Opening Range with Breakouts & Targets [LuxAlgo]Opening Range with Breakouts & Targets is based on the long-standing Opening Range Breakout strategy popularized by traders such as Toby Crabel and Mark Fisher.
This indicator measures and displays the price range created from the first period within a new trading session, along with price breakouts from that range and targets associated with the range width.
🔶 USAGE
The Opening Range (OR) can be a powerful tool for making a clear distinction between ranging and trending trading days. Using a rigid structure for drawing a range, provides a consistent basis to make judgments and comparisons that will better assist the user in determining a hypothesis for the day's price action.
NOTE: During a suspected "Range Day", the Opening Range can be used for reversion strategies, typically targeting the opposite extreme of the range or the mean of the range. However, more commonly the Opening Range is used for breakouts on suspected "Trend Days", targeting further upward or downward market movement.
The common Opening Range Breakout Strategy (ORB) outlines a structure to enter and exit positions based on rigid points determined by the Opening Range. This methodology can be adjusted based on markets or trading styles.
Determine Opening Range High & Low: These are the high and low price within a chosen period of time after the market opens. This can be customized to the user's trading style and preference. Common Ranges are from 5-60 mins.
Watch for a Breakout with Volume: A Breakout occurs when price crosses the OR High (ORH) or OR Low (ORL), an increase in volume is typically desired when witnessing these breakouts to confirm a stronger movement.
Manage Risk: Based on user preference and the appropriately determined amount of risk, multiple ways can be determined to manage risk by using Opening Range.
For Example: A stop-loss could be set at OR Mean (ORM) or the opposite side of the range, while a profit target could optionally be set at the first price target generated by the script.
Alternatively, a user might want to use a Moving Average (MA) as an adaptive stop-loss and use price targets to scale out. These are just 2 examples of the possible options, both capable with this tool.
🔹 Signals
Signals will fire based on the break of the opening range, this is indicated by arrows above and below the range boundaries.
Optionally, a bias can be added to these signals to aid in mitigating false signals by using a directional filter based on the current day's OR relative to the previous day's OR.
Regardless of the signal bias being enabled, the Opening Range Zone will always be colored directionally according to this.
If the current day's OR is above the previous day's OR, the Zone will be Green.
If the current day's OR is below the previous day's OR, the Zone will be Red.
By enabling the signal bias, signals in the opposite direction of the daily bias will fire on the cross of the first target in that direction.
🔹 Targets
In this indicator, targets are not limited and will generate infinitely based on a % width of the Opening Range.
Additionally, there are 2 display methods for these targets.
Extended: Extends the targets to the current bar and displays all targets that have been crossed so far within the session.
Adaptive: Extends only the 2 closest targets surrounding price, allowing for a display consisting of fewer lines at one time.
🔶 DETAILS
🔹 Historical Display
This indicator can be utilized in multiple ways, for use in real-time, and for historical analysis to form methods. Because of this, the indicator has an option to display only the current day's data or the entire historical data. This can also help clean up the chart when it is in use.
🔹 Time Period
The specific time period to create the opening range is entirely up to each user's preference, by default it is set to 30 mins; however, this time period can be edited with full control if desired.
Simply toggle on the "Custom Range" and input a range of time to create the range.
🔹 Session Moving Average
The Session Moving Average is a common Moving Average, which resets at the beginning of a new session. This allows for an unbiased MA that was created entirely from the current session's price action.
Note: The start of the session is determined by the start of the Opening Range if using a custom range of time.
🔶 SETTINGS
Show Historical Data: Choose to display only the current session's data or the full history of data.
Opening Range Time Period: Select the time period to form the opening range from. This operates on Session Start, so it will change with the chart.
Custom Range: Opt for a custom Range by enabling this and inputting your range times as well as your needed timezone.
Breakout Signal Bias: Select if the Breakout Signals will use a Daily Directional Bias for firing.
Target % of Range: Sets the % of the Range width that will be used as an increment for the Targets to display in.
Target Cross Source: Choose to use the Close price or High/Low price as the crossing level for Target displays. When this source crosses a target it will generate more targets.
Target Display: Choose which style of display to use for targets.
Session Moving Average: Optionally enable a Moving average of your choice that resets at the beginning of each session (start of opening range).
