Pivot Point Target Prices [SS]Hey everyone,
Back with another indicator!
I have been trying to do this indicator for like months (over 6 months). I gave up on it a few times and then finally reapproached it in a different way and was able to get it working successfully!
This is the pivot point target price indicator, let's get into how it works!
How it works:
The indicator keeps track of previous pivot highs and lows within your designated lookback timeframe. Using this data, it calculates the average difference between the pivot highs and pivot lows to give you an ATR range.
In addition to this, it tracks the standard deviation of this range. This allows the indicator to give us 3 price targets, 2 standard deviations below the anticipated target, the anticipated target (middle value) and 2 standard deviations above the anticipated target.
Here is a diagram:
I usually only look for the first target, which is the -2 standard deviation below the actual target, but having the added 2 gives some buffer room if a stock is particularly bullish or bearish.
How to use it:
You use this the same way you would pivot points, the only difference is this will show you target ranges to look for on a pivot low or pivot high.
There is some customizability, which I will explain below:
Customize bars: You have the ability to customize left and right bars for your pivot points. I personally like 15 and 15 but I know the most commonly used are 10 and 10.
ATR Length: The ATR Length is defaulted at 500. If you want to tighten up the length and give more conservative targets, you can shorten to between 75 and 150. If you want to be very aggressive with the targets, you can extend to 750 to 1,000.
Toggle on/off labels: You can choose to turn off the pivot labels if you wish.
Important note:
Many pivot indicators will show you pivot levels and use these as support and resistance. This indicator isn't doing that. Its combining ATR and Pivot Points. The ATR gives us the price targets by calculating the average range between pivot highs and pivot lows, and the pivot points are operating as usual.
And that's the indicator!
I hope you enjoy it, like I said it took me forever to get a functioning version of this, so hope you find it helpful!
Safe trades everyone!
피봇 포인트와 레벨
OptiRange | FractalystWhat’s the purpose of this indicator?
This indicator is designed to integrate probabilities with liquidity levels, while also providing a mechanical method for identifying market structure by using Fractals by Williams.
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How does this indicator identify market structure?
This script identifies breaks of market structure by analyzing candle closures above or below swing levels.
As soon as a candle has closed above or below the initial swing on your charts, the script validates that there is at least one swing preceding the break before confirming it as a structural break.
Once a break is occured then it assigns a numeric ID to the break starting from 1 and draws two extremities: one as liquidity and the other as invalidation (LIQ/INV).
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What do the extremities show us on the charts?
you'll see two clear extremities on your charts:
1. The first extremity represents the structural liquidity level. (LIQ)
2. The other extremity indicates the level that, if price breaks through it, results in a structural shift to the opposite side. (INV)
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How does it calculate probabilities?
Each break of market structure, denoted as X, is assigned a unique ID, starting from X1 for the first break, X2 for the second, and so on.
The probabilities are calculated based on breaks holding, meaning price closing through the liquidity level, rather than invalidation. This probability is then divided by the total count of similar numeric breaks.
For example, if 75 out of 100 bullish X1s become X2, then the probability of X1 becoming X2 on your charts will be displayed as 80% in the following format: ⬆ 75%
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What are the Fractal blocks?
Fractal blocks refer to the most extreme swing candle within the latest break. They can serve as significant levels for price rejection and may guide movements toward the next break, often in confluence with probability analysis for added confirmation.
If the price retraces back to a bullish fractal block, we aim to look for buy/long positions. Conversely, if the price retraces back to a bearish fractal block, we aim to look for sell/short positions.
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What are mitigations?
Mitigations refer to specific price action occurrences identified by the script:
1- When the price reaches the most recent fractal block and confirms a swing candle, the script automatically draws a line from the swing to the fractal block bar and labels it with a checkmark.
1- If the price wicks through the invalidation level and then retraces back to the fractal block while forming a swing candle, the script labels this as a double mitigation on the chart.
This level will serve as the next potential invalidation level if a break occurs in the same direction.
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What does the bottom table display?
The bottom table presents numeric breaks across multiple timeframes, with the text color indicating the trend direction. Enabling traders to assess the higher timeframes market trend without needing to switch between timeframes manually.
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How to use the indicator?
1. Add "OptiRange | Fractalyst" to your TradingView chart.
2. Choose the pair you want to analyze or trade.
3. Start with the 12-month timeframe.
4. Use the table bias with the maximal settings to find the lowest timeframe that’s showing you the mitigation (✓)
5. Confirm that the probability of the current liquidity is higher than 50%.
6. Place your limit order at the Fibonacci level of 0.618 of the mitigation candle.
7. Set your stop-loss at the mitigation level.
8. Determine your take profit based on the liquidity of the current timeframe, or if possible, the liquidity of a higher timeframe in the same direction; otherwise, use the liquidity of the current timeframe.
9. Risk adjustment and Trade management based on your personal preferences.
Example:
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User-input settings and customizations
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What makes this indicator original?
- This script leverages Fractals, a fundamental concept in many trading methodologies.
- For a break to be considered valid, price must have at least two swings:
a swing high followed by a swing low for bullish breaks and a swing low follow by a swing high for bearish breaks.
- This means that each swing point is confirmed by the formation of two candles on its left and two candles on its right, totaling 5 candles for each swing high and swing low, thus requiring 10 candles overall. (This strict rule ensures a thorough assessment of market structure before confirming a break.)
- The script assigns a unique numerical ID to each break of structure, starting from 1.
This numbering system enables the script to calculate the probability of the most recent break becoming the next break, while also factoring in the trend direction.
- Additionally, this script provides insights into higher timeframes' break IDs in the bottom/top centre table, keeping traders informed about the overall higher timeframe picture.
- By integrating these methodologies, the script introduces a unique and systematic method for identifying market structure, thereby enhancing its originality in guiding trading decisions.
Terms and Conditions | Disclaimer
Our charting tools are provided for informational and educational purposes only and should not be construed as financial, investment, or trading advice. They are not intended to forecast market movements or offer specific recommendations. Users should understand that past performance does not guarantee future results and should not base financial decisions solely on historical data. By utilizing our charting tools, the buyer acknowledges that neither the seller nor the creator assumes responsibility for decisions made using the information provided. The buyer assumes full responsibility and liability for any actions taken and their consequences, including potential financial losses. Therefore, by purchasing these charting tools, the customer acknowledges that neither the seller nor the creator is liable for any unfavorable outcomes resulting from the development, sale, or use of the products.
