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LT Elliott Wave AddendumLT Elliott Wave Addendum Indicator: According to Elliott Wave Theory, price moves in 5 waves in the direction of the major trend and moves in 3 waves (ABC) when it moves against the major trend. The key purpose and value of elliott wave theory (EWT) is to provide context for chart analysis. According to the book The Elliott Wave Principle by Frost & Prechter: “This context provides both a basis for disciplined thinking and a perspective on the market's general position and outlook.” The benefit of having context is that one can identify and anticipate changes in direction. In Elliott Wave theory, waves 1, 3, 5 and C are impulse waves (a five wave pattern that makes progress) whereas waves 2, 4, A and B are corrective waves (a three wave pattern – or combination of three waves - that moves against the direction of the larger trend). Although wave A can also be formed of 5 waves, it is commonly formed of 3 waves. Here is a brief summary of the waves: Wave 3 tends to be the strongest and most dynamic wave – it is usually (but not always) the longest wave but it is never the shortest. Wave 4 is a corrective wave that is typically composed of 3 smaller waves (ABC) and is notorious for being messy and unpredictable in nature. Wave 5 is the final wave before a significant correction or reversal in trend and is often accompanied by divergences (e.g. negative divergences in an uptrend) and exhaustions in momentum. It is also possible for a wave 5 to form after a “blow-off top” pattern. Wave 2 is composed of 3 smaller waves (ABC) and is a retracement of wave 1 – the retracement can be shallow to moderate (23.6% to 38.2%) or deep (50%, 61.8% to 78.6%). Wave 1 is the first wave of a trend and is composed of 5 smaller waves – it usually occurs after divergences (in the prior move) and extremes in both sentiment and momentum. For example, the wave 1 of an uptrend can often begin after capitulation in the price (after a major decline), extremely pessimistic sentiment, extremely oversold momentum readings, positive divergences and sometimes accompanied by a volume breadth thrust. Waves A and C are often equal in measure. Wave A can be formed of either 5 waves or 3 waves - but more commonly it is composed of 3 waves. Wave B is always corrective and composed of 3 smaller waves. Wave C is a five wave impulse pattern. The Elliott Wave indicator (and elliott wave addendum) seeks to simplify elliott wave theory (EWT) in that its main purpose is to identify the potential major trends and corrections. The indicator takes a more simple and direct approach to EWT in that it focuses more on trying to identify whether price is trending or not and if so, the probable wave pattern. It does this by mainly using the structure of the price chart and sometimes other factors such as divergences, momentum and the relationship of price to its key averages. The indicator then takes its best guess at whether price is in a trending environment, and if so, which wave it is probably forming. The wave count can therefore depend on the chart timeframe chosen. For example, what may appear as a major downtrend on a lower timeframe chart may potentially be a corrective drop on a much higher timeframe, due to the different price structure of the charts. To keep things simple and to avoid complexity, the indicator does not display the minor sub-waves within the major waves (probably with the exception of wave 4). The main feature and benefit of the Elliott Wave indicator is that it can remove subjectivity in chart and wave analysis. It also for flexibility in that it allows the chartist to alter the wave count and the position of the wave counts if they choose to do so (within the parameters and rules set by the indicator). As with all of technical analysis, the wave counts shown by the elliott wave indicator are NOT certain – they are only a possibility or a probability. So the risk always exists of an alternative wave count. It is for the chartist to determine the probable wave counts and limit or control the risks based on their knowledge of technical analysis and risk management. The LT Elliott Wave addendum indicator is meant to be used in combination with the main LT Elliott Waves indicator, so in this sense they supplement each other. The settings of the LT Elliott Wave Addendum indicator (“EW addendum”) are fairly self-explanatory but here is a brief summary: The Elliott Wave indicator has options in the settings to change the positions of certain wave counts based on the structure of the chart. This is achieved by choosing the different major and minor structures based on the zigzag patterns of the chart. So the user can alter the positions of certain wave counts (if needed) by modifying the zigzag structure on the chart. The lookback period in the settings can be increased (or decreased) to include more data on the chart, when needed. In the majority of situations the lookback period can remain at the default setting of 200 bars – but the user can decide to take into account more (or less) data by changing the lookback period to 300 (or 100 if less data is required). In the elliott wave addendum indicator, the most recent probable ABC waves are shown in pink and the probable 123 wave counts are shown in dark blue. The position of the wave counts can be changed and modified to a reasonable degree in the settings. In certain circumstances where there are volatile conditions and charts, it is possible that the elliott wave addendum indicator may show an “unusual” wave count. For example, it is possible that the positions of certain wave counts (such as waves 1, 2, 3 and 5) may be in the “wrong” order. This happens rarely so it is not an issue that happens very often. However, if this issue occurs, the chartist can rectify the matter by first increasing the lookback period (e.g. to 300) to see if this resolves the issue. If it does not, then Alt9 “temporary wave shift” in the elliott wave addendum (EW addendum) can be enabled as this can usually resolve the issue and show the wave counts in a “proper” manner. Changing to a slightly lower timeframe can also usually resolve this issue. If Alt9 is enabled, care should be taken to unselect this option at a later date (as it is only a temporary solution). The aggressive wave count setting (called “Aggressive 123”) is mainly for the addendum of the elliott wave indicator (i.e. EW addendum). Enabling this option can often change the wave count from an ABC to a 123 provided this is permitted by the parameters of the indicator. For example, if the elliott wave addendum indicator is showing an ABC wave count, it may be possible to change this wave count to a 123 wave count by enabling the “Aggressive 123” setting in the indicator. The other option is to change the wave count at the very top of the settings (where it says “Change recent ABC to 123”). This option as well as others are included for further flexibility in the wave count. The user can also choose to enable the zigzags of the waves to be shown on the chart. This can display the minor and major wave structures and zigzags, if enabled. By default, it is set to off. It may also be a good idea to reset the settings of the indicators whenever a new chart or timeframe is chosen. This then refreshes the settings back to its default. It is important to appreciate that the elliott wave indicator generally requires between 1,500 to 2000 bars of data on the chart in order to display the wave counts adequately and appropriately. So if a chart or timeframe has less than the minimum number of historical data or bars on the chart, the wave counts may not display properly or not appear at all. Certain chart symbols and timeframes (such as the monthly timeframe) may have very limited amount of data on them. Therefore, the elliott wave indicator will likely not appear on these charts or may not display properly. In these situations, a different chart symbol or a lower timeframe with more data on it can be chosen. For example, instead of a monthly timeframe, a weekly or daily timeframe can be chosen. The Elliott Wave Addendum indicator (“EW Addendum”) displays the most recent and “immediate” probable wave counts – usually after a potential wave 3 or a wave 5 of the main elliott wave indicator (i.e. LT Elliott Waves). So in this sense the EW addendum is more short term in that it focuses on the most recent price action (e.g. after a wave 5) in what may be either a possible corrective pattern (ABC) or the development of a potential new trend (123). For example, let’s say the price has been trending up and we are seeing a probable wave 5 in the main elliott wave indicator (LT Elliott Waves), and then the price starts to reverse lower. The decline in price could either be an ABC correction or it may possibly be the beginning of a reversal or downtrend. The elliott wave addendum indicator (EW addendum) starts by showing the probable waves A, B and C of a correction (shown in pink). The EW addendum waits for the structure of the chart to develop before making its best guess at what may be an ABC pattern. However, if the price action begins to break support levels and the probability of a downward trend increases, then the wave count may change from ABC to 123 (shown in dark blue). The same principle can apply in the opposite direction: if the price has been trending down in a likely wave 5 and then suddenly price begins to reverse and move higher, at first we may see a potential ABC corrective pattern on the EW addendum indicator. However, if price continues to move up by a certain degree and break resistance levels the wave count may change on the EW addendum to a probable 123 uptrend. The reason for why the possible ABC wave count may change to a possible 123 trending wave count is because the elliott wave indicator is programmed to look for and identify potential trending patterns (as well as corrective patterns). In this sense, we are looking to simplify elliott wave theory by taking a more flexible and common-sense approach to the wave patterns. So if the price action has broken key levels of support or resistance, momentum is increasing and price is moving deliberately in a specific direction, it becomes more likely that price is in a trending environment (rather than just a correction). If the main elliott wave indicator (i.e. LT Elliott Waves) is showing a probable wave 3, and price begins to pullback or move in the opposite direction to the main trend of the wave 3, the EW addendum may be used to display the probable ABC wave counts. These ABC wave counts could be for the likely wave 4 correction. However, if price starts to break key support levels (e.g. after an uptrend) and then reverse lower in the opposite direction (to the mentioned wave 3), then it is likely that the main indicator will change the wave count from a wave 3 to a wave 5. This can indicate that the main uptrend may have probably ended and that we are in either a large correction or a trend reversal, as shown by the EW addendum. This example can also apply in reverse for downtrends (e.g. if price starts to break resistance levels and move higher after a downtrend). We have allowed for further flexibility in the main elliott wave indicator (LT Elliott Waves) – including the EW addendum – so that the user can change the wave counts from a 123 to ABC (or vice versa) if they choose to do so. For example, if the EW addendum is showing a probable 123 wave count (in dark blue), the chartist can choose to change the wave counts to an ABC wave count from within the settings. Please allow up to minute or more for the change to take place as it can sometimes take some time for the modification to take effect. The position of the wave counts (ABC or 123) can be changed as well to a reasonable degree. In the settings of the EW addendum the positions of the wave counts can be changed by applying Alt3 or by modifying the minor or major structure of the waves (or zigzags). There is also the option to modify or move the position of wave 2 (or Wave B) in Alt2 of the indicator. Please allow up to a minute or more for the change to take place as it can sometimes take some time for the modification to take effect. The EW addendum indicator also has the option to show a probable projection for wave 4 by enabling this in the settings. This does not mean that the price has to move in the direction of that “wave 4” projection, but it is merely a guide on the basis of probabilities. The chartist can apply other methods of chart analysis – such as trendline breaks, oscillators, regression channels, breaks of support/resistance – to determine when a probable wave 4 has likely completed. However, confirmation that the probable wave 4 has completed will not come until price has taken out the highs prior to the decline (i.e. the highs before the pullback in the probable “wave 4” correction). The same applies in reverse for a downtrend: confirmation that the probable wave 4 has completed will not come until price has taken out the lows prior to the rally (in a probable wave 4 correction). Here is a brief summary of the “aggressive 123” option in the EW addendum settings: the aggressive wave count setting is mainly for the EW addendum. Enabling this option can often change the wave count from an ABC to a 123 provided this is permitted by the parameters of the indicator. For example, if the elliott wave addendum indicator is showing an ABC wave count, it may be possible to change this wave count to a 123 wave count by enabling the “Aggressive 123” setting in the indicator. The other option is to change the wave count at the very top of the settings (where it says “Change recent ABC to 123”). This option as well as others are included for further flexibility in the wave count. It should be remembered that the appearance of the most recent wave counts (or wave labels) shown by the indicator, by themselves do NOT mean that the specific waves in question have definitely completed or finished. Nothing in chart analysis is certain or definite. The wave label itself is simply an indication that the most recent wave is probably still in progress, not necessarily that it has completed. Chartists can apply other technical analysis tools and methods (e.g. trend lines, support/resistance breaks, moving averages and regression channels etc.) to increase the probability of when a specific wave has probably completed. The same also applies to past or “completed” wave counts (or past wave labels): they do NOT mean that the specific waves have definitely completed or finished – it is merely a possibility or probability. So the risk always exists that the wave counts may potentially be wrong, and that an alternative wave count interpretation may exist. Price action, markets and their charts are non-linear and chaotic, which means that they are subject to uncertainty, variable change and being unpredictable in nature. So we must maintain a probabilistic mindset and attitude to technical analysis. Nothing is certain. Therefore, no wave count is certain or “set in stone”. Wave counts, just like the actions and emotions of human beings, are subject to change. Elliott Wave theory, just like all of technical analysis is about what is possible, what is probable and what the risks are of a particular outcome. The advantage of elliott wave theory, as explained previously, is about gaining an understanding of context and the likely big picture. The indicator is provided in good faith but we do not vouch for its accuracy. As mentioned previously, chartists should be aware of the probabilistic and uncertain nature of price action and the markets, and therefore prepare to limit and control any potential risks. The indicator can be used on the charts of the majority of markets (e.g. stocks, indices, ETFs, currencies, cryptocurrencies, precious metals, commodities etc.) and any timeframe. Nothing in this indicator, its signals or labels should be construed as a recommendation to buy or sell any market (e.g. stocks, securities, indices, ETFs, currencies, cryptocurrencies, metals, commodities etc.). The indicator is provided solely for educational purposes, to gain a better understanding of technical analysis and elliott wave theory. It should be noted that the degree of noise and randomness increases significantly on lower timeframes. So the lower the timeframe that is chosen (e.g. 15-min or lower) the greater the degree of noise and randomness and therefore the higher the frequency of false signals or whipsaws. The indicator can be applied to candlestick charts and bar charts. If you would like access, please send me a PM on Tradingview.
