My scripts are designed to beat ALGO, so the behavior of indicators is not like traditional indicators. Don't try to overthink it and compare it to other established functions.
If you knew ALGo as much as I do, then you would also ditch old indicators and design your own weird scripts to match the ALGO's personality. Oh yes, each AlGo for each stock has its own programming personality. Most my scripts are tuned to beat SPX ALGO meniac
Enjoy and think outside the box, the only way to beat the ALGO
Let me know if I can add any useful signal to this script so we can keep it evolving.
Adjusted the distances and input value for labels distance. Mostly cosmetic and code clean up to work faster. I'm planning to add more references from previous price movements because I realised, as a trader I need to make very quick decision and need to see full picture very quickly. Essentially I'm using this script for live trading and making changes to make more profit faster and avoid making guesses or miss something
I prefer just to watch the thermo ball as it is the Leading Indicator.
Run this with your stock and see how thermoballs behaved in the past and during live trading. Once you figured out the behaviour, the only thing you need to see is where are the thermoballs and go from there. Unlike traditional indicators my scripts respond differently to different index. So it is dynamic and adoptive and changes day by day.
Another reason, is ALGO knows about all indicators but it doesn't know about my new breadth of indicators so I have an advantage over ALGO
In this version had to add a brand new features that brings a twin Thermoball form the past to increase the accuracy. Since this a base feature for further work, Im releasing it into TV. If you want to experiment with it increase the input "Back To The Future" and see the magic unfold.
Made other minor adjustments and fine thinnings based on live demo feedbacks.
I have simplified the settings based on your comments.
I'm working on a brand new concept based on my learning of how QTB works.
Here is the best answer I can give you about QTB based FAQ I received.
Quantum Thermo balls (QTB) script is a next generation of predictive trading dashboard that I designed based on my trading (BEARISH) style.
Quantum Thermo balls (QTB) is not an indicator but a trading system customised to suit different trading style.
QTB has predictive indicators Termo Balls (TB) as well as watch list, index tracking, customised Fibonacci to create a unique rich dashboard like system to make entry and exit decision faster
Simplified the QTB script to respond faster, removing the watch list.
I recommend using my latest Market Window script that is much better than the old version on this script.
I had to separate the watchlist and make it stand alone as it was affecting the QTB main engine speed.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.