The indicator shows on the graph the position of the and TSI indicators that are the places of strength among Buyers and Sellers.
It's possible to observe a sharp fall or rise in the price of these positions.
On the current candle, a label is displayed containing the value of the William %R Mod indicator, which will display the OverBought position (dark red) and OverSold position (dark green). The other colors like light red and green are the regions where the price makes the decision of which direction to go.
There are also other indicators:
a) The positions of the BUY (light green) and SELL areas (light red);
b) The label with the position of BUY (dark green) and SELL (dark red) with the line that connects these points;
c) 72 (orange);
d) EmaOchl4 in the color green for BULL and red for BEAR market;
e) high and low
f) Maximum (purple light) and minimum areas (blue light)
█ FUNCTIONS AND SETTINGS
The indicator uses the following functions:
(1) - (08,17,34, 72)
(2) () - Exponential Moving Averge (72, ohlc4)
(7) William R% Md (OverBought = -7, OverSold=-93)
(8) Maximum and Minimum Value
(10) () - Moving Average Convergence Divergence (Fast Lengt=12, Slow Length=26, Source=close, Signal Smoothing=9)
(11) tsi() - Trading Strenght Indicator==> Índice de Força Real ( IFR ) (Long Length=72, Short Length=17, Signal Length=17)
(12) Buy and Sell TRADE Points
█ PERFORMANCE AND ERRORS
The positions of BUY and SELL points are defined through the crossing of the 34 candles with the Ohcl4. As it is an indicator, it can present different positions from de market direction. Thus there is a need to observe the direction of the market in order to verify whether the indicate decision is really acceptable. The decision to BUY or SELL an asset must be well studied to avoid financial losses. The indicator will only help you in this decision, is your responsibility the decision of entering or leaving an asset.
█ THANKS TO
PineCoders for all they do, all the tools and help they provide, and their involvement in making a better community. All the PineCoders, Pine Pros, and Pine Wizards, people who share their work and knowledge for the sake of it and helping others, I'm very happy and grate full indeed.
If you have any suggestions for improving the script or need help using it, please send a message in the comments
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
All in all it's a satisfying script so far and I'm glad you didn't choose pyramiding as so many other scripts have. Thanks again!
strategy.entry("Long", strategy.long, 1, comment="Open Buy") change for strategy.entry("Long", strategy.long, number of the contracts that you want, comment="Open Buy")
strategy.entry("Long", strategy.long, 1, comment="Open Sell) change for strategy.entry("Long", strategy.long, number of the contracts that you want, comment="Open Sell")
You must to understanding that the NASDAQ is very volatile paper and you can lose a lot of money when you increase the number of the contracts.