[SCL] Significant Figures Example FunctionThis script consist of a single example function that takes a floating-point number - one that can, but doesn't have to, include a decimal point - and converts it to a floating-point number with only a certain number of significant digits left.
I'm not aware of another script that does this. There might well be a simpler way, in which case please do let me know.
For example, say you want to display a variable from your script to the user and it comes out to something like 45.366666666666666666666667 or whatever. That looks awful when you, for example, print it in a label.
Now, you could round it up to the nearest integer easily using a built-in function, or even to a certain number of decimal places using a reasonably simple custom function.
But that's a bit arbitrary. Suppose you don't know what asset the script will be used on, and so you can't predict what the price is, and what the value will turn out to be.
It could be 0.00045366666666666666666666667 instead. Now if you round it up to 3 decimal places it comes out as 0.000, which is useless.
My function will round that number to 0.0004536 instead, if told to do it to 4 significant digits.
You're free to use this function in your own scripts, including closed-source scripts, without asking permission. Credit to @SimpleCryptoLife would be appreciated.
Pesquisar nos scripts por "the script"
TradeChartist Intensity Pro™TradeChartist Intensity Pro is a visual indicator that comes with 5 Visual Themes and Auto-fibs feature that helps traders with Entry/Exit and levels confirmation based on where the price is, in relation to the Orange Price Equilibrium line and the 5 zones of Bull/Bear limits that fade into the top or bottom outer space.
™TradeChartist Intensity is an original Mean Reversion Model that requires no user input and Intensity Pro incorporates User adjustable Auto-Fibs and manual Fibonacci retracement feature and plots customisable Fib levels along with prices.
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Intensity Pro Features
Orange Mean Equilibrium Line
Bull and Bear Intensity Bands
5 Visual Themes
Trend based Bar Colours
Auto Fibonacci Levels
Custom Auto-Fib Levels
Fibonacci Levels based on Days or Bars Lookback
Current Fib Level label
High and Low Plots
Take Profit Bars
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Example Charts:
1. 4hr BTC-USDT
2. SPX Daily
3. EUR-USD 1hr
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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Snake Trend PremiumThis is an improved version of my original open source snake trend script.
I made this script to reference the current market environment while working on the lower time frames. It combines 8 slow moving averages to calculate the strength of the market trend. It will color the center of the line based on those results. The purpose of it is to visualise a bunch of sma lines into 1 line, it will make it much more organised and gives visual clarity instead of chaos. Do not use this script.
How the snake calculates trend strength for color:
1. It will check for each SMA line if it increased or decreased in value compared to previous candle.
2. An increase means +1 a decrease means -1
3. It will count those numbers to get a strength value ranging from -8 to 8
4. Each specific number is color coded and it will plot that color into the center of the snake based on the color theme selected in config
Configuration:
Show MA Lines = Ability to show the hidden lines used for calculation
5 Color Themes = Includes 5 color themes for the snake of which one based on the original, this is so the user can decide which color theme is most clear.
Plot Snake on other timeframe ? = Ability to plot the visual snake on the timeframe you want instead of current, this will not change the calculation and is only visual.
Use Current Timeframe MACD ? = Chose if you want to use a custom timeframe for MACD (outer skin of the snake line), below that are the standard MACD settings
Use Current Timeframe rsiMFI ? = Chose if you want to use a custom timeframe for rsiMFI (inner skin of the snake line)
Static SMA Length ? = The amount of candles the SMA uses to calculates it's value, standard SMA settings
Timeframe in Minutes SMA 1 = The timeframe line 1 uses (these timeframes are very important as they decide the trend strength calculation which is the backbone of the script. Below that are settings for all the other SMA's
SMA length input changes all lines at once.
The script will get published in 2 ways:
A simple version that will display the trend strength indicator as bars (no overlay)
A version which displays the strength as colors and includes a skin to see if higher or lower TF MACD and rsiMFI are in the negative or positive
Disclaimer:
Never enter a trade purely based on the indicator as it is a trend visualisation but not a good entry trigger.
Auto Darvas Boxes## AUTO DARVAS BOXES
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### OVERVIEW
**Auto Darvas Boxes** is a fully-automated, event-driven implementation of Nicolas Darvas’s 1950s box methodology.
The script tracks consolidation zones in real time, verifies that price truly “respects” those zones for a fixed validation window, then waits for the first decisive range violation to mark a directional breakout.
Every box is plotted end-to-end—from the first candle of the sideways range to the exact candle that ruptures it—giving you an on-chart, visually precise record of accumulation or distribution and the expansion that follows.
---
### HISTORICAL BACKGROUND
* Nicolas Darvas was a professional ballroom dancer who traded U.S. equities by telegram while touring the world.
* Without live news or Level II, he relied exclusively on **price** to infer institutional intent.
* His core insight: true market-moving entities leave footprints in the form of tight ranges; once their buying (or selling) is complete, price erupts out of the “box.”
* Darvas’s original procedure was manual—he kept notebooks, drew rectangles around highs and lows, and entered only when price punched out of the roof of a valid box.
* This indicator distills that logic into a rolling, self-resetting state machine so you never miss a box or breakout on any timeframe.
---
### ALGORITHM DETAIL (FOUR-STATE MACHINE)
**STATE 0 – RANGE DEFINITION**
• Examine the last *N* candles (default 7).
• Record `rangeHigh = highest(high, N) + tolerance`.
• Record `rangeLow = lowest(low, N) – tolerance`.
• Remember the index of the earliest bar in this window (`startBar`).
• Immediately transition to STATE 1.
**STATE 1 – RANGE VALIDATION**
• Observe the next *N* candles (again default 7).
• If **any** candle prints `high > rangeHigh` or `low < rangeLow`, the validation fails and the engine resets to STATE 0 **beginning at the violating candle**—no halfway boxes, no overlap.
• If all *N* candles remain inside the range, the box becomes **armed** and we transition to STATE 2.
**STATE 2 – ARMED (LIVE VISUAL FEEDBACK)**
• Draw a **green horizontal line** at `rangeHigh`.
• Draw a **red horizontal line** at `rangeLow`.
• Lines are extended in real time so the user can see the “live” Darvas ceiling and floor.
• Engine waits indefinitely for a breakout candle:
– **Up-Breakout** if `high > rangeHigh`.
– **Down-Breakout** if `low < rangeLow`.
**STATE 3 – BREAKOUT & COOLDOWN**
• Upon breakout the script:
1. Deletes the live range lines.
2. Draws a **filled rectangle (box)** from `startBar` to the breakout bar.
◦ **Green fill** when price exits above the ceiling.
◦ **Red fill** when price exits below the floor.
3. Optionally prints two labels at the left edge of the box:
◦ Dollar distance = `rangeHigh − rangeLow`.
◦ Percentage distance = `(rangeHigh − rangeLow) / rangeLow × 100 %`.
• After painting, the script waits a **user-defined cooldown** (default = 7 bars) before reverting to STATE 0. The cooldown guarantees separation between consecutive tests and prevents overlapping rectangles.
---
### INPUT PARAMETERS (ALL ADJUSTABLE FROM THE SETTINGS PANEL)
* **BARS TO DEFINE RANGE** – Number of candles used for both the definition and validation windows. Classic Darvas logic uses 7 but feel free to raise it on higher timeframes or volatile instruments.
* **OPTIONAL TOLERANCE** – Absolute price buffer added above the ceiling and below the floor. Use a small tolerance to ignore single-tick spikes or data-feed noise.
* **COOLDOWN BARS AFTER BREAKOUT** – How long the engine pauses before hunting for the next consolidation. Setting this equal to the range length produces non-overlapping, evenly spaced boxes.
* **SHOW BOX DISTANCE LABELS** – Toggle on/off. When on, each completed box displays its vertical size in both dollars and percentage, anchored at the box’s left edge.
---
### REAL-TIME VISUALISATION
* During the **armed** phase you see two extended, colour-coded guide-lines showing the exact high/low that must hold.
* When the breakout finally occurs, those lines vanish and the rectangle instantly appears, coloured to match the breakout direction.
* This immediate visual feedback turns any chart into a live Darvas tape—no manual drawing, no lag.
---
### PRACTICAL USE-CASES & BEST-PRACTICE WORKFLOWS
* **INTRADAY MOMENTUM** – Drop the script on 1- to 15-minute charts to catch tight coils before they explode. The coloured box marks the precise origin of the expansion; stops can sit just inside the opposite side of the box.
* **SWING & POSITION TRADING** – On 4-hour or daily charts, boxes often correspond to accumulation bases or volatility squeezes. Waiting for the box-validated breakout filters many false signals.
* **MEAN-REVERSION OR “FADE” STRATEGIES** – If a breakout immediately fails and price re-enters the box, you may have trapped momentum traders; fading that failure can be lucrative.
* **RISK MANAGEMENT** – Box extremes provide objective, structure-based stop levels rather than arbitrary ATR multiples.
* **BACK-TEST RESEARCH** – Because each box is plotted from first range candle to breakout candle, you can programmatically measure hold time, range height, and post-breakout expectancy for any asset.
---
### CUSTOMISATION IDEAS FOR POWER USERS
* **VOLATILITY-ADAPTIVE WINDOW** – Replace the fixed 7-bar length with a dynamic value tied to ATR percentile so the consolidation window stretches or compresses with volatility.
* **MULTI-TIMEFRAME LOGIC** – Only arm a 5-minute box if the 1-hour trend is aligned.
* **STRATEGY WRAPPER** – Convert the indicator to a full `strategy{}` script, automate entries on breakouts, and benchmark performance across assets.
* **ALERTS** – Create TradingView alerts on both up-breakout and down-breakout conditions; route them to webhook for broker automation.
---
### FINAL THOUGHTS
**Auto Darvas Boxes** packages one of the market’s oldest yet still potent price-action frameworks into a modern, self-resetting indicator. Whether you trade equities, futures, crypto, or forex, the script highlights genuine contraction-expansion sequences—Darvas’s original “boxes”—with zero manual effort, letting you focus solely on execution and risk.
TradeChartist Essential MTF Screener™TradeChartist Essential MTF Screener is an adaptive and powerful multi time frame screener toolkit for several essential trading indicators like RSI, Stochastic, CCI, MACD, 15 different Moving Averages, Heikin Ashi Trend and Net Volume, which can be visualised as a singular Indicator plot or as MTF Screener blocks showing absolute or trend-based colour coded Bull/Bear Strength along with real-time indicator value labels.
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™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗠𝗧𝗙 𝗦𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗨𝘀𝗲𝗿 𝗠𝗮𝗻𝘂𝗮𝗹
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MTF Screener can be used as a singular Time Frame screener plot or as colour coded screener blocks with several Time Frames (based on Time Frame Multiplier inputs) and based on user preference of the indicator such as RSI, Stoch, CCI, MACD, one of 15 Moving Averages, Heikin Ashi Trend or Net Volume from the 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫 𝐓𝐲𝐩𝐞 dropdown.
For RSI, Stoch, MACD and Moving Averages, Source price is required from the Sᴏᴜʀᴄᴇ dropdown (default - close). Sᴍᴏᴏᴛʜɪɴɢ input can be used to smooth the plot.
RSI, CCI and Stoch lengths are 14 as default and each of them have Uᴘᴘᴇʀ Bᴀɴᴅ and Lᴏᴡᴇʀ Bᴀɴᴅ inputs, which decides the colour of the screener block.
MACD has 3 inputs namely - Fᴀsᴛ Lᴇɴɢᴛʜ , Sʟᴏᴡ Lᴇɴɢᴛʜ and Sᴍᴏᴏᴛʜɪɴɢ and the default is the classic settings (12,26,9). Type of MA used can be chosen from under 𝟰. 𝗠𝗼𝘃𝗶𝗻𝗴 𝗔𝘃𝗲𝗿𝗮𝗴𝗲 section of the indicator settings. For classic MACD, use EMA which is default.
Moving Average has two inputs namely - MA ᴛʏᴘᴇ (which allows one of 15 Moving Averages) and MA Lᴇɴɢᴛʜ (default - 55).
Heikin Ashi Trend and Net Volume do not need any inputs.
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𝗠𝗧𝗙 𝗦𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗕𝗹𝗼𝗰𝗸𝘀
Screener blocks are plotted as default and each row represents a specific Time Frame based on the Time Frame Multiplier (Default - 11 TF Multipliers from 1 to 2 in steps of 0.1) entered by the user in the 𝗦𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗣𝗹𝗼𝘁𝘀 section. There are 11 maximum rows or Time Frame Multipliers that can be displayed. For example, if the user wants just 4 timeframes say, 1hr, 2hr , 4hr and Daily on a 1hr chart, the user should enter 4 in 𝐍𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐌𝐓𝐅 𝐒𝐜𝐫𝐞𝐞𝐧𝐞𝐫𝐬 input box and enter 1, 2, 4 and 24 in the Time-Frame Multiplier input boxes.
The Screener block colour can be changed from the settings. Each Screener row will have the data labels displayed in real-time as default ( Aʟʟᴏᴡ Rᴇᴘᴀɪɴᴛɪɴɢ (Cᴜʀʀᴇɴᴛ HTF Dᴀᴛᴀ) ). Disabling this will have Higher Time Frame data lag based on previous HTF close. Real-time data is recommended for live prices/data as it helps see the current dynamic.
Hᴇɪᴋɪɴ Asʜɪ Sᴄʀᴇᴇɴᴇʀ plots data based on Heikin Ashi chart on normal candle/bar chart.
Tʀᴇɴᴅ Bᴀsᴇᴅ Sᴄʀᴇᴇɴᴇʀ (ʀsɪ, sᴛᴏᴄʜ, ᴄᴄɪ) plots color coded screener blocks based on Upper and Lower bands input from the user. The colors change only when the upper/lower band is breached for the first time since the opposite band breach.
The MTF Screener blocks can be used visually on price chart by just moving the MTF Screener to main chart with the default Separate Screener Pane - Default under Lᴀʙᴇʟs Dɪsᴘʟᴀʏ Tʏᴘᴇ to keep the labels on chart. Having separate scales for security price and MTF Screener makes it possible to view the screener blocks on main chart.
Screener overlaid on Price Chart disables the MTF screener blocks but shows the MTF labels on price chart.
MTF Screener block colours can be changed from Screener Blocks colour settings and the Screener Label colour can be changed from Screener Label Colour settings.
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𝗦𝗰𝗿𝗲𝗲𝗻𝗲𝗿 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿 𝗣𝗹𝗼𝘁
Screener Indicator Plot is a singular plot of the user preferred timeframe multiplier (entered in Iɴᴅɪᴄᴀᴛᴏʀ Pʟᴏᴛ Tɪᴍᴇғʀᴀᴍᴇ Mᴜʟᴛɪᴘʟɪᴇʀ input box) of the Essential Indicator selected by the user.
To display the indicator plot, enable Dɪsᴘʟᴀʏ Iɴᴅɪᴄᴀᴛᴏʀ Pʟᴏᴛ (ᴅɪsᴀʙʟᴇs sᴄʀᴇᴇɴᴇʀ) . For example, if the selected plot is RSI, this displays RSI of the chosen Time Frame Multiplier along with the MTF Screener Labels without the blocks.
Screener Indicator Plot colours can be changed from Indicator/Screener Label colour settings and the Label colour can be changed from Lᴀʙᴇʟ Cᴏʟᴏᴜʀ (ғᴏʀ ɪɴᴅɪᴄᴀᴛᴏʀ ᴘʟᴏᴛ) .
The example chart below shows the use of both MTF Screener Blocks and Screener Indicator Plots of various essential indicators.
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Note: ™TradeChartist Essential MTF Screener is not a Signal generator and doesnt always reflect the trend when using MTF Screener blocks. Using relatively higher Time Frame Multipliers can cause late trade entries on chart time frame. The Screener and labels help visualize the values and the relative trend where sensible using colour codes. Users must devise personal techniques to exploit and use this tool to suit their trading needs.
