Moving Average Resting Point [theEccentricTrader]█ OVERVIEW
This indicator uses peak and trough prices to calculate the moving average resting point and plots it as a line on the chart. The lookback length is variable and the indicator can plot up to three lines with different lookback lengths and colors.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. As can be seen in the example above, the first swing high or swing low will set the course for the sequence of wave cycles that follow; a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Wave Length
Wave length is here measured in terms of bar distance between the start and end of a wave cycle. For example, if the current wave cycle ends on a swing low the wave length will be the difference in bars between the current swing low and current swing high. In such a case, if the current swing low completes on candle 100 and the current swing high completed on candle 95, we would simply subtract 95 from 100 to give us a wave length of 5 bars.
Average wave length is here measured in terms of total bars as a proportion as total waves. The average wavelength is calculated by dividing the total candles by the total wave cycles.
Wave Height
Wave height is here measured in terms of current range. For example, if the current peak price is 100 and the current trough price is 80, the wave height will be 20.
Amplitude
Amplitude is here measured in terms of current range divided by two. For example if the current peak price is 100 and the current trough price is 80, the amplitude would be calculated by subtracting 80 from 100 and dividing the answer by 2 to give us an amplitude of 10.
Resting Point
The resting point is here calculated by subtracting the current trough price from the current peak price and adding the difference to the current trough price to output the price in the middle of the two prices. Essentially it is the current trough price plus the amplitude. For example, if the current peak price is 100 and the current trough price is 80, the resting point 90.
The moving average resting point is here calculated by subtracting the moving average trough price from the moving average peak price, dividing the answer by two and adding the difference to the moving average trough price.
Frequency
Frequency is here measured in terms of wave cycles per second (Hertz). For example, if the total wave cycle count is 10 and the amount of time it has taken to complete these 10 cycles is 1-year (31,536,000 seconds), the frequency would be calculated by dividing 10 by 31,536,000 to give us a frequency of 0.00000032 Hz.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
█ FEATURES
Inputs
Show MARP 1
Show MARP 2
Show MARP 3
MARP 1 Length
MARP 2 Length
MARP 3 Length
MARP 1 Color
MARP 2 Color
MARP 3 Color
█ HOW TO USE
This indicator can be used like any other moving average indicator to analyse trend direction and momentum, identify potential support and resistance levels, or for filtering trading strategies and developing new ones.
Análisis de ondas
Wavemeter [theEccentricTrader]█ OVERVIEW
This indicator is a representation of my take on price action based wave cycle theory. The indicator counts the number of confirmed wave cycles, keeps a rolling tally of the average wave length, wave height and frequency, and displays the statistics in a table. The indicator also displays the current wave measurements as an optional feature.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. As can be seen in the example above, the first swing high or swing low will set the course for the sequence of wave cycles that follow; a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Wave Length
Wave length is here measured in terms of bar distance between the start and end of a wave cycle. For example, if the current wave cycle ends on a swing low the wave length will be the difference in bars between the current swing low and current swing high. In such a case, if the current swing low completes on candle 100 and the current swing high completed on candle 95, we would simply subtract 95 from 100 to give us a wave length of 5 bars.
Average wave length is here measured in terms of total bars as a proportion as total waves. The average wavelength is calculated by dividing the total candles by the total wave cycles.
Wave Height
Wave height is here measured in terms of current range. For example, if the current peak price is 100 and the current trough price is 80, the wave height will be 20.
Amplitude
Amplitude is here measured in terms of current range divided by two. For example if the current peak price is 100 and the current trough price is 80, the amplitude would be calculated by subtracting 80 from 100 and dividing the answer by 2 to give us an amplitude of 10.
Frequency
Frequency is here measured in terms of wave cycles per second (Hertz). For example, if the total wave cycle count is 10 and the amount of time it has taken to complete these 10 cycles is 1-year (31,536,000 seconds), the frequency would be calculated by dividing 10 by 31,536,000 to give us a frequency of 0.00000032 Hz.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
█ FEATURES
Inputs
Show Sample Period
Start Date
End Date
Position
Text Size
Show Current
Show Lines
Table
The table is colour coded, consists of two columns and, as many as, nine rows. Blue cells display the total wave cycle count and average wave measurements. Green cells display the current wave measurements. And the final row in column one, coloured black, displays the sample period. Both current wave measurements and sample period cells can be hidden at the user’s discretion.
