SMC Toolkit |ASE|This indicator provides 10+ features all-in-one. Focusing on price action and Smart Money concepts, we have provided automated multi-timeframe features such as Market Structure(BOS / CHoCH) to identify trends, Fair Value Gaps to identify Imbalances, and much more.
Pure price action analysis is a preferred strategy over indicators due to their lag and noise. Many traders popularized SMC or “Smart Money” concepts to identify and trade like/with institutions or Smart Money traders. We have automated these features and made them multi-timeframe to simplify your charting process and advance your trading so you can efficiently trade.
Features:
The included price action features are listed below:
- Multi-Timeframe Market Structure (BOS, CHoCH, MSS, IDM)
- Trend based Candle Coloring
- Multichart (Extra time frame on the same chart)
- Multi-Timeframe Fair Value Gaps & Balanced Price Ranges
- Trapped Market Participants (Multi-Time Frame based on Orderblocks)
- SMT Divergences
- Volume Imbalances
- Premium Discount Array
- Displacement Candles
- Previous OHLC (Daily, Weekly, Monthly)
- VWAP and Std.Dev. Waves
Benefits & Examples:
In the image below we can see plenty of trade setups that formed in confluence with the features we were using. Displayed we have higher timeframe FVGs as our point of interests, Market Structure (Trend Bar Coloring) as our entry confirmation, and Liquidity Levels as our targets.
In this image we can see the same setup as before, higher timeframe FVG with Market Structure reversal targeting a Liquidity Level. In addition we can see the Trapped Market Participants feature showing trapped sellers at the low which provides additional confluence for our long position and offers a cleaner and safer entry on the pullback.
Our goal is to provide as many useful features as possible, automating the process to make it easier and quicker for us as traders. We want to spend less time charting and more time planning proper trades.
Priceaction
Model Indicator |ASE|The purpose of this indicator is to allow the user to build their own model. Each feature works cohesively together and depending on the filters you enable, the model gives less and more specific entries. This benefits the trader because they have complete control over the kinds of trades they want to take, while maintaining its automatic form.
We want to be as customizable as possible while still meeting our users’ needs. We started this indicator to propel us into our ultimate project, the ASE Algo.
Features:
SMC Display
Current Structure:
Liquidity Levels:
Daily Premium Discount Array
SMT Divergence
Displacement Candles:
Entry Factors
FVG
Continuation FVGs
MTF FVGs
Order Blocks
MTF Order Blocks
Confluence Filters
MS Reversal
Liquidity Level Raid
Inducement
Daily Prem/Disc Array
Target Factors
Liquidity Level Targets
Current Structure Targets
Trade Management
Trade Overlay
Risk:Reward Target
Benefits & Examples:
In the image below the indicator signaled multiple entries based on two simple confluence filters, a MS reversal (CHoCH/MSS) and a Liquidity Raid. Going from left to right we can see a short entry at the highs with a supporting Order Block. Liquidity levels are taken before we see a double IDM right below the respected OB that leads to the next signaled entry. In the middle of the chart we see a long entry that leads right into a short entry showing the effectiveness of such a simple model.
In this supporting image we are showcasing the first implementation of the Trade Overlay feature. This feature displays the Entry and Stop Loss to make it more visible and adds a risk to reward target. Additionally displayed is the SMC Toolkit indicator showing us additional confirmation with our signaled entries playing right out of a higher timeframe FVG.
An additional entry feature is the MTF zone. Setups can form on all timeframes and subjecting yourself to only one may lead you to miss out on some perfect setups or a larger move. In the image below we are on the 1 minute timeframe. We can see the Initial Reversal Entry which played out beautifully and filled a higher timeframe SFVG. With the MTF zone we can see a 3 minute and 5 minute Zone which produces the rest of the trend reaching another higher timeframe SFVG after filling the previous one. Once again showing the benefit of the Toolkit indicator but the plotted entries from such a simple model.
In addition to the model indicators filtered out entry zone, we can use additional confluences to confirm these entries. In the image below we can see a short entry printed after a move out of the Std. Dev. vwap wave which shows over extension. Taking the entry we can have a tight stop loss at the vwap wave or the recent high where we have a liquidity level, targeting a lower liquidity level or higher timeframe FVG.
For this example we are only filtering based on MS Reversals (CHoCH/MSS) to get our entries. Because of this we need additional confirmation to be confident in taking the plotted entry. In the image below you can see a long signal printed, confirmation being the previous Failed Reversal.
RAM StrategyThe name RAM originated because of three popular technical indicators Relative Strength Index (RSI), Average True Range (ATR), and Moving average convergence/divergence were used all together to create three conditions individually first and once all three conditions meet at once then we considered a potential opportunity either for buy or sell and produce signals. Before we dive into how the strategy work let's clarify all the 3 indicators which has been used.
RSI (Relative Strength Index):
The RSI is a popular indicator used to assess the overbought and oversold conditions of a financial instrument. It measures the speed and change of price movements.
Overbought Level: The RSI Overbought Level is set to 65, indicating that when the RSI goes above this level, it suggests that the instrument may be overbought or overvalued.
Oversold Level: The RSI Oversold Level is set to 35, indicating that when the RSI goes below this level, it suggests that the instrument may be oversold or undervalued.
ATR (Average True Range):
The ATR is a volatility indicator that measures the average range between the high and low prices of a financial instrument. It provides insight into market volatility. There is an ATR calculation and ATR Simple Moving Average calculation done in the script which provides insights into market volatility. By comparing the current ATR value to its SMA, this indicator takes into consideration the volatility conditions while generating trading signals, aiming to capture potential price movements during periods of increased volatility.
MACD (Moving Average Convergence Divergence):
The MACD is a trend-following momentum indicator that helps identify potential trend reversals. It consists of two lines: the MACD Line and the Signal Line.
MACD Line: The MACD Line represents the difference between the short-term and long-term moving averages. Crossovers of the MACD Line above the Signal Line indicate potential buying opportunities.
Signal Line: The Signal Line is a moving average of the MACD Line. Crossovers of the MACD Line below the Signal Line indicate potential selling opportunities and crossovers of the MACD line above the signal line indicate potential buying opportunities.
Trading Strategy:
Buy Signal: A buy signal is generated when the RSI is below the oversold level, the ATR is higher than its Simple Moving Average (indicating higher volatility), and there is a bullish crossover of the MACD Line above the Signal Line.
Sell Signal: A sell signal is generated when the RSI is above the overbought level, the ATR is higher than its Simple Moving Average (indicating higher volatility), and there is a bearish crossover of the MACD Line below the Signal Line.
The plot shapes function is used to visually represent the buy and sell signals on the price chart. Green "BUY" labels are displayed below the price bars for buy signals, while red "SELL" labels are displayed above the price bars for sell signals.