Индикаторы и стратегии
Enhanced High-Low Difference IndicatorEnhanced High-Low Difference Indicator
The "Enhanced High-Low Difference Indicator" is a powerful tool that highlights market volatility by tracking the difference between the high and low prices of a bar. Key features include:
Customizable Threshold: Set your own threshold for the high-low difference to filter out minor fluctuations.
Visual Highlights: Bars that exceed the threshold are highlighted with customizable color and opacity settings for easy identification.
Optional Labels: Display the exact high-low difference on the bars when the threshold is exceeded, with fully customizable label color and size.
High-Low Difference Line: Optionally plot a line that tracks the high-low difference of each bar for visual reference.
Alerts: Receive real-time alerts when the high-low difference exceeds your specified threshold.
Threshold Reference Line: Plot the threshold value as a horizontal reference line on the chart.
This indicator is ideal for traders looking to identify volatility spikes and make informed trading decisions based on price action.
Candle Closing Strength Indicator (CCS)This indicator measures and displays the closing strength of each candle relative to its range.
It assigns a value from 0 to 100, where
- 0 indicates a close at the candle's low,
- 100 indicates a close at the high, and
- 50 represents a close at the midpoint.
The strength is shown as a number on each candle, color-coded green for values 50 and above (bullish) and red for values below 50 (bearish). This visual representation helps traders quickly assess the strength and direction of price movements across different timeframes.
This is only the price action strength. Further strength can be verified with volume.
Supertrend Crosses_AITSupertrend Crosser
Overview:
The "Supertrend Crosses" indicator is a technical analysis tool that combines two Supertrend lines with different parameters to generate buy and sell signals based on their crossovers. The indicator uses color coding to visualize the market trend and provides alerts for potential trade entries.
1. Settings and Inputs:
Supertrend A:
Factor: Multiplier for the ATR (Average True Range), which determines the sensitivity of Supertrend A.
ATR Period: Number of periods used to calculate the ATR for Supertrend A.
Supertrend B:
Factor: Multiplier for the ATR, which determines the sensitivity of Supertrend B.
ATR Period: Number of periods used to calculate the ATR for Supertrend B.
2. Indicator Components:
Supertrend A:
Plotted on the chart using dynamic coloring:
Green when Supertrend A is above Supertrend B.
Red when Supertrend A is below Supertrend B.
Supertrend B:
Plotted on the chart in white color to provide a visual reference for the crossover signals.
3. Crossover Signals:
Long Signal:
Triggered when Supertrend A crosses above Supertrend B.
A yellow upward triangle ("L") is displayed on the chart below the price bar.
Short Signal:
Triggered when Supertrend A crosses below Supertrend B.
A fuchsia downward triangle ("S") is displayed on the chart above the price bar.
4. How to Use the Indicator:
Identifying Trend Changes:
When Supertrend A crosses above Supertrend B, it indicates a potential upward trend, generating a buy signal.
Conversely, when Supertrend A crosses below Supertrend B, it suggests a potential downward trend, generating a sell signal.
Signal Visualization:
Yellow "L" markers indicate long entry points (buy signals).
Fuchsia "S" markers indicate short entry points (sell signals).
Alerts:
The indicator is equipped with alert conditions for both long and short signals. Users can set up alerts in TradingView to receive notifications when these signals occur.
5. Customization:
Supertrend Parameters:
The factors and ATR periods for Supertrend A and B can be adjusted in the settings to fit different market conditions and trading strategies.
Show Signals Option:
The user can toggle the display of the buy and sell signals on the chart through the "Show Signals?" checkbox in the settings.
6. Visual Representation:
Lines:
Supertrend A: Plotted with dynamic coloring based on its relation to Supertrend B.
Supertrend B: Plotted in white for a clear reference.
Markers:
"L" (yellow) for long signals and "S" (fuchsia) for short signals are plotted on the chart at the point of crossover.
7. Alerts Setup:
Buy Signal Alert: Alerts the user when Supertrend A crosses above Supertrend B.
Sell Signal Alert: Alerts the user when Supertrend A crosses below Supertrend B.
8. Advantages:
Simple and Effective: This indicator simplifies trend identification by using crossovers of two Supertrend lines.
Customizable: The indicator's parameters can be tailored to suit different trading styles and asset classes.
Alerts: Provides alert functionality to ensure traders do not miss trading opportunities.
9. Usage Tips:
Combine with Other Indicators: For more reliable signals, consider using this indicator in conjunction with other technical analysis tools like RSI, MACD, or support and resistance levels.
