MFI Top/Bottom [sinyalbak.com]MFI Top/Bottom with Bollinger Bands Indicator
Overview
This indicator combines the Money Flow Index (MFI) with Bollinger Bands to identify potential overbought and oversold conditions in the market. It offers a unique approach by applying Bollinger Bands to the MFI itself, providing additional context for divergence and extreme readings.
Features
Combined MFI and Bollinger Bands analysis
Optional RSI display
Customizable overbought/oversold zones
Visual highlighting of extreme conditions
Signal detection for potential reversals
Flexible visualization options
Indicator Components
1. Main Indicators
Money Flow Index (MFI): A momentum indicator that incorporates both price and volume
Relative Strength Index (RSI): Optional, can be displayed instead of or alongside MFI
Bollinger Bands: Applied to either MFI or RSI values
2. Visual Elements
Green line: MFI
Maroon line: RSI (when enabled)
Blue bands: Bollinger Bands
Yellow circles: Signals when MFI crosses Bollinger Bands
Colored zones: Highlighted overbought/oversold areas
3. Signal Zones
Overbought zone: 70-75
Oversold zone: 25-30
Middle line: 50
How to Use
1. Basic Setup
Set your preferred lookback period (default: 14)
Adjust the Bollinger Bands multiplier (default: 2.0)
Choose whether to display MFI, RSI, or both
2. Signal Interpretation
Overbought Signals: When MFI enters the 70-75 zone
Oversold Signals: When MFI enters the 25-30 zone
Strong Signals: When MFI crosses outside Bollinger Bands
Divergence: Watch for price/indicator divergence at extremes
3. Best Practices
Use in conjunction with other indicators for confirmation
Pay attention to overall trend direction
Look for divergences at extreme levels
Consider volume patterns alongside indicator signals
Customization Options
Input Parameters
Length: Adjusts the calculation period
Multiplier: Controls Bollinger Bands width
Display options for MFI/RSI
Zone highlighting toggles
Visual Settings
Adjustable line colors and styles
Customizable zone highlighting
Optional signal visualization
Tips for Trading
Entry Signals
Look for oversold conditions with bullish price action
Watch for overbought conditions with bearish price action
Confirm with Bollinger Band crosses
Exit Signals
Monitor extreme readings for potential reversals
Use middle line (50) crosses for trend changes
Watch for divergence between price and indicator
Risk Management
Don't rely solely on indicator signals
Consider using multiple timeframes
Set appropriate stop-loss levels
Technical Notes
Calculation based on HLC3 price
Volume-weighted momentum measurement
Adaptive bands based on standard deviation
Signal generation uses both static levels and dynamic bands
Disclaimer
This indicator is for educational and informational purposes only. Always conduct your own analysis and use proper risk management techniques when trading.
Scalping
Ultimate Pivot Points & Technical Analysis### Ultimate Pivot Points & Technical Analysis
A comprehensive multi-strategy technical analysis tool that combines pivot point analysis with advanced indicators to identify key price levels and market conditions.
#### Overview
This indicator integrates pivot points with popular technical analysis tools including Moving Averages, Bollinger Bands, MACD, and RSI. It automatically detects and draws support/resistance levels based on pivot points, while providing additional confirmation signals through multiple technical indicators.
#### Key Features
• Dynamic Pivot Point Detection
- Automated high/low pivot identification
- Volume and ATR filtering capabilities
- Customizable pivot lookback period
- Adjustable line extension and appearance
• Technical Analysis Integration
- Dual EMA system (8 & 21 defaults for scalping/intraday)
- Bollinger Bands with customizable parameters
- MACD crossover signals
- RSI overbought/oversold levels
• Pattern Recognition System
- Multiple candlestick pattern detection
- Auto-labeling of detected patterns
- Pattern confirmation with technical indicators
• Advanced Visualization
- Fibonacci retracement levels
- Customizable line styles and colors
- Multiple label display options
- Information-rich tooltips
#### Inputs/Parameters
• General Settings
- Pivot Length: Analysis window for pivot detection (2-20)
- Line Length: Extension of drawn lines (10-500)
- Maximum Lines: Number of levels displayed per side (1-50)
• Filter Settings
- Volume Filter: Optional volume confirmation
- ATR Filter: Volatility-based filtering
- Custom multipliers for both filters
• Technical Indicators
- Moving Averages: Periods, colors, and width
- Bollinger Bands: Period, multiplier, and visibility
- MACD: Fast, slow, and signal periods
- RSI: Period and threshold levels
#### Usage Notes
1. Configuration Tips:
- Start with default settings for initial analysis
- Adjust pivot length based on your timeframe
- Use filters for higher-quality signals
- Customize line appearance for better visibility
2. Signal Interpretation:
- Strong levels: Multiple indicators align
- Pattern confirmation: Check technical indicators
- Trend direction: Use MA crossovers
- Volatility: Monitor BB width
3. Best Practices:
- Use on multiple timeframes for confirmation
- Combine with volume analysis
- Monitor pattern formations at key levels
- Use alerts for real-time notifications
#### Alerts
Built-in alerts for:
- Pivot points formation
- MA crossovers
- BB breakouts
- RSI threshold crosses
- MACD signal line crosses
- Pattern completions
#### Version Notes
v1.0 - Initial release
• Full technical indicator suite
• Pattern recognition system
• Multiple visualization options
#### Disclaimer
This technical indicator is for information purposes only. Always combine with other analysis methods and proper risk management.
Dynamic Buy/Sell VisualizationDynamic Trend Visualization Indicator
Description:
This simple and easy to use indicator has helped me stay in trades longer.
This indicator is designed to visually represent potential buy and sell signals based on the crossover of two Simple Moving Averages (SMA). It's crafted to assist traders in identifying trend directions in a straightforward manner, making it an excellent tool for both beginners and experienced traders.
Features:
Customizable Moving Averages: Users can adjust the period length for both short-term (default: 10) and long-term (default: 50) SMAs to suit their trading strategy.
Visual Signals: Dynamic lines appear at the points of SMA crossover, with labels to indicate 'BUY' or 'SELL' opportunities.
Color and Style Customization: Customize the appearance of the buy and sell lines for better chart readability.