This strategy aims to identify potential buying and selling opportunities based on the combination of RSI, ATR, and MACD indicators. However, please note that the effectiveness and profitability of the strategy may vary depending on market conditions and individual trading preferences.
*Disclaimer*
Trading involves risk. Also, clarify that past performance is not indicative of future results and that individuals should only trade with the capital they can afford to lose.
LNL Scalper ArrowsLNL Scalper Arrows
The indicator consist of various different types of candlestick patterns that are truly time tested by multiple veteran traders. These arrows are a combination of short-term scalping strategies taught by Linda Raschke & a trader that goes by name Quant Trade Edge. These strategies/patterns occur regularly within the markets. They offer high probability quick moves during the trending days. These four patterns are based on pure price action, no oscillators, no trend, no momentum indicators involved. Trend (ema) is there just as a simple trend gauge.
LNL Scalper Arrows were designed specifically for intra-day trading. Mostly useful for the futures but also stocks as well. These arrows can work anywhere between the fast-moving 512 or 1600 tick charts to a 1min, 2min and up to 5min or 10min charts.
Trend Gauge (Exponential Moving Average)
Nothing fancy just a classic EMA that can guide the direction of the short-term trend. I have added a custom coloring of the EMA that is based on a simple RSI filter. That should help to visualize the non-directional moments within the trend. Although the length is adjustable, for scalping it is better to focus on smaller periods such as 9, 13 or 20 or 34 but anything above 50 loses its purpose as a short-term trend gauge. Again, this is a scalping tool not a trend tool, you are not going to get rid of the fakeouts by increasing the period of the trend.
Tail Arrows (Eat the Tail Pattern)
Tail is a candlestick that is either a price rejection spike, or a flag continuation pattern on a lower time frame. A failed action. It is basically a candle with much bigger wick (shadow) of the candle than the actual body. Such candles are usually telling us about strong participation from the other side of the market. Eat the tail pattern occurs whenever the low of the Tail candle is immediately broken on a following candle "the tail is eaten alive". Such a breaks occurs in a most aggressive types of markets with a strong momentum. DO NOT try to trade this in a low volume or a ranging market. Tail Arrows are the most aggressive arrows & should be only used on the highest volume or a parabolic momentum markets.
Scalp Arrows (Scallop Pattern)
Known as Scallops or minor lows or highs, these patterns are the most common within the all scalper arrows. They occur regularly on 1min & 5min charts - basically everyday. Scallops provide the best possible risk to reward entry within the trend without the need of any indicators or oscillators. The Scallop Up 3 bar pattern consist of a high that is lower that the previous high but also low that is lower than the previous low. Scallop Up or a minor low triggers when the last high is broken, creating a three bar mountain or a peak within the 5 bar span.
Hoagie Arrows (Hoagie Pattern)
Hoagies occur way less often than any other scalping patterns. Hoagies represent two (or more) inside candles within the shadow of a first candle. Such a formation is creating a small compression or a range that sooner or later breaks out. The hoagie is triggered whenever the high or low of the shadow (first) candle is broken. The great thing about the hoagies is that they can work either way despite the trend direction. Although this indicator is coded for the 2 bar hoagies, there are no limitations on how much inside bars can hoagie include.
Umbrella Arrows (Umbrella Pattern)
Another really awesome 3 bar pattern that is really fun to trade. Umbrella occurs when the candle before the previous candle is a pin bar or a tail bar and the body of the previous candle is within the shadow or a wick of the candle before. The umbrella is triggered once the high or low of the previous bar is broken. Umbrellas are more frequent than Hoagies but occur much less than the Scallops.
Outside Bar Wedges (Outside Bar Pattern)
Pretty much self-explanatory candlestick pattern. Outside Bar is basically any bar that peaks outside of the both ends of the previous candle. So the range of the candle is higher & it looked beyond the high and beyond the low of the previous candle. These candles are signalizing the potenial momentum change. Ouside Bars usually occur at the tops or bottoms of the moves. I decided to add them because they can serve as a great addition to these scalping patterns.
Signal vs. SignalBreak Mode
The trigger can be viewed in two different ways:
1. Signal: Plots the trigger before the trigger bar, basically right when the pattern is formed but NOT YET triggered. The signal is triggered once the next candle break the high or low of the current candle.
2. SignalBrake: Plots the trigger after the break of the high or low of the actual pattern. It is basically a candle after the signal candle. (Signal is better for trading because it gives you time to prepare for the actual break of the high or low = the actual signal. SignalBrake is great for looking back in history only for the patterns that actually traded).
Pin Bar BTW Ratio
Pin Bar (Body-To-Wick) Ratio represents the size of the body of a pin bar candle for Eat the Tail and Umbrella patterns. Pin Bar BTW Ratio measures the ratio between the wick & the body of the candle. Ref. interval is 2.0 - 5.0 (ideal pin bar is 2.0 - 3.0 = the wick or a shadow is 2x - 3x bigger than the body of the candle)
ATR Stop & Target Labels
I also created three simple labels (tables) that can show you the ideal target & stop as well as the current ATR. Since LNL Scalper Arrows consist of high probability scalping patterns, a good rule of thumb to follow is to use a half of the current ATR as a target and a current ATR as a stop (or two times the target). So if the current 7 period ATR is 30 the target would be 15 pts. and a stop around 30 pts. With such a risk management you should aim for a win rate 70% or higher. Obviously you can adjust the risk management in the settings to your personal preference.
Low Range vs. High Range Markets
There are two major downsides with the Scalper Arrows:
1. You need volume and a volatility. These patterns really do struggle in ranging "boring" sideways action. It is absolutely crucial to recognize the current market environment and really stay cautions and (or completely out) in case the chop continues. Adding something like DMI can help you recognize the potential flat markets.
2. Not only do you need volume & momentum, you also need a decent range. This indicator works better on a rangy market such as NQ futures or YM. But are much tougher to trade on lower range markets such as some stocks or ZB futures or basically any other lower range market.
Hope it helps.
Price Action and market structure [Tcs] | PAThis indicator shows in real time the clearest and most complete vision of the price market structure, without considering volumes.
It has been developed mainly to identify price retracements in order to find the best entries in the market, but it include also other features which can be helpful for traders.
The indicator detects and highlight on the chart the market movement in multiple ways, including swing high, swing lows, the break of structure (BoS), change of character (CoCh), possible retracement movement, trend-lines generated through pivots, fibonacci and quarters theory levels based on previous pivot and daily, weekly and monthly highs and lows.
It can be set up on two different pivots look-back, one faster and one slower, to simplify the development of strategies for traders.
A longer look-back can detect a "slower" and less noisy structure, which can be more useful to detect massive retracements, while a shorter look-back can be useful to detect faster market moves, perfect for scalpers and to develop small price movement strategies.
