Simplified Confluence Markers with Stable Bollinger Bands

14시간 전

Here’s a summary of the functionalities of this script in English:

This TradingView Pine Script provides a simplified indicator for visualizing confluence markers, Bollinger Bands, VWAP, and MACD crosses, designed to maintain stability across various zoom levels.

Main Features:

1. Bollinger Bands: Calculates and displays the upper, lower, and middle bands based on a 20-period Simple Moving Average (SMA) with a multiplier of 2.
2. VWAP Plot: Displays the VWAP (Volume Weighted Average Price) as a yellow dashed line, intended to stay prominent on the chart.
3. MACD Crosses: Calculates the MACD and Signal line using standard settings (12, 26, 9). When the MACD crosses above or below the Signal line, it marks these events with labels (“MACD”) at the top or bottom of the bars.
4. Long Wick Identification: Highlights candles with unusually long wicks. Specifically:
• Upper Wick: A circle marker is placed above bars where the upper wick is more than twice the body size and breaks above the upper Bollinger Band.
• Lower Wick: A circle marker is placed below bars where the lower wick is more than twice the body size and breaks below the lower Bollinger Band.
5. Stable Visual Elements: Elements like circles for long wicks and MACD labels are set to remain stable and unaffected by zooming or time range changes in the chart.

Additional Display:

• The upper, middle, and lower Bollinger Bands are plotted in red, gray, and green, respectively, for easy reference.

This script focuses on reducing dynamic adjustments, ensuring the stability of plotted markers and lines across different chart views.