The buyer is responsible for canceling their subscription if they no longer wish to continue at the full retail price. Our policy does not include reimbursement, refunds, or chargebacks once the Terms and Conditions are accepted before purchase.
By continuing to use our charting tools, the user acknowledges and accepts the Terms and Conditions outlined in this legal disclaimer.
Red Candles with Green Precedent
**Title**: Red Candles with Green Precedent Indicator
**Description**:
This TradingView indicator is designed to help traders identify potential reversal or continuation patterns based on the appearance of consecutive red candles following a green candle. The script marks a region starting from a green candle that precedes at least four consecutive red candles, extending a box forward for a predefined number of bars to analyze the continuation of the trend.
**Key Features**:
- **Consecutive Red Candles Detection**: The indicator counts consecutive red candles that close lower than they open.
- **Initial Green Candle Identification**: Identifies the last green candle before a series of red candles begins. This green candle must close higher than it opens.
- **Visual Box Extension**: Creates a visual box from the open to the high of the green candle and extends it forward to highlight the period of interest.
- **Dynamic Box Termination**: Optionally terminates the box early if a significant green candle appears within the extension period, suggesting a potential reversal.
**Usage**:
1. **Setup**: Apply the indicator to any chart in TradingView. Adjust the number of consecutive red candles to track based on your trading strategy.
2. **Interpretation**: A visual green box will appear when the criteria are met. This box helps focus on the price action following a potentially significant green candle. Traders should watch for price actions within and around the box to make informed decisions.
3. **Alerts**: Consider setting alerts for when a new box is created or when a significant green candle forms that might terminate the box early, indicating potential market movements.
**Suitable for**: This indicator is suitable for traders looking for visual cues about potential bearish exhaustion or the setup for a bullish reversal, particularly in volatile markets.
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Feel free to customize the description and features according to any additional details or personal insights you might want to include based on your trading experience or the specific behaviors of the markets you track.
**Disclaimer**:
This script is provided as a tool for trading analysis and is not intended to be used as the sole basis for any trading decisions. While this indicator aims to identify potential trading opportunities, its effectiveness can depend on market conditions and individual trading strategies. Users should conduct their own research and consult with professional advisors before making any investment decisions. The creator of this script assumes no responsibility for any potential financial losses incurred from using this indicator. Trading in financial markets involves risk, and it is possible to lose more than your initial investment.
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Pivot Profit Target [Mxwll]Introducing the Pivot Profit Target!
This script identifies recent pivot highs/lows and calculates the expected minimum distance for the next pivot, which acts as an approximate profit target.
The image above details the indicator's output.
The image above shows a table consisting of projection statistics.
How to use
The Pivot Profit Targets can be used to approximate a profit target for your trade.
Identify where your entry is relative to the most recent pivot, and assess whether the minimum expected distance for the most recent pivot has been exceeded. Treat the zones as an approximation.
If your trade aligns with the most recent pivot - treat the minimum expected distance zone as a potential profit target area. Of course, price might stop short or continue beyond the projection area!
That's it! Just a short and sweet script; thank you!
4H-50/50 Method4H-50/50 tool is a way to visualize top down analysis.
• There are three boxes illustrated on the chart
- One box shows the past 4 hour time frame's high, low and center
- One box shows the past 12 hour time frame's high, low and center
- The last box is the current 4 hour time frame's high, low and center
• Four hour blocks start on specific hours 1, 5, 9, 13, 17 & 21
• The 50% marks can act as resistance/support
• The 50% marks can also show trend
- If the instrument is trading below all 50% lines, this is one indication that price will remain low or go lower.
- If the instrument is trading above all 50% lines, this is one indication that price will remain high or go higher
• The indicator can also show sentiment values, which can be found on several outside websites
- After entering both the long and short sentiment, a 10 pip bumper will appear around these sentiment numbers giving another form of support/resistance to watch for
Current limitations:
• The four hour blocks currently only work on the 5 minute candle timeframe
• The sentiment bumper size and color are fixed
Bugs?
Kindly report any issues you run into and I'll try to fix them promptly.
Thank you!
NZTLevelDESCRIPTION IN ENGLISH
🔶 INTRODUCTION
NZTLevel is an advanced indicator for TradingView, inspired by mentor Almaz , and designed to provide traders with in-depth analysis of market liquidity and the movements of key players.
🔶 CONTENT
Based on an analysis based on liquidity and tracking a key player , the indicator identifies Breaker levels and UPM (MarketMaker Position Level in RU), which help determine potential pivot points and market direction (trend) , and also shows a direction line , giving information about the state in which each candle is located on the chart (effort, consolidation or normal trend movement without effort), as well as the transparency of the candles , made specifically so that the direction line is clearly and clearly visible.
🔶 LOGIC
🔹Breaker Levels (Local and Global)
Breaker levels , divided into local and global , are identified through a detailed algorithm that takes into account the penetration of levels with high liquidity and the expected subsequent reaction of the market. These levels are visualized on the chart as lines, the color and thickness of which are customizable by the user, providing a clear understanding of the current market situation. Breaker levels allow us to determine the direction of the market , these are the levels from which we can expect a reaction, and after breaking through this level we receive valuable information
🔹UPM (Sell Stop and Buy Stop)
UPM monitors the activity of market makers and helps predict significant market movements . For example, if the last UPM indicates a buy stop, this signals the possibility of long positions, which is extremely valuable for traders looking to optimize their entries and manage risk.
🔹Directional line (Линия направленности)
The Indicator also includes a directional line that changes color depending on the strength and direction of the current movement , providing a visual representation of market trends and consolidation.
🔶 SETTINGS
🔹Text (Текст)
Allows you to configure or turn off/on the display of level text, specifying their type with text at the beginning of the level drawing (labels), as well as its size, the color of the level text at the top or bottom separately.
🔹Levels (Уровни)
Allows you to configure or turn off/on the display of the levels themselves, their color, thickness. As well as the number of penetrations of the level to remove it, as well as the number of candles for consideration and analysis by the indicator on the chart.
