blackcat1402

[blackcat] L1 Price Volume Inidcator

Level: 1

Background

Volume price analysis enables you to look deep into the market structure and grasp processes that move a price. This information can be used as a guide in your trading decisions. Experts have found that individuals who make informed trading decisions that include a thorough review of price volume tend to be more successful than traders who do not analyze this indicator.


Function

L1 Price Volume Inidcator was originally to be developped into higher level for long and short entries by price and volme information. However, it was not successfully achieved yet. The shining points of this script are various very good long entry types were disclosed.

Key Signal

The information about various long entries is a bit messy, and there is no time to sort out and classify them. However, useful long entry script fragments can be obtained from it.

Pros and Cons

Pros:

1. disclose various long entry conditions


Cons:

1. lack of lising multiple short entry types
2. not a systematic trading indicator


Remarks

I will continue work on this script in later release.

Readme

In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.

The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.

Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.

Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.

Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.

Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.

Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
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EOS: blackcatjust

Comments

Great foundation here. For clarity, can you tell me what time interval you are referring to for Long Entries? Are you talking about the Daily or weekly timeframe? Or can this be utilized in the 1 hour or 4 hour?
+2 Reply
@BrianSr, i think >=1H is acceptable for stable volume calculations
Reply
NICE WORK. MAKE A VOLUME PROFILE INDICATOR IF YOU HAVE TIME. IT WILL BE MUCH HELPFUL. THANK YOU
+2 Reply
blackcat1402 subhdash1984
@subhdash1984, glad to hear that, any detailed suggestions?
Reply
Hi, why buy alerts in three colours - green,pink,orange?
+1 Reply
blackcat1402 mahesh2306
@mahesh2306, to differeniate three ways to detect long entries
Reply
mahesh2306 blackcat1402
@blackcat1402, if you could explain it’ll be grateful
Reply
Hi Great Work.
You really do think things through.
Question - lines 45, 46 and 47 (ma's) are not used, are they meant to be used in the script?
Cheers
+1 Reply
blackcat1402 aaahopper
@aaahopper, I originally integrated multiple important moving averages to achieve auxiliary functions, but then gave up and I will update them later.
Reply
aaahopper blackcat1402
@blackcat1402, Thank you
Reply
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