Custom Index CompositeCustom Index Composite calculates an unweighted composite index by averaging the daily returns of multiple stock tickers. Instead of using price-level weighting, it focuses solely on percentage change, allowing you to compare diverse market themes side by side on a common basis.
Why Use a Custom Index Composite?
Unlike traditional indices that often lean on market capitalization or price-level data, a custom composite based solely on returns strips out the bias inherent to high-priced stocks. This provides several benefits:
Objective Cross-Comparison:
When stocks or market themes trade at very different price levels, it can be difficult to assess performance objectively. Using percentage returns, the composite creates an even playing field, enabling a clear comparison between different assets or themes.
Tailored Benchmarking:
By selecting and combining specific tickers, you can create benchmarks that better represent the segments or strategies you’re interested in. This is particularly useful when standard indices do not capture the nuances of your investment approach.
Performance Normalization:
Converting raw price data into daily percentage returns minimizes distortions that arise from price differences. This normalization helps in understanding true performance trends across the chosen tickers, making the composite index a more reliable gauge of relative market movement.
Custom Analysis Framework:
The indicator offers flexibility to adjust the lookback period (defaulting to about 3 months) so you can fine-tune the sensitivity of the index to recent market behavior. This enables you to either smooth out volatility or capture a more immediate trend, depending on your analytical needs.
Key Features:
Configurable Appearance:
You can easily configure the line color, line width, index name, and index name color via the options panel.
Ticker Configuration:
By default, you can enter up to 15 different tickers into the composite index. Technically, the indicator supports up to 40 tickers (these additional inputs are commented out by default to maintain performance), and you may enable them individually if required.
Calculated Bars Length:
The indicator uses a “Calculated bars length” setting, which is set by default to 63 days (approximately 3 months). This value can be adjusted, and it is recommended to use the greatest common denominator for consistent analysis.
How To Configure Your Chart:
Add the Indicator:
Place the Custom Index Composite on your chart.
Disable Main Symbol Visibility:
Hide the primary symbol’s plot and set its scale to “None” to prevent interference with the composite display.
Pin to Right Scale:
Set the scale of the first composite indicator to “Pinned to right scale.” This helps maintain consistency across different composite indicators.
Add Multiple Composites:
You can add additional composite indicators and set their scales to “Pinned to right scale” (or alternatively to “A”) for convenient comparison.
Limitations:
If a ticker symbol is set once in the options, it cannot be cleared to an empty value later. As a result, the symbol will continue to appear in the indicator’s title on the chart. The only way to remove an unwanted symbol is to completely reset the settings and re-enter your desired tickers.
Composite
TVMC - Composite Indicator with Technical RatingsDescription:
The TVMC (Trend, Volume, Momentum, Composite) indicator is a powerful multi-component tool designed to provide traders with a comprehensive understanding of market conditions. By combining four essential technical analysis components—trend, momentum, volume, and volatility—this indicator offers clear and actionable insights to assist in decision-making.
Key Features:
1. Trend Component (TC):
* Based on MACD (Moving Average Convergence Divergence), this component analyzes the relationship between two exponential moving averages (fast and slow) to determine the prevailing market trend.
* The MACD signal is normalized to a range of -1 to +1 for consistency and clarity.
2. Momentum Component (MC):
* Utilizes RSI (Relative Strength Index) to measure the strength and speed of price movements.
* This component highlights overbought or oversold conditions, which may indicate potential market reversals.
3. Volume Confirmation (VC):
* Compares the current trading volume to its moving average over a specified period.
* High volume relative to the average confirms the validity of the current trend.
4. Volatility Filter (VF):
* Uses ATR (Average True Range) to gauge market volatility.
* Adjusts and smooths signals to reduce noise during periods of high volatility.
5. Technical Ratings Integration:
* Incorporates TradingView’s Technical Ratings, allowing users to validate signals using moving averages, oscillators, or a combination of both.
* Users can choose their preferred source of ratings for enhanced signal confirmation.
How It Works:
The TVMC indicator combines the weighted contributions of the Trend, Momentum, and Volume components, further refined by the Volatility Filter. Each component plays a specific role:
* Trend: Identifies whether the market is bullish, bearish, or neutral.
