Previous Candle + Inside/OutsideThe script uses the previous candle of the current timeframe to assess the state of the current candle.
1. Previous candle high/low and midpoint are displayed
2. Highlights current bar if INSIDE previous candle
3. Highlights current bar if POTENTIAL OUTSIDE bar. This condition uses the logic that if the previous high/low has been swept and price then reaches previous bar 50%, then an OUTSIDE bar is possible.
4. If current candle breaks previous high/low, a label is added to identify.
5. If above condition is true and current candle color is opposite of previous, then label is highlighted to show possible bull/bear condition.
6. If current candle live price is below previous midpoint, a BEAR label is shown
7. If current candle live price is above previous midpoint, a BULL label is shown
I personally use the indicator on Daily/Weekly/Monthly charts to help with my overall market assessment. However users may find their own use for the indicator...or modify it to their own preferences.
As ever, the indicator should only be used with live trading accounts after thorough backtesting using a large data range.
Cari dalam skrip untuk "backtesting"
London Killzone + Deviations[MK]For traders that use the London Killzone session high/low to project possible take profit targets.
The indicator will determine the current day London killzone high and low range and draw a range box to the right of the last candle on the chart. Drawing to the right of the chart keeps the workspace cleaner.
The high/low range is then used to project Standard Deviation levels above and below the London range.
Levels projected are +/- 1, 2, 2.5, 3, 4.
Users of the script should conduct proper backtesting using a large data range before applying to live accounts.
EMA Scalping StrategyEMA Slope Indicator Overview:
The indicator plots two exponential moving averages (EMAs) on the chart: a 9-period EMA and a 15-period EMA.
It visually represents the EMAs on the chart and highlights instances where the slope of each EMA exceeds a certain threshold (approximately 30 degrees).
Scalping Strategy:
Using the EMA Slope Indicator on a 5-minute timeframe for scalping can be effective, but it requires adjustments to account for the shorter time horizon.
Trend Identification: Look for instances where the 9-period EMA is above the 15-period EMA. This indicates an uptrend. Conversely, if the 9-period EMA is below the 15-period EMA, it suggests a downtrend.
Slope Analysis: Pay attention to the slope of each EMA. When the slope of both EMAs is steep (exceeds 30 degrees), it signals a strong trend. This can be a favorable condition for scalping as it suggests potential momentum.
Entry Points:
For Long (Buy) Positions: Consider entering a long position when both EMAs are sloping upwards strongly (exceeding 30 degrees) and the 9-period EMA is above the 15-period EMA. Look for entry points when price retraces to the EMAs or when there's a bullish candlestick pattern.
For Short (Sell) Positions: Look for opportunities to enter short positions when both EMAs are sloping downwards strongly (exceeding -30 degrees) and the 9-period EMA is below the 15-period EMA. Similar to long positions, consider entering on retracements or bearish candlestick patterns.
Exit Strategy: Use tight stop-loss orders to manage risk, and aim for small, quick profits. Since scalping involves short-term trading, consider exiting positions when the momentum starts to weaken or when the price reaches a predetermined profit target.
Risk Management:
Scalping involves high-frequency trading with smaller profit targets, so it's crucial to implement strict risk management practices. This includes setting stop-loss orders to limit potential losses and not risking more than a small percentage of your trading capital on each trade.
Backtesting and Optimization:
Before implementing the strategy in live trading, backtest it on historical data to assess its performance under various market conditions. You may also consider optimizing the strategy parameters (e.g., EMA lengths) to maximize its effectiveness.
Continuous Monitoring:
Keep a close eye on market conditions and adjust your strategy accordingly. Market dynamics can change rapidly, so adaptability is key to successful scalping.
Candlestick Patterns detection and backtester [TrendX_]INTRODUCTION:
The Candlestick Patterns detection and backtester is designed to empower traders by identifying and analyzing candlestick patterns. Leveraging the robust Pine Script's add-in “All Candlestick Patterns”, this indicator meticulously scans the market for candlestick formations, offering insights into potential market movements. With its backtesting capabilities, we evaluate historical data to present traders with performance metrics such as win rates, net profit, and profit factors for each pattern. This allows traders to make informed decisions based on empirical evidence. The customizable settings, including trend filters and exit conditions, provide a tailored experience, adapting to various trading styles and strategies.
CREDIT:
This indicator is powered by the Pinescript add-in, *All Candlestick Patterns*, which provides a comprehensive library of candlestick formations.
TABLE USAGE:
The indicator features a detailed usage table that presents backtested results of all candlestick patterns. This includes:
Win Rates: The percentage of trades that resulted in a profit.
Net Profit: The total profit after subtracting losses from gains.
Profit Factor: A measure of the indicator’s profitability (gross profit / gross loss).
Total Trades: The total number of trades taken for every candlestick pattern's appearance.
CHART CANDLESTICK USAGE:
The indicator integrates candlestick pattern detections directly into the chart, displaying:
Pattern Detections: Each detected pattern is marked on the chart.
Win Rates: The win rate of each pattern is shown in brackets next to the detection.
CHART SETTINGS:
Users can customize the indicator with a variety of trend filters and settings:
Trend Filters: Apply filters based on SMA50, SMA200, Supertrend, and RSI threshold to refine pattern detections.
Exit Condition: Set an exit condition based on the crossing of a simple moving average of customizable length.
Visibility: Choose to show or hide the candlestick patterns’ detections on the chart.
