Market Internals: VolumeThe indicator plots the total volume of the NYSE and NASDAQ exchanges and identifies periods with significant asymmetry between Up Volume and Down Volume. It can be used as an additional tool to confirm broad market sentiment.
Chart shows Total Volume (TVOL) bars for SPY daily chart. Green bars for UVOL>>DVOL, Red for DVOL>>UVOL. Neutral bars are gray. Blue line shows median TVOL.
Rationale:
Up Volume (UVOL) and Down Volume (DVOL) represent the total volume of stocks that have increased or decreased in price, respectively, compared to the previous session's closing price. The magnitude of the price change is irrelevant.
When UVOL is significantly higher than DVOL, it indicates a prevailing buying sentiment in the broad market. Conversely, when DVOL is higher, it signals prevailing selling sentiment.
Occasionally, the UVOL/DVOL (VOLD) ratio may be misaligned with the movement of the S&P index. The picture below illustrates an example of a day when the S&P declined, yet the UVOL was twice larger than DVOL. Such a divergence can suggest that the S&P was pulled down by a decline in a few large-cap stocks, while the broader market remained positive. In this case, the divergence led to a continuation of the rally.
Thus, VOLD, when combined with volume analysis, can be an effective tool for confirming market trends.
Parameters:
VOLD Ratio – minimum ratio of UVOL/DVOL or DVOL/UVOL. Indicator will color code volume columns when condition is true (“green” means buying; “red” selling).
Median Length – number of periods to calculate median TVOL.
Show Divergencies – indicator marks divergencies between price and volume sentiments on the main chart. Only works for SPY chart.
Users can also choose which exchanges (NASDAQ/NYSE) to use for volume calculation.
Notes:
Volume is shown in millions of contracts
Indicator should be used on the daily or higher timeframes. It won't work properly on the intraday charts
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
Daytrading
Daily Open [Kintsugi Trading]Daily Open
The "Daily Open" indicator by Kintsugi Trading is designed to give traders clear and immediate access to daily open prices, enhancing their ability to spot key market levels and make informed trading decisions. The indicator dynamically changes the color of the plotted line based on the current price's relationship to the opening price of the regular market session. This visual aid helps traders quickly assess whether the current price is trading above or below the opening price of the session.
Key Features:
Daily Open Visualization: Automatically plots the daily open price on your chart, providing a clear reference point for daily price action.
Configurable Market Open Time: The indicator allows users to input the start time of the regular market session (default is set to 9:30 AM).
Color-Coded: The indicator dynamically adjusts the color of the daily open line and price labels based on whether the price is above or below the open, giving you quick visual cues about market sentiment.
Customization Options: Users can modify the line's appearance, including the color and style, to better fit their chart preferences.
Ideal For:
This indicator is particularly useful for day traders and those looking to closely monitor price action in relation to the market's opening level. It serves as a quick reference point for identifying potential bullish or bearish sentiment throughout the trading day.
Good luck with your trading!
Market Structure Based Stop LossMarket Structure Based Dynamic Stop Loss
Introduction
The Market Structure Based Stop Loss indicator is a strategic tool for traders designed to be useful in both rigorous backtesting and live testing, by providing an objective, “guess-free” stop loss level. This indicator dynamically plots suggested stop loss levels based on market structure, and the concepts of “interim lows/highs.”
It provides a robust framework for managing risk in both long and short positions. By leveraging historical price movements and real time market dynamics, this indicator helps traders identify quantitatively consistent risk levels while optimizing trade returns.
Legend
This indicator utilizes various inputs to customize its functionality, including "Stop Loss Sensitivity" and "Wick Depth," which dictate how closely the stop loss levels hug the price's highs and lows. The stop loss levels are plotted as lines on the trading chart, providing clear visual cues for position management. As seen in the chart below, this indicator dynamically plots stop loss levels for both long and short positions at every point in time.
A “Stop Loss Table” is also included, in order to enhance precision trading and increase backtesting accuracy. It is customizable in both size and positioning.
Case Study
Methodology
The methodology behind this indicator focuses on the precision placement of stop losses using market structure as a guide. It calculates stop losses by identifying the "lowest close" and the corresponding "lowest low" for long setups, and inversely for short setups. By adjusting the sensitivity settings, traders can tweak the indicator's responsiveness to price changes, ensuring that the stop losses are set with a balance between tight risk control and enough room to avoid premature exits due to market noise. The indicator's ability to adapt to different trading styles and time frames makes it an essential tool for traders aiming for efficiency and effectiveness in their risk management strategies.
An important point to make is the fact that the stop loss levels are always placed within the wicks. This is important to avoid what can be described as a “floating stop loss”. A stop loss placed outside of a wick is susceptible to an outsized degree of slippage. This is because traders always cluster their stop losses at high/low wicks, and a stop loss placed outside of this level will inevitably be caught in a low liquidity cascade or “wash-out.” When price approaches a cluster of stop losses, it is highly probable that you will be stopped out anyway, so it is prudent to attempt to be the trader who gets stopped out first in order to avoid high slippage, and losses above what you originally intended.
// For long positions: stop-loss is slightly inside the lowest wick
float dynamic_SL_Long = lowestClose - (lowestClose - lowestLow) * (1 - WickDepth)
// For short positions: stop-loss is slightly inside the highest wick
float dynamic_SL_Short = highestClose + (highestHigh - highestClose) * (1 - WickDepth)
The percentage depth of the wick in which the stop loss is placed is customisable with the “Wick Depth” variable, in order to customize stop loss strategies around the liquidity of the market a trader is executing their orders in.
ToxicJ3ster - Day Trading SignalsThis Pine Script™ indicator, "ToxicJ3ster - Signals for Day Trading," is designed to assist traders in identifying key trading signals for day trading. It employs a combination of Moving Averages, RSI, Volume, ATR, ADX, Bollinger Bands, and VWAP to generate buy and sell signals. The script also incorporates multiple timeframe analysis to enhance signal accuracy. It is optimized for use on the 5-minute chart.
Purpose:
This script uniquely combines various technical indicators to create a comprehensive and reliable day trading strategy. Each indicator serves a specific purpose, and their integration is designed to provide multiple layers of confirmation for trading signals, reducing false signals and increasing trading accuracy.
1. Moving Averages: These are used to identify the overall trend direction. By calculating short and long period Moving Averages, the script can detect bullish and bearish crossovers, which are key signals for entering and exiting trades.
2. RSI Filtering: The Relative Strength Index (RSI) helps filter signals by ensuring trades are only taken in favorable market conditions. It detects overbought and oversold levels and trends within the RSI to confirm market momentum.
3. Volume and ATR Conditions: Volume and ATR multipliers are used to identify significant market activity. The script checks for volume spikes and volatility to confirm the strength of trends and avoid false signals.