Risk Management: Always use appropriate risk management techniques, such as stop-loss orders, to protect your capital.
The "Supertrend Crosses" indicator offers a straightforward approach to identifying potential trend reversals and trade entries using the crossover of two Supertrend lines. It provides clear visual signals and alert notifications, making it a valuable tool for traders looking to incorporate trend-following strategies.
Merged Conditional Horizontal Lines with TogglesThe ranges that have blue highs & orange lows have been broken out of & may get re-tested as "support".
Prefer this candle range to be an expansion with neutral wicks.
The ranges that have red highs and green lows have generated interest (inside-bars) in the market, where the first end will get turtle souped and the second will be the draw on liquidity.
Prefer this candle range has long wick(s).
This patch allows you to toggle either range off.
Options Series - P_SAR And Supertrend
The provided PineScript combines two well-known indicators—Parabolic SAR (P_SAR) and Supertrend—to create a comprehensive trading tool. Here are some powerful insights and the importance of this script:
⭐ 1. Supertrend Indicator:
What it does: The Supertrend indicator is based on the Average True Range (ATR) and is used to identify trend direction. When the price is above the Supertrend line, it suggests an uptrend, and when below, a downtrend.
Insights:
Trend Following: By adjusting the ATR length (atrPeriod) and the multiplier (factor), you can fine-tune the sensitivity of the Supertrend. A smaller ATR or factor results in more frequent trend changes, whereas larger values make the indicator more robust but slower to react.
Trend Visualization: The script highlights trends with the help of green and red lines, offering a clear visual cue for traders. The uptrend is filled with a translucent green and the downtrend with red, allowing quick identification of market momentum.
⭐ 2. Parabolic SAR (P_SAR):
What it does: The Parabolic SAR is a time/price-based indicator that helps identify potential reversals in the market. The dots (SAR) follow the price and move closer to it as the trend progresses.
Insights:
Trailing Stops: This is commonly used by traders to trail stop losses, as the SAR moves closer to price as the trend strengthens.
Combining with Supertrend: The SAR dots in this script act as an additional confirmation for trend direction. For instance, when the price is above both the SAR and Supertrend, it strongly suggests an uptrend.
⭐ 3. Bar Coloring Based on Trend Confirmation:
What it does: The script calculates conditions based on whether the price is above or below both the Supertrend and SAR values.
Insights:
Bullish/Bearish Confirmation: The combination of these two indicators provides a stronger confirmation of trend direction compared to using either one alone. For example:
Green Bars: If the price is above both the Supertrend and SAR, it signals a strong uptrend (bullish).
Red Bars: If the price is below both, it suggests a strong downtrend (bearish).
Visual Alerts: The candle colors are adjusted based on these conditions, providing a quick visual alert for traders to take action.
⭐ 4. Importance of Using Both Supertrend and P_SAR:
Multiple Confirmations: Combining the Supertrend and Parabolic SAR increases the accuracy of trend-following strategies. Each indicator has its strengths: Supertrend is good for identifying the overall trend, while the SAR excels at identifying potential reversals.
Risk Management: This script can help you not only identify trends but also manage your positions more effectively. The Parabolic SAR, for example, can serve as a dynamic stop-loss level, while the Supertrend can help you stay in trades longer by smoothing out noise in the market.
⭐ 5. Customizable Inputs:
Adaptability: The user can adjust the ATR period, factor, start, increment, and maximum values, tailoring the script to different market conditions and timeframes. This flexibility is essential, as each asset class or market may require different parameter settings.
⭐ 6. Practical Application in Trading:
Entry and Exit Signals: The script can be used to generate entry and exit signals. For instance:
Buy Signal: When the bar turns green (price is above Supertrend and SAR), it could be a signal to go long.
Sell Signal: When the bar turns red (price is below Supertrend and SAR), it could be a signal to go short or exit a long position.
Stop-Loss Placement: The Parabolic SAR dots can act as trailing stop-loss levels, helping traders lock in profits as trends progress.
Trend Continuation vs. Reversal: The Supertrend provides a broader view of the trend, while the Parabolic SAR provides pinpoint entry/exit signals for reversals.
🚀 Conclusion:
This script is a robust combination of trend-following and reversal indicators, making it a versatile tool for traders. The dual confirmation from Supertrend and Parabolic SAR reduces false signals, and the color-coded bars provide quick insights into market conditions. When used properly, this can greatly improve your ability to catch trends early, exit at the right moment, and manage risk effectively.
