This script finds wicks that are longer than the candle body and marks them as potential trading zones to be revisited. Lines, shading, and lookback can all be modified.
Full credit for original code goes to @Squam_Gobaloochee. We updated to Pinescript V5 and cleaned up code. We reached out to original for permission to repost publicly and open source.
The IBS (Internal Bar Strength) as we know it, calculates only correctly on the long side. When the candle closes in loss, the original IBS still uses the upper wick.
This IBS checks first if its an up or down candle and then uses the top or bottom wick to calculate the IBS.
The yellow line is the corrected IBS, the blue line the original
Fun name for an indicator, eh? Well, it is true, I think; they look like magic carpets. They're actually pretty simple actually. They're Keltner Channels smoothed with a moving average. If you go down to the lookback period for the bands and set it to 1, you'll recognize them immediately.
Digging a bit deeper you see there are four magic carpets on the chart. The...
If you are familiar with the %B for use with Bollinger Bands, then you will understand this indicator immediately.
Designed for use with my +UMA moving average, this works in exactly the same way, with a few differences.
First off, as you can choose on which type of moving average the calculations are made, so too you will want to match this up with the one you...
This indicator calculates for you the average candle range for the current 24H trading session for the selected timeframe. The calculation starts from 00:00UTC until the current moment. The indicator is not time zone dependent, works well on every time zone.
This is a version of Stephen J. Klinger's, Klinger Oscillator (sometimes called Klinger Volume Oscillator). I've changed virtually nothing about the indicator itself, but added some lookback inputs for the EMAs the oscillator is derived from (traditionally 34 and 55), and added a few other things, as is my wont.
But what is the Klinger Oscillator? Essentially,...
This version of Donchian Channels uses two source options so that one can create a channel using highs and lows rather than one or the other or closes. My thinking was that this would create a more accurate portrayal of price action (or at least contain the greatest scope of it) as seen through the lens of a Donchian Channel. This was actually part of the genesis...
What is the "Ultimate MA" exactly, you ask? Simple. It actually takes as its influence the Rex Dog Moving Average (which I have included as an MA in some of my other indicators), an invention by xkavalis that is simply an average of different length moving averages.
It's available for free on his account, so take a look at it.
I've recently become drawn to using...
NOTE!* If you were using my previous + Rate of Change (and OBV) indicator, I will not be updating that. OBV was moved to my + Breadth & Volume indicator.
This indicator here is basically and updated version of the old indicator, without OBV.
The Rate of Change, or RoC, is a momentum indicator that measures the percentage change in price between the current period...
note* If you've used my "+ Rate of Change Indicator", I am updating that without the OBV, which has been moved here. Just an FYI.
This "indicator" is basically a variety of indicators that measure volume, or accumulation/distribution. There's a bit of a story about how this came about but
it's not that interesting, so I'll spare you.
Indicators from which you...
First Bar is crucial when there is gap up or gap down opening. It is recommended to use 15m Timeframe for better use.
Crossing this range signifies the absorption of existing buyers/sellers in the opening session and sometimes decide the trend onwards.
The Balance of Power is an indicator that measures the strength of buyers versus that of sellers in the market, and needs to be smoothed by a moving average to be of much practical use (come to think of it, most indicators are smoothed by a moving average; this is why the RSI lookback mostly commonly used is 14, and not 1, but I digress...). I suppose it is...
So, what is the REX oscillator, you might be asking yourself.
"The Rex oscillator is an indicator that measures market behavior based on the relationship of the close to the open, high and low values of the same bar. A big difference between the high and close on a bar indicates weakness, and wide disparity between the low and close indicates strength. The...
Hello Traders!
As a fan of Bulkowski, I figured I'd release this for everyone's benefit as well.
The legendary candlestick pattern expert, Thomas Bulkowski, has over 35 years of trading and analysis experience and is the absolute go-to expert when it comes to candlestick pattern identification.
Bulkowski Candlestick Percentages from his site and books.
Source:...
Heikin Ashi can be useful for understanding trend based on price action but it doesn't take volume in context. Here I have tried to use volume for understanding true bar color and ultimately true trend analysis. It can also help you in not getting trapped in sudden shakeouts. Also, you can use it for averaging of your existing position.
Conditions used:
...
An overlay version of pertinent signals from my version of LazyBear's Wavetrend Oscillator.
Shows momentum of long period WTO as either background colors or symbols.
Shows continuation and reversal trade signals.
If Secondary WTO is above the center line (momentum is long), then symbols print across the top of the chart when the primary (faster) WTO comes into...
This, a very different script from most of mine, is my attempt at making a useful, and not messy, support and resistance indicator. If you've never looked into trader xkavalis, and his scripts and discord, I would highly recommend it. He talks about "pay attention candles" a lot. It got me thinking about what those are. Best as I can tell all he means by that...