Lines
For a visual aid to the wave cycles, I have added a blue line that traces out the waves on the chart. These lines can be hidden at the user’s discretion.
█ HOW TO USE
The indicator is intended for research purposes, strategy development and strategy optimisation. I hope it will be useful in helping to gain a better understanding of the underlying dynamics at play on any given market and timeframe.
For example, the indicator can be used to compare the current range and frequency with the average range and frequency, which can be useful for gauging current market conditions versus historic and getting a feel for how different markets and timeframes behave.
█ LIMITATIONS
Some higher timeframe candles on tickers with larger lookbacks such as the DXY , do not actually contain all the open, high, low and close (OHLC) data at the beginning of the chart. Instead, they use the close price for open, high and low prices. So, while we can determine whether the close price is higher or lower than the preceding close price, there is no way of knowing what actually happened intra-bar for these candles. And by default candles that close at the same price as the open price, will be counted as green. You can avoid this problem by utilising the sample period filter.
The green and red candle calculations are based solely on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with. Alternatively, you can replace the scenarios with your own logic to account for the gap anomalies, if you are feeling up to the challenge.
It is also worth noting that the sample size will be limited to your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000. If upgrading is currently not an option, you can always keep a rolling tally of the statistics in an excel spreadsheet or something of the like.
Fibonacci Ratios HTF [theEccentricTrader]█ OVERVIEW
This indicator automatically draws higher timeframe Fibonacci levels from current peak to current trough or current trough to current peak, depending on where the current wave cycle ends. In the example above I have set the higher timeframe resolution to 1-month and applied it to a daily chart.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Although there is some contention over which popular levels are and are not actually Fibonacci ratios, such as 50% and 100%, in this script I have based my retracement level calculations on the ratios of 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%. And my extension level calculations on the ratios of 161.8%, 261.8%, 361.8%, 423.6% and 461.8%.
█ FEATURES
Inputs
• HTF Resolution
• Show Fibonacci Extensions
• 00.0% Line Color
• 23.6% Line Color
• 38.2% Line Color
• 50.0% Line Color
• 61.8% Line Color
• 78.6% Line Color
• 100.0% Line Color
• 161.8% Line Color
• 261.8% Line Color
• 361.8% Line Color
• 423.6% Line Color
• 461.8% Line Color
• Extend Line Type
• Show Labels
• Label Colors
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Similarly, if the current timeframe is not a factor of the higher timeframe there will be occasions when the left hand offset is out by a couple of bars. This is because the calculations are ultimately based on how many lower timeframe bars there are inside a sequence of higher timeframe bars. The indicator will also behave unexpectedly if the higher timeframe resolution is lower than the current timeframe, but that should be expected.
If the lines do not draw or you see a study error saying that the script references too many candles in history, this is most likely because the higher timeframe anchor point is not present on the current timeframe. This problem usually occurs when referencing a higher timeframe, such as the 1-month, from a much lower timeframe, such as the 1-minute. How far you can lookback for higher timeframe anchor points on the current timeframe will also be limited by your Trading View subscription plan. Premium users get 20,000 candles worth of data, pro+ and pro users get 10,000, and basic users get 5,000.
Fibonacci Ratios [theEccentricTrader]█ OVERVIEW
This indicator automatically draws Fibonacci levels from current peak to current trough or current trough to current peak, depending on where the current wave cycle ends.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a high price equal to or above the price it opened.
• A red candle is one that closes with a low price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Although there is some contention over which popular levels are and are not actually Fibonacci ratios, such as 50% and 100%, in this script I have based my retracement level calculations on the ratios of 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%. And my extension level calculations on the ratios of 161.8%, 261.8%, 361.8%, 423.6% and 461.8%.