Indicator features:
- Trend detection highlighted with colors - candles are colored in four different colors, and it's possible to choose if detect the fast and slow trend:
• Bullish move after structure break – green
• Bullish retracements – gray
• Bearish move after structure break – purple
• Bearish retracements – white
In this way traders can have a realtime vision of when the market is retracing in order to find better entries than entry immediately on a break of structure. It can be integrated with order blocks, ema or others indicators which can be helpful as support or resistance.
- Pivots and structure labels - in order to identify immediately if the trend is bullish, bearish or is changing direction:
• BoS + and BoS - are the bullish and bearish break of structure, respectively, and are colored to indicate a slower look-back, in gray to indicate a faster pivot look-back
• CoCh + and CoCh - are the bullish and bearish change of characters, respectively, and are colored to indicate a slower look-back.
• HH, HL, LL, and LH indicate the pivots of the trend. Al the pivots appear just when the pivots, based on fast or slow pivot look-back are confirmed
- Zigzag - The zigzag line helps to remove market noise and read the market structure in a simpler way.
• It's possible to select the zigzag line based on the slow or fast trend.
• Fast pivot look-back
•Slow pivot look-back
- Quarters theory and Fibonacci retracement:
• It creates a retracement that can be based on the fast or slow trend and small or big market move.
• The retracement is both bullish and bearish and includes the major Fibonacci levels and the most valuable areas from the quarters theory of market retracement.
• This helps to detect good entry points.
- Support and resistance, Daily, weekly, and monthly high, lows - just to heave a more clear view of important levels:
• It plots the highest and lowest pivot points based on the selected look-back.
• It plots the highs and lows of the day, week, and month.
- Trendlines:
• It plots the trend-lines based on past pivots.
• Here as well, it is possible to choose between fast and slow trend pivot look-back.
It's important to highlight that the indicator remarks on all facets of pure price action, not the smart money concept or liquidity areas.
Please note that this indicator is for educational purposes only and should not be used for trading without further testing and analysis.
4H RangeThis script visualizes certain key values based on a 4-hour timeframe of the selected market on the chart. These values include the High, Mid, and Low price levels during each 4-hour period.
These levels can be helpful to identify inside range price action, chop, and consolidation. They can sometimes act as pivots and can be a great reference for potential entries and exits if price continues to hold the same range.
Here's a step-by-step overview of what this indicator does:
1. Inputs: At the beginning of the script, users are allowed to customize some inputs:
Choose the color of lines and labels.
Decide whether to show labels on the chart.
Choose the size of labels ("tiny", "small", "normal", or "large").
Choose whether to display price values in labels.
Set the number of bars to offset the labels to the right.
Set a threshold for the number of ticks that triggers a new calculation of high, mid, and low values.
* Tick settings may need to be increased on equity charts as one tick is usually equal to one cent.
For example, if you want to clear the range when there is a close one point/one dollar above or below the range high/low then on ES
that would be 4 ticks but one whole point on AAPL would be 100 ticks. 100 ticks on an equity chart may or may not be ideal due to
different % change of 100 ticks might be too excessive depending on the price per share.
So be aware that user preferred thresholds can vary greatly depending on which chart you're using.
2. Retrieving Price Data: The script retrieves the high, low, and closing price for every 4-hour period for the current market.
The script also calculates the mid-price of each 4-hour period (the average of the high and low prices).
3. Line Drawing: At the start of the script (first run), it draws three lines (high, mid, and low) at the levels corresponding to the high,
mid, and low prices. Users can also change transparency settings on historical lines to view them. Default setting for historical lines
is for them to be hidden.
4. Updating Lines and Labels: For each subsequent 4-hour period, the script checks whether the close price of the period has gone
beyond a certain threshold (set by user input) above the previous high or below the previous low. If it has, the script deletes the
previous lines and labels, draws new lines at the new high, mid, and low levels, and creates new labels (if the user has opted to
show labels).
5. Displaying Values in the Data Window: In addition to the visual representation on the chart, the script also plots the high, mid, and
low prices. These plotted values appear in the Data Window of TradingView, allowing users to see the exact price levels even when
they're not directly labeled on the chart.
6. Updating Lines and Labels Position: At the end of each period, the script moves the lines and labels (if they're shown) to the right,
keeping them aligned with the current period.
Please note: This script operates based on a 4-hour timeframe, regardless of the timeframe selected on the chart. If a shorter timeframe is selected on the chart, the lines and labels will appear to extend across multiple bars because they represent 4-hour price levels. If a longer timeframe is selected, the lines and labels may not accurately represent high, mid, and low levels within that longer timeframe.
FVG Strategy - Fair Value GapThe Fair Value Gap Strategy (FVG) is a trading approach that relies on price action analysis and involves identifying market inefficiencies or imbalances.
The strategy offers a variety of customizable settings to match your preferences and includes an entry and exit strategy to guide you through trades.
The script operates in the following manner:
It begins by searching for fair-value-gaps and subsequently identifies a break in structure.
The next step involves waiting for the price to retrace within the previously established fair value gap.
Within this gap, there is a Fibonacci retracement that must be reached before placing a stop-order.
Example: GER40, 1min Chart
STOP LOSS & RISK MANAGEMENT
FVG : The stop loss will be set at the end of the fair value gap
Last Swing : The stop loss will be at the last swing high/low
ATR (Average True Range) : The stop loss will be placed one 'Average True Range' away from the entry
TAKE PROFIT
Pips/Points : The stop loss will be set at the chosen amount of pips/points.
RiskReward TP : This is a fixed take profit where you can set a specific risk-to-reward ratio for the trade. For example, you can set a 1:3 risk-to-reward ratio.
Trailing Stop : This is a flexible stop that moves with the market price, allowing you to capture more profit as the trade moves in your favor.
Both : This option combines both the RiskReward TP and Trailing Stop. If the price target is set at a 1:3 risk-to-reward ratio, the trailing stop will move with the price until either the stop or take profit is reached, and the position will be closed completely.
THE FVG SECTION
In the FVG section, you will have the ability to customize your settings based on your specific requirements.
Firstly, you will have the choice of two possible entry options:
Candle Close : This option triggers the order once the candle has completely closed and all the set requirements are met.
Stop Orders : This option triggers the order once all the set requirements are met, even if the candle is still active and has not yet closed.
On top, you can activate the "Pinbar-Trading", that will allow you to take a trade on a pinbar, even when the candle just dipped into the FVG and snapped back.
FAIR VALUE GAP TYPE
On volatile market, it may happen that a massive FVG is created. Thats why we have separated the FVG into 2 different variables.
FVG Type: Normal : This is all regular FVG that meet the requirement of you minimum size range. As example FVG must be minimum 5$ big.
FVG Type: Big : This are all big FVG that meet the minimum set size range. The difference to the "normal" type, the stop loss will be set at 50% of the Big-FVG.
