Average Range LinesThis Average Range Lines indicator identifies high and low price levels based on a chosen time period (day, week, month, etc.) and then uses a simple moving average over the length of the lookback period chosen to project support and resistance levels, otherwise referred to as average range. The calculation of these levels are slightly different than Average True Range and I have found this to be more accurate for intraday price bounces.
Lines are plotted and labeled on the chart based on the following methodology:
+3.0: 3x the average high over the chosen timeframe and lookback period.
+2.5: 2.5x the average high over the chosen timeframe and lookback period.
+2.0: 2x the average high over the chosen timeframe and lookback period.
+1.5: 1.5x the average high over the chosen timeframe and lookback period.
+1.0: The average high over the chosen timeframe and lookback period.
+0.5: One-half the average high over the chosen timeframe and lookback period.
Open: Opening price for the chosen time period.
-0.5: One-half the average low over the chosen timeframe and lookback period.
-1.0: The average low over the chosen timeframe and lookback period.
-1.5: 1.5x the average low over the chosen timeframe and lookback period.
-2.0: 2x the average low over the chosen timeframe and lookback period.
-2.5: 2.5x the average low over the chosen timeframe and lookback period.
-3.0: 3x the average low over the chosen timeframe and lookback period.
Look for price to find support or resistance at these levels for either entries or to take profit. When price crosses the +/- 2.0 or beyond, the likelihood of a reversal is very high, especially if set to weekly and monthly levels.
This indicator can be used/viewed on any timeframe. For intraday trading and viewing on a 15 minute or less timeframe, I recommend using the 4 hour, 1 day, and/or 1 week levels. For swing trading and viewing on a 30 minute or higher timeframe, I recommend using the 1 week, 1 month, or longer timeframes. I don’t believe this would be useful on a 1 hour or less timeframe, but let me know if the comments if you find otherwise.
Based on my testing, recommended lookback periods by timeframe include:
Timeframe: 4 hour; Lookback period: 60 (recommend viewing on a 5 minute or less timeframe)
Timeframe: 1 day; Lookback period: 10 (also check out 25 if your chart doesn’t show good support/resistance at 10 days lookback – I have found 25 to be useful on charts like SPX)
Timeframe: 1 week; Lookback period: 14
Timeframe: 1 month; Lookback period: 10
The line style and colors are all editable. You can apply a global coloring scheme in the event you want to add this indicator to your chart multiple times with different time frames like I do for the weekly and monthly.
I appreciate your comments/feedback on this indicator to improve. Also let me know if you find this useful, and what settings/ticker you find it works best with!
Also check out my profile for more indicators!
Support and Resistance
Variety Volatility Supertrend w/ Bands [Loxx]Variety Volatility Supertrend w/ Bands indicator is a powerful and highly customizable tool for traders. Building upon the foundational concept of the classic Supertrend indicator, this variant adds a plethora of user-driven options and features that can cater to diverse trading styles and market scenarios.
The Supertrend indicator is traditionally used to identify market trends by overlaying a line on the price chart, which changes color and position in relation to the price based on the trend direction. The Variety Volatility Supertrend w/ Bands takes this a step further by offering various volatility calculations, visual enhancements, explicit trading signals, and alert conditions.
It provides five options for volatility calculations, enabling users to select the most suitable measure for their strategy. This indicator also allows users to control the display of the upper, lower, and mid bands, which can serve as dynamic support and resistance levels. Further, it can display explicit trading signals when the trend changes direction and set up alerts for these signals.
█ User Inputs
Source: Defines the source of the price data, typically the closing price.
Period: Defines the lookback period for the chosen volatility calculation.
Mid Price Period: Defines the number of periods for calculating the mid-price.
Multiplier: The factor by which the volatility measure (e.g., ATR) is multiplied.
Volatility Type: The user can choose one of five different calculations for the volatility measure: ATR, Standard Error, Standard Deviation, Custom Standard Deviation with Sample Correction, and Custom Standard Deviation without Sample Correction.
Classic Supertrend: Enables the classic version of the Supertrend indicator if set to true.
Show Upper Band, Show Lower Band, Show Mid: Determines whether the upper, lower, and middle bands of the Supertrend indicator are displayed.
Outer Line Width, Mid Line Width: Controls the line widths of the outer and middle lines.
Color Bars: Colors the price bars based on the direction of the trend if enabled.
Show signals: Displays trading signals on the chart if enabled.
Bull Color, Bear Color: Controls the colors of the Supertrend indicator during bullish and bearish market conditions.
█ Computations
The script begins by calculating the chosen volatility measure (ATR, Standard Error, Standard Deviation, etc.) and the mid-price, which is the average of the highest and lowest prices over the specified Mid Price Period. It then calculates the upper and lower bands by adding and subtracting the product of the Multiplier and the volatility measure from the mid-price.
The script then compares the current price with the previous upper and lower bands to determine the trend direction. If the current price is greater than the previous upper band, the trend is considered bullish. If it's less than the previous lower band, the trend is bearish.
█ Visualizations
The script plots the upper, lower, and mid bands on the chart based on the user's settings. If Color Bars is enabled, the script colors the price bars based on the trend direction. If Show signals is enabled, the script displays shapes on the chart to represent trading signals when the trend changes direction.
█ Alerts
Finally, the script sets up alert conditions for long and short trading signals. When these conditions are met, TradingView sends an alert to the user with a message indicating the indicator's name, the type of signal (long or short), and the symbol and closing price of the asset.
█ Visualization Modes
Classic Supertrend
The Classic Supertrend mode essentially transforms the "Variety Volatility Supertrend w/ Bands " indicator to behave more like the traditional Supertrend indicator.
In the traditional Supertrend indicator, there is a single line that shifts positions based on the trend direction. When the market is in an uptrend, the Supertrend line is plotted below the price, acting as a dynamic support level. Conversely, when the market is in a downtrend, the Supertrend line moves above the price, acting as a dynamic resistance level.
When you set Classic Supertrend to True in this script, it mimics this behavior. It will only display one line (the Supertrend line) instead of the upper and lower bands. The Supertrend line will switch between the calculated upper band and lower band based on the trend direction:
In an uptrend, it plots the lower band as the Supertrend line (acting as a dynamic support level).
In a downtrend, it plots the upper band as the Supertrend line (acting as a dynamic resistance level).
Thus, when Classic Supertrend is True, the display is similar to the regular Supertrend indicator, offering a more simplified, less cluttered view of the price trend.
See here for the Classic Supertrend
Supertrend Moving Average with Bands
When the Classic Supertrend option is turned off in the "Variety Volatility Supertrend w/ Bands " indicator, the indicator displays upper and lower bands along with the midline, depending on the user's settings. These bands can serve as dynamic support and resistance levels, and they move and adjust based on the market's volatility.
Support and resistance are key concepts in technical analysis. Support is a price level where the price tends to find a floor as it falls, indicating a greater amount of demand or buying interest that can prop up the prices. Resistance, on the other hand, is a price level where rising prices tend to stop rising, indicating a greater amount of supply or selling interest.
In the context of the "Variety Volatility Supertrend w/ Bands " indicator:
Upper Band: This can act as a dynamic resistance level in a downtrend. When prices are falling, they might struggle to rise above this band. If prices do break above the upper band, it could be a sign that the downtrend is reversing, and a new uptrend may be beginning.
Lower Band: Conversely, this can act as a dynamic support level in an uptrend. When prices are rising, they might bounce off this band and continue to rise. If prices break below the lower band, it could indicate that the uptrend is reversing, and a new downtrend may be beginning.
The benefit of these dynamic support and resistance levels is that they adjust automatically as market conditions change, potentially offering more relevant insights into price behavior compared to static support and resistance levels.
See here for the Supertrend Moving Average with Bands
█ Volatility Types
The "Variety Volatility Supertrend w/ Bands " indicator provides five options for the volatility calculation. Volatility is a statistical measure of the dispersion of returns for a given security or market index. In most cases, the higher the volatility, the riskier the security. Here's a quick summary of each option:
Average True Range (ATR): This is a common volatility measure in the world of trading, particularly for commodities and forex markets. It measures the average of true price ranges over a specified period. The true range considers the most recent period's high-low range, the previous close to the most recent high, and the previous close to the most recent low, taking the highest value.
