Apeiron Fair Value BandsThe Apeiron Fair Value Bands take into account a given MA and determine a Fair Value Area (FVA) for the price of a certain asset. The script plots a MA and a tolerance ribbon for it, as well as 2 bands (preset to 1 Standard deviations and 2 Standard deviations respectively, which can be manually changed) with a tolerance ribbon as well.
This creates 3 areas of interest:
The MA ribbon
The inside of the first upper and lower band (1 standard deviation) where price should stay within around 68% percent of the time according to the normal distribution
The inside of the second upper and lower band (2 standard deviations) where price should stay within around 95% percent of the time according to the normal distribution
Taking this into account, Fair Value analysis can be done:
Premium and Discount Prices: From a very simplistic point of view, when price is below a MA it can be considered to be at a discount and when it is above at a premium. Combining that idea with the levels given by the bands, we can determine if we are buying at premium or at a discount, specially on HTF and when considering investing, thus allowing to enter or exit the market with a higher probability of being on the right side of the trend and at a good level. As seen on the example, buying or selling at the highlighted levels would have been profitable with little drawdown.
VAH & VAL: (1 Standard Deviation Bands) Same as a Market Profile, price will stay in here "most" of the time. And particularly during ranging periods, they will provide potential revesal levels. As well, once prices breaks out of it, depending of the reaction to the second band, we can consider it a deviation or the beggining of a new trend. During strong trends, the bands can also serve as a correction support as the MA would do
New Fair Vaue Range: Once a new trend has begun, it will often slide on or break through Band 2, which can be interpreted as price creating a new Fair Value Range low or high. As seen on the chart, once price breaks out, those levels tend to be respected and relevant during corrections. I must make it very clear that this is just an analytical feature meant to be used in confluence with S/R, Supply & Demand, FVGs, Fibs or others. While it can be accurate sometimes, it might not be other times and be only "close".
Exhaustions: I call exhaustions to the scenarios when price keeps going up/down but it fails to keep pushing the fair value area with it. This indicates weakness in the trend and a potential reversal or correction. These appear on all Timeframes and symbols and are very good indications of tops and bottoms, specially after strong rallies or crashes. In the latter cases, waiting for price to re-enter it's FVA, provides great entries at the Bands levels.
Other features / Suggested Uses:
Middle levels: On the setup menu you can select different Standard deviation settings for each band including: 0.5, 1, 1.5, 2, 2.5 and 3. While the most relevant settings are 1 & 2, having their middle levels on the chart can provide extra levels for very tight ranges or just in general potential reversal levels.
Multi Timeframe & Multi symbol: The bands work on very low TF as well as High TF, though on HTF it might be limited by the MA length settings and the historical data of the symbol. It is important to note that each symbol and market type will have its own ideal MA and Bands settings.
Multi Bands Confluence: Same as you would use a short and long MA in a single setup, you can do the same with the bands and the confluence of levels can be very accurate.
Multi Timeframe Confluence: One of the best ways to use the bands so far is by using it in confluence with itself in other TFs, when price moves sharply into a confluent level given by multiple TFs, it is more likely for price to reverse there.
Most of the examples show a 200 SMA, but depending on what and how you are trading a shorter or longer MA might be a better fit for you. As well, if you are trading ranges, a VWMA might be much better, and if you are following a trend the EMA could be the better option.
I also want to make it clear that the bands can but are NOT meant to be a standalone indicator. They are meant to be used for confluence with other strategies, systems or indicators.
Search in scripts for "Up down"
HTF FVG D/W/M 25%/50%/75% [MK]Do you use HTF FVG (fair value gaps) in your trading strategy? Do you monitor price on the 25%/50%/75% levels within the FVG on a lower timeframe?
This script will allow the user to display either Daily, Weekly or Monthly FVGs on a lower timeframe chart. The script will then also show the 25%/50%/75% levels within the HTF FVG so traders can see how price reacts in the FVG.
For example, a Weekly FVG may be chosen by the trader as a possible reversal point, or somewhere to add to an existing position. The trader might want to see the FVG almost fully filled, then watch price climb up/down out of the Weekly FVG
before taking the trade.
Previously traders would draw the FVG to the chart, then use maybe the tradingview fib tool to display the 25%/50%/75% levels. The problem with this is that its easy to accidently move the fib while dragging the chart around.
Chart below shows example of price almost filling a D FVG, then using the 25%/50%/75% levels as it climbs out of the FVG and reverses to the upside.
[MAD] Support / ResistanceSupport/Resistance - Multi-Timeframe Data Plotter
This Pine Script indicator provides users with the ability to analyze various technical indicators, including Bollinger Bands, Simple Moving Averages (SMA), Exponential Moving Averages (EMA), and Pivot Points, across different timeframes. It visually represents these indicators on the chart, allowing for comprehensive analysis.
Key Features:
Bollinger Bands: The indicator supports 6 different timeframes for Bollinger Bands. Users can customize the length of the Bollinger Bands for each timeframe and choose whether to display levels and plots.
Simple Moving Averages (SMA): The indicator supports 4 different timeframes for SMAs. Users can define custom lengths for the SMAs and choose which ones to display on the chart or in the S/R Screen.
Exponential Moving Averages (EMA): Similar to SMAs, the indicator supports 4 different timeframes for EMAs. Users can define custom lengths for the EMAs and choose which ones to display on the chart or in the S/R Screen.
Pivot Points: The indicator supports 4 different timeframes for Pivot Points. Users can choose between Traditional and Fibonacci calculation methods and customize the appearance of the pivot levels.
Global Switches: Users have the option to enable or disable the display of pivots, Bollinger Bands, SMAs, EMAs, open/close/high/low values, horizon plot, and VPR-style plot (weighted Gaussian addition).
Plot Limitation: Users can limit the plotting of support and resistance lines by specifying a percentage up/down.
This indicator offers extensive customization and flexibility, allowing users to analyze the market using these technical indicators across multiple timeframes.
Please refer to this screenshot for an overview of all available settings:
Additionally, the indicator includes a multiplot-chartselect feature to address the limitation of 32 data streams with colors. This feature enables the selection of 10 SMAs or EMAs from different timeframes, along with 3 timeframes of Bollinger Bands and the daily open/close values, all in a single packed indicator. Here is an example of how the data can be displayed:
Enabling all features simultaneously may result in visual overload. However, for users who wish to view specific indicators, this indicator provides all the necessary options. Please refer to this screenshot for an example of various indicators displayed:
To enhance visibility, all lines are weighted, and line and label positions can be dynamically shifted based on these weights.
Volume-Blended Candlesticks [QuantVue]Introducing the Volume-Blended Candlestick Indicator, a powerful tool that seamlessly integrates volume information with candlesticks, providing you with a comprehensive view of market dynamics in a single glance.