* Momentum: Highlights the strength of price action.
* Volume: Confirms whether the current price action is supported by sufficient trading activity.
* Volatility: Filters out excessive noise in volatile market conditions, providing a smoother and more reliable output.
Visualization:
1. Bullish Signals:
* The indicator line turns green and remains above the zero line, indicating upward momentum.
2. Bearish Signals:
* The indicator line turns red and falls below the zero line, signaling downward momentum.
3. Neutral Signals:
* The line is orange and stays near zero, indicating a lack of strong trend or momentum.
4. Zones:
* Horizontal lines at +30 and -30 mark strong bullish and bearish zones, respectively.
* A zero line is included for clear separation between bullish and bearish signals.
Recommended Usage:
* Best Timeframes: The indicator is optimized for higher timeframes such as 4-hour (H4) and daily (D1) charts.
* Trading Style: Suitable for swing and positional trading.
* Customization: The indicator allows users to adjust all major parameters (e.g., MACD, RSI, volume, and ATR settings) to fit their trading preferences.
Customization Options:
* Adjustable weights for Trend, Momentum, and Volume components.
* Fully configurable settings for MACD, RSI, Volume SMA, and ATR periods.
* Timeframe selection for multi-timeframe analysis.
Important Notes:
1. Originality: The TVMC indicator combines multiple analysis methods into a unique framework. It does not replicate or minimally modify existing indicators.
2. Transparency: The description is detailed enough for users to understand the methodology without requiring access to the code.
3. Clarity: The indicator is explained in a way that is accessible even to users unfamiliar with complex technical analysis tools.
Compliance with TradingView Rules:
* The indicator is written in Pine Script version 5, adhering to TradingView’s language standards.
* The description is written in English to ensure accessibility to the global community, with a clear explanation of all components and functionality.
* No promotional content, links, or unrelated references are included.
* The chart accompanying the indicator is clean and demonstrates its intended use clearly, with no additional indicators unless explicitly explained.
Normalized Price ComparisonNormalized Price Comparison Indicator Description
The "Normalized Price Comparison" indicator is designed to provide traders with a visual tool for comparing the price movements of up to three different financial instruments on a common scale, despite their potentially different price ranges. Here's how it works:
Features:
Normalization: This indicator normalizes the closing prices of each symbol to a scale between 0 and 1 over a user-defined period. This normalization process allows for the comparison of price trends regardless of the absolute price levels, making it easier to spot relative movements and trends.
Crossing Alert: It features an alert functionality that triggers when the normalized price lines of the first two symbols (Symbol 1 and Symbol 2) cross each other. This can be particularly useful for identifying potential trading opportunities when one asset's relative performance changes against another.
Customization: Users can input up to three symbols for analysis. The normalization period can be adjusted, allowing flexibility in how historical data is considered for the scaling process. This period determines how many past bars are used to calculate the minimum and maximum prices for normalization.
Visual Representation: The indicator plots these normalized prices in a separate pane below the main chart. Each symbol's normalized price is represented by a distinct colored line:
Symbol 1: Blue line
Symbol 2: Red line
Symbol 3: Green line
Use Cases:
Relative Performance Analysis: Ideal for investors or traders who want to compare how different assets are performing relative to each other over time, without the distraction of absolute price differences.
Divergence Detection: Useful for spotting divergences where one asset might be outperforming or underperforming compared to others, potentially signaling changes in market trends or investment opportunities.
Crossing Strategy: The alert for when Symbol 1 and Symbol 2's normalized lines cross can be used as a part of a trading strategy, signaling potential entry or exit points based on relative price movements.
Limitations:
Static Alert Messages: Due to Pine Script's constraints, the alert messages cannot dynamically include the names of the symbols being compared. The alert will always mention "Symbol 1" and "Symbol 2" crossing.
Performance: Depending on the timeframe and the number of symbols, performance might be affected, especially on lower timeframes with high data frequency.
This indicator is particularly beneficial for those interested in multi-asset analysis, offering a streamlined way to observe and react to relative price movements in a visually coherent manner. It's a powerful tool for enhancing your trading or investment analysis by focusing on trends and relationships rather than raw price data.