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Example Charts
1. BTC-USDT 1hr chart using multiple MTF Screeners
2. BTC-USDT 1hr chart using Net Volume Indicator Plot and MACD MTF Screener on chart.
3. BTC-USDT 4hr chart using Daily Heikin Ashi Trend plotted on the main chart + Daily RSI indicator plot on a separate MTF Screener pane connected to ™TradeChartist Plotter to display Divergences on Price chart.
4. BTC-USDT 4 hr chart as above example, connected to ™TradeChartist FibMaster to plot Auto Fibs and display Bull/Bear Zones based on RSI 60/40 breakout trends.
5. BTC-USDT 4 hr chart with 20 period Weekly Hull MA plotted on Main chart with 4hr, Daily and 3D 20 period Hull MA value labels with Daily MACD Indicator Plot with 1hr, 4hr and 12 hr MACD real-time value labels.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Plotter™TradeChartist Plotter is an extremely useful and adaptive indicator that connects to any oscillator to plot highs and lows, Divergences and also Bull and Bear Zones based on the Oscillator and user input to filter zones. When plotted as normal or Heikin Ashi price bars/candles, the divergences can be plotted on price bars and in addition ™TradeChartist MA Visualizer can be plotted and used to filter trade zones derived from the Oscillator connected.
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™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗣𝗹𝗼𝘁𝘁𝗲𝗿 𝗨𝘀𝗲𝗿 𝗠𝗮𝗻𝘂𝗮𝗹
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To connect an oscillator to ™TradeChartist Plotter, follow the steps below.
From the ╔═══ 𝗣𝗹𝘂𝗴 𝗢𝘀𝗰𝗶𝗹𝗹𝗮𝘁𝗼𝗿 ═══ 🔌 dropdown, choose the Oscillator plot which is active on the chart.
Choose the Oscillator Smoothing factor if smoothing is not available on the original oscillator plot by using the Osᴄɪʟʟᴀᴛᴏʀ Sᴍᴏᴏᴛʜɪɴɢ input box.
Enter Upper and Lower Bands for the Oscillator plot that helps detect Highs/Lows, Divergences, Trade Zones etc. by using the Uᴘᴘᴇʀ Bᴀɴᴅ and Lᴏᴡᴇʀ Bᴀɴᴅ input boxes. For example, for oscillators like RSI, bands can be 60/40 or 70/30 or even 50/50 to help filter highs/lows on Oscillator and the main price chart based on Oscillator values above Upper Band and Oscillator values below Lower Band.
Osᴄɪʟʟᴀᴛᴏʀ Bᴀsᴇ Lɪɴᴇ is required especially for Oscillators that don't have 0 as its base line. For example, RSI, Stochastic etc. oscillate between 0 and 100. For Oscillators like these, a base line value is really useful on ™TradeChartist Plotter especially to detect Divergences, Highs/Lows, Trade Zones and even to plot the Oscillator as a Histogram or Area plot.
Pʟᴏᴛ Bᴀsᴇ Lɪɴᴇ ᴀɴᴅ Bᴀɴᴅs plots base line and the bands if Oscillator plot is chosen.
There are three plot types under Pʟᴏᴛ Tʏᴘᴇ and they are
══ Plot Oscillator - This option plots the connected Oscillator
══ Plot Price Candles - This option plots price candles and if overlaid on main chart, Highs/Lows, Divergences etc can be visualized along with ™TradeChartist MA Visualizer if enabled.
══ Plot Price Bars - This option plots price bars and if overlaid on main chart, Highs/Lows, Divergences etc can be visualized along with ™TradeChartist MA Visualizer if enabled.
Pʟᴏᴛ HA Cᴀɴᴅʟᴇs/Bᴀʀs plots Heikin Ashi candles/bars. It doesn't affect the Oscillator plot or in anyway alter the Oscillator plot.
Pʟᴏᴛ Sᴛʏʟᴇ dropdown has three types of styles - Line, Histogram and Area plot styles for the Oscillator plot.
Pʟᴏᴛ Pʀɪᴄᴇ Hɪɢʜs ᴀɴᴅ Lᴏᴡs plots the price highs and price lows corresponding to the Bull and Bear zones of the Oscillator connected.
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╔═════════ 𝗠𝗔 𝗩𝗶𝘀𝘂𝗮𝗹𝗶𝘇𝗲𝗿 ═════════╗
MA Visualizer is a powerful and very useful original ™TradeChartist visual method to plot Moving Averages of the close price of the security for user specified look back period in a visually appealing style in the form of colour coded bands. MA Visualizer not only helps the trader spot the price action of the security relative to the moving average, but also paints a visual picture of the trend strength, which must be seen and used on chart to appreciate its elegance. One of 15 different types of Moving Averages can be used to visualize the price action.
Activate 𝗠𝗔 𝗩𝗶𝘀𝘂𝗮𝗹𝗶𝘇𝗲𝗿 and choose the MA type from MA Vɪsᴜᴀʟɪᴢᴇʀ Tʏᴘᴇ dropdown and entering the lookback period in MA Vɪsᴜᴀʟɪᴢᴇʀ ᴘᴇʀɪᴏᴅ input box.
MA Visualizer colour theme can be be changed from MA Vɪsᴜᴀʟɪᴢᴇʀ Cᴏʟᴏʀ Sᴄʜᴇᴍᴇ dropdown.
The faster of the two set of bands that form the MA Visualizer reacts to price action faster and can be clearly seen from its change of colour from Bull Colour to Bear Colour or vice-versa earlier than the slower set of bands. The fill colour between the bands also helps the user stay in a trade or exit a trade based on other confirmators.
Enabling Dᴀᴢᴢʟɪɴɢ Vɪsᴜᴀʟɪᴢᴇʀ makes the Visualizer dazzle. Uncheck this option for normal view of MA Visualizer.
𝐔𝐬𝐞 𝐌𝐀 𝐕𝐢𝐬𝐮𝐚𝐥𝐢𝐳𝐞𝐫 𝐚𝐬 𝐓𝐫𝐚𝐝𝐞 𝐅𝐢𝐥𝐭𝐞𝐫 filters the trade zones based on MA Visualizer's trend agreeing with the Oscillator trend. Fɪʟᴛᴇʀ Eᴀʀʟʏ Vɪsᴜᴀʟɪᴢᴇʀ Bʀᴇᴀᴋᴏᴜᴛs filters the trades based on faster MA Visualizer plot's trend.
Also, enabling Pʟᴏᴛᴛᴇʀ Bᴀᴄᴋɢʀᴏᴜɴᴅ Fɪʟʟ under 𝗨𝘀𝗲𝗳𝘂𝗹 𝗘𝘅𝘁𝗿𝗮𝘀 helps detect the trade zones with or without the MA Visualizer filter enabled.
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╔═══════ 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀 ═══════╗
Plotter detects both Regular and Hidden Bullish (in a Bear Zone) and Bearish Divergences (in a Bull Zone) at every occurence based on the Oscillator connected. This can be filtered by the use of filtering by Upper and Lower Band values in the Oscillator section. Divergences can also be plotted on price bars based on Pʟᴏᴛ Tʏᴘᴇ .
To plot divergences, enable 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀, Sʜᴏᴡ Rᴇɢᴜʟᴀʀ Dɪᴠᴇʀɢᴇɴᴄᴇs and Sʜᴏᴡ Hɪᴅᴅᴇɴ Dɪᴠᴇʀɢᴇɴᴄᴇs .
Users can further filter Divergences by entering the number of bars to the right in Rɪɢʜᴛ ʙᴀʀs ғᴏʀ Pɪᴠᴏᴛ Cᴏɴғɪʀᴍᴀᴛɪᴏɴ input box to confirm the Price Pivot (for Regular divergences) and Oscillator Pivot (for Hidden Divergences).
Note: Divergences can not be traded at every instance or as a standalone indicator. It just indicates a possibility of strength exhaustion and should not be trusted during a trending market. Higher smoothing (done sensibly) also filters divergences. Divergence can be a strong confirmator once a reversal is detected. For example, using MA Visualizer can help confirm a divergence and vice-versa to identify the trend changes. This means that the confirmations may happen after a few bars since the divergence in agreement with the MA Visualizers trend change.
The example chart of 4hr BTC-USDT chart shows the Divergences filtered by use of RSI 60/40 bands, MA Visualizer and Regression channel trends. It is important to note that the trend intensity colour on the plot and bars (if bar colour option is enabled) will help detect if the Divergence would hold.
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╔═══════ 𝗨𝘀𝗲𝗳𝘂𝗹 𝗘𝘅𝘁𝗿𝗮𝘀 ═══════╗
Pʟᴏᴛᴛᴇʀ Bᴀᴄᴋɢʀᴏᴜɴᴅ Fɪʟʟ - Plots background fill based on Bull and Bear Zones based on the Oscillator connected and the filters used.
Plotter offers two vibrant Colour Themes, namely Chilli and Flame , which can be opted from Pʟᴏᴛᴛᴇʀ Tʜᴇᴍᴇ dropdown. These themes also offer the option to plot the trend intensity on the price bars as bar colours by enabling Cᴏʟᴏᴜʀ Bᴀʀs . Bar colors can also be inverted using Iɴᴠᴇʀᴛ Bᴀʀ Cᴏʟᴏᴜʀ option.
Users can also choose to use the Simple theme and choose preferred colours from Sɪᴍᴘʟᴇ Tʜᴇᴍᴇ ʙᴜʟʟ Cᴏʟᴏᴜʀ and Sɪᴍᴘʟᴇ Tʜᴇᴍᴇ ʙᴇᴀʀ Cᴏʟᴏᴜʀ colour input.
Note : The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about plots disappearing after bar close.
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Example Charts
1. EUR-USD 15m chart with 3 Plotters on chart, 1 with ™TradeChartist MDO , 1 on main chart and 1 HA Bar chart showing various ways of plotting highs/lows, divergences and Trade zones using 55 period LSMA MA Visualizer.
2. XAU-USD 15m chart with Chande Momentum Oscillator connector to Plotter with 200 period SMA Visualizer used as Trade Filter.
3. LINK-USDT 1hr chart with ™TradeChartist Risk Meter connected to Plotter with 144 period Hull MA Visualizer as Trade filter on Main chart with Divergences plotted based on Risk Meter Volatility Risk Oscillator.
4. Example 3 above with Plotter's Trend Identifier connected to ™TradeChartist Plug and Trade as Oscillatory Signal with Past performance and trades plotted.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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BRAHMA - Better Remodelled Adaptive Holistic Moving Average™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗕𝗥𝗔𝗛𝗠𝗔 (Better Remodelled Adaptive Holistic Moving Average) is an exceptionally versatile Moving Average, that can adapt, expand and transform into a better Moving Average system that consists of BRAHMA bands and BRAHMA steps, both emanating from a singular plot based on the source price and the lookback length. The system also consists of BRAHMA cloud which is based on the source price, the lookback length, the step length and the cloud factor. In addition to using the source price directly, the indicator offers 15 different Moving Average types that can be used on the source price for BRAHMA system to adapt to, offering several possibilities to visualize and trade the price action.
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™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗕𝗥𝗔𝗛𝗠𝗔 𝗨𝘀𝗲𝗿 𝗠𝗮𝗻𝘂𝗮𝗹
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Like any other moving average system, the source price and the lookback length determines the dynamic of BRAHMA . Source price can be selected from Sᴏᴜʀᴄᴇ dropdown and the lookback length can be enetered in the Bʀᴀʜᴍᴀ Lᴇɴɢᴛʜ input box. MA ᴛʏᴘᴇ dropdown is used to choose the type of moving average for BRAHMA to adapt to. To use the source price directly, Use Source must be selected from the dropdown.
In addition to this usual requirement, Bʀᴀʜᴍᴀ Wɪᴅᴛʜ and Bʀᴀʜᴍᴀ Sᴛᴇᴘ Lᴇɴɢᴛʜ are required to make BRAHMA moving average system complete, based on risk and reward expectations of the user.
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BRAHMA Bands and Steps
The Bands and the Steps are integral part of the BRAHMA system. When the Bʀᴀʜᴍᴀ Wɪᴅᴛʜ and Bʀᴀʜᴍᴀ Sᴛᴇᴘ Lᴇɴɢᴛʜ values are 1, the bands and steps lie dormant inside BRAHMA and they emanate from the main plot as the values are increased.
Bʀᴀʜᴍᴀ Wɪᴅᴛʜ impacts the Bands Mean line + expands or contracts the bands and Bʀᴀʜᴍᴀ Sᴛᴇᴘ Lᴇɴɢᴛʜ transforms the dormant step system (on minimum value of 1) from inside the BRAHMA bands into a powerful step/block like structure that helps find support/resistance levels and displays Bull and Bear zones based on price action in relation to the BRAHMA bands and BRAHMA steps .
Dɪsᴘʟᴀʏ Bʀᴀʜᴍᴀ Sᴛᴇᴘs plots the steps
Dɪsᴘʟᴀʏ Bʀᴀʜᴍᴀ Bᴀɴᴅs plots the bands
Enabling Cᴏʟᴏᴜʀ Bᴀʀs with Bands and Steps displayed will plot the Bull and Bear Zones on price bars and this dynamic is very different from the colouring of the bars based on the cloud as a standalone plot.
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BRAHMA Cloud
The cloud is a very useful part of this system and helps see the price action with the help of volatility of Bulls/Bears based on the lookback length, step length and the cloud factor. Price above or below the cloud helps visualize the strength of the trend along with the height/thickness of the cloud. Thinning of the cloud can signal reversals and can be used with another confirmator.
Cʟᴏᴜᴅ Fᴀᴄᴛᴏʀ (1 - 10) affects the cloud dynamic and can be changed to suit personal risk strategy and trade frequency. Cloud sensitivity is also affected by the Bʀᴀʜᴍᴀ Lᴇɴɢᴛʜ . Cloud can be used on its own with really low lookback length (even length of 1 works well).
Dɪsᴘʟᴀʏ Bʀᴀʜᴍᴀ Cʟᴏᴜᴅ plots the cloud
Enabling Bʀᴀʜᴍᴀ Cᴏʟᴏᴜʀ Bᴀʀs with Cloud displayed as the only standalone component of the indicator will plot the Bull and Bear Zones and this dynamic is very different from the colouring of the bars based on the Bands and Steps on chart. When the price enters the cloud from below after or during a period of downtrend will start painting Bull colour and when the price enters the cloud from above after or during a period of uptrend will start painting Bear colour on the price bars.
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BRAHMA Colour Scheme
The colours of the plots and fills can be changed based on user preference from the indicator settings.
There are three Themes to choose from Bʀᴀʜᴍᴀ Cᴏʟᴏᴜʀ Bᴀʀs Tʜᴇᴍᴇ (Simple, Chilli and Flame) dropdown to colour the price bars.
Enabling Bʀᴀʜᴍᴀ Cᴏʟᴏᴜʀ Bᴀʀs with Simple Theme colours the price bars based on Bull and Bear zones as explained in the sections above. Chilli and Flame themes colour the price bars with trend intensity for every bar based on the source price and lookback length.
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Alerts
Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars. It is recommended to wait for bar close before taking a position based on Trade Entries.
The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about signals disappearing.
™TradeChartist BRAHMA can also be connected to ™TradeChartist Plug and Trade using 𝗕𝗥𝗔𝗛𝗠𝗔 𝗧𝗿𝗲𝗻𝗱 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝗶𝗲𝗿 as Oscillatory Signal to generate entries along with Targets, Stop Loss plots etc. Target and Stop Loss alerts can be created using Plug and Trade's Alerts system.
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Example Charts
1. The 15m chart below demonstrates how a Simple Moving Average can be transformed from a noisy pretty much untradeable MA plot to meaningful Moving Average Trade System using BRAHMA by adjusting the Width and the Step Length.