4. ADX Filtering: The ADX is used to confirm the strength of a trend. By filtering out weak trends, the script focuses on strong and reliable signals, enhancing the accuracy of trade entries and exits.
5. Bollinger Bands: Bollinger Bands provide additional context for the trend and help identify potential reversal points. The script uses Bollinger Bands to avoid false signals and ensure trades are taken in trending markets.
6. Higher Timeframe Analysis: This feature ensures that signals align with broader market trends by using higher timeframe Moving Averages for trend confirmation. It adds a layer of robustness to the signals generated on the 5-minute chart.
7. VWAP Integration: VWAP is used for intraday trading signals. By calculating the VWAP and generating buy and sell signals based on its crossover with the price, the script provides additional confirmation for trade entries.
8. MACD Analysis: The MACD line, signal line, and histogram are calculated to generate additional buy/sell signals. The MACD is used to detect changes in the strength, direction, momentum, and duration of a trend.
9. Alert System: Custom alerts are integrated to notify traders of potential trading opportunities based on the signals generated by the script.
How It Works:
- Trend Detection: The script calculates short and long period Moving Averages and identifies bullish and bearish crossovers to determine the trend direction.
- Signal Filtering: RSI, Volume, ATR, and ADX are used to filter and confirm signals, ensuring trades are taken in strong and favorable market conditions.
- Multiple Timeframe Analysis: The script uses higher timeframe Moving Averages to confirm trends, aligning signals with broader market movements.
- Additional Confirmations: VWAP, MACD, and Bollinger Bands provide multiple layers of confirmation for buy and sell signals, enhancing the reliability of the trading strategy.
Usage:
- Customize the input parameters to suit your trading strategy and preferences.
- Monitor the generated signals and alerts to make informed trading decisions.
- This script is made to work best on the 5-minute chart.
Disclaimer:
This indicator is not perfect and can generate false signals. It is up to the trader to determine how they would like to proceed with their trades. Always conduct thorough research and consider seeking advice from a financial professional before making trading decisions. Use this script at your own risk.
Buy-Sell Volume Bar Gauge [By MUQWISHI]▋ INTRODUCTION :
The Buy-Sell Volume Bar Gauge is developed to provide traders with a detailed analysis of volume in bars using a low timeframe, such as a 1-second interval, to measure the dominance of buy and sell for each bar. By highlighting the balance between buying and selling activities, the Buy-Sell Volume Bar Gauge helps traders identify potential volume momentum of a bar; aimed at being a useful tool for day traders and scalpers.
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▋ OVERVIEW:
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▋ METHODOLOGY:
The concept is based on bars from a lower timeframe within the current chart timeframe bar, where volume is categorized into Up, Down, and Neutral Volume, with each one displayed as a portion of a column plot. Up Volume is recorded when the price experiences a positive change, Down Volume occurs when the price experiences a negative change, and Neutral Volume is observed when the price shows no significant change.
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▋ INDICATOR SETTINGS:
(1) Fetch data from the selected lower timeframe. Note: If the selected timeframe is invalid (higher than chart), the indicator will automatically switch to 1 second.
(2) Price Source.
(3) Treating Neutral Data (Price Source) as
Neutral: In a lower timeframe, when the bar has no change in its price, the volume is counted as Neutral Volume.
Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the previous change; “Up Volume” if the previous change was positive, and “Down Volume” if the previous change was negative.
Opposite Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the opposite previous change; “Up Volume” if the previous change was negative, and “Down Volume” if the previous change was positive.
(4) Average Volume Length, it's used for lighting/darkening columns in a plot.
(5) Enable Alert.
(7) Total bought (%) Level.
(8) Total Sold (%) Level.
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▋ COMMENT:
The Buy-Sell Volume Bar Gauge can be taken as confirmation for predicting the next move, but it should not be considered a major factor in making a trading decision.
Periodic Moving AveragesIndicator plots three simple moving averages (MA) that are reset at the beginning of period, specified by a user.
Red MA is based on highs
Blue MA is based on close
Green MA one is based on lows.
Moving averages often act as support /resistance levels. They can also help to identify intraday trend. It is important to realize that none of the moving averages is universal as price behavior changes from day to day. On the chart I’ve highlighted several occurrences when one of MAs (different ones) provided support for price.
Parameters:
PERIOD – period for which MAs are plotted. They are reset at the beginning of each period. Period cannot be lower than chart’s timeframe
LENGTH – length of moving averages. If set to 0 then parameter is ignored and MAs are calculated on all bars, available in the period
VWAP? – if checked then moving averages will be calculated as volume weighted price
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
HT: Intraday LevelsIndicator draws several most important intraday levels: last day RTH high/low, ETH high/low, Half Back, Day Close and current day RTH Day Open. These levels often act as support/resistance for intraday price movements. Also, they can help to assess day character and control of power.
Indicator can be used for ETH + RTH sessions.
Important notes:
• User must specify RTH session time, appropriate for his time zone and exchange
• Half-back is calculated as a middle line between RTH High and Low.
• Day Close is always equal to close of the last bar of the previous day
• RTH Day Open will be redrawn for the current day as soon as it is known (after RTH session opens and at least one bar gets confirmed).
Known issues:
• Day open will not be shown if there is no bar, clearly corresponding to RTH open time (e.g. if 4h timeframe is selected)
• For some ETH sessions it is not possible to determine session’s last bar (this is pine script limitation) until next day trading starts. This means that daily levels will be also update with only then.
Parameters:
Date – user can select date, for which levels will be plotted. Works only if “Use” check box is on. Otherwise, levels will be plotted for the last day. (“time” value doesn’t matter; unfortunately, there is no way to hide the input box)
RTH Open/Close time – it is important to specify time, appropriate for your time zone.
Time zone – your chart time zone (as UTC offset)
Visuals – controls visibility and colors
Script is published as an open source. It uses two libraries: Levels Lib and Functions Lib. First one demonstrates how to work with pine-script object model and arrays. You can also reuse it in your custom scripts where there is need to construct any support/resistance levels. The second library contains some useful functions for working with time and dates.
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
ATR Grid Levels [By MUQWISHI]▋ INTRODUCTION :
The “ATR Levels” produces a sequence of horizontal line levels above and below the Center Line (reference level). They are sized based on the instrument's volatility, representing the average historical price movement on a selected higher timeframe using the average true range (ATR) indicator.
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▋ OVERVIEW:
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▋ IMPLEMENTATION:
The indicator starts by drawing a Center Line that is selected by the user from a variety of common levels. Then, it draws a sequence of horizontal lines above and below the Center Line, which are sized based on the most confirmed average true range (ATR) at the selected higher timeframe.