Alert Functionality: Alerts are set up to notify users when a crossover indicating a buy or sell condition occurs.
How It Works:
A 'BUY' signal is generated when the short-term SMA crosses above the long-term SMA, suggesting an upward trend.
A 'SELL' signal is indicated when the short-term SMA crosses below the long-term SMA, pointing to a potential downward trend.
Use Cases:
Trend Following: Ideal for markets with clear trends. For example, if trading EUR/USD on a daily chart, setting the short SMA to 10 days and the long SMA to 50 days might help in capturing longer-term trends.
Scalping: In a volatile market, setting shorter periods (e.g., 5 for short SMA and 20 for long SMA) might catch quicker trend changes, suitable for scalping.
Examples of how to use
* Short-term for Quick Trades:
SMA 5 and SMA 21:
Purpose: This combination is tailored for day traders or those looking to engage in scalping. The 5 SMA will react rapidly to price changes, providing early signals for buy or sell opportunities. The 21 SMA, being a Fibonacci number, offers a slightly longer-term view to confirm the short-term trend, helping to filter out minor fluctuations that might lead to false signals.
* Middle-term for Swing Trading:
SMA 10 and SMA 50:
Purpose: Suited for swing traders who aim to capitalize on medium-term trends. The 10 SMA picks up on immediate market movements, while the 50 SMA gives insight into the medium-term direction. This setup helps in identifying when a short-term trend aligns with a longer-term trend, providing a good balance for trades that might last several days to a couple of weeks.
* Long-term Trading:
SMA 50 and SMA 200:
Purpose: Investors focusing on long-term trends would benefit from this pair. The crossover of the 50 SMA over the 200 SMA can indicate the beginning or end of major market trends, ideal for making decisions about long-term holdings that might span months or years.
Example Strategy if not using the Buy / Sell Label Alerts:
Entry Signal: Enter a long position when the shorter SMA crosses above the longer SMA. For example:
SMA 10 crosses above SMA 50 for a medium-term bullish signal.
Exit Signal: Consider exiting or initiating a short position when:
SMA 10 crosses below SMA 50, suggesting a bearish turn in the medium-term trend.
Confirmation: Use these crossovers in conjunction with other indicators like volume or momentum indicators for better confirmation. For instance, if you're using the 5/21 combination, look for volume spikes on crossovers to confirm the move's strength.
When Not to Use:
Sideways or Range-Bound Markets: The indicator might generate many false signals in a non-trending market, leading to potential losses.
High Volatility Without Clear Trends: Rapid price movements without a consistent direction can result in misleading crossovers.
As a Standalone Tool: It should not be used in isolation. Combining with other indicators like RSI or MACD for confirmation can enhance trading decisions.
Practical Example:
Buy Signal: If you're watching Apple Inc. (AAPL) on a weekly chart, a crossover where the 10-week SMA moves above the 50-week SMA could suggest a buying opportunity, especially if confirmed by volume increase or other technical indicators.
Sell Signal: Conversely, if the 10-week SMA dips below the 50-week SMA, it might be time to consider selling, particularly if other bearish signals are present.
Conclusion:
The "Dynamic Trend Visualization" indicator provides a visual aid for trend-following strategies, offering customization and alert features to streamline the trading process. However, it's crucial to use this in conjunction with other analysis methods to mitigate the risks of false signals or market anomalies.
Legal Disclaimer:
This indicator is for educational purposes only. It does not guarantee profits or provide investment advice. Trading involves risk; please conduct thorough or consult with a financial advisor. The creator is not responsible for any losses incurred. By using this indicator, you agree to these terms.
First Candle High Low LevelsDescription
The "First Candle High Low Levels" Pine Script indicator is designed to highlight the high and low levels of the first candle of the day on your TradingView chart. It works across different timeframes and specifically handles the Indian stock market trading hours (9:15 AM to 3:30 PM IST). The script draws a box from the start to the end of the trading session, visually marking the price range defined by the first candle of the day. Traders can customize the box's border color, fill color, and line width.
Features
Customizable Timeframe: Users can select the desired timeframe for the first candle (e.g., 5-minute, 15-minute, etc.).
Custom Box Appearance: Options to adjust the border color, fill color, and line width of the drawn box.
Auto Reset for Each New Day: The high and low of the first candle are reset daily to mark the start of the next trading day.
Accurate Market Session Handling: The box is drawn from the start of the first candle to the end of the trading session (3:30 PM IST).
Usage
Adding to Chart: Apply the script by copying it into the Pine Script editor in TradingView. Once added, the script will automatically draw a box representing the high and low of the first candle of the day.
Select Timeframe: You can adjust the First Candle Timeframe input to define which timeframe candle will be used for marking the high and low. For example, if you choose a 5-minute timeframe, the high and low of the first 5-minute candle will be used.
Customization:
Adjust the Border Color and Box Fill Color through the input settings to match your chart's style.
Modify the Box Line Width to make the box lines more or less prominent.
Scalping with Williams %R, MACD, and SMA (1m)Overview:
This trading strategy is designed for scalping in the 1-minute timeframe. It uses a combination of the Williams %R, MACD, and SMA indicators to generate buy and sell signals. It also includes alert functionalities to notify users when trades are executed or closed.
Indicators Used:
Williams %R : A momentum indicator that measures overbought and oversold conditions. The Williams %R values range from -100 to 0.
Length: 140 bars (i.e., 140-period).
MACD (Moving Average Convergence Divergence) : A trend-following momentum indicator that shows the relationship between two moving averages of a security's price.
Fast Length: 24 bars
Slow Length: 52 bars
MACD Length: 9 bars (signal line)
SMA (Simple Moving Average) : A trend-following indicator that smooths out price data to create a trend-following indicator.
Length: 7 bars
Conditions and Logic:
Timeframe Check :
The strategy is designed specifically for the 1-minute timeframe. If the current chart is not on the 1-minute timeframe, a warning label is displayed on the chart instructing the user to switch to the 1-minute timeframe.
Williams %R Conditions :
Buy Condition: The strategy looks for a crossover of Williams %R from below -94 to above -94. This indicates a potential buying opportunity when the market is moving out of an oversold condition.
Sell Condition: The strategy looks for a crossunder of Williams %R from above -6 to below -6. This indicates a potential selling opportunity when the market is moving out of an overbought condition.