█ FEATURES
Inputs
• Show Fibonacci Extensions
• 00.0% Line Color
• 23.6% Line Color
• 38.2% Line Color
• 50.0% Line Color
• 61.8% Line Color
• 78.6% Line Color
• 100.0% Line Color
• 161.8% Line Color
• 261.8% Line Color
• 361.8% Line Color
• 423.6% Line Color
• 461.8% Line Color
• Extend Line Type
• Show Labels
• Label Colors
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Weis Wave Volume - Simple labels and comparisonThis script is designed to identify and display the Weis Wave Volume on a chart. The Weis Wave Volume is a volume-based indicator that helps traders analyze market waves, identify trend reversals, and assess the strength of a trend. The script calculates wave volume based on user-defined input parameters, detects price waves, and displays the results as labels on the chart.
This version in particular is based on ideas from @the_MarketWhisperer and some other pieces of the script from @LucF.
The overall functionality of the script is to identify price waves and their corresponding volume. It does this by determining the trend direction and detecting trend reversals based on user-defined inputs such as the Trend reversal length and Price source for trend detection. The script also calculates and displays the cumulative volume of the current wave, the number of bars in the wave, the average volume in the wave, and consecutive increasing average volume bars in the same wave:
- An 'o' is printed to show that the volume of the current wave was 'O'ver/ above the count of the volume from preceding wave (regardless of it being up or down).
- An 'u' is printed to show that the volume of the current wave was 'U'nder/ below the count of the volume from preceding wave (regardless of it being up or down).
- Current wave will be between ' ' signaling that the wave is not confirmed yet.
- Actual values for the wave are available as tooltips. You decide how many bars to show the labels for, but for now and since I am a fan of clean charts, this is set to 50.
The user can adjust various inputs that affect the output of the script, such as Trend reversal length, Price source for trend detection, Labels for X last bars. Adjusting these inputs allows the trader to customize the script's behavior to better suit their trading style or specific market conditions. For example, by increasing the Trend reversal length, the script will require more consecutive bars in the opposite direction to confirm a trend reversal, potentially filtering out shorter-term price fluctuations. Similarly, adjusting the Price source for trend detection allows the user to base trend calculations on different price values, such as the high, low, or close of each bar.
In addition to the customizable inputs, the user can enable or disable the display of pivot markers and choose the colors for the up and down volume labels. This helps the trader to easily visualize and analyze the wave volume information on the chart.
In summary, this script offers traders a powerful tool for visualizing and analyzing the Weis Wave Volume on a chart. By identifying price waves, detecting trend reversals, and providing insights into the strength of a trend based on volume, the script can be a valuable addition to a trader's technical analysis toolbox. Please note this is not meant to provide any buy or sell signals, it should be rather used to complement your existing analysis.
Have fun and trade wisely ;)
[JL] Supertrend Zone Pivot Point with zigzag fibThis is an open-source Pine script that generates a Supertrend Zone Pivot Point with Zigzag Fib indicator for TradingView. The indicator displays the Supertrend Zone, pivot points, and Fibonacci levels on the chart.
One of the unique features of this indicator is that it uses a Zigzag that does not repaint, ensuring accurate high and low points for the pivot points.
Another feature is that when the Supertrend is in an uptrend, only the highest points are taken as pivot points, and when it's in a downtrend, only the lowest points are taken as pivot points.
The Fibonacci levels are calculated based on the previous high and low pivot points, with labels displaying the corresponding levels on the chart.
The indicator also includes options to show/hide the Zigzag and Fibonacci levels.
Overall, this indicator is useful for identifying key pivot points and Fibonacci levels in the Supertrend Zone, providing valuable information for traders to make informed decisions.
Elliott Wave [LuxAlgo]The Elliott Wave indicator allows users to detect Elliott Wave (EW) impulses as well as corrective segments automatically on the chart. These are detected and displayed serially, allowing users to keep track of the evolution of an impulse or corrective wave.
Fibonacci retracements constructed from detected impulse waves are also included.
This script additionally allows users to get alerted on a wide variety of trigger conditions (see the ALERTS section below).
🔶 SETTINGS
🔹 Source
• "high" -> options high, close, maximum of open/close
• "low" -> options low, close, minimum of open/close
🔹 ZigZag
• The source and length are used to check whether a new Pivot Point is found.
