Open Range Candle [TradeWithRon]This Open Range Break indicator is a tool designed to help traders identify and visualize key price levels using the Opening Range Breakout (ORB) strategy. This indicator dynamically plots critical levels such as the high, low, and middle of a predefined range, along with Fibonacci retracement levels for further analysis. It also features several customization options to fit various trading styles.
Key Features:
Session Setup: Allows the user to set the time offset in GMT - or + to adjust the ORB session to their local time zone.
The default ORB session is set at 9:45 AM but can be adjusted based on user preferences.
Warning: Only supports 5-minute and 15-minute timeframes.
Visual Customization:
Line Styles: Users can choose from Solid, Dotted, or Dashed lines to represent key price levels.
Color Adjustments: Customizable colors for the high, middle, and low levels of the range, as well as Fibonacci levels and vertical lines.
Labeling Options: The labels can be customized in terms of size and color, helping to keep the chart clean and clear.
Fibonacci Retracement Levels: Fibonacci retracement levels are automatically drawn between the high and low of the range. Users can toggle these on or off and customize the offset to suit different trading instruments.
Time-Based Visuals: A vertical line is drawn at the start of the ORB session, providing a clear visual marker of where the breakout starts. This is useful for pinpointing key trade setups.
The indicator supports both 5-minute and 15-minute timeframes.
EMA Integration: The user can enable an Exponential Moving Average (EMA) on any chosen timeframe with adjustable parameters such as the length and color, providing additional trend context.
Dynamic Labeling: The indicator labels the high, middle, and low points of the ORB with custom text. These labels are updated in real-time as new data becomes available.
Limit on Lines and Labels: The indicator allows for a limit on the number of lines and labels drawn to maintain a clean chart, preventing unnecessary clutter as more ORB levels are plotted.
Daily Bias Information: The indicator assesses the daily trend bias (bullish or bearish) based on the relationship between the open and close prices for the last three daily candles, providing context for the current trading session.
Countdown Timer: The remaining time until the end of the current session is displayed in a countdown format, which helps traders to time their entries and exits more precisely.
How To Use:,
- Set the Timeframe to 15 minutes.
- Adjust the Time Zone Offset if needed, based on your local time zone.
- Enable the Show ORB feature for the first 15-minute candle to be drawn as the opening range. - The indicator will automatically mark the high, middle, and low points of the range.
Identify Breakout Points:
Bullish Breakout: If the price breaks above the high of the 15-minute opening range, this indicates a potential bullish breakout. The indicator will plot a vertical line marking the breakout point for further confirmation.
Bearish Breakout: If the price breaks below the low of the 15-minute opening range, this signals a potential bearish breakout. Again, the indicator will plot the breakout point with a vertical line for easy identification.
🔶 Disclaimer
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (Tradewithron) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future
Candlestickpattern
Order Block Candle [TradeWithRon]Order Block Candle
This indicator is designed to help traders identify and visualize key movements within the market. These order blocks are areas where significant buying or selling has occurred, often leading to a strong price reaction. This script detects both bullish and bearish order blocks (with volume spike), marking them directly on your chart, and offers a variety of customization options to enhance your trading experience.
Features:
Bullish and Bearish Candles: Bullish Order Block: Identified when the current price creates a higher high and closes above the previous price, indicating a zone of potential buying activity by institutional traders.
Bearish Order Block: Identified when the current price creates a lower low and closes below the previous price, suggesting strong institutional selling.
Volume-Weighted Analysis: The indicator allows traders to incorporate volume into the order block detection. When a volume pivot (a significant change in volume) is detected, it strengthens the validity of the identified order block.
Customizable Visuals:
- Users can adjust the color and style of order block lines, including solid, dashed, or dotted styles, to suit personal preferences.
- Bullish Order Block Color: Choose from a range of colors to highlight bullish order blocks (default is green).
- Bearish Order Block Color: Choose a color for bearish order blocks (default is red).
- Users can also customize the color and style of the lines representing order blocks, helping traders visually track key levels.
Candle Body or. Wick: The indicator provides flexibility in defining the price range of the order block. Traders can choose whether to calculate the order block using the candle body (open and close) or the full wick (high and low) to suit their trading strategy.
Dynamic Line Extensions: Order block lines are dynamically extended to provide ongoing support and resistance levels. When a price breaks an order block line, the line changes to a dotted style, marking it as "broken." This allows traders to easily spot when the market invalidates an order block.
Alerts:
- Alert for Bullish Order Block: Get notified when a new bullish order block is detected.
- Alert for Bearish Order Block: Receive alerts when a bearish order block is identified.
- Alert for Broken Lines: Set up alerts to be notified when a bullish or bearish order block line is broken, giving traders a signal for potential market shifts.
Zone Management:
- The indicator tracks upper and lower zone information, marking significant price levels where institutional buying or selling might occur. Traders can adjust settings to define how many previous lines should be displayed on the chart for reference.
Optional Mitigated Order Blocks:
- A feature that highlights mitigated (neutralized) order blocks with a specific color and line style, offering additional insight into market behavior.
Input Settings:
- Length: The number of bars to the left and right of a pivot point for it to be considered a high or low.
- Candle Body: Option to use the candle body for calculations (as opposed to the wick).
- Bullish and Bearish Candle Color: Customizable colors for bullish and bearish order blocks.
- Open Line Style: Choose between solid, dashed, or dotted line styles for order block visualization.
- Removed Old Lines: Control the number of broken lines shown on the chart.
- Mitigated Line Style: Select line style for mitigated order blocks.
- Volume Use: Enable volume-based detection for stronger order block validation.
How to Use:
This indicator is ideal for traders looking to trade around institutional support and resistance levels. The bullish and bearish order blocks can serve as key entry or exit points, while broken lines offer dynamic support/resistance that adapt to market changes. Use the alerts to stay informed of critical market developments and adjust your trading strategy accordingly.
🔶 Disclaimer
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (Tradewithron) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future
Sentiment OscillatorIn the complex world of trading, understanding market sentiment can be like reading the emotional pulse of financial markets. Our Sentiment Oscillator is designed to be your personal market mood translator, helping you navigate through the noise of price movements and market fluctuations.
Imagine having a sophisticated tool that goes beyond traditional price charts, diving deep into the underlying dynamics of market behavior. This indicator doesn't just show you numbers – it tells you a story about market sentiment, combining multiple financial signals to give you a comprehensive view of potential market directions.
The Sentiment Oscillator acts like a sophisticated emotional barometer for stocks, cryptocurrencies, or any tradable asset. It analyzes price changes, market volatility, trading volume, and long-term trends to generate a unique sentiment score. This score ranges from highly bullish to deeply bearish, providing traders with an intuitive visual representation of market mood.
