OPEN-SOURCE SCRIPT
Updated Chan Lun Bi, Pivot & MACD Div - INVESTCHI
This indicator combines Chan Lun (Zen Theory) structure with MACD Divergence to help you spot trends and potential reversals easily.
Key Features
1. Auto Lines (Bi): Automatically connects highs and lows to visualize the market trend (Strokes).
2. Pivots (Blue Boxes): Automatically highlights consolidation zones (Zhong Shu). These areas act as key Support and Resistance.
3. Buy & Sell Signals (New!)
🟢 BUY Label: Appears when Bottom Divergence occurs (Price makes a lower low, but MACD momentum is stronger).
🔴 SELL Label: Appears when Top Divergence occurs (Price makes a higher high, but MACD momentum is weaker).
How to Use
- Trend Following: Use the connected lines to see the main direction.
- Reversals: Look for Green BUY labels at the bottom of a trend and Red SELL labels at the top.
- Breakouts: Watch how price reacts to the Blue Pivot Boxes.
Settings
- Fractal Length: Adjusts how sensitive the lines are (default is 5).
- Strict Filter: Keeps the chart clean by filtering out small noise.
Disclaimer: For educational purposes only.
Key Features
1. Auto Lines (Bi): Automatically connects highs and lows to visualize the market trend (Strokes).
2. Pivots (Blue Boxes): Automatically highlights consolidation zones (Zhong Shu). These areas act as key Support and Resistance.
3. Buy & Sell Signals (New!)
🟢 BUY Label: Appears when Bottom Divergence occurs (Price makes a lower low, but MACD momentum is stronger).
🔴 SELL Label: Appears when Top Divergence occurs (Price makes a higher high, but MACD momentum is weaker).
How to Use
- Trend Following: Use the connected lines to see the main direction.
- Reversals: Look for Green BUY labels at the bottom of a trend and Red SELL labels at the top.
- Breakouts: Watch how price reacts to the Blue Pivot Boxes.
Settings
- Fractal Length: Adjusts how sensitive the lines are (default is 5).
- Strict Filter: Keeps the chart clean by filtering out small noise.
Disclaimer: For educational purposes only.
Release Notes
Update: Auto-Colored PivotsWe made the Pivot Boxes smarter and cleaner!
Smart Colors:
- Up Trend Pivots: Now match your Up Line color (e.g., Red).
- Down Trend Pivots: Now match your Down Line color (e.g., Green).
- Why? This helps you see if the market structure is Bullish or Bearish instantly.
Cleaner Look:
- The boxes are now very transparent (only 4% visibility).
- This keeps your chart clean so you can see the candles clearly.
Release Notes
Update: English & Larger Labels- English Translation: All settings, menus, and code comments are now in English.
- Larger Signals: The font size for 1B/2S/3B buy and sell labels has been increased (to size.normal) for better readability.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.