[UPRIGHT Trading] MoneyFlowTrend Oscillator(cc) Premium
Tonight I'm updating my beloved original MoneyFlowTrend Oscillator with a Premium version.
A little background:
This is an indicator that I've been working to bring to life for years; learning pinescript code has allowed me to do just that.
Built on the idea of Supply & Demand Zones, this utilizes money flow and numerous calculations to create a picture of what is happening underneath the surface of the price action.
Richard Wykoff was one of the first market analysts to explain how the economic cycle can be applied to explain market price action; thus, technical analysis . He described two zones among the total of 4 phases; the two zones are Distribution and Accumulation zones, also known as Supply & Demand zones.
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Since most of you already know the economic cycle, I will try to be concise.
The basic ideas:
When supply > demand, the price goes up down.
When demand > supply, price goes up.
When demand = supply, the price stays about the same (going sideways).
Price action has --Uptrends, downtrends, and price ranges (consolidation).
Wykoff's 4 phases to explain this price action :
1) Accumulation (Demand zone)
2) Markup (Uptrend)
3) Distribution (Supply zone)
4) Markdown (Downtrend)
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With all that said, usually you will either see a sharp jump from a supply or demand zone or it will consolidate within it. Until a new one is formed on the chart.
This indicator attempts to put all of that into a lower indicator. I tried to separate the retailers and the banks and then put them back together to get a full picture.
Premium:
-Even MORE (quality & quantity) Accurate signals.
-Reversal Signal added (Circle- shown on chart)
-Cleaner Scaling and Organization.
The chart shown above should look like this:
Good luck traders.
Cheers,
Mike
(UPRIGHT Trading)
- New DMI label for Trend assistance!
- Some UI adjustments.
- Code cleaning.
- New - Clean & Cleaner Modes.
- Default Set on Clean Mode, which is now makes it easier to use.
- Accuracy Improvements.
- New - MoneyTrend Ribbon
- New - Regular and Hidden Divergences.
- New Label to help read the data faster.
---Quick glimpse to tell you the Flow & Trend & the overall (leading) read. - Still have the option of using the Rapid DMI label (may combine in the future if beneficial).
- Some code cleaning.
- NEW Text color will now assist in the bullish/bearishness.
Text Legend:
- Blue-Green = Bullish
- Yellow-Green = More Bullish
- Soft Pink = Bearish
- Pink = Bearish
This Algo update brings a lot of enhancements.
- Code cleaning and UI enhancements.
- Signal Optimizations.
- NEW! Buy/Sell (2nd Set).
- NEW! Trend Directionals. The Arrows point to the direction of the trend.
- NEW! Scalp Signals (beta).
- Cleaner Mode now even less busy.
- Accuracy improvements on Highlights and less of them.
- Added back Alert Condition For Buy/Sell (combines both sets).
Makes a Perfect Confirmation Indicator/Algorithm for Unreal Algo (link to complimentary indicator below):
https://www.tradingview.com/script/aREbduFU-Unreal-Algo-UPRIGHT-cc/
--Cleaned Code.
--Improved Alerts.
---->(side note: legacy will use the B/S signals that are on chart).
--Bug fixes and tweaks.
--Added toggle for B/S signals.
--Bank flow can be used as confirmation for Unreal.
--Few other small adjustments.
--Cleaner Mode is toggled on by default and only requires itself to be on (rather than both Clean and Cleaner).
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact UPRIGHTTrading directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
old site: uprighttrader.com
Scripts: tradingview.com/u/UPRIGHTTrading/
Like & follow for great ideas & indicators!
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact UPRIGHTTrading directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
old site: uprighttrader.com
Scripts: tradingview.com/u/UPRIGHTTrading/
Like & follow for great ideas & indicators!