Multi-Sector Trend AnalysisThis script, titled "Multi-Sector Trend Analysis: Track Sector Momentum and Trends," is designed to assist traders and investors in monitoring multiple sectors of the stock market simultaneously. It leverages technical analysis by incorporating trend detection and momentum indicators like moving averages and the Relative Strength Index (RSI) to offer insights into the price action of various market sectors.
Core Features:
1. Sector-Based Analysis: The script covers 20 major sectors from the NSE (National Stock Exchange) such as Auto, Banking, Energy, FMCG, IT, Pharma, and others. Users can customize which sectors they wish to analyze using the available input fields.
Technical Indicators: The script uses two core technical indicators to detect trends and momentum:
2. Moving Averages: The script calculates both fast and slow exponential moving averages (EMAs). These are critical for identifying short- and long-term price trends and crossovers, helping detect shifts in momentum.
3. Relative Strength Index (RSI): A well-known momentum indicator that shows whether a stock is overbought or oversold. This script uses a 14-period RSI to gauge the strength of each sector.
4. Trend Detection: The script identifies whether the current market trend is "Up" or "Down" based on the relationship between the fast and slow EMAs (i.e., whether the fast EMA is above or below the slow EMA). It highlights this trend visually in a table format, allowing quick and easy trend recognition.
5. Gain/Loss Tracking: This feature calculates the percentage gain or loss since the last EMA crossover (a key point in trend change), giving users a sense of how much the price has moved since the trend shifted.
6. Customizable Table for Display: The script displays the analyzed data in a table format, where users can view each sector's:
Symbol
Trend (Up or Down)
RSI Value
Gain/Loss Since the Last EMA Crossover
This table is customizable in terms of size and color theme (dark or light), providing flexibility in presentation for different charting styles.
How It Works:
Sector Selection: Users can input up to 20 different sector symbols for analysis.
Moving Averages: Users can define the period lengths for both the fast and slow EMAs to suit their trading strategies.
Table Options: Choose between different table sizes and opt for a dark theme to enhance the visual appearance on charts.
How to Use:
Select the symbols (sectors) that you want to track. The script includes pre-configured symbols for major sectors on the NSE, but you can modify these to suit your needs.
Adjust the fast and slow EMA lengths to your preference. A common setting would be 3 for the fast EMA and 4 for the slow EMA, but more conservative traders might opt for higher values.
Customize the table size and theme based on your preference, whether you want a compact table or a larger one for easier readability.
Why Use This Script:
This script is ideal for traders looking to:
Monitor multiple market sectors simultaneously.
Identify key trends across sectors quickly.
Understand momentum and detect potential reversals through RSI and EMA crossovers.
Stay informed on sector performance using a clear visual table that tracks gains or losses.
By using this script, traders can gain better insights into sector-based trading strategies, improve their sector rotation tactics, and stay informed about the broader market environment. It provides a powerful yet easy-to-use tool for both beginner and advanced traders.
Indicator 10**Indicator 10** is a sophisticated technical analysis tool designed for use on trading platforms that support Pine Script (version 5). This indicator is primarily focused on analyzing price movements over different timeframes, incorporating elements of ZigZag analysis, Fibonacci levels, and historical price range calculations. Below is a detailed description of its features and functionalities:
#### Key Features:
1. **Input Variables:**
- **Year_calc:** Specifies the number of years to consider for historical price range calculations.
- **Size_fibo:** Defines the size of the Fibonacci levels in points.
- **Dig:** Represents the minimum tick size for the instrument being analyzed.
- **ZigZag Parameters:**
- **Period (zigzag_len):** The length of the ZigZag indicator.
- **Depth (zigzag_depth):** The depth percentage for the ZigZag indicator.
- **Display Count (zigzag_hist):** The number of ZigZag points to display.
- **Font Size (font_size):** The size of the font used for labels.
2. **Historical Price Range Calculation:**
- The indicator calculates the average weekly and monthly price ranges over the specified number of years (`Year_calc`).
- These ranges are used to adjust the Fibonacci levels dynamically based on historical volatility.
3. **ZigZag Analysis:**
- The indicator employs a custom ZigZag function to identify significant price swings on different timeframes (H4, D1, W1).
