miteysh

Fishing The Trend - Setup

Fishing The Trend - Setup

HOW Does it work ?

The name itself says we must have a trading setup for ease of trading for getting the most from the market.
i.e. Combining the most useful indicator under one roof...

Fishing The Trend - Setup have following ::-

1) IntraDay Range.
2) Four Friends.
3) Fishing The Trend.
4) Multi Time Frame - Custom VWAP .
5) RSI based SMA .

1) Intraday Range
HOW Does it work ?

For calculating the average most probable range for any plotted security, it plots 2 bands higher band and a lower band for a particular range using the default ADR. This indicator is on - as default.
# Upper and Lower band act as support and resistance , user may see a reversal in trend from these bands
# If the price breaks these bands, don't take a trade expecting a reversal
# These bands are calculated by averaging the previous x number of days' highs and lows of the security.

2) Four Friends
HOW Does it work ?

Plotting different EMA for finding the direction of Trend / Market, There are actually 5 EMAs- F1 = 20 EMA , F2 = 50 EMA , F3 = 100EMA, F4= 150, and Trend = 200-EMA. Usually 200 EMA is used to find the trend of market whether bearish / bullish , if market is above 200 ema than we may say its bullish and below 200 ema its bearish . The 50 EMA and 100 EMA works as best pullbacks in the trending market, user can configure as per his trading style and method. This indicator can be changed to multi timeframe as required. User can plot lower time frame data onto higher time or vice-versa for finding better opportunities for early trend detection, also the user have the option to use feature of non-repainting or vice versa. The default Color MA option is un=ticked, means plotting 5 different color EMAs, If the user ticks this feature, the whole 5 EMA color will change into red or orange as per direction of closing candle, user can change color as per his / her color combination. Default plotting time is of 1 min. This second indicator is off by default - user have to tick-it to activate it

3) Fishing The Trend
HOW Does it work ?

The code uses dynamic current levels to identify trend, This indicator is using SuperTrend, ATR and relatively Smoothened ATR for
early trend reversal detection to determine the trend and direction so that a fruitful decision can be made.

To Indicate the strength of the trendline, The standard calculations of SuperTrend, along with multiple smoothen ATR results are clubbed determine the direction, a step ahead. However, the indicator is not appropriate for all the situations. It works when the market is trending. Hence it is best to use for short-term technical analysis . SuperTrend uses only the two parameters of ATR and multiplier which are not sufficient under certain conditions to predict the accurate direction of the market. Here in this indicator ATR value is not editable and after long backtests the best ATR value is kept that helps the indicator working very well.

The default setting is best for use, but user can customize the Multiplier for his own fine tunings, So once the Levels are matched, a Long / Short suggestion is plotted. Best Time Frames to use : starting from 1, 3, 5, 15, 30 Mins and so on... to determine Trend.
Long = L and Short = S.

Where and how to use?
The main use of this indicator is quick scalping and Intra-day trading. The Indicator shows the option to show Long/Short Signals which the use can be turned on or off. The indicator shows a very useful option for early detection of the ongoing trend whether there will be reversal of trend or not ?

Stop Loss - That should be done by following ones risk appetite, Ideally the High of the Previous Candle should be the stop loss for
the Long / Short but everyone has their own Risk Management Strategies based on the capital deployed.
by default this comes on..

4) Multi Time Frame - Custom VWAP .
HOW Does it work ?

VWAP = The volume weighted average price ( VWAP ) is a trading benchmark used by traders that gives the average price a
security has traded at throughout the day, based on both volume and price. It is important because it provides traders with insight into both the trend and value of a security.

This indicator is programmed for using vwap for spot indices / securities not having volume calculations but have futures , specially banknifty and nifty of Indian markets. User has option to change the plotting timeframe as per his requirements for checking the trend under vwap or over vwap . The user have to type the equivalent script symbol in the space provided to calculate the vwap of that particular security and plot on the non-volume script. Seems confusing !!!! have a look
at example..
eg. - if you have chart of banknifty spot and u want to place vwap on in then just write security name in the blank field banknifty future of continuous contract running month " BANKNIFTY1! " Futures Chart... that's it and u will have futures vwap plotting on spot chart... this can give user a definite idea about the vwap line. User have option to change color of bar and change color of the
vwap line which is plotted.

By default this comes off..
Note = This indicator changes bar color

5) RSI based SMA
HOW Does it work ?

# This indicator is for user using RSI , The twist is that not only it uses RSI but also simple moving average , So this makes the user more safe as it is a combination of RSI and SMA .
# Multi-colored ----> Green/Red/Yellow user can change ..moving average of choice
# user can change overbought / over sold values of RSI as required. The time frame here is fixed.

* There is an On/Off Option for each Indicator.

Disclaimer : There could be scenarios when the candle is shown as a long or short and then the candle turns into opposite direction red/green. In such scenarios , Please refer to the just preceding candle and the early detection signal and if this candle is moving into positive direction only then go for long, Similarly opposite for Short, the value of multiplier 1.0 is determined using series of back test across various assets with different time frames.

