GreatBlueTradingTeam FibDev Signals

Script Purpose:

This script was designed to look for trend reversals and be used with other TA tools to help build confluence for day traders.

TA Used:

Without diverging too much information, this script relies on Highs, Lows, Opens, EMAs, Standard Deviations, Fib Numbers, and Fib Levels.

Script Overview:

First we look at the price action found on the Daily chart to create a set of zones using Fibs and Standard Deviations thats serves as our gauge on how far the price will move on any given day. Then, we create another set of zones ("intraday" zones if you will) that are built on much faster price action and relevant to the chart time period that is selected. These zones are also created using a combination of Fibs and Standard Deviations. From here, we compare the intraday price action with these two zones and look for areas where we feel overbought or oversold conditions are forming to create the bullish or bearish signals provided by the indicator.

Script Shortcomings:

Due to the fact this script is looking for breaks in trends, or trend reversals, it is subject to high risk especially in times of strong market trends where it could experience repeated failed signals. We recommend using this script in combination with other forms of TA for additional confluence as well as general market awareness that may influence trends and market behavior.

Script Access:

Please PM us to obtain information about accessing this script, or view our profile for contact information.

版本注释:

Making a minor tweak to the code to help produce cleaner signals in relation to the Daily levels that are being created in the logic.

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We have now added the full data view for this indicator! User settings have been added for the ability to filter signals on or off, the daily supply and demand zones on and off, and the intraday clouds on and off. This allows a user to tailor the indicator to their personal preference and see all or hide everything they don't want to view.

版本注释:

updated UI visuals, reworked the cloud logic to be simpler and more precise, few minor tweaks to the overall algo here and there to try and polish everything

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Fixing the filter for show/hide clouds, apparently I broke it on the last publish. Also removed the show plot line option for the clouds. Decided it was useless.

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Major Update: The concept is still the same as everything we discuss in our HOW TO idea in terms of using this indicator with the target zones, but the UI has been updating to only show target zones based on which way the stock is moving. This direction is decided by which side of the neutral zone the price is on, and thus the automated signals have now been updated to fire when the price breaks under or over the neutral zone. This will now put more emphasis on playing trend and momentum vs the original emphasis on trying to catch reversals. The intraday clouds are unchanged, and reversal plays can still be made using the same process and data as before but there will no longer be signals created for potential oversold or overbought areas as previously done.

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Logic mistake on the signals, updated for better signals

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Added ability to filter the neutral zone on and off (mainly for viewing Daily chart) and added a plot line in the center of Neutral zone (which is just the daily open price)

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Updated the UI on the Neutral Zone to show red/green depending on bias, and updated signals now to watch for momentum changes based off both fib levels and off the opening price

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Updated logic to show both bear and bullish signals if they printed at all on each candle. This prevents "ghosting" previous signals, or hiding losers. Better and more transparent for not only trading but also back testing.

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update UI to only plot visuals during market hours. dramatically cleans up UI and really should only be looking at levels from current day, once previous day ends all data is invalid

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Removed the automated price signals. Decided they dont work, they dont really help traders in our opinion. Added a new data table that now shows the average vs current daily volatility, high over open, and low under open variables based on historical price action. The table cell colors all start blue, and once 100% of the average value is met they will turn colors; orange for 100% volatility met, green for 100% high over open met, and red for 100% low under open met. These table values are not necessarily actionable as much as they are just informative about how price is behaving during the trading session.

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quick fix, forgot to remove the decimals on the % amounts for the table values.

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Added Linear Aggression to the script. It shows std dev 1, 2, and 3 for the LR. You can use this in confluence with everything else to get stronger signals.

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New Intraday Clouds, based off new logic for looking for mean prices, and now accepts an input to change the length of time to use in order to calculate said mean prices

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Clean up code and UI, bringing this back into action

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added disclaimer