- The ZigZag points are stored in arrays, allowing for the visualization of recent price swings.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges (`W1_Val`, `MN1_Val`, `D1_Val`).
- These adjusted levels are used to draw support and resistance lines on the chart.
5. **Visualization:**
- The indicator draws lines and labels on the chart to represent the ZigZag points and adjusted Fibonacci levels.
- Different colors are used to distinguish between upward and downward trends.
6. **Dynamic Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### How It Works:
1. **Initialization:**
- The indicator initializes variables for storing historical price ranges and ZigZag points.
- It sets the start date for historical calculations based on the current year minus the specified number of years (`Year_calc`).
2. **Historical Data Retrieval:**
- The indicator retrieves weekly and monthly high and low prices for the specified period.
- It calculates the total price range and the average range for each timeframe.
3. **ZigZag Calculation:**
- The custom ZigZag function identifies local highs and lows based on the specified period and depth.
- These points are stored in arrays for later visualization.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges and the specified Fibonacci size.
- These adjusted levels are used to draw lines on the chart.
5. **Visualization:**
- The indicator draws lines connecting ZigZag points and labels indicating the direction of the trend.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
6. **Continuous Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### Conclusion:
**Indicator 10** is a powerful tool for traders who rely on historical price analysis, ZigZag patterns, and Fibonacci levels to make trading decisions. Its dynamic and adaptive nature ensures that the chart remains relevant and useful, providing traders with a clear view of recent price movements and potential support/resistance levels.
Supertrend Scanner on ChartThis Indicator is Used to scan 10 stock on chart.
Supertrend is widely used indicator on tradingview. So we have used the originals indicator codes of supertrend by tradingview here. Background color has been changed as per supertrend trrend.
Problem : Sometime trader wants to track multiple stocks supertrend at a time. Mostly those stock are of same sector. To track all the stocks of same sector in one chart , trader has to open multiple charts for that.
Solution : This indicator pointout where other stocks has changed the trend. Like if you see "SBIN" written in GEREEN at bottom of the candle , that means on that particular candle SBIN supertrend has changed to positive. Similarly if you see "KOTAK" written in RED at top of the candle the means supertrend has changed to Negative on that particular candle. Its so easy to trace 10 stock on same chart which stocks labelling.
How to use :
When you trade on any index , then apply all the index constituents stock on this indicator. When Index changes the trend and that change in trend is confirmed by other constituents ( like 7/10 confirmed ) then that is confirmed trend. If all the constituents are on same direction than that's the confirmed trend.
Disclamer : This indicator is for education purpose , for any profit or loss , we are not responsible. Trade on your own risk.
Power MarketPower Market Indicator
Description: The Power Market Indicator is designed to help traders assess market strength and make informed decisions for entering and exiting positions. This innovative indicator provides a comprehensive view of the evolution of Simple Moving Averages (SMA) over different periods and offers a clear measure of market strength through a total score.
Key Features:
Multi-Period SMA Analysis:
Calculates Simple Moving Averages (SMA) for 10 different periods ranging from 10 to 100.
Provides detailed analysis by comparing the current closing price with these SMAs.
Market Strength Measurement:
Assesses market strength by calculating a total score based on the relationship between the closing price and the SMAs.
The total score is displayed as a histogram with distinct colors for positive and negative values.
Smoothed Curve for Better View:
A smoothing of the total score is applied using a 5-period Simple Moving Average to represent the overall trend more smoothly.
Dynamic Information Table:
Real-time display of the maximum and minimum values among the SMAs, as well as the difference between these values, providing valuable insights into the variability of moving averages.
Visual Reference Lines:
Horizontal lines at zero, +50, and -50 for easy evaluation of key score levels.
How to Use the Indicator:
Position Entries: Use high positive scores to identify buying opportunities when market strength is strong.
Position Exits: Negative scores may signal market weakness, allowing you to exit positions or wait for a better opportunity.
Data Analysis: The table helps you understand the variability of SMAs, offering additional context for your trading decisions.
This powerful tool provides an in-depth view of market dynamics and helps you navigate your trading strategies with greater confidence. Embrace the Power Market Indicator and optimize your trading decisions today!
Connors RSI with Down GapThe Connors RSI with Down Gap indicator is a technical tool designed to support Larry Connors' Terror Gap Strategy, which is part of his broader framework outlined in the book "Buy the Fear, Sell the Greed: 7 Behavioral Quant Strategies for Traders." This specific indicator integrates the ConnorsRSI calculation with a focus on detecting down gaps in price, providing insights into moments when panic selling may occur.
