Smart Money & Volume Analysis with Gann

18 hours ago

//version=5
indicator("Smart Money & Volume Analysis with Gann", overlay=true)

// Settings
lengthEMA = 20
volumeThreshold = 10000
gannAngle = 45 // Gann angle in degrees (adjust as needed)

// Exponential Moving Average
ema = ta.ema(close, lengthEMA)

// Volume
plot(volume, title="Volume", style=plot.style_histogram, color=color.blue)

// Horizontal line for volume threshold
hline(volumeThreshold, color=color.orange, linestyle=hline.style_dashed, title="Volume Threshold")

// Gann Fan Lines (requires calculation of pivot points)
// This is a simplified example; more sophisticated pivot point identification might be needed
pivotHigh = ta.highest(high, 10)
pivotLow = ta.lowest(low, 10)

// Calculate Gann Fan lines based on pivot points (simplified example)
gannLine1 = pivotHigh - (pivotHigh - pivotLow) * (bar_index - bar_index[ta.highestbars(high, 10)]) / (bar_index[ta.highestbars(high, 10)])
gannLine2 = pivotLow + (pivotHigh - pivotLow) * (bar_index - bar_index[ta.lowestbars(low, 10)]) / (bar_index[ta.lowestbars(low, 10)])


plot(gannLine1, color=color.purple, title="Gann Line 1")
plot(gannLine2, color=color.purple, title="Gann Line 2")

// Improved Potential Signals
potentialOrderBlock = ta.highest(high, 10)
potentialSmartMoney = close > ema and volume > volumeThreshold and close > gannLine1 // Added Gann Line condition

// Add condition for potential breakouts from order blocks
potentialBreakout = close > potentialOrderBlock and volume > volumeThreshold * 2 // Stronger volume confirmation for breakout

plotshape(potentialOrderBlock, style=shape.labeldown, location=location.abovebar, color=color.red, text="Possible Order Block", size=size.small)
plotshape(potentialSmartMoney, style=shape.labelup, location=location.belowbar, color=color.green, text="Possible Smart Money", size=size.small)
plotshape(potentialBreakout, style=shape.triangleup, location=location.belowbar, color=color.lime, text="Possible Breakout", size=size.small)


// Disclaimer: This script is for educational purposes only and should not be used as a complete trading strategy.