2. GBP-USD 1hr chart using 34 period Zero-Lag EMA with 21 width and 24 step length (24 hrs in a Daily candle - This helps choose length for HTF based levels)
3. NIFTY 1hr chart using 21 period TEMA (Triple Exponential MA) with 21 width and 24 step length.
4. XAU-USD Daily chart using 89 period TEMA with 24 width and 12 step length, enabling Chilli Theme based colour bars.
5. LINK-USDT 1hr chart using 21 period Hull MA with 24 width, 24 step length and cloud factor of 2 visualised using colour bars on cloud as standalone plot.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Drifter™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗗𝗿𝗶𝗳𝘁𝗲𝗿 is an adeptly designed, functional and a visual indicator that plots trend-following Support and Resistance walls by employing the concepts of Trend-based Support and Resistance, Momentum and Volatility, based on user defined lookback length, and includes three extremely useful Visualizers - Drift Bands Visualizer , Drift Strength Visualizer and Drifter AutoFibs Visualizer to help visualize the Price action in relation to the Support and Resistance Walls.
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™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗗𝗿𝗶𝗳𝘁𝗲𝗿 𝗨𝘀𝗲𝗿 𝗠𝗮𝗻𝘂𝗮𝗹
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Concept of Drift
™TradeChartist Drifter combines concepts of Trend-based Support and Resistance, Momentum and Volatility to plot continuous Drifter Support and Resistance Walls that encloses the price action ( Drift ) within it (If the source price is price candle/bar based price like open,close,high,low,hl2,hl3 or ohlc4). In fact, these walls are generated by the price action ( Drift ) itself and helps the user see the price trend clearly as price makes higher highs/lows and lower highs/lows.
The Drifter walls are based on the user defined lookback length which can be changed in the Lᴇɴɢᴛʜ ғᴏʀ Dʀɪғᴛᴇʀ Wᴀʟʟs input box.
Drifter walls can be viewed or hidden by enabling or disabling 𝐒𝐡𝐨𝐰 𝐃𝐫𝐢𝐟𝐭𝐞𝐫 𝐖𝐚𝐥𝐥𝐬 .
Price Highs and Lows breaching the Drifter Walls can be viewed or hidden by enabling or disabling Sʜᴏᴡ Dʀɪғᴛᴇʀ Hɪɢʜs ᴀɴᴅ Lᴏᴡs .
Understanding and Visualizing ( Drift ) is important as it helps traders see the price action clearly. Price Volatility, Trend and Momentum are dependent on the period they are analysed. In order to visualize the drift, the user must enter the number of bars lookback in the Dʀɪғᴛ Lᴏᴏᴋʙᴀᴄᴋ input box.
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Three Types of Visualizers
One of the three types of Visualizers can be selected from Vɪsᴜᴀʟɪᴢᴇʀ Tʏᴘᴇ dropdown.
Drifter AutoFibs Visualizer is dependent on the Lᴇɴɢᴛʜ ғᴏʀ Dʀɪғᴛᴇʀ Wᴀʟʟs only as it fills the Drifter with Automatic Fibonacci Levels based on the distance between the Drifter Walls.
Drift Strength Visualizer is dependent on the Dʀɪғᴛ Lᴏᴏᴋʙᴀᴄᴋ only as it detects the Drift Strength based on Drift length. This Visualizer detects the Bull and the Bear zones based on the lookback. This helps visualize the Trend and Momentum clearly as the zones are filled with user selected theme based Bull and Bear colours.
Drift Bands Visualizer plots Drift Bands based on either Average True Range (ATR) or Standard Deviation along with the Bull or Bear Trend clearly shown using the color of the Mean or Basis line of the Drift Bands.
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╔═════════ 𝗗𝗿𝗶𝗳𝘁 𝗕𝗮𝗻𝗱𝘀 ══════════╗
Drift Bands are based on either ATR or Standard Deviation and consists of an Upper Band, a Lower Bands and a Mean or Basis Line. Drift Bands are extremely effective and highly useful in spotting the trend as the breakout from the upper or the lower band signals a change in the Drift based on the Dʀɪғᴛ Lᴏᴏᴋʙᴀᴄᴋ .
Note: The Mean or the Basis line of the Drift Bands depends only on the Dʀɪғᴛ Lᴏᴏᴋʙᴀᴄᴋ and Sᴏᴜʀᴄᴇ price. To plot Drift Bands based on external source, enable Usᴇ Sᴏᴜʀᴄᴇ Pʀɪᴄᴇ . The Width of the Bands is affected by ATR or Standard Deviation, based on the user preference.
ATR based Drift Bands
To plot ATR based Drift bands, enable 𝐀𝐓𝐑 𝐁𝐚𝐧𝐝𝐬 - Uɴᴄʜᴇᴄᴋ ғᴏʀ Sᴛᴀɴᴅᴀʀᴅ Dᴇᴠɪᴀᴛɪᴏɴ . ATR period is automatic. The ATR factor or the ATR multiplier can be changed in ATR Mᴜʟᴛɪᴘʟɪᴇʀ (ғᴏʀ ᴀᴛʀ ʙᴀsᴇᴅ ʙᴀɴᴅs (Default - 1, Min - 0.5, Max - 3). Higher ATR multiplier increases the width of the Drift Bands.
Note: In most cases, higher ATR multiplier of 2 or 3 increases Risk, but also results in increased Gains.
Standard Deviation based Drift Bands
To plot Standard Deviation bases Drift Bands, disable 𝐀𝐓𝐑 𝐁𝐚𝐧𝐝𝐬 - Uɴᴄʜᴇᴄᴋ ғᴏʀ Sᴛᴀɴᴅᴀʀᴅ Dᴇᴠɪᴀᴛɪᴏɴ . Both Sᴛᴀɴᴅᴀʀᴅ Dᴇᴠɪᴀᴛɪᴏɴ Lᴇɴɢᴛʜ (Default - 55, Min - 13) and Sᴛᴀɴᴅᴀʀᴅ Dᴇᴠɪᴀᴛɪᴏɴ Mᴜʟᴛɪᴘʟɪᴇʀ (Default - 1, Min - 0.236, Max - 2) affect the width of the Bands. Higher Standard Deviation Multiplier increases the Volatility of the Drift Bands.
Note: In most cases, higher Standard Deviation multiplier increases Risk, but also results in increased Gains.
Tip : To plot Bull and Bear Drift Zones, enable 𝐃𝐫𝐢𝐟𝐭 𝐙𝐨𝐧𝐞𝐬 𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝 𝐅𝐢𝐥𝐥 and this can be used as Trade zones as this will be in sync with the trend colour of Mean line of the Drift Bands.
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╔═══════ 𝗗𝗿𝗶𝗳𝘁𝗲𝗿 𝗔𝗲𝘀𝘁𝗵𝗲𝘁𝗶𝗰𝘀 ═══════╗
There are two themes (Chilli and Flame) to choose from for the colour schemes of Drifter under 𝗗𝗿𝗶𝗳𝘁𝗲𝗿 𝗧𝗵𝗲𝗺𝗲 dropdown.
Dʀɪғᴛᴇʀ Bᴀᴄᴋɢʀᴏᴜɴᴅ Fɪʟʟ plots Bull and Bear strength based background fill between the Drifter walls. This is disabled for Drifter AutoFibs Visualizer .
There are two types of background fills namely, Mean Reversion and Trend Following and can be selected from Bᴀᴄᴋɢʀᴏᴜɴᴅ Fɪʟʟ Tʏᴘᴇ dropdown.
Enabling Dʀɪғᴛᴇʀ Cᴏʟᴏᴜʀ Bᴀʀs paints the price bars with the Drifter background fill.
Note: Trend Following fill is dependent on Dʀɪғᴛ Lᴏᴏᴋʙᴀᴄᴋ .
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Alerts
Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars based on Drift Bands Breakout conditions. It is recommended to wait for bar close before taking a position based on Drift Bands Trade Entries.
The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about signals disappearing.
™TradeChartist Drifter can also be connected to ™TradeChartist Plug and Trade using 𝗗𝗿𝗶𝗳𝘁𝗲𝗿 𝗧𝗿𝗲𝗻𝗱 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝗶𝗲𝗿 as Oscillatory Signal to generate entries along with Targets, Stop Loss plots etc. Target and Stop Loss alerts can be created using Plug and Trade's Alerts system.
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There are several combinations of settings that can be tested on the security traded based on timeframe and risk/reward expectations. The indicator can be used for trade entries with various Drift Bands settings. Following are a few examples using the Drifter.
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Example Charts
1. SPX 1hr chart using Drifter AutoFibs Visualizer based on 100 period lookback for Drifter Walls.
2. SPX 1hr chart using Drift Strength Visualizer based on 100 period Drift Lookback.
3. SPX 1hr chart using 100 period ATR (Multiplier - 1) based Drift Bands Visualizer with Drift Zones Background Fill.
4. SPX 1hr chart using 50 period ATR (Multiplier - 1) based Drift Bands Visualizer with Drift Zones Background Fill.
5. SPX 1hr chart using 50 period Standard Deviation (Length - 21, Multiplier - 2) based Drift Bands Visualizer with Drift Zones Background Fill.
6. EUR-USD 1hr chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer with Drift Zones Background Fill.
7. BTC-USD 5m chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer connected to ™TradeChartist Intensity Equilibrium Line.
8. BTC-USD 5m chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer connected to ™TradeChartist Intensity Equilibrium Line + Connected to ™TradeChartist Plug and Trade
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Risk Meter™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗥𝗶𝘀𝗸 𝗠𝗲𝘁𝗲𝗿 is a very useful and a well designed indicator, that packs a range of Risk utility tools including Trend Based Stochastic Oscillator, Bollinger Bands %B , Volatility Risk Oscillator, RSI Oscillator and RSI Risk Oscillator, along with further visual risk assessment tools like Divergence Spotter, Trend based Strength detector among other useful extras.
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™𝗧𝗿𝗮𝗱𝗲𝗖𝗵𝗮𝗿𝘁𝗶𝘀𝘁 𝗥𝗶𝘀𝗸 𝗠𝗲𝘁𝗲𝗿 𝗨𝘀𝗲𝗿 𝗠𝗮𝗻𝘂𝗮𝗹
The user can choose from one of the following four option from the 𝗥𝗶𝘀𝗸 𝗠𝗲𝘁𝗲𝗿 𝗧𝘆𝗽𝗲 dropdown from the settings.
1. Trend Based Stochastic
2. Bollinger Bands %B
3. Volatility Risk Oscillator
4. RSI + RSI Risk Oscillator
The source price for the Risk Meter can be chosen from Sᴏᴜʀᴄᴇ dropdown. Both Trend Based Stochastic and Volatility Risk Oscillator use High/Low prices as default. Enable Usᴇ Sᴏᴜʀᴄᴇ Pʀɪᴄᴇ under respective section to use a different source price.
Users can choose to plot Risk Meter background fill by enabling or disabling Rɪsᴋ Mᴇᴛᴇʀ Bᴀᴄᴋɢʀᴏᴜɴᴅ . The background fill is based on the trend intensity and uses 2 different colour schemes based on user preference. When the Dᴇᴄɪᴅᴇʀ Tʜʀᴇsʜᴏʟᴅ is used, it uses the background fill to mask the zone. If background fill is disabled, orange colour is used to mask the zone.
All of the Risk Meter plots can be plotted as Line , Histogram or Area plots and each of the sections include the Pʟᴏᴛ Sᴛʏʟᴇ option, so the user can choose a specific type of plot style for each of the Risk Meter Oscillators, based on user preference.
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═══ 𝟭. 𝗧𝗿𝗲𝗻𝗱 𝗕𝗮𝘀𝗲𝗱 𝗦𝘁𝗼𝗰𝗵𝗮𝘀𝘁𝗶𝗰 ═══
Trend Based Stochastic Oscillator is a modified version of the classic Stochastic Oscillator with the difference being the limits and also the plot itself to an extent.
--> Trend based Stochastic is a single plot oscillates between -100 to +100 and occasionally breaches these limits and can signal extremely overbought or oversold conditions unlike classic Stochastic indicator, which has two plots and strictly oscillates between 0-100.
--> Trend based Stochastic is extremely sensitive to price action, making it possible to detect every single divergence, both regular and hidden, even with the default smoothing factor of 5
--> Risk Meter employs Dᴇᴄɪᴅᴇʀ Tʜʀᴇsʜᴏʟᴅ to let user choose the threshold limit and only from this point onwards, Risk Meter detects the divergences. This helps filter a lot of noise in addition to Price and Oscillator Pivot detection under 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀 section.
The user has to choose the length for the Trend based Stochastic plot by entering number of bars in Lᴏᴏᴋʙᴀᴄᴋ Lᴇɴɢᴛʜ input box (Default value is 55). The user can also change the smoothing factor from default value of 5 by entering the value in Sᴍᴏᴏᴛʜɪɴɢ input box. Smoothing is particularly useful to detect the strength, based on the trend if 𝐂𝐨𝐥𝐨𝐫 𝐙𝐨𝐧𝐞𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 is enabled and the required trend length is entered in Tʀᴇɴᴅ Sᴛʀᴇɴɢᴛʜ Dᴇᴛᴇᴄᴛɪᴏɴ Lᴇɴɢᴛʜ . This feature splits the Risk Meter Plot into Bull and Bear zones based on the trend strength. HIgher Smoothing with default trend strength detection of 5 (upto 10) works well for sensitive price hugging scalps/swings. For longer trends, higher detection lengths can be used.
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════ 𝟮. 𝗕𝗼𝗹𝗹𝗶𝗻𝗴𝗲𝗿 𝗕𝗮𝗻𝗱𝘀 %𝗕 ═════
Bollinger Bands %B in Risk Meter oscillates between -100 to +100 rather than 0 - 1 in the classic version, with oversold/overbought levels breaching the limits and the plot is exactly the same otherwise.
Risk Meter employs Dᴇᴄɪᴅᴇʀ Tʜʀᴇsʜᴏʟᴅ for Bollinger Bands %B to let the user choose the threshold limit and only from this point onwards, Risk Meter detects the divergences. This helps filter a lot of noise in addition to Price and Oscillator Pivot detection under 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀 section.
The user has to choose the Simple Moving Average (SMA) length for the plot by entering number of bars in BB SMA Lᴇɴɢᴛʜ input box (Default value is 20). There is no need for Standard Deviation as the fundamental plot is exactly the same, given that the plot oscillates between -100 to +100. The user can also change the smoothing factor from default value of 5 by entering the value in Sᴍᴏᴏᴛʜɪɴɢ input box. Smoothing is particularly useful to detect the strength, based on the trend if 𝐂𝐨𝐥𝐨𝐫 𝐙𝐨𝐧𝐞𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 is enabled and the required trend length is entered in Tʀᴇɴᴅ Sᴛʀᴇɴɢᴛʜ Dᴇᴛᴇᴄᴛɪᴏɴ Lᴇɴɢᴛʜ . This feature splits the Risk Meter Plot into Bull and Bear zones based on the trend strength. HIgher Smoothing with default trend strength detection of 5 (upto 10) works well for sensitive price hugging scalps/swings. For longer trends, higher detection lengths can be used.
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══════ 𝟯. 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗥𝗶𝘀𝗸 ═══════
Volatility Risk Oscillator is an original ™TradeChartist model designed to visually see the Volatility risk for the security on any time frame.
To plot Volatility Risk for the security, the user has to enter the number of bars to detect volatility risk in Lᴏᴏᴋʙᴀᴄᴋ Lᴇɴɢᴛʜ input box (Default Value is 55). The user can also change the smoothing factor from default value of 5 by entering the value in Sᴍᴏᴏᴛʜɪɴɢ input box. Smoothing is particularly useful to detect the strength based on trend if 𝐂𝐨𝐥𝐨𝐫 𝐙𝐨𝐧𝐞𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 is enabled and required trend length is entered in Tʀᴇɴᴅ Sᴛʀᴇɴɢᴛʜ Dᴇᴛᴇᴄᴛɪᴏɴ Lᴇɴɢᴛʜ . This feature splits the Risk Meter Plot into Bull and Bear zones based on the trend strength. HIgher Smoothing with default trend strength detection of 5 (upto 10) works well for sensitive price hugging scalps/swings. For longer trends, higher detection lengths can be used.