Gaussian Price Filter [BackQuant]Gaussian Price Filter
Overview and History of the Gaussian Transformation
The Gaussian transformation, often associated with the Gaussian (normal) distribution, is a mathematical function characteristically prominent in statistics and probability theory. The bell-shaped curve of the Gaussian function, expressing the normal distribution, is ubiquitously employed in various scientific and engineering disciplines, including financial market analysis. This transformation's core utility in trading and economic forecasting is derived from its efficacy in smoothing data series and highlighting underlying trends, which are pivotal for making strategic trading decisions.
The Gaussian filter, specifically, is a type of data-smoothing algorithm that mitigates the random "noise" of market price data, thus enhancing the visibility of crucial trend changes and patterns. Historically, this concept was adapted from fields such as signal processing and image editing, where precise extraction of useful information from noisy environments is critical.
1. What is a Gaussian Transformation?
A Gaussian transformation involves the application of a Gaussian function to a set of data points. The function is applied as a filter in the context of trading algorithms to smooth time series data, which helps in identifying the intrinsic trends obscured by market volatility. The transformation is characterized by its parameter, sigma (σ), representing the standard deviation, which determines the width of the Gaussian bell curve. The breadth of this curve impacts the degree of smoothing: a wider curve (higher sigma value) results in more smoothing, beneficial for longer-term trend analysis.
2. Filtering Price with Gaussian Transformation and its Benefits
In the provided Script, the Gaussian transformation is utilized to filter price data. The filtering process involves convolving the price data with Gaussian weights, which are calculated based on the chosen length (the number of data points considered) and sigma. This convolution process smooths out short-term fluctuations and highlights longer-term movements, facilitating a clearer analysis of market trends.
Benefits:
Reduces noise: It filters out minor price movements and random fluctuations, which are often misleading.
Enhances trend recognition: By smoothing the data, it becomes easier to identify significant trends and reversals.
Improves decision-making: Traders can make more informed decisions by focusing on substantive, smoothed data rather than reacting to random noise.
3. Potential Limitations and Issues
While Gaussian filters are highly effective in smoothing data, they are not without limitations:
Lag introduction: Like all moving averages, the Gaussian filter introduces a lag between the actual price movements and the output signal, which can delay decision-making.
Feature blurring: Over-smoothing might obscure significant price movements, especially if a large sigma is used.
Parameter sensitivity: The choice of length and sigma significantly affects the output, requiring optimization and backtesting to determine the best settings for specific market conditions.
4. Extending Gaussian Filters to Other Indicators
The methodology used to filter price data with a Gaussian filter can similarly be applied to other technical indicators, such as RSI (Relative Strength Index) or MACD (Moving Average Convergence Divergence). By smoothing these indicators, traders can reduce false signals and enhance the reliability of the indicators' outputs, leading to potentially more accurate signals and better timing for entering or exiting trades.
5. Application in Trading
In trading, the Gaussian Price Filter can be strategically used to:
Spot trend reversals: Smoothed price data can more clearly indicate when a trend is starting to change, which is crucial for catching reversals early.
Define entry and exit points: The filtered data points can help in setting more precise entry and exit thresholds, minimizing the risk and maximizing the potential return.
Filter other data streams: Apply the Gaussian filter on volume or open interest data to identify significant changes in market dynamics.
6. Functionality of the Script
The script is designed to:
Calculate Gaussian weights (f_gaussianWeights function): Generates the weights used for the Gaussian kernel based on the provided length and sigma.
Apply the Gaussian filter (f_applyGaussianFilter function): Uses the weights to compute the smoothed price data.
Conditional Trend Detection and Coloring: Determines the trend direction based on the filtered price and colors the price bars on the chart to visually represent the trend.
7. Specific Actions of This Code
The Pine Script provided by BackQuant executes several specific actions:
Input Handling: It allows users to specify the source data (src), kernel length, and sigma directly in the chart settings.
Weight Calculation and Normalization: Computes the Gaussian weights and normalizes them to ensure their sum equals one, which maintains the original data scale.
Filter Application: Applies the normalized Gaussian kernel to the price data to produce a smoothed output.
Trend Identification and Visualization: Identifies whether the market is trending upwards or downwards based on the smoothed data and colors the bars green (up) or red (down) to indicate the trend direction.
UT Bot Stochastic RSIUT Bot Stochastic RSI is a powerful trading tool designed to help traders identify potential buy and sell signals in the market. This indicator combines the Stochastic and RSI (Relative Strength Index) oscillators, two of the most popular and effective technical analysis tools, to provide a comprehensive view of market conditions.
The Stochastic oscillator is a momentum indicator that compares a security's closing price to its price range over a given time period. The RSI, on the other hand, is a momentum oscillator that measures the speed and change of price movements. By combining these two indicators, the UT Bot Stochastic RSI can help traders identify overbought and oversold conditions, as well as potential trend reversals.
The UT Bot Stochastic RSI also includes an ATR (Average True Range) trailing stop, which can be used to set stop-loss levels and manage risk. This feature is particularly useful in volatile markets, where price movements can be large and unpredictable.
In addition to its powerful technical analysis tools, the UT Bot Stochastic RSI also includes a backtesting feature, allowing traders to test their strategies on historical data. This can help traders identify the most effective settings for the indicator and improve their trading performance.
Overall, the UT Bot Stochastic RSI is a versatile and effective tool for traders of all levels, providing valuable insights into market conditions and helping to improve trading decisions
Hurst Future Lines of Demarcation StrategyJ. M. Hurst introduced a concept in technical analysis known as the Future Line of Demarcation (FLD), which serves as a forward-looking tool by incorporating a simple yet profound line into future projections on a financial chart. Specifically, the FLD is constructed by offsetting the price half a cycle ahead into the future on the time axis, relative to the Hurst Cycle of interest. For instance, in the context of a 40 Day Cycle, the FLD would be represented by shifting the current price data 20 days forward on the chart, offering an idea of future price movement anticipations.