Composite Momentum█ Introduction
The Composite Momentum Indicator is a tool we came across that we found to be useful at detecting implied tops and bottoms within quick market cycles. Its approach to analyzing momentum through a combination of moving averages and summation techniques makes it a useful addition to the range of available indicators on TradingView.
█ How It Works
This indicator operates by calculating the difference between two moving averages—one fast and one slow, which can be customized by the user. The difference between these two averages is then expressed as a percentage of the fast moving average, forming the core momentum value which is then smoothed with an Exponential Moving Average is applied. The smoothed momentum is then compared across periods to identify directional changes in direction
Furthermore, the script calculates the absolute differences between consecutive momentum values. These differences are used to determine periods of momentum acceleration or deceleration, aiming to establish potential reversals.
In addition to tracking momentum changes, the indicator sums positive and negative momentum changes separately over a user-defined period. This summation is intended to provide a clearer picture of the prevailing market bias—whether it’s leaning towards strength or weakness.
Finally, the summed-up values are normalized to a percentage scale. This normalization helps in identifying potential tops and bottoms by comparing the relative strength of the momentum within a given cycle.
█ Usage
This indicator is primarily useful for traders who focus on detecting quick cycle tops and bottoms. It provides a view of momentum shifts that can signal these extremes, though it’s important to use it in conjunction with other tools and market analysis techniques. Given its ability to highlight potential reversals, it may be of interest to those who seek to understand short-term market dynamics.
█ Disclaimer
This script was discovered without any information about its author or original intent but was nonetheless ported from its original format that is available publicly. It’s provided here for educational purposes and should not be considered a guaranteed method for market analysis. Users are encouraged to test and understand the indicator thoroughly before applying it in real trading scenarios.
Composite Trend Oscillator [ChartPrime]CODE DUELLO:
Have you ever stopped to wonder what the underlying filters contained within complex algorithms are actually providing for you? Wouldn't it be nice to actually visually inspect for that? Those would require some kind of wild west styled quick draw duel or some comparison method as a proper 'code duello'. Then it can be determined which filter can 'draw' the quickest from it's computational holster with the least amount of lag and smoothness.
In Pine we can do so, discovering how beneficial that would be. This can be accomplished by quickly switching from one filter to another by input() back and forth, requiring visual memory. A better way could be done by placing two indicators added to the chart and then eventually placed into one indicator pane on top of each other.
By adding a filter() helper function that calls other moving average functions chosen for comparison, it can put to the test which moving average is the best drawing filter suited to our expected needs. PhiSmoother was formerly debuted and now it is utilized in a more complex environment in a multitude of ways along side other commonly utilized filters. Now, you the reader, get to judge for yourself...
FILTER VERSATILITY:
Having the capability to adjust between various smoothing methods such as PhiSmoother, TEMA, DEMA, WMA, EMA, and SMA on historical market data within the code provides an advantage. Each of these filter methods offers distinct advantages and hinderances. PhiSmoother stands out often by having superb noise rejection, while also being able to manipulate the fine-tuning of the phase or lag of the indicator, enhancing responsiveness to price movements.
The following are more well-known classic filters. TEMA (Triple Exponential Moving Average) and DEMA (Double Exponential Moving Average) offer reduced transient response times to price changes fluctuations. WMA (Weighted Moving Average) assigns more weight to recent data points, making it particularly useful for reduced lag. EMA (Exponential Moving Average) strikes a balance between responsiveness and computational efficiency, making it a popular choice. SMA (Simple Moving Average) provides a straightforward calculation based on the arithmetic mean of the data. VWMA and RMA have both been excluded for varying reasons, both being unworthy of having explanation here.
By allowing for adjustment refinements between these filter methods, traders may garner the flexibility to adapt their analysis to different market dynamics, optimizing their algorithms for improved decision-making and performance on demand.
INDICATOR INTRODUCTION:
ChartPrime's Composite Trend Oscillator operates as an oscillator based on the concept of a moving average ribbon. It utilizes up to 32 filters with progressively longer periods to assess trend direction and strength. Embedded within this indicator is an alternative view that utilizes the separation of the ribbon filaments to assess volatility. Both versions are excellent candidates for trend and momentum, both offering visualization of polarity, directional coloring, and filter crossings. Anyone who has former experience using RSI or stochastics may have ease of understanding applying this to their chart.