Even though Divergences work on Volatility Risk Oscillator, it is not employed as it produces far too many and there is no set Threshold limit that can be set to filter the divergences.
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══════ 𝟰. 𝗥𝗦𝗜 𝗢𝘀𝗰𝗶𝗹𝗹𝗮𝘁𝗼𝗿 ═══════
There are two different types of RSI Oscillators in this section that can be plotted.
RSI Oscillator - Classic RSI modified to fit -100 to +100 scale rather than 0 - 100 scale. Risk Meter employs Dᴇᴄɪᴅᴇʀ Tʜʀᴇsʜᴏʟᴅ for RSI Oscillator also, to let the user choose the threshold limit and only from this point onwards, Risk Meter detects the divergences. This helps filter a lot of noise in addition to Price and Oscillator Pivot detection under 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀 section.
RSI Risk Oscillator - This oscillator plots the potential RSI risk based on RSI length (which can be changed in RSI Lᴇɴɢᴛʜ input box and main source price ( Sᴏᴜʀᴄᴇ ). The user can also change the smoothing factor from default value of 5 by entering the value in Sᴍᴏᴏᴛʜɪɴɢ input box. Smoothing is particularly useful to detect the strength, based on the trend if 𝐂𝐨𝐥𝐨𝐫 𝐙𝐨𝐧𝐞𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 is enabled and the required trend length is entered in Tʀᴇɴᴅ Sᴛʀᴇɴɢᴛʜ Dᴇᴛᴇᴄᴛɪᴏɴ Lᴇɴɢᴛʜ . This feature splits the Risk Meter Plot into Bull and Bear zones based on the trend strength. Higher Smoothing with default trend strength detection of 5 (upto 10) works well for sensitive price hugging scalps/swings. For longer trends, higher detection lengths can be used.
To plot RSI Risk Oscillator, 𝐒𝐡𝐨𝐰 𝐑𝐒𝐈 𝐑𝐢𝐬𝐤 𝐎𝐬𝐜𝐢𝐥𝐥𝐚𝐭𝐨𝐫 must be enabled. Disabling this option plots normal RSI Oscillator.
The 4hr chart of BTC-USDT below shows use of RSI Risk Oscillator (Top) with RSI Oscillator (bottom).
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╔═══════ 𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀 ═══════╗
Risk Meter detects both Regular and Hidden Bullish and Bearish Divergences at every occurence. This can be filtered by the use of Dᴇᴄɪᴅᴇʀ Tʜʀᴇsʜᴏʟᴅ in above sections. To plot divergences, enable
𝗗𝗶𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲𝘀, Sʜᴏᴡ Rᴇɢᴜʟᴀʀ Dɪᴠᴇʀɢᴇɴᴄᴇs and Sʜᴏᴡ Hɪᴅᴅᴇɴ Dɪᴠᴇʀɢᴇɴᴄᴇs . All divergences are enabled as default.
Users can further filter Divergences by entering the number of bars to the right in Rɪɢʜᴛ ʙᴀʀs ғᴏʀ Pɪᴠᴏᴛ Cᴏɴғɪʀᴍᴀᴛɪᴏɴ input box to confirm the Price Pivot (for Regular divergences) and Oscillator Pivot (for Hidden Divergences).
The example chart of 4hr BTC-USDT chart shows the Divergences filtered by use of RSI Threshold. It is important to note that the trend intensity colour on the plot and bars (if bar colour option is enabled) will help detect if the Divergence would hold.
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╔═══════ 𝗨𝘀𝗲𝗳𝘂𝗹 𝗘𝘅𝘁𝗿𝗮𝘀 ═══════╗
Risk Meter offer two vibrant Colour Themes, namely Chilli and Flame , which can be opted from Rɪsᴋ Mᴇᴛᴇʀ Tʜᴇᴍᴇ dropdown. These themes also offer the option to plot the trend intensity on the price bars as bar colours by enabling Rɪsᴋ Mᴇᴛᴇʀ Cᴏʟᴏᴜʀ Bᴀʀs . Bar colors can also be inverted using Iɴᴠᴇʀᴛ Bᴀʀ Cᴏʟᴏᴜʀ option.
Users can also choose to use the Simple theme and choose preferred colours from Sɪᴍᴘʟᴇ Tʜᴇᴍᴇ ʙᴜʟʟ Cᴏʟᴏᴜʀ and Sɪᴍᴘʟᴇ Tʜᴇᴍᴇ ʙᴇᴀʀ Cᴏʟᴏᴜʀ colour input.
Note: The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about plots disappearing after bar close.
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Example Charts
1. 89 period Trend Based Stochastic Oscillator as Histogram plot on LINK-USDT 1hr chart with Chilli Theme.
2. 89 period Volatility Risk Oscillator as Histogram plot on SPX 1hr chart with Chilli Theme.
3. 14 period RSI Risk Oscillator as Area plot on AAPL Daily Chart with Flame Theme.
4. 100 period Volatility Risk Oscillator using Trend Strength plotted as Zones on 1hr EUR-USD chart with Chilli Theme.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Fib Master™TradeChartist Fib Master is a versatile Fibonacci Support and Resistance indicator that can be used to plot Automatic Levels and Fibonacci Levels based on a variety of ways from the settings, including Auto Fibs plot by connecting to an external indicator.
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What does ™TradeChartist Fib Master do?
Plots Automatic Levels without the need for user input
Plots 3 types of Fibonacci Levels
════ 1. Auto-Fibs (by connecting to an external indicator - Oscillatory or non-Oscillatory)
════ 2. Fibs based on Lookback (Lookback type - Candles or Days)
════ 3. Fibs based on Price Input
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Detailed description of ™TradeChartist Fib Master features
╔══ Automatic Levels Generator ══╗
Enabling Plot Automatic Levels plots support and resistance levels automatically without any input from the user other than preferred levels plot from the indicator settings namely,
Plot Local Levels for Lower TF - Plots all important Support/Resistance levels for mostly smaller time frames (can be used for up to 1hr in most cases). Recommended for Scalping/Swing Trading mostly dependent on volatility.
Plot Local Levels for Higher TF - Plots all important Support/Resistance levels inferred from mostly time frames - Short to Mid term outlook.
Plot Extended Levels for Higher TF - Plots all important Support/Resistance levels inferred from very higher time frames - Mid to Long term outlook.
Use Trading View Data Window to make effective use of the levels.
Tip: Add a duplicate Fib Master indicator to chart, use Automatic Levels Generator and increase transparency of Fib colours to 100. This helps view the levels on Data Window while having the Fib plots on chart.
Note: Uncheck Plot Automatic Levels to enable Fibonacci plots from Fibonacci Levels Generator
╔══ Fibonacci Levels Generator ══╗
════ 1. Auto-Fibs ════
Almost any indicator plot or Signal (Oscillatory or non-Oscillatory) can be connected to Fib Master to generate automatic fib levels. This is done by automatically detecting the price trend based on the connected indicator, its corresponding highest high and lowest low prices of each trend.
Also, Fib Master plots Bull (default - green) and Bear (default - red) Zones background including the signal candle (default - orange), where the trend changes based on the connected indicator Signal. This helps detect the effectiveness of the connected indicator Signal too, as too many unproductive signals from the connected indicator will create numerous Bull and Bear Zones (which also will render the Auto-Fibs ineffective).
To connect an external indicator Signal, just choose the corresponding Signal plot from the Plug Indicator Here dropdown from settings and choose whether the connected signal is Oscillatory (for Oscillators like RSI, CCI, MACD, Trend Identifier signals from more complex indicators like ™TradeChartist Bollinger Bands and Donchian Channels Pro etc.) or non-Oscillatory (for plots like Moving Averages, Super Trend, Ichimoku plots like Kijun Sen etc.)
If the connected Signal is Oscillatory, enter the filter levels. Default is 0 for both fields as most Oscillators have 0 as their mean reversal zone. For Oscillators like RSI, 60/40, 50/50, 55/45 etc. can be used.
Note: Please test the performance and effectiveness of Auto-Fibs of connected Signal first before using it for trades.
════ 2. Fibs based on Lookback ════
Lookback type - Candles
Determines the High and Low price of the user input number of Candles back (100 default) and plots Fibonacci Levels based on the calculated High and Low for the number of candles in the past from the current candle. The levels stay intact on any time frame as long as no new Highs or Lows are formed.
Lookback type - Days
Determines the High and Low price of the user input number of Days back (100 default) and plots Fibonacci Levels based on the calculated High and Low for the number of days in the past from the day of the current bar. The levels stay intact on any time frame as long as no new Highs or Lows are formed.
════ 3. Fibs based on Price Input ════
Plots Fibonacci Levels based on the user specified High and Low Price in the settings input fields. The levels stay intact on any time frame irrespective of new Highs or Lows being formed. Manual Price Input will enable the trader to keep the Levels intact and visually see the higher Fibonacci Retracement levels, when the price crosses beyond 100% retracement. On the other two lookback types, the Fibonacci levels are displayed only upto 100% retracement.
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Note: Show Auto-Fibs from current High/Low
When this option is chosen from indicator settings, the Auto-fib levels are drawn from the highest high of the trending price direction to lowest low of last trend for uptrend or vice-versa for downtrend.
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Extra Features
The Fibonacci levels can also be reversed by enabling Reverse Fibonacci Levels option from the settings.
0.886 and 1.113 Fib levels can be plotted on chart by enabling Show 0.886 and 1.113 Fibs from settings, as these are important levels for harmonic pattern traders.
Fib Line and Label Style including Color, transparency, size etc. can be changed from settings based on user preference.
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Example Charts
XAU-USD Gold Daily chart using Automatic Levels Generator with Zones identified when connected to external indicator
BTC-USDT Daily chart using Automatic Levels Generator
SPX 1hr chart using Automatic Levels Generator
ETH-USDT 1hr chart using AutoFibs generated by connecting Fib Master to RSI with 60/40 Filter levels
XAG-USD (Silver) 1hr chart using Fibonacci Levels based on lookback
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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Momentum Drift Oscillator™TradeChartist Momentum Drift Oscillator is a elegantly designed Oscillator that uses both trend following and mean reversion models, that helps visualize the price momentum, based on user defined lookback period and standard deviation.
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Momentum Drift Oscillator ( MDO ) Features:
MDO shows how far away the price is, from the mean, based on Lookback Length (21, 34, 55, 89, 144, 233) and Standard Deviation input (Min - 0.236, Max - 2.0) , and helps understand potential price reversal points based on mean reversion principles.
Drift Visualizer helps visualise the velocity with which Price moves and helps the trader spot various momentum drift zones like Fuel zones, Overbought/Oversold areas and Bull/Bear Exhaustion limits. Drift Visualizer above 150 is usually Overbought and value above 200 is Super Overbought. Similarly, value below -150 is usually Oversold and value below -200 is Super Oversold.
Option to enable and disable coloured bars based on Momentum Drift. (Colour intensity on Price bars helps visualise the price momentum - 2 Colour Schemes available from the settings - Chilli and Flame).
Long and Short Trade Alerts can be created using Once Per Bar Close .
The indicator does not repaint. Alerts may display potential repaint warning, but this is because the code uses bar index for Drift Visualizer labels. For confidence in the indicator, it can be tested using bar replay to make sure the real-time and bar replay trade entries and plots stay on the same bar/timestamp.
MDO can be connected to ™TradeChartist Plug and Trade to generate Trade Entries, Targets, Sop Loss plots etc and to create all types of alerts.
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Why is Momentum Drift Oscillator ( MDO ) different from traditional Momentum based indicators?
This Momentum Drift model truly combines mean reversion and trend following principles, but with a unique original idea.
It needs 2 user defined inputs - Lookback length and Standard Deviation. If for example, say the trend is Bullish and MDO is above 0, the Oscillator doesn't go below 0, even if there is extreme bull exhaustion, if the trend based on lookback and standard deviation is not favorable to reverse trades.
Only Fibonacci lookback periods (21, 34, 55, 89, 144, 233) are used as they have been found more effective than other periods. The default Lookback period is 55 and Standard Deviation is 1, but this can be changed from the settings. Lower values of Lookback period go well with higher Standard Deviation and higher values of Lookback period go well with lower Standard Deviation (0.5, 0.618, 0.786, 0.886, 1 etc.), based on trading style and personal risk strategy.
The indicator includes a Drift Visualizer that helps spot important trade zones based on Price Velocity, calculated dynamically for every bar based on user defined parameters. The first move above or below 0 always opens at Bull Fuel or Bear Fuel zone and the exhaustion zones are reached only at the time of price returning to the mean. But it doesn't change direction if the trend is still up, so the trader can make an informed decision as to when to reverse trades, based on another confirmator.
Similarly, when the Visualizer reaches Fuel or Support/Resistance zones, it normally needs a bit of a push to reach the Overbought - Super Overbought/Oversold - Super Oversold levels where the price normally starts reversing back to the mean and this whole process can be visualized through Visualizer labels on MDO. This process eliminates a lot of noise that normally comes with traditional Momentum indicators.
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Example Charts:
1. XAU-USD 1hr chart - Lookback - 55, Std Dev - 2
2. ADA-USDT 4hr chart - Lookback - 89, Std Dev - 1
3. WTI - USOIL Daily chart - Lookback - 34, Std Dev - 1.618
4. SPX Daily chart - Lookback - 144, Std Dev - 0.236
5. GBP-USD 15m chart - Lookback - 144, Std Dev - 0.618
6. BTC-USD 1hr connected to Plug and Trade - Lookback - 55, Std Dev - 1
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Range Bands ™TradeChartist Range Bands is an exceptionally well designed Entry/Exit indicator that plots fluid Range Bands and dynamic Support/Resistance levels on chart, along with trade entries by using both trend following and mean reversion principles.
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How does ™TradeChartist Range Bands work?
The Indicator plots Range Bands with Upper, Lower and Mean, calculated using trading models that use both Trend Following and Mean Reversion principles . It is the Range Bands that decide the trade Entries as the breakouts above upper band generates long entries and the breakouts below the lower band generates the short entries.
The Range Bands Type (Automatic, Aggressive or Normal) can be chosen from the settings. Default is Automatic and it uses Aggressive for non 24 hr markets and Normal for 24 hr markets like Cryptocurrencies.
The width of the Range Bands can be changed using the Range Multiplier from the settings. Default is 1.618 , minimum value is 0.618 and maximum value is 2.0.
The frequency of the Trade Signals depends on both Range Bands type and Range Multiplier. So it is worth spending some time to test the indicator based on these 2 factors on the asset traded, to maximise the profit potential by optimising the type and multiplier value.
In addition to the Range Bands, the indicator also plots Dynamic Support and Resistance bands that are more sensitive to price action and helps the user determine growing support/resistance which is indicated by coloured dots. These dots normally appear when the Support or Resistance stays at the same level for a few bars.
The expansion and contraction of the Support and Resistance bands also help in visualising the price volatility, and an extremely narrow squeeze of these levels within the Range Bands normally signals a lucrative market move. This is usually followed by a breakout from the bands and will be signalled by the Trade Entry plots (BUY and SELL).
The Dynamic Support and Resistance levels can be enabled or disabled from the settings. The fill between these dynamic levels helps the user to visualise the Bull and Bear strength/power. This fill can also be disabled from the settings if not required.
The indicator has a nice Fibonacci levels generator companion that helps spot near support and resistance levels using Fibonacci Retracement tool.
There are 3 types of Fib plots that can be chosen from the settings - Auto-Fibs, Fibs based on Lookback, Fibs based on Price Input .
The Auto-Fibs feature is used as default and it automatically plots fib retracement based on nearby significant high/low (highest from previous up and down trends). This is normally based on nearby trade entries too. Occasionally, during choppy markets/sideways movement, the range of these levels can be quite small and if close price exceeds the 4.618 fib level, one of the other Fib plot options can be used. Alternatively, Plot fibs from current high/low can also be used.