Example:
• source = high/low, length = 10:
• There is a new pivot high when:
- previous high is higher than current high
- the highs of 10 bars prior to previous high are all lower
• These pivot points are used to form the ZigZag lines, which in their turn are used for pattern recognition
🔶 USAGE
The basic principles we use to identify Elliott Wave impulses are:
• A movement in the direction of the trend ( Motive/Impulse wave ) is divided in 5 waves (Wave 1 -> 5)
• The Corrective Wave (against the trend) is divided in 3 waves (Wave A -> C)
• The waves can be subdivided in smaller waves
• Wave 2 can’t retrace more than the beginning of Wave 1
• Wave 4 does not overlap with the price territory of Wave 1
Here we see an example:
Let's look at the development:
• 1 bar after point (5) a confirmed 5 Motive Wave pattern is found (1 -> 5; The 5 Waves can also be seen as one large Wave 1 ).
• Next, the script draws a set of Fibonacci lines, which are area's where the Corrective Wave potentially will bounce.
Here we see the fifth wave is getting larger, the previous highest point is updated, and the Wave 5 is larger than Wave 3 :
(At this point, the pattern is invalidated, and it display as dotted)
Further progression in time:
At this point, a confirmed " 3 Corrective Wave pattern " is found (a -> c)
When a new high has developed, a circle is drawn (in the same color of the lines)
However, when the bottom of the drawn box has breached, a red cross will be visualized.
Further progression:
Later on, a bearish confirmed " 5 Motive Wave pattern " is found (1 -> 5):
When a Corrective Wave becomes invalidated, the ABC pattern will display as dashed (not dotted):
🔶 TECHNIQUES
Pine Script™ introduces methods!
• More information can be found here:
• Pine Script™ v5 User Manual 👉 Methods
• Pine Script™ language reference manual 👉 method
🔶 ALERTS
Dynamic alerts are included in the script, you only need to set 1 alert to receive following messages:
• When a new EW Motive Pattern is found (Bullish/Bearish )
• When a new EW Corrective Pattern is found (Bullish/Bearish )
• When an EW Motive Pattern is invalidated (Bullish/Bearish )
• When an EW Corrective Pattern is invalidated (Bullish/Bearish )
• When possible, a start of a new EW Motive Wave is found (Bullish/Bearish )
• Here is information how you can set these alerts()
Harmonic Sine Waves model plot Hey,
Here is another tool that I created. I could not find anything similar.
This script is creating a sine wave, based on the given length, amplitude, horizontal vertical offset.
After this it plots also nearest harmonics to the base sine wave and draws it on the chart.
At the last step it sums up the value for base sine wave with its harmonics.
This is a great way to experience how 4 basic sine waves, when summed up, are creating more complex chart.
This shows that the 'chaotic' chart can be built on just a few most important factors.
You do not have to "know every single fact" about the asset to make a proper forecast.
You just need those most important.
It is crucial though, to offset the chart in a correct way, so it is in phase with the asset that we work on.
Recursive Zigzag [Trendoscope]Here is an another outcome of Object Oriented Zigzag and Pattern Ecosystem of Libraries.
We already have another implementation of recursive zigzag which makes use of earlier library rzigzag . Here in this example, we make use of similar logic but leverage the new type and method based Zigzag system libraries to derive the indicator.
🎲 Design Overview
Similar to Recursive Auto Pitchfork, here too the indicator code is around 50 lines. Whereas most of the heavy lifting is done by the libraries.
🎲 Base Libraries
Base libraries are those which does not have any dependency. They form basic structures which are later used in other libraries. These libraries need to be crafted carefully so that minimal updates are done later on. Any updates on these libraries will impact all the dependent libraries and scripts.
🎯 Drawing
DrawingTypes - Defines basic drawing types Point, Line, Label, Box, Linefill and related property types.
DrawingMethods - All the methods or functionality surrounding Basic types are defined here.
🎲 Layer 1 Libraries
These are the libraries which has direct dependency on base libraries.
🎯 Zigzag
ZigzagTypes - Types required for defining Zigzag and Divergence
ZigzagMethods - Methods associated with Zigzag Type definitions.
🎲Indicator
Indicator draws zigzags based on given length. And then recursively derives next level zigzags based on previous levels. As per the utility, indicator is useful in several ways
Visualising price structure based on zigzag pivots - which in turn can help visualise patterns.
