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NormInvTargetSeeker

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NormInvTargetSeeker
The NormInvTargetSeeker is a trading tool designed to aid traders in identifying and capitalizing on Distribution and Accumulation zones, highlighting specific price levels that could serve as targets for future price movements. Although the indicator itself is not multi-timeframe, an effective trading strategy might involve signal validation across multiple timeframes.

🔶 USAGE

The indicator identifies Distribution and Accumulation zones, providing potential targets for future price moves.
Traders are encouraged to use these zones as profit targets or potential reversal points.
Confluence Zones

These zones are identified as regions where various factors or levels converge, signaling an increased probability of price reaction.
They can be used to reinforce signals or identify levels where price might encounter significant resistance or support.

🔹 Trading Strategy

First, identify a signal on your primary trading timeframe.
Manually check higher timeframes to ensure the signal aligns with them.
Use the identified zones, whether Distribution or Accumulation, as target zones for your trades.

🔶 Order Blocks
The NormInvTargetSeeker identifies "Order Blocks" by examining a specified number of consecutive candles with a specific condition: the current candle must completely engulf the previous candle. This means that both the high and low of the current candle are higher and lower, respectively, than the high and low of the previous candle, signifying a dominant move in the direction of the current candle.

🔹 Trading Strategy

Target Confirmation: Order Blocks can serve to confirm target points, providing additional validation for identified levels.
Market Insight: They offer crucial insights into whether "big hands" or institutional players are positioned as buyers or sellers in the market.

Traders can use Order Blocks as a means to validate targets or key price levels, observing if the price reacts significantly upon reaching these blocks.
They can also provide insights into the general market direction or underlying market strength by identifying where the major market players are placing their orders.

🔶 SETTINGS
The indicator allows users to adjust various parameters to customize the display and logic of the tool to fit their needs.

🔹 Display Settings
Users can customize the colors and displays of various zones and labels to match their preferences.

🔶 LICENSE AND CREDITS
This work is licensed under Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0). More information here: creativecommons.org/licenses/by-nc-sa/4.0/

This indicator utilizes a TypeScript implementation of the Normal Inverse function as a reference, which can be found here: github.com/teqniqly/norm-inv/blob/master/src/norm-inv.ts
Special thanks to the authors of the referenced code for providing a foundation upon which this indicator was built.

🔶 UPDATES

Current Version: 1.0.0
For future updates, please check the comment section.

🔶 CONTACT
For any questions or suggestions, please feel free to contact RickSimpson on TradingView.

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-Minor improvements

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-Code cleaning

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-Code cleaning

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Improved Signal Detection Algorithm: The underlying algorithm for signal detection has been refined for better accuracy.
Added Ambiguous Signal Option: Users can now enable an option to view "ambiguous" signals, ensuring they're not missing potential market movements.
Default Line Display Set to 50: To enhance clarity and readability, the default number of lines displayed has been set to 50.
Confluence Zones Disabled by Default: To streamline the user experience and focus on primary features, the Confluence Zones have been set to be disabled as a default setting.
Enhanced Order Block Detection: Incorporated a filter to weed out false candlestick engulfments, ensuring more accurate detection of Order Blocks.
Code Cleaning: Miscellaneous code optimizations and removal of redundancies for smoother performance.

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-Code cleaning

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Default Line Display Set to 20: After thorough consideration, the default number of lines displayed has been set to 20, as this provides the best compromise between visibility and clarity.

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Enhanced Signal Detection Mechanism: We've redefined our signal detection logic, optimizing it to curate and display only the most pertinent lines. This ensures users receive streamlined, high-quality insights.
Overhauled Order Blocks Detection Logic: We've undertaken a comprehensive review of the Order Blocks detection approach, introducing improvements that bolster both accuracy and consistency.
Resolved Deviation Band-related Anomalies: Fixed a nuanced glitch associated with the Deviation Bands.
User-Requested Alerts for Accumulation/Distribution: In response to significant user feedback, we've introduced alert mechanisms specifically for Accumulation and Distribution signals, enhancing real-time market insights.
Code Refinement: We've undertaken a meticulous code review and optimization, eliminating redundancies and enhancing overall performance. This ensures users enjoy a fluid, glitch-free experience.

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Force Percentage Display: Now showing "Force" percentage below and above the Accumulation and Distribution signals.
Band Cross Labels: Added a new option to enable or disable labels when either the 'Upper Band' or 'Lower Band' is crossed.
Band Cross Alerts: Users can now set alerts for instances when the 'Upper Band' or 'Lower Band' is crossed.
Improvements & Fixes: Conducted minor enhancements and code cleaning for better performance and readability.

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-Code cleaning

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-Minor improvements

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Lines Limit: Based on feedback from our user community, we've set the default number of lines to 10.
Force Signal Labels Removal: We've decided to remove the "Force" signal labels. While they provided insights, it became clear that they were compromising the clarity of the chart for many users. We always strive for a clean and effective visual representation.

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-Improvements and code cleaning

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-Code cleaning

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Dynamic Signal Adaptation: The indicator's signal logic has been significantly enhanced. It now dynamically adjusts based on the selected timeframe, ensuring that signals are better calibrated and more relevant for the given period. This improvement optimizes trade opportunities and aligns more closely with users' trading strategies.