The ConnorsRSI
ConnorsRSI is a composite indicator developed by Larry Connors that combines three core components:
RSI: A short-term relative strength index measuring the speed and magnitude of price changes.
Streak RSI: Tracks consecutive up or down closes to assess momentum.
Percent Rank: Evaluates how the current close ranks in relation to past prices.
When combined, these three elements provide a nuanced view of short-term overbought or oversold conditions. ConnorsRSI readings below a certain threshold (commonly 30 or lower) suggest that the asset has been heavily sold, indicating potential exhaustion of selling pressure.
Behavioral Finance Insights
The Terror Gap Strategy is grounded in principles from behavioral finance, which studies how psychological factors affect market participants' decision-making. Specifically, the indicator exploits the fear and irrational behavior that often arise when traders face persistent losses, especially after a down gap. According to behavioral finance theories like prospect theory (Kahneman & Tversky, 1979), people tend to overreact to losses, leading to panic selling. This creates opportunities for contrarian traders who understand the psychology behind these market movements.
The ConnorsRSI with Down Gap indicator works because it identifies:
Overextended selling through the ConnorsRSI, where persistent price declines result in low RSI values (indicating panic).
Gap down days, where the opening price is below the previous day’s close, typically amplifying the sense of loss and fear for traders already in losing positions.
Why This Indicator Works
The psychology of losses makes traders more prone to selling during periods of fear, especially when confronted with a gap down after sustained price declines. This indicator, by combining ConnorsRSI with down gaps, offers a quantitative way to spot these moments of panic. Traders can take advantage of these signals to enter positions when the market is in a state of fear, often when there is potential for a reversion to the mean.
Indicator Mechanics
In the current implementation:
The ConnorsRSI is calculated using three components: a short-term RSI, streak RSI, and percent rank.
When the ConnorsRSI drops below a user-defined lower threshold, the indicator highlights oversold conditions.
If there is a down gap (open price lower than the previous close) and the ConnorsRSI is below the threshold, a label is displayed, signaling a potential opportunity to buy.
Practical Use and Application
For traders looking to implement the Terror Gap Strategy, this indicator provides a clear visual cue (via background coloring and labels) when conditions are ripe for a contrarian trade. It can be particularly useful for traders who thrive on taking advantage of fear-driven sell-offs.
However, to fully understand and apply this strategy effectively, it is recommended to purchase Larry Connors' book "Buy the Fear, Sell the Greed." The book provides detailed explanations of how to execute the strategy with precision, including insights into exit conditions, scaling into positions, and managing risk.
Conclusion
The ConnorsRSI with Down Gap indicator combines quantitative analysis with behavioral finance principles to exploit fear-driven market behavior. By utilizing this tool within a disciplined trading strategy, traders can potentially profit from temporary market inefficiencies caused by panic selling.
References
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
Connors, L. (2013). Buy the Fear, Sell the Greed: 7 Behavioral Quant Strategies for Traders.
This indicator can be a valuable asset, but understanding its proper use within a broader strategy framework is essential. Purchasing Connors' book is a recommended step toward mastering the approach.
Options Series - MTF 1 and 3 Minute
Objective:
The indicator is named "Options Series - MTF 1 and 3 Minute", suggesting it's designed to analyze options series with multiple time frames (MTF), particularly focusing on 1-minute and 3-minute intervals.
OHLC Values Of Candle:
The code fetches the Open, High, Low, and Close (OHLC) values of the current candle for the specified ticker and timeframes (current, 1 minute, and 3 minutes). Additionally, it calculates the 200-period Simple Moving Average (SMA) of the closing prices for each timeframe.
Bull vs. Bear Condition:
It defines conditions for Bullish and Bearish scenarios based on comparing the current close price with the previous 200-period SMA close price for both 1-minute and 3-minute timeframes. If the current close price is higher than the previous 200-period SMA close price, it's considered Bullish, and if it's lower, it's considered Bearish.
Final Color Condition and Plot:
It determines the color of the candlestick based on the Bullish or Bearish condition. If the conditions for a Bullish scenario are met, the candlestick color is set to green (GreenColorCandle). If the conditions for a Bearish scenario are met, the candlestick color is set to red (RedColorCandle). If neither condition is met (i.e., the candle is neither Bullish nor Bearish), the color remains gray.
