TradeChartist

TradeChartist Drifter

โ„ข๐—ง๐—ฟ๐—ฎ๐—ฑ๐—ฒ๐—–๐—ต๐—ฎ๐—ฟ๐˜๐—ถ๐˜€๐˜ ๐——๐—ฟ๐—ถ๐—ณ๐˜๐—ฒ๐—ฟ is an adeptly designed, functional and a visual indicator that plots trend-following Support and Resistance walls by employing the concepts of Trend-based Support and Resistance , Momentum and Volatility , based on user defined lookback length, and includes three extremely useful Visualizers - Drift Bands Visualizer, Drift Strength Visualizer and Drifter AutoFibs Visualizer to help visualize the Price action in relation to the Support and Resistance Walls.

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โ„ข๐—ง๐—ฟ๐—ฎ๐—ฑ๐—ฒ๐—–๐—ต๐—ฎ๐—ฟ๐˜๐—ถ๐˜€๐˜ ๐——๐—ฟ๐—ถ๐—ณ๐˜๐—ฒ๐—ฟ ๐—จ๐˜€๐—ฒ๐—ฟ ๐— ๐—ฎ๐—ป๐˜‚๐—ฎ๐—น
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Concept of Drift

โ„ขTradeChartist Drifter combines concepts of Trend-based Support and Resistance , Momentum and Volatility to plot continuous Drifter Support and Resistance Walls that encloses the price action (Drift) within it (If the source price is price candle/bar based price like open,close,high,low, hl2 ,hl3 or ohlc4). In fact, these walls are generated by the price action (Drift) itself and helps the user see the price trend clearly as price makes higher highs/lows and lower highs/lows.

  • The Drifter walls are based on the user defined lookback length which can be changed in the Lแด‡ษดษขแด›สœ า“แดส€ Dส€ษชา“แด›แด‡ส€ Wแด€สŸสŸs input box.

  • Drifter walls can be viewed or hidden by enabling or disabling ๐’๐ก๐จ๐ฐ ๐ƒ๐ซ๐ข๐Ÿ๐ญ๐ž๐ซ ๐–๐š๐ฅ๐ฅ๐ฌ.

  • Price Highs and Lows breaching the Drifter Walls can be viewed or hidden by enabling or disabling Sสœแดแดก Dส€ษชา“แด›แด‡ส€ Hษชษขสœs แด€ษดแด… Lแดแดกs.

  • Understanding and Visualizing (Drift) is important as it helps traders see the price action clearly. Price Volatility , Trend and Momentum are dependent on the period they are analysed. In order to visualize the drift, the user must enter the number of bars lookback in the Dส€ษชา“แด› Lแดแดแด‹ส™แด€แด„แด‹ input box.

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Three Types of Visualizers

One of the three types of Visualizers can be selected from Vษชsแดœแด€สŸษชแดขแด‡ส€ Tสแด˜แด‡ dropdown.

  • Drifter AutoFibs Visualizer is dependent on the Lแด‡ษดษขแด›สœ า“แดส€ Dส€ษชา“แด›แด‡ส€ Wแด€สŸสŸs only as it fills the Drifter with Automatic Fibonacci Levels based on the distance between the Drifter Walls.

  • Drift Strength Visualizer is dependent on the Dส€ษชา“แด› Lแดแดแด‹ส™แด€แด„แด‹ only as it detects the Drift Strength based on Drift length. This Visualizer detects the Bull and the Bear zones based on the lookback. This helps visualize the Trend and Momentum clearly as the zones are filled with user selected theme based Bull and Bear colours.

  • Drift Bands Visualizer plots Drift Bands based on either Average True Range (ATR) or Standard Deviation along with the Bull or Bear Trend clearly shown using the color of the Mean or Basis line of the Drift Bands.

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โ•”โ•โ•โ•โ•โ•โ•โ•โ•โ• ๐——๐—ฟ๐—ถ๐—ณ๐˜ ๐—•๐—ฎ๐—ป๐—ฑ๐˜€ โ•โ•โ•โ•โ•โ•โ•โ•โ•โ•โ•—


Drift Bands are based on either ATR or Standard Deviation and consists of an Upper Band, a Lower Bands and a Mean or Basis Line. Drift Bands are extremely effective and highly useful in spotting the trend as the breakout from the upper or the lower band signals a change in the Drift based on the Dส€ษชา“แด› Lแดแดแด‹ส™แด€แด„แด‹.

Note: The Mean or the Basis line of the Drift Bands depends only on the Dส€ษชา“แด› Lแดแดแด‹ส™แด€แด„แด‹ and Sแดแดœส€แด„แด‡ price. To plot Drift Bands based on external source, enable Usแด‡ Sแดแดœส€แด„แด‡ Pส€ษชแด„แด‡. The Width of the Bands is affected by ATR or Standard Deviation, based on the user preference.

ATR based Drift Bands

To plot ATR based Drift bands, enable ๐€๐“๐‘ ๐๐š๐ง๐๐ฌ - Uษดแด„สœแด‡แด„แด‹ า“แดส€ Sแด›แด€ษดแด…แด€ส€แด… Dแด‡แด ษชแด€แด›ษชแดษด. ATR period is automatic. The ATR factor or the ATR multiplier can be changed in ATR MแดœสŸแด›ษชแด˜สŸษชแด‡ส€ (า“แดส€ แด€แด›ส€ ส™แด€sแด‡แด… ส™แด€ษดแด…s (Default - 1, Min - 0.5, Max - 3). Higher ATR multiplier increases the width of the Drift Bands.

Note: In most cases, higher ATR multiplier of 2 or 3 increases Risk, but also results in increased Gains.


