Volume-based S/R Levels
█ OVERVIEW
After my last indicator "Order Block Finder" was unexpectedly popular with the TradingView community, I decided to publish another experimental indicator which again tries to identify "areas of interest"
Idea:
Often candles with long wicks represent strong buying & selling pressure, especially when they are combined with extraordinary volume. Especially interesting to me are the lower wicks on red candles and the upper wicks of green candles. These wicks can potentially indicate "areas of interest" by the bigger players in the market and price may interact with these levels again in the future.
This indicator tries to identify these "high volume / long wick" candles and paints a line of either Support or Resistance from the wick into the future.
█ CALCULATION LOGIC
Extraordinary Volume is identified by first calculating thresholds based on a volume Moving Average and Standard Deviations. Two Standard Deviation Values are entered to identify HIGH and EXTREME threshold levels. The current volume is classified by comparing the volume against these thresholds.
The following inputs can be made:
- Volume MA Length
- Standard Deviation Length
- Threshold for HIGH Volume (Number of StdDev)
- Threshold for EXTREME Volume (Number of StdDev)
Another entry parameter can be used to specify the Minimum Wick Length (in % of the candle body value) which identifies a "relevant" candle. If this value is set to 0, then there is no limit and all high volume candles are considered.
The identified Support/Resistance levels are shown as lines on the chart. The parameter "Length of lines (hours)" can be used to set the length of the lines (always in hours). Depending on the timeframe, this needs to be adjusted.
(I know that this can be solved more elegantly in pine, but it was just not important to me. As always everyone is free to copy the code and make improvements. Just give me a mention when you do.)
█ DISPLAY OPTIONS
Different display options are available in the settings:
- Display Support/Resistance: Select if you want to see only Support or Resistance lines - or both
- Display High/Extreme Volume: Select if you only want to see the Extreme Value Candles or the High Value Candles or both
- Display WICK / WICK Range: Select if you only want one line at the extreme value (High/Low) of the wick - or if you want to see a range (three lines - one at the top, one at the bottom and one in the middle of the wick)
- Show Signal Triangles?: This gives the option to show little triangles on all the identified candles
█ DISCLAIMER
This is an experimental indicator and I do not know if my theory works in real life. So treat this not as financial advise, but purely for entertainment and educational purposes.
As mentioned above, I publish this code open so that everyone can re-use it or hopefully even improve it.
Let me know if you have any ideas for improvement and if it is within my coding capabilities (which to be honest are quite limited), I will try to accomodate it.
Have fun.
Cari dalam skrip untuk "order block"
FVG MTF II, multiple time frame Fair Value GapThis is FVG indicator, it outlines the location of the efficiently traded candle.
Areas that were traded in one direction, representing volume and unfilled gaps or hidden gaps in price.
An area where Price pass through long or short only, leaving it inefficiently traded and where the market with high probility might return to trade this area in a later time in the other direction leaving it efficiently traded or to rebalance.
you can use up to multiple time frames, for full market visibility.
Indentifies market impulsive move away from Order Block
This indicator captures 99.9% of FVG on your chart
This indicator works:
on every timeframe (eg. 1M, 5M, 15M, 30M, 1H, 4H, 6H, D, ...) up to 5 at the same time.
on cryptocurrencies (eg. BTCUSD, ETHUSD , ETHBTC, and BTC markets, ...)
on forex (eg. EURUSD , GPBUSD, NZDUSD , ...)
on stocks (eg. NKE, TSLA , AXP, BA, ...)
on commodities (eg. GOLD, SILVER, ...)
This indicator has following options:
edit color and size of label, you can choose your color base on your interedted time frame.
Please Pm me for use of indicator.
NYCOB Kill ZoneThis script plots the H and L of the first 2 hours of the NYC session and shades the space between in which i deem the NYC Order Block
It also maps out the First two hours on the chart as well so you can understand when the OB has formed
Over the past 3 years of trading cryptocurrency i have noticed a phenomena that has occurred nearly every day
The H or L will 90% of the time will be posted in the first two hours of this session
knowing this means you understand if you just wait til this time you can better your odds at not getting stop hunted due to poor entry
A few things to take from this study are these.
1. after the OB is formed
2. whichever side gets taken out first (H/L) will 90% define the bias for the day. I have found that using the m13-m15 TF will add some more confirmation with 1-2 closes outside of range H/L/
3. After general bias has formed 2 things can happen
A) PA just takes off and there is really nothing you can do about it unless you had other studies that told you that will happen
B) PA will dip back INTO the OB and create the OTE which is any retracement below the .5 Fibonacci of the shaded OB
4. Typically OTE happens after the session has ended
5. If you used OTE off of the past days NYCOB then you can use the new (forming or just formed) NYCOB to CONFIRM your initial bias presented from the previous days OTE and bias.
6. When PA cannot close outside the NYCOB it presents a range to range play where PA will visit the opposite side of the range to chase liquidity,
7. When the NYCOB is TIGHT then deviation is more likely to result in price expansion, when the NYCOB is WIDE then deviation tends to present more range to range plays.
8. After bias is formed and OTE has been made your stops should always be outside the NYCOB. I use the m30 or H1 ATR to get a slight cushion from the OB to ensure i dont get stop hunted.
AS of now this about all the information i have but i will continue to update this list in the comment section as more studies and results have been posted.
DM me on how to attain access.
Cheers