The Volume-Blended Candlestick Indicator employs a unique approach of projecting volume totals by calculating the total volume traded per second and comparing it to the time left in the session as well as the historical average length selected by the user.
The indicator then dynamically adjusts the opacity of the candlestick colors based on the intensity of the projected volume. As volume intensifies, the candlestick colors become more pronounced, while low volume will cause colors to fade allowing you to visually perceive the level of buying or selling.
One of the standout features of the Volume-Blended Candlestick Indicator is its ability to identify pocket pivots. A pocket pivot is an up day with volume greater than any of the down days volume in the past 10 days. By highlighting these pocket pivots on your chart, the indicator helps you identify potential stealth accumulation.
In addition to blending volume with candlesticks and spotting pocket pivots, this versatile indicator provides you with an insightful table displaying key volume metrics. The table includes the average volume, average dollar volume, and the up-down volume ratio, allowing you to get a clear picture of buying and selling pressure.
Settings Include:
🔹Sensitivty Level: Normal, More, Less
🔹Volume MA Length
🔹Toggle Color based on previous close
🔹Show or hide volume info
🔹Chose candlestick colors
🔹Show or hide pocket pivots
🔹Show or hide volume info table
Don't hesitate to reach out with any questions or concerns.
We hope you enjoy!
Cheers.
Trendilo (OPEN-SOURCE)The provided code is a custom indicator called "Trendilo" in TradingView. It helps traders identify trends in price data. The indicator calculates the percentage change of the chosen price source and applies smoothing to it. Then, it calculates the Arnaud Legoux Moving Average (ALMA) of the smoothed percentage change. The ALMA is compared to a root mean square (RMS) band, which represents the expected range of the ALMA values. Based on this comparison, the indicator determines whether the trend is up, down, or sideways. The indicator line is plotted in a color corresponding to the trend direction. The indicator also provides the option to fill the area between the indicator line and the RMS band. Additionally, users can choose to color the bars of the chart based on the trend direction. Overall, the "Trendilo" indicator helps traders visually identify trends and potential reversals in the price data.
7 Closes above/below 5 SMAThis script looks for 7 consecutive closes above/below the 5-period SMA. The indicator is inspired by legendary trader Linda Raschke's work.
Usage
The script can can be used in three main ways. I think you will find more uses.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run setup.
Around 10-12 times per year we get a persistency of trend in instruments in general.
After 7 consecutive closes above/below the 5-period as price pulls back we can look to enter in the direction of the main trend as it moves up/down above/below 5 ma again. You should use price action trading to pinpoint the entries. Now try to hold this as long as possible. Way longer than you can percieve or think is possible. Up to 24-28 periods is what we are looking for in these cases.
2) Normal usage.
When the trend is not persistent, it is possible to use this as an oscillating signal, for a shorter term trade, where we can look for a short or long term reversal setup in price action.
3) I also use it at as a learning to see the swing trades clearer. You can also use it as a visual aid for developing new variances of the classic swing trading setup.
Read and listen to Linda Raschkes work to learn more.
TIme frames
The principles works in all time frames but may change depending on calendar differences. We will see more instances/year in shorter time frames.
Why closes above the 5 SMA
As you may or may not know the 5 SMA is a very important indicator. You can think of it like this, If price is above 5, it is innocent until proven guilty but if price is below 5 we use the french law system which means it is guilty until proven innocent. 7 closes above 5 is a very good predictor of possible short term direction changes.
Use together with:
I prefer to use this indicator together with either regular SMA:s, one short and one macro term. For example 10 ma and 100 ma.
Or you can use it with a a Hull 21-period MA together with a 240-period WMA.
Settings:
I added settings so you can change preferences for changing shape, where to display the shape and in what color
Visual aid
I wanted to keep one dot for each consecutive day, this way we will get a grouping of days and dots. The amount in this group can be of use in itself to inform you of the strength of trend. This can inform you if this oscillation predicts a short term eversal or a continuation. You need skills in reading price action to use this to your advantage.
Connors RSI (ValueRay)In compare to Tradingview Connors RSI, in this one you can choose which of the parts of the CRSI you want see:
RSI
Connors RSI
Up/Down RSI
Percent Rank
The Connors RSI is a technical indicator developed by Larry Connors. It combines three different elements - price momentum, relative strength, and mean reversion - to identify potential buy and sell signals. The indicator measures the level of overbought or oversold conditions in a security, aiming to generate signals for short-term trading opportunities. It is widely used by traders to assess the strength and direction of price movements and to identify potential entry and exit points in the market.
Intraday Intensity ModesIntraday Intensity Index was created by David Bostian and its use was later featured by John Bollinger in his book "Bollinger on Bollinger Bands" . It is categorically a volume indicator and considered to be a useful tool for analyzing supply and demand dynamics in the market. By measuring the level of buying and selling pressure within a given trading session it attempts to provide insights into the strength of market participants' interest and their aggressiveness in executing trades throughout the day. It can be used in conjunction with Bollinger Bands® or other envelope type indicators as a complimentary indicator to aid in trying to identify potential turning points or trends.
Intraday intensity is calculated based upon the relationship between the price change and the volume of shares traded during each daily interval. It aims to capture the level of buying or selling activity relative to the overall volume. A high intraday intensity value suggests a higher level of buying or selling pressure, indicating a more active and potentially volatile market. Conversely, a low intraday intensity value indicates less pronounced trading activity and a potentially quieter market. Overall, intraday intensity provides a concise description of the intensity of trading activity during a particular trading session, giving traders an additional perspective on market dynamics. Note that because the calculation uses volume this indicator will only work on symbols where volume is available.
While there are pre-existing versions within community scripts, none were found to have applied the calculations necessary for the various modes that are presented within this version, which are believed to be operating in the manner originally intended when first described by Bostian and again later by Bollinger. When operating in default modes on daily or lower chart timeframes the logic used within this script tracks the intraday high, low, close and volume for the day with each progressing intraday bar.
The BB indicator was included on the top main chart to help illustrate example usage as described below. The Intraday Intensity Modes indicator is pictured operating in three different modes beneath the main chart:
• The top pane beneath the main chart shows the indicator operating as a normalized 21 day II% oscillator. A potential use while in this mode would be to look for positive values as potential confirmation of strength when price tags the upper or lower Bollinger bands, and to look for negative values as potential confirmation of weakness when price tags the upper or lower Bollinger bands.
• The middle pane shows the indicator operating as an "open ended" cumulative sum of II. A potential use while in this mode would be to look for convergence or divergence of trend when price is making new highs or lows, or while price is walking the upper or lower Bollinger bands.
• The bottom pane shows the indicator operating in standard III mode, which provides independent values per session.