In the top right corner of the chart, there is a table displaying both the selected ATR (in the right cell) and the ATR of the current bar (in the left cell). This feature enables users to compare these two values. It's important to note that the ATR of the current bar may not be confirmed yet, as the market is still active.
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▋ INDICATOR SETTINGS:
# Section (1): ATR Settings
(1) ATR Period & Smoothing.
(2) Timeframe where ATR value imported from.
(3) To show/hide the table comparison between the current ATR and the ATR for the selected period. Also, ability to color the current ATR cell if it’s greater.
# Section (2): Levels Settings
(1) Selecting a Center Line level among a variety of common levels, which is taken as reference level where a sequence of horizontal lines plot above and below it.
(2) Size of grid in ATR unit.
(3) Number of horizontal lines to plot in a single side.
(4) Grid Side. Ability to plot above or below the Center Line.
(5) Lines colors, and mode.
(6) Line style.
(7) Label style.
(8) Ability to remove old lines, from previous HTF.
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▋ COMMENT:
The ATR Levels should not be taken as a major concept to build a trading decision.
Please let me know if you have any questions.
Thank you.
Optimal Buy Day (Zeiierman)█ Overview
The Optimal Buy Day (Zeiierman) indicator identifies optimal buying days based on historical price data, starting from a user-defined year. It simulates investing a fixed initial capital and making regular monthly contributions. The unique aspect of this indicator involves comparing systematic investment on specific days of the month against a randomized buying day each month, aiming to analyze which method might yield more shares or a better average price over time. By visualizing the potential outcomes of systematic versus randomized buying, traders can better understand the impact of market timing and how regular investments might accumulate over time.
These statistics are pivotal for traders and investors using the script to analyze historical performance and strategize future investments. By understanding which days offered more shares for their money or lower average prices, investors can tailor their buying strategies to potentially enhance returns.
█ Key Statistics
⚪ Shares
Definition: Represents the total number of shares acquired on a particular day of the month across the entire simulation period.
How It Works: The script calculates how many shares can be bought each day, given the available capital or monthly contribution. This calculation takes into account the day's opening price and accumulates the total shares bought on that day over the simulation period.
Interpretation: A higher number of shares indicates that the day consistently offered better buying opportunities, allowing the investor to acquire more shares for the same amount of money. This metric is crucial for understanding which days historically provided more value.
⚪ AVG Price
Definition: The average price paid per share on a particular day of the month, averaged over the simulation period.
How It Works: Each time shares are bought, the script calculates the average price per share, factoring in the new shares purchased at the current price. This average evolves over time as more shares are bought at varying prices.
Interpretation: The average price gives insight into the cost efficiency of buying shares on specific days. A lower average price suggests that buying on that day has historically led to better pricing, making it a potentially more attractive investment strategy.
⚪ Buys
Definition: The total number of transactions or buys executed on a particular day of the month throughout the simulation.
How It Works: This metric increments each time shares are bought on a specific day, providing a count of all buying actions taken.
Interpretation: The number of buys indicates the frequency of investment opportunities. A higher count could mean more consistent opportunities for investment, but it's important to consider this in conjunction with the average price and the total shares acquired to assess overall strategy effectiveness.
⚪ Most Shares
Definition: Identifies the day of the month on which the highest number of shares were bought, highlighting the specific day and the total shares acquired.
How It Works: After simulating purchases across all days of the month, the script identifies which day resulted in the highest total number of shares bought.
Interpretation: This metric points out the most opportune day for volume buying. It suggests that historically, this day provided conditions that allowed for maximizing the quantity of shares purchased, potentially due to lower prices or other factors.
⚪ Best Price
Definition: Highlights the day of the month that offered the lowest average price per share, indicating both the day and the price.
How It Works: The script calculates the average price per share for each day and identifies the day with the lowest average.
Interpretation: This metric is key for investors looking to minimize costs. The best price day suggests that historically, buying on this day led to acquiring shares at a more favorable average price, potentially maximizing long-term investment returns.
⚪ Randomized Shares
Definition: This metric represents the total number of shares acquired on a randomly selected day of the month, simulated across the entire period.
How It Works: At the beginning of each month within the simulation, the script selects a random day when the market is open and calculates how many shares can be purchased with the available capital or monthly contribution at that day's opening price. This process is repeated each month, and the total number of shares acquired through these random purchases is tallied.
Interpretation: Randomized shares offer a comparison point to systematic buying strategies. By comparing the total shares acquired through random selection against those bought on the best or worst days, investors can gauge the impact of timing and market fluctuations on their investment strategy. A higher total in randomized shares might indicate that over the long term, the specific days chosen for investment might matter less than consistent market participation. Conversely, if systematic strategies yield significantly more shares, it suggests that timing could indeed play a crucial role in maximizing investment returns.
⚪ Randomized Price
Definition: The average price paid per share for the shares acquired on the randomly selected days throughout the simulation period.
How It Works: Each time shares are bought on a randomly chosen day, the script calculates the average price paid for all shares bought through this randomized strategy. This average price is updated as the simulation progresses, reflecting the cost efficiency of random buying decisions.
Interpretation: The randomized price metric helps investors understand the cost implications of a non-systematic, random investment approach. Comparing this average price to those achieved through more deliberate, systematic strategies can reveal whether consistent investment timing strategies outperform random investment actions in terms of cost efficiency. A lower randomized price suggests that random buying might not necessarily result in higher costs, while a higher average price indicates that systematic strategies might provide better control over investment costs.
█ How to Use
Traders can use this tool to analyze historical data and simulate different investment strategies. By inputting their initial capital, regular contribution amount, and start year, they can visually assess which days might have been more advantageous for buying, based on historical price actions. This can inform future investment decisions, especially for those employing dollar-cost averaging strategies or looking to optimize entry points.
█ Settings
StartYear: This setting allows the user to specify the starting year for the investment simulation. Changing this value will either extend or shorten the period over which the simulation is run. If a user increases the value, the simulation begins later and covers a shorter historical period; decreasing the value starts the simulation earlier, encompassing a longer time frame.
Capital: Determines the initial amount of capital with which the simulation begins. Increasing this value simulates starting with more capital, which can affect the number of shares that can be initially bought. Decreasing this value simulates starting with less capital.
Contribution: Sets the monthly financial contribution added to the investment within the simulation. A higher contribution increases the investment each month and could lead to more shares being purchased over time. Lowering the contribution decreases the monthly investment amount.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Day/Week/Month Metrics (Zeiierman)█ Overview
The Day/Week/Month Metrics (Zeiierman) indicator is a powerful tool for traders looking to incorporate historical performance into their trading strategy. It computes statistical metrics related to the performance of a trading instrument on different time scales: daily, weekly, and monthly. Breaking down the performance into daily, weekly, and monthly metrics provides a granular view of the instrument's behavior.
