SeleneAlgo

SeleneAlgoᵀᴹ Essentials (Early Access)

Traders often make the mistake of using multiple indicators from the same category/class that are based on the same underlying studies. Doing so can lead to signal duplication creating false confirmations and confidence.

This indicator aims to educate and assist traders to utilize better trade management strategies by highlighting duplicate indicator categories.


(Detailed usage coming soon)
Release Notes: Added scenario to handle when Volume data is not available.
Release Notes: Changed default MA values
Release Notes: Rescaled VIX
Release Notes: Minor Indicator spacing update
Release Notes: Updated default settings
Release Notes: There are now to additional setting options for "Volume Flow + OBV"

"Wick Size Factor"
&
"Volume Color" dropdown has the options:
  • Normal Color
  • Adjust for Candle Sentiment
  • Sentiment w/ Strong Wick Indicator

For traditional Volume bar colors choose Normal Color. The Adjust for Candle Sentiment option now indicates candle sentiment for breakout candles where applicable.

With Adjust for Candle Sentiment, less bullish green candles with large top wicks (bearish volume pushing down the close) and less bearish red candles with large bottom wicks (when bullish volume counters) now display a small portion of the countered volume color at the top of the volume bar.

Sentiment w/ Strong Wick Indicator takes Adjust for Candle Sentiment one step further and displays a small dot above the sentiment bars that their wick size is larger than:
"Wick Size Factor" x Candle Body Size.

Doing so can often highlight potential pullback or reversal areas.
Release Notes: Various minor bug fixes and changes to default values

Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Disclaimer

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