FIBONACCI RETRACEMENT & MARKET STRUCTURE
To refine the FVG strategy, you have three options:
Fibonacci Retracement Value (%) : The FVG strategy employs a Fibonacci retracement, which allows you to trade in the direction of the market movement. To initiate the order, the price must reach a predetermined Fibonacci level and then rebound.
Formation-to-Retracement Countdown: : This option provides you with a specified number of candles to meet the necessary conditions. For example, if the order is not triggered within 20 candles, delete the FVG-Zone and skip the trade to avoid getting caught in a sideways ranging trend.
Structure Lookback : This feature filters out older FVG Zones. You can specify the number of candles that should mark the FVG Zones. Keep in mind that newer and fresher zones will automatically conceal older ones.
Trend Critical Price for MACDIt is known that direction of trend detected with the MACD indicator is estimated according to the ascending or descending direction of the histogram.
The histogram in turn depends on the value of the difference between the MACD line and the signal line.
So, to consider that the histogram maintains a trend, it is necessary that the current value of the histogram have a value at least equal to its immediately previous value. In other words, for example if the previous value of the histogram was 100, for the trend to continue it is expected that the new value of the histogram should be 100 again.
Knowing this, it is possible to obtain the closing value of the current price candle in such a maner that the current value of Histogram is equal to the previous value. This is achieved by applying an algebraic operation resulting in the Critical Trend Price (TCP) for MACD.
Knowing this critical trend price can be useful for estimating the development of the trend according to real-time price action, visualizing for a target to hit, or estimating stop-loss.
Set this indicator just like the MACD and this calculates and returns the critical price that must be reached to maintain the current trend.
This plot a critical price line.
Also allows to show-hide a price band (High-Low)
Every time the asset price closes below the critical price, the trend is turning down. On the other hand, every time the price closes above the critical price, the trend is turning bullish. In both cases the price band shows a light tone.
An uptrend is considered confirmed when the low price at the end of the period is above the critical trend price. The price band will look green.
A downtrend is considered confirmed when the maximum price at the end of the period is below the critical trend price. The price band will look purple.
How is the Trend Critical Price (TCP) calculated?
By default it works with the closing price of each observed candle. If you need to see a MACD you will have to mount it separately. The configuration parameters of TCP must match the MACD.
Price Action Color Forecast (Expo)█ Overview
The Price Action Color Forecast Indicator , is an innovative trading tool that uses the power of historical price action and candlestick patterns to predict potential future market movements. By analyzing the colors of the candlesticks and identifying specific price action events, this indicator provides traders with valuable insights into future market behavior based on past performance.
█ Calculations
The Price Action Color Forecast Indicator systematically analyzes historical price action events based on the colors of the candlesticks. Upon identifying a current price action coloring event, the indicator searches through its past data to find similar patterns that have happened before. By examining these past events and their outcomes, the indicator projects potential future price movements, offering traders valuable insights into how the market might react to the current price action event.
The indicator prioritizes the analysis of the most recent candlesticks before methodically progressing toward earlier data. This approach ensures that the generated candle forecast is based on the latest market dynamics.
The core functionality of the Price Action Color Forecast Indicator:
Analyzing historical price action events based on the colors of the candlesticks.
Identifying similar events from the past that correspond to the current price action coloring event.
Projecting potential future price action based on the outcomes of past similar events.
█ Example
In this example, we can see that the current price action pattern matches with a similar historical price action pattern that shares the same characteristics regarding candle coloring. The historical outcome is then projected into the future. This helps traders to understand how the past pattern evolved over time.
█ How to use
The indicator provides traders with valuable insights into how the market might react to the current price action event by examining similar historical patterns and projecting potential future price movements.
█ Settings
Candle series
The candle lookback length refers to the number of bars, starting from the current one, that will be examined in order to find a similar event in the past.
Forecast Candles
Number of candles to project into the future.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
FVG Sessions [LuxAlgo]The FVG Sessions indicator highlights the first fair value gap of the trading session as well as the session range. Detected fair value gaps extend to the end of the trading session.
Alerts are included on the formation of a session fair value gap, price being within a session fair value gap, mitigations, and price crossing session fair value gaps average.
🔶 USAGE
Trader ICT states that the first fair value gap of the trading session can attract the most significant reaction. Having only one FVG per session allows users to further focus on that precise imbalance as well as external elements.
The mitigation of a fair value gap is clearly indicated on the chart with a more transparent color allowing users to see inverse FVGs.
Extending the fair value gaps allows the imbalance area to provide potential support and resistance.
Do note that this script should be used on intraday charts.
🔶 ALERTS
The script includes the following alerts:
🔹 Bullish/Bearish FVG
Alerts on the formation of the first bullish or bearish FVG of the session.
🔹 Bullish/Bearish FVG Mitigation
Alerts when the first bullish or bearish FVG of the session is mitigated.
🔹 Price Within FVG
Alerts when price is within the first bullish or bearish FVG area of the session.
🔹 Price Cross FVG Average
Alerts when price cross the average level of the first bullish or bearish FVG of the session.
52 Week High/Low FibonacciThe primary purpose of this indicator is to calculate and plot the 52-week high and low prices along with the Fibonacci retracement levels on the price chart. Fibonacci levels are commonly used in trading to identify potential support, resistance, and price reversal points.
First, the script initializes the Fibonacci levels and their corresponding colors, which will be used to plot the levels on the chart. Next, it calculates the 52-week high and low prices by finding the highest and lowest prices over the last 252 trading days, approximately equivalent to one year. Then, it identifies the overall trend direction by comparing the number of bars since the highest high and the lowest low. If the highest high is more recent, the trend is considered downwards; if the lowest low is more recent, the trend is upwards.
The script then plots the Fibonacci retracement levels on the chart, using horizontal lines at the respective price levels. It also creates labels for each level, displaying the percentage and the price value. Additionally, it draws a line connecting the 52-week high and low prices, providing a visual representation of the price range during the 52-week period.
Pros of this indicator include:
-Automatic calculation and plotting of Fibonacci levels, saving time for traders
-Clear trend identification based on 52-week high and low prices
-Visually appealing and easy-to-read chart representation with color-coded levels
-Provides insight into potential price reversal areas based on widely used Fibonacci levels
Cons of this indicator include:
-Only works on daily timeframes, limiting its usefulness for intraday and weekly traders
-Assumes that the trend will continue in the same direction, which may not always be accurate in real-world markets
-Does not provide explicit buy or sell signals, leaving the trading decision-making process up to the trader
-Solely relies on Fibonacci levels, which may not always be accurate; it is recommended to use other technical indicators or strategies alongside this indicator for a comprehensive trading approach
In conclusion, the '52 Week High Low Fibonacci' indicator is a valuable tool for traders interested in using Fibonacci levels for identifying potential price reversal points. By automatically calculating and plotting these levels based on 52-week high and low prices, the indicator provides a clear, color-coded visual aid, which can be especially helpful for traders who base their strategies on these levels.