The indicator requires the chart to be set on a daily timeframe.
█ Key Statistics
⚪ Day in month
The performance of financial markets can show variability across different days within a month. This phenomenon, often referred to as the "monthly effect" or "turn-of-the-month effect," suggests that certain days of the month, especially the first and last days, tend to exhibit higher than average returns in many stock markets around the world. This effect is attributed to various factors including payroll contributions, investment of monthly dividends, and psychological factors among traders and investors.
⚪ Edge
The Edge calculation identifies days within a month that consistently outperform the average monthly trading performance. It provides a statistical advantage by quantifying how often trading on these specific days yields better returns than the overall monthly average. This insight helps traders understand not just when returns might be higher, but also how reliable these patterns are over time. By focusing on days with a higher "Edge," traders can potentially increase their chances of success by aligning their strategies with historically more profitable days.
⚪ Month
Historically, the stock market has exhibited seasonal trends, with certain months showing distinct patterns of performance. One of the most well-documented patterns is the "Sell in May and go away" phenomenon, suggesting that the period from November to April has historically brought significantly stronger gains in many major stock indices compared to the period from May to October. This pattern highlights the potential impact of seasonal investor sentiment and activities on market performance.
⚪ Day in week
Various studies have identified the "day-of-the-week effect," where certain days of the week, particularly Monday and Friday, show different average returns compared to other weekdays. Historically, Mondays have been associated with lower or negative average returns in many markets, a phenomenon often linked to the settlement of trades from the previous week and negative news accumulation over the weekend. Fridays, on the other hand, might exhibit positive bias as investors adjust positions ahead of the weekend.
⚪ Week in month
The performance of markets can also vary within different weeks of the month, with some studies suggesting a "week of the month effect." Typically, the first and the last week of the month may show stronger performance compared to the middle weeks. This pattern can be influenced by factors such as the timing of economic reports, monthly investment flows, and options and futures expiration dates which tend to cluster around these periods, affecting investor behavior and market liquidity.
█ How It Works
⚪ Day in Month
For each day of the month (1-31), the script calculates the average percentage change between the opening and closing prices of a trading instrument. This metric helps identify which days have historically been more volatile or profitable.
It uses arrays to store the sum of percentage changes for each day and the total occurrences of each day to calculate the average percentage change.
⚪ Month
The script calculates the overall gain for each month (January-December) by comparing the closing price at the start of a month to the closing price at the end, expressed as a percentage. This metric offers insights into which months might offer better trading opportunities based on historical performance.
Monthly gains are tracked using arrays that store the sum of these gains for each month and the count of occurrences to calculate the average monthly gain.
⚪ Day in Week
Similar to the day in the month analysis, the script evaluates the average percentage change between the opening and closing prices for each day of the week (Monday-Sunday). This information can be used to assess which days of the week are typically more favorable for trading.
The script uses arrays to accumulate percentage changes and occurrences for each weekday, allowing for the calculation of average changes per day of the week.
⚪ Week in Month
The script assesses the performance of each week within a month, identifying the gain from the start to the end of each week, expressed as a percentage. This can help traders understand which weeks within a month may have historically presented better trading conditions.
It employs arrays to track the weekly gains and the number of weeks, using a counter to identify which week of the month it is (1-4), allowing for the calculation of average weekly gains.
█ How to Use
Traders can use this indicator to identify patterns or trends in the instrument's performance. For example, if a particular day of the week consistently shows a higher percentage of bullish closes, a trader might consider this in their strategy. Similarly, if certain months show stronger performance historically, this information could influence trading decisions.
Identifying High-Performance Days and Periods
Day in Month & Day in Week Analysis: By examining the average percentage change for each day of the month and week, traders can identify specific days that historically have shown higher volatility or profitability. This allows for targeted trading strategies, focusing on these high-performance days to maximize potential gains.
Month Analysis: Understanding which months have historically provided better returns enables traders to adjust their trading intensity or capital allocation in anticipation of seasonally stronger or weaker periods.
Week in Month Analysis: Identifying which weeks within a month have historically been more profitable can help traders plan their trades around these periods, potentially increasing their chances of success.
█ Settings
Enable or disable the types of statistics you want to display in the table.
Table Size: Users can select the size of the table displayed on the chart, ranging from "Tiny" to "Auto," which adjusts based on screen size.
Table Position: Users can choose the location of the table on the chart
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Arbitrage Spread v1 : 1 pair + 1 chart [Arby.Trade]This indicator allows you to track in real time the change in the spread (the difference in the exchange rate) between two assets.
How does the indicator work?
In the indicator settings menu, the user selects two trading pairs, for example BTCUSDT on the Binance exchange and BTCUSDT on the Bybit exchange, after which the script will receive prices from both exchanges and compare them with each other, calculating the percentage deviation between prices (spread). The script can only work with those assets and exchanges that are on board TradingView.
According to the calculated spread value, the spread line is displayed on the screen. This line moves between values above zero and below. When the spread line is below zero, it means that the price of the asset on the first exchange is less than on the second. That is, by buying an asset on the first exchange and selling it on the second one, you can earn money (of course, it is important to take into account the commissions of the exchanges for these transactions). When the spread line is above zero, the opposite is true. When the spread is zero, the prices on both exchanges are the same and there is no arbitrage situation.
Indicator settings.
For a better visual representation of the current spread value, the indicator has the ability to set two threshold spread levels. The first threshold level is the level below which the spread is not interesting to the trader and he will not consider arbitrage deals. The second threshold level is the level of a particularly high spread. When the spread value exceeds the second threshold level, the spread values will be signed above the spread line, and the extreme values for the user-defined period of bars back will be additionally highlighted in a brighter color. Both threshold levels are displayed on the chart and the user can change their values in the indicator settings menu.
Alerts.
Additionally, you can set the threshold value of the spread, at which the script will send notifications from TradingView. We called it the Spread Signal Threshold. This threshold level has nothing to do with the visual thresholds described above. You can set a signal level exceeding the second visual threshold or make it lower, but it is important to understand that TradingView alerts will only be triggered if the Spread Signal Threshold is exceeded.
To set up alerts, open the "Alerts" tab in the TradingView menu on the right. Click the "Create Alert" button. Then, in the window that opens, select this indicator in the "Condition" line. After that, you can set a name for this alert and complete the notification setup by clicking the "Create" button.
We, the authors of this script, have been engaged in cryptocurrency arbitrage for a long time and, first of all, created it for ourselves and our daily arbitrage trading, but this does not prevent you from using it at your discretion for any types of assets and in any markets.
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Данный индикатор позволяет отслеживать в реальном времени изменение спреда (разницы в курсе) между двумя активами.
Как устроен индикатор?