COMPOSITE CLUSTER MODES EXPLAINED:
In Trend Strength mode, the oscillator behavior signifies market direction and movement strength. When the oscillator is rising and above zero, the market is within a bullish phase, and visa versa. If the signal filter crosses the composite trend, this indicates a potential dynamic shift signaling a possible reversal. When the oscillator is teetering on its extremities, the market is more inclined to reverse later.
With Volatility mode, the oscillator undergoes a transformation, displaying an unbounded oscillator driven by market volatility. While it still employs the same scoring mechanism, it is now scaled according to the strength of the market move. This can aid with identification of ranging scenarios. However, one side effect is that the oscillator no longer has minimum or maximum boundaries. This can still be advantageous when considering divergences.
NOTEWORTHY SETTINGS FEATURES:
The following input settings described offer comprehensive control over the indicator's behavior and visualization.
Common Controls:
Price Source Selection - The indicator offers flexibility in choosing the price source for analysis. Traders can select from multiple options.
Composite Cluster Mode - Choose between "Trend Strength" and "Volatility" modes, providing insights into trend directionality or volatility weighting.
Cluster Filter and Length - Selects a filter for the cluster composition. This includes a length parameter adjustment.
Cluster Options:
Cluster Dispersion - Users can adjust the separation between moving averages in the cluster, influencing the sensitivity of the analysis.
Cluster Trimming - By modifying upper and lower trim parameters, traders can adjust the sensitivity of the moving averages within the cluster, enhancing its adaptability.
PostSmooth Filter and Length - Choose a filter to refine the composite cluster's post-smoothing with a length parameter adjustment.
Signal Filter and Length - Users can select a filter for the lagging signal plot, also having a length parameter adjustment.
Transition Easing - Sensitivity adjustment to influence the transition between bullish and bearish colors.
Enjoy
Smart MAThe Smart MA indicator is a tool designed for traders seeking insights into market trends, with its foundation rooted in moving averages. It offers two distinctive color options, with "Crossing" as the default choice and "Direction" as an alternative. Let's delve deeper into these options:
1. "Crossing" Color Option (Default):
Key Features:
Utilizes the interaction between fast and slow moving averages.
The color of the base moving average (MA) line dynamically changes based on crossovers between these moving averages.
Offers real-time visual signals for potential shifts in market sentiment.
Interpretation:
With the "Crossing" color option as the default setting, the base MA line's color responds to the interaction of the fast and slow moving averages.
A crossover where the fast MA crosses above the slow MA may prompt the base MA line to change to a bullish color (e.g., teal), indicating a potential bullish trend.
Conversely, if the fast MA crosses below the slow MA, the base MA line's color may alter to represent a bearish sentiment (e.g., red). This color shift provides a visual marker for a potential bearish trend, potentially guiding traders towards shorting opportunities.
2. "Direction" Color Option:
Key Features:
Focuses on the directional trend of the base moving average (MA).
The color of the base MA line signifies the direction in which the base MA is moving.
Aids in quickly identifying the prevailing market trend.
Interpretation:
Uptrend - Bullish Direction: When the base MA slopes upward, indicating an average price increase over the chosen base MA length, the base MA line's color may shift to a bullish hue (e.g., teal). This visual cue signals a potential uptrend, suggesting favorable long positions.
Downtrend - Bearish Direction: If the base MA slopes downward, signifying an average price decrease over the selected base MA length, the base MA line could change to a bearish shade (e.g., red). This color shift acts as an indicator of a potential downtrend, implying possible opportunities for shorting.
Customization:
Both color options allow traders to adjust the indicator's parameters, including base MA length, MA type, fast MA length, and slow MA length, to align with their trading strategies and preferred timeframes.
In summary, the Smart MA indicator, based on moving averages, provides traders with two color options: the default "Crossing" and "Direction" as an alternative. The "Crossing" option leverages fast and slow moving averages to offer real-time visual cues for dynamic market shifts. The "Direction" option simplifies trend analysis by focusing on the directional trend of the base MA. The choice between these options depends on your trading style and the depth of analysis you require. With the Smart MA indicator, you're equipped to make informed trading decisions in today's financial markets.