Indicator Settings: Inputs tab:
Osc Length : Set to 1 disables oscillation, values greater than 1 enables oscillation for II% (Intraday Intensity percent) mode.
Tootip : Hover mouse over (i) to show recommended example Settings for various modes.
Cumulative : When enabled values are cumulatively summed for the entire chart and indicator operates in II mode.
Normalized : When enabled a rolling window of Osc Length values are summed and normalized to the rolling window's volume.
Intrabar : When enabled price range and volume are evaluated for intensity per bar instead of per day which is a departure from the original
concept. Whenever this setting is enabled the indicator should be regarded as operating in an experimental mode.
Colors For Up Down : Sets the plot colors used, may be overridden in Settings:Style tab.
Styles / Width : Sets the plot style and width used, may be overridden in Settings:Style tab.
This indicator is designed to work with any chart timeframe, with the understanding that when used on timeframes higher than daily the indicator becomes "IntraPeriod" intensity, for example on weekly bars it would be "IntraWeek" intensity. On Daily or lower timeframes the indicator operates as "IntraDay" intensity and is being updated on each bar as each day progresses. If the experimental setting Intrabar is enabled then the indicator operates as "IntraBar" intensity and is no longer constrained to daily or higher evaluations, for example with Intrabar enabled on a 4H timeframe the indicator would operate as "Intra4H" intensity.
NOTICE: This is an example script and not meant to be used as an actual strategy. By using this script or any portion thereof, you acknowledge that you have read and understood that this is for research purposes only and I am not responsible for any financial losses you may incur by using this script!
Statistics TableThis script display some useful Statistics data that can be useful in making trading decision.
Here the list of information this script is display in table format.
You can change each and every single ema and rs length as per your need from setting.
1) close difference from first ema
2) close difference from second ema
3) close difference from third ema
4) close difference from fourth ema
5) difference between first and second ema
6) difference between second and third ema
7) difference between first and third ema
8) volume up down ratio
9) ATR/ADR %
10) volume pocket pivot count
11) daily closing range
12) weekly closing range
13) close difference from 52week high
14) close difference from 52week low
15) close difference from All time high
16) close difference from All time low
17) rs line above or below first rs ema
18) rs line above or below second rs ema
19) rs line above or below third rs ema
20) rs line above or below fourth rs ema
21) first rs value
22) second rs value
23) third rs value
24) fourth rs value
25) difference between previous first rs length days change % and current first rs length days change %
26) difference between previous second rs length days change % and current second rs length days change %
27) difference between previous third rs length days change % and current third rs length days change %
Vollinger BandsI'm happy to present to you... VOLLINGER BANDS. Loosely based on bollinger bands, this indicator uses the new Up/Down Volume indicator from tradingview, which I have add moving averages, and a width calculation between them to determine squeeze. Essentially I have created a volume squeeze bollinger band derivative, hence the term "Vollinger Band".
The bands are NOT a deviation of any middle line or moving average, but rather their own moving averages of the volume delta, respectively.
Blue background = Volume Squeeze (vollinger bands width is less than the squeeze strength line), meaning consolidation, and a big move may happen soon.
Top line = A moving average of the Up Volume delta
Bottom line = A moving average of the Down Volume delta
Vol MA = the moving average length of both the top/bottom line
> If you zoom in, you can see a white line, which is the squeeze represented as a single line, calculated using bollinger bands width. The squeeze strength is a moving average of the squeeze line, which then determines if the width is below that moving average, then the squeeze will occur (white line below purple)
The bands are colored based on the sum of the Up/Down volume over the specified number of bars (preset at 5). If the volume is more buying than selling over that amount of bars, then the line is colored green, and vice versa.
Volume / Open Interest "Footprint" - By LeviathanThis script generates a footprint-style bar (profile) based on the aggregated volume or open interest data within your chart's visible range. You can choose from three different heatmap visualizations: Volume Delta/OI Delta, Total Volume/Total OI, and Buy vs. Sell Volume/OI Increase vs. Decrease.
How to use the indicator:
1. Add it to your chart.
2. The script will use your chart's visible range and generate a footprint bar on the right side of the screen. You can move left/right, zoom in/zoom out, and the bar's data will be updated automatically.
Settings:
- Source: This input lets you choose the data that will be displayed in the footprint bar.
- Resolution: Resolution is the number of rows displayed in a bar. Increasing it will provide more granular data, and vice versa. You might need to decrease the resolution when viewing larger ranges.
- Type: Choose between 3 types of visualization: Total (Total Volume or Total Open Interest increase), UP/DOWN (Buy Volume vs Sell Volume or OI Increase vs OI Decrease), and Delta (Buy Volume - Sell Volume or OI Increase - OI Decrease).
- Positive Delta Levels: This function will draw boxes (levels) where Delta is positive. These levels can serve as significant points of interest, S/R, targets, etc., because they mark the zones where there was an increase in buy pressure/position opening.
- Volume Aggregation: You can aggregate volume data from 8 different sources. Make sure to check if volume data is reported in base or quote currency and turn on the RQC (Reported in Quote Currency) function accordingly.
- Other settings mostly include appearance inputs. Read the tooltips for more info.
Rails v2Centered around a Variable Moving Average (Rail Line). The Variable Moving Average (VMA) is a study that uses an Exponential Moving Average being able to automatically adjust its smoothing factor according to the market volatility.
In addition to the Rail Line or VMA, the indicator makes use of Bollinger Bands in two ways. First, it displays when the Bollinger Bands are in a squeeze and the potential direction of the breakout. The "squeeze" is the central concept of Bollinger Bands. When the bands come close together, constricting the moving average, it is called a squeeze. A squeeze signals a period of low volatility and is considered by traders to be a potential sign of future increased volatility and possible trading opportunities. The Bollinger Bands are also utilized to highlight when price action might reverse. This signals when price closes outside of the bands, quickly reverts and closes within the bands
The indicator makes use of the Hull Moving Average as a method to quickly capture price action moves thanks to its ability to eliminate lag while managing to improve smoothing at the same time.
Finally, the indicator utilizes Volume Point of Control (VPOC) to determine points in price where the highest amount of volume was traded. Unlike the market profile, the indicator will plot the Volume POC per candle. The script will also plot Trapped Volume. This is important as it tends to serve a signal for reversal. The more price moves away from the trapped volume, Long/Short traders might be forced to cover and price could quickly move away from the area.