В меню настроек индикатора пользователь выбирает две торговые пары, например BTCUSDT на бирже Binance и BTCUSDT на бирже Bybit, после чего скрипт получит цены с обеих бирж и сравнит их между собой, рассчитав процентное отклонение между ценами (спред). Скрипт может работать только с теми активами и биржами, которые есть на борту TradingView, и это не мало.
По рассчитанному значению спреда на экран выводится линия спреда. Данная линия двигается между значениями то выше нуля, то ниже. Когда линия спреда ниже нуля это значит что цена на актив на первой бирже меньше, чем на второй. То есть, купив актив на первой бирже и продав его на второй можно заработать (конечно при этом важно учитывать комиссии бирж на совершение данных сделок). Когда линия спреда выше нуля - наоборот. Когда спред равен нулю - цены на обеих биржах одинаковы и арбитражная ситуация отсутствует.
Настройки индикатора.
Для лучшего визуального представления о текущем значении спреда индикатор имеет возможность задать два пороговых уровня спреда. Первый пороговый уровень – это уровень, ниже которого спред не интересен трейдеру и он не будет рассматривать арбитражные сделки. Второй пороговый уровень – это уровень особенно повышенного спреда. Когда значение спреда превышает второй пороговый уровень над линией спреда будут подписаны значения спреда, а экстремальные значения за заданный пользователем период баров назад будут дополнительно выделены более ярким цветом. Оба пороговых уровня отображаются на графике и пользователь может менять их значения в меню настроек индикатора.
Уведомления.
Дополнительно можно настроить пороговое значение спреда, при достижении которого скрипт будет отправлять уведомления от TradingView. Мы назвали это Spread Signal Threshold. Этот пороговый уровень никак не связан с визуальными пороговыми уровнями, описанными выше. Вы можете задать сигнальный уровень превышающий второй визуальный пороговый уровень или сделать его ниже, но важно понимать, что оповещения TradingView будут срабатывать только от превышения именно Spread Signal Threshold.
Для настройки оповещений откройте вкладку «Оповещения» в меню TradingView справа. Нажмите кнопку «Создать оповещение». Затем в открывшемся окне в строке «Условие» выберете данный индикатор. После чего вы можете задать название данному оповещению и завершить настройку оповещения, нажав кнопку «Создать».
Мы, авторы данного скрипта, давно занимаемся арбитражем криптовалюты и, в первую очередь, создавали его для себя и своей каждодневной арбитражной торговли, но это не мешает вам использовать его по своему усмотрению для любых видов активов и на любых рынках.
Bimmeresty's MACDImproved MACD with labels on histogram and color change feature on signal line.
Labels on histogram help gauge how strong the change is rather than visually comparing heights.
example: "histogram just put in its first rising candle, but its only rising by 0.01 therefore i should be suspicious of it and possibly wait for a second rising candle for further confirmation of reversal"
Color change on signal slope is better for gauging the directional bias and spotting reversals.
example: "slope is red, so negative, so i should prioritize shorts"
example: "slope just turned green, so positive, so we might be reversing bias here"
"Daily Range with Filtre [Hunter_Algo]
- The script calculates the high and low ranges based on the specified session time, such as the Asia Liquidity session.
- It uses the timeinrange function to determine if the current bar is within the specified session.
- High and low values are updated based on whether the current high or low surpasses the previous values within the specified session.
- The script includes functions to convert day strings to integers and style strings to enumeration values.
- There are additional inputs related to the start and end of the day range, as well as colors and styles for various elements.
- The script calculates daily high (Dh), daily low (Dl), and other variables based on certain conditions, including the day of the week.
Opening Range & Prior Day High/Low [Gorb]Introduction:
Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders.
Overview:
The Opening Range , draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges.
Prior Day High/Low , draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels.
The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you.
Features:
All skill-level friendly presets, easy to enable with one-click
Opening Range: Allows user to choose what time the range starts and ends to measure the high & low.
Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time.
Enable Opening Range Box: allows the user to choose to plot the opening range or not.
ORB Border Color: allows the user to change the box border color.
ORB Box Shade Color: allows the user to change the background of the opening range box.
ORB Line Width: allows users to chose the width of the opening range box lines.
Enable Previous Day High: allows users to enable the previous days high to be plotted.
Enable Previous Day Low: allows users to enable the previous days high to be plotted.
Previous Day High Color: allows users to choose the color for this line.
Previous Day Low Color: allows users to choose the color for this line.
All colors are changeable for the user to customize to their liking.
Usage Demonstration
In the image below, we can see a basic example of how these 3 features function.
As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled.
In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy.
This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups.
In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout.
The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well.
In the image below, we can see how previous days levels can act as resistance to use with the opening range.
Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again.
Conclusion:
We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style.
RISK DISCLAIMER
All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.
[AlbaTherium] OptiStruct™ Premium for Smart Money Concepts An Insight into Structure Mapping and Order Block Identification with Smart Money Concepts
Introduction:
Structure Mapping & Demands and Supplies Premium serves as a fundamental pillar in the realm of Smart Money Concepts . This indicator adeptly charts the market structure based on a refined version of SMC while identifying Order Blocks. All the concepts embedded in this method are meticulously defined, offering users the ability to chart the market structure with precision and heightened confidence. With this indicator, there is no need for excessive questioning of the accuracy of your markings; it diligently strives to perform this task effectively. There are no hidden 'magic' properties underlying this indicator, ensuring that our users can independently verify each and every feature. It is this commitment to transparency that sets us apart and makes us unique in the market.
In this discussion, we delve into the intricacies of Break of Structure, Change of Character , and SMART MONEY TRAP . We also introduce the concepts of Extreme Order Blocks, Decisional Order Blocks , and Smart Money Trap Order Blocks .
Chapter 1: Understanding Structure Mapping:
Let's begin with some definitions:
- Inside bars are candles that lie within the range of a preceding candle.
- Pullbacks occur in an uptrend when the low of a preceding candle's range (excluding inside bars ) is breached, and the price continues to rise.
- Inducements (IDM) are price levels defined as the low of the latest pullback before the most recent high. They often act as liquidity points that the market revisits before continuing its move.
Break of Structure (BoS):
In an uptrend, after surpassing an IDM , the most recent high becomes a Confirmed structure high, or a Major High . If the price then closes above this Major High, a Bullish Break of Structure (Bullish BoS) is confirmed. Similarly, the lowest point between these movements becomes a Confirmed structure low or Major Low in a downtrend.
Change of Character (ChoCh):
In an uptrend, if the price falls below a Major Low, it indicates a shift in market bias from Bullish to Bearish, or a Bearish Change of Character .