Standard Error: This is a measure of the accuracy of predictions made with statistical techniques. In the context of trading, the standard error can give traders an idea of the quality of their volatility or price level estimates. It's calculated using the standard deviation of the price data, the square root of the number of data points.
Standard Deviation: This is a measure of the dispersion of a set of data from its mean. It's a commonly used volatility measure in finance. In trading, a higher standard deviation suggests greater price volatility.
Custom Standard Deviation - with Sample Correction: This is a variation of the standard deviation calculation, but it applies a correction for small sample sizes. It's calculated similarly to the standard deviation, but the sum of the squares is divided by (n-1) instead of n to provide a more accurate estimate when working with a small number of data points.
Custom Standard Deviation - without Sample Correction: This is another variation of the standard deviation calculation, but without the sample correction. This might be used when the number of data points is sufficiently large that the correction is not necessary.
The choice of volatility measure can have a significant impact on the sensitivity of the Supertrend indicator. Some measures may result in wider bands and fewer trend changes, while others may produce narrower bands and more frequent trend changes. The choice of volatility measure should align with the trader's strategy and risk tolerance.
█ Multiple Timeframe options
The "Variety Volatility Supertrend w/ Bands " indicator, like most indicators on the TradingView platform, can be applied to various timeframes, regardless of the chart's current timeframe. The timeframe of an indicator is determined by the timeframe of the price data it processes.
This indicator's flexibility with timeframes allows it to be used in different trading strategies. Day traders might use shorter timeframes like 1-minute or 15-minute charts, swing traders might use 1-hour or 4-hour charts, and long-term investors might use daily or weekly charts.
See here for the Supertrend Moving Average with Bands on 4-hour chart using Daily data
Price breakout and reversal [TCS] | PAThis indicator is designed to identify potential breaks and reversals in price movements for a financial instrument.
The indicator displays several elements to assist users in spotting specific market conditions:
1. High and Low Pivots : The indicator marks the highest and lowest points on the price chart within a customizable lookback period. These pivots represent important turning points in the price movement and serve as reference levels for potential breakouts and reversals.
2. Fair Value Line : A horizontal line is drawn at the midpoint between the high and low pivots. This line represents the "fair value" based on the recent price action. Traders may consider this level as a reference for evaluating the price's deviation from its average value.
3. Bullish Breakouts : When the closing price of the financial instrument crosses above the high pivot the indicator identifies a potential bullish breakout. This suggests a possible buying opportunity.
4. Bearish Breakouts : Conversely, a bearish breakout is identified when the closing price crosses below the low pivot. This may indicate a selling opportunity.
5. Fair Value Breakouts : In addition to regular breakouts, the indicator can detect breakouts based on the fair value line. If the closing price crosses above or below the fair value line, it may signal a fair value breakout, indicating the price's potential return to its average level.
6. Reversals : Reversal patterns are essential in technical analysis. The indicator identifies potential bullish and bearish reversals .
The indicator enhances its visual signals with geometric shapes (triangles and diamonds) placed above or below the price bars to represent different types of breakouts and reversals.
Moreover, the indicator can be configured to send alerts to the user when any of these specific events occur, helping traders stay informed and respond promptly to potential trading opportunities.
Please note that this code is for educational purposes only and should not be used for trading without further testing and analysis.
Support and Resistance Backtester [SS]Hey everyone,
Excited to release this indicator I have been working on.
I conceptualized it as an idea a while ago and had to nail down the execution part of it. I think I got it to where I am happy with it, so let me tell you about it!
What it does?
This provides the user with the ability to quantify support and resistance levels. There are plenty of back-test strategies for RSI, stochastics, MFI, any type of technical based indicator. However, in terms of day traders and many swing traders, many of the day traders I know personally do not use or rely on things like RSI, stochastics or MFI. They actually just play the support and resistance levels without attention to anything else. However, there are no tools available to these people who want to, in a way, objectively test their identified support and resistance levels.
For me personally, I use support and resistance levels that are mathematically calculated and I am always curious to see which levels:
a) Have the most touches,
b) Have provided the most support,
c) Have provided the most resistance; and,
d) Are most effective as support/resistance.
And, well, this indicator answers all four of those questions for you! It also attempts to provide some way to support and resistance traders to quantify their levels and back-test the reliability and efficacy of those levels.
How to use:
So this indicator provides a lot of functionality and I think its important to break it down part by part. We can do this as we go over the explanation of how to use it. Here is the step by step guide of how to use it, which will also provide you an opportunity to see the options and functionality.
Step 1: Input your support and resistance levels:
When we open up the settings menu, we will see the section called "Support and Resistance Levels". Here, you have the ability to input up to 5 support and resistance levels. If you have less, no problem, simply leave the S/R level as 0 and the indicator will automatically omit this from the chart and data inclusion.
Step 2: Identify your threshold value:
The threshold parameter extends the range of your support and resistance level by a desired amount. The value you input here should be the value in which you would likely stop out of your position. So, if you are willing to let the stock travel $1 past your support and resistance level, input $1 into this variable. This will extend the range for the assessment and permit the stock to travel +/- your threshold amount before it counts it as a fail or pass.
Step 3: Select your source:
The source will tell the indicator what you want to assess. If you want to assess close, it will look at where the ticker closes in relation to your support and resistance levels. If you want to see how the highs and lows behave around the S/R levels, then change the source to High or Low.
It is recommended to leave at close for optimal results and reliability however.
Step 4: Determine your lookback length:
The lookback length will be the number of candles you want the indicator to lookback to assess the support and resistance level. This is key to get your backtest results.
The recommendation is on timeframes 1 hour or less, to look back 300 candles.
On the daily, 500 candles is recommended.
Step 5: Plot your levels
You will see you have various plot settings available to you. The default settings are to plot your support and resistance levels with labels. This will look as follows:
This will plot your basic support and resistance levels for you, so you do not have to manually plot them.
However, if you want to extend the plotted support and resistance level to visually match your threshold values, you can select the "Plot Threshold Limits" option. This will extend your support and resistance areas to match the designated threshold limits.
In this case on MSFT, I have the threshold limit set at $1. When I select "Plot Threshold Limits", this is the result:
Plotting Passes and Fails:
You will notice at the bottom of the settings menu is an option to plot passes and plot fails. This will identify, via a label overlaid on the chart, where the support and resistance failures and passes resulted. I recommend only selecting one at a time as the screen can get kind of crowded with both on. here is an example on the MSFT chart:
And on the larger timeframe:
The chart
The chart displays all of the results and counts of your support and resistance results. Some things to pay attention to use the chart are:
a) The general success rate as support vs resistance
Rationale: Support levels may act as resistance more often than they do support or vice versa. Let's take a look at MSFT as an example:
The chart above shows the 334.07 level has acted as very strong support. It has been successful as support almost 82% of the time. However, as resistance, it has only been successful 33% of the time. So we could say that 334 is a strong key support level and an area we would be comfortable longing at.
b) The number of touches:
Above you will see the number of touches pointed out by the blue arrow.
Rationale: The number of touches differs from support and resistance. It counts how many times and how frequently a ticker approaches your support and/or resistance area and the duration of time spent in that area. Whereas support and resistance is determined by a candle being either above or below a s/r area, then approaching that area and then either failing or bouncing up/down, the number of touches simply assesses the time spent (in candles) around a support or resistance level. This is key to help you identify if a level has frequent touches/consolidation vs other levels and can help you filter out s/r levels that may not have a lot of touches or are infrequently touched.
Closing comments:
So this is pretty much the indicator in a nutshell. Hopefully you find it helpful and useful and enjoy it.
As always let me know your questions/comments and suggestions below.
As always I appreciate all of you who check out, try out and read about my indicators and ideas. I wish you all the safest trades and good luck!