Deactivate Buy: If Williams %R crosses above -40, the buy signal is deactivated, suggesting that the buying condition is no longer valid.
Deactivate Sell: If Williams %R crosses below -60, the sell signal is deactivated, suggesting that the selling condition is no longer valid.
MACD Conditions :
MACD Histogram: Used to identify the momentum and the direction of the trend.
Long Entry: The strategy initiates a buy order if the MACD histogram shows a positive bar after a negative bar while a buy condition is active and Williams %R is above -94.
Long Exit: The strategy exits the buy position if the MACD histogram turns negative and is below the previous histogram bar.
Short Entry: The strategy initiates a sell order if the MACD histogram shows a negative bar after a positive bar while a sell condition is active and Williams %R is below -6.
Short Exit: The strategy exits the sell position if the MACD histogram turns positive and is above the previous histogram bar.
Trend Confirmation (Using SMA) :
Bullish Trend: The strategy considers a bullish trend if the current price is above the 7-bar SMA. A buy signal is only considered if this condition is met.
Bearish Trend: The strategy considers a bearish trend if the current price is below the 7-bar SMA. A sell signal is only considered if this condition is met.
Alerts:
Long Entry Alert: An alert is triggered when a buy order is executed.
Long Exit Alert: An alert is triggered when the buy order is closed.
Short Entry Alert: An alert is triggered when a sell order is executed.
Short Exit Alert: An alert is triggered when the sell order is closed.
Summary:
Buy Signal: Activated when Williams %R crosses above -94 and the price is above the 7-bar SMA. A buy order is placed if the MACD histogram shows a positive bar after a negative bar. The buy order is closed when the MACD histogram turns negative and is below the previous histogram bar.
Sell Signal: Activated when Williams %R crosses below -6 and the price is below the 7-bar SMA. A sell order is placed if the MACD histogram shows a negative bar after a positive bar. The sell order is closed when the MACD histogram turns positive and is above the previous histogram bar.
This strategy combines momentum (Williams %R), trend-following (MACD), and trend confirmation (SMA) to identify trading opportunities in the 1-minute timeframe. It is designed for short-term trading or scalping.
Thrax - QuickStrike 5-Mins Scalping** Indicator Description **
1. Price Change Threshold (%) – The minimum price change required for a candle to be recognized as significant. Candles exceeding this threshold are considered potential candidates for zone creation. Default value for 5 min is 0.5%. As you move on higher timeframe the threshold should increase
2. Percentage Change for Zones (%) – The amount of price movement needed to form a dynamic support or resistance zone. Tweak this to control how sensitive the indicator is to price fluctuations. 5 min default value is 1%. For 15 min suggested is 2-3%.
3. Break Threshold for Zones (%) – Defines how much price must break above or below a zone for it to be removed from the chart/mitigated. Keeps the chart clean by removing invalidated zones. Default value is 0.1% in 5 min, for 15 min it is 0.5%.
4. Buy Zone Retracement Level (%) – The percentage retracement level for defining the inner buy zone within a broader bullish zone. Ideal for timing precision entries. Ideal value is 75%
5. Sell Zone Retracement Level (%) – The percentage retracement level used to determine the inner sell zone within a larger bearish zone. Helps in identifying potential reversal areas or exits. Ideal value is 25%
By tailoring these inputs, traders can fully customize the indicator to suit their scalping strategies, enhancing their ability to navigate fast-moving markets with confidence.
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There are two primary approaches for scalping using this indicator:
1. Candle-Based Scalping:
a. Bullish Signal: When you observe a bullish candle highlighted in blue (by default), you can consider entering a long position at the close of this candle. It’s advisable to wait for the candle to close before taking action. For a more aggressive scalp, you might take profits based on your scalp target after a few subsequent candles. If the price remains stagnant or moves unfavorably in the next few candles, you can exit with a small loss. Alternatively, if you have a higher risk tolerance, you may hold the position even if the price initially declines within a set percentage.
b. Bearish Signal: For a bearish candle highlighted in yellow, you can enter a short trade at the close of the candle. Similar to the bullish setup, you have the option to exit after a few candles if the price doesn’t move as expected or hold the position with a higher risk tolerance if the price goes up initially.
2. Zone-Based Scalping:
Entering Zones: Monitor the price as it enters a defined support or resistance zone. If you are open to higher risk, you can enter a trade immediately upon the price entering the zone. For a more cautious approach with a smaller stop loss, wait for the price to reach a retracement level within the zone before initiating your trade. This approach allows for a more precise entry but may result in missing out on trades if the price reverses before hitting the retracement level. Conversely, entering at the zone’s boundary offers the potential for early trade capture but comes with a higher stop loss risk.
Adjust these strategies based on your risk tolerance and trading preferences to optimize your scalping opportunities.
Heikin Ashi Price DetectionThis script performs custom calculations for both bullish and bearish bars, providing a numerical result that can be used to gauge price movements and potential trading signals.
How It Works
Bullish Bars:
Calculates the absolute difference between the open and low prices (BullOpenLow).
Calculates the absolute difference between the high and close prices (BullHighClose).
Compares BullOpenLow and BullHighClose:
If BullOpenLow is greater, the difference is divided by BullOpenLow.
If BullHighClose is greater, the difference is divided by BullHighClose.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Bearish Bars:
Calculates the absolute difference between the close and low prices (BearCloseLow).
Calculates the absolute difference between the high and open prices (BearHighOpen).
Compares BearCloseLow and BearHighOpen:
If BearCloseLow is greater, the difference is divided by BearCloseLow.
If BearHighOpen is greater, the difference is divided by BearHighOpen.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Key Features
Bullish and Bearish Calculations: The script identifies bullish and bearish bars and applies separate calculations to each.
Normalized Results: The calculations provide a normalized result that can be easily interpreted.
Visual Representation: Results are plotted on the chart for quick visual reference.
Advanced Gold Scalping Strategy with RSI Divergence# Advanced Gold Scalping Strategy with RSI Divergence
## Overview
This Pine Script implements an advanced scalping strategy for gold (XAUUSD) trading, primarily designed for the 1-minute timeframe. The strategy utilizes the Relative Strength Index (RSI) indicator along with its moving average to identify potential trade setups based on divergences between price action and RSI movements.