However, it's worth noting that this indicator is limited to daily timeframes and doesn't provide explicit buy or sell signals, requiring traders to incorporate their own analysis and judgement in their decision-making process. The indicator also operates on the assumption of trend continuation, which may not always hold true.
While it's a beneficial tool, relying solely on this indicator for trading decisions may not be advisable. It's best used in conjunction with other indicators and trading strategies, providing a more balanced and comprehensive approach to trading in the financial markets. As always, risk management should be a key part of any trading strategy.
**YOUR INSIGHTFUL FEEDBACK OR SUGGESTIONS FOR REVISIONS TO THIS CODE ARE HIGHLY APPRECIATED. PLEASE FEEL FREE TO SHARE YOUR THOUGHTS TO FOSTER ITS CONTINUAL IMPROVEMENT**
Breaker Blocks with Signals [LuxAlgo]The Breaker Blocks with Signals indicator aims to highlight a complete methodology based on breaker blocks. Breakout signals between the price and breaker blocks are highlighted and premium/discount swing levels are included to provide potential take profit/stop loss levels.
This script also includes alerts for each signal highlighted.
🔶 SETTINGS
🔹 Breaker Blocks
Length: Sensitivity of the detected swings used to construct breaker blocks. Higher values will return longer term breaker blocks.
Use only candle body: Only use the candle body when determining the maximum/minimum extremities of the order blocks.
Use 2 candles instead of 1: Use two candles to confirm the occurrence of a breaker block.
Stop at first break of center line: Do not highlight breakout signals after invalidation until reset.
🔹 PD Array
Only when E is in premium/discount zone: Only set breaker block if point E of wave ABCDE is within the corresponding zone.
Show premium discount zone: Show premium/discount zone.
Highlight Swing Break: Highlight occurrences of price breaking a previous swing level.
Show Swings/PD Arrays: Show swing levels/labels and pd areas.
🔶 USAGE
The Breaker Blocks with Signals indicator aims to provide users with a minimalistic display alongside optimal signals to be aware of for finding trade setups as shown below.
Here we can see a MSS occurred allowing the indicator to detect a Breaker Block (-BB) & display a red arrow to confirm this signal.
The signal(s) that can be used for potential entries are only during retests of the breaker blocks.
A potential strategy traders could use with this indicator is to target the corresponding Discount PD Arrays detected (for a short position) and Premium PD Arrays (for a long position).
In the image above we can see price generated the potential entry signals in orange & fell to the Discount PD Arrays as a logical setup to look for with this indicator.
As we can see in the image above, signals can be considered invalid when price closes above the 50% level in which it would be suggested to wait for another setup.
Users still looking for more potential setups based on the same breaker block can disable the "Stop at first break of center line" setting within the settings menu.
In the image above we can see a bullish example whereas price confirmed a bullish breaker block (+BB), had a quick pullback into it that was confirmed by the green arrow, and then reached the Premium PD Arrays.
While retests of breaker blocks can still function well if they occur later in the price action, it's most preferable for users to look for entry signals that are near confirmed breaker blocks (5-10 bars) opposed to waiting 20+ bars.
Additional take profits based on the occurence of the breaker blocks are given in order to provide targets after the occurence of a breaker block breakout.
🔶 DETAILS
Breaker blocks are formed after a mitigated order block, these can provide change of polarity opportunities, thus playing a role as a potential support/resistance. It is the re-test/retrace of price to a breaker block that will set the conditions to provide signals.
The above chart describes the creation of a breaker block.
The signal generation logic makes use of various rules described below:
Bullish Breaker Blocks:
opening price is within the breaker block, while the closing price is above the upper extremity of the breaker block.
Price did not cross the breaker block average in the interval since the previous breakout.
Bearish Breaker Blocks:
opening price is within the breaker block, while the closing price is below the lower extremity of the breaker block.
Price did not cross the breaker block average in the interval since the previous breakout.
When a new pattern is formed, all previous drawings are removed.
🔶 RELATED SCRIPTS
Crypto Uptrend Script + Pullback//Volume CandlesDescription: his is an adaption of my Pullback candle - This works on all timeframes and Markets (Forex//Stocks//)
Crypto Uptrend Script with Pullback Candle allows traders to get into a trend when the price is at end of a pullback and entering a balance phase in the market (works on all markets). The use of Moving averages to help identify a Trends and the use of Key levels to help traders be aware of where strong areas are in the market.
This script can work really well in Crypto Bull Runs when used on HTF and with confluences
The script has key support and resistance zones which are made up of quarterly data. Price reacts to these areas but patience is required as price will take time to come into these areas
I have updated the Pullback Candle with the use of Volume to filter out the weak Pullback Candles -
There are new candles to the script.
The First candle is the Bullish Volume Candle - This candle is set to a multiplier of 2x with a crossover of 50/100 on Volume - this then will paint a purple candle.
Uses of the Bullish Volume Candle:
Breakthrough of key areas // special chart patterns
Rejection of key areas
End of a impulse wave (Profit Takers)
The second candle is a Hammer - I prefer using the Hammers on Higher Timeframes however they do work on all timeframes. .
The third candle is a Exhaustion of impulse downward move.
Uses of this candle - can denote a new trend but has to be with confluence to a demand area // support area or with any use of technical analysis - using this alone is not advised
The fourth candle is a indecision candle in the shape of a Doji - this candle can help identify if the trend is in a continuation or a reversal
This script can work really well in Crypto Bull Runs
Disclaimer: There will be Pullbacks with High Volume (Breakouts) and not go the way as intended but this script is to allow traders to get into trends at good price levels. The script can paint signals in areas where price is too expensive so please do your own due diligence on the markets as this script is to help get into good areas of price
Please leave a thumbs up if you like this script and message me for information on how to use the script.
ICT Concepts [LuxAlgo]The ICT Concepts indicator regroups core concepts highlighted by trader and educator "The Inner Circle Trader" (ICT) into an all-in-one toolkit. Features include Market Structure (MSS & BOS), Order Blocks, Imbalances, Buyside/Sellside Liquidity, Displacements, ICT Killzones, and New Week/Day Opening Gaps.
🔶 SETTINGS
🔹 Mode
When Present is selected, only data of the latest 500 bars are used/visualized, except for NWOG/NDOG
🔹 Market Structure
Enable/disable Market Structure.
Length: will set the lookback period/sensitivity.
In Present Mode only the latest Market Structure trend will be shown, while in Historical Mode, previous trends will be shown as well:
You can toggle MSS/BOS separately and change the colors:
🔹 Displacement
Enable/disable Displacement.
🔹 Volume Imbalance
Enable/disable Volume Imbalance.
# Visible VI's: sets the amount of visible Volume Imbalances (max 100), color setting is placed at the side.
🔹 Order Blocks
Enable/disable Order Blocks.
Swing Lookback: Lookback period used for the detection of the swing points used to create order blocks.
