maqpie

Dav-o meter

Pseudo code
Example

General info and acknowledgements
Author: maqpie
Date of publishing: 20th of july 2017

This script is based upon Davinci's dav-o meter and his original script, which searches for W's and M's in price, OBV, RSI and/or Willy.
Although the original script is elegant, a W or M has to occur within 5 bars.
However, often what you will see is that a W or M forms over more than 5 bars.
This script tries to remove that limit.

It took me several different approaches to find a good solution. For the most part because of the lack of any real debugging tool in Pine script.
Let me know what you think, because I feel like I need tone down the number of options so it is easier to use.
If you have any questions, or things you would like to see different please contact me at TRI .

Have fun playing and goofing around with it!


How it works
Now, trading is more of an art form than a science and this indicator is no exception.
When talking about M's and W's, it begs the question: what exactly counts as a W or M?
My personal experience is that for a W to count as such, it has to adhere to the following rules:

1. A 'W' has 5 points, A, B, C, D and E E
2. Point A can be any point C /
3. Point B should be lower than A A / \ /
4. Point C should be higher than B \ / D
5. Point D should be lower than C, but higher than B B
6. Point E should be higher than C

1. A 'M' has 5 points, A, B, C, D and E B
2. Point A can be any point / \ D
3. Point B should be higher than A A \ / \
4. Point C should be lower than B C \
5. Point D should be higher than C, but lower than B E
6. Point E should be lower than C


Script input parameters
You can use the following indicators to search for W's or M's:
- price (close)
- OBV
- RSI
- Willy

For each of these indicators you set the following options:
- Use: whether you want to use it
- The maximum width: over how many bars a W / M is allowed to form
- The maximum offset: how many bars back a W / M is allowed to form
- Strict: when not set, rule 5 (see 'How it works') changes: point D no longer has to be above B (for W), and no longer has to be below B (for M)
- Length: length of the indicator, for example a 14 bar RSI

Other options:
- Potential dav-o: show potentials which are like regulars dav-o's, except that rule 6 (see 'How it works') no longer applies.
- Period: you can limit the period for backtesting. Useful to identify under what market conditions the script works best.

Final note: using the potential dav-o in combination with unsetting the 'Strict' rule will make this script all but useless.
Aug 27
Release Notes: The default value for the 'width' options changed from 5 to 7.
The option "SMA above / below price" takes into account the width of the price. Previously, it was always calculated over 5 bars.
Sep 01
Release Notes:
  • Fixed a bug in RSI (thank you Benjamin!)
  • Added a list of future improvements
Oct 10
Release Notes: Migrated to Pine Version 3 and added source as an input.
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great work bro can i have access to the script pl
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maqpie vipmen143
@vipmen143, you can find the publicly available version here (this one is no longer maintained).
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maqpie vipmen143
@vipmen143, and oh, I forgot to say, enjoy the indicator! :)
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Please note that this script is no longer maintained.
You can get the public and maintained version here:
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hi there
its Raf from TRI. Accept me pls ;)
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