Green zones indicate positive market sentiment, suggesting potential buying opportunities. Red zones signal caution, hinting at possible downward trends. The oscillator's gray neutral zone helps you identify periods of market uncertainty, allowing for more calculated trading decisions.
What sets this indicator apart is its ability to blend multiple market factors into a single, easy-to-understand indicator. It's not just about current price – it's about understanding the deeper currents moving beneath the surface of market prices.
Traders can use this oscillator to:
- Identify potential trend reversals
- Understand market sentiment beyond price movement
- Spot periods of market strength or weakness
- Complement other technical analysis tools
Whether you're a day trader, swing trader, or long-term investor, the Sentiment Oscillator provides an additional layer of insight to support your trading strategy. Remember, no indicator is a crystal ball, but this tool can help you make more informed decisions in the dynamic world of trading.
Open_close AND HIGH_LOW_diffAverage of Absolute (Open - Close) Indicator
This indicator calculates the average of the absolute difference between the open and close prices of the last n candles and plots the result in a separate panel.
Key Features:
Customizable Period: Users can set the number of candles (n) to include in the average calculation.
Absolute Value Calculation: The script computes the absolute difference (|Open - Close|) for each candle, ensuring only positive values are averaged.
Separate Panel Visualization: The indicator is displayed in a separate panel below the main chart for clear and uncluttered analysis.
Red Plot: The average value is plotted with a bold red line for easy identification.
Use Cases:
Analyze the average volatility of price movements over a specified period.
Identify periods of consistent price differences between open and close levels.
Complement other volatility or trend-based indicators.
This tool is ideal for traders who want to monitor the consistency of price fluctuations and integrate it into their decision-making process.
How to Use:
Add the script to your TradingView chart.
Adjust the "Number of Candles" input to match your preferred look-back period.
Observe the red line in the separate panel to analyze the average absolute difference over time.
Feel free to reach out with suggestions or feedback to enhance the functionality of this script!
Big Candles FilterHow It Works
A candle is considered "big" only if its body (distance from open to close) exceeds the barHeight value.
** NOT calculated by Range !!!
Features :
Bullish candles (close > open) are marked with a green "Buy" triangle if the body is large enough.
Bearish candles (close < open) are marked with a red "Sell" triangle if the body is large enough.
The bars are colored for big candles, and optional labels show the open and close prices.
DynamicHeikin-Ashi-RKDynamic Heikin-Ashi RK is an advanced Heikin-Ashi candle indicator with a unique ATR-based offset mechanism. This script refines traditional Heikin-Ashi calculations while dynamically shifting the candles using ATR multipliers, helping traders visualize market trends with greater clarity.
🔹 Features:
✔ Customizable Heikin-Ashi colors
✔ ATR-based dynamic candle offset
✔ Enhanced trend visualization
This tool is ideal for traders looking for a smoother trend representation while incorporating volatility-based adjustments. 🚀
Customizations Available in Dynamic Heikin-Ashi RK
This indicator allows several customizations to suit different trading styles:
🔹 Heikin-Ashi Candle Display: Toggle the visibility of Heikin-Ashi candles.
🔹 Custom Colors: Choose custom colors for bullish and bearish Heikin-Ashi candles.
🔹 ATR-Based Dynamic Offset: Adjust the ATR multiplier to control the offset of Heikin-Ashi candles, helping fine-tune trend visualization.
🔹 Refined Heikin-Ashi Calculation: Uses a smoother formula for Heikin-Ashi candles, enhancing clarity.
With these options, traders can personalize the indicator for better trend detection and volatility analysis. 🚀
Inside Bars📌 Overview:
This indicator scans for multiple inside bars during periods of consolidation by dynamically designating a “mother bar” and then marking subsequent bars that trade entirely within its range. It includes an optional doji filter on the most recent candle, helping to confirm indecision before potential breakouts.
🛠 Key Features:
✅ Dynamic Mother Bar Identification:
The script selects a mother bar when the current bar’s range exceeds that of the previous bar. This bar sets the high and low boundaries, creating a reference zone for later price action.
Once a mother bar is defined, subsequent candles that remain completely within its high and low are flagged as inside bars.
✅ Optional Doji Check:
For added precision, an optional feature lets you verify that the most recent bar is a doji—a candle where the difference between the open and close is minimal relative to its total range. This additional filter highlights periods of market indecision, which can often precede strong directional moves.
⚡ Add this script to your chart and enhance your trading strategy! 🚀
Vortex Candle MarkerVortex Candle Marker
The Vortex Candle Marker is a specialized TradingView indicator designed to identify and highlight **Vortex Candles**—candles that momentarily form without wicks on either the high or low. This unique price behavior can signal potential price retracements or reversals, aligning with the **Power of Three (PO3)** concept in price action theory.
Indicator Logic:
A candle is classified as a **Vortex Candle** if either of these conditions is met during its formation:
1. **Vortex Top:** The **high** equals either the **open** or **close**, indicating no upper wick.
2. **Vortex Bottom:** The **low** equals either the **open** or **close**, indicating no lower wick.
When a Vortex Candle is detected, the indicator changes the **candle border color** to **aqua**, making it easy to identify these significant price moments.
Market Insight & PO3 Interpretation:
In typical price behavior, most candles exhibit both upper and lower wicks, representing price exploration before settling at a closing value. A candle forming without a wick suggests **strong directional intent** at that moment. However, by the **Power of Three (PO3)** concept—Accumulation, Manipulation, and Distribution—such wickless formations often imply:
- **Price Reversion Likelihood:** When a candle temporarily forms without a wick, it suggests the market may **revisit the opening price** to establish a wick before the candle closes.
- **Liquidity Manipulation:** The absence of a wick may indicate a **stop-hunt** or liquidity grab, where the price manipulates one side before reversing.
- **Entry Triggers:** Identifying these moments can help traders anticipate potential **retracements** or **continuations** within the PO3 framework.
Practical Application
- **Early Reversal Detection:** Spot potential price reversals by observing wickless candles forming at key levels.
- **Breakout Validation:** Use Vortex Candles to confirm **true breakouts** or **false moves** before the price returns.
- **Liquidity Zones:** Identify areas where the market is likely to revisit to create a wick, signaling entry/exit points.
This indicator is a powerful tool for traders applying **Po3** methodologies and seeking to capture price manipulation patterns.