DEFAULT SIGNALS: All signals can be turned Off/On by user
Dots = Short Term Trend
Rails Bar Color = Medium Term Trend
Rail Line (VMA) = Long Term Trend
Crossover of Moving Averages = X
Volume Pulse = Large Up/Down Triangle
Potential Bullish Reversal = Light Blue Candle
Potential Bearish Reversal = Pink Candle
Potential Reversal Confirmation = Orange Candle
Squeeze = Shaded White Cloud
Potential Breakout Direction = Small Golden Triangle
Hull Moving Average = Thin Golden Line
Volume POC = Thin Horizontal White Line on Candle
Volume Threshold POC = Thin Horizontal Yellow Line on Candle
Trapped Volume POC = Thin Horizontal Red Line on Candle
Advanced Price Direction AlgorithmPrices can go up or down or falter in their movement.
This code evaluates this by looking at two consecutive bars or sets of bars.
If you put the set size to 1, the current and previous bar is evaluated.
If put to 2, the last2 and the 2 before these are evaluated.
Default is 12 because this seems to coincide with trend changes.
This code provides an advanced way to evaluate what the price does in a sort of three-value Boolean with the values up, down or falter.
I use this code in indicators I develop where price direction is taken into account.
The simple output makes it possible to use it as an indicator on its own.
Spoofing Detector with VPOC [CHE]"We're keeping an eye on the market makers, zooming in for a closer look."
Spoofing and Volume Point of Control (VPOC) are terms used in the context of market manipulation and market analysis in financial markets.
A spoofing detector is a tool developed to detect the spoofing of orders. Spoofing refers to a practice where a market participant places large orders to deceive other market participants and influence the price of a stock. These large orders, however, are not executed but cancelled shortly after, creating a false demand for a specific stock and influencing the price. A spoofing detector can use algorithms to detect and report these practices to maintain the integrity of the market.
The Volume Point of Control (VPOC) is a concept in technical analysis aimed at identifying the key price level at which a stock was bought and sold. VPOC is calculated by analyzing the volume data of a stock and determining the price level at which the largest volume was traded for a specific period. This price level can serve as an indicator of the current market trend and market interest in a specific stock.
There is a substantive connection between a spoofing detector and VPOC because both tools can be used to gain a better understanding of the stock markets and detect potential forms of market manipulation. For example, VPOC can be used as an indicator of potential market manipulation when an abnormal distribution of trading volume is observed at a specific price level. A spoofing detector can then be used to detect and report these activities.
Pine Script Indicator Analysis:
This is a Pine Script code for a spoofing detector and volume point of control (VPOC) indicator. The purpose of the indicator is to detect and highlight potential spoofing activities in the market, as well as to plot the volume point of control on the chart.
Inputs:
Median Lookback: This input defines the length of the median calculation, with a default value of 25.
Range To Edges Threshold: This input sets a threshold value for the range to edges calculation, with a default value of 200.
Multiplier 1: This input sets a multiplier value to be used in the average true range calculation, with a default value of 0.8.
Multipler 2: This input sets a multiplier value to be used in the average true range calculation, with a default value of 2.0.
Multipler 3: This input sets a multiplier value to be used in the average true range calculation, with a default value of 3.0.
Variables:
y, x, ds, os: These are arrays and a variable used for the first part of the spoofing detection process.
y1, x1, ds1, os1: These are arrays and a variable used for the second part of the spoofing detection process.
y2, x2, ds2, os2: These are arrays and a variable used for the third part of the spoofing detection process.
Calculation:
The code starts by defining some variables, such as the bar index (n), the close price (src), and the average true range (atr) with different multipliers.
Next, the median of the close price is calculated over the lookback period specified by the "Median Lookback" input.
Then, the difference between the current median and the previous median is calculated, and the value is compared with the average true range with different multipliers to determine the state of the market (up, down, or unchanged).
The code then checks if the state has changed from the previous bar, and if so, the code performs a spoofing detection calculation.
The spoofing detection calculation involves determining the range between the first and last bar in the median calculation, and dividing it by the sum of the absolute differences calculated earlier. If the result is below the "Range To Edges Threshold" input, the code plots a line and a label on the chart indicating a potential spoofing activity.
The process is repeated for each of the three parts of the spoofing detection process.
VPOC:
The VPOC code is used to calculate the Volume Point of Control (VPOC) on a chart. The VPOC is the price level with the highest volume over a specified lookback period. The script contains several functions and inputs that allow the user to customize the calculation.
Inputs:
i_source: This input allows the user to specify the source for the VPOC price calculation. The options are the close price of the bar.
i_vpocThreshold: This input allows the user to set the threshold percentage for the VPOC highlight.
Functions:
timeStep_translate(): This function returns a string representing the time step of the lower time frame based on the current time frame of the chart.
ltfStats(): This function returns an array of the source and volume of the lower time frame.
ltfSrc, ltfVolume: This line requests the lower time frame data using the request.security_lower_tf function, with the lower time frame step calculated by the timeStep_translate() function.
maxVolume and indexOfMaxVolume: These variables store the maximum volume value and its corresponding index in the ltfVolume array.
maxVol: This variable stores the source value corresponding to the maximum volume.
vpocThresholdMet: This variable is a boolean that is true when the volume at the maximum volume price level is greater than or equal to the threshold percentage of the total volume.
vpocColor: This variable stores the color for the VPOC plot.
vh: This variable stores the highest volume in the lookback period.
plotshape(): This function plots the VPOC on the chart. The shape will be plotted only if the volume is greater than the specified threshold percentage of the highest volume in the lookback period. The shape will be labeled with the text "VC".
Overall, this script calculates the VPOC for a chart by aggregating volume data from a lower time frame and plotting a shape at the price level with the highest volume. The user can specify the source for the VPOC calculation and the threshold percentage for the VPOC highlight.
Important: VPOC shows everything in real time as a leading indicator, the triple spoofing detector is trailing
Best regards
Chervolino
Z Pack BollingerOur new "Z Pack" indicator is a modified version of the traditional Bollinger Bands indicator, with a bunch of additional features what makes it a powerful tool that allows traders to make informed decisions based on the market's volatility and short-term trend.
The z-score of the Bollinger Bands indicator is a measure of how many standard deviations the current price is away from the moving average. This provides a more normalized view of the price action, which can be especially useful in identifying potential trend changes. In this form of indicator it is much easier to notice the most extreme deviations from the mean.
One of the main advantages of using this indicator is that it can help traders identify market conditions that are unusually far away from the mean, which can be indicative of a potential trend reversal or that, with sustained momentum a new trend may be about to begin.
Another advantage of the Z-Score Bollinger Bands indicator is that it can help traders identify when a market is trending. This is because when the Z-score is consistently high or low, it can indicate that a trend is in progress or that a trend may be reversing, respectively.
As for the additional features with which we have charged this indicator, there are many of them and they will be explained now.
Capital line
"Capital line" is based on a kernel regression of z score value over time.
The kernel regression is a non-parametric method that allows to estimate the underlying probability density function of a random variable and this way provides a smooth representation of the data. By using this method, the "Сapital line" is able to react to market changes much faster than traditional methods and gives traders a more accurate representation of the short-term trend.
