A is a indicator used to determine the overall trend of the market over different time frames. A is calculated based on the high, low, and closing prices of previous trading session/day and levels that are projected based on the calculation as well as type of the
All these levels help traders see where the price could experience support or resistance, these levels can be used by traders to determine entry and exit points, as well as define stop-losses.
This study's skeleton is inherited from Kris Waters' , also I kept the description of different definitions as in his study, thanks @kriswaters for granting permission. Also thanks to @Yashwanth45 who pointed out Kris Waters' study
What have changed and what is new
Firstly, removed security() function calls to get higher time frame price values and instead performed calculations within the study
Added ability to auto select the resolution thanks to Pine Wizard @LonesomeTheBlue, used defined resolution is also possible
Secondly, which is the exiting part for me, added calculations for the subsequent session/day, Subsequent Points
Unlike , which are static and remain at the same prices throughout the session/day, it is extremely important to note that subsequent will be changing till the time the higher time frame price change is completed and by the time the study will be presenting probable subsequent , calculated based on current price values for the subsequent session/day
Finally, the study is enriched with some custom interpreted indicators (as listed below) with the aim to increase the ability to interpret and subsequent points.
A label is included to present some important values, comparisons of the indicators introduced as add on and as well as when hovered over the label numerical values of will be observed
Pivot Point included within this study
The are the most basic and popular type of . The is interpreted as the primary level - the point at which the main trend is determined. First-third level resistance and support points serve as additional indicators of possible trend reversal or continuation.
Woodie's are similar to , the difference being is that more weight is given to the Close price of the previous period.
Camarilla are a set of eight very probable levels which resemble values for a current trend. The most important is that these work for all traders and help in setting the right stop-loss and profit-target orders.
Tom DeMark's Points:
Another popular method of calculating the to forecast the future of the trend is Tom DeMark's , which are not exactly, but are the predicted lows and highs of the period.
Fibonacci levels are determined by first calculating the . Next, multiply the previous day's range with its corresponding Fibonacci level. Most traders use the 38.2%, 61.8% and 100% retracements in their calculations. Finally, add or subtract the figures you get to the and you've got your Fibonacci levels!
The only difference with Fibonacci is that Swing assumes day open as floor level and levels calculated the same way
1-ADX Colored Line
(DMI) (created by J. Welles Wilder ) consists of the ( ), to define whether or not there is a trend present, and (+D I) and (-D I) serve the purpose of determining trend direction
Colored Line is custom interpretation of (DMI) with aim to present all 3 DMI indicator components with SINGLE line and ability to be added on top of the price chart (main chart)
How to interpret :
* triangle shapes:
▲- : diplus >= diminus
▼- : diplus < diminus
green - : >= strongTrend and di+ > di-
red - : >= strongTrend and di+ < di-
gray - no trend : weekTrend < < strongTrend
yellow - week trend : < weekTrend
* color density:
darker : growing
lighter : falling
2- Colored Price/MA Line
Custom interpretation of the idea “Prices high above the moving average (MA) or low below it are likely to be remedied in the future by a reverse price movement”. Further details can be found under study “Price Distance to its MA by DGT”
How to interpret :
-▲ – , Price Action above Moving Average
-▼ – , Price Action below Moving Average
-Gray/Black - Low
-Green/Red – Price Action in Threshold Bands
-Dark Green/Red – Price Action Exceeds Threshold Bands
3- Weighted Bars
Volume Weighted Bars, a study of Kıvanç Özbilgiç, aims to present whether supports price movements. Weighted Bars are calculated based on moving average.
How to interpret :
-Volume high above the moving average be displayed with darker red/green colors
-Average values will remain as they are and
-Volume low below the moving average will be indicated with lighter colors
note : please be aware that this functionality is subject to re-paint whereas it does not affect the main idea of this study,
The , developed by Goichi Hosoda and published in the late 1960s, is a collection of technical indicators that give it a unique capacity to show levels, momentum and trend direction. The overall trend is up when price is above the cloud, known as Kumo Cloud, down when price is below the Kumo Cloud, and trendless or transitioning when price is in the Kumo Cloud
Traders often use the Kumo Cloud as an area of depending on the relative location of the price. The Kumo Cloud provides levels that can be projected into the future. This sets the apart from many other technical indicators that only provide levels for the current date and time
Crossovers, also known as TK Cross among traders, are another way the indicator can be used
the standard deviation is a measure of the amount of variation or dispersion of a set of values. A low standard deviation indicates that the values tend to be close to the mean (also called the expected value) of the set, while a high standard deviation indicates that the values are spread out over a wider range
the 68–95–99.7 rule, also known as the empirical rule, is a shorthand used to remember the percentage of values that lie within a band around the mean. more precisely, 68.27%, 95.45% and 99.73% of the values lie within one, two and three standard deviations of the mean, respectively
All the above are the basics of the Bollinger Bands, where build-in BB displays the area of two standard deviations of the mean.