## Key Components
### 1. RSI Calculation
- Uses a customizable RSI length (default: 60)
- Allows selection of the source for RSI calculation (default: close price)
### 2. Moving Average of RSI
- Supports multiple MA types: SMA, EMA, SMMA (RMA), WMA, VWMA, and Bollinger Bands
- Customizable MA length (default: 3)
- Option to display Bollinger Bands with adjustable standard deviation multiplier
### 3. Divergence Detection
- Implements both bullish and bearish divergence identification
- Uses pivot high and pivot low points to detect divergences
- Allows for customization of lookback periods and range for divergence detection
### 4. Entry Conditions
- Long Entry: Bullish divergence when RSI is below 40
- Short Entry: Bearish divergence when RSI is above 60
### 5. Trade Management
- Stop Loss: Customizable, default set to 11 pips
- Take Profit: Customizable, default set to 33 pips
### 6. Visualization
- Plots RSI line and its moving average
- Displays horizontal lines at 30, 50, and 70 RSI levels
- Shows Bollinger Bands when selected
- Highlights divergences with "Bull" and "Bear" labels on the chart
## Input Parameters
- RSI Length: Adjusts the period for RSI calculation
- RSI Source: Selects the price source for RSI (close, open, high, low, hl2, hlc3, ohlc4)
- MA Type: Chooses the type of moving average applied to RSI
- MA Length: Sets the period for the moving average
- BB StdDev: Adjusts the standard deviation multiplier for Bollinger Bands
- Show Divergence: Toggles the display of divergence labels
- Stop Loss: Sets the stop loss distance in pips
- Take Profit: Sets the take profit distance in pips
## Strategy Logic
1. **RSI Calculation**:
- Computes RSI using the specified length and source
- Calculates the chosen type of moving average on the RSI
2. **Divergence Detection**:
- Identifies pivot points in both price and RSI
- Checks for higher lows in RSI with lower lows in price (bullish divergence)
- Checks for lower highs in RSI with higher highs in price (bearish divergence)
3. **Trade Entry**:
- Enters a long position when a bullish divergence is detected and RSI is below 40
- Enters a short position when a bearish divergence is detected and RSI is above 60
4. **Position Management**:
- Places a stop loss order at the entry price ± stop loss pips (depending on the direction)
- Sets a take profit order at the entry price ± take profit pips (depending on the direction)
5. **Visualization**:
- Plots the RSI and its moving average
- Draws horizontal lines for overbought/oversold levels
- Displays Bollinger Bands if selected
- Shows divergence labels on the chart for identified setups
## Usage Instructions
1. Apply the script to a 1-minute XAUUSD (Gold) chart in TradingView
2. Adjust the input parameters as needed:
- Increase RSI Length for less frequent but potentially more reliable signals
- Modify MA Type and Length to change the sensitivity of the RSI moving average
- Adjust Stop Loss and Take Profit levels based on current market volatility
3. Monitor the chart for Bull (long) and Bear (short) labels indicating potential trade setups
4. Use in conjunction with other analysis and risk management techniques
## Considerations
- This strategy is designed for short-term scalping and may not be suitable for all market conditions
- Always backtest and forward test the strategy before using it with real capital
- The effectiveness of divergence-based strategies can vary depending on market trends and volatility
- Consider using additional confirmation signals or filters to improve the strategy's performance
Remember to adapt the strategy parameters to your risk tolerance and trading style, and always practice proper risk management.
Buy-Sell Volume Bar Gauge [By MUQWISHI]▋ INTRODUCTION :
The Buy-Sell Volume Bar Gauge is developed to provide traders with a detailed analysis of volume in bars using a low timeframe, such as a 1-second interval, to measure the dominance of buy and sell for each bar. By highlighting the balance between buying and selling activities, the Buy-Sell Volume Bar Gauge helps traders identify potential volume momentum of a bar; aimed at being a useful tool for day traders and scalpers.
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▋ OVERVIEW:
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▋ METHODOLOGY:
The concept is based on bars from a lower timeframe within the current chart timeframe bar, where volume is categorized into Up, Down, and Neutral Volume, with each one displayed as a portion of a column plot. Up Volume is recorded when the price experiences a positive change, Down Volume occurs when the price experiences a negative change, and Neutral Volume is observed when the price shows no significant change.
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▋ INDICATOR SETTINGS:
(1) Fetch data from the selected lower timeframe. Note: If the selected timeframe is invalid (higher than chart), the indicator will automatically switch to 1 second.
(2) Price Source.
(3) Treating Neutral Data (Price Source) as
Neutral: In a lower timeframe, when the bar has no change in its price, the volume is counted as Neutral Volume.
Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the previous change; “Up Volume” if the previous change was positive, and “Down Volume” if the previous change was negative.
Opposite Previous Move: In a lower timeframe, when the bar has no change in its price, the volume is counted as the opposite previous change; “Up Volume” if the previous change was negative, and “Down Volume” if the previous change was positive.
(4) Average Volume Length, it's used for lighting/darkening columns in a plot.
(5) Enable Alert.
(7) Total bought (%) Level.
(8) Total Sold (%) Level.
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▋ COMMENT:
The Buy-Sell Volume Bar Gauge can be taken as confirmation for predicting the next move, but it should not be considered a major factor in making a trading decision.
ORB Heikin Ashi SPY 5min Correlation StrategyOverview:
The ORB (Opening Range Breakout) strategy combined with Heikin Ashi candles and Relative Volume (RVOL) indicator aims to capitalize on significant price movements that occur shortly after the market opens. This strategy identifies breakouts above or below the opening range, using Heikin Ashi candles for smoother price visualization and RVOL to gauge the strength of the breakout.
Components:
Opening Range Breakout (ORB): The strategy starts by defining the opening range, typically the first few minutes of the trading session. It then identifies breakouts above the high or below the low of this range as potential entry points.
Heikin Ashi Candles: Heikin Ashi candles are used to provide a smoother representation of price movements compared to traditional candlesticks. By averaging open, close, high, and low prices of the previous candle, Heikin Ashi candles reduce noise and highlight trends more effectively.