[volfgang] WAVE ScannerThe Wave Scanner helps you make more informed decisions about when to buy and sell.
This indicator operates on a series of inputs and global variable declarations. Based on the same parameters as the WAVE Indicator. It uses different parameters such as the closing price, Stochastic Momentum Index, and smoothing factors such as the EMA to calculate the potential trade signals.
The scanner allows you to adjust the thresholds for bullish and bearish counts, which can be tailored to your personal trading strategy.
The minimum value is 4 and maximum is 8.
In total you can use 8 different timeframes for your signals from the following;
3D
1D
12h
8h
4h
1h
15m
5m
The scanner's unique ability to scan across multiple timeframes is what makes this indicator unique. This multi timeframe analysis can be incredibly useful for identifying broader trends in the market.
The Wave Scanner settings also includes inputs for you to enter risk management settings, including your total capital and the risk percentage you are willing to take per trade. It uses this information to display data in a label on the chart including;
Position Size
Stop Loss Level
Potential Profit
Risk Reward Ratio
On your chart, the WAVE Scanner will plot the ideal Entry Levels, Stop Loss and Take Profit Levels by calculating Fibonacci Levels, which is a popular tool for identifying potential support and resistance levels.
These are marked as follows;
GREEN Lines: Entry Levels
PINK Line: Stop Loss (can be customized in the settings)
GREY Line: Breakeven Level (move SL to breakeven at this level)
BLUE Line: Take Profit Level
So, if you're a trader looking to level up your strategy, the Wave Scanner is a tool you won't want to miss out on.
HTF Candle Support & Resistance «NoaTrader»This script uses higher timeframe candle's High, Low & Close as a source for drawing a line representing potential Supports and Resistances.
The more lines you see on a level, probably the more important that level is.
The script has a single input for setting the source candle's timeframe, so it can be used on any timeframe with the proper settings. For example, higher timeframes like weekly and monthly can use "3M" or "12M" settings, Daily timeframes with "W", or even lower timeframes like minutes and seconds with "240" and "60" (M means monthly candle, W is weekly, and numbers are for minutes.)
As you can see on the code:
Red lines represent candle's High.
Green lines represent candle's Low.
Blue lines represent candle's Close.
Give it a try on different timeframes with different settings to see interesting gaps between lines!
Flux Charts SFX Algo (Premium)Flux Charts SFX Algo indicator is a comprehensive and sophisticated all-in-one toolkit designed to cater to all the technical analysis needs of traders. Developed and designed by Russell W., head developer at Flux Charts.
The Flux Charts SFX Algo indicator stands apart with its unique ability to seamlessly integrate with various forms of technical analysis, while also offering the option to function as a standalone toolkit adaptable to any trading style. The indicator has been designed to take into account the dynamic nature of market conditions, ensuring that every feature included remains relevant, reliable, and effective.
Traders have countless possibilities when utilizing this indicator, allowing for the exploration and analysis of an array of cutting-edge features over time. This enables traders to selectively employ the features that align best with their individual trading styles and build a personal trading strategy.
The Flux Charts SFX Algo indicator is set to revolutionize the way traders approach technical analysis, providing them with the tools and insights needed to navigate complex financial markets with confidence and precision.
Flux Charts SFX Algo works in all markets (stocks, crypto, forex, futures, bonds, options, etc) and has many features including:
Buy signals (Not to be followed blindly)
Sell signals (Not to be followed blindly)
Buy & Sell Signal Ratings (Higher rating doesn't necessarily mean a "better" signal)
Algorithm Weighting Customization
Algorithm Sensitivity Customization
Algorithm Signal Strength Filter
Take Profit signals
Take Profit Retest signals
Take Profit Level Optimization
Trend Candle Coloring
Volatility Bands
+ more
What it does
The indicator uses an Adjusted Weighted majority algorithm to generate "buy" and "sell" signals. The algorithm takes into account several market metrics and weights them based on their recent performance. How far back the algorithm checks is based on the “Time Weighting” setting. This allows users to choose between having more data points or having more recency bias within the algorithm, but less data to decipher.
How it works and what differentiates it
There are many popular strategies in the market all of which go in and out of successful periods. The SFX algorithm effectively uses popular indicators or "experts" and weights them using a period decided through the "Time Weighting" Setting. The "experts" include popular indicators that cover Momenutmn, ATR trends, and EMA trends. Adjusted Weighted Majority typically weighs only through binary events however the SFX also uses a dynamic system to punish larger losses. The total weighting is then used to confirm a signal is agreeing with the most successful "experts" or indicators within the time period. This effectively will filter poor signals during periods of underperformance compared to other indicators and the converse during performant periods.
This weighting algorithm was inspired by the Princeton University lecture "Multiplicative Weight Algorithm" by Sanjeev Arora!
Usage
CME_MINI:ES1! 3 minute timeframe, July 7 2023.
Indicator Settings: (Sensitivity: 70, Signal Strength: 40, Time Weighting: Recent Trends)
The star-rated signals show the strength of the signals based on our weighting system
The colored candles (green & red) simplify the market into basic uptrends/downtrends
The volatility bands show areas of potential reversals
The volatility bands also show potential breakouts (Tight bands = consolidation, which could lead to an impulsive move)
The take profit signals suggest areas where profits should be taken in a trade
Settings and their Usage
Algorithm Settings Explained
Sensitivity determines how frequently signals appear. A higher sensitivity would lead to more frequent signals (Buy & Sell) appearing on your chart
Signal Strength helps filter out low-rated signals based on our Stochastic Weighting Algorithm. A higher signal strength will lead to fewer signals on your chart. A higher-rated signal doesn't necessarily make it a better signal than a lower-rated signal.
Time Weighting allows you to choose how much historic data you want the indicator to use when interpreting data for the signals. There are three options to choose from including:
- Recent Trends
- Mixed Trends
- Longterm Trends
Using the "Recent Trends" option will only use recent market data when looking at the market metrics our algorithm uses for generating "Buy" and "Sell" signals. Thus, there will be a recency bias which means the metrics the algorithm is weighing more heavily have recently performed well.
Using the "Longterm Trends" option will use more historic market data when looking at the market metrics our algorithm uses. This will give more data points for the algorithm to use, but it won't count for recent performances, but rather an overall performance in the past. Thus, if one metric has been doing poorly recently, it will still receive the same weight, even though it was performing well at the start of our lookback period for data.
Using the "Mixed Trends" option will give you a choice that is in between these two options. This will give you a good balance between having enough data points for market metrics, while also sustaining a good bit of market recency bias.
Supply And DemandThis supply and demand indicator uses sessions, volume spikes, higher timeframe price action and other volume calculations to spot areas on the chart where price will likely react. From the 1 minute and below charts to the daily and up charts, you can get excellent levels for any timeframe.
Why Use Supply And Demand?
One of the safest ways to trade is to wait for price to enter an area of interest where price should react. When we play reversals off of these areas, you increase the likelihood that your trade will be profitable because there was previous price action that told you that the current level is one where price will react. So we look for reversals at or very near these levels to enter into scalp or swing trade positions and look to exit that position when price is at or near the next major supply and demand level.
How To Use
The strategy with this indicator is to wait for price action to reach the levels shown by this supply and demand indicator and then enter trades at these levels, looking for a reversal. The thicker lines and the lines that are from the highest timeframes will be the most important levels on the chart. There is a table on the chart that will help you identify what timeframe the levels are using, with the color of that line next to it for easy identification.
The default settings are designed for scalping the 1-5 minute charts, so there are more levels turned on than necessary if you are using higher timeframes than 5 minutes. If you are using higher timeframes, make sure to turn off some of the lower timeframe levels so that it doesn’t clog up your charts. On the daily timeframe and above, many of the levels are coded to not turn on so that you don’t have to turn them off manually, but be aware that you will need to adjust your charts to suit your preferences, especially if you are on anything above the 5 minute chart.