Example of a bullish ChoCh:
Chapter 2: The Significance of Order Blocks:
Order Blocks (OB) play a pivotal role in Smart Money Concepts during entry points. Understanding what they represent and how to identify them is essential. For a Bullish/Bearish Order Block to be confirmed, specific conditions, including price imbalance and breaching the previous candle's high or low, must be met. We will delve into the finer details of identifying and trading Order Blocks, with an emphasis on the fact that price often reacts from Decisional Order Blocks, Extreme Order Blocks , and Smart Money Trap Order Blocks .
An OB is the initial candle range of a pullback that creates a Fair value gap.
These are zones where proactive traders enter the market, resulting in significant price changes indicated by Fair value gaps. It is believed that when the price revisits these zones in the future, it tends to bounce back. This property makes Order Blocks excellent potential entry points.
Order Blocks are categorized as follows:
- Extreme OB : The first and lowest OB between the Major Low and Major High.
- Decisional OB : The most recent OB lower than the current IDM.
- Smart Money Traps : All OBs between Extreme and Decisional OB.
- Demand above IDM / Supply below IDM
Chapter 3: Understanding SMART MONEY TRAP (SMT):
SMART MONEY TRAP is a concept that brings clarity to the distinction between Structure and Order Blocks within Smart Money Concepts and is a unique feature of this indicator. While many Smart Money Traders base their trades on Structure and Order Blocks, it's crucial to recognize that Order Blocks serve as an additional confirmation for buy or sell decisions. Blindly trading based on Order Blocks is not advisable. Instead, traders should exercise patience and await other confirmations like inducement or Liquidity sweep before executing trades on Order Blocks. We will illustrate how this concept works in practice.
In the example above, the market made a high wick up, taking out the buy-side liquidity, then made a bearish ChoCh. We place our sell order on the order block above IDM. This presents a promising trading opportunity, with a stop loss placed above the OB and a take profit set at the low of previous structure.
Conclusion:
Structure Mapping & Demands and Supplies Premium as the epitome of Smart Money Concepts, presenting traders with a tool meticulously crafted for an exceptional user experience . This indicator integrates structural mapping and Order Blocks, providing not only a wealth of knowledge but a platform tailor-made for personalization to suit your unique style and preferences. By mastering the nuances of Impulsive Moves and Corrections, and expertly identifying and trading Order Blocks while considering the SMART MONEY TRAP, traders gain a distinct advantage in the ever-evolving financial markets.
This document serves as an enriching guide to Structure Mapping & Demands and Supplies Premium, accentuating its pivotal role within the Smart Money Concepts framework. We invite users to immerse themselves in an experience that transcends the ordinary, delving into the intricacies that define successful trading. As you navigate the complexities of the market, these detailed insights become your compass, providing a rich and customizable user experience that unlocks the full potential of Smart Money Concepts. Embrace these tools judiciously, and empower your daily analysis with a wealth of information that truly holds its weight in gold.
Swing based support and resistanceThis indicator provided here is for identifying swing-based support and resistance levels. It uses two swing lengths, which can be adjusted by the user, to identify swings in the price data. For each swing length, the script calculates the support level as the low of the swing if the trend is up, or the high of the swing if the trend is down. It then plots the support and resistance levels on the chart, along with buy and sell signals.
The buy and sell signals are generated by comparing the current closing price to the support and resistance levels. If the closing price is above the support level, the script plots a buy signal. If the closing price is below the level, the script plots a sell signal.
To use the script, you would first need to add it to your trading platform. Once it is added, you can configure the swing lengths and other parameters to suit your trading style. You can then apply the script to a chart and begin using the support and resistance levels and buy and sell signals to make trading decisions.
Points to be noted while using the indicator:
# The script is designed to be used on a daily chart. However, you can also use it on other timeframes, such as weekly or monthly charts.
# The swing lengths that you choose will depend on your trading style. If you are a swing trader, you may want to use longer swing lengths. If you are a day trader, you may want to use shorter swing lengths.
# Remember, the support and resistance levels generated by the script are not exact price points. They are rather zones where demand and supply can change. Therefore, you should always use other technical analysis tools and indicators to confirm your trading decisions.
# Overall, the script is a useful tool for identifying swing-based support and resistance levels. It can be used by traders of all experience levels to generate trading ideas and improve their trading performance.
To use the swing-based support and resistance indicator with respect to price, you can follow these steps:
=> Identify the support and resistance levels that have been generated by the indicator.
=> Look for price action that is taking place near these levels.
=> If the price is above the level, look for bullish reversals or continuations.
=> If the price is below the level, look for bearish reversals or continuations.
For Example,
=> Bullish reversal: The price is above the level and forms a bullish candlestick pattern, such as a bullish hammer or engulfing pattern.
=> Bullish continuation: The price is above the level and bounces off of the level.
=> Bearish reversal: The price is below the level and forms a bearish candlestick pattern, such as a bearish hammer or engulfing pattern.
=> Bearish continuation: The price is below the level and rejects the level.
$$ You can also use the indicator to identify potential trading entry and exit points. For example, you could enter a long trade when the price breaks above a resistance level and exit the trade when the price retraces to the resistance level. Or, you could enter a short trade when the price breaks below a support level and exit the trade when the price rallies to the support level.
This swing-based support and resistance indicator is just one tool that you can use to trade. You should always use other technical analysis tools and indicators, such as price action and trend analysis, to confirm your trading decisions.
Additionally:
=> Be aware of the overall trend direction. If the trend is up, you should be looking for bullish reversals or continuations. If the trend is down, you should be looking for bearish reversals or continuations.
=> Use a stop loss order to limit your risk on each trade.
=> Consider using a position sizing strategy to manage your risk.
=> Do your own research and backtest any trading strategy before using it in a live trading environment.
Follow us for timely updates regarding future indicators and give it a like if you appreciate the indicator.
Day Trader's Anchored Moving Averages [wbburgin]For day traders, establishing a trend at the start of the day is critically important for setting targets and entering positions. This can be difficult when traditional moving averages lag from previous days, causing late entry and/or incorrect trend interpretation.
The Day Trader's Anchored MA indicator plots three dynamic moving averages which restart on each new period (session or monthly - more coming soon). This eliminates the lag in traditional moving averages while better identifying the trend, as the moving averages essentially 'build up' their lengths as the day progresses, until they reach your chosen maximum length.
This means that these anchored moving averages are
Quicker to identify the start-of-day trend, as markets tend to establish and then follow one trend throughout the day;
Dynamically increasing throughout the day (to your specifications)
Completely independent from previous days
Quick usage note: make sure that your moving average length is less than the number of bars in the period, or it won't reach the maximum length you specified.
TL;DR: Moving average that resets every day and does not lag. Inspired by the VWAP.
Intraday Volatility BarsThis script produce a volatility histrogram by bar with the current volatility overlayed.
The histogram shows cumulative average volatility over n days.
And the dots are todays cumulative volatility.