Relative Volume (RVOL): RVOL compares the current volume of a stock to its average volume over a specified period. It helps traders identify abnormal trading activity, which can signal potential price movements.
Candle for correlation : In this case we are using SPY candles. It can also use different asset
Strategy Execution:
Initialization: The strategy initializes by setting up variables and parameters, including the ORB period, session timings, and Heikin Ashi candle settings.
ORB Calculation: It calculates the opening range by identifying the high and low prices during the specified session time. These values serve as the initial reference points for potential breakouts. For this we are looking for the first 30 min of the US opening session.
After that we are going to use the next 2 hours to check for breakout opportunities.
Heikin Ashi Transformation: Optionally, the strategy transforms traditional candlestick data into Heikin Ashi format for smoother visualization and trend identification.
Breakout Identification: It continuously monitors price movements within the session and checks if the current high breaches the ORB high or if the current low breaches the ORB low. These events trigger potential long or short entry signals, respectively.
RVOL Analysis: Simultaneously, the strategy evaluates the relative volume of the asset to gauge the strength of the breakout. A surge in volume accompanying the breakout confirms the validity of the signal. In this case we are looking for at least a 1 value of the division between currentVolume and pastVolume
Entry and Exit Conditions: When a breakout occurs and is confirmed by RVOL and is within our session time, the strategy enters a long or short position accordingly. It does not have a stop loss or a takie profit level, instead it will always exit at the end of the trading session, 5 minutes before
Position Sizing and Commissions: For the purpose of this backtest, the strategy allocated 10% of the capital for each trade and assumes a trading commission of 0.01$ per share ( twice the IBKR broker values)
Session End: At the end of the trading session, the strategy closes all open positions to avoid overnight exposure.
Conclusion:
The combination of ORB breakout strategy, Heikin Ashi candles, and RVOL provides traders with a robust framework for identifying and capitalizing on early trends in the market. By leveraging these technical indicators together, traders can make more informed decisions and improve the overall performance of their trading strategies. However, like any trading strategy, it's essential to backtest thoroughly and adapt the strategy to different market conditions to ensure its effectiveness over time.
BINANCE-BYBIT Cross Chart: Spot-Perpetual CorrelationName: "Binance-Bybit Cross Chart: Spot-Perpetual Correlation"
Category: Scalping, Trend Analysis
Timeframe: 1M, 5M, 30M, 1D (depending on the specific technique)
Technical analysis: This indicator facilitates a comparison between the price movements shown on the Binance spot chart and the Bybit perpetual chart, with the aim of discerning the correlation between the two charts and identifying the dominant market trends. It automatically generates the corresponding chart based on the ticker selected in the primary chart. When a Binance pair is selected in the main chart, the indicator replicates the Bybit perpetual chart for the same pair and timeframe, and vice versa, selecting the Bybit perpetual chart as the primary chart generates the Binance spot chart.
Suggested use: You can utilize this tool to conduct altcoin trading on Binance or Bybit, facilitating the comparison of price actions and real-time monitoring of trigger point sensitivity across both exchanges. We recommend prioritizing the Binance Spot chart in the main panel due to its typically longer historical data availability compared to Bybit.
The primary objective is to efficiently and automatically manage the following three aspects:
- Data history analysis for higher timeframes, leveraging the extensive historical data of the Binance spot market. Variations in indicators such as slow moving averages may arise due to differences in historical data between exchanges.
- Assessment of coin liquidity on both exchanges by observing candlestick consistency on smaller timeframes or the absence of gaps. In the crypto market, clean charts devoid of gaps indicate dominance and offer enhanced reliability.
- Identification of precise trigger point levels, including daily, previous day, or previous week highs and lows, which serve as sensitive areas for breakout or reversal operations.
All-Time High (ATH) and All-Time Low (ATL) levels may vary significantly across exchanges due to disparities in historical data series.
This tool empowers traders to make informed decisions by leveraging historical data, liquidity insights, and precise trigger point identification across Binance Spot and Bybit Perpetual market.
Configuration:
EMA length:
- EMA 1: Default 5, user configurable
- EMA 2: Default 10, user configurable
- EMA 3: Default 60, user configurable
- EMA 4: Default 223, user configurable
- Additional Average: Optional display of an additional average, such as a 20-period average.
Chart Elements:
- Session separator: Indicates the beginning of the current session (in blue)
- Background: Indicates an uptrend (60 > 223) with a green background and a downtrend (60 < 223) with a red background.
Instruments:
- EMA Daily: Shows daily averages on an intraday timeframe.
- EMA levels 1h - 30m: Shows the levels of the 1g-30m EMAs.
- EMA Levels Highest TF: Provides the option to select additional EMA levels from the major timeframes, customizable via the drop-down menu.
- "Hammer Detector: Marks hammers with a green triangle and inverted hammers with a red triangle on the chart
- "Azzeramento" signal on TF > 30m: Indicates a small candlestick on the EMA after a dump.
- "No Fomo" signal on TF < 30m: Indicates a hyperextended movement.
Trigger Points:
- Today's highs and lows: Shows the opening price of the day's candlestick, along with the day's highs and lows (high in purple, low in red, open in green).
- Yesterday's highs and lows: Displays the opening price of the daily candlestick, along with the previous day's highs and lows (high in yellow, low in red).
You can customize the colors in "Settings" > "Style".
It is best used with the Scalping The Bull indicator on the main panel.
Credits:
@tumiza999: for tests and suggestions.
Thanks for your attention, happy to support the TradingView community.
Volume Footprint Voids [BigBeluga]Volume Footprint Voids is a unique tool that uses lower timeframe calculation to plot different styles of single candle POC.
This indicator is very powerful for scalping and finding very precise entry and exits, spotting potential trapped traders, and more.
Unlike many other volume profiles, this aims to plot single candle profiles as well as their own footprints.
🔶 FEATURES
The script includes the following settings:
Windows: Plotting style and calculations
Coloring modes
Display modes
lower-timeframe calculations
🔶 CALCULATION
In the image above we can see how the script calculates each level position that will serve as a calculation process to see how much volume/closes there are within the levels.
In the image above, we can have a more clear example of how we count each candle close.
We use the prior screenshot as an example, after setting each level we will use the lower-timeframe input to measure the amount of closes within the ranges.