Fibs based on lookback can be used by choosing the number of candles or days lookback to help the indicator automatically find the high and low of the period to generate fib levels. Similarly, Fibs based on price input requires, user to manually enter the high and low price points for the indicator to generate fib levels based on user input.
The indicator has two colour schemes for the Dynamic Support/Resistance fill and bar colours. The coloured bars and the fill will help visualise the price trend. This can be changed or disabled from the settings.
The Fib levels can be disabled by unchecking lines and labels from the styles tab of indicator settings.
Long and Short entry Alerts can be created by using Once Per Bar Close .
The indicator does not repaint. Alerts may display potential repaint warning, but this is because the code uses bar index for fib labels. For confidence in the indicator, it can be tested using bar replay to make sure the real-time and bar replay trade entries and plots stay on the same bar/timestamp.
The different elements of the indicator are shown below in the chart.
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™TradeChartist Range Bands can also be connected to ™TradeChartist Plug and Trade to generate Targets, Stop Loss Plot etc. and other alerts can also be created. Use Range Bands Trend Identifier to connect as an Oscillatory Signal to Plug and Trade. Example chart shown below.
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Example charts:
1. ADA-USDT 4hr chart using Aggressive type and 1.618 Range Multiplier
2. ADA-USDT 4hr chart using Normal type and 1.618 Range Multiplier
3. XAU-USD 15m chart using Normal type and 1.618 Range Multiplier - Fibs based on 3 days lookback
4. DJI 4hr chart using Normal type and 2.0 Range Multiplier
5. GBP-USD 15m chart using Normal type and 1.618 Range Multiplier
6. LINK-USDT 1hr chart using Normal type and 1.236 Range Multiplier
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist Transformer ™TradeChartist Transformer is an extremely useful indicator that transforms any indicator plot, Oscillatory or Non-Oscillatory into Support/Resistance levels, thereby generating trade entries on Price chart.
How does ™TradeChartist Transformer work?
1. Connect any external indicator plot to Transformer by choosing it from the Transformer's Plug Indicator Here dropdown from the settings.
2. Choose whether the connected plot is Oscillatory or Non-Oscillatory from Indicator Type .
3. If connected indicator is an oscillator, enter the values for Transformer to generate Trade Entries. For example, if the connected Indicator is RSI, user can define RSI level 60 for BUY entries and RSI level 40 for SELL entries. For most oscillators, the value is 0 which is the default value.
4. There are two types of Trade Entries, one based on Fail/breach of Nearby Support/Resistance and the other based on Fail/breach of Ultimate Support/Resistance plotted by Transformer. For Higher Time-Frames like Daily, Fail/breach of Nearby S/R entry type will ensure early trade entries. This could vary from indicator to indicator and a thorough testing/observation on timeframe traded using paper trades is highly recommended before trading with real money.
5. Once Steps 1-4 are complete, BUY and SELL plots based on above will be plotted by Transformer on Price chart.
6. BUY and SELL plots are also decided by an ATR (Average True Range) condition + Indicator plot acting as filter itself along with fail/breach of Support/Resistance, as this helps minimise unproductive trade signals.
7. Enabling Dynamic Support/Resistance plots moving Support/Resistance levels for each bar. For most assets/timeframes, this doesn't alter the Trade entries.
8. Bar Colors and Profit Taking Bars can be enables from settings as these help identify the trend visually and also help recommend bars where profit taking is recommended.
9. Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars as close price fails Support or breaches Resistance. It is recommended to wait for bar close before taking a position based on Transformer Trade Entries.
10. Trade Entries or Transformer plots don't repaint. This can be verified using Bar Replay by confirming real time plots with historical plots. Also, when creating alerts, there will be no Alert Warning for repainting as the code doesn't use Security function or other functions that cause potential repainting.
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™TradeChartist Transformer can also be connected to ™TradeChartist Plug and Trade to generate Targets, Stop Loss Plot etc. and other alerts can also be created. Example chart shown below - Transformer connected to RSI to generate BUYs when RSI > 60 and SELLs when RSI < 40, connected to Plug and Trade.
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Example Charts:
1. CCI - (CCI>100 - Bullish and CCI<-100 - Bearish) connected to Transformer - BTC 1hr chart
2. Chaikin Money Flow with default values connected to Transformer - BTC 1hr chart
3. EMA connected to Transformer- BTC Daily chart
4. Awesome Oscillator connected to Transformer - GBPUSD Daily Chart
5. Ichimoku Cloud Conversion Line connected to Transformer - USOIL 1hr chart
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist TrendStalker - Market Bias Indicator™TradeChartist TrendStalker helps visualise the Market Bias through 3 different Plot types and also displays Trend Direction Identifier (Green, Red and Orange square blocks) that can be connected to ™TradeChartist Plug and Trade to generate Trade entries, Targets, StopLoss and create alerts based on performance on the chosen timeframe. The three plot types are as below.
1. Market Bias Strength Oscillator
Plots true strength of Market Bias - helps determine if Market is Bullish/Bearish overall for the asset on chart TF.
2. Market Bias Detector - Range Based
Displays TrendStalker plots stalking the Market Bias based on Range the Market is expecting to gain/lose from the asset on the Chart Timeframe. Change in Market Bias can be easily seen through the Convergence/Divergence of the TrendStalker plots.
3. Market Bias Detector - Price
Displays TrendStalker plots stalking the Market Bias based on Price for the asset on the Chart Timeframe. Change in Market Bias can be easily seen through the Convergence/Divergence of the TrendStalker plots.
Note: Trend Direction Identifier for Trade entries will be the same for Market Bias Detector plots, but differs from Market Bias Strength Oscillator.
Note: Trend Direction Identifier plots orange squares when its detecting a potential change in trend and its recommended to close some/most of the position or move Stop Loss to protect profit/reduce risk. Once the orange squares turn back into green/red squares, it signals safe re-entry.
Green squares - Bullish Trend
Red Squares - Bearish Trend
Orange Squares - Potential change in Market Bias
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TrendStalker Cool Extras
Option to paint Background Color
Option to enable Take Profit bar recommendation (Works only with Market Bias Strength Oscillator)
Option to paint Price Bars using Market Bias Strength
Alerts can be created for Long/Short Entry/Re-entry and Long/Short SOS signals (Orange squares). For all other alerts, ™TradeChartist Plug and Trade can be used.
BTC 1hr Chart with TrendStalker Extras
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BTC 1hr Chart with TrendStalker connected to ™TradeChartist Plug and Trade
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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
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Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
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TradeChartist MTF RSI Spotter™TradeChartist MTF RSI Spotter is an elegant Multi Timeframe RSI tool that helps spot price trends using visually engaging and appealing RSI plots and backgrounds compared to the basic RSI plot. Also the Bull and the Bear background fills + HTF RSI based background fills are highly useful for traders who like to visually understand areas of entry and exit based on RSI .
What does ™TradeChartist MTF RSI Spotter do?
Plots RSI with visually spottable colors for Bull and Bear zones (Green and Red) with optional background fill.
Plots RMA based on User specified length.
Plots user preferred HTF RSI on same chart as chart TF - HTF resolution from indicator settings drop-down must be used.
Fills Bull and Bear zone colors based on HTF based RSI movement.
Spots Regular RSI Bullish and Bearish Divergences.
Plots RSI color candles on main chart based on Upper and Lower RSI band.
Plots RSI based on RSI smoothing (1 for Regular RSI without smoothing) and Heikin Ashi RSI if opted from indicator settings.
This indicator works like a dream when used with other indicators for confirmation of Trends.
Note 1: Divergences don't work to trader's expectations all the time. It is a great indicator but has to be used with caution and entries must be confirmed using another indicator like Volume , Trend, fundamentals, market sentiment etc. They can't be used on their own to decide entry and exit.
Note 2: Bull and Bear RMA with chart TF RSI should be used for confirmation and not as a standalone indicator for entry and exit.
Example charts
Premium Scripts - Trial access and Information
Trial access offered on all Premium scripts.
PM me directly to request trial access to the scripts or for more information.
Backtesting & Trading Engine [PineCoders]The PineCoders Backtesting and Trading Engine is a sophisticated framework with hybrid code that can run as a study to generate alerts for automated or discretionary trading while simultaneously providing backtest results. It can also easily be converted to a TradingView strategy in order to run TV backtesting. The Engine comes with many built-in strats for entries, filters, stops and exits, but you can also add you own.
If, like any self-respecting strategy modeler should, you spend a reasonable amount of time constantly researching new strategies and tinkering, our hope is that the Engine will become your inseparable go-to tool to test the validity of your creations, as once your tests are conclusive, you will be able to run this code as a study to generate the alerts required to put it in real-world use, whether for discretionary trading or to interface with an execution bot/app. You may also find the backtesting results the Engine produces in study mode enough for your needs and spend most of your time there, only occasionally converting to strategy mode in order to backtest using TV backtesting.
As you will quickly grasp when you bring up this script’s Settings, this is a complex tool. While you will be able to see results very quickly by just putting it on a chart and using its built-in strategies, in order to reap the full benefits of the PineCoders Engine, you will need to invest the time required to understand the subtleties involved in putting all its potential into play.
Disclaimer: use the Engine at your own risk.
Before we delve in more detail, here’s a bird’s eye view of the Engine’s features:
More than 40 built-in strategies,
Customizable components,
Coupling with your own external indicator,
Simple conversion from Study to Strategy modes,
Post-Exit analysis to search for alternate trade outcomes,
Use of the Data Window to show detailed bar by bar trade information and global statistics, including some not provided by TV backtesting,
Plotting of reminders and generation of alerts on in-trade events.
By combining your own strats to the built-in strats supplied with the Engine, and then tuning the numerous options and parameters in the Inputs dialog box, you will be able to play what-if scenarios from an infinite number of permutations.
USE CASES
You have written an indicator that provides an entry strat but it’s missing other components like a filter and a stop strategy. You add a plot in your indicator that respects the Engine’s External Signal Protocol, connect it to the Engine by simply selecting your indicator’s plot name in the Engine’s Settings/Inputs and then run tests on different combinations of entry stops, in-trade stops and profit taking strats to find out which one produces the best results with your entry strat.
You are building a complex strategy that you will want to run as an indicator generating alerts to be sent to a third-party execution bot. You insert your code in the Engine’s modules and leverage its trade management code to quickly move your strategy into production.
You have many different filters and want to explore results using them separately or in combination. Integrate the filter code in the Engine and run through different permutations or hook up your filtering through the external input and control your filter combos from your indicator.
You are tweaking the parameters of your entry, filter or stop strat. You integrate it in the Engine and evaluate its performance using the Engine’s statistics.
You always wondered what results a random entry strat would yield on your markets. You use the Engine’s built-in random entry strat and test it using different combinations of filters, stop and exit strats.
You want to evaluate the impact of fees and slippage on your strategy. You use the Engine’s inputs to play with different values and get immediate feedback in the detailed numbers provided in the Data Window.
You just want to inspect the individual trades your strategy generates. You include it in the Engine and then inspect trades visually on your charts, looking at the numbers in the Data Window as you move your cursor around.
You have never written a production-grade strategy and you want to learn how. Inspect the code in the Engine; you will find essential components typical of what is being used in actual trading systems.
You have run your system for a while and have compiled actual slippage information and your broker/exchange has updated his fees schedule. You enter the information in the Engine and run it on your markets to see the impact this has on your results.
FEATURES
Before going into the detail of the Inputs and the Data Window numbers, here’s a more detailed overview of the Engine’s features.
Built-in strats
The engine comes with more than 40 pre-coded strategies for the following standard system components:
Entries,
Filters,
Entry stops,
2 stage in-trade stops with kick-in rules,
Pyramiding rules,
Hard exits.
While some of the filter and stop strats provided may be useful in production-quality systems, you will not devise crazy profit-generating systems using only the entry strats supplied; that part is still up to you, as will be finding the elusive combination of components that makes winning systems. The Engine will, however, provide you with a solid foundation where all the trade management nitty-gritty is handled for you. By binding your custom strats to the Engine, you will be able to build reliable systems of the best quality currently allowed on the TV platform.
On-chart trade information
As you move over the bars in a trade, you will see trade numbers in the Data Window change at each bar. The engine calculates the P&L at every bar, including slippage and fees that would be incurred were the trade exited at that bar’s close. If the trade includes pyramided entries, those will be taken into account as well, although for those, final fees and slippage are only calculated at the trade’s exit.
You can also see on-chart markers for the entry level, stop positions, in-trade special events and entries/exits (you will want to disable these when using the Engine in strategy mode to see TV backtesting results).
Customization
You can couple your own strats to the Engine in two ways:
1. By inserting your own code in the Engine’s different modules. The modular design should enable you to do so with minimal effort by following the instructions in the code.
2. By linking an external indicator to the engine. After making the proper selections in the engine’s Settings and providing values respecting the engine’s protocol, your external indicator can, when the Engine is used in Indicator mode only:
Tell the engine when to enter long or short trades, but let the engine’s in-trade stop and exit strats manage the exits,
Signal both entries and exits,
Provide an entry stop along with your entry signal,
Filter other entry signals generated by any of the engine’s entry strats.
Conversion from strategy to study
TradingView strategies are required to backtest using the TradingView backtesting feature, but if you want to generate alerts with your script, whether for automated trading or just to trigger alerts that you will use in discretionary trading, your code has to run as a study since, for the time being, strategies can’t generate alerts. From hereon we will use indicator as a synonym for study.
Unless you want to maintain two code bases, you will need hybrid code that easily flips between strategy and indicator modes, and your code will need to restrict its use of strategy() calls and their arguments if it’s going to be able to run both as an indicator and a strategy using the same trade logic. That’s one of the benefits of using this Engine. Once you will have entered your own strats in the Engine, it will be a matter of commenting/uncommenting only four lines of code to flip between indicator and strategy modes in a matter of seconds.
Additionally, even when running in Indicator mode, the Engine will still provide you with precious numbers on your individual trades and global results, some of which are not available with normal TradingView backtesting.
Post-Exit Analysis for alternate outcomes (PEA)
While typical backtesting shows results of trade outcomes, PEA focuses on what could have happened after the exit. The intention is to help traders get an idea of the opportunity/risk in the bars following the trade in order to evaluate if their exit strategies are too aggressive or conservative.
After a trade is exited, the Engine’s PEA module continues analyzing outcomes for a user-defined quantity of bars. It identifies the maximum opportunity and risk available in that space, and calculates the drawdown required to reach the highest opportunity level post-exit, while recording the number of bars to that point.
Typically, if you can’t find opportunity greater than 1X past your trade using a few different reasonable lengths of PEA, your strategy is doing pretty good at capturing opportunity. Remember that 100% of opportunity is never capturable. If, however, PEA was finding post-trade maximum opportunity of 3 or 4X with average drawdowns of 0.3 to those areas, this could be a clue revealing your system is exiting trades prematurely. To analyze PEA numbers, you can uncomment complete sets of plots in the Plot module to reveal detailed global and individual PEA numbers.
Statistics
The Engine provides stats on your trades that TV backtesting does not provide, such as:
Average Profitability Per Trade (APPT), aka statistical expectancy, a crucial value.
APPT per bar,
Average stop size,
Traded volume .
It also shows you on a trade-by-trade basis, on-going individual trade results and data.
In-trade events
In-trade events can plot reminders and trigger alerts when they occur. The built-in events are:
Price approaching stop,
Possible tops/bottoms,
Large stop movement (for discretionary trading where stop is moved manually),
Large price movements.
Slippage and Fees
Even when running in indicator mode, the Engine allows for slippage and fees to be included in the logic and test results.
Alerts
The alert creation mechanism allows you to configure alerts on any combination of the normal or pyramided entries, exits and in-trade events.
