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High-Low IndexHello All,
High-Low Index is a breadth indicator based on Record High Percent (RHP). RHP is based on new 52-week highs and new 52-week lows. RHP => 100 * (new highs) / (new highs + new lows). High-Low Index is a 10-day Simple Moving Average of the RHP, which makes it a smoothed version of RHP. You can find many articles about High-Low Index on the net.
High-Low Index above 50 indicates that there are more new highs than new lows, and considered as Bullish.
High-Low Index below 50 indicates that there are more new lows than new highs, and considered as Bearish.
High-Low Index = 0 indicates there is no new highs (0% new highs).
High-Low Index = 100 indicates that there is at least 1 new high and no new lows.
and High-Low Index = 50 indicates that new highs and new lows is equal.
by default 40 cryptos are used in the script and shows High-Low Index for these cryptos. but you can change them as you wish. for example you can set all of them as stocks and see High-Low Index for these stocks.
You can set " Time frame " and the " Length " using the options. For example; if you set " Time frame " = 1 Week and the " Length " = 52 then it finds High-Low Index for 52weeks .
or another example; if you set " Time frame " = 1 Day and the " Length " = 22 the High-Low Indexn it finds High-Low Index for 22days.
You can enable/disable Record High Percent or Simple Moving Average of High-Low Index. Some traders use High-Low Index with its SMA, for example; High-Low Index generates a buy signal when it crosses above its moving average, and a sell signal when it crosses below its moving average.
Optionally you can see the securities in a table on the left bottom, you can change table size by usşng the options.
In the Table, for each security/cell;
=> if background is green then it has New High
=> if background is red then it has New Low
=> if background is gray then no New High, no New Low
=> if background is back then Data is not available for the security
As you can see in the screenshot below, the securities were changed and stocks are used instead of cryptos, so it calculates & shows High-Low Index for these stocks.
you can also find explanation in this screenshot:
Enjoy!
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Weekly Options Expiry CandleThis script shows weekly expiry candle on daily chart. In weekly expiry, week starts on Friday and end on next Thursday.
How the candle is constructed:
Open= Open price of Friday, if Friday is a holiday, next available open price
High= Highest high price of Friday, Monday, Tuesday, Wednesday, Thursday
Low= Lowest low price of Friday, Monday, Tuesday, Wednesday, Thursday
Close=Close price of Thursday, if Thursday is a holiday, previously available close price
I am very new to Pine script, so waiting for your comments and review.
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Point and Figure Chart - LiveHello Traders,
This is "Point and Figure Chart (PnF)" script that run in separated window in real time. The separated PnF chart window is timeless, so no relation with the time on the chart. PnF chart consist of "X" and "O" columns. While "X" columns represents rising prices, "O" column represents a falling price. If you have no idea about what PnF charting is then you should search for "Point and Figure Charting" on the net and get some info before using this script.
Now lets talk about details. PnF Chart requires at least two variables to be set => Box size and Reversal. Box size represents the size of each X/O in PnF chart and the reversal is used to calculate new X/O or reversal. for example if currrent column is X column then for new "X", "box size * 1" move is needed and for new "O" column or reversal, "box size * revelsal" move is needed. in the script I use lines as X/O columns.
In the options you can set "Box Size Assingment Method". you have 3 options Traditional, ATR, Percentage . what are they?
Traditional: user-defined box size, means you can set the box size as you wish, using the option . if you use this option then you should set it accordingly.
ATR : that's dynamic box size scaling and on each columns it's calculated once, you can set length for ATR
Percentage: that's also dynamic box size scaling according to closing price when new column appeared. if you use this option then you should set it accordingly.
Reversal: The reversal is typically 3 but you can change it as you wish
"Change Bar Color by PnF Trend": if you enable this option then bar color changes by PnF columns, by default it's not enabled
"Change Column Color When Breakout Occurs": PnF color changes if Double Top/Bottom breakout accours. enabled by default and you can set the colors as you wish using the options
"Change Bar Color When Breakout Occurs": bar colors changed if Double Top/Bottom breakout accours. enabled by default and you can set the colors as you wish using the options
the script checks only Double Top/Bottom breakouts at the moment. there are many other breakouts such Triple/Quadruple, Ascending/Descending Triple Top/Bottom breakouts, Catapult etc.
Also the script shows new X/O level and reversal Levels in PnF window. An example:
If you enable "Change Bar Color by PnF Trend" option:
An example if you disable the option "Change Column Color When Breakout Occurs
You may want to see my another/older "Point and Point Chart" script as well. you can find it in my profile/published scripts and in the Public Library. I use same PnF calculation algorithm in both scripts.
Enjoy!