Depending on the lot size, the box will be larger or smaller, usually the POC will always have the highest box size.
NOTE: Size is the starting point, always from the low of the candle.
To find more voids, select a closer LTF to the current one you're using.
To find fewer voids, select a timeframe away from your current one.
Due to Pine Script limitations, we are only able to plot a certain amount of footprints, and we can't plot the whole history chart.
POC will be the largest block displayed, indicating the time point of control
Gray areas are closes above the average
Black are Void or imbalance that price will fill in the future, like FVG
The image above shows an incorrect size input that will lead to bad calculations, while on the other side, a correct size input that will lead to a clear vision and better calculation.
🔶 WINDOWS
The "▲▼" Mode will display delta buyers and delta sellers coloring with voids as black.
It also offers a gradient mode for a beautier visualization
The "Total Volume" mode will display the net volume within the lot size (closes within the levels).
This is useful to spot possible highest net volume within the same highest lot size.
The "POC + Gaps" will show both POC and Gaps as the highest block while all the rest will be considered as the smaller block.
This is useful to see where the highest lot were and if there are higher or lower imbalances within the candle
The last option "Gaps" will simply display the gaps as the highest block, while the POC as the lowest block.
This is useful to have a better view of the gaps areas
🔶 EXAMPLE
This is one of the most basic examples of how this script can be used. POC at the bottom creating a strong support area as price holds and creates higher voids gap that price fills while rising.
🔶 SETTINGS
Users have full control over the script, from colors to choosing the lower-timeframe inputs to disabling the lot size.
5 ema strategyThis Strategy is based of Subhashish Pani's (power of stocks) 5 EMA Strategy.strategy used for sell in 5 minutes and for buy in 15 minutes ..
Rules for this strategy ..
Sell signal -
1) if price is above 5 Ema and not touching Ema use as alert candle..
2) if price break low of alert candle strategy open trade ..
3) if price move more upside low of alert candle keep change into next candle ..
4) input we can select number of trade per day .as rule should take only 4 signal should execute
5) stop loss is fixed highest high of last 2 candle and take profit is input multiply of stop loss
buy signal-
1) if price is below 5 Ema and not touching Ema use as alert candle..
2) if price break high of alert candle strategy open trade ..
3) if price move more downside high of alert candle keep change into next candle ..
4) input we can select number of trade per day .as rule should take only 4 signal should execute
5) stop loss is fixed lowest low of last 2 candle and take profit is input multiply of stop loss
notes -input can be selected which side should take signal either buy or sell side ...number of trade can be adjusted ..
Disclaimer -Traders can use this script as a starting point for further customization or as a reference for developing their own trading strategies. It's important to note that past performance is not indicative of future results, and thorough testing and validation are recommended before deploying any trading strategy.
GOLD MonitorI'm using this platform from sometime and I carry out trading on Gold, using a kind of scalping strategy.
Scalping is not an easy task to do. Personally I found a lot of problems while detecting the trend direction.
So I decided to develop an indicator that is capable, in a discrete way, to give an instant-view on the market that is interesting.
This indicator can summarize in a small table all interesting figures related to gold scalping trading and is useful while joined with technical and fundamental analysis.
In this way it is possible to easy take under control all important aspects related to gold trading that I summarize here and you can find inside the table:
1) Gold / USD current direction
2) USD dollar strength (instant DXY) indicator take under consideration the DXY value every each tick and measures the increase or decrease in percentage. If there is a decrease the indicator displays a red low arrow, if there is an increase the indicator displays a green high arrow
also Gold friends are important so it is possible to find also:
3) NZDUSD (that is a Gold friend) variation percentage. If there is a decrease the indicator displays a red low arrow, if there is an increase the indicator displays a green high arrow
4) AUDUSD (that is a Gold friend) variation percentage. If there is a decrease the indicator displays a red low arrow, if there is an increase the indicator displays a green high arrow
then it is possible to find DXY USD dollar strength calculated between previous period (e.g. in timeframe M5 last 5 minutes) and current period (current 5 minutes). This indication is represented by an high arrow if there has been an increase, or by an low arrow if there has been a decrease.
Last but not least the information about the Gold trend itself with the possible forecast for the current period. This information must be carefully interpreted together with other instruments for technical analysis like Fibonacci lines.
"Daily Range with Filtre [Hunter_Algo]
- The script calculates the high and low ranges based on the specified session time, such as the Asia Liquidity session.
- It uses the timeinrange function to determine if the current bar is within the specified session.
- High and low values are updated based on whether the current high or low surpasses the previous values within the specified session.
- The script includes functions to convert day strings to integers and style strings to enumeration values.
- There are additional inputs related to the start and end of the day range, as well as colors and styles for various elements.
- The script calculates daily high (Dh), daily low (Dl), and other variables based on certain conditions, including the day of the week.
buyer_seller_scalping_indicatorThis code is a custom script designed for analyzing trading volume within a specific time window on the TradingView platform. It offers a comprehensive analysis of buying and selling activity during a defined period and provides visual aids and data summaries for traders to make informed decisions. Here's a detailed breakdown of its functionality and how to use it:
1. Custom Time Period: The script starts by allowing you to specify a custom time period for analysis. In this example, it's set from 04:00 to 09:29. You can modify these time values to suit your specific trading needs.
2. Volume Calculation: The script calculates buying and selling volume based on price levels. It takes into account the open, high, low, and close prices to determine whether buying or selling pressure is dominant during the specified time frame.
3. Total Volume Calculation: It calculates the total volume within the custom time period. This can help you gauge the overall activity and liquidity during the chosen time window.
4. Visualizations: The script then plots visual elements on the chart:
- A volume histogram, which provides a graphical representation of the total volume during the time period.
- Buying and selling volume indicators, which are shown as circles on the chart, highlighting the relative strength of buyers and sellers.
- An average volume line, represented in gray, which helps you identify the average trading volume over a 50-period moving average.
5. Volume Type Determination: The script determines whether buyers or sellers dominate the market during the specified time period. It labels this as "Buyers Volume > Sellers Volume," "Sellers Volume > Buyers Volume," or "Buyers Volume = Sellers Volume." This information can be crucial for assessing market sentiment.