For scalping, wait for price to react from the supply and demand levels by showing wicks, struggling to break through or getting reversal candles at those levels. Ride those moves to the next major supply and demand area before taking profit. You may want to turn on sessions and some of the lower timeframe levels as well if there are big gaps on the chart that are not suitable for scalping.
For swing trading, you will want to turn some of the lower timeframe and session levels off. Leave it to only higher timeframe OHLC lines and volume spike levels. Then you can swing moves that reverse off of the supply and demand lines.
Customization
This indicator is fully customizable. You can turn on or off any of the levels as well as increase the number specific levels so your charts suit your preferences.
All of the levels used are color coded individually so you can easily tell which type of level it is and these colors can be changed within the settings to suit your preferences. These colors are also reflected in the line identification table that show you exactly which color each type of level is.
There are toggles for the line identification table and session identification table as well if you don’t want them on your chart.
Types Of Levels Used
This indicator uses 4 different types of levels that I have found to be extremely influential on the price action. They are: volume spikes, higher timeframe price action, country based trading sessions and the VWAP. All of these levels have proven to be very important levels in my testing and are very helpful in spotting reversal areas.
Volume Spikes
This indicator is looking for the largest volume spikes and plotting the levels where that volume came in. It checks for the highest volume spikes across multiple different lengths of candles so that you get recent levels as well as the most important levels in the past. There are volume spike calculations for your current chart timeframe, 1 hour charts, 4 hour charts, daily charts, weekly charts, and monthly charts. Each of these looks for volume spikes across various lengths of candles for each timeframe and is color coded so you can identify which levels are which easily. The weekly and monthly volume spike levels are fatter than the normal volume spike levels with a line width of 2 to signify their importance.
OHLC Higher Timeframe Candles
This script plots levels of higher timeframe candles since price usually reacts very strongly to these levels. The levels it will produce are the high, low, open and close of the most recent closed candle of each higher timeframe. You can adjust these to show as many or as few previous HTF candles as you would like. The higher timeframe candles available to use are as follows: 1 hour, 4 hour, daily, 3 day, weekly, monthly, quarterly and yearly. The monthly, quarterly and yearly levels are fatter than the normal levels with a line width of 2 to signify their importance.
Trading Sessions
Trading sessions are very important levels because the market makers of different parts of the world are typically positioning themselves at these specific times. The number of each trading session line can be adjusted to show more or less levels depending on your preference. When you adjust the number, it will affect all lines that are enabled for that specific session. The levels available for each Tokyo, London & New York session are as follows: session premarket open, regular session open, session close, and session high & low. The session close boxes are fatter than the others with a line width of 2 to signify its importance.
VWAP & Previous Close
We all know that the VWAP aka Volume Weighted Average Price is a very important level on any chart, so we included this level as a default. However, we decided to take this a step further and include the previous daily session’s VWAP closing price and plot those levels. These are extremely important levels that you should pay very close attention to, along with the other levels mentioned above. The market makers are hedging their positions based on these levels and you will typically see very strong reactions to these levels, especially in the first hour when the markets open up. The VWAP and previous session VWAP close levels can be turned on or off and the default for the number of previous VWAP session close prices is set to 5. These levels are fatter lines because they are extremely important, so make sure to pay attention to them!
Line & Session Identification Tables
There are two tables to help you identify what is on the chart. The first is a large table in the top right that shows you the color and type of each line that is turned on so you can easily identify which lines are which. The second table is a small one at the bottom center of the chart that tells you which trading session we are currently in and what color that session is on the chart. These tables can be turned on or off and you can also change where they are on the chart by adjusting them at the bottom of the settings page.
Markets
This Supply And Demand indicator can be used on any market with price data such as stocks, crypto, forex and futures.
Timeframes
This Supply And Demand indicator can be used on any timeframe, from the second charts all the way up to the yearly charts.
Daily Range Support & Resistance Levels [QuantVue]The Daily Range Support & Resistance Levels is an advanced analytical tool designed to assess daily price movements and provide potential support and resistance levels.
This tool examines the average daily price fluctuations over the past 150 trading days, and creates support and resistance levels based on the opening price.
The indicator also considers a standard deviation multiplier.
This enables traders and investors to identify potential price zones.
The support and resistance levels are dynamically updated every day.
Users can also choose to view previous daily levels as well.
Customizable settings for this tool include:
-Averaging Period: Adjust the number of days to calculate the average daily range.
-Standard Deviation Multiplier: Modify the standard deviation multiplier to fine-tune the sensitivity of the support and resistance levels. A higher multiplier will result in wider levels, accommodating higher price fluctuations.
-Toggle Support & Resistance Prices: Easily switch on or off the display of support and resistance price levels.
-Show Daily Open Line: Display the daily opening price as a reference point on the chart.
-Show Previous Levels: Choose whether to display past daily support and resistance levels.
Note: this indicator works best on 5 or 15 minute charts.
Give this indicator a BOOST and COMMENT your thoughts!
We hope you enjoy.
Cheers.
Swing Action PriceEnglish:
**Description of "Swing Action Price" TradingView Script**
"Swing Action Price" is a custom technical indicator designed to identify swing highs and swing lows in a financial market. The script calculates and plots various lines on the chart to visualize these swing points. Swing highs are points where the price has made a local peak, while swing lows are points where the price has made a local trough.
The indicator displays the following lines on the chart:
1. Dotted lines representing each individual swing high and swing low identified on different timeframes (10, 30, 60, 100, 150, 200, 700, and 1000 bars).
2. Dotted lines representing the most recent swing high and swing low for the current bar.
How the indicator works:
1. The script uses historical price data to calculate swing highs and swing lows based on specific conditions.
2. For each of the mentioned timeframes, the indicator identifies the highest high and lowest low within a defined number of bars (10, 30, 60, etc.).
3. Once a new swing high or swing low is identified, the corresponding dotted lines are drawn on the chart, extending from the previous swing point to the current one.
The "Swing Action Price" indicator can be used by traders to visually identify key support and resistance levels in the market. It helps them recognize potential trend reversals or continuation points, which may be valuable for making trading decisions.
Please note that trading indicators should always be used in conjunction with other technical and fundamental analysis tools to make informed trading choices. The "Swing Action Price" indicator is offered under the Mozilla Public License 2.0, and the developer's username is "damianjorgeportillo."
Remember that past performance is not indicative of future results, and it's essential to exercise caution and apply risk management strategies when trading financial markets.
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Spanish:
**Descripción del Script "Swing Action Price" en TradingView**
"Swing Action Price" es un indicador técnico personalizado diseñado para identificar máximos y mínimos en un mercado financiero. El script calcula y muestra diversas líneas en el gráfico para visualizar estos puntos de inflexión. Los máximos se producen cuando el precio alcanza un pico local, mientras que los mínimos ocurren cuando el precio alcanza un valle local.
El indicador muestra las siguientes líneas en el gráfico:
1. Líneas punteadas que representan cada máximo y mínimo individual identificado en diferentes marcos de tiempo (10, 30, 60, 100, 150, 200, 700 y 1000 barras).
2. Líneas punteadas que representan el máximo y mínimo más reciente para la barra actual.
Cómo funciona el indicador:
1. El script utiliza datos históricos de precios para calcular los máximos y mínimos en función de ciertas condiciones.
2. Para cada uno de los marcos de tiempo mencionados, el indicador identifica el máximo más alto y el mínimo más bajo dentro de un número específico de barras (10, 30, 60, etc.).
3. Una vez que se identifica un nuevo máximo o mínimo, se dibujan las líneas punteadas correspondientes en el gráfico, extendiéndose desde el punto de inflexión anterior hasta el actual.
El indicador "Swing Action Price" puede ser utilizado por traders para identificar visualmente niveles clave de soporte y resistencia en el mercado. Ayuda a reconocer posibles puntos de inversión o continuación de tendencia, lo que puede ser valioso para tomar decisiones comerciales.