Also we have developed a filter that reduces the number of false signals (you can toggle it in the settings). It is also possible to enable the display of only the capital line to focus only on it.
Divergence search
One of the unique features of the indicator is its ability to search for divergence between the z score and the price. A divergence occurs when the indicator and the price are moving in opposite directions, indicating a potential trend reversal. This allows traders to identify potential market turning points and make informed decisions.
It is possible to search for divergence on a Z-score, although it is not a common practice. In technical analysis, divergence is a method of comparing the movement of an asset's price with an indicator, such as an oscillator, in order to identify potential trend reversals. The same concept of divergence can be applied to a Z-score by comparing the movement of a value's Z-score to the underlying data, for example, by comparing the change in Z-score to the change in the underlying price of a stock. However, this is not a widely used approach and requires thoughtful analysis, but according to our observations, it provides quite important information about the potential exhaustion of the current trend.
By combining the z-score with the price, traders can look for divergences that might not be as obvious when looking at the indicator or the price alone. For example, if the z-score is trending higher while the price is trending lower, this could indicate a potential bullish reversal. Similarly, if the z-score is trending lower while the price is trending higher, this could indicate a potential bearish reversal.
Price Labels
The labels indicating the price of an asset that corresponds to a specific level of the standard deviation are a useful feature for traders because it allows them to quickly identify key levels of support and resistance. By placing limit orders at these levels, traders can potentially enter or exit trades at more favorable prices. This can help to improve the risk-reward ratio of their trades, as well as potentially increase the chances of a profitable outcome. Additionally, having these labels readily available can save traders time in identifying key levels of support and resistance, allowing them to focus on other aspects of their trading strategy.
Additionally, there is an option to analyze the previous volatility of the instrument for a specified time period. If the instrument has crossed the maximum standard deviation level at least once during the specified time period, a separate dashed line will be drawn on the z score chart, demonstrating how volatile the instrument is in the context of the specified time period. This is known as Extreme Mode.
The feature of analyzing the previous volatility of an instrument using the z score indicator can be beneficial for traders in a number of ways. One major advantage is that it allows traders to quickly assess the historical volatility of an instrument and compare it to current volatility levels. This can be useful for determining if an instrument is currently experiencing unusually high or low volatility, which can in turn inform trading decisions.
Another advantage of this feature is that it allows traders to quickly identify key levels of volatility that have been historically significant for the instrument. For example, if an instrument has frequently crossed the maximum deviation level during a specified time period, a trader may choose to place limit orders at that level in anticipation of the instrument reaching it again in the future.
The ability to see the price at a particular moment in time when the price breaks through the 4th(selectable) level of the z score can be an advantage for traders as it allows them to quickly identify key price levels and potentially place limit orders at those levels. This feature can be useful for traders who want to take advantage of market volatility or for those who want to set stop-loss or take-profit levels.
Additionally, the feature can be useful for identifying key levels of support and resistance, as well as for identifying potential entry and exit points for trades. By having the ability to quickly identify these key levels, traders can make more informed decisions about their trades and potentially increase their chances of success in the market.
Alerts
The "Z pack" indicator also includes an advanced, customisable alerting system, with alerts for z level touches, zero crossings, changes in the direction of the capital line, and confirmed or potential divergence. It allows them to stay informed of key developments in the market in real-time and take action accordingly.
For example, if the indicator generates an alert for a z level touch, a trader can place a market order at that level knowing that the price has reached a significant level of volatility. Similarly, an alert for a zero crossing (up/down) can indicate a change in trend, and a trader can use this information to adjust their strategy accordingly.
The alerts of confirmed or potential divergence can be especially useful for identifying potential turning points in the market and make decisions based on that.
NB! Remember, it is important to have a solid trading plan in place and to properly manage risk when trading. Our custom indicator can be a useful tool, but it should not be the only factor considered when making trade decisions.
Neo DC ChannelWhat is Neo DC Channel
Neo DC Channel is using the concept of Donchian Channels but add some more functions in other to represent more data.
Donchian Channels are three lines generated by moving average calculations that comprise an indicator formed by upper and lower bands around a midrange or median band. The upper band marks the highest price of a security over N periods while the lower band marks the lowest price of a security over N periods.
The Background color will bedisplay when the bar range is more than x% of the Upper – Lower’s Donchian Channels width and the bar is cross up/down the middle line.
Green Background will display when bar is crossing up the middle line
Red Background will display when bar is crossing down the middle line
What made Neo DC Channel?
- Donchian Channels
- MA Concept
- Percentage of bar due to the Donchian Channels’s Channels width
Use of Neo DC Channel
- can be use as the confirmation indicator if trader apply the indicator to any trading strategy which already have trend identifier Indicator.
- can also be use as trend changer/switcher indicator.
GKD-C Bollinger Bands Stop [Loxx]Giga Kaleidoscope Bollinger Bands Stop is a Confirmation module included in Loxx's "Giga Kaleidoscope Modularized Trading System".
█ Giga Kaleidoscope Modularized Trading System
What is Loxx's "Giga Kaleidoscope Modularized Trading System"?
The Giga Kaleidoscope Modularized Trading System is a trading system built on the philosophy of the NNFX (No Nonsense Forex) algorithmic trading.
What is an NNFX algorithmic trading strategy?
The NNFX algorithm is built on the principles of trend, momentum, and volatility. There are six core components in the NNFX trading algorithm:
1. Volatility - price volatility; e.g., Average True Range, True Range Double, Close-to-Close, etc.
2. Baseline - a moving average to identify price trend
3. Confirmation 1 - a technical indicator used to identify trends
4. Confirmation 2 - a technical indicator used to identify trends
5. Continuation - a technical indicator used to identify trends
6. Volatility/Volume - a technical indicator used to identify volatility/volume breakouts/breakdown
7. Exit - a technical indicator used to determine when a trend is exhausted
How does Loxx's GKD (Giga Kaleidoscope Modularized Trading System) implement the NNFX algorithm outlined above?
Loxx's GKD v1.0 system has five types of modules (indicators/strategies). These modules are:
1. GKD-BT - Backtesting module (Volatility, Number 1 in the NNFX algorithm)
2. GKD-B - Baseline module (Baseline and Volatility/Volume, Numbers 1 and 2 in the NNFX algorithm)
3. GKD-C - Confirmation 1/2 and Continuation module (Confirmation 1/2 and Continuation, Numbers 3, 4, and 5 in the NNFX algorithm)
4. GKD-V - Volatility/Volume module (Confirmation 1/2, Number 6 in the NNFX algorithm)
5. GKD-E - Exit module (Exit, Number 7 in the NNFX algorithm)
(additional module types will added in future releases)
Each module interacts with every module by passing data between modules. Data is passed between each module as described below:
GKD-B => GKD-V => GKD-C(1) => GKD-C(2) => GKD-C(Continuation) => GKD-E => GKD-BT
That is, the Baseline indicator passes its data to Volatility/Volume. The Volatility/Volume indicator passes its values to the Confirmation 1 indicator. The Confirmation 1 indicator passes its values to the Confirmation 2 indicator. The Confirmation 2 indicator passes its values to the Continuation indicator. The Continuation indicator passes its values to the Exit indicator, and finally, the Exit indicator passes its values to the Backtest strategy.