The utility of FLDs extends into three critical areas of insight, which form the backbone of the FLD Trading Strategy:
A price crossing the FLD signifies the confirmation of either a peak or trough formation, indicating pivotal moments in price action.
Such crossings also help determine precise price targets for the upcoming peak or trough, aligned with the cycle of examination.
Additionally, the occurrence of a peak in the FLD itself signals a probable zone where the price might experience a trough, helping to anticipate of future price movements.
These insights by Hurst in his "Cycles Trading Course" during the 1970s, are instrumental for traders aiming to determine entry and exit points, and to forecast potential price movements within the market.
To use the FLD Trading Strategy, for example when focusing on the 40 Day Cycle, a trader should primarily concentrate on the interplay between three Hurst Cycles:
The 20 Day FLD (Signal) - Half the length of the Trade Cycle
The 40 Day FLD (Trade) - The Cycle you want to trade
The 80 Day FLD (Trend) - Twice the length of the Trade Cycle
Traders can gauge trend or consolidation by watching for two critical patterns:
Cascading patterns, characterized by several FLDs running parallel with a consistent separation, typically emerge during pronounced market trends, indicating strong directional momentum.
Consolidation patterns, on the other hand, occur when multiple FLDs intersect and navigate within the same price bandwidth, often reversing direction to traverse this range multiple times. This tangled scenario results in the formation of Pause Zones, areas where price momentum is likely to temporarily stall or where the emergence of a significant trend might be delayed.
This simple FLD indicator provides 3 FLDs with optional source input and smoothing, A-through-H FLD interaction background, adjustable “Close the Trade” triggers, and a simple strategy for backtesting it all.
The A-through-H FLD interactions are a framework designed to classify the different types of price movements as they intersect with or diverge from the Future Line of Demarcation (FLD). Each interaction (designated A through H by color) represents a specific phase or characteristic within the cycle, and understanding these can help traders anticipate future price movements and make informed decisions.
The adjustable “Close the Trade” triggers are for setting the crossover/under that determines the trade exits. The options include: Price, Signal FLD, Trade FLD, or Trend FLD. For example, a trader may want to exit trades only when price finally crosses the Trade FLD line.
Shoutouts & Credits for all the raw code, helpful information, ideas & collaboration, conversations together, introductions, indicator feedback, and genuine/selfless help:
🏆 @TerryPascoe
🏅 @Hpotter
👏 @parisboy
Multi conditions matricesLibrary "multi_conditions_matrices"
: facilitate including multiple AND / OR conditions to a script such as two entry / exit inputs groups.
method addConditions(conditions, conditionPair)
Helper to append conditions to a matrix condition array
Namespace types: matrix
Parameters:
conditions (matrix)
conditionPair (array) : array A condition pair , an input can be passed directly to enable
method check(conditions, operatorAnd)
check several condition within given operator
Namespace types: matrix
Parameters:
conditions (matrix)
operatorAnd (bool) : bool true if the operator between condition is AND (default OR)
Returns: bool Evaluates conditions
isWeekend()
isNightSignal(nightHour, morningHour, timezone)
Parameters:
nightHour (int)
morningHour (int)
timezone (string)
ICT Silver Bullet Vertical Lines by Fahmi EshaqThis indicator is designed for users interested in backtesting the Silver Bullet strategy. It eliminates the need for manual drawing of vertical lines by automatically highlighting specific times known as ICT Silver Bullet times. These times correspond to periods when smart money are active the market. The indicator marks these Silver Bullet times with vertical lines, making them easily identifiable. The specified Silver Bullet times are 3AM-4AM, 10AM-11AM, and 2PM-3PM New York time. Additionally, a vertical line is added at 12:00AM to demarcate the start of each day, as days begin at midnight.
MBAND 200 4H BTC/USDT - By MGS-TradingMBAND 200 4H BTC/USDT with RSI and Volume by MGS-Trading: A Neural Network-Inspired Indicator
Introduction:
The MBAND 200 4H BTC/USDT with RSI and Volume represents a groundbreaking achievement in the integration of artificial intelligence (AI) into cryptocurrency market analysis. Developed by MGS-Trading, this indicator is the culmination of extensive research and development efforts aimed at leveraging AI's power to enhance trading strategies. By synthesizing neural network concepts with traditional technical analysis, the MBAND indicator offers a dynamic, multi-dimensional view of the market, providing traders with unparalleled insights and actionable signals.
Innovative Approach:
Our journey to create the MBAND indicator began with a simple question: How can we mimic the decision-making prowess of a neural network in a trading indicator? The answer lay in the weighted aggregation of Exponential Moving Averages (EMAs) from multiple timeframes, each serving as a unique input akin to a neuron in a neural network. These weights are not arbitrary; they were painstakingly optimized through backtesting across various market conditions to ensure they reflect the significance of each timeframe’s contribution to overall market dynamics.
Core Features:
Neural Network-Inspired Weights: The heart of the MBAND indicator lies in its AI-inspired weighting system, which treats each timeframe’s EMA as an input node in a neural network. This allows the indicator to process complex market data in a nuanced and sophisticated manner, leading to more refined and informed trading signals.
Multi-Timeframe EMA Analysis: By analyzing EMAs from 15 minutes to 3 days, the MBAND indicator captures a comprehensive snapshot of market trends, enabling traders to make informed decisions based on a broad spectrum of data.