🔹Directional Line (Линия направленности)
Allows you to adjust the thickness of this line; you can disable it in the style tab.
🔹Graph and Candle Settings (Настройки графика и свечей)
Allows you to configure how many candles to extend the level to the right, the transparency of candles (can be disabled in styles), default colors of candles (for setting transparency)
🔶 RECOMMENDATIONS FOR USE
Customize the visual display of the indicator through the built-in settings, including the colors of the liquidity lines and their thickness.
NZTLevel surpasses basic indicators such as moving averages, Bollinger Bands, RSI, and others with a unique approach to analyzing liquidity and positioning of major players, providing traders with a comprehensive tool for making informed decisions in the market.
The indicator was developed by Temirlan Tolegenov for NZT Trader Community , March 2024, Prague, Czech Republic
ОПИСАНИЕ НА РУССКОМ ЯЗЫКЕ
🔶 ВСТУПЛЕНИЕ
NZTLevel — это продвинутый индикатор для TradingView, вдохновленный ментором Алмазом , и разработанный с целью предоставить трейдерам глубокий анализ рыночной ликвидности и движения крупных игроков.
🔶 СОДЕРЖАНИЕ
На основе анализа, основанном на ликвидности и отслеживании крупного игрока , индикатор выявляет Брейкер уровни и УПМ (Уровень Позиции МаркетМейкера) , которые помогают определить потенциальные точки разворота и направленность рынка , а так же показывает линию направленности , дающую информацию о состоянии в которой находится каждая свеча на графике (усилие, консолидация или обычное трендовое движения без усилия), а так же прозрачность свечей , сделанная специально для того, чтобы линия направленности была ясно и четко видима.
🔶 ЛОГИКА
🔹Брейкер Уровни (Локальные, Глобальные)
Брейкер уровни , подразделяются на локальные и глобальные , идентифицируются через детализированный алгоритм, учитывающий пробитие уровней с высокой ликвидностью и ожидаемую последующую реакцию рынка. Эти уровни визуализируются на графике в виде линий, цвет и толщина которых настраиваются пользователем, предоставляя четкое понимание текущей рыночной ситуации . Брейкер уровни позволяют нам определить настроение и направлениедвижения рынка , это уровни, от которых мы можем ожидать реакции, и после пробития которых мы получаем ценную информацию .
🔹УПМ (Бай стоп, Селл стоп)
УПМ отслеживает активность МаркетМейкеров и помогает проанализировать значительные рыночные движения . К примеру если последний УПМ указывает на бай стоп, это сигнализирует о возможности длинных позиций, что чрезвычайно ценно для трейдеров, стремящихся к оптимизации своих входов и управлению рисками.
🔹Линия направленности
Так же Индикатор включает линию направленности , которая изменяет цвет в зависимости от силы и направления текущего движения , предоставляя наглядное представление о трендах и консолидации рынка.
🔶 НАСТРОЙКИ
🔹Текст
Позволяет настроить или выключить/включить отображение текста уровней, уточняющий их тип текстом у начала отрисовки уровня (labels), так же его размер, цвет текста уровня сверху, или снизу отдельно.
🔹Уровни
Позволяет настроить или выключить/включить отображение самих уровней, их цвет, толщину. А так же количество пробитий уровня для его удаления, как и количество свеч для рассмотрения и анализа индикатором на графике.
🔹Линия направленности
Позволяет настроить толщину этой линии, отключить ее можно во вкладке style (стиль)
🔹Настройки графика и свечей
Позволяют настроить то, на сколько свеч протягивать уровень направо, прозрачность свечей (можно отключить в стилях (style)), цвета свечей по умолчанию (для настройки прозрачности)
🔶 РЕКОМЕНДАЦИИ К ИСПОЛЬЗОВАНИЮ
Настроить визуальное отображение индикатора через встроенные настройки, включая цвета линий ликвидности и их толщину.
NZTLevel превосходит базовые индикаторы, такие как скользящие средние, Bollinger Bands, RSI, и другие, благодаря уникальному подходу к анализу ликвидности и позиционирования крупных игроков, предоставляя трейдерам комплексный инструмент для принятия обоснованных решений на рынке.
Индикатор разработан Темирланом Толегеновым для международного сообщества NZT Trader , Март 2024, Прага, Чешская Республика
The indicator is published in accordance and respect to all House Rules of the TradingView platform.
Индикатор опубликован в соответствии и уважением ко всем внутренним правилами платформы TradingView.
Draw Horizontal LinesThis script will draw horizontal lines at user-specified levels on a trading chart, which is especially useful for marking key support and resistance levels.
Explanation:
Indicator Definition: The indicator function sets up the script with the name "Draw Horizontal Lines" and specifies that it should overlay the price chart.
Processing Levels: The space-separated string of levels is split into an array using str.split.
Reversal Pivot PointsThis indicator aims to identify price levels where price action has quickly reversed from. These "pivots" establish major levels where major liquidity is located. Unlike standard support and resistance levels, when price breaks below or above a pivot, these pivots disappear from the chart. Comes with various customization features built to fit all.
Features
Pivot Timeframe: Identify and plot pivots from one specific timeframe and see it from all lower timeframes
Pivot left/right bar limit: A feature aimed at preventing false pivots identification
Remove On Close (ROC): Feature to only remove pivots once price close under it
ROC Timeframe: The timeframe the script uses to determine if the candle closed under the level
Wait For Close: Will only remove the pivot after the current candle closes
Line Extension Type: The extension of the line. None - extends line to current time, left - only extends line to the left, right - only extends line to the right, both - extends line both directions
Line Offset: How much to offset (in bars) the line and label from the current candle
Line Type: The style of line when plotted. Solid (─), dotted (┈), dashed (╌), arrow left (←), arrow right (→), arrows both (↔)
Display Level: Whether to or not to display the price of the pivot
Display Perfect Level: Whether to or not to display levels where price perfectly rejected off of
Alerts: Creates an alert when a level has been crossed
How to trade
1. Pivots can be traded to or from. The stock market (market makers) will tend to "chase" liquidity in order to fill orders at better averages. This allows us retail traders to to participate alongside these moves to these pivots. Once price action hits a pivot, it can do two things: break the pivot and continue or bounce off it. We can participate alongside these bounces after confirmation of a reversal (doji, volume, etc). These bounce plays are high risk as it's generally 50-50, but the risk to reward is typically also very high, making them very valuable to take.