Ability to add any oscillator makes it easy to spot divergences with choice of indicators.
Programmers can use the derived values to build complex algorithms such as automatic pattern recognition.
🎯 Settings
Settings are explained via tooltips. These are very much straight forward and directly related to zigzag, oscillators and divergence.
Simple Zigzag UDT█ OVERVIEW
This indicator displays zigzag based on high and low, which is using user-defined types (UDT) or objects .
█ CREDITS
LonesomeTheBlue
█ FEATURES
1. Label can be resized.
2. Label can be display either short (Eg : HH, LL, H, L, etc) and long (Eg : Higher Low, etc)
3. Color can be customized either contrast color of chart background, trend color or customized color.
█ EXAMPLES / USAGES
3 Zigzag for MTF Fib Alert [MsF]Japanese below / 日本語説明は英文の後にあります。
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This indicator that automatically displays Fibonacci from each High & Low based on 3 Zigzags. It's useful for multi-timeframe analysis.
For example, Fibonacci calculated from the high and low prices (Zigzag 3 Period=100) of the upper timeframe can be displayed on the lower timeframe.
Also, you can set alerts for each Fibonacci point. It is useful when you are waiting for the price to return to the discount (50% or less) or the premium (50% or more) of the upper timeframe.
"Fib 1 - Crossing 0.00" … Trigger an alert when crossing the 0% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 100.0" … Trigger an alert when crossing the 100% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 23.6" … Trigger an alert when crossing the 23.6% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 38.2" … Trigger an alert when crossing the 38.2% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 50.0" … Trigger an alert when crossing the 50.0% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 61.8" … Trigger an alert when crossing the 61.8% line in Fibonacci of Zigzag1
"Fib 1 - Crossing 76.4" … Trigger an alert when crossing the 76.4% line in Fibonacci of Zigzag1
*Same as Zigzag 1 and Zigzag 2 too.
"Choose Zig Zag Leg for fib" parameter means...
Latest : Calculate Fibonacci based on "the most recent Zigzag line".
Previous : Calculate Fibonacci based on "the previous Zigzag line".
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3つのZigzagを元に各High＆Lowからフィボナッチを自動で表示するインジケーターです。
Zigzagの期間を工夫することで、マルチタイムフレーム分析に役立ちます。
例えば、以下の設定とした場合：
Zigzag 1 Period … 8
Zigzag 2 Period … 25
Zigzag 3 Period … 100
上位時間足Zigzag（Period=100）の高値安値から形成されるフィボナッチを下位時間足に表示することができるのです。
また、このインジケーターではフィボナッチのポイント毎にアラートの設定が可能です。
上位時間足の割安価格（50％以下）や割高価格（50％以上）に価格が戻ってくるのを待っている時などに力を発揮してくれます。
"Fib 1 - Crossing 0.00" … Zigzag1のフィボナッチにおいて、0%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 100.0" … Zigzag1のフィボナッチにおいて、100%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 23.6" … Zigzag1のフィボナッチにおいて、23.6%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 38.2" … Zigzag1のフィボナッチにおいて、38.2%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 50.0" … Zigzag1のフィボナッチにおいて、50.0%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 61.8" … Zigzag1のフィボナッチにおいて、61.8%ラインとクロスした場合にアラートを発報します
"Fib 1 - Crossing 76.4" … Zigzag1のフィボナッチにおいて、76.4%ラインとクロスした場合にアラートを発報します
※Zigzag1およびZigzag2のフィボナッチも同様
"Choose Zig Zag Leg for fib"パラメータについて：
Latest … 一番新しいZigzagのライン（UpまたはDown）を元にフィボナッチを計算します。
Previous … ひとつ前のZigzagのライン（UpまたはDown）を元にフィボナッチを計算します。
Wavechart v2 ##Wave Chart v2##
For analyzing Neo-wave theory
Plot the market's highs and lows in real-time order.
Then connect the highs and lows
with a diagonal line. Next, the last plot of one day (or bar) is connected with a straight line to the
first plot of the next day (or bar).