Engulfing Candles (ATR-Based)This indicator detects Engulfing Patterns with an ATR-based filtering mechanism and trend confirmation. Unlike a basic engulfing pattern indicator that only checks if a current candle engulfs the previous one, this script incorporates trend detection using either the 50-period SMA alone or a combination of 50 and 200-period SMAs to ensure that signals align with the broader trend. The indicator identifies Bullish Engulfing patterns when a strong bullish candle engulfs a smaller bearish candle in a downtrend and Bearish Engulfing patterns when a strong bearish candle engulfs a smaller bullish candle in an uptrend. It also generates alerts and visually marks these patterns with labels ("BU" for bullish and "BE" for bearish) while highlighting the background accordingly.
What sets this indicator apart from a normal engulfing indicator is its ATR-based filtering system, which ensures that only significant engulfing candles are considered. Instead of accepting any engulfing pattern, the script measures candle body size relative to 1.5x ATR (configurable) to filter out weak signals. It also differentiates between long-bodied and small-bodied candles to confirm that the engulfing pattern represents real momentum shifts. This approach reduces false signals caused by small, insignificant candles and ensures that traders focus on high-probability reversal patterns. By integrating trend-based filtering and ATR-based confirmation, this indicator provides more reliable and context-aware engulfing signals than a standard engulfing pattern detector.
Triangle Reversal IndicatorTriangle Reversal Indicator – A Visual Tool for Identifying Reversal Patterns
This indicator is designed to highlight potential trend reversal moments by comparing the current candle with the previous one. It offers a unique approach by focusing on distinct candle patterns rather than generic trend indicators, making it a valuable addition to your trading toolkit.
How It Works:
For a bullish signal, the indicator checks if:
The current candle is bullish (closing higher than it opens) while the previous candle was bearish.
The current candle’s low breaches the previous bearish candle’s low.
The current candle’s close is above the previous bearish candle’s close.
When these conditions are met, a tiny green triangle is plotted below the candle to signal a potential bullish reversal.
Conversely, for a bearish signal, it verifies if:
The current candle is bearish (closing lower than it opens) following a bullish candle.
The current candle’s high exceeds the previous bullish candle’s high.
The current candle’s close falls below the previous bullish candle’s close.
If all conditions are satisfied, a small red triangle appears above the candle to indicate a potential bearish reversal.
How to Use:
Simply apply the indicator on your chart and look for the tiny triangles that appear above or below the candles. These markers can serve as an additional visual cue when confirming entry or exit points, but it’s best used alongside your other analysis techniques.
Customization Options:
Users can further enhance the script by adding inputs for lookback periods, adjusting the triangle size, or modifying colors to match their chart themes.
Engulfing Sweeps - Milana TradesEngulfing Sweeps
The Engulfing Sweeps Candle is a candlestick pattern that:
1)Takes liquidity from the previous candle’s high or low.
2)Fully engulfs previous candles upon closing.
3)Indicates strong buying or selling pressure.
4)Helps determine the bias of the next candle.
Logic Behind Engulfing Sweeps
If you analyze this candle on a lower timeframe, you’ll often see popular models like PO3 (Power of Three) or AMD (Accumulation – Manipulation – Distribution).
Once the candle closes, the goal is to enter a position on the retracement of the distribution phase.
How to Use Engulfing Sweeps?
Recommended Timeframes:
4H, Daily, Weekly – these levels hold significant liquidity.
Personally, I prefer 4H, as it provides a solid view of mid-term market moves.
Step1 - Identify Engulfing Sweep Candle
Step 2-Switch to a lower timeframe (15m or 5m).And you task identify optimal trade entry
Look for an entry pattern based on:
FVG (Fair Value Gap)
OB (Order Block)
FIB levels (0/0.25/0.5/ 0.75/ 1)
Wait for confirmation and take the trade.
Automating with TradingView Alerts
To avoid missing the pattern, you can set up alerts using a custom script. Once the pattern forms, TradingView will notify you so you can analyze the chart and take action. This approch helps me be more freedom
Volume Delta & Order Block Suite [QuantAlgo]Upgrade your volume analysis and order flow trading with Volume Delta & Order Block Suite by QuantAlgo, a sophisticated technical indicator that leverages advanced volume delta calculations, along with dynamic order block detection to provide deep insights into market participant behavior. By calculating the distribution of volume between buyers and sellers and tracking pivotal volume zones, the indicator helps traders understand the underlying forces driving price movements. It is particularly valuable for those looking to identify high-probability trading opportunities based on volume imbalances and key price levels where significant activity has occurred.
🟢 Technical Foundation
The Volume Delta & Order Block Suite utilizes sophisticated volume analysis techniques to estimate buying and selling pressure within each price candle. The core volume delta calculation employs a formula that estimates buy volume as: Volume × (Close - Low) ÷ (High - Low) , with sell volume calculated as the remainder of total volume. This approach assumes that when price closes near the high of a candle, most volume represents buying pressure, and when price closes near the low, most volume represents selling pressure.
For order block detection, the indicator implements a multi-step process involving volume pivot identification and price state tracking. It first detects significant volume pivot points using the ta.pivothigh function with a user-defined pivot period. It then tracks the market's order state based on whether the high exceeds the highest high or the low falls below the lowest low. When a volume pivot occurs, the indicator creates order blocks based on price levels at that pivot point. These blocks are continuously monitored for invalidation based on subsequent price action.
🟢 Key Features & Signals
1. Volume Delta Representation on Candles
The Volume Delta visualization on candles shows the buy/sell distribution directly on price bars, creating an immediate visual representation of volume pressure.
When buyers are dominant, candles are colored with the bullish theme color (default: green/teal).
Similarly, when sellers are dominant, candles are colored with the bearish theme color (default: red).
This visualization provides immediate insights into underlying volume pressure without requiring separate indicators, helping traders quickly identify which side of the market is in control.
2. Buy/Sell Pressure Information Table
The Volume Analysis Table provides a comprehensive breakdown of volume metrics across multiple timeframes, helping traders identify shifts in market behavior.
The table is organized into four timeframe columns:
Current Volume
1 Bar Before
1 Day Before
1 Week Before
For each timeframe, the table displays:
Buy volume: The estimated buying volume based on price action
Sell volume: The estimated selling volume based on price action
Total volume: The sum of buy and sell volume
Delta: The difference between buy and sell volume (positive when buyers are dominant, negative when sellers are dominant)
Additionally, the table shows both absolute values and percentage distributions, with trend indicators (Up, Down, or Neutral) at the bottom row of each timeframe column.
This multi-timeframe approach helps traders:
→ Identify volume imbalances between buyers and sellers
→ Track changes in volume delta across different periods
→ Compare current conditions with historical patterns
→ Detect potential reversals by watching for shifts in delta direction
The delta values are particularly useful as they provide a clear indication of market dominance – positive delta (Up) when buyers are dominant, and negative delta (Down) when sellers are dominant.