2. Typically, the market is a fluid environment and should be "natural," so perfect things (manmade and filled with liquidity) should not occur. With this knowledge, we can expect these perfect levels, "PDT/PDB," to break as they are not natural occurrence and have heavy liquidity on and above/below them. We can trade to these levels and expect them to break/sweep if price action comes near them again.
Multi-TimeFrame Support and Resistance w/ Strength RatingMulti-TimeFrame Support and Resistance w/ Strength Rating
Short Description:
This indicator identifies key support and resistance levels on your chart and rates their significance based on a unique strength rating system. By analyzing price action across multiple timeframes, it helps you make informed trading decisions and understand the market structure more effectively.
Key Features:
Multi-Timeframe Analysis: The indicator can display support and resistance levels from up to three different timeframes simultaneously. This allows you to see the bigger picture and understand how levels from different timeframes interact with each other.
Strength Rating: Each support and resistance level is assigned a strength rating from 1 to 10, with 10 being the strongest. The strength rating is determined by the indicator's proprietary algorithm, which takes into account factors such as the number of times a level has been tested, the volume profile around the level, and the overall market context.
Customizable Display: You can choose how many levels above and below the current price you want to see on your chart. This helps to declutter your chart and focus on the most relevant levels. Additionally, you can opt to display the strength rating and the timeframe for each level.
Alerts: The indicator can send you alerts when the price closes above or below a key support or resistance level. This can help you stay on top of important market moves even when you're not actively watching the charts.
How to Use:
Add the indicator to your chart and customize the settings to your preference. You can choose which timeframes to display, the minimum strength rating for levels to be shown, and the number of levels above and below the current price.
Use the support and resistance levels identified by the indicator to make informed trading decisions. For example, you can look for long entries near strong support levels or short entries near strong resistance levels.
Pay attention to the strength rating of each level. Levels with higher strength ratings are more likely to hold and can be given more weight in your analysis.
Use the multi-timeframe analysis to understand the bigger picture. Levels that are significant across multiple timeframes are often more important than those that only appear on one timeframe.
Enable alerts to stay informed about important market moves. When the price closes above or below a key level, it can signal a potential trend change or breakout.
By using this Support and Resistance Levels with Strength Rating indicator, you can gain a deeper understanding of the market structure and make more informed trading decisions. The multi-timeframe analysis and strength rating system provide a unique perspective on the significance of each level, helping you to focus on the most important areas of support and resistance.
Bilson Gann CountGann counting is a method for identifying swing points,trends, and overall market structure. It simplifies price action by drawing short trend lines that summarize moves.
There's essentially 4 types of bar/candle.
Up bar - Higher high and higher low than previous bar
Down bar - Lower high and lower low than previous bar
Inside bar - Lower high and higher low than previous bar
Outside bar - Higher high and lower low than previous bar
We use these determinations to decide how the trendline moves through the candles.
Up bars we join to the high, down bars we join to the low, inside bars are ignored.
There are other indicators that already exist which do this, the difference here is how we handle outside bars.
Other gann counting methods skip outside bars, this method determines how to handle the outside bar after the outside bar is broken.
examples
UP -> OUTSIDE -> UP = Outside bar treated as swing low
UP -> OUTSIDE -> DOWN = Outside bar treated as swing high
DOWN -> OUTSIDE -> UP = Outside bar treated as swing low
DOWN -> OUTSIDE -> DOWN = Outside bar treated as swing high
Bullish Candlestick Patterns With Filters [TradeDots]The "Bullish Candlestick Patterns With Filters" is a trading indicator that identifies 6 core bullish candlestick patterns. This is further enhanced by applying channel indicator as filters, designed to further increase the accuracy of the recognized patterns.
6 CANDLESTICK PATTERNS
Hammer
Inverted Hammer
Bullish Engulfing
The Piercing Line
The Morning Star
The 3 White Soldiers
SIGNAL FILTERING
The indicator incorporates with 2 primary methodologies aimed at filtering out lower accuracy signals.
Firstly, it comes with a "Lowest period" parameter that examines whether the trough of the bullish candlestick configuration signifies the lowest point within a specified retrospective bar length. The longer the period, the higher the probability that the price will rebound.
Secondly, the channel indicators, the Keltner Channels or Bollinger Bands. This indicator examines whether the lowest point of the bullish candlestick pattern breaches the lower band, indicating an oversold signal. Users have the flexibility to modify the length and band multiplier, enabling them to custom-tune signal sensitivity.
Without Filtering:
With Filtering
RISK DISCLAIMER
Trading entails substantial risk, and most day traders incur losses. All content, tools, scripts, articles, and education provided by TradeDots serve purely informational and educational purposes. Past performances are not definitive predictors of future results.
London Killzone + Deviations[MK]For traders that use the London Killzone session high/low to project possible take profit targets.
The indicator will determine the current day London killzone high and low range and draw a range box to the right of the last candle on the chart. Drawing to the right of the chart keeps the workspace cleaner.
The high/low range is then used to project Standard Deviation levels above and below the London range.
Levels projected are +/- 1, 2, 2.5, 3, 4.
Users of the script should conduct proper backtesting using a large data range before applying to live accounts.
Psychosis - BitcoinPsychosis - Bitcoin is a cutting-edge TradingView indicator inspired by the "spiderline" methodology, which has gained acclaim for its precision in marking critical market junctures. Our script uniquely adapts this method by plotting key lines from significant price movements between 2018 and the peak of 2019. Remarkably, these lines have not been updated since 2019, yet the market continues to respect them, highlighting their continued relevance and effectiveness.
Key Features:
Persistent Historical Lines: This indicator leverages lines established from 2018 to 2019, which continue to be pivotal in market analysis, demonstrating the enduring influence of these historical levels on current price action.
Dynamic Customization: Users can tailor the visibility, color, and width of the lines to match their trading preferences, ensuring a seamless integration into personal trading strategies.
Strategic Trade Boxes: Based on the proximity of current prices to these historical lines, our script automatically plots color-coded 'Buy' and 'Sell' boxes, simplifying the decision-making process by providing clear visual cues for potential trades.
