I decided to make this formerly invite only script public (you can find the invite only version here tradingview.com/script/jgUcoW2o-Dav-o-meter/ If you are part of the invite only you don't need to change scripts. I will push improvements first on the invite only script but in time it will come to this version as well.
I would love to know your ideas and thoughts on how this indicator can be improved, so feel free to give any feedback. Remember to give it a thumbs up if you like it.
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Fixed a bug in RSI (thank you Benjamin!)
Added a list of future improvements
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Migrated to Pine Version 3 and added source as an input.
General info and acknowledgements Author: maqpie Date of publishing: 20th of july 2017
This script is based upon Davinci's davo meter and his original script, which searches for W's and M's in price, OBV, and Willy. Although the original script is elegant, a W or M has to occur within 5 bars. This script has removed those limitations.
It took me several different approaches to find a good solution. For the most part because of the lack of any real debugging tool in Pine script. Let me know what you think, because I feel like I need tone down the number of options so it is easier to use. If you have any questions, or things you would like to see different please contact me at TRI.
Have fun playing and goofing around with it!
How it works Now, trading is more of an art form than a science and this indicator is no exception. When talking about M's and W's, it begs the question: what exactly counts as a W or M? My personal experience is that for a W to count as such, it has to adhere to the following rules:
1. A 'W' has 5 points, A, B, C, D and E E 2. Point A can be any point C / 3. Point B should be lower than A A / \ / 4. Point C should be higher than B \ / D 5. Point D should be lower than C, but higher than B B 6. Point E should be higher than C
1. A 'M' has 5 points, A, B, C, D and E B 2. Point A can be any point / \ D 3. Point B should be higher than A A \ / \ 4. Point C should be lower than B C \ 5. Point D should be higher than C, but lower than B E 6. Point E should be lower than C
Script input parameters You can use the following indicators to search for W's or M's: - price (close) - OBV - Willy - RSI - MFI
For each of these indicators you set the following options: - Use: whether you want to use it - The maximum width: over how many bars a W / M is allowed to form - The maximum offset: how many bars back a W / M is allowed to form - Strict: when not set, rule 5 (see 'How it works') changes: point D no longer has to be above B (for W), and no longer has to be below B (for M) - Length: length of the indicator, for example a 14 bar RSI
Other options: - Period: you can limit the period for backtesting. Useful to identify under what market conditions the script works best.
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v3.4 - added MFI - fixed the offset; the offset wasn't working as intended - tidied up code - set the default period for "limit period" to 1/7/2017 - 1/1/2019
v3.5 - added DMI (only DI+ and DI-; ADX is not used)
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Released 3.5 to quickly; fixed a bug with the DMI. All good now.
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Provided better chart with all the possible indicators on it.
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v3.5.1 - Fixed a bug which prevented alerts from firing. Unfortunately, using concatenated strings in alerts prevents them from being fired even though they do show up on the chart.
My thanks go to pequet and grimmolf for finding and reporting this nuisance to me.
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v3.5.2 - Fixed the alert bug which I thought had been fixed in 3.5.1, please use the settings as displayed here: https://imgur.com/a/1rSty7o (I've tested these extensively) - Changed the clunky 'limit period' option from two dates to a simple past n years - Renamed 'davo short' and 'davo long' plot text into simply 'davo'
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v3.5.2
added entry, stop loss and target (use style options to hide them as desired)
wow, now that's some coding. wtg Sanne, hope everyone can benefit
maqpie
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@CRInvestor, thanks man. I couldn't have done it without you and davinci and I'm really glad it is out there so everyone can use it.
I still have plenty of ideas like combining it with RLZs but if you have any suggestions please let me know. :)
BHCap
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This is a sweet scalping tool. Used with some common sense and SR... This is a winner. Great share! Thanks
maqpie
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@BHCap, thank you for your kind words. That it may serve you well!
tsmmob
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wow Sanne, great work - never seen pinescript pushed this hard!
maqpie
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@tsmmob, I don't know why, but I've only now seen your comment. Anyway, thank you sir!
Sacharko
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Hey there. Was wondering if I could give this a try. Thanks very much.