume-Blended Candlestick Indicator is its ability to identify pocket pivots. A pocket pivot is an up day with volume greater than any of the down days volume in the past 10 days. By highlighting these pocket pivots on your chart, the indicator helps you identify potential stealth accumulation.
In addition to blending volume with candlesticks and spotting pocket pivots, this versatile indicator provides you with an insightful table displaying key volume metrics. The table includes the average volume, average dollar volume, and the up-down volume ratio, allowing you to get a clear picture of buying and selling pressure.
Settings Include:
🔹Sensitivty Level: Normal, More, Less
🔹Volume MA Length
🔹Toggle Color based on previous close
🔹Show or hide volume info
🔹Chose candlestick colors
🔹Show or hide pocket pivots
🔹Show or hide volume info table
Don't hesitate to reach out with any questions or concerns.
We hope you enjoy!
Cheers.
Moving Average CandlesInspired by Ricardo Santos's " Multiple Moving Average Candle System V0" ()
This script plots 6 moving averages using the plotcandle function rather than the normal plot function. Result is a stylish indicator that shows moving average crossovers in a more visual way. Moving average type options available are , or Simple, Exponential, Hull, Relative, Volume Weighted, and Arnaud Legoux Moving Averages, Linear Regression Curve, and Median. Lengths for each can be set in settings along with selection specific parameters. Good for plotting/visualizing potential entry/exit points based on your preferred moving averages crossing over, or just as some eye candy.
Scalp Pump-Dump Detector with AlertsThis script displays the percentage of movement of all candles on the chart, as well as identifying abnormal movements to which you can attach alerts. An abnormal movement is considered a rise or fall that exceeds the parameter set in the settings (by default, 1% per 1 bar).
Added a function to display the volume on abnormal candlesticks.
The Golden Candlestick PatternThe Golden pattern is a three-candlestick configuration based on a variation of the golden ratio (2.618) from the Fibonacci sequence.
The bullish Golden pattern is composed of a normal bullish candlestick with any type of body, followed by a bigger bullish candlestick with a close price that is at least 2.618 times the size of the first candlestick (high to low). Finally, there must be an important condition that is, a third candlestick that comes back to test the open of the second candlestick from where the entry is given.
The bearish Golden pattern is composed of a normal bearish candlestick with any type of body, followed by a bigger bearish candlestick with a close price that is at least 2.618 times the size of the first candlestick (high to low). Finally, there must be an important condition that is, a third candlestick that comes back to test the open of the second candlestick from where the entry is given.
EquiVolume [LuxAlgo]EquiVolume is a charting method that aims to incorporate volume information to a candlestick chart. Volume is highlighted through the candle body width, with wider candles suggesting more significant volume.
Our script shows an EquiVolume chart for the visible chart range. Additionally regular volume can be plotted as a column plot with the column's width controlled by volume.
🔶 SETTINGS
🔹 Options
Chart: Shows candles with volume adjusted width.
Volume: Shows volume with volume adjusted width.
🔹 Intrabar Analysis
Enable/disable: When LTF is enabled, the script will calculate the % volume/candles in the same direction than current timeframe.
You can choose a LTF between 1 and 240 minutes.
Type %:
- Volume: sum of volume of all LTF candles, which are in the same direction.
- #bars: sum of all LTF candles, which are in the same direction.
🔹 Width Boxes (bars)
Minimum width: sets the minimum width of a box (candle/volume)
Maximum width: sets the maximum width of a box (candle/volume)
🔶 USAGE
This charting method makes it easier to spot large volume candles, against comparing candles to volume.
Another example:
Additionally, users can make the script perform an intrabar analysis on the chart candles, allowing to highlight bullish/bearish activity within a candle. The script can estimate bullish/bearish trading activity within a candle or simply use intrabar candle signs.
Example
- 15-minute candle is green
- 10 1-minute candles (LTF) IN that 15-minute candle are green -> 10/15 = 66,667%
-> The current 15-minute candle will be 66,667% filled with green color.
Note that the script will draw everything from last visible bar at the right to left, as such you can scroll backwards, and the script will show you the data of the visible chart.
Scrolling back will return the following result:
🔶 REMARKS
When the LTF is too far apart from current timeframe, you should get an error. To prevent this, the LTF will automatically rise, giving no error.
When this happens, the adjusted LTF will be displayed. Do note, due to a maximum available LTF data, sometimes boxes won't always be visible (since there is no LTF data anymore)
To solve this, just elevate your LTF:
When the set LTF is higher than current TF, you would normally get an error as well.
This script will automatically adjust the LTF to current TF, together with a visible warning (no error though).
Due to the inability to draw a line in the space between bars, sometimes a wick won't be placed exactly in the middle.
NSDT Regular CandlesWhen using Range charts on TradingView, the only candle appearance option is "Range Bars", which are those little thin ones that can be hard to see.
So I made this candle indicator that can be used to plot Regular Candles over the Range Bars for a standard view.
Here is the same chart - only showing the original Range Bars
Percentage of direction alternationThis is just an idea I had and I have no idea whether it will be useful but I thought I would “toss it out into the wild” because if someone finds it of benefit then all the better.
How it works is really simple. It looks at a number of bars/candles back and if two bars next two each other close where one is higher than its open and the other closes lower (a bullish and bearish candle next to each other) then it adds one to the count of alternations. So, if you are looking 10 (adjustable of course) bars back then you can have 9 compares (number of bars subtract one).