Laguerre Stochastic | AdulariDescription:
The Laguerre Stochastic is similar to a 4-period regular Stochastic, except that a Laguerre transform has been applied for price smoothing. The Laguerre transform is a mathematical technique that allows smooth indicators to be built using small amounts of data.
How do I use it?
Never use this indicator as standalone trading signal, it should be used as confluence.
When the value is above the middle line this shows the bullish trend is strong.
When the value is below the middle line this shows the bearish trend is strong.
When the value crosses above the upper line this indicates the trend may reverse downwards.
When the value crosses below the lower line this indicates the trend may reverse upwards.
When the value crosses above the signal this indicates the current bearish trend is getting weak and may reverse upwards.
When the value crosses below the signal this indicates the current bullish trend is getting weak and may reverse downwards.
Features:
Oscillator value indicating the difference between highs and lows fractioned by the close price.
%D value acting as a smoothed version of the %K.
Horizontal lines such as oversold, overbought and middle lines, indicating possible interest zones.
How does it work?
1 — Calculate regular Stochastic value.
2 — Apply the Laguerre transform.
3 — Calculate %D value by applying smoothing to the %K value.
TOTAL:(RSI+TSI)TOTAL:(RSI+TSI)
This indicator collects instant data of RSI and TSI oscillators. RSI moves between (0) and (100) values as a moving line, while TSI moves between (-100) and (+100) values as two moving lines.
The top value of the sum of these values is graphically;
It takes the total value (+300) from RSI (+100), TSI (+100) and (+100).
The lowest value of the sum of these values is graphically;
It takes the value (-200) from the RSI (0), (-100) and (-100) from the TSI.
In case this indicator approaches (+300) graphically; It can be seen that price candlesticks mostly move upwards. This may not always give accurate results. Past incompatibilities can affect this situation.
In case this indicator approaches (-200) graphically; It can be seen that price candlesticks mostly move downwards. This may not always give accurate results. Past incompatibilities can affect this situation.
The graphical movements and numerical values created by this indicator do not give precise results for price candles.
Multi-Timeframe MA Based Zigzag[liwei666]🎲 Overview
🎯 This Zigzag indicator build based on different MA such as EMA/HMA/RMA/SMA, support multi-timeframe setting .
you can get customer zigzag indicator by change short/long ma length and high-timeframe config(5m/15m/30m/1h/2h) in any symbol.
🎲 Indicator design logic
🎯 entired logic is simple and code looks complex, I‘ll explain core logic here, code already equipped with detailed comments.
1. use close-in EMA's highest/lowest value mark as SWING High/Low when EMA crossover/under, not use func ta.pivothigh()/ta.pivotlow()
2. when EMA crossover/under plot a char as signal like ●/❄/▲, crossover get blue char crossunder get red char
3. latest zigzag line is not drawn until EMA is turned (crossover/under), but signal is realtime
4. you can see diff zigzag structure when you open high-timeframe config, then find regular pattern benefit your trading.
🎲 Settings
🎯 there are 3 group properties in script, just focus on 5 properties in 'GRP1' ,
'GRP2' and 'GRP3' are display config.
'GRP1':
MA_Type: MA type you can choose(EMA/RMA/SMA/HMA/WMA), default is EMA
short_ma_len: short MA length of your current timeframe on chart
long_ma_len: long MA length of your current timeframe on chart
htf_ma_len: MA length of high timeframe, MA type same as 'MA_Type' config
htf_ma_tf: high timeframe ma length, 15/30/60/120 minute
'GRP2':
• show_short_zz • show_long_zz • show_htf_zz:
'GRP3':
• show_short_ma_line • show_short_ma_signal
• show_long_ma_line • show_long_ma_signal
• show_htf_ma_line • show_htf_ma_signal
🎲 Usage
🎯 As we know, MA based signal usually worked fine in trend market , low volatility is unprofitable.
🎯 One of pattern as the chart show below.
1. success example : after a blue ▲ signal, entry long when blue ● signal appear, marked with green box.
2. failed example: after a blue ▲ signal, a red ▼ signal appear, marked with white box.
🎯 BoS(Break of Structure) based on ma zigzag is a good idea I'm implementing, it will be published in next script.
Additionally, I plan to publish 20 profitable strategies in 2023; this indicatior not one of them,
let‘s witness it together!