Indicador Pine Script®
por LeadingTrader
6
LT Elliott WavesLT Elliott Waves Indicator: According to Elliott Wave Theory, price moves in 5 waves in the direction of the major trend and moves in 3 waves (ABC) when it moves against the major trend. The key purpose and value of elliott wave theory (EWT) is to provide context for chart analysis. According to the book The Elliott Wave Principle by Frost & Prechter: “This context provides both a basis for disciplined thinking and a perspective on the market's general position and outlook.” The benefit of having context is that one can identify and anticipate changes in direction. In Elliott Wave theory, waves 1, 3, 5 and C are impulse waves (a five wave pattern that makes progress) whereas waves 2, 4, A and B are corrective waves (a three wave pattern – or combination of three waves - that moves against the direction of the larger trend). Although wave A can also be formed of 5 waves, it is commonly formed of 3 waves. Here is a brief summary of the waves: Wave 3 tends to be the strongest and most dynamic wave – it is usually (but not always) the longest wave but it is never the shortest. Wave 4 is a corrective wave that is typically composed of 3 smaller waves (ABC) and is notorious for being messy and unpredictable in nature. Wave 5 is the final wave before a significant correction or reversal in trend and is often accompanied by divergences (e.g. negative divergences in an uptrend) and exhaustions in momentum. It is also possible for a wave 5 to form after a “blow-off top” pattern. Wave 2 is composed of 3 smaller waves (ABC) and is a retracement of wave 1 – the retracement can be shallow to moderate (23.6% to 38.2%) or deep (50%, 61.8% to 78.6%). Wave 1 is the first wave of a trend and is composed of 5 smaller waves – it usually occurs after divergences (in the prior move) and extremes in both sentiment and momentum. For example, the wave 1 of an uptrend can often begin after capitulation in the price (after a major decline), extremely pessimistic sentiment, extremely oversold momentum readings, positive divergences and sometimes accompanied by a volume breadth thrust. Waves A and C are often equal in measure. Wave A can be formed of either 5 waves or 3 waves - but more commonly it is composed of 3 waves. Wave B is always corrective and composed of 3 smaller waves. Wave C is a five wave impulse pattern. The Elliott Wave indicator (and addendum) seeks to simplify elliott wave theory (EWT) in that its main purpose is to identify the potential major trends and corrections. The indicator takes a more simple and direct approach to EWT in that it focuses more on trying to identify whether price is trending or not and if so, the probable wave pattern. It does this by mainly using the structure of the price chart and sometimes other factors such as divergences, momentum and the relationship of price to its key averages. The indicator then takes its best guess at whether price is in a trending environment, and if so, which wave it is probably forming. The wave count can therefore depend on the chart timeframe chosen. For example, what may appear as a major downtrend on a lower timeframe chart may potentially be a corrective drop on a much higher timeframe, due to the different price structure of the charts. To keep things simple and to avoid complexity, the indicator does not display the minor sub-waves within the major waves (probably with the exception of wave 4). The main feature and benefit of the Elliott Wave indicator is that it can remove subjectivity in chart and wave analysis. It also for flexibility in that it allows the chartist to alter the wave count and the position of the wave counts if they choose to do so (within the parameters and rules set by the indicator). As with all of technical analysis, the wave counts shown by the elliott wave indicator are NOT certain – they are only a possibility or a probability. So the risk always exists of an alternative wave count. It is for the chartist to determine the probable wave counts and limit or control the risks based on their knowledge of technical analysis and risk management. The settings of the Elliott Wave indicator are fairly self-explanatory but here is a brief summary: By default the indicator is set to a strict setting (“Alt 8”) in that it waits for divergences or exhaustions in momentum before a probable wave 5 is shown (i.e. the fifth wave within the elliott five wave pattern). So for example, in an uptrend, the indicator may show a probable “wave 3” if there are no negative divergences. Once a divergence appears then the indicator may change the wave count to a “wave 5” provided the parameters for this wave count have been met. This default setting can be changed and removed if the chartist wishes to do so. So if the user wants to change the wave count from a probable “wave 5” to a potential “wave 3”, then the Alt 8 setting can be unselected (i.e. unticked) in the settings and then the Alt 1 can be selected. The indicator will then display a “wave 3” count until the price reverses and breaks below a key support level, thus changing the wave count from a “3” to a probable “5”. (The opposite of this example applies in downtrends.) A strict criteria setting is provided for charts of crypto. The Elliott Wave indicator has options in the settings to change the positions of certain wave counts based on the structure of the chart. This is achieved by choosing the different major and minor structures based on the zigzag patterns of the chart. So the user can alter the positions of certain wave counts (if needed) by modifying the zigzag structure on the chart. The lookback period in the settings can be increased (or decreased) to include more data on the chart, when needed. In the majority of situations the lookback period can remain at the default setting of 200 bars – but the user can decide to take into account more (or less) data by changing the lookback period to 300 (or 100 if less data is required). In the elliott wave indicator, the potential major wave counts are shown in blue and the likely ABC counts (for wave 4) are shown in yellow. The starting point for the wave counts is shown as a green “wave 5” – this is referred to as the “historical wave 5” as it is the likely fifth wave of the prior wave. (For the most recent probable wave counts, such as ABC or 123, this is covered in the elliott wave addendum indicator). The position of the wave counts, such as waves 1 & 2, 3, 4 and the historical wave 5 (in green) can be changed and modified to a reasonable degree. The historical wave 5 is the starting point where the indicator starts “counting” the waves. The indicator makes its best guess as to where to start counting from the historical wave 5, but the user has the option to change its position, if required as per the parameters set by the indicator. When the position of the green historical wave 5 is changed, this usually affects the entire wave count. The position of the historical wave 5 (green) can be changed by Alt6 in the settings of the elliott wave indicator. Alt4 can change the positions of waves 1 and 2 in the indicator. Alt5 can modify the position of the ABC waves within wave 4 (although by default they are set to major points on the chart). The position of wave 3 can be changed by Alt7. For wider “jumps” in the position of wave 3 and wave 5, the wider jump option can be enabled in the settings. For example, “Alt7Jump” has three ways of moving (or “jumping”) the wave 3 called J1, J2 and J3. The position of most wave counts can also be altered by modifying the major and minor structures or zigzag (which can sometimes change the wave count as well). If the chartist decides to delay the changing of the wave count, such as delaying the change of wave 3 to a wave 5, then the option Alt10 “Delayed wave count” can be enabled. For example, if the indicator displays a probable “wave 5” on the chart, Alt10 can be enabled to change the wave count to a probable “wave 3” if the chartist decides it is reasonable or “logical” to do so. The Alt10 is similar to Alt1 in that both affect waves 3 and 5. However, Alt10 is less strict than Alt1 so it can often change the wave 5 to a wave 3 in the majority of situations. If Alt10 is enabled, it may be a good idea to ensure that the elliott wave addendum indicator is set to display an ABC wave count (instead of the 123) within the settings. In certain circumstances where there are volatile conditions and charts, it is possible that the elliott wave indicator may show an “unusual” wave count. For example, it is possible that the positions of certain wave counts (such as waves 1, 2, 3 and 5) may be in the “wrong” order. This happens rarely so it is not an issue that happens very often. However, if this issue occurs, the chartist can rectify the matter by first increasing the lookback period (e.g. to 300) to see if this resolves the issue. If it does not, then Alt9 “temporary wave shift” in the elliott wave addendum can be enabled as this can usually resolve the issue and show the wave counts in a “proper” manner. Changing to a slightly lower timeframe can also usually resolve this issue. If Alt9 is enabled, care should be taken to unselect this option at a later date (as it is only a temporary solution). The aggressive wave count setting (called “Aggressive 123”) is mainly for the addendum of the elliott wave indicator (i.e. EW addendum). Enabling this option can often change the wave count from an ABC to a 123 provided this is permitted by the parameters of the indicator. This option as well as others are included for further flexibility in the wave count. The user can also choose to enable the zigzags of the waves to be shown on the chart. This can display the minor and major wave structures and zigzags, if enabled. By default it is set to off. It may also be a good idea to reset the settings of the indicators whenever a new chart or timeframe is chosen. This then refreshes the settings back to its default. It is important to appreciate that the elliott wave indicator generally requires between 1,500 to 2000 bars of data on the chart in order to display the wave counts adequately and appropriately. So if a chart or timeframe has less than the minimum number of historical data or bars on the chart, the wave counts may not display properly or not appear at all. Certain chart symbols and timeframes (such as the monthly timeframe) may have very limited amount of data on them. Therefore, the elliott wave indicator will likely not appear on these charts or may not display properly. In these situations, a different chart symbol or a lower timeframe with more data on it can be chosen. For example, instead of a monthly timeframe, a weekly or daily timeframe can be chosen. As mentioned, the elliott wave indicator is programmed to look for and identify potential trending patterns (as well as corrective patterns). In this sense, we are looking to simplify elliott wave theory by taking a more flexible and common-sense approach to the wave patterns. So if the price action has broken key levels of support or resistance, momentum is increasing and price is moving deliberately in a specific direction, it becomes more likely that price is in a trending environment (rather than just a correction). If the main elliott wave indicator (i.e. LT Elliott Waves) is showing a probable wave 3, and price begins to pullback or move in the opposite direction to the main trend of the wave 3, the EW addendum may be used to display the probable ABC wave counts. These ABC wave counts could be for the likely wave 4 correction. However, if price starts to break key support levels (e.g. after an uptrend) and then reverse lower in the opposite direction (to the mentioned wave 3), then it is likely that the main indicator will change the wave count from a wave 3 to a wave 5. This can indicate that the main uptrend may have probably ended and that we are in either a large correction or a trend reversal, as shown by the EW addendum. This example can also apply in reverse for downtrends e.g. if price starts to break resistance levels and move higher after a downtrend. We have allowed for further flexibility in the main elliott wave indicator i.e. LT Elliott Waves (and the EW addendum) so that the user can change the wave counts, if required. For example, the chartist can change the wave count from a probable wave 5 to a potential wave 3 – or a probable 123 to ABC (or vice versa) if they choose to do so. Further explanation and information is provided in the description for EW addendum. The position of the wave counts can be changed as well to a reasonable degree. The chartist can apply other methods of chart analysis – such as trendline breaks, oscillators, regression channels, breaks of support/resistance – to determine when a probable wave (or wave count) has likely completed. For example, technical analysis methods such as trendline breaks and support/resistance breaks can be used by the chartist to determine the probability of whether wave 4 has potentially completed or not. In an uptrend, confirmation that a probable wave such as wave 4 has completed will not come until price has taken out the highs prior to the decline (i.e. the highs before the pullback in the probable “wave 4” correction). The same applies in reverse for a downtrend: confirmation that the probable wave 4 has completed will not come until price has taken out the lows prior to the rally (in a probable wave 4 correction). It should be remembered that the appearance of the most recent wave counts (or wave labels) shown by the indicator, by themselves do NOT mean that the specific waves in question have definitely completed or finished. Nothing in chart analysis is certain or definite. The wave label itself is simply an indication that the most recent wave is probably still in progress, not necessarily that it has completed. Chartists can apply other technical analysis tools and methods (e.g. trend lines, support/resistance breaks, moving averages and regression channels etc.) to increase the probability of when a specific wave has probably completed. The same also applies to past or “completed” wave counts (or past wave labels): they do NOT mean that the specific waves have definitely completed or finished – it is merely a possibility or probability. So the risk always exists that the wave counts may potentially be wrong, and that an alternative wave count interpretation may exist. Price action, markets and their charts are non-linear and chaotic, which means that they are subject to uncertainty, variable change and being unpredictable in nature. So we must maintain a probabilistic mindset and attitude to technical analysis. Nothing is certain. Therefore, no wave count is certain or “set in stone”. Wave counts, just like the actions and emotions of human beings, are subject to change. Elliott Wave theory, just like all of technical analysis is about what is possible, what is probable and what the risks are of a particular outcome. The advantage of elliott wave theory, as explained previously, is about gaining an understanding of context and the likely big picture. The indicator is provided in good faith but we do not vouch for its accuracy. As mentioned previously, chartists should be aware of the probabilistic and uncertain nature of price action and the markets, and therefore prepare to limit and control any potential risks. The indicator can be used on the charts of the majority of markets (e.g. stocks, indices, ETFs, currencies, cryptocurrencies, precious metals, commodities etc.) and any timeframe. Nothing in this indicator, its signals or labels should be construed as a recommendation to buy or sell any market (e.g. stocks, securities, indices, ETFs, currencies, cryptocurrencies, metals, commodities etc.). The indicator is provided solely for educational purposes, to gain a better understanding of technical analysis and elliott wave theory. It should be noted that the degree of noise and randomness increases significantly on lower timeframes. So the lower the timeframe that is chosen (e.g. 15-min or lower) the greater the degree of noise and randomness and therefore the higher the frequency of false signals or whipsaws. The indicator can be applied to candlestick charts and bar charts. If you would like access, please send me a PM on Tradingview.
