What does ™TradeChartist PowerTracer do?
1. Tracks Bull and Bear Power and plots the information visually on chart using one of the following 3 Power plot options based on high or low power detection sensitivity.
- 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 - Plot of the Bull and Bear Power Oscillator, pivotal to this script that tracks the true Bull and Bear Power along with Bull/Bear oscillator reading, calculated dynamically using a unique and original formula. Values beyond 50 and -50 are quite rare, but theoretically, they can go beyond 80 and -80. 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿's highs and lows are also tracked and updated real-time using labels placed exactly at the Highs and Lows with their readings.
- Bar-wise Power Holder - Absolute Bull and Bear power of each bar. It is plotted by calculating the difference between Bull and Bear Power or each bar. The values can swing between -100 and +100 even though values above 90 and below 90 are rare. The bar color on the chart will be painted using this value to visually display the Bull/Bear strength if "Paint Bars on Chart" is enabled from the indicator settings.
- Bar-wise Power Fight - Plot of Maximum Bull and Bear Power of every bar that helps visualize the fight between Bulls and Bears in each bar.
2. Visually displays the between the Bulls and the Bears using Opponent Power Gain background fill when it is 50% or over. For example, if the current PowerTracer plot is a Bull zone, enabling this setting with Opponent Power Gain % set at 75, will paint the background when Bear Power increases beyond 75% using the Bear Power Intensity fill based on Color Scheme the user opts from the settings. This option can be enabled or disabled from settings and the Opponent Power gain % (minimum 50%) can also be adjusted to spot the change in price trend early on.
3. Uses an accompanying 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 bar that helps spot the true bull and bear power using simple linear blocks, displaying the power level using power intensity colors based on the color scheme.
4. Paints price bars and PowerTracer background using Power intensity colors based on Color Scheme from the indicator settings, which helps spot the increase or decrease in Bull and Bear Power.
5. Inverts bar colors, background fill and PowerTracer bar color to help see price using the Opponent's Point of View.
What markets can this indicator be used on?
-- Stocks - works best with 4hr or above and prices calculated taking gaps into account.
and almost any asset on Trading View
What time-frames can this indicator be used on?
This indicator can be used on all timeframes. If the asset has very little / or is far low in comparative value against the base currency, power detection can be choppy, but with most assets, this won't be an issue.
Does this indicator repaint?
-- No. Real-time Power plots can change colors and values based on current bar close as values get calculated dynamically. Once the bar closes, plots and power intensity colors don't repaint.
-- This can be verified using Bar Replay to check if the plots and fills stay in the same bar in real time as the Bar Replay
Does the indicator send alerts when the power shifts from Bull to Bear or from Bear to Bull?
Yes. Users can get alerts when Power gets shifted using Trading View alerts. This can be done by choosing '™TradeChartist PowerTracer' and 'Powershift to Bulls' or 'Powershift to Bears' under Trading View Alert condition and by using 'Once per bar close' as user needs to wait for candle close for Power shift confirmation.
- In this split screen chart of Bitcoin , it can be seen how the 30m chart on left is and 5m chart on right is based on Power changes. The trend can be spotted on PowerTracer by spotting the Opponent's background fill that started showing when Opponent's power gained by over 75%. This is a good example using the script for scalping/swing trading using 2 timeframes. Note that the chart on the left shows Price bars and PowerTracer bar with inverted colors to show Opponent's point of view.
- In this 15m chart of GBP-USD , 100% Power gain for Entries and Exits is used. This is a more conservative approach and is suited for less aggressive traders based on complete change of trend.
- In this 2hr chart of Ethereum , all 3 Power plots are used to identify the trend using low sensitivity using 100% Power Gain entries and this shows how a trade can be held longer to maximise gains using entries with Power shift confirmations.
This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
Premium Scripts - Trial access and Information
- Trial access offered on all Premium scripts.
- PM me directly to request trial access to the scripts or for more information.
Removed - Power Plot Types and Detection sensitivity options.
Telegram - @Trade_Chartist
Free Scripts - http://bit.ly/Free-Scripts
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This is not a free to use indicator. Get in touch with me. (PM me directly if you would like trial access to test the indicator)
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