Leading Economic Indicator (LEI)The Leading Economic Indicator (LEI) is a groundbreaking technical indicator designed to serve as a comprehensive measure of the prevailing direction of economic trends in the United States. This unique index combines two key economic indicators: the Composite Leading Indicator (CLI) from the Organization for Economic Co-operation and Development (OECD) and the Purchasing Managers' Index (PMI) from the Institute for Supply Management (ISM).
The OECD Composite Leading Indicator (CLI) is a globally recognized indicator that assesses the future direction of economic trends by analyzing various leading economic factors. The ISM PMI, on the other hand, provides insights into the business activities of both the manufacturing and services sectors. LEI merges these critical indicators into a single, holistic indicator that empowers traders and investors to grasp the broader economic outlook and the performance of essential economic sectors simultaneously.
By taking into account the CLI and PMI, LEI offers a distinctive perspective, enabling a more accurate assessment of the potential direction of US financial markets.
Usage:
To utilize LEI effectively, it is recommended to apply it on a monthly timeframe (TF Monthly). This extended timeframe is particularly beneficial for investors with a medium to long-term horizon. By focusing on longer-term trends and market stability, LEI becomes an invaluable tool in your investment strategy.
One of the primary applications of LEI is to gauge the risk of market corrections in US financial markets, including the S&P 500, Nasdaq, and Dow Jones indices. Analysts often observe the crossing of the 5-period Simple Moving Average (SMA) with the 10-period SMA. When the 5-period SMA falls below the 10-period SMA, it serves as a potential warning signal for an impending market correction. This feature provides traders with an opportunity to exercise caution and make well-informed investment decisions.
LEI, with its unique blend of the OECD CLI and ISM PMI, provides a reliable tool for assessing the US economic climate, identifying trends, and making informed decisions in the financial markets. It stands as a reference indicator, capturing the essence of economic trends and providing valuable insights to traders and investors.
Sources:
- OECD Composite Leading Indicator (CLI): www.data.oecd.org
- Purchasing Managers' Index: ISM Report on Business (PMI) www.ismworld.org
US Composite Leading Indicator (CLI)The US Composite Leading Indicator (CLI), normalized for the United States, closely mirrors the Conference Board "Leading Economic Index" (LEI). It offers unique insights into economic and financial dynamics.
The Composite Leading Indicator (CLI) is an economic tool designed to anticipate economic developments. It is created by aggregating and normalizing a wide range of economic and financial data from various sources.
The normalized data is then aggregated, and a composite indicator is calculated by taking a weighted average of individual indicators.
The CLI is used to provide early insights into the state of the economy and to anticipate future economic trends. It is particularly valuable for predicting economic downturns, including recessions.
The CLI is an essential tool for economists, governments, businesses, and investors seeking to understand economic trends and make informed decisions.
Key Features:
1. Early Warning: Just like its counterpart, the CLI indicator excels at offering early warnings about significant economic events, particularly economic crises. This makes it an indispensable asset for analysts and investors.
2. Recession Indicators: The moving average serves as an early warning system for potential economic recessions. When it crosses the indicator line from the bottom to the top while surpassing a predefined threshold (e.g., 101), it signals a potential crisis.
3. Market Impact: The CLI indicator provides valuable insights into the performance of financial markets, offering cues about indices such as the S&P 500, Nasdaq, Dow Jones, and more.
Why It Matters:
Understanding the US Composite Leading Indicator (CLI) indicator, normalized for the United States, is crucial for anticipating economic shifts and preparing for changes in financial markets. By analyzing a diverse array of economic factors, it provides a holistic view of economic well-being. Whether you're an investor or economist, this indicator can be an invaluable resource for staying informed about market trends and major economic developments.
Source:
www.data.oecd.org
Signal AdapterThis Signal Adapter script can compose a signal based on inputs from other simple (non-signal) indicators and can forwards it to the "Template Trailing Strategy".
It allows the user to combine up to eight external inputs and define the conditions that will trigger the start, end, cancel start and cancel end deals.
A signal will be composed from those user-defined conditions. The "indicator on indicator" feature is needed so you can forward the resulted signal to the "Template Trailing Strategy".