Benefits:
Enhances technical analysis by using time-tested support and resistance lines that remain pertinent, providing traders with a reliable foundation for predicting price movements.
Adaptable to multiple markets, proving the method's robustness and wide-ranging applicability beyond just the cryptocurrency sector.
Intuitive visual aids and customization features make it easy for traders to adapt their strategies quickly, especially useful in the fast-paced cryptocurrency market.
Usage Guide:
To utilize this indicator, add it to your Bitcoin chart from the TradingView library. Configure the settings as desired, and employ the historical spiderlines along with the buy/sell boxes to pinpoint strategic trading opportunities. These lines serve as a guide for potential market responses, aiding in more informed trading decisions.
Originality and Utility:
"Psychosis - Bitcoin" revitalizes the traditional spiderline approach by focusing on historically significant lines that have proven their value over time, without the need for constant updates. This enduring relevance makes our script an indispensable tool for traders looking to leverage historical data for future gains.
HT: Weekly LevelsIndicator draws several most important weekly levels on the lower timeframe: last week high/low, halfback, week close and current week open. These levels often act as support/resistance for price movements. Also, they can help to assess week character and control of power.
Indicator can be used on any timeframe, lower than weekly, for any type of instrument, including futures. It also provides an option to draw levels for any selected week back in time.
Important notes:
• Levels for the last week are drawn after the new week opens.
• Half-back is calculated as a middle line between week High and Low.
Parameters:
Date – user can select date, belonging to week, for which levels will be plotted. Works only if “Use” check box is on. Otherwise, levels will be plotted for the last week. (“time” value doesn’t matter; unfortunately, there is no way to hide the input box)
Time zone – your chart time zone (as UTC offset). Only needed if you use “Date” parameter.
Visuals – controls visibility and colors
Script is published as an open source. It uses two libraries: Levels Lib and Functions Lib. First one demonstrates how to work with pine-script object model and arrays. You can also reuse it in your custom scripts where there is need to construct any support/resistance levels. The second library contains some useful functions for working with time and dates.
Disclaimer
This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.
Market Structure RSIDescription:
The Market Structure RSI is an innovative indicator that combines the power of the Relative Strength Index (RSI) with market structure analysis to provide a unique perspective on the market. This indicator helps traders identify potential trend reversals and trading opportunities by analyzing the underlying market structure and generating overbought and oversold signals.
Key Features:
RSI Calculation: The indicator calculates a custom RSI based on the market structure, taking into account the formation of higher highs and lower lows. This unique approach to RSI calculation provides a more accurate representation of the market's strength and weakness.
Overbought and Oversold Levels: Users can customize the overbought and oversold levels according to their preferences. When the Market Structure RSI crosses above the oversold level, it generates a bullish signal, suggesting a potential long entry. Conversely, when the RSI crosses below the overbought level, it generates a bearish signal, indicating a potential short entry.
Moving Average: The indicator includes an optional moving average of the Market Structure RSI, which can be used to smooth out the RSI line and provide additional confirmation of trend reversals. Users can choose between EMA, SMA, and WMA and adjust the length of the moving average.
Customizable Close Type: The indicator allows users to define whether the market structure is deemed broken based on the candle close or the candle high/low. This flexibility enables traders to adapt the indicator to their preferred trading style and market conditions.
Visual Enhancements: The Market Structure RSI features gradient fills between the RSI line and the overbought/oversold levels, providing a clear visual representation of the market's strength. Additionally, the indicator plots bullish and bearish signals as circles on the RSI line, making it easy to identify potential entry points.
How to Use:
Add the Market Structure RSI to your chart and customize the settings according to your preferences, such as the RSI length, overbought and oversold levels, and moving average type and length.
Monitor the Market Structure RSI for crossovers above the oversold level or below the overbought level. A bullish signal occurs when the RSI crosses above the oversold level, while a bearish signal occurs when the RSI crosses below the overbought level.
Use the signals generated by the Market Structure RSI in conjunction with other technical analysis tools and price action patterns to confirm potential trade entries. The indicator works well as a complementary tool to support your existing trading strategy.
Consider the overall trend and market context when interpreting the signals generated by the Market Structure RSI. The indicator is most effective in trending markets and may produce less reliable signals in choppy or ranging market conditions.
Utilize sound risk management principles, such as setting appropriate stop-loss and take-profit levels, when trading based on the Market Structure RSI signals.
The Market Structure RSI offers a fresh perspective on the classic RSI indicator by incorporating market structure analysis. By combining the power of RSI with the identification of higher highs and lower lows, this indicator provides traders with a valuable tool for identifying potential trend reversals and trading opportunities. Whether you are a seasoned trader or just starting out, the Market Structure RSI can be a valuable addition to your technical analysis toolkit.
Momentum ProfileProfile market behavior in horizontal zones
Profile Sidebar
Buckets pointing rightward indicate upward security movement in the lookahead window at that level, and buckets pointing leftward indicate downward movement in the lookahead window.
Green profile buckets indicate the security's behavior following an uptrend in the lookbehind window. Conversely, Red profile buckets show security's behavior following a downtrend in the lookbehind window. Yellow profile buckets show behavior following sideways movement.
Buckets length corelates with the amount of movement measured in that direction at that level.
Inputs
Length determines how many bars back are considered for the calculation. On most securities, this can be increased to just above 4000 without issues.
Rows determines the number of buckets that the securities range is divided into.
You can increase or decrease the threshold for which moves are considered sideways with the sideways_filter input: higher means more moves are considered sideways.
The lookbehind input determines the lookbehind window. Specifically, how many bars back are considered when determining whether a data point is considered green (uptrend), red (downtrend), or yellow (no significant trend).
The lookahead input determines how many bars after the current bar are considered when determining the length and direction of each bucket (leftward for downward moves, rightward for upward moves).
Profile_width and Profile_spacing are cosmetic choices.
Intrabar support is not current supported.
Region Highlighting
Regions highlighted green saw an upward move in the lookahead window for both lookbehind downtrends and uptrends. In other words, both red and green profile buckets pointed rightward.
Regions highlighted red saw a downward move in the lookahead window both for lookbehind downtrends and uptrends.
Regions highlighted brown indicate a reversal region: uptrends were followed by downtrends, and vice versa. These regions often indicate a chop range or sometimes support/resistance levels. On the profile, this means that green buckets pointed left, and red buckets pointed right.