RSI and Volume Integration: The inclusion of the Relative Strength Index (RSI) and volume data adds layers of confirmation to the signals generated by the EMA bands. This multi-indicator approach helps in identifying high-probability setups, reinforcing the neural network’s concept of leveraging multiple data points for decision-making.
Usage Guidelines:
Signal Interpretation: The MBAND bands provide a visual representation of the market’s momentum and direction. A price moving above the upper band signals strength and potential continuation of an uptrend, while a move below the lower band suggests weakness and a possible downtrend.
Overbought/Oversold Conditions: The RSI component identifies when the asset is potentially overbought (>70) or oversold (<30). Traders should watch for these conditions near the MBAND levels for potential reversal opportunities.
Volume Confirmation: An increase in volume accompanying a price move towards or beyond an MBAND level serves as confirmation of the strength behind the move. This can indicate whether a breakout is likely to sustain or if a reversal has substantial backing.
Strategic Entry and Exit Points: Combine the MBAND readings with RSI and volume indicators to pinpoint strategic entry and exit points. For example, consider entering a long position when the price is near the lower MBAND, RSI indicates oversold conditions, and there is a notable volume increase.
About MGS-Trading:
At MGS-Trading, we are passionate about harnessing the transformative power of AI to revolutionize cryptocurrency trading. Our indicators and tools are designed to provide traders with advanced analytics and insights, drawing on the latest AI techniques and methodologies. The MBAND 200 4H BTC/USDT with RSI and Volume indicator is a prime example of our commitment to innovation, offering traders a sophisticated, AI-enhanced tool for navigating the complexities of the cryptocurrency markets.
Disclaimer:
The MBAND indicator is provided for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves significant risk and can result in the loss of your investment. We recommend conducting your own research and consulting with a qualified financial advisor before making any trading decisions.
Cycle Oscillator V2 [OmegaTools]Introducing the "Cycle Oscillator" by OmegaTools, an innovative addition to your TradingView analysis toolkit. This script is designed to offer a unique approach to understanding market cycles without the need for volume data, making it versatile across various market conditions and asset classes.
Key Features:
- Cycle Length Customization: Tailor the cycle length from 10 to 200 bars to fit the specific rhythm of the market you're analyzing, ensuring relevance and precision.
- Smoothness Adjustment: Fine-tune the oscillator's smoothness to capture the essence of market movements with options ranging from 1 to 20.
- Aesthetic Flexibility: Choose your preferred colors for the oscillator's upward and downward movements, personalizing your chart to your liking.
- Historical Mode: Toggle the historical mode to either focus on real-time analysis or review past cycle data for backtesting and study.
- Candle Color Modes: Enhance your visual analysis with optional candle coloring based on trend, signals, or extensions, providing immediate insight into market conditions.
Usage Guide:
1. Setting Up: Easily adjust the cycle length and smoothness to match the market's current volatility and your trading style.
2. Understanding Market Cycles: The oscillator plots the average deviation from three distinct moving averages, offering a clear view of potential market turns or continuations.
3. Identifying Overbought/Oversold Conditions: Utilize the upper and lower bounds to recognize extreme market conditions, guiding your entry and exit decisions.
4. Visual Enhancements: Customize the visual aspects, including colors and candle coloring, to make your analysis both effective and aesthetically pleasing.
5. Anticipating Market Movements: The script provides forward-looking lines to suggest potential future highs or lows, aiding in predictive analysis.
Designed with both novice and experienced traders in mind, the "Cycle Oscillator" is a testament to OmegaTools' commitment to providing high-quality, innovative trading tools. Whether you're looking to refine your trading strategy or seeking new analytical perspectives, this script offers a comprehensive solution to navigating the ebbs and flows of the financial markets.
Join the community of traders enhancing their TradingView experience with the "Cycle Oscillator" by OmegaTools. Start exploring deeper market insights and unlock new trading opportunities today.
WaveTrendnel Oscillator [UAlgo]🔶Description:
The WaveTrendnel Oscillator, is a technical analysis tool designed for traders to identify potential trend reversals and overbought/oversold conditions in the market. It combines the concepts of wave analysis and trend analysis to generate signals based on the current market conditions. This indicator aims to provide traders with insights into the strength and direction of the prevailing trend, facilitating better decision-making in trading strategies.
🔶Key Features:
Customizable Parameters: Users can customize various parameters including the source data, channel length, average length, and signal length according to their trading preferences and market conditions.
Signal Display: The indicator offers the option to display buy and sell signals on the chart, helping traders to visually identify potential entry and exit points.
Wave and Kernel Analysis: The WaveTrendnel Oscillator utilizes a rational quadratic kernel function, which applies a mathematical approach known as the kernel method. This method analyzes historical price data by assigning weights to each data point based on its proximity to the current period, providing a smoother and more accurate representation of market trends.
Overbought/Oversold Levels: Traders can define overbought and oversold levels using customizable threshold parameters, enabling them to identify potential reversal points in the market.
🔶Credit:
The WaveTrendnel Oscillator indicator is a modification of the original WaveTrend Oscillator developed by @LazyBear on TradingView.
