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UCS_Extreme Snap Back (TVI)

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I am calling it a SNAP BACK indicator.

Utilizing the TVI (Transactional Value Index - Link below for indicator / setups)
You can pretty much guess when any instrument could slow down, last stand in a pullback and the last few candles before losing its strong trend.

It varies per person, a short term trader can use this, Long term traders can hedge with options.

A great tool for my trading. Thought I will share this.


This utilizes TVI indicator, currently the TVI is manipulated manually, I have automated a version for future release.

Embrace trading - keep the money flowing.
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// Created by UCSgears

study(title="UCS_Extreme Snap Back", shorttitle="UCS_Snapback", overlay=true)

// NO INPUTS - TRADING SYSTEM

hps = input (true, title = "High Probability Setup")
mps = input (false, title = "Mid Probability Setup")
lps = input (false, title = "Low Probability Setup")

// Inputs per video on youtube
src = ohlc4
len1 = 7
len2 = 14
len3 = 21

// Moving Average (Mid Point Fair Value)
ma1 = sma(src, len1)
ma2 = sma(src, len2)
ma3 = sma(src, len3)

// ATR (Dynamic Volatility Units)
rng1 = sma(tr,len1)
rng2 = sma(tr,len2)
rng3 = sma(tr,len3)

// ATR deviation or Secret Sauce of the promoter
up1 = ma1 + rng1 * 1.6
up2 = ma2 + rng2 * 2.4
up3 = ma2 + rng3 * 3.2

dn1 = ma1 - rng1 * 1.6
dn2 = ma2 - rng2 * 2.4
dn3 = ma2 - rng2 * 3.2

// Low Probability Trade Setup
ERhigh1 = high > up1 ? 1 : 0
ERlow1 = low < dn1 ? 1 : 0

// Medium Probability Trade Setup
ERhigh2 = high > up1 and high > up2 ? 1 : 0
ERlow2 = low < dn1 and low < dn2 ? 1 : 0

// High Probability Trade Setup
ERhigh3 = high > up1 and high > up2 and high > up3 ? 1 : 0
ERlow3 = low < dn1 and low < dn2 and low < dn3 ? 1 : 0

// Plots Based on Selection
HiPERh = hps and ERhigh3 ? red : na
HiPERl = hps and ERlow3 ? green : na

MiPERh = mps and ERhigh2 ? red : na
MiPERl = mps and ERlow2 ? green : na

LoPERh = lps and ERhigh1 ? red : na
LoPERl = lps and ERlow1 ? green : na

// Highlights
bgcolor(HiPERh, transp=70)
bgcolor(HiPERl, transp=70)
bgcolor(MiPERh, transp=70)
bgcolor(MiPERl, transp=70)
bgcolor(LoPERh, transp=70)
bgcolor(LoPERl, transp=70)


Version 2 here.
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I'm surprised that more people do not "like" this awesome indicator. I find it extremely useful. Now, I'm just trying to figure out how to add a sound alert to it.
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snapshot


Thats How you will profit from AAPL
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Guys/Gals. Based on comments and im's i received, Planning to update this with the following options.

1. Custom Inputs to create your definition of time frames
2. Options to plot this as bgcolor or label along with a bar count.
3. implementing the editable function
4. Choice of using TVI / RSI.

add your comments to this post. So i can improve this indicator.
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cristian.d ucsgears
This is perfect, thanks a ton. Nothing to be added; I keep trying to find something that will somehow warn me about the false signals like in a strong trend.
snapshot
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cristian.d cristian.d
Volume good give confirmation in a trending market.
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+1 Reply
2use cristian.d
Seens a good combo. Do post more updates if you find this working
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Add support/resistance pivots and volume reading and it's pretty good.
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2use cristian.d
Can you add a chart and show which ones?
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Daily, weekly and monthly Classic Pivots and Daily Woodie Pivots (experimenting with them)
snapshot
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