SeleneAlgoᵀᴹ Essentials (Early Access)

Traders often make the mistake of using multiple indicators from the same category/class that are based on the same underlying studies. Doing so can lead to signal duplication creating false confirmations and confidence.

This indicator aims to educate and assist traders to utilize better trade management strategies by highlighting duplicate indicator categories.


(Detailed usage coming soon)

Versionsinformation:

Added scenario to handle when Volume data is not available.

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Changed default MA values

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Rescaled VIX

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Minor Indicator spacing update

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Updated default settings

Versionsinformation:

There are now to additional setting options for "Volume Flow + OBV"

"Wick Size Factor"
&
"Volume Color" dropdown has the options:

• Normal Color
  
• Adjust for Candle Sentiment
  
• Sentiment w/ Strong Wick Indicator
  

For traditional Volume bar colors choose Normal Color. The Adjust for Candle Sentiment option now indicates candle sentiment for breakout candles where applicable.

With Adjust for Candle Sentiment, less bullish green candles with large top wicks (bearish volume pushing down the close) and less bearish red candles with large bottom wicks (when bullish volume counters) now display a small portion of the countered volume color at the top of the volume bar.

Sentiment w/ Strong Wick Indicator takes Adjust for Candle Sentiment one step further and displays a small dot above the sentiment bars that their wick size is larger than:
"Wick Size Factor" x Candle Body Size.

Doing so can often highlight potential pullback or reversal areas.

Versionsinformation:

Various minor bug fixes and changes to default values