Hope this indicator will be useful for you :)
enjoy! 🚀🚀🚀
ZigCycleBarCount [MsF]Japanese below / 日本語説明は英文の後にあります。
Based on "ZigZag++" indicator by DevLucem. Thanks for the great indicator.
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This indicator that displays the candle count (bar count) at the peaks of Zigzag .
It also displays the price of the peaks.
You can easily count candles (bars) from peak to peak. Helpful for candles (bars) in cycle theory.
This logic of the indicator is based from the mt4 zigzag indicator .
Parameter:
Depth = depth (price range)
Backstep = Period
Deviation ＝ Percentage of how much the price has wrapped around the previous line.
Example:
Depth = 12
Backstep = 3
Deviation = 5
In this case, the price range is updated by 12 pips or more (Depth), and after 3 or more candlesticks line up (Backstep), if the price deviates from the previous line by 5% or more (Deviation), a peak is added.
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Zigzagの頂点にローソクカウント（バーカウント）を表示するインジケータです。
頂点の価格も表示します。
頂点から頂点までのローソク（バー）を容易にカウントすることができます。
サイクル理論のローソク（バー）に役立ちます。
Zigzagロジック自体はMT4のzigzagインジケータを流用しています。
＜パラメータ＞
Depth＝深さ（値幅）
Backstep＝期間
Deviation＝価格がどれだけ直前のラインの折り返したかの割合
例：
Depth＝12
Backstep＝3
Deviation＝5
この場合、値幅を12pips以上更新し（Depth）、ローソク足が3本以上並んだ後（Backstep）、価格が直前のラインの5％以上折り返せば（Deviation）、頂点を付けます。
＜表示オプション＞
Label_Style = "TEXT"…テキスト表示、"BALLOON"…吹き出し表示
ABC_caluculator for Ichimoku Kinko Hyo(IKH) usersThis tool is using for calculating Target Value(N,V,E prices) by only clicking on a chart.
There is several points which makes it better.
Decrease the number of times of clicking.
Calculator needs a reset button, it's like loop structure. Push the reset and function again.
Plot percentages which it compare closing price and Target Value(N,V,E prices) on a chart.
Plot loss cut points from evaluating risk/returns.
My question is also written down precisely here !!!!!
↓
stackoverflow.com
Channel Based Zigzag [HeWhoMustNotBeNamed]🎲 Concept
Zigzag is built based on the price and number of offset bars. But, in this experiment, we build zigzag based on different bands such as Bollinger Band, Keltner Channel and Donchian Channel. The process is simple:
🎯 Derive bands based on input parameters
🎯 High of a bar is considered as pivot high only if the high price is above or equal to upper band.
🎯 Similarly low of a bar is considered as pivot low only if low price is below or equal to lower band.
🎯 Adding the pivot high/low follows same logic as that of regular zigzag where pivot high is always followed by pivot low and vice versa.
🎯 If the new pivot added is of same direction as that of last pivot, then both pivots are compared with each other and only the extreme one is kept. (Highest in case of pivot high and lowest in case of pivot low)
🎯 If a bar has both pivot high and pivot low - pivot with same direction as previous pivot is added to the list first before adding the pivot with opposite direction.
🎲 Use Cases
Can be used for pattern recognition algorithms instead of standard zigzag. This will help derive patterns which are relative to bands and channels.
Example: John Bollinger explains how to manually scan double tap using Bollinger Bands in this video: www.youtube.com This modified zigzag base can be used to achieve the same using algorithmic means.
🎲 Settings
Few simple configurations which will let you select the band properties. Notice that there is no zigzag length here. All the calculations depend on the bands.
With bands display, indicator looks something like this
Note that pivots do not always represent highest/lowest prices. They represent highest/lowest price relative to bands.
As mentioned many times, application of zigzag is not for buying at lower price and selling at higher price. It is mainly used for pattern recognition either manually or via algorithms. Lets build new Harmonic, Chart patterns, Trend Lines using the new zigzag?
Fixed Quantum VectorSelect a zone to analyse the vectors.
This screener show the ratio of the bullish and bearish candle vector and on volume.
Slide the white bar to choose your sample size or you can enter the date.