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-Minor fix and code cleaning

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Introduction of a new dynamic adaptation logic:
New dynamic adaptation of the mean, stddev, and alpha values for the inverse distribution based on the timeframe, supplementing the existing timeframe-based adjustment logic.
Optimization of the existing condition structure to check the current timeframe and adjust the values accordingly.
Overhaul of signals and Deviation Bands:
Modification of the calculation formulas for bullish_norm_inv and bearish_norm_inv to align with the new alpha_value, mean_value, and stddev_value.
Adaptation of the deviation bands to dynamic values.
Enhanced comments for code clarity:
Revision of comments for specific code segments to improve understanding and readability.
Visual and aesthetic improvements:
Proposed new colors for the 'Deviation Bands' fill to achieve a more professional appearance.

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🔶 Version: 1.02

Terminology: The terms "Accumulation" and "Distribution" have been replaced with "Outperformance" and "Underperformance", respectively. This change better aligns with the concepts used in 'Inverse Distribution'.
Signal Calculation and Interpretation:The signal calculation method has been improved for enhanced accuracy. The interpretation of signals through lines has been refined, providing clearer insights into market dynamics.
Deviation Bands and Order Blocks: The calculation of the "Deviation Bands" and "Order Blocks" has been adjusted to better align with the logic of 'Inverse Distribution'. This enhancement aims to provide more accurate and reliable indications.

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-Logic improvements

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-Code cleaning

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-Code cleaning*

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Added Improved Loop for Candle Counting: In response to numerous requests from our user community, we have re-integrated an enhanced 'for' loop for counting bullish and bearish candles. This change aims to refine signal detection and reduce the frequency of false signals, thereby improving the accuracy and relevance of the alerts generated by the script.

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Multi-Timeframe Signal Filter Added: A new filter option has been integrated to enhance the reliability of signals. Users can now enable a multi-timeframe convergence check to validate signals across multiple timeframes. When activated, the filter examines the consistency of signals from the following timeframes: M1, M3, M5, M15, M30, H1, H2, H4, and Daily.
Deviation Bands Improvements: The calculation of Deviation Bands has been refined to align with the dynamic values of the Inverse Normalized Distribution. This change allows the bands to more accurately reflect the market's volatility and provide a clearer picture of potential price movements.
Order Blocks Removed: The Order Blocks feature has been removed from the indicator. Upon review, it was determined that this feature did not contribute significantly to the overall strategy within the current logic of the indicator. This change streamlines the indicator's functionality and focuses on the most impactful features for users.
Details:

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Additional Change Log:

Multi-Timeframe Analysis Expansion:
The 'Harmonized Multi-Timeframe Analysis' feature has been expanded to include the 'Weekly' and 'Monthly' timeframes. This enhancement allows for a more comprehensive review and broader assessment of signal concordance across extended time ranges.

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-Minor fix, improvements and code cleaning

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-Minor improvements and code cleaning

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-Minor improvement

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-Minor improvements

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-Minor improvements and code cleaning

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-Code cleaning

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Fixed a Display Error in 'Average' Mode: A bug that caused 'NaN' to be displayed instead of the line prices in 'Average' mode has been resolved. This update ensures that prices are correctly displayed for all configurations of the indicator.

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Critical Bug Fix: A significant issue related to how signals and lines interacted with the inverse normalized distribution and standard deviation has been resolved. This bug was specifically tied to a candle counting loop that was behaving incorrectly, impacting the accuracy and reliability of the signals. This fix greatly improves the performance and precision of the indicator.
Update on 'Confluence Zones': The 'Confluence Zones' feature has been temporarily removed for future improvements. This functionality is undergoing revision to ensure it meets our high standards of quality and efficiency. We have decided to temporarily withdraw it to guarantee the best possible user experience and plan to reintroduce it after enhancements in an upcoming update.

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-Code cleaning

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-Minor fix

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-Code cleaning

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-Code cleaning

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-Final version

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-Chart image updated

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-Code cleaning

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-Code cleaning

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-Minor fix

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-Minor improvements

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-Minor improvement

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-Code cleaning

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-Code cleaning*

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-Minor fix on the 'Harmonized Multi-Timeframe Analysis' option.
-Minor fix on 'Deviation Bands' colors.
-Added new Timeframes 'm2' and 'm10' for 'Harmonized Multi-Timeframe Analysis'.

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-Minor improvement

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-Major fix

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-Advanced Customization Options: Introduced user parameters for enhanced customization, including setting the calculation period for both the mean and standard deviation.
-Stability Improvements: Enhanced calculation stability for limited data periods, ensuring more reliable indicator performance across various timeframes.
-Tooltip Updates: Updated tooltips for clearer option clarification, aiding users in better understanding the functionalities available.
Code Optimization: Refined the script for faster execution and improved efficiency, resulting in a smoother experience for users.

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-Code cleaning

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-Code cleaning

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-'Maximum lines' number has been set to 1 by default. (1 for outperformance and 1 for undperformance).

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-Following the request of some users, "Maximum Line Displayed" has been set to 10 again.

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-"Line Type" option has been set to 'average' by default.

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-Minor improvements & code cleaning.