Regions highlighted purple indicate that whatever direction the security was moving, it continued that way. On the profile, this means that green buckets pointed right, and red buckets pointed left in that region.
Reversal Top Bottom HunterThis indicator is designed to detect buying and selling opportunities in financial markets by tracking peak and bottom points to identify potential reversal points, providing investors with potential entry and exit signals.
How It Works?
Peak and Bottom Definition: The indicator calculates the highest (peak) and lowest (bottom) prices for specified periods. These values form the basis of the signal triggering mechanism.
User Settings: Users can adjust the lookback period for identifying the peak and bottom points as well as the number of bars within which the conditions for buy or sell signals need to be met. This customization allows for greater flexibility and adaptation to different trading styles and market conditions.
Buy Signal: If the previous candle's lowest price equals the lowest bottom value over the specified period and other conditions are met (such as the previous high being lower than the one before it, and the closing price being higher than the previous opening price), a buy signal is generated. The buy signal is valid within a specified confirmation period and is triggered when the closing price is higher than the referenced high.
Sell Signal: If the previous candle's highest price equals the highest peak value over the specified period and other conditions are met (such as the previous low being higher than the one before it, and the closing price being lower than the previous high), a sell signal is generated. The sell signal is also valid within the specified confirmation period and is triggered when the closing price is lower than the referenced low.
Visual Signals
Buy Signal: Represented by a green triangle and displayed below the candle.
Sell Signal: Represented by a red triangle and displayed above the candle.
Alerts
The indicator includes alert conditions to inform users when buy and sell signals are generated. These alerts are triggered when a signal is produced within the defined confirmation period.
Conclusion
This indicator helps investors identify potential buying and selling points in the market. However, it is important to consider other market conditions and technical analysis tools before making any investment decisions. The customizable settings for the confirmation period and the number of bars for condition checks make this indicator adaptable to various market scenarios.
This indicator was inspired by the work of the analyst @TuncerSengoz.
Multi-Pairs Stratrgy Backtesting ScreenerThis indicator is for viewing and checking the results of a specific strategy simultaneously on 25 currency pairs. Results such as number of trades, wins, losses, canceled trades and most importantly win rate.
Long condition is as follows:
Short condition is as follows:
An Alert Fibo Level is built in to indicate the buy or sell status.
Reset Deal Calculation Fibo Level , if the price hits it, the indicator resets all calculations and prepares for the next situation.
If Other situation appear after missed situation, indicator consider it:
All statistics collected in Screener Table :
Date Period:
Users can customize the date period during which the strategy is tested, allowing for a more granular analysis of performance over specific timeframes.
Entry:
Entry is based on Fibonacci level between the Lower Low and Higher High pivots for Long deals.
Entry is based on Fibonacci level between the Higher High and Lower Low pivots for Short deals.
Allowing a second entry
There is a feature that If the risk-to-reward ratio is below the specified input (rr), the trading deal wont initiate.
Stop Loss:
Adjustable based on Fibonacci levels , Base Pivot, Percent and ATR.
The Base Pivot is calculate from LL pivot point for Long and HH pivot point for short (not Entry price).
The Percent and ATR is calculate from Entry price.
Targets:
Adjustable based on Source, Fibonacci levels , Percent and ATR.
Source indicates the maximum (minimum) value between the open and close of the candle where the Higher High (Lower Low) pivot point was formed for Long (Short) deals.
Percent and ATR calculates from Entry 1 Price
Exit Methods :
The goal is to offer users a diverse set of exits before the price touches the target or stop loss.
1. Pending Entry Time-out
cancel pending entry based on candle counting since alert fired. (before deal started)
2. Active Deal Reverse
If a deal (long or short position) is currently open, and the reverse signal is emitted, the script will close the existing deal.
3. Reverse Deal Exit
If a deal (long or short position) is currently open, and the reverse signal is emitted, the script will automatically close the existing deal.
4. Move Exit
With this method, if Entry 2 is triggered, the deal will be closed when the price touches the Entry price.
5. Candle Counting Exit
This exit type is based on the number of candles since the deal started.
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.
Gann SquareIntroduction
Legendary trader W.D. Gann illuminated the cyclical nature of financial markets, revealing their adherence to predictable patterns rooted in geometry, astronomy, and numerology. With his own trading results as evidence, Gweaklann showcased the efficacy of these principles in uncovering market dynamics, including breakouts, reversals, and crucial price levels acting as support and resistance.
Introducing Gann Square
Gann Square, also known as the Gann Box, stands as a cornerstone of technical analysis, offering traders a powerful tool to decipher market movements and anticipate future price action. Built upon primary angles, notably the 45-degree (1x1 angle) ascending from the origin to the top-right corner and its corresponding negative angle descending from the top-right to the bottom-left corner, Gann Square epitomizes precision and foresight in chart analysis.
Unveiling Points of Setup
Central to Gann Square's functionality is the identification of points of setup. These critical junctures mark significant highs or lows in price movements, serving as pivotal reference points for traders seeking to navigate market shifts and capitalize on emerging opportunities.
Time scale: Calendar or Trading days
A lot of effort was spent to realize a precise relationship between time and price, as angles of price arise with time or with chart bars. The best of these two options is related to the type of instrument used, and is usually could be determines empirically.
For example, consider a ticker that is at market five days per week. By using TradingDays we have a match between candles on the chart and days as time, so the angle arises in a linear way. Instead of using Calendar option, from Monday to Monday we have 7 days, and the algorithm takes care of this and the angle arise faster. Look at the pictures below, with Calendar option there's a little step every time there is day's jump between consecutive candles.
Same square on TradingDays and Calendar
Timeframe independence
In Gann analysis, the correlation between angles and time periods is inherently cyclical, where each degree corresponds to approximately one day, and a full circle of 360 degrees symbolizes a year. This timeless relationship allows Gann indicators to transcend individual timeframes, ensuring consistency while preserving the critical balance between time and price dynamics.
Gann indicators operate seamlessly across multiple timeframes, yet they remain steadfastly anchored to the daily timeframe as the primary reference point. This deliberate choice maintains the integrity of the time-price relationship, essential for accurate analysis and interpretation.