Show Last Bullish OB: Number of the most recent bullish order/breaker blocks to display on the chart.
Show Last Bearish OB: Number of the most recent bearish order/breaker blocks to display on the chart.
Color settings.
Show Historical Polarity Changes: Allows users to see labels indicating where a swing high/low previously occurred within a breaker block.
Use Candle Body: Allows users to use candle bodies as order block areas instead of the full candle range.
Change in Order Blocks style:
🔹 Liquidity
Enable/disable Liquidity.
Margin: sets the sensitivity, 2 points are fairly equal when:
'point 1' < 'point 2' + (10 bar Average True Range / (10 / margin)) and
'point 1' > 'point 2' - (10 bar Average True Range / (10 / margin))
# Visible Liq. boxes: sets the amount of visible Liquidity boxes (max 50), this amount is for Sellside and Buyside boxes separately.
Colour settings.
Change in Liquidity style:
🔹 Fair Value Gaps
Enable/disable FVG's.
Balance Price Range: this is the overlap of latest bullish and bearish Fair Value Gaps.
By disabling Balance Price Range only FVGs will be shown.
Options: Choose whether you wish to see FVG or Implied Fair Value Gaps (this will impact Balance Price Range as well)
# Visible FVG's: sets the amount of visible FVG's (max 20, in the same direction).
Color settings.
Change in FVG style:
🔹 NWOG/NDOG
Enable/disable NWOG; color settings; amount of NWOG shown (max 50).
Enable/disable NDOG ; color settings; amount of NDOG shown (max 50).
🔹 Fibonacci
This tool connects the 2 most recent bullish/bearish (if applicable) features of your choice, provided they are enabled.
3 examples (FVG, BPR, OB):
Extend lines -> Enabled (example OB):
🔹 Killzones
Enable/disable all or the ones you need.
Time settings are coded in the corresponding time zones.
🔶 USAGE
By default, the indicator displays each feature relevant to the most recent price variations in order to avoid clutter on the chart & to provide a very similar experience to how a user would contruct ICT Concepts by hand.
Users can use the historical mode in the settings to see historical market structure/imbalances. The ICT Concepts indicator has various use cases, below we outline many examples of how a trader could find usage of the features together.
In the above image we can see price took out Sellside liquidity, filled two bearish FVGs, a market structure shift, which then led to a clean retest of a bullish FVG as a clean setup to target the order block above.
Price then fills the OB which creates a breaker level as seen in yellow.
Broken OBs can be useful for a trader using the ICT Concepts indicator as it marks a level where orders have now been filled, indicating a solidified level that has proved itself as an area of liquidity. In the image above we can see a trade setup using a broken bearish OB as a potential entry level.
We can see the New Week Opening Gap (NWOG) above was an optimal level to target considering price may tend to fill / react off of these levels according to ICT.
In the next image above, we have another example of various use cases where the ICT Concepts indicator hypothetically allow traders to find key levels & find optimal entry points using market structure.
In the image above we can see a bearish Market Structure Shift (MSS) is confirmed, indicating a potential trade setup for targeting the Balanced Price Range imbalance (BPR) below with a stop loss above the buyside liquidity.
Although what we are demonstrating here is a hindsight example, it shows the potential usage this toolkit gives you for creating trading plans based on ICT Concepts.
Same chart but playing out the history further we can see directly after price came down to the Sellside liquidity & swept below it...
Then by enabling IFVGs in the settings, we can see the IFVG retests alongside the Sellside & Buyside liquidity acting in confluence.
Which allows us to see a great bullish structure in the market with various key levels for potential entries.
Here we can see a potential bullish setup as price has taken out a previous Sellside liquidity zone and is now retesting a NWOG + Volume Imbalance.
Users also have the option to display Fibonacci retracements based on market structure, order blocks, and imbalance areas, which can help place limit/stop orders more effectively as well as finding optimal points of interest beyond what the primary ICT Concepts features can generate for a trader.
In the above image we can see the Fibonacci extension was selected to be based on the NWOG giving us some upside levels above the buyside liquidity.
🔶 DETAILS
Each feature within the ICT Concepts indicator is described in the sub sections below.
🔹 Market Structure
Market structure labels are constructed from price breaking a prior swing point. This allows a user to determine the current market trend based on the price action.
There are two types of Market Structure labels included:
Market Structure Shift (MSS)
Break Of Structure (BOS)
A MSS occurs when price breaks a swing low in an uptrend or a swing high in a downtrend, highlighting a potential reversal. This is often labeled as "CHoCH", but ICT specifies it as MSS.
On the other hand, BOS labels occur when price breaks a swing high in an uptrend or a swing low in a downtrend. The occurrence of these particular swing points is caused by retracements (inducements) that highlights liquidity hunting in lower timeframes.
🔹 Order Blocks
More significant market participants (institutions) with the ability of placing large orders in the market will generally place a sequence of individual trades spread out in time. This is referred as executing what is called a "meta-order".
Order blocks highlight the area where potential meta-orders are executed. Bullish order blocks are located near local bottoms in an uptrend while bearish order blocks are located near local tops in a downtrend.
When price mitigates (breaks out) an order block, a breaker block is confirmed. We can eventually expect price to trade back to this breaker block offering a new trade opportunity.
🔹 Buyside & Sellside Liquidity
Buyside / Sellside liquidity levels highlight price levels where market participants might place limit/stop orders.
Buyside liquidity levels will regroup the stoploss orders of short traders as well as limit orders of long traders, while Sellside liquidity levels will regroup the stoploss orders of long traders as well as limit orders of short traders.
These levels can play different roles. More informed market participants might view these levels as source of liquidity, and once liquidity over a specific level is reduced it will be found in another area.
🔹 Imbalances
Imbalances highlight disparities between the bid/ask, these can also be defined as inefficiencies, which would suggest that not all available information is reflected by the price and would as such provide potential trading opportunities.
It is common for price to "rebalance" and seek to come back to a previous imbalance area.
ICT highlights multiple imbalance formations:
Fair Value Gaps: A three candle formation where the candle shadows adjacent to the central candle do not overlap, this highlights a gap area.
Implied Fair Value Gaps: Unlike the fair value gap the implied fair value gap has candle shadows adjacent to the central candle overlapping. The gap area is constructed from the average between the respective shadow and the nearest extremity of their candle body.
Balanced Price Range: Balanced price ranges occur when a fair value gap overlaps a previous fair value gap, with the overlapping area resulting in the imbalance area.
Volume Imbalance: Volume imbalances highlight gaps between the opening price and closing price with existing trading activity (the low/high overlap the previous high/low).
Opening Gap: Unlike volume imbalances opening gaps highlight areas with no trading activity. The low/high does not reach previous high/low, highlighting a "void" area.
🔹 Displacement
Displacements are scenarios where price forms successive candles of the same sentiment (bullish/bearish) with large bodies and short shadows.