6. Percentage Breakdown: The script calculates the percentage of buying and selling volume in relation to the total volume, helping you understand the distribution of market participants. These percentages are displayed in a table.
7. Table Display: Finally, the script creates a table that displays the following information:
- The current volume type (buyers, sellers, or balanced), with corresponding text colors.
- The percentage of buyers and sellers in the market.
How to Use:
1. Copy the script and add it as a custom script on TradingView.
2. Apply the script to your desired financial chart.
3. Adjust the custom time period if needed.
4. Interpret the visual elements and table to gain insights into market sentiment and volume distribution during the specified time frame.
5. Use this information to inform your trading decisions and strategies, especially when trading within the chosen time window.
This script is a valuable tool for traders seeking to understand market dynamics and volume behavior during specific trading hours, ultimately aiding in more informed trading decisions.
Disclaimer:
The indicator provided herein is experimental and has not undergone comprehensive testing. Its usage is solely at your own risk.
The publisher assumes no responsibility for any trading decisions made based on the utilization of this indicator.
RenkoIndicatorIntroduction:
The Renko Indicator is a powerful tool designed to help traders identify trends and potential trade opportunities in the financial markets. This indicator overlays a Renko chart on the main price chart and generates Buy and Sell signals based on Renko brick movements. Renko charts are unique in that they focus solely on price movements, ignoring the element of time. In this guide, we will walk you through how to use the Renko Indicator effectively in your trading strategy.
Indicator Components:
The Renko Indicator consists of several components, each serving a specific purpose in aiding your trading decisions.
Market Sentiment Calculation:
At the top of the script, the indicator calculates market sentiment by analyzing recent price action. It determines whether the market sentiment is Bullish, Bearish, or Neutral based on the highest and lowest prices within specific time periods. This information provides you with a broader context for potential trading decisions.
Renko Chart Creation:
The indicator creates a Renko chart overlay on the main price chart using the Average True Range (ATR) method. ATR is used to calculate the brick size for the Renko chart, allowing you to adjust the sensitivity of the chart to price movements.
Renko Open and Close Midpoint:
The script plots the midpoint of Renko open and close prices as a line on the main chart. This visualization helps you understand the direction of Renko bricks and identify trends.
Buy and Sell Signal Generation:
The script generates Buy and Sell signals as label shapes on the chart. A Buy signal is generated when the Renko close price crosses above the Renko open price, indicating potential upward momentum. Conversely, a Sell signal is generated when the Renko close price crosses below the Renko open price, suggesting potential downward momentum.
Alert Conditions:
To ensure you never miss a trading opportunity, the script sets up alert conditions for Buy and Sell signals. These alerts notify you when the specified conditions for potential trades are met. Alerts can be customized to your preference, allowing you to receive notifications via your chosen communication channels.
How to Use the Renko Indicator:
Market Sentiment Analysis:
Start by analyzing the calculated market sentiment. This information helps you understand the broader trend in the market. A Bullish sentiment indicates potential upward movement, a Bearish sentiment suggests potential downward movement, and a Neutral sentiment signals uncertainty.
Renko Chart Interpretation:
Observe the Renko chart overlay and its midpoint line. Upward-trending Renko bricks suggest Bullish momentum, while downward-trending bricks indicate Bearish momentum. Use the Renko chart to identify trends and confirm your trading bias.
Buy and Sell Signals:
Pay close attention to the Buy and Sell signals generated by the indicator. A Buy signal occurs when the Renko close price crosses above the Renko open price. Conversely, a Sell signal occurs when the Renko close price crosses below the Renko open price. These signals highlight potential entry points for trades.
Alert Notifications:
Make use of the alert conditions to receive real-time notifications for Buy and Sell signals. Alerts help you stay informed even when you're not actively watching the charts, allowing you to promptly take action on potential trade opportunities.
Risk Management and Considerations:
Confirmation: While the Renko Indicator provides valuable insights, it's crucial to use it in conjunction with other technical and fundamental analysis tools for confirmation.
Backtesting: Before implementing the indicator in live trading, conduct thorough backtesting on historical data to assess its performance and suitability for your trading strategy.
Position Sizing: Determine appropriate position sizes based on your risk tolerance and the signals provided by the indicator. Avoid overleveraging your trades.
Market Conditions: Be mindful of market conditions and news events that could impact price movements. Use the Renko Indicator as a tool to enhance your decision-making process, not as a standalone strategy.
Conclusion:
The Renko Indicator offers a unique perspective on price movements and can be a valuable addition to your trading toolkit. By analyzing market sentiment, interpreting Renko chart patterns, and acting on Buy and Sell signals, you can make informed trading decisions. Remember to practice proper risk management and integrate the Renko Indicator into a comprehensive trading strategy to achieve consistent and successful trading outcomes.
OSPL Volume [Community Edition]NSE:BANKNIFTY1!
This indicator is based on the concepts popularized by @OptionsScalper123 "Siva" of OiPulse. His ideology Is that large moves come after high volume candles. For Nifty, high volume is considered to be a candle above 125k volume and for BankNifty it’s 50k.
This indicator allows you to cut the noise and focus only on the high volume candle. It shows high volume candle in a brighter shade and lower volume candles in a less visible shade.
You can set the minimum volume threshold limit for Nifty and BankNifty. The indicator smartly recognizes which index you are using it in and uses the respective threshold volume limit.
All colors are customizable.
Thanks for Siva for all the ideas and wonderful products he has given to the community
Thanks to all the wonderful Pinescipters for developing awesome indicators and keeping the source open.
The source code of this indicator is just a few lines. Hope you can use it in your projects and learn something from this just how I learned from other scripts.
Any changes or updates needed in this indicator, please suggest. I was thinking some kind of alerts can be added when volume crosses the threshold. Let me know.
Boost/like this indicator and comment if you find this useful. Cheers and happy trading!!!
Scalp Pump-Dump Detector with AlertsThis script displays the percentage of movement of all candles on the chart, as well as identifying abnormal movements to which you can attach alerts. An abnormal movement is considered a rise or fall that exceeds the parameter set in the settings (by default, 1% per 1 bar).
Added a function to display the volume on abnormal candlesticks.