3. Order Blocks and Their Confluence
Order blocks represent significant price zones where volume pivots occur, potentially indicating areas of significant market participant activity.
The indicator identifies two types of order blocks:
Bullish Order Blocks (support): Highlighted with a green/teal color, these represent potential support areas where price might bounce when revisited
Bearish Order Blocks (resistance): Highlighted with a red color, these represent potential resistance areas where price might reverse when revisited
Each order block is visualized as a colored rectangle with a dashed line showing the average price within the block. The blocks are extended to the right until they are invalidated.
Order blocks can serve as key reference points for trading decisions, for example:
Support/resistance identification
Stop loss placement (beyond the opposite edge of the block)
Potential reversal zones
Target areas for profit-taking
When price approaches an order block, traders should look for confluence with the volume delta on candles and the information in the volume analysis table. Strong setups occur when all three components align – for example, when price approaches a bearish order block with increasing sell volume shown on the candles and in the volume table.
🟢 Practical Usage Tips
→ Volume Analysis and Interpretation: The indicator visualizes the buy/sell volume ratio directly on price candles using color intensity, allowing traders to immediately identify which side (buyers or sellers) is dominant. This information helps in assessing the strength behind price movements and potential continuation or reversal signals.
→ Order Block Trading Strategies: The indicator highlights significant price zones where volume pivots occur, marking these as potential support (bullish order blocks) or resistance (bearish order blocks). Traders can use these levels to identify potential reversal points, stop placement, and profit targets.
→ Multi-timeframe Volume Comparison: Through its comprehensive volume analysis table, the indicator enables traders to compare volume patterns across current, recent, daily, and weekly timeframes. This helps in identifying shifts in market behavior and confirming the strength of ongoing trends.
🟢 Pro Tips
Adjust Pivot Period based on your timeframe:
→ Lower values (3-5) for more frequent order blocks
→ Higher values (7-10) for stronger, less frequent order blocks
Fine-tune Mitigation Method based on your trading style:
→ "Wick" for more conservative invalidation
→ "Close" for more lenient order block survival
Look for confluence between components:
→ Strong volume delta in the expected direction when price touches an order block
→ Corresponding patterns in the volume analysis table
→ Overall market context aligning with the expected direction
Use for multiple trading approaches:
→ Support/resistance trading at order blocks
→ Trend confirmation with volume delta
→ Reversal detection when volume delta changes direction
→ Stop loss placement using order block boundaries
Combine with:
→ Trend analysis using trend-following indicators for trade confirmation
→ Multiple timeframe analysis for strategic context
Special Candle SetupThe Special Candle Setup Indicator is designed to detect significant bearish and bullish candlestick patterns , helping traders identify potential trend shifts and key price action setups . This indicator recognizes 8 bearish patterns and 6 bullish patterns , derived from multi-candlestick formations observed across different markets, including crypto, indices, forex, and stocks.
How It Works
This indicator scans the market for specific candlestick structures that indicate potential reversals or trend continuations . It includes:
• Bearish Patterns (8 types) : Identifies candlestick structures that suggest potential downside movement.
• Bullish Patterns (6 types) : Detects formations indicating upward momentum.
• Reversal Signals : Additional patterns that highlight key turning points in price action.
• Key Level Marking : Automatically draws support and resistance levels based on detected setups.
• Expiry Signals (Optional) : Highlights patterns commonly seen on expiry days in the Indian market, but these patterns are universally applicable to other asset classes as well.
Key Features
✔ Comprehensive Candlestick Pattern Recognition – Detects 14 key bullish and bearish formations.
✔ Reversal & Trend Continuation Setups – Helps identify both potential reversals and momentum-based entries.
✔ Automated Key Level Marking – Plots dynamic blue lines for key support and resistance zones.
✔ Customizable Pattern Selection – Allows users to enable/disable specific pattern types.
✔ Non-Repainting Signals – Ensures stability by maintaining signal integrity over time.
Customization Options
• Enable/Disable Specific Patterns – Users can disable main patterns or reversal patterns based on their preference, allowing them to focus on a single type of setup if needed.
• Key Level Customization – The blue lines represent critical price levels, drawn automatically based on identified patterns. These act as reference points for potential breakouts or reversals.
• Optional Expiry Signals – Includes patterns commonly observed on expiry days, primarily for the Indian market, but they also appear in global markets like crypto, forex, and indices.
How to Use
• Trend Trading – Use bullish and bearish patterns to identify entry points within an existing trend.
• Reversal Trading – Focus on reversal signals near key levels for potential market turnarounds.
• Key Level Validation – Utilize the blue lines to confirm important price zones.
• Customization – Tailor the indicator to your strategy by selecting only the patterns that align with your trading style.
Why This Combination?
This indicator blends multiple candlestick formations, ensuring a well-rounded approach to market analysis. The integration of expiry signals, reversal structures, and key level plotting makes it adaptable for various asset classes, not just expiry-based trading.
Why It’s Worth Using?
Manually spotting multiple candlestick setups can be time-consuming and subjective. This indicator automates the process, providing structured insights into market movements with clearly defined signals and key level plotting, making it valuable for traders across different markets.
Shark 32 Pattern ProHello Traders!
The Shark32 pattern comprises multiple inside bars —each candle’s high/low is contained within the previous candle’s range—creating a tight consolidation zone. Once price breaks out, volatility frequently expands, producing sharper moves. The pattern is known for its relatively high continuation rate and the ability to offer tight risk/reward setups. It also calculates statistics, highlights stop/target levels, and offers fully customizable visuals so you can adapt the tool to your trading style.
Key Features :
Detects Shark 32 With Unlimited Inside Bars:
Automatically spots consecutive inside candles (not limited to just two), enabling you to catch more nuanced patterns.
Highlights Breakout:
Clear visual lines and labels mark where price breaks above/below the pattern boundary.
Stop-Loss & Profit Targets:
Draws a suggested stop-loss line and a projected target line, helping you manage risk and set profit objectives quickly.
Statistics & Analysis:
A built-in statistics table tracks pattern frequency, breakouts, stop-hits, target-hits, and more—helping you refine your strategy over time.
Fully Customizable Visuals:
Control line styles, colors, breakout labels, box fill, and more to fit your preference or chart theme.
Quick Resolutions:
This pattern forms fast and typically resolves within just a few bars, appealing to short-term traders.
Statistics at a Glance (based on Bulkowski's studies):
Continuation Bias : ~60% continuation bias.
Measured Move : 70%+ of bullish breakouts (in bull markets) reach the measured move.
Throwback : ~64% chance price retraces to the breakout level after an upside break.
Trend Alignment : Historically, success rates improve when trading in line with the larger trend.