Backtesting results
A few words on the numbers calculated in the Engine. Priority is given to numbers not shown in TV backtesting, as you can readily convert the script to a strategy if you need them.
We have chosen to focus on numbers expressing results relative to X (the trade’s risk) rather than in absolute currency numbers or in other more conventional but less useful ways. For example, most of the individual trade results are not shown in percentages, as this unit of measure is often less meaningful than those expressed in units of risk (X). A trade that closes with a +25% result, for example, is a poor outcome if it was entered with a -50% stop. Expressed in X, this trade’s P&L becomes 0.5, which provides much better insight into the trade’s outcome. A trade that closes with a P&L of +2X has earned twice the risk incurred upon entry, which would represent a pre-trade risk:reward ratio of 2.
The way to go about it when you think in X’s and that you adopt the sound risk management policy to risk a fixed percentage of your account on each trade is to equate a currency value to a unit of X. E.g. your account is 10K USD and you decide you will risk a maximum of 1% of it on each trade. That means your unit of X for each trade is worth 100 USD. If your APPT is 2X, this means every time you risk 100 USD in a trade, you can expect to make, on average, 200 USD.
By presenting results this way, we hope that the Engine’s statistics will appeal to those cognisant of sound risk management strategies, while gently leading traders who aren’t, towards them.
We trade to turn in tangible profits of course, so at some point currency must come into play. Accordingly, some values such as equity, P&L, slippage and fees are expressed in currency.
Many of the usual numbers shown in TV backtests are nonetheless available, but they have been commented out in the Engine’s Plot module.
Position sizing and risk management
All good system designers understand that optimal risk management is at the very heart of all winning strategies. The risk in a trade is defined by the fraction of current equity represented by the amplitude of the stop, so in order to manage risk optimally on each trade, position size should adjust to the stop’s amplitude. Systems that enter trades with a fixed stop amplitude can get away with calculating position size as a fixed percentage of current equity. In the context of a test run where equity varies, what represents a fixed amount of risk translates into different currency values.
Dynamically adjusting position size throughout a system’s life is optimal in many ways. First, as position sizing will vary with current equity, it reproduces a behavioral pattern common to experienced traders, who will dial down risk when confronted to poor performance and increase it when performance improves. Second, limiting risk confers more predictability to statistical test results. Third, position sizing isn’t just about managing risk, it’s also about maximizing opportunity. By using the maximum leverage (no reference to trading on margin here) into the trade that your risk management strategy allows, a dynamic position size allows you to capture maximal opportunity.
To calculate position sizes using the fixed risk method, we use the following formula: Position = Account * MaxRisk% / Stop% [, which calculates a position size taking into account the trade’s entry stop so that if the trade is stopped out, 100 USD will be lost. For someone who manages risk this way, common instructions to invest a certain percentage of your account in a position are simply worthless, as they do not take into account the risk incurred in the trade.
The Engine lets you select either the fixed risk or fixed percentage of equity position sizing methods. The closest thing to dynamic position sizing that can currently be done with alerts is to use a bot that allows syntax to specify position size as a percentage of equity which, while being dynamic in the sense that it will adapt to current equity when the trade is entered, does not allow us to modulate position size using the stop’s amplitude. Changes to alerts are on the way which should solve this problem.
In order for you to simulate performance with the constraint of fixed position sizing, the Engine also offers a third, less preferable option, where position size is defined as a fixed percentage of initial capital so that it is constant throughout the test and will thus represent a varying proportion of current equity.
Let’s recap. The three position sizing methods the Engine offers are:
1. By specifying the maximum percentage of risk to incur on your remaining equity, so the Engine will dynamically adjust position size for each trade so that, combining the stop’s amplitude with position size will yield a fixed percentage of risk incurred on current equity,
2. By specifying a fixed percentage of remaining equity. Note that unless your system has a fixed stop at entry, this method will not provide maximal risk control, as risk will vary with the amplitude of the stop for every trade. This method, as the first, does however have the advantage of automatically adjusting position size to equity. It is the Engine’s default method because it has an equivalent in TV backtesting, so when flipping between indicator and strategy mode, test results will more or less correspond.
3. By specifying a fixed percentage of the Initial Capital. While this is the least preferable method, it nonetheless reflects the reality confronted by most system designers on TradingView today. In this case, risk varies both because the fixed position size in initial capital currency represents a varying percentage of remaining equity, and because the trade’s stop amplitude may vary, adding another variability vector to risk.
Note that the Engine cannot display equity results for strategies entering trades for a fixed amount of shares/contracts at a variable price.
SETTINGS/INPUTS
Because the initial text first published with a script cannot be edited later and because there are just too many options, the Engine’s Inputs will not be covered in minute detail, as they will most certainly evolve. We will go over them with broad strokes; you should be able to figure the rest out. If you have questions, just ask them here or in the PineCoders Telegram group.
Display
The display header’s checkbox does nothing.
For the moment, only one exit strategy uses a take profit level, so only that one will show information when checking “Show Take Profit Level”.
Entries
You can activate two simultaneous entry strats, each selected from the same set of strats contained in the Engine. If you select two and they fire simultaneously, the main strat’s signal will be used.
The random strat in each list uses a different seed, so you will get different results from each.
The “Filter transitions” and “Filter states” strats delegate signal generation to the selected filter(s). “Filter transitions” signals will only fire when the filter transitions into bull/bear state, so after a trade is stopped out, the next entry may take some time to trigger if the filter’s state does not change quickly. When you choose “Filter states”, then a new trade will be entered immediately after an exit in the direction the filter allows.
If you select “External Indicator”, your indicator will need to generate a +2/-2 (or a positive/negative stop value) to enter a long/short position, providing the selected filters allow for it. If you wish to use the Engine’s capacity to also derive the entry stop level from your indicator’s signal, then you must explicitly choose this option in the Entry Stops section.
Filters
You can activate as many filters as you wish; they are additive. The “Maximum stop allowed on entry” is an important component of proper risk management. If your system has an average 3% stop size and you need to trade using fixed position sizes because of alert/execution bot limitations, you must use this filter because if your system was to enter a trade with a 15% stop, that trade would incur 5 times the normal risk, and its result would account for an abnormally high proportion in your system’s performance.
Remember that any filter can also be used as an entry signal, either when it changes states, or whenever no trade is active and the filter is in a bull or bear mode.
Entry Stops
An entry stop must be selected in the Engine, as it requires a stop level before the in-trade stop is calculated. Until the selected in-trade stop strat generates a stop that comes closer to price than the entry stop (or respects another one of the in-trade stops kick in strats), the entry stop level is used.
It is here that you must select “External Indicator” if your indicator supplies a +price/-price value to be used as the entry stop. A +price is expected for a long entry and a -price value will enter a short with a stop at price. Note that the price is the absolute price, not an offset to the current price level.
In-Trade Stops
The Engine comes with many built-in in-trade stop strats. Note that some of them share the “Length” and “Multiple” field, so when you swap between them, be sure that the length and multiple in use correspond to what you want for that stop strat. Suggested defaults appear with the name of each strat in the dropdown.
In addition to the strat you wish to use, you must also determine when it kicks in to replace the initial entry’s stop, which is determined using different strats. For strats where you can define a positive or negative multiple of X, percentage or fixed value for a kick-in strat, a positive value is above the trade’s entry fill and a negative one below. A value of zero represents breakeven.
Pyramiding
What you specify in this section are the rules that allow pyramiding to happen. By themselves, these rules will not generate pyramiding entries. For those to happen, entry signals must be issued by one of the active entry strats, and conform to the pyramiding rules which act as a filter for them. The “Filter must allow entry” selection must be chosen if you want the usual system’s filters to act as additional filtering criteria for your pyramided entries.
Hard Exits
You can choose from a variety of hard exit strats. Hard exits are exit strategies which signal trade exits on specific events, as opposed to price breaching a stop level in In-Trade Stops strategies. They are self-explanatory. The last one labelled When Take Profit Level (multiple of X) is reached is the only one that uses a level, but contrary to stops, it is above price and while it is relative because it is expressed as a multiple of X, it does not move during the trade. This is the level called Take Profit that is show when the “Show Take Profit Level” checkbox is checked in the Display section.
While stops focus on managing risk, hard exit strategies try to put the emphasis on capturing opportunity.
Slippage
You can define it as a percentage or a fixed value, with different settings for entries and exits. The entry and exit markers on the chart show the impact of slippage on the entry price (the fill).
Fees
Fees, whether expressed as a percentage of position size in and out of the trade or as a fixed value per in and out, are in the same units of currency as the capital defined in the Position Sizing section. Fees being deducted from your Capital, they do not have an impact on the chart marker positions.
In-Trade Events
These events will only trigger during trades. They can be helpful to act as reminders for traders using the Engine as assistance to discretionary trading.
Post-Exit Analysis
It is normally on. Some of its results will show in the Global Numbers section of the Data Window. Only a few of the statistics generated are shown; many more are available, but commented out in the Plot module.
Date Range Filtering
Note that you don’t have to change the dates to enable/diable filtering. When you are done with a specific date range, just uncheck “Date Range Filtering” to disable date filtering.
Alert Triggers
Each selection corresponds to one condition. Conditions can be combined into a single alert as you please. Just be sure you have selected the ones you want to trigger the alert before you create the alert. For example, if you trade in both directions and you want a single alert to trigger on both types of exits, you must select both “Long Exit” and “Short Exit” before creating your alert.
Once the alert is triggered, these settings no longer have relevance as they have been saved with the alert.
When viewing charts where an alert has just triggered, if your alert triggers on more than one condition, you will need the appropriate markers active on your chart to figure out which condition triggered the alert, since plotting of markers is independent of alert management.
Position sizing
You have 3 options to determine position size:
1. Proportional to Stop -> Variable, with a cap on size.
2. Percentage of equity -> Variable.
3. Percentage of Initial Capital -> Fixed.
External Indicator
This is where you connect your indicator’s plot that will generate the signals the Engine will act upon. Remember this only works in Indicator mode.
DATA WINDOW INFORMATION
The top part of the window contains global numbers while the individual trade information appears in the bottom part. The different types of units used to express values are:
curr: denotes the currency used in the Position Sizing section of Inputs for the Initial Capital value.
quote: denotes quote currency, i.e. the value the instrument is expressed in, or the right side of the market pair (USD in EURUSD ).
X: the stop’s amplitude, itself expressed in quote currency, which we use to express a trade’s P&L, so that a trade with P&L=2X has made twice the stop’s amplitude in profit. This is sometimes referred to as R, since it represents one unit of risk. It is also the unit of measure used in the APPT, which denotes expected reward per unit of risk.
X%: is also the stop’s amplitude, but expressed as a percentage of the Entry Fill.
The numbers appearing in the Data Window are all prefixed:
“ALL:” the number is the average for all first entries and pyramided entries.
”1ST:” the number is for first entries only.
”PYR:” the number is for pyramided entries only.
”PEA:” the number is for Post-Exit Analyses
Global Numbers
Numbers in this section represent the results of all trades up to the cursor on the chart.
Average Profitability Per Trade (X): This value is the most important gauge of your strat’s worthiness. It represents the returns that can be expected from your strat for each unit of risk incurred. E.g.: your APPT is 2.0, thus for every unit of currency you invest in a trade, you can on average expect to obtain 2 after the trade. APPT is also referred to as “statistical expectancy”. If it is negative, your strategy is losing, even if your win rate is very good (it means your winning trades aren’t winning enough, or your losing trades lose too much, or both). Its counterpart in currency is also shown, as is the APPT/bar, which can be a useful gauge in deciding between rivalling systems.
Profit Factor: Gross of winning trades/Gross of losing trades. Strategy is profitable when >1. Not as useful as the APPT because it doesn’t take into account the win rate and the average win/loss per trade. It is calculated from the total winning/losing results of this particular backtest and has less predictive value than the APPT. A good profit factor together with a poor APPT means you just found a chart where your system outperformed. Relying too much on the profit factor is a bit like a poker player who would think going all in with two’s against aces is optimal because he just won a hand that way.
Win Rate: Percentage of winning trades out of all trades. Taken alone, it doesn’t have much to do with strategy profitability. You can have a win rate of 99% but if that one trade in 100 ruins you because of poor risk management, 99% doesn’t look so good anymore. This number speaks more of the system’s profile than its worthiness. Still, it can be useful to gauge if the system fits your personality. It can also be useful to traders intending to sell their systems, as low win rate systems are more difficult to sell and require more handholding of worried customers.
Equity (curr): This the sum of initial capital and the P&L of your system’s trades, including fees and slippage.
Return on Capital is the equivalent of TV’s Net Profit figure, i.e. the variation on your initial capital.
Maximum drawdown is the maximal drawdown from the highest equity point until the drop . There is also a close to close (meaning it doesn’t take into account in-trade variations) maximum drawdown value commented out in the code.
The next values are self-explanatory, until:
PYR: Avg Profitability Per Entry (X): this is the APPT for all pyramided entries.
PEA: Avg Max Opp . Available (X): the average maximal opportunity found in the Post-Exit Analyses.
PEA: Avg Drawdown to Max Opp . (X): this represents the maximum drawdown (incurred from the close at the beginning of the PEA analysis) required to reach the maximal opportunity point.
Trade Information
Numbers in this section concern only the current trade under the cursor. Most of them are self-explanatory. Use the description’s prefix to determine what the values applies to.
PYR: Avg Profitability Per Entry (X): While this value includes the impact of all current pyramided entries (and only those) and updates when you move your cursor around, P&L only reflects fees at the trade’s last bar.
PEA: Max Opp . Available (X): It’s the most profitable close reached post-trade, measured from the trade’s Exit Fill, expressed in the X value of the trade the PEA follows.
PEA: Drawdown to Max Opp . (X): This is the maximum drawdown from the trade’s Exit Fill that needs to be sustained in order to reach the maximum opportunity point, also expressed in X. Note that PEA numbers do not include slippage and fees.
EXTERNAL SIGNAL PROTOCOL
Only one external indicator can be connected to a script; in order to leverage its use to the fullest, the engine provides options to use it as either an entry signal, an entry/exit signal or a filter. When used as an entry signal, you can also use the signal to provide the entry’s stop. Here’s how this works:
For filter state: supply +1 for bull (long entries allowed), -1 for bear (short entries allowed).
For entry signals: supply +2 for long, -2 for short.
For exit signals: supply +3 for exit from long, -3 for exit from short.
To send an entry stop level with an entry signal: Send positive stop level for long entry (e.g. 103.33 to enter a long with a stop at 103.33), negative stop level for short entry (e.g. -103.33 to enter a short with a stop at 103.33). If you use this feature, your indicator will have to check for exact stop levels of 1.0, 2.0 or 3.0 and their negative counterparts, and fudge them with a tick in order to avoid confusion with other signals in the protocol.
Remember that mere generation of the values by your indicator will have no effect until you explicitly allow their use in the appropriate sections of the Engine’s Settings/Inputs.
An example of a script issuing a signal for the Engine is published by PineCoders.
RECOMMENDATIONS TO ASPIRING SYSTEM DESIGNERS
Stick to higher timeframes. On progressively lower timeframes, margins decrease and fees and slippage take a proportionally larger portion of profits, to the point where they can very easily turn a profitable strategy into a losing one. Additionally, your margin for error shrinks as the equilibrium of your system’s profitability becomes more fragile with the tight numbers involved in the shorter time frames. Avoid <1H time frames.
Know and calculate fees and slippage. To avoid market shock, backtest using conservative fees and slippage parameters. Systems rarely show unexpectedly good returns when they are confronted to the markets, so put all chances on your side by being outrageously conservative—or a the very least, realistic. Test results that do not include fees and slippage are worthless. Slippage is there for a reason, and that’s because our interventions in the market change the market. It is easier to find alpha in illiquid markets such as cryptos because not many large players participate in them. If your backtesting results are based on moving large positions and you don’t also add the inevitable slippage that will occur when you enter/exit thin markets, your backtesting will produce unrealistic results. Even if you do include large slippage in your settings, the Engine can only do so much as it will not let slippage push fills past the high or low of the entry bar, but the gap may be much larger in illiquid markets.