Preserving Proportion Amidst Time Shifts
When an angle intersects a pivot point during a timeframe transition, the Gann indicator upholds its proportional integrity without compromise. Whether examining daily, weekly, or monthly intervals, the indicator seamlessly aligns with pivotal price levels, ensuring continuity and precision in analysis.
Illustrating Consistency in Practice
Visualize the power of timeframe independence through a single Gann fan spanning both daily and weekly intervals. Witness how each angle touches the same pivotal point, meticulously maintaining proportionality across varying timeframes, as depicted in the accompanying illustration.
Same square on daily and weekly
Intraday daily and hourly
Handle TradingView bounds
By placing a square at the limits of the chart you risk going beyond the limits of the TradingView drawable area which is 500 bars in the future. In this case the indicator manages this eventuality by truncating the drawing and trying to calculate the theoretical measurement anyway to draw the angles inside it. This leads to having a square with some geometric errors but still allows you to proceed with the analysis.
Summary of features
Automatic price placement: the indicator look at the trend and decide autonomously if angle starts from candle low or high;
Manual price placement: it's possible to disable automatic placement and specify a start price;
Angle extension to present: draw angle until last available bar;
Extension to future: draw angle and square in the future after the latest available bar ( actual TradingView limit is 500 bars in the future );
Multiple timeframe are supported ( more details below);
Trading days: time is considered in number of bars, for example the ticker AAPL usually has 5 daily bars per week;
Calendar: time is considered in number of days, for example the ticker AAPL usually has 7 days per week;
Future bars: It's possible to draw until 500 bars after the latest ( TradingView bound);
Square over bound handling (explained above);
Operating Instructions
Placing the Gann Square on the chart
When positioning the Gann Square, ensure that the positive square is placed on an important pivot low, while the negative angle should be positioned on a pivot high. By default, the script automatically selects the pivot price based on the trend of the previous candle. However, it's important to note that automatic price selection may not always be accurate, especially in certain market conditions. In such cases, users have the option to manually specify the pivot price.
Exercise caution when using automatic price selection in conjunction with changing timeframes. For instance, the pivot low of a monthly candle may not align perfectly with a daily candle. In such scenarios, it is advisable to either opt for manual price selection or initially place the indicator using the daily timeframe before switching to a wider timeframe, such as monthly.
In intraday trading, transitioning to a daily or wider timeframe while maintaining angle proportionality between timeframes may pose challenges with automatic price selection. In this particular scenario, it is recommended to utilize manual price selection for accuracy.
Furthermore, it's beneficial to differentiate between intraday operations and daily or longer-term operations when utilizing the Gann Square, as each may require distinct considerations and approaches for optimal effectiveness.
Price unit, Factor and divisor
The size of the Gann Square can be customized using the following settings:
Price Unit (Scale) : The Price Unit, also known as the scale, determines the increment along the main angle (45°) of the Gann Square. Adjusting the Price Unit allows you to fine-tune the relationship between price and time, enabling the adaptation of the square to suit the characteristics of any financial instrument.
Factor : The Factor setting provides additional flexibility in adjusting the scale of the Gann Square. By modifying the Factor, you can further refine the proportions of the square to align with specific trading strategies or market conditions.
Divisor : The Divisor setting enables you to divide the square size by a specified factor (e.g., 2, 4, etc.). This feature offers a convenient way to adjust the size of the square while maintaining proportionality and symmetry, enhancing the versatility of the Gann Square tool.
By utilizing these settings in combination, traders can effectively tailor the Gann Square to their preferences and requirements, empowering them to conduct detailed technical analysis and make informed trading decisions across various financial instruments and market environments.
Point of setup
The Gann Square provides settings to divide the square by vertical lines, allowing for enhanced analysis and identification of key points of setup. Users can choose to divide the square by four, by three, or both, providing flexibility in their analysis approach.
Utilizing Vertical Lines
These vertical lines play a crucial role in identifying important candles, price levels, and time intervals where trend reversals or significant market movements may occur. By dividing the square into smaller sections, traders can pinpoint potential areas of interest with greater precision.
Intersection of Angles
The points of setup identified by the vertical lines also correspond to the intersection of various angles drawn on the square. These intersections serve as focal points for analysis, indicating potential shifts in market dynamics and offering valuable insights into future price movements.
By leveraging the point of setup settings and paying attention to the intersection of angles, traders can enhance their understanding of market trends and make more informed trading decisions.
Setting examples
NQ1! (D, W):
price unit: 4, 8
Factor: 1
Square Division: 1
CL1! (D, W):
price unit: 0.5
Factor: 8
Square Division: 0.25
BTCUSD (4h):
price unit: 512
Factor: 1
Square Division: 4
WARNING
This indicator is for educational purpose only. I am in no way responsible for bad setups, strategies and possible losses or gains of money as a result!
Market Structure Volume Distribution [LuxAlgo]The Market Structure Volume Distribution tool allows traders to identify the strength behind breaks of market structure at defined price ranges to measure de correlation of forces between bulls and bears visually and easily.
🔶 USAGE
This tool has three main features: market structure highlighting, grid levels, and volume profile. Each feature is covered more in depth below:
🔹 Market Structure
The basic unit of market structure is a swing point, the period of the swing point is user-defined, so traders can identify longer-term market structures. Price breaking a prior swing point will confirm the occurrence of a market structure.
The tool will plot a line after a market structure is confirmed, by default the lines on bullish MS will be green (indicative of an uptrend), and red in case of bearish MS (indicative of a downtrend).
🔹 Grid Levels
The Grid visually divides the price range contained inside the tool execution window, into equal size rows, the number of rows is user-defined so users can divide the full price range up to 100 rows.
The main objective of this feature is to help identify the execution window and the limits of each row in the volume profile so traders can know in a simple look what BoMS belongs to each row.
There is however another use for the grid, by dividing the range into equal-sized parts, this feature provides automatic support and resistance levels as good as any other.
Grid provides a visual help to know what our execution window is and to associate MS with their rows in the profile. It can provide S/R levels too.
🔹 Volume Profile
The volume profile feature shows in a visually easy way the volume behind each MS aggregated by rows and divided into buy and sell volume to spot the differences in a simple look.
This tool allows users to spot the liquidity associated with the event of a market structure in a specific price range, allowing users to know which price areas where associated with the most trading activity during the occurrence of a market structutre.