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Higher TF - Repainting + Limiting backtest resultsThis strategy is for illustration purpose only. Do not use this as there is massive repainting.
As usual, I was experimenting with adding different entry/exit filters to my main strategy. Thought of adding higher frame filter, picked the code for getting higher time frame supertrend from someone else's script and copied it without thinking much about it.
security(syminfo.tickerid, f_multiple_resolution(HTFMultiplier), supertrend(SupertrendMult, SupertrendPd), lookahead = true, gaps=true)
Started getting better results with this result. I was very much impressed and while trying to enhance further, I started disabling my other entry and exit filters which I generally use.
That worked pretty well without any of my other filters. Hence, thought I will forward test this on a smaller timeframe.
To my surprise, even in forward testing, i was not able to notice repainting very much. It also appeared that smaller timeframes yielded better results. (This wasn't the case with any of my strategies)
Which then prompted me to study the security function and lookahead and gap parameters. Learned that lookahead and gap when set to true will lead to massive repainting - specially if you are using higher timeframes. Hence, these parameters are not advisable to use in strategies.
Further information here: www.pulsewire.com
I added three repaint options to further illustrate how security function will work:
Yes : Use security with lookahead and merge set to true
No - set lookahead false : Use security with lookahead and merge set to false
No - do not use security : Falls back to original command on current timeframe. Switch timeframe to HTF resolution to compare the difference.
Conclusion : Always set lookahead and gaps to false when using security function in strategies.
PS: Script also contains code to limit backtesting to certain days/months/years. This can be used as is in other scripts. Strategy
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Higher Timeframe Trend Indicator V3.0What is it?
An indicator that depicts the trend of up to 5 higher timeframes on the same chart without needing to context-switch between charts.
Features
- Supports up to 5 timeframes
- Trends indicated by 5 colored buttons: one for each timeframe
- Varying shades of green: uptrend
- Varying shades of red: downtrend
- White/silver: sideways/neutral
- Configurable length (time period) for each timeframe
- Increase length to capture long term trends; decrease it to capture only short term ones
- Configurable sensitivity for each timeframe
- Sensitivity determines what angle is considered trending and what is not
- Increase sensitivity to capture weak trends
- Decrease sensitivity to filter out weak trends and capture only strong/steep ones
- Sensitivity ranges from 1 (least sensitive) to 3 (most sensitive)
- Move the labels around vertically for better visibility by changing the "Location" and "Offset" parameters
How should one use it?
Use it to quickly browse through charts to understand the context across timeframes, and zero in on only those that have trends aligning on the higher and lower timeframes as per your strategy. For e.g., a chart that is trending up strongly on the 15min and 60min (indicated by dark green colored buttons), and trending down on the 1 and/or 5 min (indicated by red-colored buttons), can be shortlisted for a potential pullback trade. Use your favorite pullback strategy (Supply/Demand, Support/Resistance, Moving Averages, etc.) to hop in on the trend.
How are trends determined?
The indicator uses normalized %change in price of the linear regression line segment of the chosen price sources (close, high, low, MA, etc.) over a specified length to determine trend direction and intensity
Known Issues
Will indicate the trend correctly only for timeframes *higher* than the current (visible) resolution/timeframe of the chart. Might not indicate it correctly for lower timeframes ( i.e., lower than the current (visible) resolution/timeframe of the chart). For this reason, all timeframes lower than the current resolution will be hidden in the present release.
Future releases
- I am still experimenting with various sensitivity levels and the corresponding trend shades to make the tool as accurate and intuitive as possible. These modifications might come in
- Sensitivity levels might be increased.
- Bug fixes, if any
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Support Resistance MTFHello Traders,
This is Support Resistance script that uses Multi Time Frame. While getting Close/Open/High/Low values of Higher Time Frames the script does NOT use Security function , instead it calculates them.
while choosing Higher Time Frame, you can use "Auto" option so it uses predefined Higher Time Frames, or you can choose the Higher Time Frame Manually from the list. options for HTF => 15mins, 30mins, 60mins, 120mins, 180mins, 240mins, 720mins, Day, Week, 2 Weeks, Months, 3 Months, 6 Months, 12 Months.
You have option to use High/Low or Close/Open values while calculating support resistance levels.
"Period for Highest/Lowest Bars" option is used as loopback period to check if it's Highest/lowest bars. smaller numbers = more sensitive result.
You have option for transparency and coloring of support/resistance levels/zone => Red, Lime, Blue, White, Black, Olive, Gray
An example for 15 min chart, 4hours selected as HTF
You can set transparency and colors as you wish:
You can choose Close/Open prices while calculating S/R levels instead of High/Low
Enjoy! Indicator