User Options : Choice of turning on / off the Long / Short Labels and early detection/StopLoss Option can also be activated or deactivated.

Visual Checks - The user could manually validate the back test results on various assets they would like to use this strategy on before putting it live.

Usage/Markets : Index Trading / Equities and also well with Commodities and Currencies

How to get access
Please click on the link / email available in the signature or send me a private message to get access.

Feedback
Please click on the link/email in the signature or send me a private message for suggestions/feedbacks.
Release Notes: Release Notes: Fishing The Trend - Setup V2 below is what updated....
- Significantly improved accuracy of zone detection.
- Many confusing options are removed which makes Setup Very Simple.
- Added alert functionality.
- The 4 friends is replaced by 200 Exponential Moving Average band (Trend Band) with non-repainting feature and also it has
option to change colour depending upon trend direction.
- Fishing the trend indicator is now having option to hide the trailing stop-loss line.
-RSI based SMA is removed with Support - Resistance with RSI line.
- The script will show warning while settings alerts because it uses functions which may repaints the results, but
the indicator is made with utmost care to not to give any false signals / inaccurate end results.

What is added ?
Auto trend lines : It draws trendlines connecting the highs and lows of the previous bars
What's it do?
Auto trend lines will let the user know when the line is broken for ease of use.

What is added ?
Break-Out / Break-In Area
What's it do?
The indicator detects major swing highs & lows, then waits for a 1ATR move in the opposite direction. If this occurs then the indicator draws a zone between the wick and body of that high/low until it's violated by a closing price. Once violated, it then begins looking for a new zone. If you have Get Previous Broken Area turned on then the script will also draw the previous support/resistance zone until that gets violated again (support-turned-resistance etc).
Settings in Break-Out / Break-In Area
Get Previous Broken Area : This turns on/off the darker coloured zones which are previous areas.

What is added ?
Support - Resistance with RSI line.
What's it do?
This Indicator has two options, enabling one will have support and resistance lines drawn on the chart having the functionality of
Bollinger bands, and enabling the second will draw 20 SMA line having RSI merged with it, The Overbought and Oversold area is
set to default and is not editable.

Utmost Care is taken to implement the suggestions of users and also tried to keep the chart neat and clean.
Release Notes: Another Update !!!!

What is Updated ?

1) Intraday Range
2) Fishing The Trend
3) Auto Trend Lines
4) Support and Resistance with RSI Lines


Detail Information on update:

1) Intraday Range is not plotted completely to the whole day when day starts, and the range lines are filled as
day moves ahead with change of colour for breakout or break-in (color of range band changes).

2) Fishing The Trend is having default settings of factor changed to 2.0 for less noise.
3) Auto Trend Lines is now having dashed trend lines instead of dotted, for better confirmation.
4) Support and Resistance with RSI Lines is now having RSI length of 21 and Oversold & Overbough region is buffered to a difference
of 10.

Note:- This Update is made for getting the trend and trade very clear with less noise.
Release Notes: Greetings !!!!

Update to the settings of the Fishing The Trend Set-Up

What is Updated ?

Intraday Range- updated with band price labels, now price labels will be plotted and the starting of the day, location of label is
at corner of band.

The new feature of grouping into one in settings is implemented, along with tooltip nearby to every essential boxes / options.

This new update will be useful for pairing indicators as per requirements and tooltip to read instructions very easily.
Release Notes: What is Updated ?

Update requirement after recent Pine changes applied on built-in functions (such as round() function).
The Price Value is rounded off to simplify the look, Long and Short labels are updated.
Release Notes: What is Updated ?
Some grammatical errors rectified !!
Release Notes: Clarifications regarding the update !!

The user should enable extended hours function in able to work indicator flawlessly as extended hours is required for Indian Markets (especially!!!)
Release Notes: Greeting From GrowMore Indicators !!
Fishing the Trend Setup is updated to version 4.2
What is Updated ?

Intrday Range Bands are more colourful for quick eye catching ranges.

Trend Band is updated!!

If market is going far away from band than the band will be contract itself and if market comes near the band it will be expand.
some visual checks are updated so no need to look at different things...

Fishing the Trend is updated - Long, Short is replaced by background coloured L and S, stop loss is now seen in next line.

RSI Line is tweaked with color efficiency for rangebound market.
Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact miteysh for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it until you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Public Library.

Author's instructions

Greetings !!.. Drop a mail to edgineer@yahoo.com or Drop a personal message for access. Questions, Help, Discussion -> Telegram: Telegram: @miteysh

Want to use this script on a chart?

Warning: please read before requesting access.

Greetings !!..
Drop a mail to edgineer@yahoo.com or Drop a personal message for access. Questions, Help, Discussion -> Telegram: Telegram: @miteysh

Comments

Looks good . Loaded with many useful things.
Reply
tried the new version, looking good, no need to draw support and resistance, just look back and i can see all supports and resistances.
Reply
PLS GIVE ACCESS
Reply
Looks good.
Reply
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