🔶Disclaimer:
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
Triple MA HTF Indicator - Dynamic SmoothingThe indicator version of the "Triple MA HTF Strategy - Dynamic Smoothing" strategy script. In summary the indicator consist of 3 higher time frame moving averages. In which the highest timeframe is used for confirmation on the trend (filter). Moving average 1 and 2 are used to enter and exit the trade (crossover / crossunder). The main principle is to detect momentum when the faster MA 1 crosses the slower MA 2 and only trade with the trend (MA3). The dynamic smoothing in the code makes the indicator suitable to trade on lower tramecharts. The indicator script comes with the following features:
options for different types of MA.
options to choose from different timeframes & select # bars of that timeframe to calculate the MA value.
visualizations of the MA using Dynamic Smoothing calculations on lower timecharts. Note that the chart opened should be lower than the selected timeframes in the configurations.
Alerts for entry long, shorts and exits.
For more details on the script and possibility for backtesting the Triple MA HTF indicator I refer to my earlier published strategy script:
VWAP 8EMA Crossover Scalping IndicatorWhy?
Everybody, especially in Indian context, from 9:15 AM to 3:30 PM, wants to trade in BankNifty.
And even 15m is Too Big timeframe for The Great Indian Options buyers. Everyone knows how potentially BankNifty (& FinNifty on Tuesday and Sensex on Friday) can show dance within 15m.
So there always been an overarching longing among traders to have something in shorter timeframes. And this 5m timeframe, looks like a universally (sic) accepted Standard Timeframe for Indian Options traders.
So here is this.
What?
The time we are publishing this public indicator Indian market (Nifty) is in ATH at ~22200.
In any such super trending market it's always good to wait for a dip and then in suitable time, enter the trade in the direction of the larger trend. The reversal trading systems, in such a situation, proves to be ineffective.
Of course there are time when market is sideways and keeps on oscillating between +/2 standard deviation of the 20 SMA. In such a situation the reversal play works perfectly. But not so in such a trending market.
So the question comes up - after a dip what's the right point to enter.
Hence comes the importance of such a crossover based trading system.
In this indicator, it's a well-known technique (nothing originally from ours, it's taken from social media, exact one we forgot) to find out the 8EMA and VWAP crossover.
So we learned from social media, practice in our daily trading a bit, actuate it and now publishing it.
A few salient points
It does not make sense to jump into the trade just on the crossover (or crossunder).
So we added some more sugar to it, e.g. we check the color the candle. Also the next candle if crosses and closes above (or below) the breakout candle's high/low.
The polarity (color) of both the alert (breakout/breakdown) and confirmation candle to be same (green for crossover, red from crossunder).
Of course, it does provider BUY and SELL alerts separately.
These all we have found out doing backtesting and forward testing with 1/2 lots and saw this sort of approaches works.
Hence all of these are added to this script.
Nomenclature
Here green line is the 8EMA and the red line is the VWAP.
Also there is a black dotted line. That's 50 EMA. It's to show you the trend.
The recent trade is shown in the top right of the chart as green (for buy) or red (for sell) with SL and 1:1 target.
How to trade using this system?
This is roughly we have found the best possible use of this indicator.
Lets explain with a bullish BUY positive crossover (means 8EMA is crossing over the daily VWAP)
Keep timeframe as 5m
Check the direction/slope of the black dotted line (50 EMA). If it's upwards, only take bullish positions.
Open the chart which has the VWAP. (e.g. FinNifty spot or MidcapNifty spot does not have vwap). So in those cases Future is the way to go.
Wait for a breakout crossover and let the indicator gives a green, triangular UP arrow.
Draw a horizontal line to the close of that candle for next few (say 6 candles i.e. 30m) candles.
Wait for the price first to retest the 8EMA or even better the VWAP (or near to the 8EMA, VWAP)
Let the price moves and closes above the horizontal line drawn in the 4th step.
Take a bullish trade, keeping VWAP as the SL and 1:1 as the target.
Additionally, Options buyer can consult ADX also to see if the ADX is more than 25 and moving up for the bullish trade. (This has to be added seperately in the chart, it's not a part of the indicator).
Mention
The concept we have taken from some social media. Forget exactly where we heard this first time. We just coded it with some additional steps.
Statutory Disclaimer
There is no silver bullet / holy grail in trading. Nothing works 100% time. One has to be careful about the loss (s)he can bear in case of the trade goes against.
We, as the author of this script, is not responsible for any trading or position decision one is taken based on the outcome of this.
It is our sole discretion to change, add, delete the portion or withdraw the whole script without any prior notice or intimation.
In Indian Context: We are not SEBI registered.
Backtest any Indicator v5Happy Trade,
here you get the opportunity to backtest any of your indicators like a strategy without converting them into a strategy. You can choose to go long or go short and detailed time filters. Further more you can set the take profit and stop loss, initial capital, quantity per trade and set the exchange fees. You get an overall result table and even a detailed, scroll-able table with all trades. In the Image 1 you see the provided info tables about all Trades and the Result Summary. Further more every trade is marked by a background color, Labels and Levels. An opening Label with the trade direction and trade number. A closing Label again with the trade number, the trades profit in % and the total amount of $ after all past trades. A green line for the take profit level and a red line for the stop loss.
Image 1
Example
For this description we choose the Stochastic RSI indicator from TradingView as it is. In Image 2 is shown the performance of it with decent settings.
Timeframe=45, BTCUSD, 2023-08-01 - 2023-10-20
Stoch RSI: k=30, d=40, RSI-length=140, stoch-length=140
Backtest any Indicator: input signal=Stoch RSI, goLong, take profit=9.1%, stop loss=2.5%, start capital=1000$, qty=5%, fee=0.1%, no Session Filter
Image 2
Usage
1) You need to know the name of the boolean (or integer) variable of your indicator which hold the buy condition. Lets say that this boolean variable is called BUY. If this BUY variable is not plotted on the chart you simply add the following code line at the end of your pine script.