This chaining of indicators requires that each module conform to Loxx's GKD protocol, therefore allowing for the testing of every possible combination of technical indicators that make up the six components of the NNFX algorithm.
What does the application of the GKD trading system look like?
Example trading system:
Backtest: Strategy with 1-3 take profits, trailing stop loss, multiple types of PnL volatility, and 2 backtesting styles
Baseline: Hull Moving Average as shown on the chart above
Volatility/Volume: Volatility Ratio as shown on the chart above
Confirmation 1: Bollinger Bands Stop as shown on the chart above
Confirmation 2: Williams Percent Range
Continuation: Fisher Transform
Exit: Rex Oscillator
Each GKD indicator is denoted with a module identifier of either: GKD-BT, GKD-B, GKD-C, GKD-V, or GKD-E. This allows traders to understand to which module each indicator belongs and where each indicator fits into the GKD protocol chain.
Giga Kaleidoscope Modularized Trading System Signals (based on the NNFX algorithm)
Standard Entry
1. GKD-C Confirmation 1 Signal
2. GKD-B Baseline agrees
3. Price is within a range of 0.2x Volatility and 1.0x Volatility of the Goldie Locks Mean
4. GKD-C Confirmation 2 agrees
5. GKD-V Volatility/Volume agrees
Baseline Entry
1. GKD-B Baseline signal
2. GKD-C Confirmation 1 agrees
3. Price is within a range of 0.2x Volatility and 1.0x Volatility of the Goldie Locks Mean
4. GKD-C Confirmation 2 agrees
5. GKD-V Volatility/Volume agrees
6. GKD-C Confirmation 1 signal was less than 7 candles prior
Continuation Entry
1. Standard Entry, Baseline Entry, or Pullback; entry triggered previously
2. GKD-B Baseline hasn't crossed since entry signal trigger
3. GKD-C Confirmation Continuation Indicator signals
4. GKD-C Confirmation 1 agrees
5. GKD-B Baseline agrees
6. GKD-C Confirmation 2 agrees
1-Candle Rule Standard Entry
1. GKD-C Confirmation 1 signal
2. GKD-B Baseline agrees
3. Price is within a range of 0.2x Volatility and 1.0x Volatility of the Goldie Locks Mean
Next Candle:
1. Price retraced (Long: close < close or Short: close > close )
2. GKD-B Baseline agrees
3. GKD-C Confirmation 1 agrees
4. GKD-C Confirmation 2 agrees
5. GKD-V Volatility/Volume agrees
1-Candle Rule Baseline Entry
1. GKD-B Baseline signal
2. GKD-C Confirmation 1 agrees
3. Price is within a range of 0.2x Volatility and 1.0x Volatility of the Goldie Locks Mean
4. GKD-C Confirmation 1 signal was less than 7 candles prior
Next Candle:
1. Price retraced (Long: close < close or Short: close > close )
2. GKD-B Baseline agrees
3. GKD-C Confirmation 1 agrees
4. GKD-C Confirmation 2 agrees
5. GKD-V Volatility/Volume Agrees
PullBack Entry
1. GKD-B Baseline signal
2. GKD-C Confirmation 1 agrees
3. Price is beyond 1.0x Volatility of Baseline
Next Candle:
1. Price is within a range of 0.2x Volatility and 1.0x Volatility of the Goldie Locks Mean
3. GKD-C Confirmation 1 agrees
4. GKD-C Confirmation 2 agrees
5. GKD-V Volatility/Volume Agrees
█ Bollinger Bands Stop
What is Bollinger Bands Stop?
Bollinger Bands Stop is similar to Supertrend but uses Standard Deviation instead of ATR. includes a money risk and signal adjustment to fine-tune the signal. This can be used for TPs and SL as well as up/down trading.
Requirements
Inputs
Confirmation 1 and Solo Confirmation: GKD-V Volatility / Volume indicator
Confirmation 2: GKD-C Confirmation indicator
Outputs
Confirmation 2 and Solo Confirmation: GKD-E Exit indicator
Confirmation 1: GKD-C Confirmation indicator
Continuation: GKD-E Exit indicator
Additional features will be added in future releases.
Bollinger Bands [Anan]Hello friends,,
This is my own enhanced version of Bollinger Bands based on some backtesting,,
It's the same logic behind standard BB but instead of using length(period), I created a formula and used a "factor" to scale it up/down.
The formula is just average of averages of averages... (But it's backtested with good results)
I also added two standard deviations so that the distance between them will be the (over-bought/over-sold zones)
And finally added a squeeze indicator to identify the predicted price action movements..
You have the options to control everything like:
-Timeframe
-Source
-Calculation Method
-Length Factor
-StdDev#1
-StdDev#2
-Squeeze Factor
-Squeeze Threshold
VolumeFlowVolume & price have a direct correlation with each other. If the fundamental value changes, the price changes and volume follows. If the technicals change, volume changes and price follows.
Because the relationship between volume and price is so connected, I created a script highlighting important volume flow measurements.
The VolumeFlow indicator combines several volume measurements into 1 indicator.
1) Volume net inflow / outflow
2) Volume total flow change
3) Volume cumulation flow
The VolumeFlow indicator uses a scale from 100 high to -100 low, with the zero level being neutral.
The VolumeFlow indicator has 4 inputs:
1) +Volume-
2) VolumeFast
3) VolumeSlow
4) Accum/Dist
Default inputs:
+Volume-
length = 1, color = + green or - red
VolumeFast
length = 2, color = blue
VolumeSlow
length = 3, color = white
Accum/Dist
length = 5, color = brown
Horizontal lines
length = 100, 50, 0, -50, -100, color = white
* The VolumeFlow indicator uses altered pieces of code from my Options360 FibVIP indicator, Tradingview "Up / down volume" indicator and Tradingview "Accumulation/Distribution" indicator. *
Odd_Custom Candle Calendar DayEver wonder how candles would look on a chart if they were tracked by calendar day instead of market days?
Option(s)-
📅Custom start date for candle formation
✖️Candle multiplier
🌈Up / Down Colors
Features-
📋Displays candle data with invisible plots
Use Move to Existing Pane to Overlay on chart.