Indicador Pine Script®
por LeadingTrader
13
ICT-Elliott Hybrid Oscillator네이버 프리미엄 콘텐츠 > 재테크 사관학교 검색 This indicator uses Elliott Wave Theory and ICT (Inner Circle Trader) concepts to help easily and accurately predict when asset prices like cryptocurrencies or stocks will rise or fall. 📌 Easy Explanation of Terms ✅ What is Elliott Wave? A theory stating that price movements follow a specific pattern (5 upward waves + 3 downward waves) repeatedly. Simply put, it's about repetitive cycles of rises and falls creating overall trends. ✅ What is ICT Theory? A strategy that identifies optimal trading times by observing critical price areas traded by institutional investors (Order Blocks), imbalances in price (Fair Value Gaps - FVG), and major turning points (Break of Structure - BOS). 📈 Signals Provided by the Indicator 🔹 ① Pivot Highs & Lows Red ▼: Short-term high (increased likelihood of price falling) Green ▲: Short-term low (increased likelihood of price rising) 🔹 ② Fair Value Gap (FVG) Green highlighted area: Zone where price is likely to rise again Red highlighted area: Zone where price is likely to fall again 🔹 ③ Break of Structure (BOS) Blue "BOS Up": Indicates a shift to an upward trend Orange "BOS Down": Indicates a shift to a downward trend ⏳ Recommended Timeframe Combinations | Major Trend (Basic Analysis) | Entry Point (Detailed Analysis) | Short-term Timing (Precision Analysis) | | ---------------------------- | ------------------------------- | -------------------------------------- | | 4-hour | 1-hour | 15-minute | Use the 4-hour timeframe to gauge overall trends, the 1-hour timeframe to pinpoint exact entry and exit points, and the 15-minute timeframe for precise timing. Include Source 🕯 Recommended Candle Patterns * Pin Bar (Long wick candle) → Trend reversal signal * Engulfing Candle (fully covering previous candle) → Strong trend reversal signal * Hammer & Shooting Star (small body with a long wick) → Bullish or bearish reversal signal * Doji (balance between buyers and sellers) → High potential for trend reversal
Indicador Pine Script®
por Daechi_kid
Adaptive Elliott Wave Probability with Time Analysis Purpose The indicator helps traders identify and analyze Elliott Wave Probabiliy, dynamically adjusting its sensitivity based on market conditions. By using time intervals between directional changes and validating wave patterns, it provides insights into market trends and their likelihood of continuation. Configuration The script includes configurable inputs for the user to adjust: The sensitivity of wave detection using a zigzag percentage range. The length of pivots to define significant price movements. Incremental adjustments to refine wave detection dynamically. Core Variables The script uses various variables to store and analyze market data: Adaptive zigzag percentages start from a baseline and adjust dynamically to reflect changing market conditions. Time intervals and bar indices are recorded to calculate the duration between directional changes. Likelihood values are assigned to uptrends and downtrends, normalized for comparison. Wave Detection The script detects directional changes in price by identifying pivot highs and lows: A pivot high is a local peak in the price chart, while a pivot low is a local trough. Once a directional change is identified, the time interval since the last change is calculated and stored for further analysis. Wave Validation The script validates wave patterns using predefined rules. For example: A valid wave may require that each subsequent time interval in a sequence is greater than the previous one. This ensures that detected waves adhere to a logical progression, reflecting realistic market movements. Adaptive Logic The zigzag percentage adjusts dynamically based on the time intervals between directional changes. This allows the indicator to adapt to different market conditions, ensuring it remains effective during both high and low volatility periods. Likelihood Calculation This is calculated by identifying all of the current valid/verified waves in every every zigzag percentage and express the ratio as a percentage/probability These likelihoods are normalized to ensure they sum to 100%, allowing for direct comparison. The values are visually plotted on the indicator panel for clarity. Visualization The indicator plots: Uptrend likelihood as a green line. Downtrend likelihood as a red line. These plots provide a visual representation of market trends and their potential continuation, helping traders make informed decisions. Summary This Adaptive Elliott Wave Indicator provides a robust tool for analyzing market trends and patterns. By dynamically adjusting its parameters and validating wave patterns, it adapts to changing market conditions and provides actionable insights into the likelihood of future price movements. Its visual outputs make it an accessible and effective tool for traders seeking to incorporate Elliott Wave theory into their strategies
Indicador Pine Script®
por Cmo22
Luxmi AI Directional Option Buying (Long Only)Introduction: "Option premium charts typically exhibit a predisposition towards bearish sentiment in higher timeframes" In the dynamic world of options trading, navigating through the complexities of market trends and price movements is essential for making informed decisions. Among the arsenal of tools available to traders, option premium charts stand out as a pivotal source of insight, particularly in higher timeframes. However, their inherent bearish inclination in such timeframes necessitates a keen eye for identifying bullish pullbacks, especially in lower timeframes, to optimize buying strategies effectively. Understanding the interplay between different data points becomes paramount in this endeavor. Traders embark on a journey of analysis, delving into metrics such as Implementation Shortfall, the performance of underlying index constituents, and bullish trends observed in lower timeframes like the 1-minute and 3-minute charts. These data points serve as guiding beacons, illuminating potential opportunities amidst the market's ever-shifting landscape. Using this indicator, we will dissect the significance of option premium charts and their nuanced portrayal of market sentiment. Furthermore, we will unveil the art of discerning bullish pullbacks in lower timeframes, leveraging a multifaceted approach that amalgamates quantitative analysis with qualitative insights. Through this holistic perspective, traders can refine their decision-making processes, striving towards efficiency and efficacy in their options trading endeavors. Major Features: Implementation Shortfall (IS) Candles: Working Principle: TWAP (Time-Weighted Average Price) and EMA (Exponential Moving Average) are both commonly used in calculating Implementation Shortfall, a metric that measures the difference between the actual execution price of a trade and the benchmark price. TWAP calculates the average price of a security over a specified time period, giving equal weight to each interval. On the other hand, EMA places more weight on recent prices, making it more responsive to current market conditions. To calculate Implementation Shortfall using TWAP, the difference between the average execution price and the benchmark price is determined over the trading period. Similarly, with EMA, the difference is calculated using the exponential moving average price instead of a simple average. By employing TWAP and EMA, traders can gauge the effectiveness of their trading strategies and identify areas for improvement in executing trades relative to a benchmark. Benefits of using Implementation Shortfall: By visualizing the implementation shortfall and its comparison with the EMA on the chart, traders can quickly assess whether current trading activity is deviating from recent trends. Green bars suggest potential buying opportunities or bullish sentiment, while red bars suggest potential selling opportunities or bearish sentiment. Traders can use this visualization to make more informed decisions about their trading strategies, such as adjusting position sizes, entering or exiting trades, or managing risk based on the observed deviations from the moving average. How to use this feature: This feature calculates Implementation Shortfall (IS) and visually represents it by coloring the candles in either bullish (green) or bearish (red) hues. This color-coding system provides traders with a quick and intuitive way to assess market sentiment and potential entry points. Specifically, a long entry is signaled when both the candle color and the trend cloud color align as green, indicating a bullish market outlook. This integrated approach enables traders to make informed decisions, leveraging IS insights alongside visual cues for more effective trading strategies. Micro Trend Candles: Working Principle: This feature begins by initializing variables to determine trend channel width and track price movements. Average True Range (ATR) is then calculated to measure market volatility, influencing the channel's size. Highs and lows are identified within a specified range, and trends are assessed based on price breaches, with potential changes signaled accordingly. The price channel is continually updated to adapt to market shifts, and arrows are placed to indicate potential entry points. Colors are assigned to represent bullish and bearish trends, dynamically adjusting based on current market conditions. Finally, candles on the chart are colored to visually depict the identified micro trend, offering traders an intuitive way to interpret market sentiment and potential entry opportunities. Benefits of using Micro Trend Candles: Traders can use these identified micro trends to spot potential short-term trading opportunities. For example: Trend Following: Traders may decide to enter trades aligned with the prevailing micro trend. If the candles are consistently colored in a certain direction, traders may consider entering positions in that direction. Reversals: Conversely, if the script signals a potential reversal by changing the candle colors, traders may anticipate trend reversals and adjust their trading strategies accordingly. For instance, they might close existing positions or enter new positions in anticipation of a trend reversal. It's important to note that these micro trends are short-term in nature and may not always align with broader market trends. Therefore, traders utilizing this script should consider their trading timeframes and adjust their strategies accordingly. How to use this feature: This feature assigns colors to candles to represent bullish and bearish trends, with adjustments made based on current market conditions. Green candles accompanied by a green trend cloud signal a potential long entry, while red candles suggest caution, indicating a bearish trend. This visual representation allows traders to interpret market sentiment intuitively, identifying optimal entry points and exercising caution during potential downtrends. Scalping Candles (Inspired by Elliott Wave): Working Principle: This feature draws inspiration from the Elliot Wave method, utilizing technical analysis techniques to discern potential market trends and sentiment shifts. It begins by calculating the variance between two Exponential Moving Averages (EMAs) of closing prices, mimicking Elliot Wave's focus on wave and trend analysis. The shorter-term EMA captures immediate price momentum, while the longer-term EMA reflects broader market trends. A smoother Exponential Moving Average (EMA) line, derived from the difference between these EMAs, aids in identifying short-term trend shifts or momentum reversals. Benefits of using Scalping Candles Inspired by Elliott Wave: The Elliott Wave principle is a form of technical analysis that attempts to predict future price movements by identifying patterns in market charts. It suggests that markets move in repetitive waves or cycles, and traders can potentially profit by recognizing these patterns. While this script does not explicitly analyze Elliot Wave patterns, it is inspired by the principle's emphasis on trend analysis and market sentiment. By calculating and visualizing the difference between EMAs and assigning colors to candles based on this analysis, the script aims to provide traders with insights into potential market sentiment shifts, which can align with the broader philosophy of Elliott Wave analysis. How to use this feature: Candlestick colors are assigned based on the relationship between the EMA line and the variance. When the variance is below or equal to the EMA line, candles are colored red, suggesting a bearish sentiment. Conversely, when the variance is above the EMA line, candles are tinted green, indicating a bullish outlook. Though not explicitly analyzing Elliot Wave patterns, the script aligns with its principles of trend analysis and market sentiment interpretation. By offering visual cues on sentiment shifts, it provides traders with insights into potential trading opportunities, echoing Elliot Wave's emphasis on pattern recognition and trend analysis. Volume Candles: Working Principle: This feature introduces a custom volume calculation method tailored for bullish and bearish bars, enabling a granular analysis of volume dynamics specific to different price movements. By summing volumes over specified periods for bullish and bearish bars, traders gain insights into the intensity of buying and selling pressures during these periods, facilitating a deeper understanding of market sentiment. Subsequently, the script computes the net volume, revealing the overall balance between buying and selling pressures. Positive net volume signifies prevailing bullish sentiment, while negative net volume indicates bearish sentiment. Benefits of Using Volume candles: Enhanced Volume Analysis: Traders gain a deeper understanding of volume dynamics specific to bullish and bearish price movements, allowing them to assess the intensity of buying and selling pressures with greater precision. Insight into Market Sentiment: By computing net volume and analyzing its relationship with the Exponential Moving Average (EMA), traders obtain valuable insights into prevailing market sentiment. This helps in identifying potential shifts in sentiment and anticipating market movements. Visual Representation of Sentiment: The color-coded candle bodies based on volume dynamics provide traders with a visual representation of market sentiment. This intuitive visualization helps in quickly interpreting sentiment shifts and making timely trading decisions. How to use this feature: This visual representation allows traders to quickly interpret market sentiment based on volume dynamics. Green candles indicate potential bullish sentiment, while red candles suggest bearish sentiment. The color-coded candle bodies help traders identify shifts in market sentiment and make informed trading decisions. Smart Sentimeter Candles: Working Principle: The "Smart Sentimeter Candles" feature is a tool designed for market sentiment analysis using technical indicators. It begins by defining stock symbols from various sectors, allowing traders to select specific indices for sentiment analysis. The script then calculates the difference between two Exponential Moving Averages (EMAs) of the High-Low midpoint, capturing short-term momentum changes in the market. It computes the difference between current and previous values to capture momentum shifts over time. Additionally, it calculates the Exponential Moving Average (EMA) of this difference to provide a smoothed representation of the prevailing trend in market momentum. Another EMA of this difference is calculated to offer an alternative perspective on longer-term momentum trends. Bar colors are determined based on the difference between current and previous values, with bullish and bearish sentiment represented by custom colors. Finally, sentiment candles are visualized on the chart, providing traders with a clear representation of market sentiment changes. Benefits of Using Sentimeter Candles: By analyzing index constituents, traders gain insights into the individual stocks that collectively influence the index's performance. This understanding is crucial for trading options as it helps traders tailor their strategies to specific sectors or stocks within the index. Sector-Specific Analysis: Traders can focus on specific sectors by selecting relevant indices for sentiment analysis. Momentum Identification: The script identifies short-term momentum changes in the market, aiding traders in spotting potential trend reversals or continuations. Clear Visualization: Sentiment candles visually represent market sentiment changes, making it easier for traders to interpret and act upon sentiment trends. How to use this feature: Select Indices: Toggle the inputs to choose which indices (e.g., NIFTY, BANKNIFTY, FINNIFTY) to analyze. Interpret Sentiment Candles: Monitor the color of sentiment candles on the chart. Green candles indicate bullish sentiment, while red candles suggest bearish