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The TradingView community has been, unfortunately for me, very busy this week publishing useful indicators. Due to this, it wouldn’t be right to just glaze over everyone, so this week will be a little extended, taking a slightly deeper look at some of the work published and by who it’s published. I’ll still focus in on the coder that has, in my opinion, done the highest quality work. That aside, there’s no order.
Water, Water, All Around...
Someone (or some people) that’s no stranger to TradingView is BacktestRookies, who’s articles on their website have helped many budding Pine scripters. This week they published an indicator called “Volume Profile:Intra-bar Volume”. Through a function to loop, it looks at the close of lower timeframes and stores the as buying if the lower timeframe candle closed up, or selling if it closed down. This is as close as we can get to identifying flow imbalances without order flow data, but it’s not quite there (through no fault of its own). One issue I noticed was that during the current chart’s period the bars will stop updating and will only render it properly when current chart’s period finishes. This makes it difficult to use it within a trading system (as far as I can see)
Sticking with , mjslabosz has created “Volume+ (RVOL/Alerts)”, which is a relative indicator. Relatively simple, but highly applicable in studies. mjslabosz has also allowed the user to select what criteria needs to be met for the bars to be highlighted. No doubt this will be a useful addition to many people’s ideas.
Spiralman666’s “ETH HawkEye Aggregated Indicator” takes NeoButane’s “Aggregated ETH Exchange Volume” and combines it with LazyBear’s “HawkEye Clone Indicator”. This will give you an in-depth yet holistic overview of Ethereum’s . The concept can be extrapolated to other assets for analysis strategies.
… And Not A Drop To Drink
One issue I have with many reversal identification scripts is that they identify the conditions for a reversal as an instance as opposed to a zone or area. LonesomeTheBlues “Divergences for many indicators V2.0” attempts to rectify this by plotting reversal conditions as a line from one point to another, thereby giving you a zone/area from within which to take reversal trades should other conditions be met. The user has the option to choose from a range of indicators with which to identify reversals.
Lines In The Sky
Another familiar face to TradingView, and someone who constantly brings something new to the community, is alexgrover. This week he published a “Light LSMA” script. Rather than try and rehash the brilliant explanation he gave on it’s construction, I encourage you to visit his profile and view the trove of high-quality work he’s provided.
Peter_O’s “EMA NoHesi - cutting noise in and any other data signals” (rolls of the tongue, eh?) is a function to remove noise from indicators that use lines, like MA’s, , etc. The function will guide the line in the same direction unless there is a significant change is the price. The script could be improved to automatically calculate the hesitation value based off what asset you’re trading, but that doesn’t take much away from it.
The “Multi Timeframe Rolling BitMEX Liquidation Levels” by cubantobacco allows users to gain insight into where a lot of liquidation may lie for BitMEX and where price may have to go to keep cascading in that direction. Combining this with some kind of sentiment index for Bitcoin can give great insight into what levels will cause huge reactions. In general the TradingView community can’t seem to get enough of tools for trading on BitMEX, so I’m sure this will see use.
Last of the lines, shtcoinr’s “The Center”, which was inspired by half a sentence from Adam H. Grimes, takes the high and low of the higher timeframe, divides it by half and then plots the halfway line. The result is a line that hints at the prevailing trend, can act as a momentum indication (by measuring the distance of the line from the price) and acts as a line of .
Two people were very active in producing high-quality work this week. The first I’ll mention is RafaelZioni (who’s been included in the previous two articles). He’s published five scripts this week, with one of them being a simple “5 min scalper” with alertconditions() that buy and sell based off activity. Another script with alertconditions() for buying and selling is his “Keltner Channel signals”, which is just an alteration of puppytherapys “Keltner Channel - APEX”. It also includes levels. “linear regression new” and “BollingerRS” apply the same concept, with “linear regression new” being an attempt to render a channel (something that TradingView should really provide for us, along with the formula). Last but not least is RafaelZioni’s “Linear regression slope as SAR”, which is a creative alteration to the standard PSAR.
The other busy bee this week was xkavalis, who published three interesting scripts. The first was “Dynamic Price Channels”, which divides the price action into equal channels. When I first seen it I thought that maybe it could be a component for a overlay (combined with some other features). The “Manual Backtest Lines” can be used within another indicator for replaying price action and results. (He’s actually looking for a fix for a couple of issues, so if you think you can help him out, shoot him a message). “ATR SL Visualization (on chart)” plots appropriate stoplosses and take-profits for each bar (should you enter a trade on that bar) automatically and is, yet again, another script that would be a useful component within a strategy.
Expect More of the Same
The user I’ll be focusing on this week is dasanc, someone who’s been focused on in the past. It’s difficult not to shine the spotlight on him when he’s pumping out truly empowering ideas.
Last week dasanc published “Decent Martingale Strategy ”, which was inspired from a script with a similar name by RicardoSantos. Although it’s not ready for use in trading, it gives good insight into how to code strategies (although until TradingView’s backtester is suped up a little, backtesting doesn’t really mean anything in most cases, so don’t get too excited at those results)
The “Signal to Noise Ratio [SNR}” by dasanc gives traders confidence that the signal being fired isn’t just a stray note in a noisy market, but a meaningful one.
Keeping with , dasanc has also published the “MESA Adaptive Moving Average”, which, rather than being a copy of the indicator, is, as dasanc puts it, a translation. His iteration seems to signal a period earlier than other versions without introducing any lag, due to how it’s calculated.
Following from the “Interquartile IFM” and the “Cosine IFM”, we now have the last of IFM bunch, the “Robust Cycle Measurement”. This is similar to it’s cousins in that it outputs an adaptive period, but the output of this script is usually higher than it’s two cousins. I’ll definitely be including it in some of my future creations.
Last but certainly not least is dasanc’s “Multi-Instantaneous Frequency Measurement”, which is a script combining all three of the IFM’s that have been published, as well as the Hilbert Transform.
I would just like to give nilux a shout-out for turning more than a handful of studies into their strategy counterparts. A lot of people seem to have trouble wielding the power of strategies and I’m sure many would learn something from studying his.
Also, look at this almost-2000 line script that shtcoinr called “... longer than the bible”:
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