Thus you should be Plus or Premium user to get it's full potential. It is very convenient for those who want to create a strategy without coding their own signal indicator and for those
who want to fast prototype various ideas based on simple conditions.
Unified Composite Index [UCI] [KuraiBlu] [LazyBear]The purpose of this indicator is to combine the four basic types of indicators (Trend, Volatility, Momentum and Volume) to create a singular, composite index in order to provide a more holistic means of observing potential changes within the market, known as the Unified Composite Index . The indicators used in this index are as follows:
Trend - Trend Composite Index
Volatility - Bollinger Bands %b
Momentum - Relative Strength Index
Volume - Money Flow Index
The average price source can’t be altered as I’ve made it an average between ((open + close) / 2) and ((high + low) / 2).
The best way to use this is by observing several of the indicators at once in conjunction with the average, rather than simply using the average produced to determine the right moment to enter, or exit a trade by itself. I've found when one indicator goes way out of bounds relative to the other three (and subsequently, the average array), then it presents a good buying, or selling opportunity.
Some adjustments were made to several of the indicators in order to standardize them on a scale of 1-100 so that they could better accommodate the average array that was finally produced. Thanks to LazyBear for letting me strip down the WaveTrend Oscillator.
Whale Momentum Wave Oscillator//Credits: @Noldo - Whale Trading System @rumpypumpydumpy - ALMA Ribbons @QuantNomad - Elastic Volume Weighted Moving Average
Composite Indicator, created by taking QuantNomad's EVWMA and using that as input for a variation of rumpypumpydumpy's ALMA Ribbons. Each Ribbon had its sub ribbons summed up and then averaged. The averages were then fed through the ta.rsi and the ta.mom functions giving us our momentum waves. Signal line created from the close value being fed through the ta. ema into the ta.rsi then ta.wma then ta.mom function. Why those in that order? No reason in particular just what I stumbled upon after many variations. I then overlayed Noldo's Whale Trading System to view what "whales" were doing, giving us a good view of when capital is flowing into and out the asset which often contradicts the momentum waves prior to trend changes. Provides a nice visual for how capital is moving along with momentum. Can see when smart money is buying up a big dip or of they seem to still be waiting on the sidelines.
[RS]Dollar Composite IndexExperimental:
a composite of the dollar index with equal weights.
this is a repost of:
www.tradingview.com
Argo II - (alerts for 3commas composite bots) - publicThis script lets users create BUY/SELL alerts for 3commas composite bots (1 alert = 12 pairs) in a simple way, based on a built in set of indicators that can be tweaked to work together or alone through the study settings.
There is a version of this script for single pair bots, with slightly more features here .
If the user choses to create both BUY and SELL signals from the study settings, the (1) alert created will send both BUY and SELL signals for all 12 pairs selected. At this stage, the script forces the user to select 12 pairs in the study settings. If less pairs are inserted, it will not work. Also, the script will only send alerts for the pairs selected in the study settings, not for the current chart (if different).
How to use:
- Add the script to the current chart
- Open the study settings , insert bot details and select 12 pairs. You should write the pairs manually, using the format BTC , ADA, ETH, etc. They MUST be in capital letters or 3commas will not recognize them.
- Still in the study settings, tweak the deal start/close conditions from various indicators until happy. The study will plot the entry / exit points below the current chart (1 = buy, 2 = sell)
- Make sure your strategy works for all the pairs you have selected, simply by checking each chart with the same study settings
- When happy, right click on the "..." next to the study name, then "Add alert'".
- Under "Condition", on the second line, chose "Any alert () function call". Add the webhook from 3commas, give it a name, and "create".
That's it.
Notes:
- If you insert coins that are not available for the quote currency and exchange of your choosing, the script will not work and return an error.
- Make sure you run tests with paper trading or dummy bots (i.e without actual bot ID) to ensure your alerts trigger as intended on all coins.
- If alerts trigger too much (i.e they all trigger at the same time for all coins), Trading View will stop the alert. So probably not ideal for a scalping bot. It could also be the sign the script doesn't work as intended.
- The script is a bit slow on my side. I am a beginner in pinescript, so if anyone knows how to simplify it, please let me know.