How to Trade with This Indicator :
Identifying the Pattern : Wait till a Shark 32 pattern is formed.
Entry Rule : Enter on a confirmed close above the pattern high (for bullish) or below the pattern low (for bearish).
Stop Placement : Place stops a few ticks beyond the opposite side of the pattern. Tight ranges = small risk. Or use the mid-range of the pattern as a stop level.
Target Options : Aim for Risk/Reward Ratio of 2R or 3R to capture a strong follow-through. Alternatively, use the measured move of the first bar's height as a target.
Tips for Better Reliability:
Trend Alignment : Shark 32 breakouts usually work best in the direction of the broader market or trend.
Confirmation : Look for a significant volume increase at the breakout—helps filter out “fake” moves.
Throwback Awareness : ~64% of upside breakouts retest the pattern boundary; stay patient if you see a pullback.
Risk Management : Maintain tight stops and consider using alerts for activation/breakout signals.
Why This Indicator?
Clear Visuals : Highlights the pattern boundary, breakout lines, and potential stop/target levels.
Customizable : Lets you adjust line styles, risk parameters, alerts, and statistics display.
Statistical Edge : Built-in table aggregates pattern counts, success/failure rates, and average durations.
Final Thoughts:
This Shark 32 Pro indicator gives you a systematic way to spot—and trade—a compact yet powerful three-candle formation. Combine it with solid risk management and trend analysis for best results. Monitor volume and confirm breakouts with a candle close beyond the pattern’s range. While the pattern can fail, tight stops and clear targets help keep your trading efficient and disciplined.
3 Red / 3 Green Strategy with Volatility CheckStrategy Name: 3 Red / 3 Green Strategy with Volatility Check by AlgoTradeKit
Overview
This long-only strategy is designed for daily bars on NASDAQ (or similar instruments) and combines simple price action with a volatility filter. It “tells it like it is” – enter when the market shows weakness, but only in sufficiently volatile conditions, and exit either on signs of a reversal or after a set number of days.
Entry Conditions
- Price Action :
Enter a long position when there are 3 consecutive red days (each day's close is below its open).
- Volatility Filter :
The entry is allowed only if the current ATR (Average True Range) calculated over the specified ATR Period (default 12) is greater than its 30-day simple moving average. This ensures the market has enough volatility to justify the trade.
Exit Conditions
- Reversal Signal :
Exit the long position when 3 consecutive green days occur (each day's close is above its open), signaling a potential reversal.
- Time Limit :
Regardless of market conditions, any open trade is closed if it reaches the Maximum Trade Duration (default 22 days). This helps limit exposure during stagnant or unfavorable market conditions.
- You can toggle the three-green-day exit if you want to isolate the time-based exit.
Input Parameters
- Maximum Trade Duration (days): Default is 22 days.
- ATR Period: Default is 12.
- Use 3 Green Days Exit: Toggle to enable or disable the three-green-day exit condition.
How It Works
1. Entry: The strategy monitors daily price action for 3 consecutive down days. When this occurs and if the market is volatile enough (current ATR > 30-day ATR average), it opens a long position.
2. Exit: The position is closed if the price action reverses with 3 consecutive up days or if the trade has been open for the maximum allowed duration - i.e. use it on daily chart.
Risk Management
- The built-in maximum trade duration prevents trades from lingering too long in a non-trending or consolidating market.
- The volatility filter helps ensure that trades are only taken when there is sufficient price movement, potentially increasing the odds of a meaningful move.
Disclaimer
This strategy is provided “as is” without any warranties. It is essential to backtest and validate the performance on your specific instrument and market conditions before deploying live capital. Trading involves significant risk, and you should adjust parameters to match your risk tolerance.
Test and tweak this strategy to see if it fits your trading style and market conditions. Happy trading!
Expiry Day Special IndicatorExpiry Day Special Indicator
The Expiry Day Special Indicator is designed to detect catalytic price action patterns that commonly occur between 9:15 AM to 10:15 AM (IST) in the Nifty & Bank Nifty markets but not limited to these specific markets. While these patterns are particularly useful on expiry days, they are not limited to expiry trading alone. They can also be applied on other trading days when similar conditions arise, making them versatile for intraday traders.
How It Works
This indicator scans for bullish and bearish price action patterns within the first trading hour and plots potential buy and sell signals based on key market structures.
• Bearish Patterns: Identifies strong rejection zones and weakness in price action to signal potential short trades.
• Bullish Patterns: Recognizes reversal formations that indicate potential long trade opportunities.
• Time Filter: The setup is valid only between 9:15 AM - 10:15 AM (IST) to focus on high-impact market moves.
Why This Indicator?
1. Specialized for Nifty & Bank Nifty – Designed specifically for Indian markets.
2. Early Trend Identification – Helps traders capture moves early in the session.
3. Works Beyond Expiry Days – Although optimized for expiry trading, it can also detect similar patterns on regular days.
📌 Note: This indicator does not provide trading advice; always use proper risk management.
Naive Bayes Candlestick Pattern Classifier v1.1 BETAAn intermezzo on why i made this script publication..
A : Candlestick Pattern took hours to backtest, why not using Machine Learning techniques?
B : Machine Learning, no that's gonna be really heavy bro!
A : Not really, because we use Naive Bayes.
B : The simplest, yet powerful machine learning algorithm to separate (a.k.a classify) multivariate data.
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Hello, everyone!
After deep research in extracting meaningful information from the market, I ended up building this powerful machine learning indicator based on the evolution of Bayesian Statistics. This indicator not only leverages the simplicity of Naive Bayes but also extends its application to candlestick pattern analysis, making it an invaluable tool for traders who are looking to enhance their technical analysis without spending countless hours manually backtesting each pattern on each market!.
What most interesting part is actually after learning all of likely useless methods like fibonacci, supply and demand, volume profile, etc. We always ended up back to basic like support and resistance and candlestick patterns, but with a slight twist on strategy algorithm design and statistical approach. Thus, the only reason why i made this, because i exactly know that you guys will ended up in this position as time goes by.
The essence of this indicator lies in its ability to automate the recognition and statistical evaluation of various candlestick patterns. Traditionally, traders have relied on visual inspection and manual backtesting to determine the effectiveness of patterns like Bullish Engulfing, Bearish Engulfing, Harami variations, Hammer formations, and even more complex multi-candle patterns such as Three White Soldiers, Three Black Crows, Dark Cloud Cover, and Piercing Pattern. However, these conventional methods are both time-consuming and prone to subjective bias.