Can only display a max of 500 candles!
Simple STRAT Tool by nnamWhat this Indicator Does
This indicator is a very simple tool created specifically for experienced Straters. It was created for those Straters who fully understand the 1-2-3 Strat Scenarios, are in need of an easy to use tool, and do not want or need a lot of messy markings on their chart.
The indicator simply allows the user to color code the Strat 1, 2 ,3 (Inside /Outside /Up / Down) Bars as desired and by default extends lines to the right of the chart from the Highs and Lows of the previous 2 Bars giving the user a simple reference for Strat scenario structure breaks.
As shown above, the bars are color coded, but the original bar color is maintained via the border and wick.
If a bar is an Outside Bar or an Inside Bar, it is still easy to identify whether or not the bar was a Bullish or Bearish 1 or 3.
The same goes for 2UP and 2Down Bars - It is easy to identify Bullish or Bearish UP or DOWN Bars.
Optionally, as show in the screenshot below, the user can extend the lines in both directions to get an "at a glance" better understanding of where price is currently vs previous support and resistance areas.
For Straters that prefer to trade only INSIDE BAR BREAKOUTS there is an optional input setting labeled "Trade Inside Bars ONLY".
This setting turns OFF the lines that extend from the 2nd previous bar back and only displays and extend lines from the previous bar IF and ONLY IF the current bar is an INSIDE (one) bar. .
The User Input settings allow for the following customizations:
1. Custom Outside Bar Color
2. Custom Inside Bar Color
3. Custom 2 Up Bar Color
4. Custom 2 Down Bar Color
5. Turn ON or OFF color coded bars
6. Trade only INSIDE Bar Breakouts
7. Extend Lines Both Directions
8. Hide all Lines
The customizable settings above allow the user to hide all lines and turn OFF color coding without having to fully remove the indicator from the chart. This is convenient when the user has another indicator that uses color coded bars or the lines conflict with another indicator and they need to be temporarily disabled.
If you have any questions regarding this indicator please let me know. If you have any suggestions for minor tweaks to the indicator do not hesitate to ask for them.
I hope you enjoy this indicator and get some usefulness from it... HAPPY TRADING!!
Round Numbers Breakouts Smart Formula Signals and AlertsThis indicator uses Round Numbers breakouts and then uses smart formula with the near Round Numbers to determine best TP (take profit)/SL (stop loss) areas. Furthermore, it calculates win percentage, shows in-profit/in-loss peaks and the price amount result over a customizable date range, which when combined well with the smart formula provides decent profitable outcome. I have decided to write my own backtesting engine as the integrated TradingView strategy one has limitations and has shown inconsistencies when compared to manual backtesting…
There are many settings you can manually change to trade any instrument, any style, any approach and there are presets included for Bitcoin(BTCUSD), FOREX(EURUSD), SPY(S&P500), so you can start trading immediately! Alerts correspond to indicator settings and are turned on with a few clicks. There are 3 tables (each can be shown/hidden) showing everything you need to see/know to calibrate the indicator as you wish.
Labels, lines, tables explanations (everything can be hidden/shown):
- LONG Labels: medium-green: position open, dark-green: SL, bright-green: TP, blue: TP2
- SHORT Labels: medium-red: position open, dark-red: SL, bright-red: TP, purple: TP2
- Gray circles: position entry area | Yellow crosses: SL area
- Green line: Long TP1, Blue line: Long TP2 | Red Line: Short TP1, Purple line: Short TP2
- Grey lines: Round Numbers (customized via “Round Number up/down measure unit” input)
- Yellow labels at end of each week: end of week OVERALL total results
- Red colored background: power segment
- 3 tables: 1) INFO | STATS, 2) SPY Options Calculator, 3) Indicator Settings
If you decide to fully customize the indicator yourself, on the very top - under “PRESETS” select “MANUAL”! NOTE: If you select any of the pre-set presets, only GLOBAL settings can be changed, the rest of the settings will be “frozen” until you switch it to “MANUAL”!
- Global Settings are self-explanatory and mainly observational, show/hide, etc.
- Manual TP2 (Multi-Take-Profit) Settings:
>>>>> Include TP2 System? Turn on/off multi-profit system, with this unchecked, every trade will either end with SL or with TP1.
>>>>> TP2 System: NEAREST/FORMULA, NEAREST – after TP1 is taken > next TP2 will be a round number price target nearest to where TP1 was taken (sometimes it can be very near, sometimes further away…), FORMULA – 2nd round number price target will be optimally selected based on the distance behind and ahead of TP1 area. For TP2 – FORMULA would be the most logical choice as with multi-take-profit setting turned on – you’d want to ride it out as far as possible.
>>>>> TP1/TP2 division type: 1) Each price target (TP1, TP2) will be ½ of the position 2) TP1 will be 2/3 of the position and TP2 will be the remaining 1/3.
>>>>> TP2 hit type: “close” > candle has to close on top/crossing the price target line, “touch” > once candle touches the price target – you will be immediately alerted to take the partial profit (if you will use such setting – you will need to take the partial profits as soon as you receive the alert.
>>>>> TP1 > Back to Entry hit type: similar to TP2, “close” > candle close, “touch” > candle touch. Please note: this is a very tricky setting as if you use “close” option – your profitable trade may become a loss if a huge candle will close against your position eliminating your TP1 profit, however often the price will touch and cross the entry area to only bounce and continue with your position direction for even bigger profits… so experiment with the date range results to see what works best for your instrument/setting/strategy.
>>>>> TP2 count towards trades count: this can be a bit confusing, but it is simply how should TP2 be treated towards trades count. The indicator will show you Win Percentage and Win % is obtained from winning trades count divided by total trades count. While TP2 is not “a new trade”, it expands the profit of the trade. This is an experimental setting to count TP2 as the whole winning trade, ½ of a trade, or not count it at all.
- Manual Signals/TP1 Settings:
>>>>> TP1/TP2 offset: this one is really cool, with this feature you can hunt these conditions when the price comes very near the profit target area, but never touches it. With this setting turned on and with a good offset amount – you will be able to catch these for TP1 and TP2!
>>>>> TP1/TP2 offset amount: just what the title says, please be careful with this as this number varies significantly depending on the instrument you will be trading. Examples: 1) For SPY 0.1 would be $0.10 offset - if TP1 is $400 and price hits $399.90 > TP1 considered taken/signal shown/alert) | 2) For EURUSD, it is very different and if wrong will show TP1 immediately at position open, typical good offset for EURUSD is: 0.0005 | 3) For BTCUSD, 10 - $10 offset, if TP is $15,000 > $14,990, etc.