These can more technically be identified by positive auto correlation (a close to open change is more likely to be followed by a change of the same sign) as well as volatility clustering (large changes are followed by large changes).
Displacements can be the cause for the formation of imbalances as well as market structure, these can be caused by the full execution of a meta order.
🔹 Kill Zones
Killzones represent different time intervals that aims at offering optimal trade entries. Killzones include:
- New York Killzone (7:9 ET)
- London Open Killzone (2:5 ET)
- London Close Killzone (10:12 ET)
- Asian Killzone (20:00 ET)
🔶 Conclusion & Supplementary Material
This script aims to emulate how a trader would draw each of the covered features on their chart in the most precise representation to how it's actually taught by ICT directly.
There are many parallels between ICT Concepts and Smart Money Concepts that we released in 2022 which has a more general & simpler usage:
ICT Concepts, however, is more specifically aligned toward the community's interpretation of how to analyze price 'based on ICT', rather than displaying features to have a more classic interpretation for a technical analyst.
ICT NWOG/NDOG & EHPDA [LuxAlgo]This indicator displays New Week/Day Opening Gaps alongside Event Horizon PD Arrays which were conceptualized by a trader, ICT.
🔶 SETTINGS
Show: Determines if new week opening gaps (NWOG) or new day opening gaps (NDOG) are shown.
Amount: Controls the amount of most recent NWOGs/NDOGs to display on the chart.
Show EHPDA: Displays Event Horizons PD arrays.
🔶 USAGE
New Week/Day Opening Gaps are generally used as potential support or resistance areas.
Trader ICT describes that under consolidating market conditions, price tends to revert towards the opening gap area. This is consistent with other analysis suggesting that price has a tendency to come back toward gaps, ultimately looking to fill them.
ICT also introduces a novel concept, the "Event Horizon PD Array" (EHPDA) which are intermediary levels constructed from the average between the neighboring NWOGs or NDOGs.
EHPDA's are described by ICT as levels that "will not allow price to escape to the NWOG that will create a surge towards the NWOG it got too "close" to but has not yet reached."
Price Action [SignalCave]Liquidation prices are calculated with Higher Timeframe usage of "Williams Fractals" indicator.
Sell side liquidity levels are shown with "L" text and a green solid lines.
Buy side liquidity levels are shown with "H" text and a red solid lines.
Premium and Discount zones are determined with latest untested buy/sell liquidity levels.
"Premium" means the asset price is overvalued, "Discount" means the asset is undervalued.
Once price hits any active liquidity level, "Premium and Discount" zone will be recalculated.
Premium and Discount have "Equilibrium" area which is center area of the whole zone.
Extra Support & Resistance levels calculation are based on Fibonacci. Levels are 23.6%, 38.2%, 61.8% and 78.6% .
Bars are painted based on asset's momentum. The asset momentum is calculated by the RSI and ADX indicators.
Volume profile shows trade activity during the "Premium and Discount" zone.
Price Action Oscillator with RSI--------- ENGLISH ---------
This oscillator combines the Price Action and the Relative Strength Index (RSI) to help identify potential buy and sell signals in a market. The Price Action Oscillator measures the difference between the closing price and a 20-period moving average, and then normalizes this value by dividing it by the standard deviation of the closing price from the same moving average. The result is an oscillator that oscillates around zero, with positive values indicating that the closing price is above the moving average and negative values indicating the opposite. The oscillator is then normalized again to smooth out the curve.
The RSI is also calculated using a 14-period setting. The color of the oscillator line is determined by its normalized value and the RSI level. A green color is used for averaging values, black for values when the RSI is above 70, and red for values when the RSI is below 30. A dashed line is also plotted at the zero level to help identify potential buy and sell signals.
Traders can use this script to identify potential buy and sell signals based on the cross of the oscillator line with the zero line, as well as the color of the oscillator line. A buy signal may be identified when the oscillator line crosses above the zero line and is colored black, while a sell signal may be identified when the oscillator line crosses below the zero line and is colored red.
---------- ITALIAN -------------
Questo oscillatore combina l'oscillatore Price Action e l'Indice di Forza Relativa (RSI) per aiutare a identificare potenziali segnali di acquisto e vendita in un mercato. L'oscillatore Price Action misura la differenza tra il prezzo di chiusura e una media mobile a 20 periodi, e poi normalizza questo valore dividendo la differenza per la deviazione standard della chiusura dalla stessa media mobile. Il risultato è un oscillatore che oscilla intorno allo zero, con valori positivi che indicano che il prezzo di chiusura è sopra la media mobile e valori negativi che indicano il contrario. L'oscillatore viene poi nuovamente normalizzato per levigare la curva.
L'RSI viene anche calcolato utilizzando una configurazione a 14 periodi. Il colore della linea dell'oscillatore è determinato dal suo valore normalizzato e dal livello RSI. Viene utilizzato il colore verde per i valori medi, nero per i valori quando l'RSI è superiore al 70 e rosso per i valori quando l'RSI è inferiore al 30. Viene anche disegnata una linea tratteggiata a livello dello zero per aiutare a identificare potenziali segnali di acquisto e vendita.
I trader possono utilizzare questo script per identificare potenziali segnali di acquisto e vendita in base all'incrocio della linea dell'oscillatore con la linea dello zero, nonché al colore della linea dell'oscillatore. Un segnale di acquisto può essere identificato quando la linea dell'oscillatore incrocia sopra la linea dello zero e viene colorata di nero, mentre un segnale di vendita può essere identificato quando la linea dell'oscillatore incrocia sotto la linea dello zero e viene colorata di rosso.
Bitcoin 30m Swing Trader Long/Short StrategyIntro
I want to share the results of my passionate hobby and the unstoppable chase for a profitable automated trading strategy. It has been created with the intention of trading only Bitcoin. Altcoins are not interesting for me, as I have discovered lots of issues with finding the right parameter values for experiencing a good performance. As altcoins typically follow the trend of bitcoin and characteristically have a high volatility that may cause stop-hunts, I decided to not over complicate this project. I was just aiming for a profitable trading strategy with an acceptable drawdown and enough confidence by a statistically significant number of trades beside a wide backtesting timespan (credits going out to TradingView: Deep Backtesting).
Total time spent on this is approximately 2 years.
Indicators used
RSI: Used for entries and trend reversal spots
MACD: Used for entry and exit optimiziation
ATR: Used for dynamic offsets in trend definition indicator
Custom trend indicator: Self-made indicator, based on simple price action of higher timeframes using pivot points to find support and resistance zones that have formerly been created
Strategy parameters
I have reduced the total parameters used to just a few. It took lots of working hours to find appropriate values along the trading algorithm and I don’t want to overcomplicate it to you.
This strategy is for those, who have been looking for a working strategy. No DIY kit.
Feel free to adapt Take profit or stop loss targets. But it’s not recommended to do so.