sentiment. Observe Momentum Changes: Pay attention to momentum changes identified by the difference between EMAs and their respective EMAs. Increasing bullish momentum may present buying opportunities, while increasing bearish momentum could signal potential sell-offs. Trend Cloud: Working Principle: The script utilizes the Relative Strength Index (RSI) to assess market momentum, identifying bullish and bearish phases based on RSI readings. It calculates two boolean variables, bullmove and bearmove, which signal shifts in momentum direction by considering changes in the Exponential Moving Average (EMA) of the closing price. When RSI indicates bullish momentum and the closing price's EMA exhibits positive changes, bullmove is triggered, signifying the start of a bullish phase. Conversely, when RSI suggests bearish momentum and the closing price's EMA shows negative changes, bearmove is activated, marking the beginning of a bearish phase. This systematic approach helps in understanding the current trend of the price. The script visually emphasizes these phases on the chart using plot shape markers, providing traders with clear indications of trend shifts. Benefits of Using Trend Cloud: Comprehensive Momentum Assessment: The script offers a holistic view of market momentum by incorporating RSI readings and changes in the closing price's EMA, enabling traders to identify both bullish and bearish phases effectively. Structured Trend Recognition: With the calculation of boolean variables, the script provides a structured approach to recognizing shifts in momentum direction, enhancing traders' ability to interpret market dynamics. Visual Clarity: Plotshape markers visually highlight the start and end of bullish and bearish phases on the chart, facilitating easy identification of trend shifts and helping traders to stay informed. Prompt Response: Traders can promptly react to changing market conditions as the script triggers alerts when bullish or bearish phases begin, allowing them to seize potential trading opportunities swiftly. Informed Decision-Making: By integrating various indicators and visual cues, the script enables traders to make well-informed decisions and adapt their strategies according to prevailing market sentiment, ultimately enhancing their trading performance. How to use this feature: The most effective way to maximize the benefits of this feature is to use it in conjunction with other key indicators and visual cues. By combining the color-coded clouds, which indicate bullish and bearish sentiment, with other features such as IS candles, microtrend candles, volume candles, and sentimeter candles, traders can gain a comprehensive understanding of market dynamics. For instance, aligning the color of the clouds with the trend direction indicated by IS candles, microtrend candles, and sentimeter candles can provide confirmation of trend strength or potential reversals. Furthermore, traders can leverage the trend cloud as a trailing stop-loss tool for long entries, enhancing risk management strategies. By adjusting the stop-loss level based on the color of the cloud, traders can trail their positions to capture potential profits while minimizing losses. For long entries, maintaining the position as long as the cloud remains green can help traders stay aligned with the prevailing bullish sentiment. Conversely, a shift in color from green to red serves as a signal to exit the position, indicating a potential reversal in market sentiment and minimizing potential losses. This integration of the trend cloud as a trailing stop-loss mechanism adds an additional layer of risk management to trading strategies, increasing the likelihood of successful trades while reducing exposure to adverse market movements. Moreover, the red cloud serves as an indicator of decay in option premiums and potential theta effect, particularly relevant for options traders. When the cloud turns red, it suggests a decline in option prices and an increase in theta decay, highlighting the importance of managing options positions accordingly. Traders may consider adjusting their options strategies, such as rolling positions or closing out contracts, to mitigate the impact of theta decay and preserve capital. By incorporating this insight into options pricing dynamics, traders can make more informed decisions about their options trades. Scalping Opportunities (UpArrow and DownArrow): Working Principle: The feature calculates candlestick values based on the open, high, low, and close prices of each bar. By comparing these derived candlestick values, it determines whether the current candlestick is bullish or bearish. Additionally, it signals when there is a change in the color (bullish or bearish) of the derived candlesticks compared to the previous bar, enabling traders to identify potential shifts in market sentiment. This is a long only strategy, hence the signals are plotted only when the Trend Cloud is Green (Bullish). Benefits of using UpArrow and DownArrow: Clear Visualization: By employing color-coded candlesticks, the script offers traders a visually intuitive representation of market sentiment, enabling quick interpretation of prevailing conditions. Signal Identification: Its capability to detect shifts in market sentiment serves as a valuable tool for identifying potential trading opportunities, facilitating timely decision-making and execution. Long-Only Strategy: The script selectively plots signals only when the trend cloud is green, aligning with a bullish bias and enabling traders to focus on long positions during favorable market conditions. Up arrows indicate potential long entry points, complementing the bullish bias of the trend cloud. Conversely, down arrows signify an active pullback in progress, signaling caution and prompting traders to refrain from entering long positions during such periods. How to use this feature: Confirmation: Confirm bullish market conditions with the Trend Cloud indicator. Ensure alignment between trend cloud signals, candlestick colors, and arrow indicators for confident trading decisions. Entry Signals: Look for buy signals within a green trend cloud, indicated by bullish candlestick color changes and up arrows, suggesting potential long entry points aligned with the prevailing bullish sentiment. Wait Signals: Exercise caution when encountering down arrows, which signify wait signals or active pullbacks in progress. Avoid entering long positions during these periods to avoid potential losses. Exit Strategy: Use trend cloud color changes as signals to exit long positions. When the trend cloud shifts color, consider closing out long positions to lock in profits or minimize losses. Profit Management: It's important to book or lock in some profits early on in option buying. Consider taking partial profits when the trade is in your favor and trail the remaining position to maximize gains on favorable trades. Risk Management: Implement stop-loss orders or trailing stops to manage risk effectively. Exit positions promptly if sentiment shifts or if price movements deviate from the established trend, safeguarding capital. Up and Down Signals: Working Principle: This feature calculates Trailing Stoploss (TSL) using the Average True Range (ATR) to dynamically adjust the stop level based on price movements. It generates buy signals when the price crosses above the trailing stop and sell signals when it crosses below. These signals are plotted on the chart and trigger alerts, signaling potential trading opportunities. Additionally, the script selectively plots Up and Down signals only when the Implementation Shortfall Calculation identifies scalp opportunities, independent of the prevailing price trend. Benefits of using Up and Down Signals: Trailing Stoploss: The script employs an ATR-based trailing stop, allowing traders to adjust stop levels dynamically in response to changing market conditions, thereby maximizing profit potential and minimizing losses. Clear Signal Generation: Buy and sell signals are generated based on price interactions with the trailing stop, providing clear indications of entry and exit points for traders to act upon. Alert Notifications: The script triggers alerts when buy or sell signals are generated, ensuring traders remain informed of potential trading opportunities even when not actively monitoring the charts. Scalping Opportunities: By incorporating Implementation Shortfall Calculation, the script identifies scalp opportunities, enabling traders to capitalize on short-term price movements irrespective of the prevailing trend. How to use this feature: Signal Interpretation: Interpret Up signals as opportunities to enter long positions when the price crosses above the trailing stop, and Down signals as cues to exit. Alert Monitoring: Pay attention to alert notifications triggered by the script, indicating potential trading opportunities based on signal generation. Scalping Strategy: When Up and Down signals are plotted alongside scalp opportunities identified by the Implementation Shortfall Calculation, consider scalping trades aligned with these signals for short-term profit-taking, regardless of the overall market trend. Consideration of Trend Cloud: Remember that this feature does not account for the underlying trend provided by the Trend Cloud feature. Consequently, the take profit levels generated by the trailing stop may be smaller than those derived from trend-following strategies. It's advisable to supplement this feature with additional trend analysis to optimize profit-taking levels and enhance overall trading performance. Chart Timeframe Support and Resistance: Working Principle: This feature serves to identify and visualize support and resistance levels on the chart, primarily based on the chosen Chart Timeframe (CTF). It allows users to specify parameters such as the number of bars considered on the left and right sides of each pivot point, as well as line width and label color. Moreover, users have the option to enable or disable the display of these levels. By utilizing functions to calculate pivot highs and lows within the specified timeframe, the script determines the highest high and lowest low surrounding each pivot point. Additionally, it defines functions to create lines and labels for each detected support and resistance level. Notably, this feature incorporates a trading method that emphasizes the concept of resistance turning into support after breakouts, thereby providing valuable insights for traders employing such strategies. These lines are drawn on the chart, with colors indicating whether the level is above or below the current close price, aiding traders in visualizing key levels and making informed trading decisions. Benefits of Chart Timeframe Support and Resistance: Identification of Price Levels: Support and resistance levels help traders identify significant price levels where buying (support) and selling (resistance) pressure may intensify. These levels are often formed based on historical price movements and are regarded as areas of interest for traders. Decision Making: Support and resistance levels assist traders in making informed trading decisions. By observing price reactions near these levels, traders can gauge market sentiment and adjust their strategies accordingly. For example, traders may choose to enter or exit positions, set stop-loss orders, or take profit targets based on price behavior around these levels. Risk Management: Support and resistance levels aid in risk management by providing reference points for setting stop-loss orders. Traders often place stop-loss orders below support levels for long positions and above resistance levels for short positions to limit potential losses if the market moves against them. How to use this feature: Planning Long Positions: When considering long positions, it's advantageous to strategize when the price is in proximity to a support level identified by the script. This suggests a potential area of buying interest where traders may expect a bounce or reversal in price. Additionally, confirm the bullish bias by ensuring that the trend cloud is green, indicating favorable market conditions for long trades. Waiting for Breakout: If long signals are generated near resistance levels detected by the script, exercise patience and wait for a breakout above the resistance. A breakout above resistance signifies potential strength in the upward momentum and may present a more opportune moment to enter long positions. This approach aligns with trading methodologies that emphasize confirmation of bullish momentum before initiating trades. Settings: The Index Constituent Analysis setting empowers users to input the constituents of a specific index, facilitating the analysis of market sentiments based on the performance of these individual components. An index serves as a statistical measure of changes in a portfolio of securities representing a particular market or sector, with constituents representing the individual assets or securities comprising the index. By providing the constituent list, users gain insights into market sentiments by observing how each constituent performs within the broader index. This analysis aids traders and investors in understanding the underlying dynamics driving the index's movements, identifying trends or anomalies, and making informed decisions regarding their investment strategies. This setting empowers users to customize their analysis based on specific indexes relevant to their trading or investment objectives, whether tracking a benchmark index, sector-specific index, or custom index. Analyzing constituent performance offers a valuable tool for market assessment and decision-making. Example: BankNifty Index and Its Constituents Illustratively, the BankNifty index represents the performance of the banking sector in India and includes major banks and financial institutions listed on the National Stock Exchange of India (NSE). Prominent constituents of the BankNifty index include: State Bank of India (SBIN) HDFC Bank ICICI Bank Kotak Mahindra Bank Axis Bank IndusInd Bank Punjab National Bank (PNB) Yes Bank Federal Bank IDFC First Bank By utilizing the Index Constituent Analysis setting and inputting these constituent stocks of the BankNifty index, traders and investors can assess the individual performance of these banking stocks within the broader banking sector index. This analysis enables them to gauge market sentiments, identify trends, and make well-informed decisions regarding their trading or investment strategies in the banking sector. Example: NAS100 Index and Its Constituents Similarly, the NAS100 index, known as the NASDAQ-100, tracks the performance of the largest non-financial companies listed on the NASDAQ stock exchange. Prominent constituents of the NAS100 index include technology and consumer discretionary stocks such as: Apple Inc. (AAPL) Microsoft Corporation (MSFT) Amazon.com Inc. (AMZN) Alphabet Inc. (GOOGL) Facebook Inc. (FB) Tesla Inc. (TSLA) NVIDIA Corporation (NVDA) PayPal Holdings Inc. (PYPL) Netflix Inc. (NFLX) Adobe Inc. (ADBE) By inputting these constituent stocks of the NAS100 index into the Index Constituent Analysis setting, traders and investors can analyze the individual performance of these technology and consumer discretionary stocks within the broader NASDAQ-100 index. This analysis facilitates the evaluation of market sentiments, identification of trends, and informed decision-making regarding trading or investment strategies in the technology and consumer sectors. Example: FTSE 100 Index and Its Constituents The FTSE 100 index represents the performance of the 100 largest companies listed on the London Stock Exchange (LSE) by market capitalization. Some notable constituents of the FTSE 100 index include: HSBC Holdings plc BP plc GlaxoSmithKline plc Unilever plc Royal Dutch Shell plc AstraZeneca plc Diageo plc Rio Tinto plc British American Tobacco plc Reckitt Benckiser Group plc By inputting these constituent stocks of the FTSE 100 index into the Index Constituent Analysis setting, traders and investors can analyze the individual performance of these diverse companies within the broader UK market index. This analysis facilitates the evaluation of market sentiments, identification of trends, and informed decision-making regarding trading or investment strategies in the UK market. This comprehensive approach enables users to dissect index performance effectively, providing valuable insights for investors and traders across different markets and sectors. Index Selection - Index Selection allows traders to specify the index for Sentimeter calculations, enabling customization for Call and Put Option charts corresponding to the chosen index. Support and Resistance Levels - Set the left and right bars to consider pivot high and low to draw Support and resistance lines. Linewidth setting to help increase the width of the Support and Resistance lines. Label Color to change the color of the labels. Style Section Colors to allow users to customize the color scheme to their liking.
