I added the ability to show more MIDAS curves from the same script.
The algorithm primarily uses the "n" number but the date can be used for the 8th
I have not converted the script to version 3.
To find bar number go into "Chart Properties" select " "background" then select Indicator Titles and "Indicator values". When you place your cursor over a bar the first number you see adjacent to the script title is the bar number. Put that in the dialogue box midline is MIDAS . The resistance is a MIDAS using bar highs. The resistance is MIDAS using bar lows.
In most case using N will suffice. However, if you are flipping around charts inputting a specific date can be handy. In this way, you can compare the same point in time across multiple instruments eg first trading day of the year or an election date.
Adding dates into the dialogue box is a bit cumbersome so in this version, it is enabled for only one curve. I have called it and it follows the typical algorithm. (Does that make a difference? Read below re my opinion on the Difference between MIDAS and ).
I have added the ability to start from the bottom or top of the initiating bar.
In theory in a probable uptrend pick a low of a bar for a low and start the MIDAS there using the support.
For a downtrend use the high bar and select resistance. The way to see is to play with these values.
Difference between MIDAS and the regular
MIDAS itself as described by Levine uses a time anchored On-Balance (OBV) plotted on a graph where the horizontal (abscissa) arm of the graph is cumulative not time. He called his curves or S/R curves. These S/R curves are often referred to as "MIDAS curves".
These are the main components of the MIDAS chart. A third algorithm called the Top-Bottom Finder was also described. (Separate script).
Additional tools have been described in "MIDAS_Technical_Analysis"
Midas Technical Analysis: A Approach to Trading and Investing in Today’s Markets by Andrew Coles, David G. Hawkins
Copyright © 2011 by Andrew Coles and David G. Hawkins.
Denoting the different way in which Levine approached the calculation.
The difference between "MIDAS" and is, in my opinion, much ado about nothing. The algorithms generate identical curves albeit the MIDAS algorithm launches the curve one bar later than the algorithm which can be a pain in the neck. All of the algorithms that I looked at on Tradingview step back one bar in time to initiate the MIDAS curve. As such the plotted curves are identical to traditional assuming the initiation is from the candle/bar midpoint.
How did Levine intend the curves to be drawn?
On a reversal, he suggested the initiation of the VVWAP (S/R curve) to be started after a reversal.
It is clear in his examples this happens occasionally but in many cases he initiates the so-called MIDAS S/R right at the reversal point. In any case, the algorithm is problematic if you wish to start a curve on the first bar of an IPO .
You will get nothing. That is a pain. Also in Levine's writings, he describes simply clicking on the point where a
S/R is to be drawn from. As such, the generally accepted method of initiating the curve at N-1 is a practical and sensible method. The only issue is that you cannot draw the curve from the first bar on any security, as mentioned without resorting to the typical algorithm. There is another difference. is launched from the middle of the bar (as per AlphaTrends), You can also launch from the top of the bar or the bottom (or anywhere for that matter). The calculation proceeds using the top or bottom for each new bar.
The potential applications are discussed in the MIDAS book.
created workaround for TV Pine script "weekofyear" function which cannot accommodate years with 53 Mondays ie 53 weeks. "Weekofyear" currently is limited to 52 weeks beginning with a Monday.
The script allows you to pick a date that falls on a day when no trading activity occurs. The anchor point defaults to the first trading day when the market is open after the inputted calendar date.
This video demonstrates the use of the script using date/time:
I sann TradingView-anda har författaren publicerat detta skript med öppen källkod så att andra handlare kan förstå och verifiera det. Hatten av för författaren! Du kan använda det gratis men återanvändning av den här koden i en publikation regleras av våra ordningsregler. Du kan ange den som favorit för att använda den i ett diagram.
Informationen och publikationerna är inte avsedda att vara, och utgör inte heller finansiella, investerings-, handels- eller andra typer av råd eller rekommendationer som tillhandahålls eller stöds av TradingView. Läs mer i Användarvillkoren.