Por favor, ten en cuenta que los indicadores de trading siempre deben utilizarse junto con otras herramientas de análisis técnico y fundamental para tomar decisiones comerciales informadas. El indicador "Swing Action Price" se ofrece bajo la Licencia Pública de Mozilla 2.0, y el nombre de usuario del desarrollador es "damianjorgeportillo".
Recuerda que el rendimiento pasado no garantiza resultados futuros, y es esencial ser cauteloso y aplicar estrategias de gestión de riesgos al operar en los mercados financieros.
Murrey Math Horizontal/Diagonal + Subharmonics 0 - 12 [All-Time]The Murrey Math lines are created by dividing the range between the high and low of the monthly timeframe prices into equal parts based on the division factor from 2 to 12.
No matter which timeframe you will use, because the calculations based on the most high and low price values.
Better to use > monthly timeframe for faster calculations.
These lines serve as potential support and resistance levels.
The midlines are dashed lines representing the midpoint between two consecutive Murrey Math lines.
The diagonal lines can be enabled to show two different types or both types. These lines connect the highs or lows of the price bars in a diagonal manner.
The subharmonic lines represent smaller divisions within each Murrey Math range. They can be customized to show only strong subharmonics or all subharmonics. Subharmonics are calculated based on the division factor and can provide additional support and resistance levels within the Murrey Math framework.
This script helps visualize the Murrey Math levels and their associated lines on a trading chart, aiding traders in identifying potential price levels for decision-making.
The most strong levels which I tested were: 2, 4, 6, 8, 12.
I was inspired by Gann's work and i tried to implement this indicator.
It's the most accurate version of Murrey Math calculations, you can set the value of 8 which Gann was used but I did up to 12 because of my experiments and I would recommend you to use the value of 12.
This indicator can be used for all types of markets.
Also note, that the strong levels described above is tested on division by 12 setting.
Anyway, you can use the divison of 8 and use the standart strong s/r levels.
(for more information search for Gann 2.0 support resistance on the internet).
Also note: this information is not a financial advice, just my opinion to the indicator I implemented. Please use this indicator wisely and focus to save your money, not earn.
I wish you profitable trades, stick to your risk/money management and the key entry points!
Retest Support Resistance Signals [ChartPrime]The Retest Support Resistance Signals Indicator is a powerful tool designed to assist traders in identifying key support and resistance levels within the market. Most importantly and uniquely it identifies retests of these structures and displays them on the trader's chart. By utilizing a combination of pivot points and price action analysis, this indicator offers valuable insights for both signal-based and support/resistance trading strategies.
Key Features & settings:
Retest Confirmation: The indicator waits for a break above a support or resistance level and observes subsequent price action. If price retraces and forms a wick below the level, followed by a bounce, the indicator identifies it as a retest and labels it as "R" to indicate potential support or resistance confirmation.
This indicator combines the benefits of signal-based trading and support/resistance analysis, providing users with a versatile trading tool suitable for various strategies.
Retest Weaker Toggle: Users have the option to enable or disable the retest weaker feature. When enabled, the indicator considers a support or resistance level weaker if it experiences a test. When disabled, the indicator assumes that a bounce may occur from the level.
Pivot Detection Customization: Users can adjust the pivot detection method based on either wicks or bodies. This flexibility allows traders to adapt the indicator to different market conditions and preferences. The trader can also customize the number of bars used for pivot detection on both the left and right sides. This feature enables traders to fine-tune the indicator's sensitivity and responsiveness.
Users also have control over how support or resistance levels are managed on the chart. They can choose to either stop updating the levels (freeze) or completely remove them (delete) from the chart.
Breakout Threshold Setting: Traders can adjust the breakout threshold until deletion setting. This setting determines the number of successful breakouts through a support or resistance level required to remove it from the chart. This feature helps filter out weaker levels and focus on more significant ones.
Shown above we see the retest labels in action denoted with an R label
This indicator can be a useful addition to an SR trader's toolkit. Identifying when a level in the market is retested can reveal interesting information about the underlying strength of a trend. This indicator has been designed with the two major schools of thought; a level gets weaker the more it's tested vs stronger the more it's tested. We have designed this therefore to be versatile and adapt to both thought procceses. The R labels should be taken and considered as a larger part of an analysis process and not followed blindly.
TTF SMC ToolkitGreetings and welcome to another community indicator from TTF! This indicator is our attempt to build a suite of tools for use in Smart Money Concepts (SMC) and Price Action style trading strategies. If you aren't familiar with these models, we'd encourage you to do some independent research on them to find out how to properly use these models and the tools included in this indicator.
Important! To utilize all features of this indicator fully, please select "Bring to front" under the visual order menu.
All of the fundamental concepts of this toolkit revolve around smart money concepts and price action trading, here are some key concepts of this indicator's different features:
DR (defining range): This is a technique that uses the candle wicks (high and low of price) during a specific hour of a trading session to create a trading framework to help visualize order flow. When price breaks the high of the range, there is a very high statistical probability based on price action history, that the bottom of the range won't be traded past for the rest of that trading session. Vice versa for price breaking the low of the range.
IDR (implied defining range): Similar to DR above, this method uses the candle body (open and close of price) of price during a specific hour of a trading session to help create a trading framework to help visualize order flow.
Equilibrium: Any range can be objectively divided into a top and bottom half. The equilibrium represents the 50% mark between a range high and a range low. It is most often plotted with a fibonacci tool.
Fair Pricing Model: This is a hypothesis postulating that "big money" (a.k.a. "market movers", "institutional investors", etc.) seeks to buy in the discount area of any given price range, and sell in the premium area of that same range. See DR and IDR for examples of possible techniques to help identify and define the price range to apply to this model.
Non-discretionary Levels: This is essentially a fancy way of saying that the levels drawn by this indicator are strictly rules-based, and will always behave in the following manner:
1. For a given trading session, once the levels are drawn, they will remain constant throughout the rest of the trading session, no matter what price does afterwards.
2. The levels drawn will be drawn using the same rules every single day, without human bias or discretion.
Williams Fractals: This fractal pattern is based upon a specific candlestick pattern sequence. For a bullish Williams fractal, you will see X number of falling candles, followed by X number of rising candles. The candle at the fulcrum (bottom or top of the fractal structure) is where the fractal will print. a bearish fractal will be the inverse of this pattern. Note that this is a lagging indicator as it takes X candles after the fulcrum candle for the fractal pattern to complete. In most common cases, the value of X is 2 (2 falling candles, the fulcrum candle, and 2 rising candles) for a total of 5 candles to complete the fractal pattern. You can find more information in this article, which describes this type of fractal: www.investopedia.com
Fractal Wyckoff Accumulation/Distribution: The Wyckoff Method is used by investors and traders to determine market trends, select investments, and time the placement of trades. It can help them identify the times at which big players are accumulating (or distributing) positions in a security. Fractal Wyckoff accumulation/distribution refers to watching the process occur on a lower timeframe, from a higher timeframe. For more information on the Wycoff Theory, you can see this article: www.investopedia.com
Now that we've covered some terms and definitions, let's cover the 4 major components included in this indicator.
ICT NY Midnight/NY Open (08:30 NY time):
The first piece of the indicator being displayed here is the ICT midnight and 8:30am NY price lines. These lines can be used as non-discretionary levels, or as intra-day premium/discount as part of a fair-pricing model.
DR/IDR:
Initially developed by TheMas7er, DR stands for defining range, and it highlights a range during high volume periods of the day that can act as non-discretionary levels, with very high historical accuracy.
Williams Fractals
Williams Fractals denote fractal market structure, and can be used to mechanically create ranges and view potential liquidity pools in a similar manner to using pivot points.
Triple M:
This tool highlights wicks that represent fractal Wyckoff accumulation and distribution. This pattern can be used an a potential entry trigger when paired with other confluences.
And now that we've covered the core concepts/definitions and an overview of each major component of this indicator, it's time to bring everything together by giving an example of how these tools can be used to define a strategy.
Before NYSE open, turn on the price lines to get a sense of whether price is in the premium or discount of the daily fair-pricing model.
Once NYSE market opens, wait for DR/IDR to establish and break its range.