To address these challenges, I employed Naive Bayes—a probabilistic classifier that, despite its simplicity, offers robust performance in various domains. Naive Bayes assumes that each feature is independent of the others given the class label, which, although a strong assumption, works remarkably well in practice, especially when the dataset is large like market data and the feature space is high-dimensional. In our case, each candlestick pattern acts as a feature that can be statistically evaluated based on its historical performance. The indicator calculates a probability that a given pattern will lead to a price reversal, by comparing the pattern’s close price to the highest or lowest price achieved in a lookahead window.
One of the standout features of this script is its flexibility. Each candlestick pattern is not only coded into the system but also comes with individual toggles to enable or disable them based on your trading strategy. This means you can choose to focus on single-candle patterns like Bullish Engulfing or more complex multi-candle formations such as Three White Soldiers, without modifying the core code. The built-in customization options allow you to adjust colors and labels for each pattern, giving you the freedom to tailor the visual output to your preference. This level of customization ensures that the indicator integrates seamlessly into your existing TradingView setup.
Moreover, the indicator isn’t just about pattern recognition—it also incorporates outcome-based learning. Every time a pattern is detected, it looks ahead a predefined number of bars to evaluate if the expected reversal actually materialized. This outcome is then stored in arrays, and over time, the script dynamically calculates the probability of success for each pattern. These probabilities are presented in a real-time updating table on your chart, which shows not only the percentage probability but also the count of historical occurrences. With this information at your fingertips, you can quickly gauge the reliability of each pattern in your chosen market and timeframe.
Another significant advantage of this approach is its speed and efficiency. While more complex machine learning models like neural networks might require heavy computational resources and longer training times, the Naive Bayes classifier in this script is lightweight, instantaneous and can be updated on the fly with each new bar. This real-time capability is essential for modern traders who need to make quick decisions in fast-paced markets.
Furthermore, by automating the process of backtesting, the indicator frees up your time to focus on other aspects of trading strategy development. Instead of manually analyzing hundreds or even thousands of candles, you can rely on the statistical power of Naive Bayes to provide you with insights on which patterns are most likely to result in profitable moves. This not only enhances your efficiency but also helps to eliminate the cognitive biases that often plague manual analysis.
In summary, this indicator represents a fusion of traditional candlestick analysis with modern machine learning techniques. It harnesses the simplicity and effectiveness of Naive Bayes to deliver a dynamic, real-time evaluation of various candlestick patterns. Whether you are a seasoned trader looking to refine your technical analysis or a beginner eager to understand market dynamics, this tool offers a powerful, customizable, and efficient solution. Welcome to a new era where advanced statistical methods meet practical trading insights—happy trading and may your patterns always be in your favor!
Note : On this current released beta version, you must manually adjust reversal percentage move based on each market. Further updates may include automated best range detection and probability.
Candle Emotion Index (CEI) StrategyThe Candle Emotion Index (CEI) Strategy is an innovative sentiment-based trading approach designed to help traders identify and capitalize on market psychology. By analyzing candlestick patterns and combining them into a unified metric, the CEI Strategy provides clear entry and exit signals while dynamically managing risk. This strategy is ideal for traders looking to leverage market sentiment to identify high-probability trading opportunities.
How It Works
The CEI Strategy is built around three core oscillators that reflect key emotional states in the market:
Indecision Oscillator . Measures market uncertainty using patterns like Doji and Spinning Tops. High values indicate hesitation, signaling potential turning points.
Fear Oscillator . Tracks bearish sentiment through patterns like Shooting Star, Hanging Man, and Bearish Engulfing. Helps identify moments of intense selling pressure.
Greed Oscillator . Detects bullish sentiment using patterns like Marubozu, Hammer, Bullish Engulfing, and Three White Soldiers. Highlights periods of strong buying interest.
These oscillators are averaged into the Candle Emotion Index (CEI):
CEI = (Indecision + Fear + Greed) / 3
This single value quantifies overall market sentiment and drives the strategy’s trading decisions.
Key Features
Sentiment-Based Trading Signals . Long Entry: Triggered when the CEI crosses above a lower threshold (e.g., 0.1), indicating increasing bullish sentiment. Short Entry: Triggered when the CEI crosses above a higher threshold (e.g., 0.2), signaling rising bearish sentiment.
Volume Confirmation . Trades are validated only if volume exceeds a user-defined multiplier of the average volume over the lookback period. This ensures entries are backed by significant market activity.
Break-Even Recovery Mechanism . If a trade moves into a loss, the strategy attempts to recover to break-even instead of immediately exiting at a loss. This feature provides flexibility, allowing the market to recover while maintaining disciplined risk management.
Dynamic Risk Management . Maximum Holding Period: Trades are closed after a user-defined number of candles to avoid overexposure to prolonged uncertainty. Profit-Taking Conditions: Positions are exited when favorable price moves are confirmed by increased volume, locking in gains. Loss Threshold: Trades are exited early if the price moves unfavorably beyond a set percentage of the entry price, limiting potential losses.
Cooldown Period . After a trade is closed, a cooldown period prevents immediate re-entry, reducing overtrading and improving signal quality.
Why Use This Strategy?
The CEI Strategy combines advanced sentiment analysis with robust trade management, making it a powerful tool for traders seeking to understand market psychology and identify high-probability setups. Its unique features, such as the break-even recovery mechanism and volume confirmation, add an extra layer of discipline and reliability to trading decisions.
Best Practices
Combine with Other Indicators . Use trend-following tools (e.g., moving averages, ADX) and momentum oscillators (e.g., RSI, MACD) to confirm signals.
Align with Key Levels . Incorporate support and resistance levels for refined entries and exits.
Multi-Market Compatibility . Apply this strategy to forex, crypto, stocks, or any asset class with strong volume and price action.
Star Pattern IdentifierThe Star Pattern Identifier is a custom TradingView indicator designed to detect and mark Morning Star (MS) and Evening Star (ES) candlestick patterns, which are powerful reversal signals. This indicator offers a flexible and customizable approach by incorporating adjustable parameters for both the size and volume of the third candle in the pattern.
Key Features:
Morning Star (MS) : A bullish reversal pattern that occurs after a downtrend.
Evening Star (ES) : A bearish reversal pattern that occurs after an uptrend.
Adjustable Parameters:
Third Candle Size Multiplier : Define how large the body of the third candle should be relative to the second candle (default is 2x).
Third Candle Volume Multiplier : Control the minimum volume of the third candle in relation to the second candle (default is 0.5x).
The script ensures that the third candle’s volume is at least 50% of the second candle's volume and that its body is at least twice the size of the second candle, to filter out weaker signals.
The patterns are marked directly on the chart with "MS" (Morning Star) or "ES" (Evening Star) labels for easy identification.
Practical Use:
Use this indicator to spot potential trend reversals with more confidence by ensuring strong candlestick body and volume conditions.