This update will display all three areas
1- From mean to one standard deviations of the mean, background no color filled
2- Area between one and two standard deviations of the mean, background colored
3- Area between two and three standard deviations of the mean, background colored with different color
* code completely reworked by introducing arrays especially with recently added new array types (with this case array.new_line and array.new_string)
⮩ @TradingView thanks a lot for continuous feature updates and additions, makes coding even easier as well as increases script preformances 🙏
* added previous high and low levels as well as projected ones
* Logistic EMA (LEMA) added as another add-on :
future plan is to enrich statistical pannel similar to
* added most commonly used oscilator evualtion results - RSI, STOCH and MACD
* added Fear & Greed index value, this is custom interpretaion of mine using technical anlysis approach calculated based on :
⮩1 - Price Momentum : Price Distance to its Moving Average
⮩2 - Strenght : Rate of Return, price movement over a period of time
⮩3 - Money Flow : Chaikin Money Flow, quantify changes in buying and selling pressure. CMF calculations is based on Accumulation/Distribution
⮩4 - Market Volatility : CBOE Volatility Index ( VIX ), the Volatility Index, or VIX , is a real-time market index that represents the market's expectation. It provides a measure of market risk and investors' sentiments
⮩5 -Safe Haven Demand: in this study GOLD demand is assumed
ps: Fear & Greed index presents only daily time frame calculation values regardless of the time frame the user is
finally a request from @MeTu2018, thnaks for the comment 🙏
* added ability to move panel
Central Pivot Range (CPR)
The fundamental idea behind this indicator is that the particular day’s trading range captures everything about the market sentiment, and hence this range can be used to predict the price movement of the following days
The previous day’s high, low, and close prices are used to calculate the CPR levels for the current day. And these levels remain constant throughout the day
Unlike traditional pivot points CPR consists of 3 levels, a central pivot point (pivot), top central level (TC), and bottom central level (BC)
How to use it for Trading?
Any breakout above or below the TC and BC lines respectively indicates a high probability that the movement will continue. And if the breakout candle has higher volume than the preceding candles, than it gives an extra confirmation
The width of the CPR lines very accurately gives an idea of the expected price movement. If CPR width is narrow, that is the distance between TC and BC lines of CPR is very low, then it indicates a trending market.
While if the distance between TC and BC lines is relatively higher it indicates sideways market.
CPR as Support and Resistance
CPR lines can also act as support and resistance. When used judiciously, it can help you decide your stop loss level. Any of the 3 CPR lines can be used for this purpose
Reference : tradingtuitions.com
sincerely thanks for your suggestion @Gunslinger2005 and @martinweb 🙏
a meter tool added to display the sentiment of the market
in its calculation its assumes Central Pivot Range and S/R lines of Pivot Point selected
Price action above CPR - neutral bullish,
Price action above CPR and R1 of Pivot Point selected - bullish,
Price action above CPR and R3 of Pivot Point selected - strong bullish,
same approach applied for bearins sentiment.
please be aware that indicators included in statistical panel are not taken into account they are available there for further confirmation
thanks a lot @rumpypumpydumpy for your inspiring idea 🙏
Made Previous HTF OHLC able to be plotted along with a selected Pivot
* Plotting will be from previous HTF
* Color : red if previous htf open is grater than close, and green otherwise
* updated Auto HFT selection, now when Monthly chart selected Yearly Pivots will be calculated
* bollinger band's lines added, fill background made optional
* NEW - added Range Meter : will display Low and High of the selected Higher Time Frame, pointer to Current Price
Happy New Year!
Special thanks to @Gunslinger2005 and @Rotzeod, experienced and expert pivot traders, for their highly valuable contributions
* Added ability of plotting Weekly and/or Monthly Pivot support & resistance Levels, which is a way to identify Pivot Confluence Zones
Daily pivot level acts as a support or resistance but has limited strength. Weekly pivot level has a better strength than daily pivot level in terms of acting as a support and resistance and the power increases as the pivot timeframe increases to monthly, quarterly and yearly. This is because at daily pivot the participants are short term traders only. In weekly pivots, the category of participants also include swing traders apart from short term traders and hence the impact on price is more prominent. In monthly pivots , you might as well have positional traders apart from swing traders and short term traders thereby the impact on price is even more prominent….. and so on and so forth
* Added ability to plot Historical Pivots, Interpreting overall trend through Pivots
* Added ATR to be displayed along with Range Meter
* Added Option to plot Volume Weighted Average Price (VWAP)
Now the Pivot S&R lines will extends all the way to where the higher time frame would end
To reduce the load, removed the tooltip from statistical panel where numerical values of Pivot S&R used to be presented
* instead of just ATR(length) value added ATR Range on top of the Higher Time Frame's Price Range Indicator
* statistical panel position limitation removed
* added build-in Linear Regression Indicator
added Pivot Support and Resistance Labels with their corresponding values in the tooltip. Thanks to Pine Team for their new array label addition
statistical panel made by default enabled
bollinger deviation bands made customizable by users,
added an additional 4th level
default settings made same as the BB study of the popular trader @WyckoffMode with suggestion of @sandyrindal. Thanks Sandy for the suggestion
This updates will add the option to be able to plot the Bollinger Bands by default with the length identified by the input "Plotting Length and Historical Pivots Length" and hence add the ability to identify Cycles Between Expansion and Contraction
More with regards to Bollinger Bands you are invited to check BB+ by DGT
Linear Regression Deviation Lines are colored green or red based on the slope
Ichimoku Kumo Cloud default display changed to extended
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.