Indicador Pine Script®
por LuxmiAI
3
WMA Elliott Wave Oscillator V1.5 [2022]WMA Elliott Wave Oscillator V1.5 Indicator full information WMA Elliott Wave Oscillator V1.5 has been developed from Moving Average Weight, Elliott Wave , and Down Theory. It’s for the technical analysis users describe the movement price on the present market. It’s different from others because we want to process with the Moving Average Weight ( WMA ) formulas We decided to adjust our unique reading platform to WMA Elliott Wave Oscillator V1.5 we have been developed to clarify the adjustment of the value and the price for clarifying adjustment of the value and the price from the zero line. It’s the main dividing between the buy price line and the selling price line. When the green candlestick stands above the zero line that means Uptrend. When the red candlestick is below the zero line that means a Downtrend. WMA Elliott Wave Oscillator V1.5 is useful for clearing up or down trading types with horizontal line colors
Indicador Pine Script®
por SaimDev_FX
3
MTP Elliott WavesThe MTP Elliott Waves script allows you to place an Elliott Wave count on your chart at a specific Pivot point. The script uses our unique “Isolation Approach” to Elliott Wave analysis, which has been used in our MTPredictor software since 2001. The Elliott Wave counts include the WPT (Wave Price Target) zones, where the wave found is likely to end. WPT zones are Fibonacci Price clusters that are specific to the wave in question. The Script will find Waves, 2, 3, 4, 5 as well as the simple abc correction. The Script only focus on one Wave count with no alternate counts or X-waves or other complex corrections. We do this to keep things simple and uncluttered. The Wave count will only display on the chart if a valid count is found at the Pivot chosen. This is designed to be used in conjunction with the MTP Swings Pivots, which are included in the MTP Analysis Script. Please refer to this script for more information on the MTP Swing Pivots. The user has several options (Pivot Number, Last Pivot, Pivots Back or Bar Number) on how to choose the Pivot to display the Elliott Wave count from. There is a risk in Trading and Investing. Losses can and will unfold. The script is available as an “invite-only” script, as part of the MTPredictor suite of tools on Trading View. To obtain access, please go to the web page in our signature that appears below.
Indicador Pine Script®
por MTPredictor
40
True Williams Alligator (SMMA)The built-in implementation of the alligator is incorrect. It uses SMA with altered input parameters to approximate the true alligator indicator. The alligator was created with a supercomputer to model the elliott wave - it's very apart from other MA techniques. The built-in approximation (and similar techniques) and the true alligator yield very different conclusions. Hence the need for this, a true and exact implementation of "The Mighty Alligator" (Bill Williams, Trading Chaos 1, New Trading Dimensions, Trading Chaos 2). Note: First script submission. Didn't mean to use this chart. Ugly and messy. Oops.
Indicador Pine Script®
por the_batman
13
Smart Pro Strategy – Buy/Sell + Elliott + Squeeze + Dashboard📊 Smart Momentum Pro – Complete Intraday Strategy for Stocks, Crypto, and Indices ✅ What’s Included: • Buy/Sell signals based on price action, volume, and momentum • Elliott Wave detection (1, 3, 5, A, B, C) • Live market summary table with trend direction and volatility • Fibonacci-based reversal zone • Squeeze alert system with visual chart notifications • Smart EMA 8/21/50/200 tracking • Fully designed for black charts and red/green candles • Perfect for BTC, ETH, SPY, HIMS, and more 🧠 Timeframes: Ideal for 5min, 15min, 1h, and Daily charts.
Indicador Pine Script®
por meir1228
Elliott Wave Identification By Akash Patel This script is designed to visually highlight areas on the chart where there are consecutive bullish (green) or bearish (red) candles. It also identifies sequences of three consecutive candles of the same type (bullish or bearish) and highlights those areas with adjustable box opacity. Here's a breakdown of the functionality: --- ### Key Features: 1. **Bullish & Bearish Candle Identification:** - **Bullish Candle:** When the closing price is higher than the opening price (`close > open`). - **Bearish Candle:** When the closing price is lower than the opening price (`close < open`). 2. **Consecutive Candle Counter:** - The script counts consecutive bullish and bearish candles, which resets when the direction changes (from bullish to bearish or vice versa). - The script tracks these counts using the `bullishCount` and `bearishCount` variables, which are incremented based on whether the current candle is bullish or bearish. 3. **Highlighting Candle Areas:** - If there are **3 or more consecutive bullish candles**, the script will highlight the background in a green color with 90% transparency (adjustable). - Similarly, if there are **3 or more consecutive bearish candles**, the script will highlight the background in a red color with 90% transparency (adjustable). 4. **Three-Candle Sequence:** - The script checks if there are three consecutive bullish candles (`threeBullish`) or three consecutive bearish candles (`threeBearish`). - A box is drawn around these areas to visually highlight the sequence. The boxes extend to the right edge of the chart, and their opacity can be adjusted. 5. **Box Creation:** - For bullish sequences, a green box is created using the high and low prices of the three candles in the sequence. - For bearish sequences, a red box is created in the same manner. - The box size is determined by the highest high and the lowest low of the three consecutive candles. 6. **Box Opacity:** - You can adjust the opacity of the boxes through the input parameters `Bullish Box Opacity` and `Bearish Box Opacity` (ranging from 0 to 100). - A higher opacity will make the boxes more solid, while a lower opacity will make them more transparent. 7. **Box Cleanup:** - The script also includes logic to remove boxes when they are no longer needed, ensuring the chart remains clean without excessive box overlays. 8. **Extending Boxes to the Right:** - When a bullish or bearish sequence is identified, the boxes are extended to the right edge of the chart for continued visibility. --- ### How It Works: - **Bullish Area Highlight:** When three or more consecutive bullish candles are detected, the background will turn green to indicate a strong bullish trend. - **Bearish Area Highlight:** When three or more consecutive bearish candles are detected, the background will turn red to indicate a strong bearish trend. - **Three Consecutive Candle Box:** A green box will appear around three consecutive bullish candles, and a red box will appear around three consecutive bearish candles. These boxes can be extended to the right edge of the chart, making the sequence visually clear. --- ### Adjustable Parameters: 1. **Bullish Box Opacity:** Set the opacity (transparency) level of the bullish boxes. Ranges from 0 (completely transparent) to 100 (completely opaque). 2. **Bearish Box Opacity:** Set the opacity (transparency) level of the bearish boxes. Ranges from 0 (completely transparent) to 100 (completely opaque). --- This indicator is useful for identifying strong trends and visually confirming market momentum, especially in situations where you want to spot sequences of bullish or bearish candles over multiple bars. It can be customized to suit different trading styles and chart preferences by adjusting the opacity of the boxes and background highlights.