- if anyone knows how to tell the script to function with less than 12 pairs (when not filling the 12 fields in the setting), please also let me know :)
Dynamic Dots Dashboard (a Cloud/ZLEMA Composite)The purpose of this indicator is to provide an easy-to-read binary dashboard of where the current price is relative to key dynamic supports and resistances. The concept is simple, if a dynamic s/r is currently acting as a resistance, the indicator plots a dot above the histogram in the red box. If a dynamic s/r is acting as support, a dot is plotted in the green box below.
There are some additional features, but the dot graphs are king.
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KEY:
_______________________________________________________________________________________________________________
Currently the dynamic s/r's being used in the dot plots are:
Ichimoku Cloud:
Tenkan (blue)
Kijun (pink)
Senkou A (red)
Senkou B (green)
ZLEMA (Zero Lag Exponential Moving Average)
99 ZLEMA (lavender)
200 ZLEMA (salmon)
You'll see a dashed line through the middle of the resistances section (red) and supports section (green). Cloud indicators are plotted above the dashed line, and ZLEMA's are below.
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How it Works - Visual
_______________________________________________________________________________________________________________
As stated in the intro - if a dynamic s/r is currently above the current price and acting as a resistance, the indicator plots a dot above the histogram in the red box. If a dynamic s/r is acting as support, a dot is plotted in the green box below. Additionally, there is an optional histogram (default is on) that will further visualize this relationship. The histogram is a simple summation of the resistances above and the supports below.
Here's a visual to assist with what that means. This chart includes all of those dynamic s/r's in the dynamic dot dashboard (the on-chart parts are individually added, not part of this tool).
You can see that as a dynamic support is lost, the corresponding dot is moved from the supports section at the bottom (green), to the resistances section at the top (red). The opposite being true as resistances are being overtaken (broken resistances are moved to the support section (red)). You can see that the raw chart is just... a mess. Which kinda of accentuates one of the key goals of this indicator: to get all that dynamic support info without a mess of a chart like that.
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How To Use It
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There are a lot of ways to use this information, but the most notable of which is to detect shifts in the market cycle.
For this example, take a look at the dynamic s/r dots in the resistances category (red background). You can see clearly that there are distinctive blocks of high density dots that have clear beginnings and ends. When we transition from a high density of dots to none in resistances, that means we are flipping them as support and entering a bull cycle. On the other hand, when we go from low density of dots as resistances to high density, we're pivoting to a bear cycle. Easy as that, you can quickly detect when market cycles are beginning or ending.
Alternatively, you can add your preferred linear SR's, fibs, etc. to the chart and quickly glance at the dashboard to gauge how dynamic SR's may be contributing to the risk of your trade.
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Who It's For
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New traders: by looking at dot density alone, you can use Dot Dynamics to spot transitionary phases in market cycles.
Experienced traders: keep your charts clean and the information easy to digest.
Developers: I created this originally as a starting point for more complex algos I'm working on. One algo is reading this dot dashboard and taking a position size relative to the s/r's above and below. Another cloud algo is using the results as inputs to spot good setups.
Colored Bars
There is an option (off by default, shown in the headline image above) to fill the bar colors based on how many dynamic s/r's are above or below the current price. This can make things easier for some users, confusing for others. I defaulted them to off as I don't want colors to confuse the primary value proposition of the indicators, which is the dot heat map. You can turn on colored bars in the settings.
One thing to note with the colored bars: they plot the color purely by the dot densities. Random spikes in the gradient colors (i.e. red to lime or green) can be a useful thing to notice, as they commonly occur at places where the price is bouncing between dynamic s/r's and can indicate a paradigm shift in the market cycle.
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Timeframes and Assets
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This can be used effectively on all assets (stocks, crypto, forex, etc) and all time frames. As always with any indicator, the higher TF's are generally respected more than lower TF's.
Thanks for checking it out! I've been trading crypto for years and am just now beginning to publish my ideas, secret-sauce scripts and handy tools (like this one). If you enjoyed this indicator and would like to see more, a like and a follow is greatly appreciated 😁.