Click label to hide start calculation and end calculation.
- Happy trading
BIAS NotesUsage: This indicator allows you to note on your desired pair what is the current state of the trends.
!! How to use: You have to input the values for each table case to your desire in the indicator settings. !!
With this indicator you can note :
-what is the timeframe Bias
-which supply or demand we`ve just hit
I use this as a tool for my analysis with Insitutional Orderflow/SMC (Smart Money Concepts).
HLC3_ZThis indicator uses a single price point for each session (HLC3 by default) to draw waves.
This helps to filter out small or high frequency fluctuation in the price, and focus on the trend.
There are also options to display cumulative volume for each wave, or to overlay the price source to draw the wave on the chart.
I find using this indicator helps with finding the wave structures or the head or bottom structures such as head-and-shoulder.
Moving Average Based Zig ZagMoving Average Based Zig Zag differs from the traditional Zig Zag indicator in that pivot points are determined by a moving average, Volume Weighted Hull Moving Average, rather than looking for the highest or lowest point in a left / right period.
Settings
Source: the source for the pivot points.
Moving Average Length: the length of the Volume Weighted Hull Moving Average, increase for longer zig zags, decrease for shorter zig zags.
Usage
Like all Zig Zag indicators, the Moving Average Based Zig Zag is not intended to be used as a live trading tool. This indicator is intended to be an alternative way of determining pivot points on your chart. Pivot points can be used for a multitude of different analytical techniques. One may use pivot points in order to draw potential support and resistance lines, trend lines or chart patterns. Additionally, pivot points can be used to determine variations of highs and lows important to market structure analysis such as break of structure or change of character.
Details
The moving average used is a Volume Weighted Hull Moving Average, this particular moving average was used due to it's relatively low-lag characteristics when compared to an Exponential Moving Average, additionally by considering volume in the moving average calculation, insignificant pivot points can be further filtered.
Rather than using built-in functions `ta.pivothigh()` and `ta.pivotlow()` to determine pivot points, this indicator waits for the moving average to pivot then searches for the highest or lowest value from the bar index of the moving average pivot to the bar index of the previous found price pivot. This method of determining pivots provides a more dynamic approach to determining pivot points.
Wavetrend in Dynamic Zones with Kumo Implied VolatilityI was asked to do one of those, so here we go...
As always free and open source as it should be. Do not pay for such indicators!
A WaveTrend Indicator or also widely known as "Market Cipher" is an Indicator that is based on Moving Averages, therefore its an "lagging indicator". Lagging indicators are best used in combination with leading indicators. In this script the "leading indicator" component are Daily, Weekly or Monthly Pivots . These Pivots can be used as dynamic Support and Resistance , Stoploss, Take Profit etc.
This indicator combination is best used in larger timeframes. For lower timeframes you might need to change settings to your liking.
The general Wavetrend settings are the same that are used in Market Cipher, Market Liberator and such popular indicators.
What are these circles?
-These are the WaveTrend Divergences. Red for Regular-Bearish. Orange for Hidden-Bearish. Green for Regular-Bullish. Aqua for Hidden-Bullish.
What are these white, orange and aqua triangles?
-These are the WaveTrend Pivots. A Pivot counter was added. Every time a pivot is lower than the previous one, an orange triangle is printed, every time a pivot is higher than the previous one an aqua triangle is printed. That mimics a very common way Wavetrend is being used for trading when using those other paid Wavetrend indicators.
What are these Orange and Aqua Zones?
-These are Dynamic Zones based on the indicator itself, they offer more information than static zones. Of course static lines are also included and can be adjusted.
What are the lines between the waves?
-This is a Kumo Cloud Implied Volatility indicator. It is color coded and can be used to indicate if a major market move/bottom/top happened.
What are those numbers on the right?
-The first number is a Bollinger Band indicator that shows if said Bollinger Band is in a state of Oversold/Overbought, the second number is the actual Bollinger Band Width that indicates if the Bollinger Band squeezes, normally that happens right before the market makes an explosive move.
Please keep in mind that this indicator is a tool and not a strategy, do not blindly trade signals, do your own research first! Use this indicator in conjunction with other indicators to get multiple confirmations.