In other words, it calculates the True Range of each bar and adds it to todays value.
This script is build for intraday timeframes between one and 1440 minutes only.
I use this to show me when volatility is above/below/equal to the average volatility.
When the dots are above the histogram then it is a more volatile day, and vice versa.
Recognizing a more volatile day as early as possible can be an advantage for daytrader.
Days that start with higher volatility seems to continue to increase relative to the past few days. Or when midday volatility rises it seems to continue as well.
Happy Trading!
LNL Trend SystemLNL Trend System is an ATR based day trading system specifically designed for intra-day traders and scalpers. The System works on any chart time frame & can be applied to any market. The study consist of two components - the Trend Line and the Stop Line. Trend System is based on a special ATR calculation that is achieved by combining the previous values of the 13 EMA in relation to the ATR which creates a line of deviations that visually look similar to the basic moving average but actually produce very different results ESPECIALLY in sideways market.
Trend Line:
Trend Line is a simple line which is basically a fast gauge represented by the 13 EMA that can change the color based on the current trend structure defined by multiple averages (8,13,21,34 EMAs). Trend Line is there to simply add the confluence for the current trend. Colors of the line are pretty much self-explanatory. Whenever the line turns red it states that the current structure is bearish. Vice versa for green line. Gray line represents neutral market structure.
Stop Line:
Stop Line is an ATR deviaton line with special calculation based on the previous bar ATRs and position of the price in relation to the current and previous values of 13 EMA. As already stated, this creates an ATR deviation marker either above or below the price that trails the price up or down until they touch. Whenever the price comes into the Stop Line it means it is making an ATR expansion move up or down .This touch will usually resolve into a reaction (a bounce) which provides trade opportunities.
Trend Bars:
When turned ON, Trend Bars can provide additional confulence of the current trend alongside with the Trend Line color. Trend Bars are based on the DMI and ADX indicators. Whenever the DMI is bearish and ADX is above 20 the candles paint themselfs red. And vice versa applies for the green candles and bullish DMI. Whenever the ADX falls below the 20, candles are netural (Gray) which means there is no real trend in place at the moment.
Trend Mode:
There are total of 5 different trend modes available. Each mode is visualizing different ATR settings which provides either aggressive or more conservative approach. The more tigher the mode, the more closer the distance between the price and the Stop Line. First two modes were designed for slower markets, whereas the "Loose" and "FOMC" modes are more suitable for products with high volatility.
Trend Modes:
1. Tight
Ideal for the slowest markets. Slowest market can be any market with unusually small average true range values or just simply a market that does have a personality of a "sleeper". Tight Mode can be also used for aggresive entries in the most ridiculous trends. Sometimes price will barely pullback to the Trend Line not even the Stop Line.
2. Normal
Normal Mode is the golden mean between the modes. "Normal" provides the ideal ATR lengths for the most used markets such as S&P Futures (ES) or SPY, AAPL and plenty of other highly popular stocks. More often than not, the length of this mode is respected considering there is no breaking news or high impact market event scheduled.
3. Loose
The "Loose" mode is basically a normal mode but a little bit more loose. This mode is useful whenever the ATRs jump higher than usual or during the days of highly anticipated news events. This mode is also better suited for more active markets such as NQ futures.
4. FOMC
The FOMC mode is called FOMC for a reason. This mode provides the maximum amount of wiggle room between the price and the Stop Line. This mode was designed for the extreme volatility, breaking news events or post-FOMC trading. If the market quiets down, this mode will not get the Stop Line touch as frequently as othete modes, thus it is not very useful to run this on markets with the average volatlity. Although never properly tested, perhaps the FOMC mode can find its value in the crypto market?
5. The Net
The net mode is basically a combination of all modes into one stop line system which creates "the net" effect. The Net provides the widest Stop Line zone which can be mainly appreciated by traders that like to use scale-in scale-out methods for their trading. Not to mention the visual side of the indicator which looks pretty great with the net mode on.
HTF (Higher Time Frame) Trend System:
The system also includes additional higher time frame (HTF) trend system. This can be set to any time frame by manual HTF mode. HTF mode set to "auto" will automatically choose the best suitable higher time frame trend system based on how appropriate the aggregation is. For everything below 5min the HTF Trend System will stay on 5min. Anything between 5-15min = 30min. 30min - 120min will turn on the 240min. 180min and higher will result in Daily time frame. Anything above the Daily will result in Weekly HTF aggregation, above W = Monthly, above M = Quarterly.
Background Clouds:
In terms of visualization, each trend system is fully customizable through the inputs settings. There is also an option to turn on/off the background clouds behind the stop lines. These clouds can make the charts more clean & visible.
Tips & Tricks:
1. Different Trend Modes
Try out different modes in different markets. There is no one single mode that will fit to everyone on the same type of market. I myself actually prefer more Loose than the Normal.
2. Stop Line Mirroring
Whenever the Stop Lines start to mirror each other (there is one above the price and one below) this means the price is entering a ranging sideways market. It does not matter which Stop Line will the price touch first. They can both be faded until one of them flips.
3. Signs of the Ranging Market
Watch out for signs of ranging market. Whenever the Trend System looses its colors whether on trend line or trend bars, if everything turns neutral (gray) that is usually a solid indication of a range type action for the following moments. Also as already stated before, the Stop Line mirroring is a good sign of the range market.
4. Trailing Tool, Trend System as an Additional Study?
In case you are not a fan of the colorful green / red charts & candles. You can switch all of them off and just leave the Stop Line on. This way you can use the benefits of the trend system and still use other studies on top of that. Similarly as the Parabolic SAR is often used.
5. The Flip Setup
One of my favorite trades is the Flip Setup on the 5min charts. Whenever the Stop Line is broken , the very first opposing touch after the Trend System flips is a usually a highly participated touch. If there is a strong reaction, this means this is likely a beginning of a new trend. Once I am in the position i like to trail the Stop Line on the 1min charts.
Hope it helps.
Directional Movement Index FLEXA common problem experienced by short term traders using DMI/ADX is that the session breaks results in carry-over effects from the prior session. For example, a large gap up would result in a positive DMI, even though momentum is clearly negative. Note the extremely different results in the morning session, when the gap is reversed.
The DMI-FLEX algoritm resets the +DI and -DI values to the prior session ending midpoint, so that new momentum can be observed from the indicator. (Note for Pinescript coders: rma function does not accept series int, thus the explicit pine_rma function)
DMI-FLEX has the added feature that the ADX value, instead of a separate line, is shown as shading between the +DI and -DI lines, and the color itself is determined by whether +DI is above -DI for a bullish color, or -DI is above +DI for a bearish color.
DMI Flex also gives you the flexibility of inverse colors, in case your chart has inverted scale.
