TanHef Ranks

26 de jan. de 2024

TanHef Ranks: A numeric compass to market tops and bottoms.

█ Simple Explanation:
This indicator is designed to signal 'buy low and sell high' opportunities through numerical rankings, where larger numbers represent stronger signals. These numbered rankings are negative for potential ‘buy’ opportunities and positive for possible ‘sell’ moments.

█ Understanding Numerical Rankings:
The numerical rankings (from +18 to -18) identify and take advantage of market tendencies of prices reverting back to their historical average, also known as mean reversion. It operates on a simple principle: smaller values signal a potential for short-term mean reversion, while larger values suggest a probable shift in both short and long-term mean reversion. These values are derived from a careful analysis of both short and long-term mean reversions, providing traders with a nuanced understanding of market movements.

█ Analyzing Numeric Ranking Extremes:
The historical occurrences of numeric rankings are recorded into a table to help identify the previous extreme rankings (for example anything -10/+10 is considered extreme), which historically signal key turning points in market movements. The previously extreme rankings offer insights into potential end-of trend scenarios or trend reversals, thereby attempting to make high-probability trading decisions.

█ Risk Management Integration:
This indicator combined with disciplined risk management, offers a more secure trading approach. Applying a stop-loss near lows after entries on the oversold side (negative rankings) protects from large losses. Additionally, once prices reach overbought territories (positive rankings) applying a tight stop-loss helps to lock in profits while continuing exposure to the aggressive upwards momentum.

█ Calculation Methodology:
The indicator evaluates market momentum by analyzing upward and downward movements. It does this by referencing the 10 'length' input parameters, where 'length' refers to the number of price bars referenced. Each 'length' increases in value to analyze trends from short to long-term. A numerical rank is given when these trends align, with higher ranks requiring agreement across both short and longer-term lengths. This alignment across different time periods helps to ensure the indicator's signals are robust.

█ Indicator Stability (No Repainting):
When a price bar closes, its associated ranking is fixed and remains unchanged (some other indicators repaint, which means signals can change after a bar closes). While a price bar is open, its numeric ranking may increase in absolute value but never decrease towards zero, ensuring further stability. This stability and consistency is crucial for reliable back-testing and real-time analysis. Notably, in the highly improbable scenario where a ranking may exhibit both a positive and negative value simultaneously during extreme volatility, both the positive and negative numeric ranking is displayed.

█ Practical Application:

• Pro Tip: Use at a minimum -4/+4 rank as potential basic buy/sell signals. Higher absolute numeric rankings are ideal as they indicate stronger reversal potential due to higher rankings identifying longer period reversals.
  
• Entry Scenario: Refer to the chart below. The -9 ranking (3 occurrences in the table) indicates potential oversold conditions, suggesting a buy. Add a stop-loss near recent lows to protect against losses.
  
• Exit Scenario: Refer to the chart below. The +7 ranking (6 occurrences in the table) indicates potential overbought conditions, suggesting a sell. Place a stop-loss to protect profits and remain exposed to further gains.
  

https://www.tradingview.com/x/Zkf66of4/

█ Indicator Settings:

• Additional Timeframe: Allows users to include an extra timeframe's data in the analysis for more nuanced insights.
  
• Lengths: Defines the periods over which the indicator calculates its rankings, affecting the sensitivity and time horizon of the signals.
  
• Max Number Calculated: Sets the upper limit for the numerical rankings the indicator can output, tuning the extremity of the signals it identifies. (Reducing improves indicator load time)
  
• Visual Styling (Current Timeframe): Customizes the appearance of the indicator's output on the chart for the selected timeframe, enhancing visibility and readability.
  
• Table Settings: Adjusts the display properties of the table that lists numerical rankings, including its visibility, location, and size on the chart.
  
• Indicator Display Type: Selects the mode in which the indicator presents its data, either overlaying the main chart or in a separate pane as an oscillator.
  
• Alerts: Configures the conditions and frequency at which the indicator will trigger trading alerts, based on the numeric rankings and user-defined parameters.
  

https://www.tradingview.com/x/NxXuyje2/

█ How To Access:
You can see the Author's Instructions below to get access.

27 de abr. de 2024

Notas de Lançamento

Added a new default display option for rank occurrences, utilizing a label with a tabulated table for enhanced visualization.

Added an alert option requiring ranks to exceed the previous bar's absolute value.

Added a transparent (invisible) plot usable as a single external indicator source, representing the larger absolute value between overbought and oversold ranks, or zero for absolute equivalents.
Other plots remain unchanged and visible to accommodate the rare occurrence of simultaneous overbought and oversold ranks.

Enhancements have been made to prevent loading errors.

15 de ago. de 2024

Notas de Lançamento

Added the ability to highlight specific levels using a variety of text symbols on both the indicator (oscillator) and price bars (overlay).

Implemented enhancements to prevent loading errors when using higher timeframes for the additional timeframe.

Significantly improved the overall indicator's loading time, especially when no additional timeframe is selected.

17 de jan.

Notas de Lançamento

Highlight Levels: Added # option to plot rank values and an 'Extreme' minimum option to highlight ranks only exceeding prior extremes.

Pine Screener: Improved compatibility with this new TradingView feature for seamless screening.

Settings: Consolidated for reduced scrolling.

Notas de Lançamento

-Default Highlight/Alert Modified: Default setting for 'Min' = 'Extreme' ranks (previously #4). While #4 ranks still work well, the most reliable tops and bottoms tend to occur at absolute Extremes, therefore they are highlighted automatically now.
-Extreme Alerts: Now supports alerts for most Extreme ranks. When 'Min' is set to 'Extreme', it references the extreme value at alert creation, as an alert becomes older it may point to values only visible via Bar Replay. Modifying or pausing/resuming an alert should update it from the previous extreme to the current visible Extreme. You can also now alert/highlight near-extreme levels (up to 3 steps below) to spot near extreme levels.
-Settings Cleanup: Alerts and Highlights sections are now combined, reducing input clutter.
-Renamed: 'Additional Timeframe' is now called 'Multi-Timeframe (MTF)'.
-Simplified Alerts: Checkboxes removed — alerts now trigger based on whether a min value's dropdown menu is set or blank (alert does need to be created).
-Unified Frequency Input: One alert frequency input now controls all alert types.
-Occurrences Table: Can now be shown on the main price chart (via settings dropdown menu), not just the indicator pane.

Notas de Lançamento

-Numbers on Price Chart: Removed from highlights/flags, now only shown when Display Type is set to 'Both' or 'Overlay'.
-Highlight Flags: Improved positioning on oscillator.
-Other: Minor visual improvements/fixes.