Standard Deviation based Drift Bands

To plot Standard Deviation bases Drift Bands, disable ๐€๐“๐‘ ๐๐š๐ง๐๐ฌ - Uษดแด„สœแด‡แด„แด‹ า“แดส€ Sแด›แด€ษดแด…แด€ส€แด… Dแด‡แด ษชแด€แด›ษชแดษด. Both Sแด›แด€ษดแด…แด€ส€แด… Dแด‡แด ษชแด€แด›ษชแดษด Lแด‡ษดษขแด›สœ (Default - 55, Min - 13) and Sแด›แด€ษดแด…แด€ส€แด… Dแด‡แด ษชแด€แด›ษชแดษด MแดœสŸแด›ษชแด˜สŸษชแด‡ส€ (Default - 1, Min - 0.236, Max - 2) affect the width of the Bands. Higher Standard Deviation Multiplier increases the Volatility of the Drift Bands.

Note: In most cases, higher Standard Deviation multiplier increases Risk, but also results in increased Gains.


Tip: To plot Bull and Bear Drift Zones, enable ๐ƒ๐ซ๐ข๐Ÿ๐ญ ๐™๐จ๐ง๐ž๐ฌ ๐๐š๐œ๐ค๐ ๐ซ๐จ๐ฎ๐ง๐ ๐…๐ข๐ฅ๐ฅ and this can be used as Trade zones as this will be in sync with the trend colour of Mean line of the Drift Bands.

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โ•”โ•โ•โ•โ•โ•โ•โ• ๐——๐—ฟ๐—ถ๐—ณ๐˜๐—ฒ๐—ฟ ๐—”๐—ฒ๐˜€๐˜๐—ต๐—ฒ๐˜๐—ถ๐—ฐ๐˜€ โ•โ•โ•โ•โ•โ•โ•โ•—


  • There are two themes (Chilli and Flame) to choose from for the colour schemes of Drifter under ๐——๐—ฟ๐—ถ๐—ณ๐˜๐—ฒ๐—ฟ ๐—ง๐—ต๐—ฒ๐—บ๐—ฒ dropdown.

  • Dส€ษชา“แด›แด‡ส€ Bแด€แด„แด‹ษขส€แดแดœษดแด… FษชสŸสŸ plots Bull and Bear strength based background fill between the Drifter walls. This is disabled for Drifter AutoFibs Visualizer.

  • There are two types of background fills namely, Mean Reversion and Trend Following and can be selected from Bแด€แด„แด‹ษขส€แดแดœษดแด… FษชสŸสŸ Tสแด˜แด‡ dropdown.

  • Enabling Dส€ษชา“แด›แด‡ส€ CแดสŸแดแดœส€ Bแด€ส€s paints the price bars with the Drifter background fill.

Note: Trend Following fill is dependent on Dส€ษชา“แด› Lแดแดแด‹ส™แด€แด„แด‹.

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Alerts

Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars based on Drift Bands Breakout conditions. It is recommended to wait for bar close before taking a position based on Drift Bands Trade Entries.

The indicator does not repaint and can be confidently used for alerts and trade entries without worrying about signals disappearing.

โ„ขTradeChartist Drifter can also be connected to โ„ขTradeChartist Plug and Trade using ๐——๐—ฟ๐—ถ๐—ณ๐˜๐—ฒ๐—ฟ ๐—ง๐—ฟ๐—ฒ๐—ป๐—ฑ ๐—œ๐—ฑ๐—ฒ๐—ป๐˜๐—ถ๐—ณ๐—ถ๐—ฒ๐—ฟ as Oscillatory Signal to generate entries along with Targets, Stop Loss plots etc. Target and Stop Loss alerts can be created using Plug and Trade's Alerts system.


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There are several combinations of settings that can be tested on the security traded based on timeframe and risk/reward expectations. The indicator can be used for trade entries with various Drift Bands settings. Following are a few examples using the Drifter.

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Example Charts


1. SPX 1hr chart using Drifter AutoFibs Visualizer based on 100 period lookback for Drifter Walls.




2. SPX 1hr chart using Drift Strength Visualizer based on 100 period Drift Lookback.




3. SPX 1hr chart using 100 period ATR (Multiplier - 1) based Drift Bands Visualizer with Drift Zones Background Fill.




4. SPX 1hr chart using 50 period ATR (Multiplier - 1) based Drift Bands Visualizer with Drift Zones Background Fill.




5. SPX 1hr chart using 50 period Standard Deviation (Length - 21, Multiplier - 2) based Drift Bands Visualizer with Drift Zones Background Fill.




6. EUR-USD 1hr chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer with Drift Zones Background Fill.




7. BTC-USD 5m chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer connected to โ„ขTradeChartist Intensity Equilibrium Line.




8. BTC-USD 5m chart using 34 period ATR (Multiplier - 3) based Drift Bands Visualizer connected to โ„ขTradeChartist Intensity Equilibrium Line + Connected to โ„ขTradeChartist Plug and Trade




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Best Practice: Test with different settings first using Paper Trades before trading with real money

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Comments

LOVE this one
+1 Reply
TradeChartist diamonds940
@diamonds940, Thank you for your support.
Reply
Combining it with Intensity looks like a great combo.
+1 Reply
TradeChartist RiverDeep
@RiverDeep, The Intensity Eq line can be used as source price too. With ATR bands, it's a powerful combination. Glad you noticed. All the best.
Reply
execellent works!
+1 Reply
TradeChartist blackcat1402
@blackcat1402, Thank you.
Reply
THIS IS GREAT - PLEASE SHARE ACCESS!!!
Reply
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