Summary and How to use:
1) Green when +DI is above -DI
2) Red when -DI is above +DI
3) Deeper shading represents a higher ADX value.
High of Day Low of Day hourly timings: Statistics. Time of day %High of Day (HoD) & Low of Day (LoD) hourly timings: Statistics. Time of day % likelihood for high and low.
//Purpose:
To collect stats on the hourly occurrences of HoD and LoD in an asset, to see which times of day price is more likely to form its highest and lowest prices.
//How it works:
Each day, HoD and LoD are calculated and placed in hourly 'buckets' from 0-23. Frequencies and Percentages are then calculated and printed/tabulated based on the full asset history available.
//User Inputs:
-Timezone (default is New York); important to make sure this matches your chart's timezone
-Day start time: (default is Tradingview's standard). Toggle Custom input box to input your own custom day start time.
-Show/hide day-start vertical lines; show/hide previous day's 'HoD hour' label (default toggled on). To be used as visual aid for setting up & verifying timezone settings are correct and table is populating correctly).
-Use historical start date (default toggled off): Use this along with bar-replay to backtest specific periods in price (i.e. consolidated vs trending, dull vs volatile).
-Standard formatting options (text color/size, table position, etc).
-Option to show ONLY on hourly chart (default toggled off): since this indicator is of most use by far on the hourly chart (most history, max precision).
// Notes & Tips:
-Make sure Timezone settings match (input setting & chart timezone).
-Play around with custom input day start time. Choose a 'dead' time (overnight) so as to ensure stats are their most meaningful (if you set a day start time when price is likely to be volatile or trending, you may get a biased / misleadingly high readout for the start-of-day/ end-of-day hour, due to price's tendency for continuation through that time.
-If you find a time of day with significantly higher % and it falls either side of your day start time. Try adjusting day start time to 'isolate' this reading and thereby filter out potential 'continuation bias' from the stats.
-Custom input start hour may not match to your chart at first, but this is not a concern: simply increment/decrement your input until you get the desired start time line on the chart; assuming your timezone settings for chart and indicator are matching, all will then work properly as designed.
-Use the the lines and labels along with bar-replay to verify HoD/LoD hours are printing correctly and table is populating correctly.
-Hour 'buckets' represent the start of said hour. i.e. hour 14 would be populated if HoD or LoD formed between 14:00 and 15:00.
-Combined % is simply the average of HoD % and LoD %. So it is the % likelihood of 'extreme of day' occurring in that hour.
-Best results from using this on Hourly charts (sub-hourly => less history; above hourly => less precision).
-Note that lower tier Tradingview subscriptions will get less data history. Premium acounts get 20k bars history => circa 900 days history on hourly chart for ES1!
-Works nicely on Btc/Usd too: any 24hr assets this will give meaningful data (whereas some commodities, such as Lean Hogs which only trade 5hrs in a day, will yield less meaningful data).
Example usage on S&P (ES1! 1hr chart): manual day start time of 11pm; New York timezone; Visual aid lines and labels toggled on. HoD LoD hour timings with 920 days history:
Pro ScalperOverview
The Pro Scalper indicator is a powerful day trading tool designed specifically for the 30-minute timeframe, catering to stock and cryptocurrency markets. It provides traders with buy and sell signals, dynamic overbought/oversold zones, and reversal signal indicators. By combining a Kalman-adapted Supertrend calculation for buy and sell signals, and VWMA bands to determine overbought/oversold zones, this indicator aims to assist traders in identifying potential trading opportunities for scalping and day trading strategies using trend-following and mean-reverting methods. This combination of Kalman Filtering with an adapted Supertrend seeks to mitigate false signals, filter out market noise, and aims to provide traders with more reliable buy and sell indications.
Features
Buy and Sell Signals: Pro Scalper generates buy and sell signals based on a Kalman-adapted Supertrend calculation. These signals help traders identify potential entry and exit points in the market.
Dynamic Overbought/Oversold Zones: The indicator dynamically calculates overbought and oversold zones using VWMA bands. These zones provide valuable insights into potential price exhaustion levels, aiding traders in managing risk and identifying potential reversals.
Reversal Signals (R Labels): The indicator includes "R" labels that indicate potential reversal signals. These signals are based on the overbought/oversold zones calculated with VWMA bands. The appearance of an "R" label suggests a possible price reversal, offering traders an additional tool for decision-making.
Calculations
This indicator stands out as a unique tool due to unique Kalman filtering and altered Supertrend calculation, as well as its combination of specific features. This indicator combines the following calculations to provide its features:
Kalman Filter: The indicator employs a Kalman Filter to adapt the Supertrend calculation. This calculation was based on mathematical equations derived from Rudolf E. Kalman. This Kalman Filter helps smooth out price data, reducing noise and removing outliers from data.
Supertrend Calculation: This particular supertrend possesses alterations to price series data and ATR calculations in an aim to improve signal accuracy. Additionally, the calculation uses Kalman-filtering within the calculation to provide a powerful framework to handle uncertainties, noise, and changing conditions.
VWMA Bands: VWMA (Volume-Weighted Moving Average) bands are calculated using the highest high and lowest low values with specified multipliers. These bands are used to determine the dynamic overbought and oversold zones, giving traders insights into potential price exhaustion levels. These are included with the aim to adapt to changing market conditions and price data. This adaptability allows the zones to accurately reflect the current price volatility and trend.
Utility
This tool provides traders with valuable information for scalping and day trading strategies in the 30-minute timeframe. It helps traders by:
Generating buy and sell signals, indicating potential entry and exit points.
Calculating dynamic overbought/oversold zones, enabling traders to identify potential price exhaustion levels.
Displaying "R" labels to highlight potential reversal signals.
Offering optional alerts for reversal signals, buy/sell signals, allowing traders to stay updated even when they're not actively monitoring the charts.
Remember, past performance does not guarantee future performance. Traders should utilize this indicator as part of a comprehensive trading strategy and exercise their own judgment when making trading decisions.
DJ Soori Trading StrategyThe strategy combines three indicators: Exponential Moving Average (EMA), Weighted Moving Average (WMA), and Average Directional Index (ADX).
The EMA and WMA are used to track the average price over different time periods.
The ADX measures the strength of a trend in the market.
The strategy generates buy signals when the EMA is higher than the WMA and the ADX is above a certain threshold. It suggests a potential uptrend.
It generates sell signals when the EMA is lower than the WMA and the ADX is above the threshold. It suggests a potential downtrend.
The strategy also considers whether the ADX is rising or falling to indicate the strength of the trend.
The EMA, WMA, and ADX values are plotted on the chart.
Buy and sell signals are shown as labels on the chart, indicating "Buy (Strong)" or "Buy (Weak)" for buy signals, and "Sell (Strong)" or "Sell (Weak)" for sell signals.