If the bias from DR/IDR aligns with the fair pricing model from the ICT price lines, you could look for a fractal Wyckoff entry during a retracement.
Disclaimer: This strategy is provided purely as an example and has not been tested by us. Please do your own due diligence by thoroughly backtesting and forward-testing on a demo account befor using any proposed strategy live market with real money!
Important! To utilize all features of this indicator fully, please select "Bring to front" under the visual order menu.
TwV Dynamic Multi-Timeframe Supports and ResistancesDynamic Multi-timeframe Supports and Resistances
This indicator is designed to be able to get used in combination with others that can lead to a potential help for trading.
The indicator uses colors such us light blue, dark blue, light red and dark red. Light blue and light red to indicate whether we are looking at a support or resistance for the multi-timeframe and dark blue and dark red to indicate whether we are looking at a support or resistance for the current chart’s timeframe.
The indicator is multi-timeframe because the trader can configure within the menu a background timeframe, which plots new supports and resistances according to the timeframe selected. Therefore, traders can use daily or 4H supports and resistances in a 1H graph or lower. (Just as an example)
The Supports' and Resistances' for the different timeframes are clearly identified with a label at the specific candle where they are coming from.
Most Supports & Resistances indicators need to be adjusted to a FIXED LOOKBACK PERIOD , I made an improvement and different by giving the indicator the ability to identify the bars that are being LOOK AT IN THE SCREEN , this really gives traders the possibility and agility to identify potential support and resistance areas without the need to be changing any settings on the indicator. Just change the Fixed/Dynamic setting indicator to start using this great functionality.
Fundamentals
Support and resistance are two foundational concepts in technical analysis. Understanding what these terms mean and their practical application is essential to correctly reading price charts.
Prices move because of supply and demand. When demand is greater than supply, prices rise. When supply is greater than demand, prices fall. Sometimes, prices will move sideways as both supply and demand are in equilibrium.
Like many concepts in technical analysis, the explanation and rationale behind technical concepts are relatively easy, but mastery in their application often takes years of practice.
Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend.
Support occurs where a downtrend is expected to pause due to a concentration of demand.
Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply.
Support and resistance areas can be identified on charts using trendlines and moving averages.
Summary Panel
This panel allows the trader to have a summary of the values of the supports and resistances. It has the following characteristics:
Can be placed anywhere in the chart.
Its size can be modified to fit any type of screens including mobile
The summary box the high and low prices for the supports and resistances.
Script’s Basics
The idea behind the script is to find out Long-term levels are used to help predict large price reversals marking the start and completion of price movements on longer timelines such as the daily or weekly charts, to achieve this the script uses K-Means clustering to identify long-term support and resistance levels.
K-means clustering is one of the most popular algorithms, the objective of K-means is to group similar data points together and discover underlying patterns. To achieve this objective, K-means looks for a fixed number (k) of clusters in a dataset.
A cluster refers to a collection of data points aggregated together because of certain similarities. For this, a target number k has to be defined, which refers to the number of centroids it is needed in the dataset.
Every data point is allocated to each of the clusters through reducing the in-cluster sum of squares.
In other words, it identifies the k number of centroids and then allocates every data point to the nearest cluster, while keeping the centroids as small as possible.
ICT Silver Bullet [LuxAlgo]The ICT Silver Bullet indicator is inspired from the lectures of "The Inner Circle Trader" (ICT) and highlights the Silver Bullet (SB) window which is a specific 1-hour interval where a Fair Value Gap (FVG) pattern can be formed.
When a FVG is formed during the Silver Bullet window, Support & Resistance lines will be drawn at the end of the SB session.
There are 3 different Silver Bullet windows (New York local time):
The London Open Silver Bullet (3 AM — 4 AM ~ 03:00 — 04:00)
The AM Session Silver Bullet (10 AM — 11 AM ~ 10:00 — 11:00)
The PM Session Silver Bullet (2 PM — 3 PM ~ 14:00 — 15:00)
🔶 USAGE
The ICT Silver Bullet indicator aims to provide users a comprehensive display as similar as possible to how anyone would manually draw the concept on their charts.
It's important to use anything below the 15-minute timeframe to ensure proper setups can display. In this section, we are purely using the 3-minute timeframe.
In the image below, we can see a bullish setup whereas a FVG was successfully retested during the Silver Bullet session. This was then followed by a move upwards to liquidity as our target.
Alternatively, you can also see below a bearish setup utilizing the ICT Silver Bullet indicator outlined.
At this moment, the indicator has removed all other FVGs within the Silver Bullet session & has confirmed this FVG as the retested one.
There is also a support level marked below to be used as a liquidity target as per the ICT Silver Bullet concept suggests.
In the below chart we can see 4 separate consecutive examples of bullish & bearish setups on the 3-minute chart.
🔶 CONCEPTS
This technique can visualize potential support/resistance lines, which can be used as targets.
The script contains 2 main components:
• forming of a Fair Value Gap (FVG)
• drawing support/resistance (S/R) lines
🔹 Forming of FVG
1 basic principle: when a FVG at the end of the SB session is not retraced, it will be made invisible.
Dependable on the settings, different FVG's will be shown.
• 'All FVG': all FVG's are shown, regardless the trend
• 'Only FVG's in the same direction of trend': Only FVG's are shown that are similar to the trend at that moment (trend can be visualized by enabling ' Show ' -> ' Trend ')
-> only bearish FVG when the trend is bearish vs. bullish FVG when trend is bullish
• 'strict': Besides being similar to the trend, only FVG's are shown when the closing price at the end of the SB session is:
– below the top of the FVG box (bearish FVG)
– above bottom of the FVG box (bullish FVG)
• 'super-strict': Besides being similar to the trend, only FVG's are shown when the FVG box is NOT broken
in the opposite direction AND the closing price at the end of the SB session is:
– below bottom of the FVG box (bearish FVG)
– above the top of the FVG box (bullish FVG)
' Super-Strict ' mode resembles ICT lectures the most.
🔹 Drawing support/resistance lines
When the SB session has ended, the script draws potential support/resistance lines, again, dependable on the settings.
• Previous session (any): S/R lines are fetched between current and previous session.
For example, when current session is ' AM SB Session (10 AM — 11 AM) ', then previous session is
' London Open SB (3 AM — 4 AM) ', S/R lines between these 2 sessions alone will be included.
• Previous session (similar): S/R lines are fetched between current and previous - similar - session.
For example, when current session is ' London Open SB (3 AM — 4 AM)' , only S/R lines between
current session and previous ' London Open SB (3 AM — 4 AM) ' session are included.
When a new session starts, S/R lines will be removed, except when enabling ' Keep lines (only in strict mode) '
This is not possible in ' All FVG ' or ' Only FVG's in the same direction of trend ' mode, since the chart would be cluttered.
Note that in ' All FVG ' or ' Only FVG's in the same direction of trend ' mode, both, Support/Resistance lines will be shown,
while in Strict/Super-Strict mode:
• only Support lines will be shown if a bearish FVG appears
• only Resistance lines if a bullish FVG is shown
The lines will still be drawn the the end of the SB session, when a valid FVG appears,
but the S/R lines will remain visible and keep being updated until price reaches that line.
This publication contains a "Minimum Trade Framework (mTFW)", which represents the best-case expected price delivery, this is not your actual trade entry - exit range.
• 40 ticks for index futures or indices
• 15 pips for Forex pairs.
When on ' Strict/Super-Strict ' mode, only S/R lines will be shown which are:
• higher than the lowest FVG bottom + mTFW, in a bullish scenario
• lower than the highest FVG bottom - mTFW, in a bearish scenario
When on ' All FVG/Only FVG's in the same direction of trend ' mode, or on non-Forex/Futures/Indices symbols, S/R needs to be higher/lower than SB session high/low.
🔶 SETTINGS
(Check CONCEPTS for deeper insights and explanation)
🔹 Swing settings (left): Sets the length, which will set the lookback period/sensitivity of the Zigzag patterns (which directs the trend)
🔹 Silver Bullet Session; Show SB session: show lines and labels of SB session
Labels can be disabled separately in the ' Style ' section, color is set at the ' Inputs ' section.