Customize the parameters to suit your trading strategy and preferences.
How it Works:
The indicator looks for a bearish first candle , followed by a bullish or indecisive second candle , and a bullish third candle for the Morning Star pattern.
For the Evening Star, the indicator looks for a bullish first candle , followed by a bearish or indecisive second candle , and a bearish third candle .
The size and volume of the third candle are checked to ensure it meets the set parameters, confirming the strength of the reversal signal.
This tool is perfect for traders seeking to spot reversal signals in the market.
Candle Emotion Index (CEI)The Candle Emotion Index (CEI) is a comprehensive sentiment analysis indicator that combines three sub-oscillators—Indecision Oscillator, Fear Oscillator, and Greed Oscillator—to provide a single, unified measure of market sentiment. By analyzing bullish, bearish, and indecisive candlestick patterns, the CEI delivers a holistic view of market emotions and helps traders identify key turning points.
How It Works
Indecision Oscillator: Measures market uncertainty using Doji and Spinning Top candlestick patterns. Scores their presence and normalizes the results over a user-defined lookback period.
Fear Oscillator: Measures bearish sentiment using Shooting Star, Hanging Man, and Bearish Engulfing candlestick patterns. Scores their presence and normalizes the results over a user-defined lookback period.
Greed Oscillator: Measures bullish sentiment using Marubozu, Bullish Engulfing, Hammer, and Three White Soldiers candlestick patterns. Scores their presence and normalizes the results over a user-defined lookback period.
Candle Emotion Index Calculation: The CEI is calculated as the average of the Indecision, Fear, and Greed Oscillators: CEI = (Indecision Oscillator + Fear Oscillator + Greed Oscillator) / 3
Plotting: The CEI is plotted as a single line on the chart, representing overall market sentiment.
Reference lines are added to indicate Low Emotion, Neutral, and High Emotion levels.
The Candle Emotion Index provides a unified perspective on market sentiment by blending indecision, fear, and greed into one easy-to-interpret metric. It serves as a powerful tool for traders seeking to gauge market psychology and identify high-probability trading opportunities. For best results, use the CEI in conjunction with other technical indicators to confirm signals.
Wick Strategy AnalyzerOverview
This indicator analyzes candle wick patterns and evaluates their outcomes over a user-definable range (default is 1 year). Labels are rendered on the chart to mark events that meet the specified wick condition.
Features
Customizable Bar Range - users can specify the range of bars to include in the analysis. Default is 365 bars back from the most recent bar (bar 0)
Visual Indicators - labels are rendered to mark conditions & outcomes.
Wick Condition Met - an Orange label below the wick candle displaying the wick’s percentage size.
Outcome Labels - rendered above the candle after wick condition met candles
P (Green): Pass
F (Red): Fail
N (Navy): Neutral
I (Blue): Indicates the current candle has not yet closed, so the outcome is undetermined.
Input Parameters
Wick Threshold - minimum wick size required to qualify as a wick condition.
Success Margin - Defines the margin for classifying outcomes as Pass, Fail, or Neutral. E.g., a success margin of 0.01 requires the next candle's close to exceed the wick candle's close by 1% in order to be a Pass.
Bar Offset Start - starting offset from the last bar for analysis. A value of -1 will include all bars.
Bar Offset End - ending offset from the last bar for analysis. Bars outside this range are excluded.
Example Scenario
Goal: Analyze how candles with a wick size of at least 3.5% perform within a success margin of 1% over the past 540 days.
Setup:
Set Wick Threshold to 0.035
Set Success Margin to 0.01
Set Bar Range Start to 0
Set Bar Range End to 540.
Expected Output
Candles with a wick of at least 3.5% are labeled.
Outcome labels (P, F, or N) indicate performance.
Bullish Reversal Bar Strategy [Skyrexio]Overview
Bullish Reversal Bar Strategy leverages the combination of candlestick pattern Bullish Reversal Bar (description in Methodology and Justification of Methodology), Williams Alligator indicator and Williams Fractals to create the high probability setups. Candlestick pattern is used for the entering into trade, while the combination of Williams Alligator and Fractals is used for the trend approximation as close condition. Strategy uses only long trades.
Unique Features
No fixed stop-loss and take profit: Instead of fixed stop-loss level strategy utilizes technical condition obtained by Fractals and Alligator or the candlestick pattern invalidation to identify when current uptrend is likely to be over (more information in "Methodology" and "Justification of Methodology" paragraphs)
Configurable Trading Periods: Users can tailor the strategy to specific market windows, adapting to different market conditions.
Trend Trade Filter: strategy uses Alligator and Fractal combination as high probability trend filter.
Methodology
The strategy opens long trade when the following price met the conditions:
1.Current candle's high shall be below the Williams Alligator's lines (Jaw, Lips, Teeth)(all details in "Justification of Methodology" paragraph)
2.Price shall create the candlestick pattern "Bullish Reversal Bar". Optionally if MFI and AO filters are enabled current candle shall have the decreasing AO and at least one of three recent bars shall have the squat state on the MFI (all details in "Justification of Methodology" paragraph)
3.If price breaks through the high of the candle marked as the "Bullish Reversal Bar" the long trade is open at the price one tick above the candle's high
4.Initial stop loss is placed at the Bullish Reversal Bar's candle's low
5.If price hit the Bullish Reversal Bar's low before hitting the entry price potential trade is cancelled
6.If trade is active and initial stop loss has not been hit, trade is closed when the combination of Alligator and Williams Fractals shall consider current trend change from upward to downward.
Strategy settings
In the inputs window user can setup strategy setting:
Enable MFI (if true trades are filtered using Market Facilitation Index (MFI) condition all details in "Justification of Methodology" paragraph), by default = false)
Enable AO (if true trades are filtered using Awesome Oscillator (AO) condition all details in "Justification of Methodology" paragraph), by default = false)
Justification of Methodology
Let's explore the key concepts of this strategy and understand how they work together. The first and key concept is the Bullish Reversal Bar candlestick pattern. This is just the single bar pattern. The rules are simple:
Candle shall be closed in it's upper half
High of this candle shall be below all three Alligator's lines (Jaw, Lips, Teeth)
Next, let’s discuss the short-term trend filter, which combines the Williams Alligator and Williams Fractals. Williams Alligator
Developed by Bill Williams, the Alligator is a technical indicator that identifies trends and potential market reversals. It consists of three smoothed moving averages:
Jaw (Blue Line): The slowest of the three, based on a 13-period smoothed moving average shifted 8 bars ahead.
Teeth (Red Line): The medium-speed line, derived from an 8-period smoothed moving average shifted 5 bars forward.
Lips (Green Line): The fastest line, calculated using a 5-period smoothed moving average shifted 3 bars forward.