🔶 SETTINGS
🔹 Data Gathering
Execute on all visible range: Activate this to use all visible bars on the calculations. This disables the use of the next parameter "Execute on the last N bars". Default false.
Execute on the last N bars: Use last N bars on the calculations. To use this parameter "Execute on all visible range" must be disabled. Values from 20 to 5000, default 500.
Pivot Length: How many bars will be used to confirm a pivot. The bigger this parameter is the fewer breaks of structure will detect. Values from 1, default 2
🔹 Profile
Profile Rows: Number of rows in the volume profile. Values from 2 to 100, default 10.
Profile Width: Maximum width of the volume profile. Values from 25 to 500, default 200.
Profile Mode: How the volume will be displayed on each row. "TOTAL VOLUME" will aggregate buy & sell volume per row, "BUY&SELL VOLUME" will separate the buy volume from the sell volume on each row. Default BUY&SELL VOLUME.
🔹 Style
Buy Color: This is the color for the buy volume on the profile when the "BUY&SELL VOLUME" mode is activated. Default green.
Sell Color: This is the color for the sell volume on the profile when the "BUY&SELL VOLUME" mode is activated. Default red.
Show dotted grid levels: Show dotted inner grid levels. Default true.
Zone TP SL [By Gone]It creates a price zone for TP 3 Level, increasing from the price by 500 points and setting an SL zone of 500 points of the price.
You must enter the price range yourself, recommended to be 500 points apart.
1. select Type Bay And Sell
2. Input Price Start And End
suitable for gold
Made to help with hitting the price zone. For use in making decisions about trading.
Fib Pivot Points HLThis TradingView indicator allows users to select a specific timeframe (TF) and then analyzes the high, low, and closing prices from the past period within that TF to calculate a central pivot point. The pivot point is determined using the formula (High + Close + Low) / 3, providing a key level around which the market is expected to pivot or change direction.
In addition to the central pivot point, the indicator enhances its utility by incorporating Fibonacci levels. These levels are calculated based on the range from the low to the high of the selected timeframe. For instance, a Fibonacci level like R0.38 would be calculated by adding 38% of the high-low range to the pivot point, giving traders potential resistance levels above the pivot.
Key features of this indicator include:
Timeframe Selection: Users can choose their desired timeframe, such as weekly, daily, etc., for analysis.
Pivot Point Calculation: The indicator calculates the pivot point based on the previous period's high, low, and closing prices within the selected timeframe.
Fibonacci Levels: Adds Fibonacci retracement levels to the pivot point, offering traders additional layers of potential support and resistance based on the natural Fibonacci sequence.
This indicator is particularly useful for traders looking to identify potential turning points in the market and key levels of support and resistance based on historical price action and the Fibonacci sequence, which is widely regarded for its ability to predict market movements.
Example:
Suppose you're analyzing the EUR/USD currency pair using this indicator with a weekly timeframe setting. The previous week's price action showed a high of 1.2100, a low of 1.1900, and the week closed at 1.2000.
Using the formula ( High + Close + Low ) / 3 (High+Close+Low)/3, the pivot point would be calculated as ( 1.2100 + 1.2000 + 1.1900 ) / 3 = 1.2000. Thus, the central pivot point for the current week is at 1.2000.
The range from the low to the high is 1.2100 − 1.1900 = 0.0200 1.2100−1.1900=0.0200.
To calculate a specific Fibonacci level, such as R0.38, you would add 38% of the high-low range to the pivot point: 1.2000 + ( 0.0200 ∗ 0.38 ) = 1.2076 1.2000+(0.0200∗0.38)=1.2076. Thus, the R0.38 Fibonacci resistance level is at 1.2076.
Similarly, you can calculate other Fibonacci levels such as S0.38 (Support level at 38% retracement) by subtracting 38% of the high-low range from the pivot point.
Traders can use the pivot point as a reference for the market's directional bias: prices above the pivot point suggest bullish sentiment, while prices below indicate bearish sentiment. The Fibonacci levels act as potential stepping stones for price movements, offering strategic points for entry, exit, or placing stop-loss orders.
SMC Market Structure (MTF)Introducing the Smart Money Concept Market Structure analysis indicator, a sophisticated tool designed to display the true market structure, in multiple timeframes. Inspired by Lewis Kelly's renowned strategy, this indicator offers a unique approach to defining market structure.
It's worth noting that the Smart Money Concept Market Structure analysis indicator employs Lewis Kelly's strategy for swing detection.
However, it differs from other scripts in the market that utilize alternative methods for swing detection.
Some of these alternative methods that are not used by this script (as it doesn't define market structure properly according to Lewis Kelly's rules):
- ignoring previous market swings. New swings are created inside the internal noise, as they don't need a close above or below previous swings.
- considering that a swing detection is a tops/bottoms with pivots (left, right) with HH/LL.
Any existing market structure script using any of the above will lead to a wrong Break of Structure or Change of character detection and may induce traders to wrongly take trades against the true trend (and lose their trades).
This is why none of the listed above is used here, and this distinction also offers traders a diverse range of options to suit their individual trading preferences and styles.
Here's the main principles of how it works that differentiate from other scripts:
- New Swings are detected only if the new candle closes above/below the previous swing.
- A pullback is detected after 3 (by default) candles going in the same direction, against the current trend. The pullback candles do not need to follow each other, but the count is reset when invalidated. The pullback invalidation strategy is not disclosed here.
Also, unlike most indicators out there, the Smart Money Concept Market Structure (MTF) is multi-timeframe, eliminating the need for traders to constantly switch between different timeframes or add additional indicators. This feature enhances efficiency and streamlines the analysis process, allowing traders to focus more on making informed decisions.
It's important to understand that this indicator is fundamentally based on price action and is not specifically designed to detect market manipulations. Therefore, it should be used in conjunction with your own analytical skills and expertise to derive optimal trading strategies.
While still in its development phase, the indicator may receive updates and new features in the future to further enhance its functionality and usability.
Some of these new features may also not be implemented by existing market structure scripts.
If you have any question or need for new features, please feel free to ask them.
Also, it is recommended to compare the results of this indicator and other existing ones to see which is the most suitable to your trading style.
In the meantime, Enjoy !