L1 Composite RSI-William%R IndicatorLevel: 1
Background
The Relative Strength Index (RSI) developed by J. Welles Wilder is a pulse oscillator that measures the speed and change in price movements. The RSI hovers between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30. Signals can be generated by looking for divergences and error fluctuations. RSI can also be used to identify the general trend.
Williams% R, also known as the Williams Percent Range, is a type of momentum indicator that moves between 0 and -100 and measures overbought and oversold levels. The Williams% R can be used to find entry and exit points in the market. The indicator is very similar to the stochastic oscillator and is used in the same way.
Function
L1 Composite RSI-William%R Indicator combines both RSI and William%R indicator to indicate long and short entries.
Key Signal
rsi1 --> rsi in white
wr1 --> William%R in yellow
bull --> long entry in lime
Pros and Cons
Pros:
1. resonance of RSI and William%R will provide better long and short entry signal
2. use 'bull' to indicate a long entry zone
Cons:
1. It is sensitive to fluctuations
2. More independent long and short entries should be considered
Remarks
Composite RSI+William%R
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
L2 Composite BB-RSI-SMA-Stoch and VolumeLevel: 2
Background
Commonly we cannot use signal indicator to disclose the nature of market. By using multiple indicator resonance, the confidence level of trading is increased. The selection of proper ingredients is important to guarantee a good results.
Function
L2 Composite BB-RSI-SMA-Stoch and Volume script likes a Pizza that you can put your favorite ingredients and condiments. In my menu, there are basic indicators as below:
Bollinger bands are envelopes with a standard deviation above and below a simple moving average of price. Since the spacing of the bands is based on the standard deviation, they adjust to the fluctuations in volatility in the underlying price.
The Relative Strength Index (RSI) developed by J. Welles Wilder is a pulse oscillator that measures the speed and change of price movements. The RSI hovers between zero and 100.
A simple moving average (SMA) is an arithmetic moving average that is calculated by adding up current prices and then dividing by the number of time periods in the calculation average.
A stochastic oscillator is a momentum indicator that compares a certain closing price of a security with a range of its prices over a certain period of time. The sensitivity to market movements can be reduced by adjusting this time period or by taking a moving average of the result.
Volume meters are the ones that make up the volume, usually an underestimated indicator.
Key Signal
Composite signal is simple and difficult to describe the overall function. By simple logic "and", "or", you can filter out the noise and disclose the real market trend.
Pros and Cons
Pros:
1. Higher confidence level for trading due to indicator resonance effect.
2. Incl. long, short, and close, three types of signal.
3. Easy to migrate and adapt to various markets.
Cons:
1. Highly emphasized on long signal, for short signal is a little bit weak.
2. Only use for trading pairs with volume information. Indice is not applicable.
3. Although I tried to use a set of "Golden Parameters", it still need to be tuned along different markets, time frame upon situations.
4. It is complex if you are wondering to introduce new indicator together with them. A lot of efforts may be needed.
Remarks
The opinions of most people in the market may not be correct, but the opinions of most indicators are closer to correct.
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
BlackCompositIndicator4OverlayThis is not new indicator.
// Candle Patterns Indicator created by Robert N. 030715
// Volume Indicator @author LazyBear
// Updated and translated by Blyayshman
Это не новый индикатор - это компиляция нескольких для удобства одновременного отображения и экономии разрешенных индикаторов.
Эта версия для отображения на главном экране, вместе с графиком.
Можно отобразить до 4-х MA, 2-х EMA и анализатор паттернов японских свечей.
Пожелания и предложения приветствуются.
Indicators: Constance Brown Composite Index & RSI+AvgsI am a big fan of Constance Brown. Her book "Technical Analysis for Trading Professionals" is an absolute classic (get the 2nd edition).
I have included here 2 of the indicators she uses in all her charts.
Composite Index
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This is a formula Ms Brown developed (Cardwell may not agree!) to identify divergence failures with in the RSI. This also highlights the horizontal support levels with in the indicator area.
This index removes the normalization range restrictions in RSI. This means it is not bound with in 0-100 range. Also, this has embedded momentum calculation in it.
The fine nuances of this indicator are not documented well enough, if you find some good documentation, do let me know. Always use this with RSI (like the next one).
RSI+Avgs
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This is plain 14 period RSI with a 9-period EMA and 45-period SMA overlaid.