When the lines diverge and align in order, the "Alligator" is "awake," signaling a strong trend. When the lines overlap or intertwine, the "Alligator" is "asleep," indicating a range-bound or sideways market. This indicator helps traders determine when to enter or avoid trades.
Fractals, another tool by Bill Williams, help identify potential reversal points on a price chart. A fractal forms over at least five consecutive bars, with the middle bar showing either:
Up Fractal: Occurs when the middle bar has a higher high than the two preceding and two following bars, suggesting a potential downward reversal.
Down Fractal: Happens when the middle bar shows a lower low than the surrounding two bars, hinting at a possible upward reversal.
Traders often use fractals alongside other indicators to confirm trends or reversals, enhancing decision-making accuracy.
How do these tools work together in this strategy? Let’s consider an example of an uptrend.
When the price breaks above an up fractal, it signals a potential bullish trend. This occurs because the up fractal represents a shift in market behavior, where a temporary high was formed due to selling pressure. If the price revisits this level and breaks through, it suggests the market sentiment has turned bullish.
The breakout must occur above the Alligator’s teeth line to confirm the trend. A breakout below the teeth is considered invalid, and the downtrend might still persist. Conversely, in a downtrend, the same logic applies with down fractals.
How we can use all these indicators in this strategy? This strategy is a counter trend one. Candle's high shall be below all Alligator's lines. During this market stage the bullish reversal bar candlestick pattern shall be printed. This bar during the downtrend is a high probability setup for the potential reversal to the upside: bulls were able to close the price in the upper half of a candle. The breaking of its high is a high probability signal that trend change is confirmed and script opens long trade. If market continues going down and break down the bullish reversal bar's low potential trend change has been invalidated and strategy close long trade.
If market really reversed and started moving to the upside strategy waits for the trend change form the downtrend to the uptrend according to approximation of Alligator and Fractals combination. If this change happens strategy close the trade. This approach helps to stay in the long trade while the uptrend continuation is likely and close it if there is a high probability of the uptrend finish.
Optionally users can enable MFI and AO filters. First of all, let's briefly explain what are these two indicators. The Awesome Oscillator (AO), created by Bill Williams, is a momentum-based indicator that evaluates market momentum by comparing recent price activity to a broader historical context. It assists traders in identifying potential trend reversals and gauging trend strength.
AO = SMA5(Median Price) − SMA34(Median Price)
where:
Median Price = (High + Low) / 2
SMA5 = 5-period Simple Moving Average of the Median Price
SMA 34 = 34-period Simple Moving Average of the Median Price
This indicator is filtering signals in the following way: if current AO bar is decreasing this candle can be interpreted as a bullish reversal bar. This logic is applicable because initially this strategy is a trend reversal, it is searching for the high probability setup against the current trend. Decreasing AO is the additional high probability filter of a downtrend.
Let's briefly look what is MFI. The Market Facilitation Index (MFI) is a technical indicator that measures the price movement per unit of volume, helping traders gauge the efficiency of price movement in relation to trading volume. Here's how you can calculate it:
MFI = (High−Low)/Volume
MFI can be used in combination with volume, so we can divide 4 states. Bill Williams introduced these to help traders interpret the interaction between volume and price movement. Here’s a quick summary:
Green Window (Increased MFI & Increased Volume): Indicates strong momentum with both price and volume increasing. Often a sign of trend continuation, as both buying and selling interest are rising.
Fake Window (Increased MFI & Decreased Volume): Shows that price is moving but with lower volume, suggesting weak support for the trend. This can signal a potential end of the current trend.
Squat Window (Decreased MFI & Increased Volume): Shows high volume but little price movement, indicating a tug-of-war between buyers and sellers. This often precedes a breakout as the pressure builds.
Fade Window (Decreased MFI & Decreased Volume): Indicates a lack of interest from both buyers and sellers, leading to lower momentum. This typically happens in range-bound markets and may signal consolidation before a new move.
For our purposes we are interested in squat bars. This is the sign that volume cannot move the price easily. This type of bar increases the probability of trend reversal. In this indicator we added to enable the MFI filter of reversal bars. If potential reversal bar or two preceding bars have squat state this bar can be interpret as a reversal one.
Backtest Results
Operating window: Date range of backtests is 2023.01.01 - 2024.12.31. It is chosen to let the strategy to close all opened positions.
Commission and Slippage: Includes a standard Binance commission of 0.1% and accounts for possible slippage over 5 ticks.
Initial capital: 10000 USDT
Percent of capital used in every trade: 50%
Maximum Single Position Loss: -5.29%
Maximum Single Profit: +29.99%
Net Profit: +5472.66 USDT (+54.73%)
Total Trades: 103 (33.98% win rate)
Profit Factor: 1.634
Maximum Accumulated Loss: 1231.15 USDT (-8.32%)
Average Profit per Trade: 53.13 USDT (+0.94%)
Average Trade Duration: 76 hours
How to Use
Add the script to favorites for easy access.
Apply to the desired timeframe and chart (optimal performance observed on 4h ETH/USDT).
Configure settings using the dropdown choice list in the built-in menu.
Set up alerts to automate strategy positions through web hook with the text: {{strategy.order.alert_message}}
Disclaimer:
Educational and informational tool reflecting Skyrex commitment to informed trading. Past performance does not guarantee future results. Test strategies in a simulated environment before live implementation
These results are obtained with realistic parameters representing trading conditions observed at major exchanges such as Binance and with realistic trading portfolio usage parameters.
HTF CandlesHTF Candles, Plot of a Higher/Lower Timeframe Candles on any chart.
This HTF / LTF candle plot displays the previous 3 daily candles with the current update of the price with reference to a lower time frame.
Candles includes 3 Candles of HTF
last HTF candle includes 4 previous candles from LTF
Candle High Low Open Close are plotted.
these OHLC values act as Support and Resistance With reference to current Price.
very useful in making HTF and LTF analysis with reference to current timeframe.
PreannFXExplanation of the PreannFX indicator:
Candle Body Size:
The body of the current candle is larger than the previous candle.
Bullish Engulfing:
The current candle closes higher than the previous candle's high.
The body size is larger than the previous candle.
Bearish Engulfing:
The current candle closes lower than the previous candle's low.
The body size is larger than the previous candle.
Entry and Exit:
Bullish: Enter at the previous candle's open or high, stop loss at the previous low, and take profit is 1:1 with the stop loss.
Bearish: Enter at the previous candle's open or low, stop loss at the previous high, and take profit is 1:1 with the stop loss.
Visualization:
Green upward arrows for bullish engulfing patterns.
Red downward arrows for bearish engulfing patterns.