Indicador Pine Script®
por Akash7245
Grothendieck-Teichmüller Geometric SynthesisDskyz's Grothendieck-Teichmüller Geometric Synthesis (GTGS) THEORETICAL FOUNDATION: A SYMPHONY OF GEOMETRIES The 🎓 GTGS is built upon a revolutionary premise: that market dynamics can be modeled as geometric and topological structures. While not a literal academic implementation—such a task would demand computational power far beyond current trading platforms—it leverages core ideas from advanced mathematical theories as powerful analogies and frameworks for its algorithms. Each component translates an abstract concept into a practical market calculation, distinguishing GTGS by identifying deeper structural patterns rather than relying on standard statistical measures. 1. Grothendieck-Teichmüller Theory: Deforming Market Structure The Theory : Studies symmetries and deformations of geometric objects, focusing on the "absolute" structure of mathematical spaces. Indicator Analogy : The calculate_grothendieck_field function models price action as a "deformation" from its immediate state. Using the nth root of price ratios (math.pow(price_ratio, 1.0/prime)), it measures market "shape" stretching or compression, revealing underlying tensions and potential shifts. 2. Topos Theory & Sheaf Cohomology: From Local to Global Patterns The Theory : A framework for assembling local properties into a global picture, with cohomology measuring "obstructions" to consistency. Indicator Analogy : The calculate_topos_coherence function uses sine waves (math.sin) to represent local price "sections." Summing these yields a "cohomology" value, quantifying price action consistency. High values indicate coherent trends; low values signal conflict and uncertainty. 3. Tropical Geometry: Simplifying Complexity The Theory : Transforms complex multiplicative problems into simpler, additive, piecewise-linear ones using min(a, b) for addition and a + b for multiplication. Indicator Analogy : The calculate_tropical_metric function applies tropical_add(a, b) => math.min(a, b) to identify the "lowest energy" state among recent price points, pinpointing critical support levels non-linearly. 4. Motivic Cohomology & Non-Commutative Geometry The Theory : Studies deep arithmetic and quantum-like properties of geometric spaces. Indicator Analogy : The motivic_rank and spectral_triple functions compute weighted sums of historical prices to capture market "arithmetic complexity" and "spectral signature." Higher values reflect structured, harmonic price movements. 5. Perfectoid Spaces & Homotopy Type Theory The Theory : Abstract fields dealing with p-adic numbers and logical foundations of mathematics. Indicator Analogy : The perfectoid_conv and type_coherence functions analyze price convergence and path identity, assessing the "fractal dust" of price differences and price path cohesion, adding fractal and logical analysis. The Combination is Key : No single theory dominates. GTGS ’s Unified Field synthesizes all seven perspectives into a comprehensive score, ensuring signals reflect deep structural alignment across mathematical domains. 🎛️ INPUTS: CONFIGURING THE GEOMETRIC ENGINE The GTGS offers a suite of customizable inputs, allowing traders to tailor its behavior to specific timeframes, market sectors, and trading styles. Below is a detailed breakdown of key input groups, their functionality, and optimization strategies, leveraging provided tooltips for precision. Grothendieck-Teichmüller Theory Inputs 🧬 Deformation Depth (Absolute Galois) : What It Is : Controls the depth of Galois group deformations analyzed in market structure. How It Works : Measures price action deformations under automorphisms of the absolute Galois group, capturing market symmetries. Optimization : Higher Values (15-20) : Captures deeper symmetries, ideal for major trends in swing trading (4H-1D). Lower Values (3-8) : Responsive to local deformations, suited for scalping (1-5min). Timeframes : Scalping (1-5min) : 3-6 for quick local shifts. Day Trading (15min-1H) : 8-12 for balanced analysis. Swing Trading (4H-1D) : 12-20 for deep structural trends. Sectors : Stocks : Use 8-12 for stable trends. Crypto : 3-8 for volatile, short-term moves. Forex : 12-15 for smooth, cyclical patterns. Pro Tip : Increase in trending markets to filter noise; decrease in choppy markets for sensitivity. 🗼 Teichmüller Tower Height : What It Is : Determines the height of the Teichmüller modular tower for hierarchical pattern detection. How It Works : Builds modular levels to identify nested market patterns. Optimization : Higher Values (6-8) : Detects complex fractals, ideal for swing trading. Lower Values (2-4) : Focuses on primary patterns, faster for scalping. Timeframes : Scalping : 2-3 for speed. Day Trading : 4-5 for balanced patterns. Swing Trading : 5-8 for deep fractals. Sectors : Indices : 5-8 for robust, long-term patterns. Crypto : 2-4 for rapid shifts. Commodities : 4-6 for cyclical trends. Pro Tip : Higher towers reveal hidden fractals but may slow computation; adjust based on hardware. 🔢 Galois Prime Base : What It Is : Sets the prime base for Galois field computations. How It Works : Defines the field extension characteristic for market analysis. Optimization : Prime Characteristics : 2 : Binary markets (up/down). 3 : Ternary states (bull/bear/neutral). 5 : Pentagonal symmetry (Elliott waves). 7 : Heptagonal cycles (weekly patterns). 11,13,17,19 : Higher-order patterns. Timeframes : Scalping/Day Trading : 2 or 3 for simplicity. Swing Trading : 5 or 7 for wave or cycle detection. Sectors : Forex : 5 for Elliott wave alignment. Stocks : 7 for weekly cycle consistency. Crypto : 3 for volatile state shifts. Pro Tip : Use 7 for most markets; 5 for Elliott wave traders. Topos Theory & Sheaf Cohomology Inputs 🏛️ Temporal Site Size : What It Is : Defines the number of time points in the topological site. How It Works : Sets the local neighborhood for sheaf computations, affecting cohomology smoothness. Optimization : Higher Values (30-50) : Smoother cohomology, better for trends in swing trading. Lower Values (5-15) : Responsive, ideal for reversals in scalping. Timeframes : Scalping : 5-10 for quick responses. Day Trading : 15-25 for balanced analysis. Swing Trading : 25-50 for smooth trends. Sectors : Stocks : 25-35 for stable trends. Crypto : 5-15 for volatility. Forex : 20-30 for smooth cycles. Pro Tip : Match site size to your average holding period in bars for optimal coherence. 📐 Sheaf Cohomology Degree : What It Is : Sets the maximum degree of cohomology groups computed. How It Works : Higher degrees capture complex topological obstructions. Optimization : Degree Meanings : 1 : Simple obstructions (basic support/resistance). 2 : Cohomological pairs (double tops/bottoms). 3 : Triple intersections (complex patterns). 4-5 : Higher-order structures (rare events). Timeframes : Scalping/Day Trading : 1-2 for simplicity. Swing Trading : 3 for complex patterns. Sectors : Indices : 2-3 for robust patterns. Crypto : 1-2 for rapid shifts. Commodities : 3-4 for cyclical events. Pro Tip : Degree 3 is optimal for most trading; higher degrees for research or rare event detection. 🌐 Grothendieck Topology : What It Is : Chooses the Grothendieck topology for the site. How It Works : Affects how local data integrates into global patterns. Optimization : Topology Characteristics : Étale : Finest topology, captures local-global principles. Nisnevich : A1-invariant, good for trends. Zariski : Coarse but robust, filters noise. Fpqc : Faithfully flat, highly sensitive. Sectors : Stocks : Zariski for stability. Crypto : Étale for sensitivity. Forex : Nisnevich for smooth trends. Indices : Zariski for robustness. Timeframes : Scalping : Étale for precision. Swing Trading : Nisnevich or Zariski for reliability. Pro Tip : Start with Étale for precision; switch to Zariski in noisy markets. Unified Field Configuration Inputs ⚛️ Field Coupling Constant : What It Is : Sets the interaction strength between geometric components. How It Works : Controls signal amplification in the unified field equation. Optimization : Higher Values (0.5-1.0) : Strong coupling, amplified signals for ranging markets. Lower Values (0.001-0.1) : Subtle signals for trending markets. Timeframes : Scalping : 0.5-0.8 for quick, strong signals. Swing Trading : 0.1-0.3 for trend confirmation. Sectors : Crypto : 0.5-1.0 for volatility. Stocks : 0.1-0.3 for stability. Forex : 0.3-0.5 for balance. Pro Tip : Default 0.137 (fine structure constant) is a balanced starting point; adjust up in choppy markets. 📐 Geometric Weighting Scheme : What It Is : Determines the framework for combining geometric components. How It Works : Adjusts emphasis on different mathematical structures. Optimization : Scheme Characteristics : Canonical : Equal weighting, balanced. Derived : Emphasizes higher-order structures. Motivic : Prioritizes arithmetic properties. Spectral : Focuses on frequency domain. Sectors : Stocks : Canonical for balance. Crypto : Spectral for volatility. Forex : Derived for structured moves. Indices : Motivic for arithmetic cycles. Timeframes : Day Trading : Canonical or Derived for flexibility. Swing Trading : Motivic for long-term cycles. Pro Tip : Start with Canonical; experiment with Spectral in volatile markets. Dashboard and Visual Configuration Inputs 📋 Show Enhanced Dashboard, 📏 Size, 📍 Position : What They Are : Control dashboard visibility, size, and placement. How They Work : Display key metrics like Unified Field , Resonance , and Signal Quality . Optimization : Scalping : Small size, Bottom Right for minimal chart obstruction. Swing Trading : Large size, Top Right for detailed analysis. Sectors : Universal across markets; adjust size based on screen setup. Pro Tip : Use Large for analysis, Small for live trading. 📐 Show Motivic Cohomology Bands, 🌊 Morphism Flow, 🔮 Future Projection, 🔷 Holographic Mesh, ⚛️ Spectral Flow : What They Are : Toggle visual elements representing mathematical calculations. How They Work : Provide intuitive representations of market dynamics. Optimization : Timeframes : Scalping : Enable Morphism Flow and Spectral Flow for momentum. Swing Trading : Enable all for comprehensive analysis. Sectors : Crypto : Emphasize Morphism Flow and Future Projection for volatility. Stocks : Focus on Cohomology Bands for stable trends. Pro Tip : Disable non-essential visuals in fast markets to reduce clutter. 🌫️ Field Transparency, 🔄 Web Recursion Depth, 🎨 Mesh Color Scheme : What They Are : Adjust visual clarity, complexity, and color. How They Work : Enhance interpretability of visual elements. Optimization : Transparency : 30-50 for balanced visibility; lower for analysis. Recursion Depth : 6-8 for balanced detail; lower for older hardware. Color Scheme : Purple/Blue : Analytical focus. Green/Orange : Trading momentum. Pro Tip : Use Neon Purple for deep analysis; Neon Green for active trading. ⏱️ Minimum Bars Between Signals : What It Is : Minimum number of bars required between consecutive signals. How It Works : Prevents signal clustering by enforcing a cooldown period. Optimization : Higher Values (10-20) : Fewer signals, avoids whipsaws, suited for swing trading. Lower Values (0-5) : More responsive, allows quick reversals, ideal for scalping. Timeframes : Scalping : 0-2 bars for rapid signals. Day Trading : 3-5 bars for balance. Swing Trading : 5-10 bars for stability. Sectors : Crypto : 0-3 for volatility. Stocks : 5-10 for trend clarity. Forex : 3-7 for cyclical moves. Pro Tip : Increase in choppy markets to filter noise. Hardcoded Parameters Tropical, Motivic, Spectral, Perfectoid, Homotopy Inputs : Fixed to optimize performance but influence calculations (e.g., tropical_degree=4 for support levels, perfectoid_prime=5 for convergence). Optimization : Experiment with codebase modifications if advanced customization is needed, but defaults are robust across markets. 🎨 ADVANCED VISUAL SYSTEM: TRADING IN A GEOMETRIC UNIVERSE The GTTMTSF ’s visuals are direct representations of its mathematics, designed for intuitive and precise trading decisions. Motivic Cohomology Bands : What They Are : Dynamic bands ( H⁰ , H¹ , H² ) representing cohomological support/resistance. Color & Meaning : Colors reflect energy levels ( H⁰ tightest, H² widest). Breaks into H¹ signal momentum; H² touches suggest reversals. How to Trade : Use for stop-loss/profit-taking. Band bounces with Dashboard confirmation are high-probability setups. Morphism Flow (Webbing) : What It Is : White particle streams visualizing market momentum. Interpretation : Dense flows indicate strong trends; sparse flows signal consolidation. How to Trade : Follow dominant flow direction; new flows post-consolidation signal trend starts. Future Projection Web (Fractal Grid) : What It Is : Fibonacci-period fractal projections of support/resistance. Color & Meaning : Three-layer lines (white shadow, glow, colored quantum) with labels showing price, topological class, anomaly strength (φ), resonance (ρ), and obstruction ( H¹ ). ⚡ marks extreme anomalies. How to Trade : Target ⚡/● levels for entries/exits. High-anomaly levels with weakening Unified Field are reversal setups. Holographic Mesh & Spectral Flow : What They Are : Visuals of harmonic interference and spectral energy. How to Trade : Bright mesh nodes or strong Spectral Flow warn of building pressure before price movement. 📊 THE GEOMETRIC DASHBOARD: YOUR MISSION CONTROL The Dashboard translates complex mathematics into actionable intelligence. Unified Field & Signals : FIELD : Master value (-10 to +10), synthesizing all geometric components. Extreme readings (>5 or <-5) signal structural limits, often preceding reversals or continuations. RESONANCE : Measures harmony between geometric field and price-volume momentum. Positive amplifies bullish moves; negative amplifies bearish moves. SIGNAL QUALITY : Confidence meter rating alignment. Trade only STRONG or EXCEPTIONAL signals for high-probability setups. Geometric Components : What They Are : Breakdown of seven mathematical engines. How to Use : Watch for convergence. A strong Unified Field is reliable when components (e.g., Grothendieck , Topos , Motivic ) align. Divergence warns of trend weakening. Signal Performance : What It Is : Tracks indicator signal performance. How to Use : Assesses real-time performance to build confidence and understand system behavior. 🚀 DEVELOPMENT & UNIQUENESS: BEYOND CONVENTIONAL ANALYSIS The GTTMTSF was developed to analyze markets as evolving geometric objects, not statistical time-series. Why This Is Unlike Anything Else : Theoretical Depth : Uses geometry and topology, identifying patterns invisible to statistical tools. Holistic Synthesis : Integrates seven deep mathematical frameworks into a cohesive Unified Field . Creative Implementation : Translates PhD-level mathematics into functional Pine Script , blending theory and practice. Immersive Visualization : Transforms charts into dynamic geometric landscapes for intuitive market understanding. The GTTMTSF is more than an indicator; it’s a new lens for viewing markets, for traders seeking deeper insight into hidden order within chaos. " Where there is matter, there is geometry. " - Johannes Kepler — Dskyz , Trade with insight. Trade with anticipation.
