This is a study to determine if small candle bodies (little difference between open and close), regardless of overall candle length (high/low), can be used to filter choppy markets.

The indicator will calculate the selected average "MA Mode" of (close-open). To standardize this result and ensure any filters/thresholds do not need to be recalculated for each instrument the result will be used to calculate the Z Score.

The idea is that when candle bodies are small there is very little actual price movement, and therefore price is choppy. When considering the Z Score of that result, any outliers ie larger candle bodies, could show a potential trend forming. This indicator is similar to QStick but allows more customization by the user.

MA Mode determines which MA is used to smooth the results of (close-open)

Price Smoothing is the number of running periods the MA Mode is calculated for.

The three Thresholds are preset to the 90%, 95%, and 99% levels for Z Score. If these thresholds are altered you may wish to also alter the horizontal lines programmed for each level on the positive and negative sides.

The Z Length is the period for which the Z Score is calculated

Multiple MA Options Credits to @Fractured
Bits and Pieces from @AlexGrover, @Montyjus, and @Jiehonglim

As always, trade at your own risk.
릴리즈 노트: Added alerts programming. There are now six built in alert functions. Three LONG alerts, and three SHORT alerts that are based on price breaching a threshold level. These threshold levels correspond to the threshold levels built into the script.

Threshold 1 will alert if price breaches Threshold 1 but not Threshold 2
Threshold 2 will alert if price breaches Threshold 2 but not Threshold 3
Threshold 3 will alert if price is greater than Threshold 3

You may program these for LONG and SHORT price movements. Note: you MUST set the Threshold levels PRIOR to setting the alert.

Strongly recommend selecting "ONCE PER BAR CLOSE" as price may move the indicator while the candle is open above or below the threshold as the calculation is based on CLOSE price.

You will likely receive a "REPAINTER" alert. After reviewing the PineScript repainter information this is likely due to the fact EMAs are used within the calculation. I have not noticed the indicator changing previously recorded data EXCEPT for the OPEN candle (which is normal when close price is utilized).

Utilize all 6 or 1, whatever works best for your system.

As always, trade at your own risk.
릴리즈 노트: No changes to code simply republishing as I forgot to update the chart view prior to most recent update.
릴리즈 노트: Added alert conditions for indicator crossing zero by request. This can be used to prepare for an entry, or used as an exit for an open trade.

This script has not been optimized for all instruments. You will want to find the best settings for your needs.

Alert information is included in previous update regarding how to program.

As always, trade at your own risk.
오픈 소스 스크립트

진정한 TradingView의 정신에 따라, 이 스크립트의 작성자는 스크립트를 오픈소스로 게시했기에 거래자들이 이해하고 확인할 수 있습니다. 작가님께 건배! 스크립트를 무료로 사용할 수 있지만, 게시물에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 당신은 스크립트를 차트에 사용하기 위해 그것을 즐겨찾기 할 수 있습니다.

차트에 이 스크립트를 사용하시겠습니까?


Nice work.
This is truly magnificent. Thank you so much, @eylwithsteph. I'm using this in a highly profitable BTC Swing Trading strategy and it effectively cuts out chop. Keep up the great work
StephXAGs exito123
@exito123, glad this is working for your system!
any change we can also get cross over/under conditions for these levels and for the zero line? this will be handy for setting up additional alerts for exits.
@rhanna, I can work on adding that. I didn't even think of using this script as an exit indicator since it was mostly just to avoid ranging markets haha
rhanna StephXAGs
@StephXAGs, That would be awesome :) i think it could work well for scalping in just one direction.
@rhanna, this should now be coded in :)
rhanna StephXAGs
@StephXAGs, amazing work :) thank you very much!
Thanks a lot!
@rhanna, you're welcome :)
홈으로 스탁 스크리너 포렉스 스크리너 크립토 스크리너 이코노믹 캘린더 정보 차트 특징 프라이싱 프렌드 리퍼하기 하우스룰(내부규정) 헬프 센터 웹사이트 & 브로커 솔루션 위젯 차팅 솔루션 라이트웨이트 차팅 라이브러리 블로그 & 뉴스 트위터