Never test and optimize your system on the same dataset , as that is the perfect recipe for overfitting or data dredging, which is trying to find one precise set of rules/parameters that works only on one dataset. These setups are the most fragile and often get destroyed when they meet the real world.
Try to find datasets yielding more than 100 trades. Less than that and results are not as reliable.
Consider all backtesting results with suspicion. If you never entertained sceptic tendencies, now is the time to begin. If your backtest results look really good, assume they are flawed, either because of your methodology, the data you’re using or the software doing the testing. Always assume the worse and learn proper backtesting techniques such as monte carlo simulations and walk forward analysis to avoid the traps and biases that unchecked greed will set for you. If you are not familiar with concepts such as survivor bias, lookahead bias and confirmation bias, learn about them.
Stick to simple bars or candles when designing systems. Other types of bars often do not yield reliable results, whether by design (Heikin Ashi) or because of the way they are implemented on TV (Renko bars).
Know that you don’t know and use that knowledge to learn more about systems and how to properly test them, about your biases, and about yourself.
Manage risk first , then capture opportunity.
Respect the inherent uncertainty of the future. Cleanse yourself of the sad arrogance and unchecked greed common to newcomers to trading. Strive for rationality. Respect the fact that while backtest results may look promising, there is no guarantee they will repeat in the future (there is actually a high probability they won’t!), because the future is fundamentally unknowable. If you develop a system that looks promising, don’t oversell it to others whose greed may lead them to entertain unreasonable expectations.
Have a plan. Understand what king of trading system you are trying to build. Have a clear picture or where entries, exits and other important levels will be in the sort of trade you are trying to create with your system. This stated direction will help you discard more efficiently many of the inevitably useless ideas that will pop up during system design.
Be wary of complexity. Experienced systems engineers understand how rapidly complexity builds when you assemble components together—however simple each one may be. The more complex your system, the more difficult it will be to manage.
Play! . Allow yourself time to play around when you design your systems. While much comes about from working with a purpose, great ideas sometimes come out of just trying things with no set goal, when you are stuck and don’t know how to move ahead. Have fun!
@LucF
NOTES
While the engine’s code can supply multiple consecutive entries of longs or shorts in order to scale positions (pyramid), all exits currently assume the execution bot will exit the totality of the position. No partial exits are currently possible with the Engine.
Because the Engine is literally crippled by the limitations on the number of plots a script can output on TV; it can only show a fraction of all the information it calculates in the Data Window. You will find in the Plot Module vast amounts of commented out lines that you can activate if you also disable an equivalent number of other plots. This may be useful to explore certain characteristics of your system in more detail.
When backtesting using the TV backtesting feature, you will need to provide the strategy parameters you wish to use through either Settings/Properties or by changing the default values in the code’s header. These values are defined in variables and used not only in the strategy() statement, but also as defaults in the Engine’s relevant Inputs.
If you want to test using pyramiding, then both the strategy’s Setting/Properties and the Engine’s Settings/Inputs need to allow pyramiding.
If you find any bugs in the Engine, please let us know.
THANKS
To @glaz for allowing the use of his unpublished MA Squize in the filters.
To @everget for his Chandelier stop code, which is also used as a filter in the Engine.
To @RicardoSantos for his pseudo-random generator, and because it’s from him that I first read in the Pine chat about the idea of using an external indicator as input into another. In the PineCoders group, @theheirophant then mentioned the idea of using it as a buy/sell signal and @simpelyfe showed a piece of code implementing the idea. That’s the tortuous story behind the use of the external indicator in the Engine.
To @admin for the Volatility stop’s original code and for the donchian function lifted from Ichimoku .
To @BobHoward21 for the v3 version of Volatility Stop .
To @scarf and @midtownsk8rguy for the color tuning.
To many other scripters who provided encouragement and suggestions for improvement during the long process of writing and testing this piece of code.
To J. Welles Wilder Jr. for ATR, used extensively throughout the Engine.
To TradingView for graciously making an account available to PineCoders.
And finally, to all fellow PineCoders for the constant intellectual stimulation; it is a privilege to share ideas with you all. The Engine is for all TradingView PineCoders, of course—but especially for you.
Look first. Then leap.
Order Size (Units) and Entry/Stop PricesThis is a risk management script derived from the Turtle trading system. I will define what is needed for each input and will also include a brief description about the intended implementation of the risk management strategy. The risk strategy can be used with any trading strategy. This script displays the order size as a unit. 1 unit is the intended size of an entry, first or adds. If trading contracts, Unit Value is presented in terms of number of contracts. If NOT, Unit Value is presented in terms of total cost for a unit in the currency of the market being traded.
::Inputs::
"Available Capital:" - This number should be the TOTAL amount of capital for use in trading account. DO NOT adjust for leverage. The default available capital is set at 15000.
"Account Currency:" - This should be the currency type for the amount entered into "Available Capital:".
"Does Account Currency Need To Be Converted?" - The currency type of "Available Capital:" must match the currency type of the market being traded. If the value of capital is not known for the market currency type, this option will perform the necessary calculation.
"Exchange used to derive BTC value" - This option is used to determine the exchange rate for currency conversions.
"Market Being Traded:" - This option reflects the trading pair of the asset being traded.
"Trading with leverage?" - This option will allow a user-specified constant value (i.e. leverage factor) to be used for calculating the account balance and number of units (i.e. order size). This is option is set to "No Leverage" by default, which will only allow the specified available capital to be used for balance and unit calculations.
"Amount of Leverage? (1-100)" - This number is the leverage factor being applied to the account per trade (e.g. 2.5, 5, 25, 50, 100). The default leverage factor is 100.
"Trading Contracts?" - This option will allow a user-specified value, for contracts, to be used when calculating unit value per order. This option is intended to be used when trading a derivative product (e.g. a contract.)
"Cost Per Contract" - This number should be equal to the value of the derivative, quoted in dollars. (e.g. Bitmex contracts are valued at $1, so the cost per contract = 1. Deribit offers contracts valued at $10, so the cost per contract =10.)
"Risk Percent" - This number should be the percent of capital you are willing to risk for each trade. (e.g. A $10,000 trading account using 2% risk would risk LOSING $20 on a trade.) Increasing or decreasing the risk amount will adjust stops and adds. This strategy would normally consider the total account equity when calculating the size of every new position. Currently, this indicator only calculates on the amount entered into the "Available Capital:" field. I plan to address this factor before implementing the script into the final complete trading strategy script. The default risk percent is set at 2.
Please remember, this indicator is technically in a testing phase. It makes up only a small piece of what will be a much more involved script.
***I am having some trouble with getting correct calculations when trading "BTC Market". I have yet to determine if the issue is due to the TradingView feeds or if the issue is in the actual code. I have, so far, calculated differences of 15-30% when comparing an asset value between it's trading pairs. I am always open to ideas and suggestions.***
Weis zig zag vol JayyI have had a few requests to publish the script I used here: in May 2015. I have been reluctant because it was a very cumbersome script. However, for those few people who actually want to play with this script here it is. I have cleaned it up to make the script more usable. Read my notes associated with "Weis Wave Jayy" for more details on the use of the Weis wave. There are some additional inputs to show the correct volume range on the screen. I think a short video is the best way to convey the information.
The traditional way of displaying Weis Wave as developed by David Weis is to use price. This is a bit of a tricky concept. I hope my video helps to clarify.
In a nutshell to use: open the script. The default is the traditional method used by Weis. Change the value to a wave size of interest in the "Select Weis Wave size" dialogue box. To use "What percent of avg price to set wave size" first click on "Use percent of avg price to set wave size". To use "What percent of last leg to determine reverse" click on "Use percent of last leg?" and be sure that "Use percent of avg price to set wave size" is unclicked.
To display volume correctly as three digits it is necessary to take a number such as 176,895,570 to value that can be displayed within three digits. The number must also be relative to other numbers in the field. If the highest volume on the page is: 2,654,763,889 and with only three numbers available to display the result. The values shown must be 18 and 265 respectively so that the relative magnitudes are understood. Therefore, all numbers in the field of view must be truncated by the same factor.
To do this make sure that "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " is set at 0. Then click on ok at the bottom of the dialogue box. you should see various numbers across the screen each at a pivot point. Scan and select the highest number visible. I some red zeros are visible you should go back to the dialogue box and choose a smaller wave size.
Go back to the dialogue box and replace the 0 in the "input multiplication factor to show volume must be non zero, if zero multiplication factors shown " box with the value you have chosen, Click ok. You should now see the wave with volume. Represented as 1, 2 or 3 numbers read vertically.
Lastly, you can toggle between what I call a lagged wave or a no lag version using "Show weis wave (lagged pivots) unclick to show the no lag version?". What does this mean? The no lag version has a wave that turns at the actual top or bottom. However, price lags the turning point. Price is printed above or below the point at which a new wave is confirmed. What I mean by this is as follows. Suppose that closing prices are in a downward wave over several bars. Each new bar is examined relative to the "Weis wave size". Suppose the current bar closes at a new low, within the current down wave, at $30.00. If the Weis wave size is $0.10 then the algorithm will remember the $30.00 close and compare it to the close of the next bar. If the price goes lower to $29.99, for example, that is the new low and price is continuing down. If price climbs back up to a close of $30.11 then because price has moved more than $0.10 (the Weis wave size) then that is a wave reversal with a new wave starting up.
However if instead of rising by 11 cents it rose only 5 cents $30.05. Since price did not rise 10 cents The wave is still in a downward trend and the trend is not reversed. It is a bit in limbo. As long a closing price on the ensuing bars does not close at or below $30.00 or at or above $30.10 the wave remains in limbo. Suppose price closes for 5 bars between $30.00 and $30.10 and then on the 6th bar closes at or below $30.00. In that case, the downward trend is confirmed and the wave continues. The bars that closed in limbo are part of the downward trend. On the other hand, if the 6th bar close is 30.11 this means that a trend reversal is confirmed - now the trend is up. The turning point of the wave is 6 bars before at the $30.00 closing bar.
As such, turning points of waves can take some time to be confirmed to reverse in direction. Turning points can be 1, 2, 3 or more bars ahead of wave confirmation. A nice straight line for waves connecting highs and lows as used by Weis is not possible since series are not allowed in the plot statement for offsets. As such price is plotted above or below the point at which the wave was confirmed not the actual turning point. The Weis wave turning points plot at the same place as price. The "no lag" wave plot is not a straight line but does show the actual turning points. The volume is the volume for the actual turning point, not the point at which it is plotted.
The smaller the "Weis wave size" the less the lag will be.
If you have questions message me.
Jayy
Enhanced Liquidity & Voids (XSN Mod v9.0)Enhanced Liquidity & Voids (XSN Mod) - User Guide
Unlock the market's blueprint with this all-in-one institutional analysis tool. This indicator is designed not just to draw lines, but to provide a complete framework for understanding market structure, liquidity, and price imbalances. Move beyond basic support and resistance and start seeing the market the way professional traders do.
Core Philosophy: The Liquidity-to-Imbalance Cycle
The market moves in a continuous cycle of engineering liquidity and then rebalancing inefficiencies. This script visualizes this entire narrative on your chart:
It pinpoints where liquidity is building up.
It shows you the exact moment that liquidity is captured (swept).
It highlights the resulting price imbalances (FVGs) that the market will likely target next.
Key Features: Your Analytical Edge
Institutional Liquidity Mapping (Major & Internal)
Major Pools (Red Lines): Pinpoint the high-timeframe swing points that act as primary magnets for price. These are the key levels institutions are targeting.
Internal Pools (Purple Lines): Track the shorter-term liquidity within the current range to understand immediate order flow and anticipate smaller reactions.
High-Probability Confluence Engine
This is the script's "alpha." It doesn't just draw a new liquidity line; it automatically cross-references its price with historical 4-Hour, Daily, and Weekly levels. A match triggers a confluence label (e.g., D-HIGH, W-LOW), instantly signaling that you are looking at a level of extreme significance.
Multi-Timeframe Imbalance Detection (FVG)
Auto HTF Voids: The script intelligently plots the most relevant Fair Value Gaps from a higher timeframe directly onto your chart, giving you critical market context without ever needing to switch timeframes.
Current Timeframe Voids: Instantly see imbalances as they form on your active chart, perfect for precision entries and identifying short-term price targets.
Reactive Price Action Focus
When a Major Liquidity Pool is swept, the line remains highlighted in its original color. The market has a short memory, and this feature keeps your focus locked on the most recent, high-impact events and the price action that follows.
Intelligent, Context-Aware Alerts
Stop using generic price alerts. This system is dynamic and tells you what was swept and why it's important. Receive specific, actionable notifications for the most critical liquidity events, including those with historical confluence.
Complete Customization
Tailor the indicator to your exact trading style. Toggle any feature, adjust the sensitivity of liquidity detection, and customize every color, line style, and transparency to create a clean, personalized analytical environment.
Activating Your Real-Time Edge: Setting Up Alerts
Get notified the moment a critical Major Liquidity Pool is swept. Follow these steps precisely to enable the smart alert system.
Enable Alerts in Script Settings:
Open the indicator's "Settings" panel.
Go to the "Alert Settings" tab.
Check the box for "Enable Major Liquidity Sweep Alerts".
Create the Alert in TradingView:
Click the "Alert" icon (alarm clock) in the right-hand toolbar of your TradingView chart.
A configuration window will open. Set the following options:
Condition: In the first dropdown, select the name of this script: "Enhanced Liquidity & Voids (XSN Mod)".
Trigger: In the second dropdown, you MUST choose "Any alert() function call". This is essential for the smart alerts to work.
Options: Select "Once Per Bar" for a clean, single notification per event.
Alert Name: Give your alert a recognizable name (e.g., "Major Liquidity Sweep Alert").
Message: This is the most important step. Delete any default text in the message box and paste this special placeholder exactly as it appears below:
{{alert_message}}
This placeholder allows the script to send a detailed, dynamic message to your device. For example, instead of a generic "Price crossed X," you will receive a message like: Buyside Sweep on BTCUSDT @ 65,500 (D-HIGH Confluence).
Click "Create".
You are now set up to receive real-time, intelligent notifications on key market-moving events. Stop guessing, and start anticipating.
SMA Crossover SignalsSMA Crossover Signals (50/100/200)OverviewThis script provides a clear and simple way to visualize key trend-following signals using three essential Simple Moving Averages (SMAs). It is designed to help traders quickly identify shifts in market momentum by plotting the 50, 100, and 200-day SMAs and marking significant crossover events directly on your chart.This tool is perfect for traders who use moving average crossovers as a core component of their strategy.FeaturesThree Key SMAs: The script plots the following moving averages, which are fundamental for both short-term and long-term trend analysis:50-day SMA: Plotted in Yellow. Represents the medium-term trend.100-day SMA: Plotted in Blue. Represents the intermediate long-term trend.200-day SMA: Plotted in Green. Represents the long-term market trend.Crossover Signals: The script automatically identifies and labels two key types of crossover events to signal potential entry or exit points:B1 (Bullish Signal): A green "B1" label appears below the price bar when the 50-day SMA crosses above the 200-day SMA. This is commonly known as a "Golden Cross" and is often interpreted as a strong, long-term bullish signal.D1 (Bearish Signal): A red "D1" label appears above the price bar when the 50-day SMA crosses below the 200-day SMA. This is known as a "Death Cross" and is often seen as a strong, long-term bearish signal.B2 (Bullish Signal): A slightly transparent green "B2" label appears below the price bar when the 50-day SMA crosses above the 100-day SMA, indicating a potential shorter-term shift to bullish momentum.D2 (Bearish Signal): A slightly transparent red "D2" label appears above the price bar when the 50-day SMA crosses below the 100-day SMA, indicating a potential shorter-term shift to bearish momentum.How to Use This ScriptTrend Confirmation: Use the SMAs to gauge the overall market trend. When the price is above the 200-day SMA (green line), the long-term trend is generally considered bullish. When it's below, the trend is bearish.Entry/Exit Signals:The B1 (Golden Cross) can be used as a signal to consider entering a long position or as confirmation of an existing uptrend.The D1 (Death Cross) can be used as a signal to consider entering a short position, exiting a long position, or as confirmation of a new downtrend.The B2 and D2 signals provide earlier indications of a potential change in momentum and can be useful for more active traders.Combine with Other Indicators: For best results, use these crossover signals in conjunction with other technical indicators, such as the RSI for momentum or Volume for confirmation of a move.DisclaimerThis script is an educational tool and should not be considered financial advice. Trading involves risk, and past performance is not indicative of future results. Always conduct your own research and risk management before making any trading decisions.