If all nine compares are opposite closes of each other then you get a 100% alternation.
I’m not sure if this is useful for anyone but my original thought was the more alternation the more likely you are in ranging and the less you should consider entering a trade or the more you should consider exiting a trade. It might also reflect choppiness to some extent as well.
I also noticed in a couple of spots when I was looking at the results that good trends came just after the alternation peaked around 100% so it might be a bit of an indicator to enter a trade before the move happens.
It shows the alternation percentage but also the “weighted alternation” percentage which I think looks more useful as it give more credence to the alternations closer the live trading.
For visual usefulness you can invert the output so that maximum alternation is 0 instead of 100.
I’ve set it up as being displayed as area but as normal lines is also good.
Let me know if you find a way that it shows something useful for entering or exiting your trades. The more feedback I get the more I’ll throw my crazy notions out there!
The code is structured to easily drop into a bigger system so use it as a lone indicator or add the code to some bigger project you are creating. If you do integrate it into something else then send me a note as it would be nice to know it's being well used.
Enjoy and good luck!
NET BSP NET BSP derived from Buying & Selling Pressure which is a volatility indicator that monitors average metrics of green and red candles separately.
We could navigate more confidently through market with projected market balance.
BSP allowed us to track and analyze the ongoing performance of bullish and bearish impulsive waves and their corrections.
Due to unintuitive way of measuring decline with SP going up, I decided to remake it into more intuitive version with better precision.
When we encounter the fall it's better to have declining values of tool to be able to cover it visually with ease.
One of the solutions was to create a sense of balance of Buying Pressure against Selling Pressure.
Since we are oriented by growth, it'd be more logical to summarize the market balance with BP - SP
Comparison:
When Buying and Selling Pressure are equal, NET BSP would be at 0.
NETBSP > 0 and NETBSP > NETBSP = 🟢
NETBSP > 0 and NETBSP < NETBSP = 🟡
NETBSP < 0 and NETBSP < NETBSP = 🔴
NETBSP < 0 and NETBSP > NETBSP = 🟡
Hence, we get visualized stages of uptrends and downtrends which allows to evaluate chances and estimations of upcoming counter-waves.
Also, it is worth to note that output clearly shows how one wave is derived from another in terms of sizing.
Feel free to adjust NET BSP arguments to adapt sensitivity to the timeframe you're working on.
LNL Keltner CandlesLNL Keltner Candles
This indicator plots mean reversion (reversal) arrows with custom painted candles based on the price touch or close above or below keltner channel limits (upper & lower bands). This study was created primarily for swing trading & higher time frames such as daily and weekly. Lower time frames might result in more false signals.
Mean Reversal Arrows:
1. Reversal Arrow Up - If the price drops below the lower band extremes, reversal up is the trigger for a bullish mean reversion.
2. Reversal Arrow Down - Once the price reach the higher band extremes, reversal down is the trigger for a bearish mean reversion.
The Concept of Mean Reversion:
There are just two types of moves in any market: The market is either expanding from the mean or retracing back to the mean. These reversions & epxansions are happening across all types of markets. The goal of this study is to catch the powerful mean reversion from extremes back to the mean. Once the candles light up green / red, it is time to look for the reversal (purple) arrow which triggers the mean reversion setup. Mean reversion is not about catching the next big swing turn to new highs or lows. It is all about the base hits = the mean. So the target here is always the average price. The idea here is to catch the average market ebbs & flows, not the next home run.
What Do I Mean by Mean?
Mean is usually the average price from the last 20-30 bars. Basically something like a 20 MA or Keltner Channel or Bollinger Band midline are really good visual representators of the mean (average price).
Hope it helps.
Composite Cosmetic CandlesThis is effectively version 2 of my script "Candle Fill % Meter", with a few different/more options available in a more compact form. Choose between multiple oscillator sources, # of dividing lines, and solid or gradient candle fill. Once again this script is intended for use with hollow candles! This script enables you to see more information with less screen space taken up, not to mention it looks nice. Labels by last bar also toggleable in the settings.
Real Price Line + Dots (for Heikin Ashi)Real Price Line + Dots (for Heikin Ashi)
This indicator is designed for use on Heikin Ashi charts. Its purpose is to enable traders to benefit from price averaging and smoothing effects of Heikin Ashi candles whilst also enabling them to see the current real price line, and optionally, real price close dots on the Heikin Ashi candlesticks.
Features include:
- Optional real price line
- Optional real price close dots
- Customisable colours
- Customisable line style
- Customisable line width
What are Heikin Ashi candles?
Heikin Ashi means 'average bar' in Japanese, Heikin Ashi charts do not show real price as standard, due to the way the Open, High, Low and Close values are calculated using averages, This is done in order to create a smoother appearance and reduce the market 'noise'.
You can read more about Heikin Ashi candlesticks here.
NOTE:
- If real price dots appear behind the candles, you may need to select the triple dot menu on the indicator then select "Visual order" > "Bring to front" , so that the dots are shown above the candles.
- When using this indicator on a Heikin Ashi chart, the standard Tradingview price line will not show accurate real price. Therefore when using the price line in this indicator, the standard price line should be disabled within the Tradingview 'Chart settings' dialog > 'Symbol' tab > uncheck 'Last', under the 'Price line' section.
