Hello everyone, here is a short video on how to use the indicator Historical Pattern Matcher . In this video, we went through the indicator components and settings in detail. All the information are also available on the script page. Please go through and let me know if you have further questions.
Here is an explanation on the Bullish and Bearish Hidden Divergence concepts
Rules are as follows:
Bullish Hidden Divergence
Happens only in uptrend
Observed on pivot lows
Price makes higher low, whereas indicator makes lower low due to price consolidation. In bullish trend, this is considered as bullish as the price gets a breather and get ready to...
Here is a graphical representation of the simple concept of bullish and bearish divergences.
Rules are pretty clear
Happens only in uptrend
Observed on pivot Highs
Price makes higher high whereas oscillator makes lower high, indicating weakness and possible reversal
Happens only in downtrend
I do not do manual analysis on anything. Instead, I develop methods to do the analysis. This way, we can be free from bias, and we measure things objectively.
Having said that, purely statistics based analysis does not take into consideration recent news events and other economical or political impacts on the company.
I developed this method to measure the...
Here is a short walkthrough on our latest indicator cum screener - Auto Harmonic Pattern Screener. In this video we talk about few things.
Auto Harmonic Pattern Screener and how to use it
Different settings and Chart components
Differences between Auto Harmonic Pattern UltimateX and Screener and how to use them together to find patterns...
There is a strong bias about chart patterns and their interpretation in the technical analysis space. It is a very common belief that a rising wedge forms bearish sentiment and a falling wedge forms bullish sentiment. Is that really true and how much we can rely on such bias?
In order to understand this, we need to dig a little bit about how such concepts could...
In this video, we discussed briefly about
Different Reversal Chart Patterns
Zigzag and Patterns Ecosystem of Libraries and Indicators developed in Pinescropt
Recursive Reversal Chart Pattern Indicator
Adding the snapshot for reference
Link to the Indicator:
Search for Zigzag and Pattern Ecosystem libraries and indicators in my...
Following are the things we discussed
🎲 Minimal Components of Auto Trading System:
Source where signals are generated
Exchange/Broker where orders are placed
Integration component which bridges both
🎲 In this example
Source - is our tradingview system and a sample script which generate alerts. Do not use this script for trading...
Pitchfork is drawn when price forms ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for support and resistance.
There are many methods of drawing pitchfork. In all cases, a line joining BC will make the base of pitchfork and fork lines are drawn from different points of the base. All the fork lines will be...
In this video, I have demonstrated how to create a simple web-hook which can send your Tradingview alerts to Telegram channel or group for zero cost.
⬜ Tools Used
▶ Telegram Messenger
▶ Replit - Cloud platform for hosting small programs
▶ Postman - To test web-hooks before going live (Optional)
▶ Cronjob - To set health-check and keep...
In this video we have discussed following things.
Scatter plot and implementation in Pine using heat map representation on tables.
Different quadrants and what it means.
RSI use case implemented in the indicator - RSI Impact Heat Map
How to use different settings and how to interpret the derived output.
General belief is when RSI...
In this video, we will try to go through revised implementation of Tradingview-Telegram-Bot which can be used to send alert messages from tradingview to telegram along with current chart snapshot.
Initial version of the same idea are as below:
I saw a post in twitter which marked a particular converging triangle on BTCUSDT chart on 4H timeframe (As shown below) and implying more bearishness ahead. But, is it really correct analysis?
Risk of drawing patterns manually is that we can fit any pattern to price action based on our bias. To overcome this, we need to follow a standard method to draw...
In this video, we explore how to draw trend lines in more subjective and algorithmic way.
Problem with drawing trend lines manually are
Subjective and may be influenced by personal factors
Easy to fit on historical data based on our biases.
Chances of overfitting to confirm our biases/ideas.
We can avoid these drawbacks by using an...
Been thinking of building an algorithm for Wyckoff distribution detection. But, for now, just expressing my thoughts via this idea.
While zigzag can be basic building block, using modified channels may help further in avoiding fakeouts. In this example, we can also see that OBV and RSI has divergence. Let's see if this results in a fakeout or continue to...
Here is a short video on how to use Auto-Harmonic-Pattern-Backtester-Trendoscope for building strategies using harmonic patterns.
CAUTION: THIS IS NOT A STRATEGY AND SHOULD NOT BE FOLLOWED BLINDLY. WE ENCOURAGE USERS TO UTILISE THIS AS BACKTESTING TOOL FOR BUILDING THEIR STRATEGY BASED ON HARMONIC PATTERNS
Notes about Strategy Properties
Harmonic Pattern as system is known for finding possible reversal zones and hence assist in swing trading. But, most effective way of using harmonic patterns is in trend following. This can yield really amazing results when played with proper risk management.
In trending market
Established trend followed by pattern