[blackcat] L3 Top and Bottom Divine Judgment

há 3 dias

OVERVIEW

The "Top and Bottom Divine Judgment" indicator is designed to identify potential tops and bottoms in the market using a combination of EMAs, SMAs, and custom calculations based on high and low prices. It provides multiple lines and plots to help traders visualize different market conditions and potential turning points.

FEATURES

Customizable EMA and SMA periods for various calculations.

Identification of bullish and bearish trends using EMAs.

Detection of overbought and oversold conditions.

Multiple lines and histograms to indicate specific market conditions and potential reversals.

Visual alerts with colored lines and shapes.


HOW TO USE

Add the script to your TradingView chart.

Customize Settings:
Adjust the short_ema_period, long_ema_period, sma_period, high_period, low_period, and other period inputs in the "Inputs" section.

Bullish and Bearish EMAs:

bullish_ema (yellow) and bearish_ema (fuchsia) are plotted to assess the overall market trend.

When bullish_ema is above bearish_ema, it suggests an uptrend.

When bullish_ema is below bearish_ema, it suggests a downtrend.

High-Low Boundary Line:

A horizontal line at 50 (yellow) represents a midpoint in the normalized price range, helping to identify overbought or oversold conditions.

Danger and Caution, Sell Signal, etc.:

These lines indicate specific conditions where the market might be overextended or due for a reversal.

Histograms for CZS1 and CZS4:

These histograms (aqua and purple) represent changes in certain indicators, possibly related to momentum or volatility, helping traders gauge the strength of trends.

Support Line Cross:

A shape ("●") is plotted when the close price crosses above a calculated support line, which could be a buy signal.

Generate Trading Signals:

Bullish and Bearish Trends:

Use the crossover of bullish_ema and bearish_ema to identify potential trend changes.

Overbought/Oversold Conditions:

Use the High-Low Boundary Line to identify overbought or oversold levels.

Specific Market Conditions:

Use the lines for "Danger and Caution," "Sell Signal," "Weak Out Strong Stay," "Opportunity," "Low Suck," and "High Sell" to identify specific market conditions and potential reversals.

Support Line Cross:

Use the plotted shape to identify potential buy signals when the close price crosses above the support line.

Risk Management:

Use the indicator in conjunction with other tools and risk management strategies to confirm trading signals and manage positions effectively.


LIMITATIONS


The script is based on historical data and does not guarantee future performance.

It is recommended to use the script in conjunction with other analysis tools.

The effectiveness of the strategy may vary depending on the market conditions and asset being traded.

NOTES


The script is designed for educational purposes and should not be considered financial advice.

Users are encouraged to backtest the strategy on a demo account before applying it to live trades.

THANKS

Special thanks to the TradingView community for their support and feedback.