For boolean (true/false) BUY variables use this:
plot(BUY ? 1:0,'Your buy condition hold in that variable BUY',display = display.data_window)
And in case your script's BUY variable is an integer or float then use instate the following code line:
plot(BUY ,'Your buy condition hold in that variable BUY',display = display.data_window)
2) Probably the name of this BUY variable in your indicator is not BUY. Simply replace in the code line above the BUY with the name of your script's trade condition variable.
3) Save your changed Indicator script.
4) Then add this 'Backtest any Indicator' script to the chart ...
5) and go to the settings of it. Choose under "Settings -> Buy Signal" your Indicator. So in the example above choose .
The form is usually: ' : BUY'. Then you see something like Image 2
6) Decide which trade direction the BUY signal should trigger. A go Long or a go Short by set the hook or not.
Now you have a backtest of your Indicator without converting it into a strategy. You may change the setting of your Indicator to the best results and setup the following strategy settings like Time- and Session Filter, Stop Loss, Take Profit etc. More of it below in the section Settings Menu.
Appereance
In the Image 2 you see on the right side the List of Trades . To scroll down you go into the settings again and decrease the scroll value. So you can see all trades that have happened before. In case there is an open trade you will find it at the last position of the list.
Every Long trade is green back grounded while Short trades are red.
Every trade begins with a label that show goLong or goShort and its number. And ends with another label again with its number, Profit in % and the resulting total amount of cash.
If activated you further see the Take Profit as a green line and the Stop Loss as a orange line. In the settings you can set their percentage above or below the entry price.
You also see the Result Summary below. Here you find the usual stats of a strategy of all closed trades. The profit after total amount of fees , amount of trades, Profit Factor and the total amount of fees .
Settings Menu
In the settings menu you will find the following high-lighted sections. Most of the settings have a question mark on their right side. Move over it with the cursor to read specific explanation.
Input Signal of your Indicator: Under Buy you set the trade signal of your Indicator. And under Target you set the value when a trade should happen. In the Example with the Stochastic RSI above we used 20. Below you can set the trade direction, let it be go short when hooked or go long when unhooked.
Trade Settings & List of Trades: Take Profit set the target price of any trade. Stop Loss set the price to step out when a trade goes the wrong direction. Check mark the List of Trades to see any single trade with their stats. In case that there are more trades as fits in the list you can scroll down the list by decrease the value Scroll .
Time Filter: You can set a Start Time or deactivate it by leave it unhooked. The same with End Time .
Session Filter: here you can choose to activate it on weekly base. Which days of the week should be trading and those without. And also on daily base from which time on and until trade are possible. Outside of all times and sessions there will be no new trades if activated.
Invest Settings: here you can choose the amount of cash to start with. The Quantity percentage define for every trade how much of the cash should be invested and the Fee percentage which have to be payed every trade. Open position and closing position.
Other Announcements
This Backtest script don't use the strategy functions of TradingView. It is programmed as an indicator. All trades get executed at candle closing. This script use the functionality "Indicator-on-Indicator" from TradingView.
Conclusion
So now it is your turn, take your promising indicators and connect it to that Backtest script. With it you get a fast impression of how successful your indicator will trade. You don't have to relay on coders who maybe add cheating code lines. Further more you can check with the Time Filter under which market condition you indicator perform the best or not so well. Also with the Session Filter you can sort out repeating good market conditions for your indicator. Even you can check with the GoShort XOR GoLong check mark the trade signals of you indicator in opposite trade direction with one click. And compare your indicators under the same conditions and get the results just after 2 clicks. Thanks to the in-build fee setting you get an impression how much a 0.1% fee cost you in total.
Cheers
Liquidation Longs/Shorts [UAlgo]🔶Description:
The "Liquidation Longs/Shorts " indicator is designed to identify potential liquidation levels for long and short positions. It calculates the distance of the selected price source (close, high, low, or open) from two moving averages (MA) and plots the resulting values on the chart. When the price is at an extreme distance from the moving averages, it suggests a potential liquidation point for either long or short positions.
🔶Key Features:
Liquidation Calculations: The indicator calculates the distance of the selected price source from two moving averages: a simple moving average (SMA) and an exponential moving average (EMA) with customizable lengths.
Color Customization: Users can customize the colors of the plotted columns representing the distance from the moving averages for long and short liquidation levels.
Liquidation Circles: The indicator marks potential liquidation levels with small circles on the chart, with customizable colors for long and short liquidations.
Orange Circles -> Identifies Potential Short Liquidations
Aqua Circles -> Identifies Potential Long Liquidations
Example:
Adaptive Source Selection: Traders can select the price source (close, high, low, or open) for liquidation calculations, allowing flexibility based on their trading strategies.
Dynamic Threshold Calculation: The indicator dynamically adjusts the liquidation threshold based on the selected moving average lengths, providing adaptability to changing market conditions.
Disclaimer:
Use with Caution: This indicator is provided for educational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
This indicator serves as a tool to assist traders in identifying potential liquidation levels, but it should be used in conjunction with other technical analysis tools and risk management practices for effective trading decision-making.
Tops & Bottoms - Day of Week Report█ OVERVIEW
The indicator tracks when the weekly tops and bottoms occur and reports the statistics by the days of the week.
█ CONCEPTS
Not all the days of the week are equal, and the market dynamic can follow through or shift over the trading week. Tops and bottoms are vital when entering a trade, as they will decide if you are catching the train or being straight offside. They are equally crucial when exiting a position, as they will determine if you are closing at the optimal price or seeing your unrealized profits vanish.
