Tweezer Top/Bottom Pattern (Expo) indicator identifies real-time Tweezer Top and Tweezer Bottom in any market and in any timeframe. This is an enhanced version of the pattern which enables higher accuracy, and noise filtering. In addition to that, Tweezer Levels can be displayed which can be used in many different ways, for instance, as a stop loss level, or to confirm the signal.
The ideal Tweezer pattern includes that the wicks should be 100% the same length. However, that rarely happens. So in this enhanced version, the user can set the maximum change that is allowed between the wicks.
To enhance the signal accuracy a Bullish engulfing and Bearish engulfing filter can be toggled on. So a signal will only be displayed if an engulfing candle is in play.
HOW TO USE
Tweezer Top/Bottom should be used together with KEY market levels or with KEY supply/demand zones.
Enter Long: if a Tweezer Bottom signal occurs at a KEY Level or on a KEY supply/demand zone.
Target: The first target should be the nearest resistance level or supply zone. The second target should be the next resistance level or supply zone, and so on.
Enter Short: if a Tweezer Top signal occurs at a KEY Level or on a KEY supply/demand zone.
Target: The first target should be the nearest support level or demand zone. The second target should be the next support level or demand zone, and so on.
Stop Loss: The Tweezer levels can be used as a stop loss.
Remember: Use the indicator together with KEY levels or KEY Supply/Demand Zones.
INDICATOR IN ACTION
4 Hour chart
I hope you find this indicator useful, and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments!
----------------- Disclaimer
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
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ACCESS THE INDICATOR
• Contact me on TradingView or use the links below
Release Notes
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Minor improvements!
Alerts are added.
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Release Notes
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Minor improvements!
Release Notes
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Minor Update!
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Release Notes
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Major improvements!
This update makes this tweezer indicator even better and more convenient to use. The Tweezer indicator does now display real-time stop-loss levels that make the strategy very easy to follow and even more useful. You will now have clear tweezer top and tweezer bottom signals together with stop-loss levels.
EnterLong when a tweezer bottom signal occurs at a key market level, take some profit at the first resistance level and take more profit at the second, third resistance level, and so on, or when the price hits the adaptive tweezer stop-loss level.
Enter Short when a tweezer top signal occurs at a key market level, take some profit at the first support level and take more profit at the second, third support level, and so on, or when the price hits the adaptive tweezer stop-loss level.
The tweezer indicator includes:
Tweezer Top signals with alerts.
Tweezer Bottom signals with alerts.
Tweezer Stop-Loss.
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Release Notes
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Improvements!
Release Notes
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Improvements!
Release Notes
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Improvements!
Release Notes
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Improvements!
Showlast added. The user can set the number of historical signals to show.
Release Notes
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Major improvements!
Bull/Bear Wick filter added.
If the filter is toggled on:
Tweezer Bottom will only be displayed if the bull wick is greater than the bear wick. This indicates greater buying pressure.
Tweezer Top will only be displayed if the bear wick is greater than the bull wick. This indicates greater selling pressure.
Users have now the full flexibility to define their own tweezer patterns with high accuracy.
Very helpful indicator, it's now a lot more easier to keep tabs on potential tweezers then ever before.
The author has also been very helpful towards bug fixing and setting tweaks.
Thank you Zeiierman!
Zeiierman
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@Solid7, Great, I'm glad that you find the tweezer indicator useful :)
Thanks!
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RaymondKokZA
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Looks awesome. How can I get access to this? Thanks
socalstew
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Can I get access? Thanks!
overflod
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This is looking like a very effective indicator. Keep up the great work :)
Zeiierman
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@overflod, Thanks Overflod :) I love the strategy too. Enjoy! :)
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ProValueTrader
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Thanks, Zeiierman! Finally a good Tweezer Indicator on Tradingview. You just described a ready to go strategy. I have been using the strategy manually since February. Together with your Levels and zone indicator, my trading becomes smooth. Thanks a ton.
Keep it up!
Zeiierman
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@ProValueTrader, I'm glad to hear that the indicator brings value to your trading. :)
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manish4474
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Can I get the authorisation to use it
AMB_76
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Key Support and Supply, a very well designed tool! Looks like it will work well in consolidating and trending price movement, looking forward to using!
The author has also been very helpful towards bug fixing and setting tweaks.
Thank you Zeiierman!