Trading Session TemplateDescription:
The Trading Session Template Indicator is a powerful script that allows traders to customize their own trading session time range on a chart. With this indicator, you have the flexibility to define specific hours during which you prefer to focus your trading activities. The example chart showcases the New York session hours, but you can easily adapt it to any desired time range based on your trading strategy and preferences.
Key Features:
Customizable Trading Session: The indicator empowers you to define your own trading session time range, tailored to your preferred market sessions or specific trading hours. This flexibility ensures that the indicator aligns with your unique trading strategy.
Highlighted Trading Session: When a new trading day begins, the script automatically scans for the specified time range. Once the first candle within the range begins printing, the background color of the chart is highlighted, indicating the beginning of the trading session. When the last candle within the range is closed, the background color returns to normal.
Focus on Specific Market Sessions: This indicator is particularly useful for traders who prefer to trade certain market sessions or specific hours during the day. By customizing the trading session, you can better align your trading activities with specific market conditions and trading opportunities.
Candle Pattern Detection: The indicator includes the ability to detect candle patterns such as Doji, Engulfing, Hammer, and Shooting Star. You can activate the desired candle patterns and set up alerts for them. When an alert is triggered, indicating the formation of a specific candle pattern, you can further analyze the market and make informed trading decisions.
ATR Filter: The indicator offers an ATR (Average True Range) filter to limit noise and focus on candle patterns with a size comparable to the ATR. You can set a minimum and maximum size for a candle compared to the ATR. This helps you filter out smaller or larger candles that may not align with your trading preferences.
Stop Loss (SL) and Take Profit (TP) Levels: When a candle pattern is detected, based on the ATR, the indicator can display suggested Stop Loss and Take Profit levels. This feature provides additional guidance for risk management and potential profit targets.
User-Friendly Interface: The indicator provides a user-friendly interface with adjustable settings and switches for customization. Tooltips are available to guide you through the various options and configurations, making it easy to adapt the indicator to your trading style and preferences.
Note:
The Trading Session Template Indicator is designed for timeframes lower than 1D. It does not plot any information on timeframes of 1D and higher.
Disclaimer:
The Trading Session Template Indicator is provided for informational and educational purposes only. Trading in the financial markets involves risk, and you should only trade with funds that you can afford to lose. The indicator's past performance is not indicative of future results. Always conduct your own research and due diligence before making any investment decisions. The creator of this indicator shall not be held responsible for any losses or damages incurred from the use of this indicator.
3 Fib EMAs To Scalp Them AllThe "3 Fib EMAs To Scalp Them All" was made in order to clear up when we should look for shorts, longs, or walk away. Also it can alert you when a trend starts, or when there is a possible reversal. I use it for scalping/day trading in 5m-1h timeframes.
1. EMAs: By default, the indicator uses Fibonacci numbers (21, 55, 233), but you can change them.
2. Color Changes: The color of the Micro EMA line changes depending on its relation to the Mid and Macro EMAs.
When Micro EMA < Mid < Macro EMA, it turns red, indicating a potential bearish trend - that's when you should look for shorts
When Micro EMA > Mid > Macro EMA, it turns green, indicating a potential bullish trend - that's when you should look for longs
A white Micro EMA is when you need to take some rest, enjoy your coffee, and avoid overtrading.
3. Signals: The indicator provides visual signals in the form of diamonds and crosses and corresponding alert signals.
A red diamond above the bar signals a potential beginning of a downtrend
A red cross above the bar signals the end of the downtrend and can be used as a signal for a possible reversal up/breakout.
A green diamond below the bar signals a potential beginning of a downtrend,
A green cross below the bar signals the end of the uptrend and can be used as a signal for a possible reversal down/breakout.
4. Alerts: For algo traders and people who prefer to stay away from the monitor... there are alerts for every signal.
Friendly note: Don't blindly follow the signals for your long and short entries. The signals only pop up when the EMA cross value gets a confirmation. A smart move would be to wait for a retracement to the EMA line and use momentum indicators like market cipher B to pinpoint those ideal entry points.
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.
Bollinger Bands - Breakout StrategyThe Bollinger Bands - Breakout Strategy is a trend-following optimized for short-term trading in the crypto market. This strategy employs the Bollinger Bands, a widely recognized technical indicator, as its primary instrument for pinpointing potential trades. It is capable of executing both long and short positions, depending on whether the market is in a spot or futures, and is particularly effective in trending markets.
The strategy boasts a high degree of configurability, allowing users to set the Bollinger Bands period and deviation, trend filter, volatility filter, trade direction filter, rate of change filter, and date filter. Furthermore, it offers options for Take Profit, Stop Loss, and Trailing Stop for both long and short positions, ensuring a comprehensive risk management approach. The inclusion of a maximum intraday loss feature adds another layer of protection, making this strategy a valuable tool for traders seeking a professional and adaptable trading system.
Name : Bollinger Bands - Breakout Strategy
Category : Trend Follower based on Bollinger Bands
Operating mode : Long and Short on Futures or Long on Spot
Trade duration : Intraday
Timeframe : 2H, 3H, 4H, 5H
Market : Crypto
Suggested usage : Trending Markets
Entry : When the price crosses above or below the Bollinger Bands
Exit : Opposite Cross or Profit target, Trailing stop or Stop loss
Configuration :
- Bollinger Bands period and deviation
- Trend Filter
- Volatility Filter
- Trade direction filter
- Rate of Change filter
- Date Filter (for backtesting purposes)
- Take Profit, Stop Loss and Trailing Stop for long and short positions
- Risk Management: Max Intraday Loss
Backtesting :
⁃ Exchange: BINANCE
⁃ Pair: BTCUSDT.P
⁃ Timeframe: 4H
⁃ Fee: 0.025%
⁃ Slippage: 1
- Initial Capital: 10000 USDT
- Position sizing: 10% of Equity
- Start : 2019-09-19 (Out Of Sample from 2022-12-23)
- Bar magnifier: on
Credits :
- LucF of Pine Coders for f_security function to avoid repainting using security.
- QuantNomad for Monthly Table.
Disclaimer : Risk Management is crucial, so adjust stop loss to your comfort level. A tight stop loss can help minimise potential losses. Use at your own risk.
How you or we can improve? Source code is open so share your ideas!
Leave a comment and smash the boost button!
Thanks for your attention, happy to support the TradingView community.