DR-SK A B C SK A B C - Target and Stop Loss Indicator for Trading
The "SK A B C" script is an advanced technical analysis tool designed to identify price targets and stop loss levels based on three input points (A, B, C) on the chart. The script calculates four potential targets (E, N, V, NT) based on the movement between the points, allowing for customization to suit different trading strategies. It also supports various stop loss methods, including Fixed Percentage, ATR-Based, and Swing High/Low.
Key Features:
Target Calculation (E, N, V, NT): The script calculates and displays potential targets (E, N, V, NT) based on the price movement between the input points (A, B, C).
Stop Loss Options:
Fixed Stop Loss: Based on a percentage of the price.
ATR-Based Stop Loss: Uses the Average True Range (ATR) for calculating the stop loss level.
Swing High/Low Stop Loss: Based on the most recent swing high or low.
Display Targets with Labels: Displays targets clearly on the chart, with options for price labels and boxes around the targets.
Full Customization: Customize colors, lines, and labels to fit your personal preferences.
Real-Time Alerts: Set up alerts to notify you when the price hits a target or stop loss level.
Summary Results Display: A table that shows the targets along with their prices and percentage distance from the current price.
How to Use the Script:
Set Input Points: Select three points (A, B, C) on the chart. The script will calculate the targets based on these points.
Choose Stop Loss Method: Select your preferred stop loss method (Fixed, ATR-Based, Swing High/Low).
Customize the Display: Customize the chart’s appearance by adjusting colors and other options.
Set Alerts: Enable alerts to be notified when the price reaches the targets or stop loss levels.
Notes:
The script follows basic technical analysis principles and helps traders accurately determine potential price targets using input points.
It provides flexibility through customizable stop loss methods and target options, making it a versatile and user-friendly tool.
Liquidity Sweep Trap Alert (Improved)Detects high-conviction “liquidity sweep” traps (false breakouts) by comparing price against recent swing highs/lows, applying a wick-size filter and a cooldown period so that only meaningful reversal wicks trigger signals.
Shows labels on the chart and provides alert conditions when a trap occurs.
How It Works (Core Concept)
Swing High / Low Sweep
The script looks back a user-defined number of bars (Lookback Period) to identify the most recent swing high and swing low (excluding the current forming bar).
A Bull Trap is identified when price’s high exceeds that swing high intrabar but the candle closes back below it.
A Bear Trap is identified when price’s low dips below that swing low intrabar but the candle closes back above it.
Wick-Size Filter
To avoid tiny “micro-sweeps,” the script measures the length of the reversal wick (the distance beyond the swing high or below the swing low) as a percentage of the bar’s total range.
Only if this wick percentage ≥ Min Wick/Range % does the raw trap condition qualify for further consideration.
Cooldown Mechanism
After a trap fires, the same type of trap (bull or bear) is suppressed for a specified number of bars (Cooldown Bars).
This prevents back-to-back signals in choppy conditions and ensures each trap has breathing room before the next.
Confirmed on Close
Signals only trigger once the bar has closed (barstate.isconfirmed), eliminating “ghost” signals that flash intrabar and then vanish.
Chart Labels & Alerts
When a trap is confirmed, a label (“Trap ↑” for bull, “Trap ↓” for bear) is plotted above/below the bar (toggleable via Show Trap Labels).
Built-in alertcondition calls allow users to create native TradingView alerts tied to these confirmed traps.
Inputs & Usage
Lookback Period (bars)
Defines how many bars back to compute the recent swing high/low.
Shorter values catch more frequent, smaller swings; longer values focus on larger pivots.
Show Trap Labels
Toggle on/off the on-chart label markers.
Cooldown Bars
Number of bars to wait after a trap fires before allowing the same trap type again.
Higher values reduce signal frequency; set lower if you want more frequent triggers.
Min Wick/Range %
Minimum required wick length (beyond the swing level) as a percentage of that bar’s high–low range.
Increase to filter out weak or noise-driven sweeps; decrease if you want to capture smaller reversals.
Recommended Settings & Markets
Timeframes: Works on any timeframe (e.g., 5m, 15m, 1h, daily). Adjust inputs per instrument volatility.
Crypto (e.g., BTC): Typical starting values might be Lookback = 10, Min Wick % = 0.10–0.20, Cooldown = 3–5 bars.
Equities / Indices (e.g., Nifty, Bank Nifty): Use higher Min Wick % (e.g., 0.30–0.50) and adjust volume-based filters externally. Cooldown may be 3–5 bars on daily charts.
Testing: Always backtest or visually review sample signals before live trading. Tune Lookback and Min Wick % to balance hit-rate vs. false positives.
Originality & What Makes It Different
Beyond Simple Breakout Alerts: Instead of alerting on any breakout, this indicator specifically looks for false breakouts (liquidity sweeps) where smart money may trap retail stops.
Wick-Size Threshold: Many scripts flag any high above a swing high; here, the reversal wick must be a configurable percentage of the bar’s range, filtering out minor spikes.
Cooldown Logic: Prevents repeated signals in tight ranges, unlike basic breakout or pivot indicators that may fire repeatedly.
Confirmed on Close: Eliminates intrabar flicker signals, ensuring each alert is based on a completed bar.
Lightweight & Self-Contained: No external dependencies; works standalone on the chart. Users can hook native TradingView alerts to these conditions.
How to Use
Add to Chart: Apply the published script; no need for additional overlays.
Configure Inputs: Open settings and set:
Lookback Period to match swing size you target.
Min Wick/Range % to filter out small reversals.
Cooldown Bars so signals aren’t clustered.
Toggle Show Trap Labels on/off.
Set Alerts: In TradingView Alerts, choose “Bull Trap Detected” or “Bear Trap Detected” as the condition.
Interpret Signals:
Bull Trap: Price tried to break above a recent high but failed—potential short opportunity or exit long.
Bear Trap: Price tried to break below a recent low but failed—potential long opportunity or exit short.
Combine with Risk Management: Always apply your own stop-loss and take-profit rules; use the trap signal as one element of your trade decision.
Chart Examples & Annotations
Clean Example Chart: Display only this indicator on the chart using default inputs or example settings.
Annotation Guidance: If you include manual drawings in screenshots, clearly explain:
“Red label marks the bar where price spiked above the 10-bar swing high, closed below it with wick ≥ 10% of range, and no prior bull trap in last 5 bars → Bull Trap.”
Avoid unrelated scripts or decorative drawings that aren’t described.
Disclaimer
Not Financial Advice: Signals indicate potential reversal setups but do not guarantee outcomes. Trade at your own risk.
Use Proper Risk Management: Always define stop-loss, position size, and consider market context.
Test Before Live: Review historical signals and backtest manually or via strategy tester if possible.
Enhanced TEMA with Decimal PeriodsImagine you have a special type of moving average line called a TEMA (Triple
Moving Average). A TEMA is designed to be even quicker to react to price changes than a regular EMA (Exponential Moving Average), helping traders spot trends faster.
What this script does:
Super-Precise TEMA Length:
Normally, when you set the "length" or "period" for a moving average, you use whole numbers (like 10 days, 20 days).
This script lets you be more precise and use decimal numbers for the TEMA's length (like 26.0 days, or even 26.7 days). This allows for very fine-tuning.
How it gets the "Decimal" EMA part (if you choose to use it):
If you want a TEMA with a length of, say, 26.7:
The script first needs to calculate EMAs with a length of 26.7.
To do this, it cleverly calculates two regular EMAs: one with a length of 26 and another with a length of 27 (the whole numbers just below and above 26.7).
Then, it blends these two EMAs. Since 26.7 is closer to 27, it takes more from the "27-period EMA" and a bit less from the "26-period EMA." This mix gives you an EMA that acts like it has a 26.7 period.
Building the TEMA:
A TEMA isn't just one EMA. It's made by taking an EMA of an EMA, and then an EMA of that. It's like smoothing the line multiple times, but in a special mathematical way to make it faster.
So, this script:
-Calculates the first "decimal EMA" (e.g., for 26.7).
-Calculates another "decimal EMA" of that first EMA line (again, using 26.7).
-Calculates a third "decimal EMA" of the second EMA line (still using 26.7).
Finally, it combines these three EMAs using a special TEMA formula to get the final, quick-reacting TEMA line.
Option to Switch Off Decimals:
There's a setting ("Use Decimal Periods"). If you turn this off, the script will just use regular whole-number EMAs to build the TEMA (it will round down your decimal input, so 26.7 would become 26).
Plotting:
The final "Enhanced TEMA" line is drawn on your price chart.
In Simple Terms:
This script gives you a TEMA (a fast-moving average) that you can set up with very precise decimal lengths (like 26.7 instead of just 26 or 27).
It does this "decimal magic" by smartly blending two regular EMAs. You can also choose to use it like a normal TEMA with whole numbers if you prefer. The goal is to give traders a very responsive trend-following line that can be fine-tuned to a high degree of precision.
Canuck Trading IndicatorOverview
The Canuck Trading Indicator is a versatile, overlay-based technical analysis tool designed to assist traders in identifying potential trading opportunities across various timeframes and market conditions. By combining multiple technical indicators—such as RSI, Bollinger Bands, EMAs, VWAP, MACD, Stochastic RSI, ADX, HMA, and candlestick patterns—the indicator provides clear visual signals for bullish and bearish entries, breakouts, long-term trends, and options strategies like cash-secured puts, straddles/strangles, iron condors, and short squeezes. It also incorporates 20-day and 200-day SMAs to detect Golden/Death Crosses and price positioning relative to these moving averages. A dynamic table displays key metrics, and customizable alerts help traders stay informed of market conditions.
Key Features
Multi-Timeframe Adaptability: Automatically adjusts parameters (e.g., ATR multiplier, ADX period, HMA length) based on the chart's timeframe (minute, hourly, daily, weekly, monthly) for optimal performance.
Comprehensive Signal Generation: Identifies short-term entries, breakouts, long-term bullish trends, and options strategies using a combination of momentum, trend, volatility, and candlestick patterns.
Candlestick Pattern Detection: Recognizes bullish/bearish engulfing, hammer, shooting star, doji, and strong candles for precise entry/exit signals.
Moving Average Analysis: Plots 20-day and 200-day SMAs, detects Golden/Death Crosses, and evaluates price position relative to these averages.
Dynamic Table: Displays real-time metrics, including zone status (bullish, bearish, neutral), RSI, MACD, Stochastic RSI, short/long-term trends, candlestick patterns, ADX, ROC, VWAP slope, and MA positioning.
Customizable Alerts: Over 20 alert conditions for entries, exits, overbought/oversold warnings, and MA crosses, with actionable messages including ticker, price, and suggested strategies.
Visual Clarity: Uses distinct shapes, colors, and sizes to plot signals (e.g., green triangles for bullish entries, red triangles for bearish entries) and overlays key levels like EMA, VWAP, Bollinger Bands, support/resistance, and HMA.
Options Strategy Signals: Suggests opportunities for selling cash-secured puts, straddles/strangles, iron condors, and capitalizing on short squeezes.
How to Use
Add to Chart: Apply the indicator to any TradingView chart by selecting "Canuck Trading Indicator" from the Pine Script library.
Interpret Signals:
Bullish Signals: Green triangles (short-term entry), lime diamonds (breakout), blue circles (long-term entry).
Bearish Signals: Red triangles (short-term entry), maroon diamonds (breakout).
Options Strategies: Purple squares (cash-secured puts), yellow circles (straddles/strangles), orange crosses (iron condors), white arrows (short squeezes).
Exits: X-cross shapes in corresponding colors indicate exit signals.
Monitor: Gray circles suggest holding cash or monitoring for setups.
Review Table: Check the top-right table for real-time metrics, including zone status, RSI, MACD, trends, and MA positioning.
Set Alerts: Configure alerts for specific signals (e.g., "Short-Term Bullish Entry" or "Golden Cross") to receive notifications via TradingView.
Adjust Inputs: Customize input parameters (e.g., RSI period, EMA length, ATR period) to suit your trading style or market conditions.
Input Parameters
The indicator offers a wide range of customizable inputs to fine-tune its behavior:
RSI Period (default: 14): Length for RSI calculation.
RSI Bullish Low/High (default: 35/70): RSI thresholds for bullish signals.
RSI Bearish High (default: 65): RSI threshold for bearish signals.
EMA Period (default: 15): Main EMA length (15 for day trading, 50 for swing).
Short/Long EMA Length (default: 3/20): For momentum oscillator.
T3 Smoothing Length (default: 5): Smooths momentum signals.
Long-Term EMA/RSI Length (default: 20/15): For long-term trend analysis.
Support/Resistance Lookback (default: 5): Periods for support/resistance levels.
MACD Fast/Slow/Signal (default: 12/26/9): MACD parameters.
Bollinger Bands Period/StdDev (default: 15/2): BB settings.
Stochastic RSI Period/Smoothing (default: 14/3/3): Stochastic RSI settings.
Uptrend/Short-Term/Long-Term Lookback (default: 2/2/5): Candles for trend detection.
ATR Period (default: 14): For volatility and price targets.
VWAP Sensitivity (default: 0.1%): Threshold for VWAP-based signals.
Volume Oscillator Period (default: 14): For volume surge detection.
Pattern Detection Threshold (default: 0.3%): Sensitivity for candlestick patterns.
ROC Period (default: 3): Rate of change for momentum.
VWAP Slope Period (default: 5): For VWAP trend analysis.
TradingView Publishing Compliance
Originality: The Canuck Trading Indicator is an original script, combining multiple technical indicators and custom logic to provide unique trading signals. It does not replicate existing public scripts.
No Guaranteed Profits: This indicator is a tool for technical analysis and does not guarantee profits. Trading involves risks, and users should conduct their own research and risk management.
Clear Instructions: The description and usage guide are detailed and accessible, ensuring users understand how to apply the indicator effectively.
No External Dependencies: The script uses only built-in Pine Script functions (e.g., ta.rsi, ta.ema, ta.vwap) and requires no external libraries or data sources.
Performance: The script is optimized for performance, using efficient calculations and adaptive parameters to minimize lag on various timeframes.
Visual Clarity: Signals are plotted with distinct shapes and colors, and the table provides a concise summary of market conditions, enhancing usability.
Limitations and Risks
Market Conditions: The indicator may generate false signals in choppy or low-liquidity markets. Always confirm signals with additional analysis.
Timeframe Sensitivity: Performance varies by timeframe; test settings on your preferred chart (e.g., 5-minute for day trading, daily for swing trading).
Risk Management: Use stop-losses and position sizing to manage risk, as suggested in alert messages (e.g., "Stop -20%").
Options Trading: Options strategies (e.g., straddles, iron condors) carry unique risks; consult a financial advisor before trading.
Feedback and Support
For questions, suggestions, or bug reports, please leave a comment on the TradingView script page or contact the author via TradingView. Your feedback helps improve the indicator for the community.
Disclaimer
The Canuck Trading Indicator is provided for educational and informational purposes only. It is not financial advice. Trading involves significant risks, and past performance is not indicative of future results. Always perform your own due diligence and consult a qualified financial advisor before making trading decisions.
