This chart overlay offers multiple candlestick display options. The Regular (Japanese) and the Heikin-Ashi candles are well known. The Mari-Ashi (or Renko) option is something special as it should be timeframe independent, so that sideways action should be represented in one candle. That is difficult to realize as an overlay on the normal candlestick structure, but perhaps the chosen implementation is useful nonetheless. The Velocity option is experimental and is designed to show if the price has accelerated too much in a trend direction. In this case, the highs and lows do not reflect the actual highs and lows, but indicate the overshooting velocity. The opening of the candle also depends on the inherent velocity, but the close of the candle is always the actual close. Anyway, it doesn't look very useful, but the option is there. All options can be applied to higher timeframes. A usable setting is obtained by disabling only the body of the TradingView candles in regular mode and enabling this overlay.
A large part of this overlay consists of buy/sell indication settings. For activation it is necessary to select an external source. For example the “Relative Bi-Directional Volatility Range”, specifically the Trend Shift Signal (TSS). This signal switches from 0 to 1, if the trend becomes bullish or from 0 to -1, if the trend becomes bearish. It will be automatically detected without specifying the Indication Type. Alternatively, the Volatility Moving Average (VMA) would meet the requirements for the Indication Type “Buy = positive | Sell = negative”. The Moving Average Convergence Divergence (MACD) also fulfills these conditions. Another example is to use any Moving Average with the Indication Type “Buy = rising | Sell = falling”. In the chart above the Hull Moving Average (HMA) is used. In addition, it is possible to reverse the signal, so that positive signals become negative and vice versa. The signals will be labeled as Buy or Sell on the chart.
The user can analyze whether the provided signals are good or bad indications for going long or short or simply for rebalancing a portfolio. Therefore, it is possible to set a starting point for the analysis and choose a weighting for the investments from 0% to 100% of the portfolio. To avoid sleepless nights, a very reliable (and conservative) setting seems to be Rebalancing with 50% (very similar to the well-known 60/40 portfolio). The calculation results are shown in a table.
As a small addition there is the possibility to label the peaks by setting the distance between the highs/lows. This will make the quality of the buy and sell signals even more clear.
Release Notes
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Added the possibility for getting alerts.
Release Notes
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Small correction for NaN input signals. For example to use the backtest stream of the “Machine Learning: Lorentzian Classification" indicator.
Release Notes
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Correction for intraday timeframes and improvement of peak identification for low data history. Also a Volatility Index is added to allow the user to better differentiate between assets with low or high risk. Higher average volatility means an asset has the potential to fall or rise more or more quickly than assets with low volatility and should therefore be handled with greater caution. For professionals: The selected period for calculating the average volatility is set to 200.
Release Notes
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Improved alert functionality.
Release Notes
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Refined volatility calculation, candlestick drawing and peak identification.
@drgentleman1, if you want to analyze an external indicator, you need to select it as Source in the settings. Look at the example above where the Hull Moving Average (HMA) has been selected as the external indicator.
HowardLee
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Love the indicator, its been what I was looking for! I can't seem to get the alert to setup, I really am just looking for direction change alerts Do we set it up as Fuction Alerts or just the regular Buy and Sell? Also does the alert only happens at candle close for higher time frame? Thanks in advance!
metka183
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@HowardLee, to use the alert functionality, an external indicator has to be selected so that Buy and Sell signals are displayed on the chart. Then add an alert on this indicator (EIAO) via the “Any alert() function call” option for all alerts. Thus, every time a Buy or Sell signal occurs, an alert will be triggered after the candle close in the selected time frame. Higher timeframe candles do not alter the alert functionality. The options "Buy (customizable)" and "Sell (customizable)" can be used for other specifications, for example if the Buy signals shall have different settings then the Sell signals. Or if an alert shall be triggered as soon as a signal occurs without waiting for the candle close.
ukmpits
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@metka183 Is there any future update Sir? Thanks mate
metka183
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@ukmpits, no update planned. Is there something to be added/changed?
ukmpits
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@metka183, I suggest if you don't mind Sir.. Would you like to add alarm alert as a reminder for us if direction had changed..literally, when the color change from red to green and vice Versa..Many Thanks Sir..God bless You