The code then plots the 200-period SMA values for both 1-minute and 3-minute timeframes and colors them based on the candlestick color. It also colors the bars based on the candlestick color.
Insights:
This indicator focuses on comparing current close prices with the 200-period SMA close prices to determine market sentiment (Bullish or Bearish).
It utilizes multiple time frames (1 minute and 3 minutes) to provide a broader perspective on market movements.
The color-coded candlesticks and bars make it visually easy to identify Bullish and Bearish trends.
This indicator can be used as part trading based on the identified market sentiment.
The Vet [TFO]In collaboration with @mickey1984 , "The Vet" was created to showcase various statistical measures of price.
The first core measurement utilizes the Defining Range (DR) concept on a weekly basis. For example, we might track the session from 09:30-10:30 on Mondays to get the DR high, DR low, IDR high, and IDR low. The DR high and low are the highest high and lowest low of the session, respectively, whereas the IDR high and low would be the highest candle body level (open or close) and lowest candle body level, respectively, during this window of time.
From this data, we use the IDR range (from IDR high to IDR low) to extrapolate several, custom projections of this range from its high and low so that we can collect data on how often these levels are hit, from the close of one DR session to the open of the next one.
This information is displayed in the Range Projection Table with a few main columns of information:
- The leftmost column indicates each level that is projected from the IDR range, where (+) indicates a projection above the range high, and (-) indicates a projection below the range low
- The "First Touch" column indicates how often price has reached these levels in the past at any point until the next weekly DR session
- The "Other Side Touch" column indicates how often price has reached a given level, then reversed to hit the opposing level of the same magnitude. For example, the above chart shows that if price hit the +1 projection, ~33% of instances also hit the -1 projection before the next weekly DR session. For this reason, the probabilities will be the same for projection levels of the same but opposite magnitude (+1 would be the same as -1, +3 would be the same as -3, etc.)
- The "Next Level Touch" column provides insight into how often price reaches the next greatest projection level. For example, in the above chart, the red box in the projection table is highlighting that once price hits the -2 projection, ~86% of instances reached the -3 projection before the next weekly DR session
- The last columns, "Within ADR" and "Within AWR" show if any of the projection levels are within the current Average Daily Range, or Average Weekly Range, respectively, which can both be enabled from the Average Range section
The next section, Distributions, primarily measures and displays the average price movements from specified intraday time windows. The option to Show Distribution Boxes will overlay a box showing each respective session's average range, while adjusting itself to encapsulate the price action of that session until the average range is met/exceeded. Users can choose to display the range average by Day of Week, or the Total average from all days. Values for average ranges can either be shown as point or percent values. We can also show a table to display this information about price's average ranges for each given session, and show labels displaying the current range vs its average.
The final section, Average Range, simply offers the ability to plot the Average Daily Range (ADR) and Average Weekly Range (AWR) of a specified length. An ADR of 10 for example would take the average of the last 10 days, from high to low, while an AWR of 10 would take the average of the last 10 weeks (if the current chart provides enough data to support this). Similarly, we can also show the Average Range Table to indicate what these ADR/AWR values are, what our current range is and how it compares to those values, as well as some simple statistics on how often these levels are hit. As an example, "Hit +/- ADR: 40%/35%" in this table would indicate that price has hit the upper ADR limit 40% of the time, and the lower limit 35% of the time, for the amount of data available on the current chart.
Trend Fusion: ADX&EMA+Ichimoku (Custom)SAME AS THE ORIGINAL (WITHOUT BOTTOM PART)
Trend Fusion: ADX & EMA+Ichimoku is an innovative indicator designed to provide traders with comprehensive insights into market trends. Combining the power of the Average Directional Index (ADX) with Exponential Moving Averages (EMA) and the Ichimoku Cloud, this indicator offers a sophisticated approach to trend analysis.
This indicator stands out for its unique integration of multiple trend-following indicators, offering traders a holistic view of market dynamics. Unlike traditional trend indicators that focus solely on price movements, Trend Fusion incorporates the ADX, EMA, and Ichimoku Cloud to provide a more nuanced understanding of trend strength and direction. By combining these indicators, traders can make more informed decisions and enhance their trading strategies.