🔹 FVG
– Mode
• All FVG
• Only FVG's in the same direction of trend
• Strict
• Super-Strict
– Colors
– Extend: extend till last bar of SB session
🔹 Targets – support/resistance lines
– Previous session (any): S/R lines fetched between current and previous SB session
– Previous session (similar): S/R lines fetched between current and previous similar SB session
– Colors
– Keep lines (only in strict mode)
🔹 Show
– MSS ~ Session: Show Market Structure Shift , only when this happens during a SB session
– Trend: Show trend (Zigzag, colored ~ trend)
Developing Market Profile / TPO [Honestcowboy]The Developing Market Profile Indicator aims to broaden the horizon of Market Profile / TPO research and trading. While standard Market Profiles aim is to show where PRICE is in relation to TIME on a previous session (usually a day). Developing Market Profile will change bar by bar and display PRICE in relation to TIME for a user specified number of past bars.
What is a market profile?
"Market Profile is an intra-day charting technique (price vertical, time/activity horizontal) devised by J. Peter Steidlmayer. Steidlmayer was seeking a way to determine and to evaluate market value as it developed in the day time frame. The concept was to display price on a vertical axis against time on the horizontal, and the ensuing graphic generally is a bell shape--fatter at the middle prices, with activity trailing off and volume diminished at the extreme higher and lower prices."
For education on market profiles I recommend you search the net and study some profitable traders who use it.
Key Differences
Does not have a value area but distinguishes each column in relation to the biggest column in percentage terms.
Updates bar by bar
Does not take sessions into account
Shows historical values for each bar
While there is an entire education system build around Market Profiles they usually focus on a daily profile and in some cases how the value area develops during the day (there are indicators showing the developing value area).
The idea of trading based on a developing value area is what inspired me to build the Developing Market Profile.
🟦 CALCULATION
Think of this Developing Market Profile the same way as you would think of a moving average. On each bar it will lookback 200 bars (or as user specified) and calculate a Market Profile from those bars (range).
🔹Market Profile gets calculated using these steps:
Get the highest high and lowest low of the price range.
Separate that range into user specified amount of price zones (all spaced evenly)
Loop through the ranges bars and on each bar check in which price zones price was, then add +1 to the zones price was in (we do this using the OccurenceArray)
After it looped through all bars in the range it will draw columns for each price zone (using boxes) and make them as wide as the OccurenceArray dictates in number of bars
🔹Coloring each column:
The script will find the biggest column in the Profile and use that as a reference for all other columns. It will then decide for each column individually how big it is in % compared to the biggest column. It will use that percentage to decide which color to give it, top 20% will be red, top 40% purple, top 60% blue, top 80% green and all the rest yellow. The user is able to adjust these numbers for further customisation.
The historical display of the profiles uses plotchar() and will not only use the color of the column at that time but the % rating will also decide transparancy for further detail when analysing how the profiles developed over time. Each of those historical profiles is calculated using its own 200 past bars. This makes the script very heavy and that is why it includes optimisation settings, more info below.
🟦 USAGE
My general idea of the markets is that they are ever changing and that in studying that changing behaviour a good trader is able to distinguish new behaviour from old behaviour and adapt his approach before losing traders "weak hands" do.
A Market Profile can visually show a trader what kind of market environment we currently are in. In training this visual feedback helps traders remember past market environments and how the market behaved during these times.
Use the history shown using plotchars in colors to get an idea of how the Market Profile looked at each bar of the chart.
This history will help in studying how price moves at different stages of the Market Profile development.
I'm in no way an expert in trading Market Profiles so take this information with a grain of salt. Below an idea of how I would trade using this indicator:
🟦 SETTINGS
🔹MARKET PROFILING
Lookback: The amount of bars the Market Profile will look in the past to calculate where price has been the most in that range
Resolution: This is the amount of columns the Market Profile will have. These columns are calculated using the highest and lowest point price has been for the lookback period
Resolution is limited to a maximum of 32 because of pinescript plotting limits (64). Each plotchar() because of using variable colors takes up 2 of these slots
🔹VISUAL SETTINGS
Profile Distance From Chart: The amount of bars the market profile will be offset from the current bar
Border width (MP): The line thickness of the Market Profile column borders
Character: This is the character the history will use to show past profiles, default is a square.
Color theme: You can pick 5 colors from biggest column of the Profile to smallest column of the profile.
Numbers: these are for % to decide column color. So on default top 20% will be red, top 40% purple... Always use these in descending order
Show Market Profile: This setting will enable/disable the current Market Profile (columns on right side of current bar)
Show Profile History: This setting will enable/disable the Profile History which are the colored characters you see on each bar
🔹OPTIMISATION AND DEBUGGING
Calculate from here: The Market Profile will only start to calculate bar by bar from this point. Setting is needed to optimise loading time and quite frankly without it the script would probably exceed tradingview loading time limits.
Min Size: This setting is there to avoid visual bugs in the script. Scaling the chart there can be issues where the Market Profile extends all the way to 0. To avoid this use a minimum size bigger than the bugged bottom box
RSI Chart LevelsThe RSI Chart Levels shows you in a simple way where Support/Resistance might be. You want to make sure all settings are the same in the RSI that you are using with this overlay to be accurate.
This is also good at spotting divergence in real-time. If price goes over the Higher High but the RSI hasn't gained a new Higher High it is showing divergence, vice versa for Lower Low.
This overlay was created with the idea of RSI Divergence Scanner by zdmre indicator. Add his RSI and match the settings to the chart overlay. The default Zigzag is set to 7 which zdmre settings is different so change to whatever you prefer.
Shoutout to zdmre original work!
Predictive Ranges [LuxAlgo]The Predictive Ranges indicator aims to efficiently predict future trading ranges in real-time, providing multiple effective support & resistance levels as well as indications of the current trend direction.
Predictive Ranges was a premium feature originally released by LuxAlgo in 2020.
The feature was discontinued & made legacy, however, due to its popularity and reproduction attempts, we deemed it necessary to release it open source to the community.
🔶 USAGE
The primary purpose of this indicator is to provide potential support & resistance levels on the chart by estimating future trading ranges.
When the price reaches one of the upper/lower levels of the Predictive Ranges we can expect the price to reverse.
If the price exits the predicted range, new levels are given in real-time & they do not repaint. Higher "Factor" values allow returning longer term and wider ranges less susceptible to be exited.
🔹 Estimating Trend Directions
Users are able to easily estimate trend directions by looking at the central levels of the predictive ranges, which represent an estimate of the price central tendency.
If this central level increases it means the price is up-trending, if it is decreasing price is down-trending.
🔶 SETTINGS
Length: ATR Length used for the indicator calculation. Higher values will tend to return ranges of equal width.
Factor: Control the ranges width. Higher values will return less frequent ranges, each having a higher width.
Timeframe: Indicator timeframe output.
Source: Input source of the indicator. It is recommended to use input sources on the same scale as the price.
Liquidity Sentiment Profile [LuxAlgo]The Liquidity Sentiment Profile is an advanced charting tool that measures by combining PRICE and VOLUME data over specified anchored periods and highlights within a sequence of profiles the distribution of the liquidity and the market sentiment at specific price levels.
The Liquidity Sentiment Profile allows traders to reveal significant price levels, dominant market sentiment, support and resistance levels, supply and demand zones, liquidity availability levels, liquidity gaps, consolidation zones, and more based on price and volume data.
Liquidity refers to the availability of orders at specific price levels in the market, allowing transactions to occur smoothly.
🔶 USAGE
A Liquidity Sentiment Profile is a combination of a liquidity and a sentiment profile, where the right part of the profile displays the distribution of the traded activity at different price levels and the left part displays the market sentiment at those price levels.
The Liquidity Sentiment Profiles are visualized with different colors, where each color has a different meaning.