This indicator is before all for educational purposes. It aims to make the knowledge available to all traders, facilitate understanding of the various markets, and ultimately get to know your trading pairs by heart (and saving a lot of your time backtesting!).
USDJPY tops and bottoms percentages on any given week.
USDJPY tops and bottoms percentages on up weeks versus down weeks.
█ FEATURES
Custom interval
By default, the indicator uses the weekly interval defined by the symbol (e.g., Monday to Sunday). This option allows you to specify your custom interval.
Weekly interval type filter
Analyze the weekly interval on any weeks, up weeks, or down weeks.
Configurable time range filter
Select the period to report from.
█ NOTES
Trading session
The indicator analyzes the days of the week from the daily chart. The daily trading sessions are defined by the symbol (e.g., 17:00 - 17:00 on EURUSD).
Extended/electronic trading session
The indicator can include the extended hours when activated on the chart, using the 24-hour or 1440-minute timeframe.
█ HOW TO USE
Plot the indicator and navigate on the 1-day or 24-hour timeframe.
Inversion Fair Value Gaps (IFVG) [LuxAlgo]The Inversion Fair Value Gaps (IFVG) indicator is based on the inversion FVG concept by ICT and provides support and resistance zones based on mitigated Fair Value Gaps (FVGs).
🔶 USAGE
Once mitigation of an FVG occurs, we detect the zone as an "Inverted FVG". This would now be looked upon for potential support or resistance.
Mitigation occurs when the price closes above or below the FVG area in the opposite direction of its bias.
Inverted Bullish FVGs Turn into Potential Zones of Resistance.
Inverted Bearish FVGs Turn into Potential Zones of Support.
After the FVG has been mitigated, returning an inversion FVG, a signal is displayed each time the price retests an IFVG zone and breaks below or above (depending on the direction of the FVG).
Keep in mind how IFVGs are calculated and displayed. Once price mitigates an IFVG, all associated graphical elements such as areas, lines, and signals will be deleted.
This indicator is not meant to be just a 'signal indicator'. Backtesting historical signals is incorrect as it does not consider the mitigation of IFVGs, which is a standard method for trading IFVGs & various concepts by ICT.
The signals displayed are meant for real-time analysis of current bars for discretionary analysis. Current confirmed retests of unmitigated IFVGs are still displayed to show which IFVGS have had significant reactions.
🔶 SETTINGS
Show Last: Specifies the number of most recent FVG Inversions to display in Bullish/Bearish pairs, starting at the current and looking back. Max 100 Pairs.
Signal Preference: Allows the user to choose to send signals based on the (Wicks) or (Close) Prices. This can be changed based on user preference.
ATR Multiplier: Filters FVGs based on ATR Width, The script will only detect Inversions that are greater than the ATR * ATR Width.
🔶 ALERTS
This script includes alert options for all signals.
🔹 Bearish Signal
A bearish signal occurs when the price returns to a bearish inversion zone and rejects to the downside.
🔹 Bullish Signal
A bullish signal occurs when the price returns to a bullish inversion zone and bounces out of the top.
Supertrend with Target Price & ATREE [SS]Hey everyone,
Releasing this supertrend mashup indicator.
This is your basic supertrend, but with two additions:
1. The integration of the ATREE technical probability modeller; and
2. The use of ATR price targets for crossovers
ATREE
ATREE stands for Advanced Technical Range Expectancy Estimator. It has its very own indicator available here . If you are not that familiar with it, I would suggest heading over to that page and reading about it, because it gives you the in-depth details.
But for a recap, ATREE uses technical indicators such as RSI, Stochastics or Z-Score to predict the likely sentiment, whether it be bullish or bearish. The indicator allows you to select the ATREE model type and supports 3 separate probability models based on either:
1. RSI
2. Stochastics; or
3. Z-Score
If you want to know which model is most effective for the ticker and timeframe you are using, you can launch up the native ATREE indicator and review the backtesting results to ascertain which model performs optimally for that particular ticker on that particular timeframe.
When ATREE assesses the sentiment as bearish, you will get a red fill. When it assesses the sentiment as bullish, you will get a green fill. This will help you adjust your bias to focus on either dip buying or rip shorting.
The ATREE timeframe is also customizable, so you can pull data from higher timeframes than you are on.
ATR Price Targets
As with my EMA 9/21 crossover with the target price, this is essentially the same concept. When the trend shifts to bullish or bearish, bull and bear targets will be printed so you know where to look for potential reversal and you can also set realistic target prices if you are scalping or day trading.
Supertrend
The last and base feature is the supertrend. The supertrend settings are customizeable.
It will provide a green line for uptrend and a redline for downtrend, the basic supertrend functionality.
And that's the indicator!
Let me know what you think and hope you enjoy!
Safe trades as always!
Opening RangeThe opening range or first 30 minutes of trading during the day sets the tone and becomes an important reference through the rest of the day. Price will react as it reaches the high and low of the opening range.
Backtesting has shown that the strategies based on the opening range have merit and provide an edge in trading. By not being aware of these points of reference you put yourself at risk.
In addition to the opening range, the distance from the high or low of the opening range plus the width of the opening range forms another important reference point.
Opening Range Rules.
Price must break out of the opening range in order to have a trending day. As long as price is inside the opening range, expect the trade to be choppy.