Indicador Pine Script®
por DskyzInvestments
4
Target ScannerThis invite-only indicator implements an advanced Wolfe Wave pattern recognition system specifically designed for Borsa Istanbul (BIST) stock screening across multiple timeframes and mathematical ratio calculations. **Core Technical Framework:** The indicator employs sophisticated mathematical calculations across 10 distinct timeframes (377, 233, 144, 89, 55, 34, 21, 13, 8, 5 periods) using Elliott Wave ratio theory combined with algorithmic pattern detection. Unlike standard scanning tools that rely on basic technical indicators, this system uses quantitative Wolfe Wave analysis to identify precise entry and exit points across 560+ BIST stocks simultaneously. **Key Features:** • **Multi-Stock Scanning:** Simultaneously analyzes 40 stocks per list across 14 different BIST stock lists (560+ total stocks) • **Advanced Pattern Detection:** Implements Wolfe Wave mathematical validation using 24 different ratio calculation methods including Fibonacci sequences, Elliott Wave ratios, Golden Ratio, Harmonic Patterns, Pi-based calculations, volatility-based dynamic ratios, and AI-optimized mathematical progressions • **Real-Time Screening Table:** Displays active signals with current price, signal price, target price, expected profit percentage, and calculated stop-loss levels • **Reliability Scoring System:** EPA (Entry Point Accuracy) and ETA (Exit Target Accuracy) scoring with historical performance tracking • **Visual Signal Display:** Comprehensive signal boxes showing profit zones, stop-loss areas, entry levels, and estimated time to target completion **Mathematical Implementation:** The core algorithm calculates price relationships using configurable mathematical ratios. For bullish conditions, it identifies entry points when price action meets specific criteria: - Point validation through ratio analysis between swing highs/lows across multiple timeframes - Mathematical confirmation using (pv - pf) / (pv - pd) ratio calculations - Confluence validation across timeframes with dynamic ratio adjustments - Minimum profit threshold filtering to ensure signal quality **Originality and Innovation:** This implementation differs significantly from traditional scanning tools through several key innovations: 1. **Multi-Timeframe Wolfe Wave Detection:** Simultaneous pattern recognition across 10 timeframes rather than single-timeframe analysis 2. **Adaptive Ratio Systems:** 24 different mathematical calculation methods including volatility-based, time-based, momentum-based, and volume-weighted ratio adjustments 3. **BIST-Specific Optimization:** Tailored specifically for Turkish stock market characteristics with 14 pre-configured stock lists 4. **Institutional-Grade Visualization:** Advanced signal boxes with profit/loss zones, multiple entry levels, and time-based target estimation 5. **Real-Time Performance Tracking:** Dynamic EPA/ETA scoring system that tracks historical accuracy and adapts calculations **Signal Generation Logic:** The system generates signals when multiple mathematical conditions align: - Wolfe Wave pattern completion across specified timeframes - Ratio validation using selected mathematical progression (Fibonacci, Golden Ratio, Elliott Wave, etc.) - Stop-loss calculation as percentage of target profit (default 0.5%) - Minimum profit threshold compliance - Multi-timeframe confluence confirmation **Risk Management Features:** • **Configurable Stop-Loss:** Calculated as percentage of target profit with recommended 0.3 setting for 1:3 risk-reward ratio • **Profit Percentage Display:** Real-time calculation showing expected profit from signal price to target • **Multiple Entry Levels:** EPA and ETA-based entry points with reliability scoring • **Time Estimation:** Statistical analysis providing estimated bars/time to target completion • **Visual Risk Zones:** Color-coded profit (green) and loss (red) areas for clear risk visualization **Performance Characteristics:** The indicator is optimized for active screening with frequent signal generation across multiple stocks. It provides both short-term and medium-term opportunities depending on the timeframe producing the signal. The system maintains historical statistics for signal accuracy and target completion timing. **Technical Requirements:** Requires understanding of Wolfe Wave pattern theory, Elliott Wave principles, and multi-timeframe analysis concepts. Users should be familiar with BIST market structure and Turkish stock trading mechanics. The indicator demands active monitoring due to the high-frequency nature of multi-stock scanning. **Market Application:** Specifically designed for Borsa Istanbul stocks with comprehensive coverage across major sectors. Works effectively in both trending and ranging market conditions due to its adaptive ratio selection and multi-timeframe approach. Best suited for traders focusing on Turkish equity markets with pattern-based strategies. **Customization Options:** • **14 Stock Lists:** Pre-configured BIST stock groups for sector-specific analysis • **24 Ratio Methods:** From conservative Fibonacci to aggressive AI-optimized calculations • **Quote Pair Integration:** Optional currency pair specification for international analysis • **Timeframe Flexibility:** Customizable chart timeframe for signal generation • **Table Positioning:** Multiple display options with size and color customization • **Alert Integration:** Comprehensive alert system for real-time signal notifications
Indicador Pine Script®
por Herif
Next Candle Predictor with Auto HedgingThe "Next Candle Predictor with Auto Hedging" is a Pine Script indicator designed for use on TradingView. It combines predictive analysis and basic hedging techniques to assist traders in making informed decisions. Here's a detailed explanation suitable for public sharing on TradingView: Overview This script predicts the closing price of the next candle based on the current candle's open and close prices. It also includes an auto hedging feature that suggests potential hedging levels to mitigate risk based on the predicted price movement. The indicator is particularly useful for traders looking to enhance their trading strategies with predictive analytics. Key Features Next Candle Prediction: The indicator analyzes the current candle's data (open and close prices) to predict whether the next candle will close higher or lower. If the current candle is bullish (close > open), it predicts a higher close for the next candle. Conversely, if the candle is bearish, it predicts a lower close. Auto Hedging: The script calculates a hedging level based on the predicted close price. If the predicted close indicates a bullish move, the hedge level is set slightly below the predicted close, suggesting where a trader might consider placing a hedge. If the prediction indicates a bearish move, the hedge level is set above the predicted close. Elliott Wave Analysis: The script includes a basic implementation of identifying significant price movements, akin to Elliott Wave analysis, by detecting peaks and troughs over a specified number of bars (wave length). This can help traders identify potential trend reversals or continuations. How It Works Input Parameters: Users can customize the waveLength parameter, which determines how many bars back the script looks to identify significant highs and lows. Peak and Trough Detection: The script identifies the highest high and lowest low within the specified wave length, plotting these points on the chart for visual reference. Prediction Logic: The predicted close is calculated based on the current candle's behavior, allowing traders to anticipate price movements. Hedging Level Calculation: The script dynamically calculates a hedging level based on the predicted close, providing a visual cue for potential risk management strategies. Visual Representation The indicator plots: Elliott Wave Highs: Marked in green. Elliott Wave Lows: Marked in red. Predicted Close: Shown as a blue step line. Hedge Level: Displayed as an orange step line. Benefits Enhanced Decision-Making: By providing predictions and potential hedging levels, traders can make more informed decisions about entering or exiting positions. Risk Management: The auto hedging feature helps traders manage risk by suggesting levels where they might place hedges against adverse price movements. Customizable: The script allows for user-defined parameters, making it adaptable to different trading strategies and market conditions. Conclusion The "Next Candle Predictor with Auto Hedging" indicator is a powerful tool for traders seeking to enhance their trading strategies with predictive analytics and risk management techniques. By utilizing this indicator, traders can gain insights into potential price movements and make more informed trading decisions. Feel free to explore the script, customize it to fit your trading style, and engage with the TradingView community for further insights and improvements! Related
Indicador Pine Script®
por HackWarrior
Luxmi AI Filtered Option Scalping Signals (INDEX)Introduction: Luxmi AI Filtered Option Scalping Signals (INDEX) is an enhanced iteration of the Luxmi AI Directional Option Buying (Long Only) indicator. It's designed for use on index charts alongside the Luxmi AI Smart Sentimeter (INDEX) indicator to enhance performance. This indicator aims to provide refined signals for option scalping strategies, optimizing trading decisions within index markets. Understanding directional bias is crucial when trading index and index options because it helps traders align their strategies with the expected movement of the underlying index. The Luxmi AI Filtered Option Scalping Signals (INDEX) indicator aims to simplify and expedite decision-making through comprehensive technical analysis of various data points on a chart. By leveraging advanced analysis of data points, this indicator scrutinizes multiple factors simultaneously to offer traders clear and rapid insights into market dynamics. The indicator is specifically designed for option scalping, a trading strategy that aims to profit from short-term price fluctuations. It prioritizes signals that are conducive to quick execution and capitalizes on rapid market movements typical of scalping strategies. Major Features: Trend Cloud: Working Principle: The script utilizes the Relative Strength Index (RSI) to assess market momentum, identifying bullish and bearish phases based on RSI readings. It calculates two boolean variables, bullmove and bearmove, which signal shifts in momentum direction by considering changes in the Exponential Moving Average (EMA) of the closing price. When RSI indicates bullish momentum and the closing price's EMA exhibits positive changes, bullmove is triggered, signifying the start of a bullish phase. Conversely, when RSI suggests bearish momentum and the closing price's EMA shows negative changes, bearmove is activated, marking the beginning of a bearish phase. This systematic approach helps in understanding the current trend of the price. The script visually emphasizes these phases on the chart using plot shape markers, providing traders with clear indications of trend shifts. Benefits of Using Trend Cloud: Comprehensive Momentum Assessment: The script offers a holistic view of market momentum by incorporating RSI readings and changes in the closing price's EMA, enabling traders to identify both bullish and bearish phases effectively. Structured Trend Recognition: With the calculation of boolean variables, the script provides a structured approach to recognizing shifts in momentum direction, enhancing traders' ability to interpret market dynamics. Visual Clarity: Plotshape markers visually highlight the start and end of bullish and bearish phases on the chart, facilitating easy identification of trend shifts and helping traders to stay informed. Prompt Response: Traders can promptly react to changing market conditions as the script triggers alerts when bullish or bearish phases begin, allowing them to seize potential trading opportunities swiftly. Informed Decision-Making: By integrating various indicators and visual cues, the script enables traders to make well-informed decisions and adapt their strategies according to prevailing market sentiment, ultimately enhancing their trading performance. How to use this feature: The most effective way to maximize the benefits of this feature is to use it in conjunction with other key indicators and visual cues. By combining the color-coded clouds, which indicate bullish and bearish sentiment, with other features such as IS candles, microtrend candles, volume candles, and sentimeter candles, traders can gain a comprehensive understanding of market dynamics. For instance, aligning the color of the clouds with the trend direction indicated by IS candles, microtrend candles, and sentimeter candles can provide confirmation of trend strength or potential reversals. Furthermore, traders can leverage the trend cloud as a trailing stop-loss tool for long entries, enhancing risk management strategies. By adjusting the stop-loss level based on the color of the cloud, traders can trail their positions to capture potential profits while minimizing losses. For long entries, maintaining the position as long as the cloud remains green can help traders stay aligned with the prevailing bullish sentiment. Conversely, a shift in color from green to red serves as a signal to exit the position, indicating a potential reversal in market sentiment and minimizing potential losses. This integration of the trend cloud as a trailing stop-loss mechanism adds an additional layer of risk management to trading strategies, increasing the likelihood of successful trades while reducing exposure to adverse market movements. Moreover, the red cloud serves as an indicator of decay in option premiums and potential theta effect, particularly relevant for options traders. When the cloud turns red, it suggests a decline in option prices and an increase in theta decay, highlighting the importance of managing options positions accordingly. Traders may consider adjusting their options strategies, such as rolling positions or closing out contracts, to mitigate the impact of theta decay and preserve capital. By incorporating this insight into options pricing dynamics, traders can make more informed decisions about their options trades. Scalping Cloud: The scalping cloud serves as a specialized component within the trend cloud feature, specifically designed to pinpoint potential long and short entry points within the overarching trend cloud. Here's how it works: Trend Identification: The trend cloud feature typically highlights the prevailing trend direction based on various technical indicators, price action, or other criteria. It visually represents the momentum and direction of the market over a given period. Refined Entry Signals: Within this broader trend context, the scalping cloud narrows its focus to identify shorter-term trading opportunities. It does this by analyzing more granular price movements and shorter timeframes, seeking out potential entry points that align with the larger trend. Long and Short Entries: The scalping cloud distinguishes between potential long (buy) and short (sell) entry opportunities within the trend cloud. For instance, within an uptrend indicated by the trend cloud, the scalping cloud might identify brief retracements or pullbacks as potential long entry points. Conversely, in a downtrend, it may signal short entry opportunities during temporary upward corrections. Risk Management: By identifying potential entry points within the context of the trend, the scalping cloud also aids in risk management. Traders can use these signals to place stop-loss orders and manage their positions effectively, reducing the risk of adverse price movements. The scalping cloud operates by analyzing the crossover and crossunder events between two key indicators: the Double Exponential Moving Average (DEMA) and a Weighted Average. Here's how it works: Double Exponential Moving Average (DEMA): DEMA is a type of moving average that seeks to reduce lag by applying a double smoothing technique to price data. It responds more quickly to price changes compared to traditional moving averages, making it suitable for identifying short-term trends and potential trading opportunities. Weighted Average: The weighted average calculates the average price of an asset over a specified period. However, it incorporates a weighting scheme that assigns more significance to recent price data, resulting in a more responsive indicator that closely tracks current market trends. CE and NO CE Signals: CE signals typically represent a Long Scalping Opportunity, suggesting that conditions are favorable for entering a long position. These signals indicate a strong upward momentum in the market, which traders can exploit for short-term gains through scalping strategies. On the other hand, when there are no CE signals present, it doesn't necessarily mean that the trend has reversed or turned bearish. Instead, it indicates that the trend is still bullish, but the market is experiencing an active pullback. During a pullback, prices may temporarily retreat from recent highs as traders take profits or reevaluate their positions. While the overall trend remains upward, the pullback introduces a degree of uncertainty, making it less favorable for entering new long positions. In such a scenario, traders may opt to exercise caution and refrain from entering new long positions until the pullback phase has concluded. Instead, they might consider waiting for confirmation signals, such as the resumption of CE signals or other bullish indications, before reengaging in long positions. PE and NO PE Signals: PE signals typically indicate a Short Entry opportunity, signaling that market conditions are conducive to entering a short position. Conversely, when there are no PE signals present, it signifies that while the trend remains bearish, the market is currently in an active phase of consolidation or pullback. During such periods, prices may temporarily rise from recent lows, reflecting a pause in the downward momentum. While the overall trend remains downward, the absence of PE signals suggests that it may not be an optimal time to enter new short positions. In this context, traders may exercise caution and wait for clearer signals before initiating new short positions. They might monitor the market closely for signs of a resumption in bearish momentum, such as the emergence of PE signals or other bearish indications. Alternatively, traders may choose to wait on the sidelines until market conditions stabilize or provide clearer directional signals. Working Principle Of CE and PE Signals: The feature calculates candlestick values based on the open, high, low, and close prices of each bar. By comparing these derived candlestick values, it determines whether the current candlestick is bullish or bearish. Additionally, it signals when there is a change in the color (bullish or bearish) of the derived candlesticks compared to the previous bar, enabling traders to identify potential shifts in market sentiment. Micro Trend Candles: Working Principle: This feature begins by initializing variables to determine trend channel width and track price movements. Average True Range (ATR) is then calculated to measure market volatility, influencing the channel's size. Highs and lows are identified within a specified range, and trends are assessed based on price breaches, with potential changes signaled accordingly. The price channel is continually updated to adapt to market shifts, and arrows are placed to indicate potential entry points. Colors are assigned to represent bullish and bearish trends, dynamically adjusting based on current market conditions. Finally, candles on the chart are colored to visually depict the identified micro trend, offering traders an intuitive way to interpret market sentiment and potential entry opportunities. Benefits of using Micro Trend Candles: Traders can use these identified micro trends to spot potential short-term trading opportunities. For example: Trend Following: Traders may decide to enter trades aligned with the prevailing micro trend. If the candles are consistently colored in a certain direction, traders may consider entering positions in that direction. Reversals: Conversely, if the script signals a potential reversal by changing the candle colors, traders may anticipate trend reversals and adjust their trading strategies accordingly. For instance, they might close existing positions or enter new positions in anticipation of a trend reversal. It's important to note that these micro trends are short-term in nature and may not always align with broader market trends. Therefore, traders utilizing this script should consider their trading timeframes and adjust their strategies accordingly. How to use this feature: This feature assigns colors to candles to represent bullish and bearish trends, with adjustments made based on current market conditions. Green candles accompanied by a green trend cloud signal a potential long entry, while red candles suggest caution, indicating a bearish trend. This visual representation allows traders to interpret market sentiment intuitively, identifying optimal entry points and exercising caution during potential downtrends. Scalping Candles (Inspired by Elliott Wave and Open Interest Concepts): Working Principle: This feature draws inspiration from the Elliot Wave method, utilizing technical analysis techniques to discern potential market trends and sentiment shifts. It begins by calculating the variance between two Exponential Moving Averages (EMAs) of closing prices, mimicking Elliot Wave's focus on wave and trend analysis. The shorter-term EMA captures immediate price momentum, while the longer-term EMA reflects broader market trends. A smoother Exponential Moving Average (EMA) line, derived from the difference between these EMAs, aids in identifying short-term trend shifts or momentum reversals. Benefits of using Scalping Candles Inspired by Elliott Wave: The Elliott Wave principle is a form of technical analysis that attempts to predict future price movements by identifying patterns in market charts. It suggests that markets move in repetitive waves or cycles, and traders can potentially profit by recognizing these patterns. While this script does not explicitly analyze Elliot Wave patterns, it is inspired by the principle's emphasis on trend analysis and market sentiment. By calculating and visualizing the difference between EMAs and assigning colors to candles based on this analysis, the script aims to provide traders with insights into potential market sentiment shifts, which can align with the broader philosophy of Elliott Wave analysis. How to use this feature: Candlestick colors are assigned based on the relationship between the EMA line and the variance. When the variance is below or equal to the EMA line, candles are colored red, suggesting a bearish sentiment. Conversely, when the variance is above the EMA line, candles are tinted green, indicating a bullish outlook. Though not explicitly analyzing Elliot Wave patterns, the script aligns with its principles of trend analysis and market sentiment interpretation. By offering visual cues on sentiment shifts, it provides traders with insights into potential trading opportunities, echoing Elliot Wave's emphasis on pattern recognition and trend analysis. Chart Timeframe Support and Resistance: Working Principle: This feature serves to identify and visualize support and resistance levels on the chart, primarily based on the chosen Chart Timeframe (CTF). It allows users to specify parameters such as the number of bars considered on the left and right sides of each pivot point, as well as line width and label color. Moreover, users have the option to enable or disable the display of these levels. By utilizing functions to calculate pivot highs and lows within the specified timeframe, the script determines the highest high and lowest low surrounding each pivot point. Additionally, it defines functions to create lines and labels for each detected support and resistance level. Notably, this feature incorporates a trading method that emphasizes the concept of resistance turning into support after breakouts, thereby providing valuable insights for traders employing such strategies. These lines are drawn on the chart, with colors indicating whether the level is above or below the current close price, aiding traders in visualizing key levels and making informed trading decisions. Benefits of Chart Timeframe Support and Resistance: Identification of Price Levels: Support and resistance levels help traders identify significant price levels where buying (support) and selling (resistance) pressure may intensify. These levels are often formed based on historical price movements and are regarded as areas of interest for traders. Decision Making: Support and resistance levels assist traders in making informed trading decisions. By observing price reactions near these levels, traders can gauge market sentiment and adjust their strategies accordingly. For example, traders may choose to enter or exit positions, set stop-loss orders, or take profit targets based on price behavior around these levels. Risk Management: Support and resistance levels aid in risk management by providing reference points for setting stop-loss orders. Traders often place stop-loss orders below support levels for long positions and above resistance levels for short positions to limit potential losses if the market moves against them. How to use this feature: Planning Long Positions: When considering long positions, it's advantageous to strategize when the price is in proximity to a support level identified by the script. This suggests a potential area of buying interest where traders may expect a bounce or reversal in price. Additionally, confirm the bullish bias by ensuring that the trend cloud is green, indicating favorable market conditions for long trades. Waiting for Breakout: If long signals are generated near resistance levels detected by the script, exercise patience and wait for a breakout above the resistance. A breakout above resistance signifies potential strength in the upward momentum and may present a more opportune moment to enter long positions. This approach aligns with trading methodologies that emphasize confirmation of bullish momentum before initiating trades. StopLoss and Target Lines: In addition to generating entry signals, this indicator also incorporates predefined stop-loss ray lines and configurable risk-reward (R:R) target lines to enhance risk management and profit-taking strategies. Here's how these features work: Predefined Stop-loss Ray Lines: The indicator automatically plots stop-loss ray lines on the chart, serving as visual guidelines for setting stop-loss levels. These stop-loss lines are predetermined based on specific criteria, such as volatility levels, support and resistance zones, or predefined risk parameters. Traders can use these lines as reference points to place their stop-loss orders, aiming to limit potential losses if the market moves against their position. Configurable Risk-Reward (R:R) Target Lines: In addition to stop-loss lines, the indicator allows traders to set configurable risk-reward (R:R) target lines on the chart. These target lines represent predefined price levels where traders intend to take profits based on their desired risk-reward ratio. By adjusting the placement of these lines, traders can customize their risk-reward ratios according to their trading preferences and risk tolerance. Risk Management: The predefined stop-loss ray lines help traders manage risk by providing clear exit points if the trade goes against their expectations. By adhering to these predetermined stop-loss levels, traders can minimize potential losses and protect their trading capital, thereby enhancing overall risk management. Profit-taking Strategy: On the other hand, the configurable R:R target lines assist traders in establishing profit-taking strategies. By setting target levels based on their desired risk-reward ratio, traders can aim to capture profits at predefined price levels that offer favorable risk-reward profiles. This allows traders to systematically take profits while ensuring that potential gains outweigh potential losses over the long term. The stop-loss and target lines incorporated in this indicator are dynamic in nature, providing traders with the flexibility to utilize them as trailing stop-loss and extended take-profit targets. Here's how these dynamic features work: Trailing Stop-loss: Traders can employ the stop-loss lines as trailing stop-loss levels, allowing them to adjust their stop-loss orders as the market moves in their favor. As the price continues to move in the desired direction, indicator can dynamically adjust the stop-loss line to lock in profits while still allowing room for potential further gains. This trailing stop-loss mechanism helps traders secure profits while allowing their winning trades to continue running as long as the market remains favorable. Extended Take Profit Targets: Similarly, traders can utilize the target lines as extended take-profit targets, enabling them to capture additional profits beyond their initial profit targets. By adjusting the placement of these target lines based on evolving market conditions or technical signals, traders can extend their profit-taking strategy to capitalize on potential price extensions or trend continuations. This flexibility allows traders to maximize their profit potential by capturing larger price movements while managing their risk effectively. Rangebound Bars: When the Rangebound Bars feature is enabled, the indicator represents candles in a distinct purple color to visually denote periods of sideways or range-bound price action. This visual cue helps traders easily identify when the market is consolidating and lacking clear directional momentum. Here's how it works: Purple Candle Color: When the Rangebound Bars feature is active, the indicator displays candlesticks in a purple color to highlight periods of sideways price movement. This color differentiation stands out against the usual colors used for bullish (e.g., green or white) and bearish (e.g., red or black) candles, making it easier for traders to recognize range-bound conditions at a glance. Signaling Sideways Price Action: The purple coloration of candles indicates that price movements are confined within a relatively narrow range and lack a clear upward or downward trend. This may occur when the market is consolidating, experiencing indecision, or undergoing a period of accumulation or distribution. Working Principle: The Rangebound Bars feature of this indicator is designed to assist traders in identifying and navigating consolidating market conditions, where price movements are confined within a relatively narrow range. This feature utilizes Pivot levels and the Average True Range (ATR) concept to determine when the market is range-bound and provides signals to stay out of such price action. Here's how it works: Pivot Levels: Pivot levels are key price levels derived from the previous period's high, low, and closing prices. They serve as potential support and resistance levels and are widely used by traders to identify significant price levels where price action may stall or reverse. The Rangebound Bars feature incorporates Pivot levels into its analysis to identify ranges where price tends to consolidate. Average True Range (ATR): The Average True Range is a measure of market volatility that calculates the average range between the high and low prices over a specified period. It provides traders with insights into the level of price volatility and helps set appropriate stop-loss and take-profit levels. In the context of the Rangebound Bars feature, ATR is used to gauge the extent of price fluctuations within the identified range.
Indicador Pine Script®
por LuxmiAI
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