The Liquidity Sentiment Profiles aim to present Value Areas based on the significance of price levels, thus allowing users to identify value areas that can be formed more than once within the range of a single profile.
Level of Significance Line - displays the changes in the price levels with the highest traded activity (developing POC)
🔶 SETTINGS
The script takes into account user-defined parameters and plots the profiles, where detailed usage for each user-defined input parameter in indicator settings is provided with the related input's tooltip.
🔹 Liquidity Sentiment Profiles
Anchor Period: The indicator resolution is set by the input of the Anchor Period, the default option is AUTO.
🔹 Liquidity Profile Settings
Liquidity Profile: Toggles the visibility of the Liquidity Profiles
High Traded Nodes: Threshold and Color option for High Traded Nodes
Average Traded Nodes: Color option for Average Traded Nodes
Low Traded Nodes: Threshold and Color option for Low Traded Nodes
🔹 Sentiment Profile Settings
Sentiment Profile: Toggles the visibility of the Sentiment Profiles
Bullish Nodes: Color option for Bullish Nodes
Bearish Nodes: Color option for Bearish Nodes
🔹 Other Settings
Level of Significance: Toggles the visibility of the Level of Significance Line
Profile Price Levels: Toggles the visibility of the Profile Price Levels
Number of Rows: Specify how many rows each profile histogram will have. Caution, having it set to high values will quickly hit Pine Script™ drawing objects limit and fewer historical profiles will be displayed
Profile Width %: Alters the width of the rows in the histogram, relative to the profile length
Profile Range Background Fill: Toggles the visibility of the Profiles Range
🔶 LIMITATIONS
The amount of drawing objects that can be used is limited, as such using a high number of rows can display fewer historical profiles and occasionally incomplete profiles.
🔶 RELATED SCRIPTS
🔹 Buyside-Sellside-Liquidity
🔹 ICT-Concepts
🔹 Swing-Volume-Profiles
Dynamic Trailing Support & ResistanceDynamic Trailing Support & Resistance (DTSR) :
Hello Traders !!
DTSR is an objective dynamic support and resistance zone channel, Unlike subjective technical analysis DTSR finds S&R zones by calculating a range threshold within a given range over a specified lookback. FIB (Fibonacci) 38.2% and 61.8% retracement zones are also plotted for intermediate zones of resistance / support within the main resistance / support zones.
Plots
▾ <=> Close or high >= Trailing Resistance
▴ <=> Close or low <= Trailing Support
HH = The Highest High over the given Lookback period
LL = Lowest Low over the given Lookback period
Proximal Lines = The trailing S&R zones over the given lookback
Distal Lines = The HH or LL over the given lookback
DTSR Formula
note : This idea is not original to me, and was inspired by another creators work
Smooth Trail V1Please, enjoy your new game changing tradingview indicator, may I present you: the Smooth Trail (first version).
The Smooth Trail is an indicator that works just like a super trend, but it has a completely different usage and potential.
The super trend works following the price and displaying a line that uses the ATR to determine how far it has to be from the actual price, and many new trader like to use the indicator thanks to his easy readability and the buy sell signals that it shows, unfortunately this is not the best usage of the indicator and it often leads to lose money on the markets.
The main characteristics that this indicator has is that, not like the normal super trend, it follow the trend the better adapting itself in the retracement phases.
The second feature that dictate the best usage of this indicator, is that it shows a zone in which to buy or sell to have the best risk to reward ratio.
The indicator also works as dynamic level of support and resistance and can be used the best for trend following strategies to maximize the profits.
The first input, the multiplier, is used to determine how many times the ATR has to be added or subtracted in order to plot the indicator.
The second input, the length, is used to determine how many candle the indicator and the ATR have to consider for the calculation.
The third and last input, the zone width, is used to calculate the width of the zone displayed by the indicator, and is the factor that will be multiplied to the ATR, this means that if you leave the settings as default, the zone will be 1 ATR or 34 candle width.
This indicator is great to use in confluence with other indicator or with various candlestick pattern.
Yearly High & LowThe "Yearly High & Low" indicator shows the yearly high and low prices on the chart, providing you with key price levels for each year. It helps you identify significant price ranges and potential support and resistance areas.
Features:
Start Year and End Year: Define the starting and ending years to display the highs and lows within a specific period.
Show Highs and Lows: Toggle the visibility of the yearly high and low lines to focus on specific price levels.
Show Price: Display the price alongside the yearly high and low labels for precise price level identification.
High Colour and Low Colour: Customise the colour of the yearly high and low lines to match your chart preferences.
Supply and Demand Daily [LuxAlgo]The Supply and Demand Daily indicator displays daily supply and demand areas on the user's chart. These areas are constructed using the market data within a previous daily interval.
This script makes use of the same logic as our previous Supply and Demand Visible Range indicator .
🔶 USAGE
The supply/demand areas & levels displayed by the indicator aim to provide potential support/resistance levels for users. Supply areas highlight where buyers are willing to exit the market and sell the asset, thus providing resistance and potentially causing prices to reverse or bounce back downwards, while demand areas highlights where buyers were willing to purchase the asset, thus providing support and potentially causing prices to reverse or bounce back upwards.
Historical areas allow the user to study the evolution of supply/demand from one day to another. Wider areas highlight prices avoiding reverting to this area, while thinner areas highlight prices returning more frequently to them.
Trends can be determined by looking at the price position relative to the previous day's supply/demand areas. Price breaking down from the demand zone is indicative of a downtrend, while price breaking above the supply zone is indicative of an uptrend.
Pullback/throwback scenarios can also be common using this indicator.
🔶 SETTINGS
Threshold %: Percentage of the total visible range volume used as a threshold to set supply/demand areas. Higher values return wider areas.
Resolution: Determines the number of bins used to find each area. Higher values will return more precise results.
Intra-bar TF: Timeframe used to obtain intra-bar data.
🔶 RELATED SCRIPTS
Range H/L Buy and Sell SignalThe "Range H/L Buy and Sell Signal" indicator is designed to identify potential buy and sell signals based on a specified price range and market volatility. This indicator can be used in the TradingView platform to assist traders in making informed decisions.
The indicator allows customization of several parameters to adapt to different trading strategies. These parameters include the start and end times for the price range, the volatility threshold, and the desired breakout conditions.
To begin, the indicator calculates the range start and end timestamps based on the provided hours and minutes. This defines the time period within which the indicator will analyze price movements.
Next, the indicator determines the highest high (High) and lowest low (Low) within the specified price range. These levels represent the upper and lower boundaries of the range and act as potential breakout points.
Volatility is also taken into account to filter out false signals. The indicator calculates the true range and the average true range over a period of 14 bars. The true range measures the price range from the current high to low, while the average true range provides an indication of market volatility.
Based on the breakout conditions and the volatility threshold, buy and sell signals are generated. A buy signal occurs when the closing price crosses above the High and the true range is greater than the volatility threshold multiplied by the average true range. Conversely, a sell signal is triggered when the closing price crosses below the Low and the true range exceeds the volatility threshold multiplied by the average true range.
The indicator visually displays the High and Low levels as plotted lines on the chart. Additionally, it marks the buy signals with green labels labeled "BUY" below the corresponding bars and the sell signals with red labels labeled "SELL" above the bars.
It is important to note that this indicator should be used in conjunction with other technical analysis tools and indicators for comprehensive market analysis. Trading always carries risks, and it is crucial to exercise caution and conduct thorough analysis before making any trading decisions.
Divergent Trades LLC:
Disclaimer: The information provided by the Divergent Trades LLC indicator is for educational and informational purposes only. It should not be considered financial advice or a recommendation to buy, sell, or trade any financial instrument. Divergent Trades LLC is not responsible for any losses incurred as a result of using this indicator. Trading in the financial markets carries a high level of risk and may not be suitable for all investors. Before making any investment decisions, please consult with a financial advisor and do your own due diligence. Past performance is not indicative of future results. By using the Divergent Trades LLC indicator, you acknowledge that you have read and understand this disclaimer and agree to its terms and conditions.
