This indicator was made for those who look to profit on “Measured Moves.”
Upon opening the settings one will need to set the time to begin (Start Time in settings) the colored background of the potential move areas, and the high (First Price Level in settings) and low (Second Price Level in settings) prices for the measured area for the measured move.
After those are selected they can be easily moved on the chart. I created a table for the user to tap with the pointer to highlight the setting lines for easy adjustment.
Measured moves are used by some algo’s and some traders to determine the take profit levels. They are moves from a particular pattern conclusion to a distance equal to that distance in the desired direction.
This is an image of the measured move which occurred on Dec 13th, 2023 at about 1pm on the ES 1m chart: The center area in lightly shaded blue is the measured area. The green and red would be the same distance and would equate to the measured move distance.
This example shows the same day – the second move up was a measured move by some traders: tradingview.com/x/qCOZssJF/J
Again, the same day on the way down. This one didn’t quite complete the move:
Again, same day on the way back up – almost perfect:
And, finally, the same day for the last move up:
This indicator will require the user to know what to look for in creating the measured movement. The script is quite simple – but, can be effective in assisting a user to know potential profit targets.
I conducted several searches for “measured move” and found no other indicators that provide this functionality. I understand that one could use fibs to do the same thing – but, I didn’t want to have to alter the fib settings (which I use for actual fibs) to perform this functionality.
Please comment with any questions/suggestions/etc.
This is a very usefull indicator. Is it possible to make it adjust to the respective pair price, or have it retain a different setup in each pair? I have to manually adjust the price range every time I change charts. Thank you!👍👍💯
shaneaus
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@pancrypto, I'm not sure exactly what you mean by a "respective pair price." I'm a future trader. Do you mean a way to have settings in one security's chart/indicator be mirrored by another security's chart/indicator? If so, I don't beleive TradingView allows that for custom/user created scripts.
I asked Tv support about a setting so that a change to my indicator on one security's timeline could be mirrored the same security on other timelines (like how you can have lines/drawings mirrord on all timelines for the same security). Their response was that was not offered for custom/user made scripts.
pancrypto
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@shaneaus, I mean that when a change pairs for example from BTC to ETH, the indicator has as high price and low price, the price of BTC and i have to input again price range for ETH etc. If you have 5 pairs that you regularly monitor its very time consuming to change the price settings each time you go from one pair to another.
shaneaus
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@pancrypto, Once again - I don't trade "pairs" - it sounds like you want the script to automatically calculate the price difference when moving from one security to another security. I don't know how to do this without using a particular security as a reference point. For instance, using BTC as the reference point a script could be written to convert BTC to ETH and plot in ETH. But, whatever security you charted the script would convert the BTC price to that security.
You'll need to talk in a "language" I understand as I don't trade "pairs" and have no idea how that even works.