>>>>> Round Number up/down measure unit (in dollars $): this one is very important if you will be using “MANUAL” selection to build your own setup as it is very different for every instrument. For SPY, round numbers are single dollars or even half-dollar 50 cent numbers: 1 or 0.5 (350, 351, 352, etc. or 350.50, 351, 351.50, 352, etc.), while for Bitcoin (BTCUSD) a single unit ($1) is too small to be a round number as Bitoin moves much faster and wider every second and it would have to be at least 50 ($50) to make sense. Similar for FOREX (EUR/USD) a single 1 unit ($1) will be too big as EURUSD will never move a whole $1 in 15 minutes or even a day.. and would have to be something like 1.05500. You can easily determine if this number makes sense for your instrument by observing the grey Round Number lines which will correspond based on this setting. You can also visually observer if the price of the instrument appreciates these round numbers.
>>>>> Close Position Before Market Closes: just what the title says. Indicator will close the position 15 minutes before market closes (US session), update backtesting stats, alert you.
>>>>> Close Position Before Power Hour: 3PM – 4PM ET is the last hour of US trading session, where sudden move in any direction can happen with huge volatility, while sometimes nothing will happen at all… Many try to avoid it, so if you wish to avoid it as well - turn this on and it will alert you to close your positions 15 minutes before Power Hour starts, backtesting/stats will be adjusted accordingly.
>>>>> Skip OVERSIZED candles in signals: turn on this setting to skip signals, which happen to fall on big candles. This is basically a protection from huge volatility moves, which usually happen during financial news/events and if you are not a fan of these – you can set this option for indicator to not open anything based on the candle size.
>>>>> Color OVERSIZED candles: this will help you calibrate the size of the OVERSIZED candles if you decide to use this setting and overall visually see them.
>>>>> OVERSIZED candle size: OVERSIZED candle size must be input as it varies significantly. Please note: for each instrument – the size number is completely different, as for SPY: 2 would mean any candle bigger than $2 distance will be considered OVERSIZED, for Bitcoin it would have to be several hundred dollars, like 400-500. For FOREX, this would have to be a decimal, for EURUSD something like 0.0005. It’s best to experiment visually with this setting depending on the instrument you will be trading while setting up the size. To see a typical huge unusual candle – look up financial calendar for something like FOMC meeting, then measure the candle input it into this setting.
>>>>> OVERSIZED candle size calculation type: this is just more flexibility for your preference. If you wish to calculate the size of the candle based on the open/close – select “BODY”, if you wish to use high/low – select “STICKS (from tip to tip)”. Hard to say which one is better, so it is up to you to decide.
>>>>> Include EMA in signal formula: LONG signals will only be shown only if above EMA, SHORT if below EMA. EMA length is of course customizable in below.
>>>>> Skip opposite candle types in signals: signals where the candle color confirms the direction of the trade, but the candle type is opposite (like a green colored bearish hammer for example) will be avoided (such candles can be very uncertain/deceptive).
>>>>> Skip doji: signals where the signal candle is doji (uncertain) will be avoided.
>>>>> TP1 hit type/system: same thing as TP2 hit type/system.
>>>>> SL hit type/system: same as TP1 and TP2 types/systems.
>>>>> Intraday Session Signals Active Time in ET: time range during the day when indicator will show signals (open trades, alert you, etc.). This is specifically for intraday trading. You can turn it off completely by selecting a BLANK option.
>>>>> Intraday TP/SL Active Time in ET: same as above, but for taking profits/stop losses.
*** To add the alerts
-Right-click anywhere on the TradingView chart
-Click on Add alert
-Condition: Select this indicator by it’s name
-Alert name: Whatever you want
-Hit “Create”
-Note: If you change ANY Settings within the indicator – you must DELETE the current alert and create a new one per steps above, otherwise it will continue triggering alerts per old Settings!
If you wish to try this out for a week or so – please write me directly and I will give you access.
FOREX MASTER PATTERN Value Lines by nnamThe Forex Master Pattern is form of technical analysis that provides a framework for spotting hidden price patterns that reveal the true movement of the market. The Forex Master Pattern Value Lines Indicator helps to identify this Phase 1 contraction of the Forex Master Pattern cycle.
HOW THIS INDICATOR WORKS
This indicator looks for a sustained contraction in price initially indicated by TWO contraction bars in a row, thus detecting a contraction point and a potential new master pattern origin point.
Once a contraction point is detected, a blue box will appear on the chart with a thick solid blue line projecting from its center. These are potential "Points of Origin" and "Value Lines" that institutional traders use to balance their books.
As shown above, when price begins to move (detected by engulfing and/or expansion candles), an Arrow is plotted to the chart identifying a possible expansion.
As shown above, previous Value Lines typically serve as future support / resistance points, however, due to the unique location of these lines, they are not typically identified as support or resistance levels on standard S/R indicators.
Color Coded Candles assist the user in quickly identifying contraction and expansion areas as well as trends away from the value-line. The expansion candles, Up/Down candles, and contraction BARS are all inspired by the STRAT (Rob Smith) and are specifically incorporated into this indicator to assist the user in finding potential reversals during the expansion phase. This helps to avoid the whiplash typically associated with the first phase of Forex Master Pattern.
USER DEFINED SETTINGS
- Line Settings Section -
#Max Lines to Show
This limits or extends the total number of lines shown on the chart. The Default is 12 (minimum is 1, maximum is 499).
#Show Lines on Chart
This setting turns all lines ON or OFF on the chart
#Show Value-Lines on Chart
This setting turns the Value Lines ON or OFF on the chart
#Set Value-Line Width
This setting sets the width of the value-line displayed on the chart
#Only show last value-line on the chart
This setting removes all but the most recent value-line from the chart
- Box Settings Section -
#Show Last Box Only
This setting turns OFF all previous boxes and only shows the most recent contraction box on the chart
- Expansion Area Settings Section -
#Show Expansion Area
This setting turns ON or OFF the expansion area fill
#Show Expansion Guidelines on Chart
This setting turns ON or OFF the guidelines that show the current direction of the price via an extended line.
- Candle Colors Section -
#Color Code the Candles
This setting turns on Color Coding for the Candles which changes the colors of each candle type:
1. Contraction Candle
2. Expansion Candle
3. Up Candle
4. Down Candle
5. Engulfing Candles (engulfing candles override other candle settings if turned ON)
- Engulfing Patterns Section -
#Show Engulfing Patterns
This setting turns ON or OFF engulfing candle plots globally
#Show Bullish Engulfing Candles
This setting allows the user to turn Bullish Engulfing signals ON or OFF
#Show Bearish Engulfing Candles
This setting allows the user to turn Bearish Engulfing signals ON or OFF
I hope you enjoy this indicator and that it provides some value. Please reach out to me with any suggestions or need training on the indicator.