Once price leaves the opening range the market can begin to trend. However, before it trends most times it will retest the boundary of the opening range. This is a critical point, and a better than average entry for a position to join the trend. However, if price closes back inside the opening range watch out. Re-entry to the opening range has a high probability of going to the middle of the opening range, and a better than average probability of crossing the entire opening range.
In the above chart we can see price broke below the opening range then returned to retest the opening range before beginning a downward trend that delivered 175 pts on NQ.
Upon re-entering the opening range price tried to break down again but ultimately traveled up until it hit the 50% mark of the opening range.
Once a trend has begun the first target is the green line which is 1 width of the opening range outside of the opening range.
Once price broke out of the opening range to the upside, it came back to retest the opening range high, before beginning an uptrend that delivered 120 pts on NQ.
Price at time (sub-bar resolution)This simple script shows you the price at a fixed sub-bar time, and is useful for back-testing.
For example, if your strategy is to enter buy stops overnight and check your positions at lunch the next day, then use this indicator to highlight the opening price of the 3rd 60-minute bar. The default is the open price of the second 30-minute bar ("10 am").
X% Drop in X Days, sold X Days afterIt identifies potential buy signals based on a specified percentage drop in price over a set number of days and calculates the total profit or loss (P/L) over a predefined period. Here's a breakdown of the script and its key parameters:
Script Description:
Indicator Name: "X% Drop in X Days, sold X Days after"
Functionality:
The script signals a buy opportunity when the price of an asset drops by a certain percentage (percentage_drop) within a specified length (length) in days.
It calculates the profit or loss percentage after a set number of days (hold_days) from the buy signal.
The script also displays the cumulative total profit or loss over a specified time frame, from a start date (start_period) to an end date (end_period), which is by default set to the current date.
Display:
Buy signals are marked on the chart.
The profit or loss for each trade after the hold period is displayed.
A label showing the total cumulative profit or loss, along with the start and end dates, is displayed on the chart.
Key Parameters:
percentage_drop (10.0% by default) : The percentage decrease in price that triggers a buy signal. It represents the threshold for the price drop to consider a buying opportunity.
length (3 days by default): The period over which the drop in price is considered. It's the timeframe used to evaluate the percentage drop.
hold_days (30 days by default) : The duration for holding the asset after the buy signal before selling. This parameter defines the time after which the profit or loss is calculated.
start_period (Set to "2022-11-21" by default): The beginning date for calculating the cumulative total profit or loss. This parameter allows the user to define a specific starting point for the analysis.
end_period (Set to the current date by default): The end date for the cumulative total profit or loss calculation. It defaults to the current date but can be set to a specific date for backtesting purposes.
Script Mechanics:
Buy Signal Logic: A buy signal is generated when the closing price is below the highest price of the last 'length' days, adjusted by the 'percentage_drop'.
Profit/Loss Calculation: For each buy signal, the script calculates the profit or loss percentage after 'hold_days' from the purchase. This is displayed on the chart for each trade.
Total P/L Display: The script calculates and displays the cumulative total profit or loss in the defined period (from 'start_period' to 'end_period') in a label on the chart.
Usage:
This script is useful for traders who follow a strategy based on buying assets after significant price drops and holding for a predetermined period. It automates the detection of potential buy opportunities and the calculation of profit or loss, aiding in decision-making and performance analysis.
VWAP RangeThe VWAP Range indicator is a highly versatile and innovative tool designed with trading signals for trading the supply and demand within consolidation ranges.
What's a VWAP?
A VWAP (Volume Weighted Average Price) represents an equilibrium point in the market, balancing supply and demand over a specified period. Unlike simple moving averages, VWAP gives more weight to periods with higher volume. This is crucial because large volumes indicate significant trading activity, often by institutional traders, whose actions can reflect deeper market insights or create substantial market movements. The VWAP is also often used as a benchmark to evaluate the efficiency of executed trades. If a trader buys below the VWAP and sells above it, they are generally considered to have transacted favourably.
This is how it works:
Multiple VWAP Anchors:
This indicator uses multiple VWAPs anchored to different optional time periods, such as Daily, Weekly, Monthly, as well as to the highest high a lowest low within those periods. This multiplicity allows for a comprehensive view of the market’s average price based on volume and price, tailored to different trading styles and strategies.
Dynamic and Fixed Periods:
Traders can choose between using dynamic ranges, which reset at the start of each selected period, and specifying a date and time for a particular fixed range to trade. This flexibility is crucial for analyzing price movements within specific ranges or market phases.
Fixed ranges allow VWAPs to be calculated and anchored to a significant market event, the beginning of a consolidation phase or after a major news announcement.
Signal Generation:
The indicator generates buy and sell signals based on the relationship of the price to the VWAPs. It also allows for setting a maximum number of signals in one direction to avoid overtrading or pyramiding. Be sure to wait for the candle close before trading on the signals.
Average Buy/Sell Signal Lines:
Lines can be plotted to display the average buy and sell signal prices. The difference between the lines shows the average profit per trade when trading on the signals in that range. It's a good way to see how profitable a range is on average without backtesting the signals. The lines will also often turn into support and resistance areas, similar to value areas in a volume profile.
Customizable Settings:
Traders have control over various settings, such as the VWAP calculation method and bar color. There are also tooltips for every function.
Hidden Feature:
There's a subtle feature in this indicator: if you have 'Indicator values' turned on in TradingView, you'll see a Sell/Buy Ratio displayed only in the status line. This ratio indicates whether there are more sell signals than buy signals in a range, regardless of the Max Signals setting. A red value above 1 suggests that the market is trending upward, indicating you might want to hold your long positions a bit longer. Conversely, a green value below 1 implies a downward trend.