How it works:
Trend Fusion generates buy and sell signals based on the convergence of these indicators. A combination of strong ADX readings, EMA crossovers, and alignment with the Ichimoku Cloud confirms trend direction and provides entry and exit points for traders.
Average Directional Index (ADX): Measures the strength of the prevailing trend by analyzing price movements. A rising ADX indicates a strengthening trend, while a falling ADX suggests weakening momentum.
Exponential Moving Averages (EMA): Detects potential trend reversals through crossover signals. A bullish crossover (fast EMA crossing above slow EMA) suggests an uptrend, while a bearish crossover indicates a downtrend.
Ichimoku Cloud: Provides support and resistance levels along with trend direction. Price movements above the cloud indicate bullish sentiment, while movements below the cloud suggest bearish sentiment.
How to useColour codes:
Green Candles: Represent a strong uptrend, indicating robust buying momentum. The intensity of green color deepens with increasing trend strength.
Red Candles: Indicate a strong downtrend, signaling significant selling pressure in the market. The intensity of red color deepens with increasing trend strength.
Yellow Candles: Suggest a weak trend, characterized by indecision and lack of clear direction. The intensity of yellow color varies based on the strength of the trend, with lighter shades indicating weaker trends and darker shades suggesting slightly stronger trends.
Trend Strength: Monitor the ADX to gauge the strength of the prevailing trend. Higher ADX values indicate stronger trends, while lower values suggest weaker trends.
Trend Direction: Confirm trend direction using EMA crossovers and Ichimoku Cloud signals. Look for bullish crossovers and price movements above the cloud for uptrends, and bearish crossovers and movements below the cloud for downtrends.
Entry and Exit Signals: Enter trades when all components align, signaling a strong trend. Use EMA crossovers and cloud confirmations to identify potential entry points, and consider exiting trades when these signals reverse.
The ADX calculation and signal logic are based on the ADX script by PineCoders, with modifications to integrate it into this indicator.
The EMA crossover logic is adapted from the GDAX EMA Cross script by stefano98.
The Ichimoku Cloud calculation and plotting are adapted from the Ichimoku Cloud script by lonesometheblue.
Trading involves risk, and past performance is not indicative of future results. It is recommended to use this indicator alongside other technical analysis tools and risk management strategies.
Morning Star Pattern### Purpose and Use of the Output
- **Identifying Bullish Reversal**: The Morning Star pattern is a bullish reversal signal that traders look for at the end of a downtrend. When this pattern appears, it suggests that the market may be shifting from bearish to bullish sentiment.
- **Trading Decisions**: Traders can use this indicator to make informed decisions about entering long positions. The appearance of the Morning Star pattern may prompt traders to buy, anticipating a price increase.
- **Visual Representation**: The plotted shape on the chart provides a visual cue for traders, making it easier to spot potential trading opportunities without having to analyze each candle manually.
### Conclusion
This Pine Script code is a useful tool for traders who want to automate the detection of the Morning Star candlestick pattern on their charts. By visually marking this pattern, traders can quickly identify potential bullish reversal points and make more informed trading decisions.
SMA, 20%UP, 20% SMA, LTH newFeatures:
Simple Moving Averages (SMAs):
200 SMA (Gray): Long-term trend indicator. A widely used benchmark in many trading strategies.
50 SMA (Red): Mid-term trend indicator.
20 SMA (Green): Short-term trend indicator. These three SMAs allow traders to visualize the general market trend over different time horizons.
20% Gain on Green Candles:
This feature tracks continuous green candles and calculates the percentage gain from the lowest low to the highest high in that series.
If the gain is greater than or equal to 20%, the script highlights it with a purple triangle above the candle.
If the series of green candles starts with a candle where the low is below the 200 SMA, a purple diamond appears under the bar, indicating potential strong buying signals.
Lifetime High (LTH):
The script automatically tracks and displays the Lifetime High (LTH), i.e., the highest price ever recorded on the chart.
This level is important for identifying potential resistance areas and monitoring long-term market tops.
Once a new LTH is reached, it is displayed as a green line across the chart.
Support Levels from LTH:
The script calculates 30%, 50%, and 67% down from the LTH, marking key support levels.
These levels are plotted on the chart as orange lines and labeled to assist in spotting potential buy zones or market reversals.
52-Week Low:
It also calculates and displays the 52-week low for quick reference, plotted as a green line.
This helps traders assess major market bottoms and potential areas of support.