How it works
Entries:
I started with a kind of template that I have been using for strategies for a long time. This includes how to find the right Entries during a trend as well as spotting trend reverse opportunities. Here I combine simple indicators like RSI and MACD beside necessary trend conditions. If a target RSI Value is hit, it will enter a trade, after MACD histogram has stopped to fall/rise. Depends on long/short. While we are in a trade and trend reversed, it waits for a specific RSI target level to be hit, to reverse the trade. As simple as it is, it closes the open one and starts a trade in other direction.
Micro trend:
It starts to get more interesting when it comes to trend recognition, as it forms the core of the strategy and discovering appropriate values for it has been very hard. The final trend variable is defined by the responses over higher timeframes of my self-made trend indicator. Executed on the current timeframe, the trend indicator is quite interesting. But for a automated trading strategy it is necessary to deviate trading instructions from higher timeframes trends.
Macro trend:
The same process that happens for micro trend is also applied with much higher timeframes, like 3D or weekly. The basic assumption is, that if we are in a bull or bear run, where retail investors are flooding the markets, we are increasing our take profit targets respectively. This way we can catch bigger moves in bigger trends.
Exits:
Closing a trade generally happens when a TP target (in %) is hit, or the SL (in %) is hit. The strategy has a special treatment with SL’s. After it happens, the strategy is more careful about market conditions and typically waits for a countertrade. The third way of closing a trade has already been mentioned: the reverse trades. They happen during choppy market conditions. The strategy has also special awareness here and tracks, if reverse trades start to happen more often. After a while, it starts to be more restrictive in opening new reverse trades.
Performance
Capabilities and limitations:
As I have already mentioned the strategy is only optimized for bitcoin (Perpetual Futures). This does not mean, it can not be used on other markets, because the algorithm itself is universal appliable. A very hard task was about finding the right parameter values for the strategy performing like this. If you have a special wish to configure this strategy for a specific market, DM me. The strategy has been tested with different configurations on the following timeframes: 30, 15, 10, 5, 1. I have decided to publish the one for 30m TF, because its performance simply convinced me.
Repainting:
It has been tested lots of times against repainting.
Confidence:
The total backtesting performance reaches out to 2019-09-08. So the strategy has been managing to be successful since then, but this does not guarantee that the logic, this strategy follows, is going to continue this level in future.
Commission:
The algorithm is configured with 0.04% commission per trade, as it is on Binance (for Future Market orders).
Ordersize:
Its totally up to you, how much of your total equity should be traded. Nevertheless, I would personally recommend to not exceed 50% ordersize of your equity with this strategy. In the past, you would have had great performance beside a drawdown, that was from psychological point of view good to handle with. This strategy additionally uses STOP LOSSES, so you can never loose you whole ordersize at one trade.
Slippage:
You also must consider about getting slipped when trading this strategy on live markets. Statistically one could assume, that the slippage could be neutral, as it can be both positive or negative. It depends on your execution time, the exchange, on which you are executing trades and market conditions. But keep it in mind, as if you have too much slippage, this strategy would be unprofitable.
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.
Random Price Action Visible Chartplots randomly generated price (closing basis) from LHS of the chart. Re-plots each time you scroll
-just a curiosity really; perhaps a lesson in seeing patterns where there are none; 'fooled by randomness' etc.
-always anchors/starts from the real close of the asset on the visible Left hand side of the chart.
-adjust ATR as you like (bigger = probably more reliable/realistic).
-adjust ATRmultiple as you like (discretionary; basically how many ATR ranges above/below last bar's random close, will the maximum random value above/below be; default is 1.5x (arbitrary).
Big 8 Intraday TICKAt the start of each trading day (0930 EST), this indicator calculates the intraday price difference between open and close for the eight largest market cap stocks (AAPL, AMZN, GOOGLE, META, MSFT, NFLX, NVDA, and TSLA), assigns a +/-1 for each, and then plots the cumulative change. An EMA has been added for smoothing purposes that is set to 5 but can be changed. Please note indicator is best used on lower timeframes (15 min or less) and has no applicability to time frames above 1 hour.
The thought behind this indicator is those eight major stocks drive a majority of intraday price change in indices like SPY and QQQ that are heavily weighted towards these stocks, therefore they should be a leading indicator in price change. You can often catch a move in SPY or QQQ one to two bars (on 1 min chart) ahead of the actual move because you see this indicator moving strong to one direction.
It's not perfect as there are divergences you will see when you compare historical charts, but oftentimes those divergences ultimately lead to significant price swings in the same direction as this indicator, so recommend being on watch to pull the trigger when you see those and price confirms.
You can use this indicator in a few ways:
1. Confirmation that your current trade is in the same direction as this indicator
2. Use the zero cross as a trigger for put or call entry
3. Focusing only on calls/longs if the value is above 0, or only puts/shorts if the value is below zero. Just be sure to keep an eye on reversals.
If you have recommendations on how to improve, let me know and I'll do my best to make changes.
Weekday Change & Volume Average TableHaving a reference point for comparing with current data has always been an important task in market analysis. This script tried to give a better understanding based on weekdays.
This script shows that in the current ticker, what is the average movement of the price (High-Low) and volume for each weekday. Depending on the market and the exchange it should be different.
The Interesting point is that, for example in BINANCE:BTCUSDT , on Saturday and Sunday, volume is about 30% less and the price movement is about 20% less.
The script can be used on any timeframe and any symbol, just remember that the data shown is based on the candles on the chart, so it is different also based on your tradingview's account since Historical bars available for Basic is 5K, Pro & Pro+ is 10K and Premium is 20K; And in lower timeframes it is calculating more recent data.
Relative Price Volume
Relative Price Volume is an indicator which shows anomalies between price and volume on a chart over a given period. The goal is to identify potential reversal and/consolidation areas for price as it relates to volume. It is a simple variation of a Volume at Price indicators. It can also be used to mark potential support and resistance lines on the chart as the areas it signals is where the price battles are waged.
Settings:
Period = length for which to calculate average candle body and average volume
Long Factor = relative size multiplier to determine if a candle is larger than average or if volume is higher than average
Short Factor = relative size multiplier to determine if a candle is smaller than average or if volume is lower than average
Anomaly Conditions
1. If a candle is larger than average and volume is lower than average, then this is an anomaly, and we should be on alert for a change in momentum.
2. if a candle is smaller than average and volume is higher than average, then this too is an anomaly and should put us on alert.
The indicator will draw a cross on the chart indicating the candle is that is flashing the warning that the run is done and a potential consolidation and/or reversal is pending. Used in conjunction with support and resistance levels this could signal a time to enter or exit a trade.
The default size factors considers a candle or volume:
1. Larger than average if it is 60% or more (.6) larger than average.
2. Smaller than average if it is 40% or less (.4) smaller than average.
Hope this helps! Happy trading!
