OPEN-SOURCE SCRIPT
EMA-BAND-PIVOT-VCP
This indicator is named "EMA-BAND-PIVOT-VCP" and integrates multiple elements such as moving averages, volume, volatility contraction patterns (VCP), pivot points, and a table to display key market metrics.
Key Features:
Moving Averages: ( 4 - EMA) default settings 20 , 50 ,144 , 200 . Can be changed in settings.
Pivot Highs and Lows:
The script detects pivot highs and pivot lows using customizable left and right lengths and plots labels to mark these points on the chart.
TIG BAND : This is setting of 2 sma - with the high and low of 90 day average which forms like a band . Its a very strong indicator of trend . Buying is suggestable above this .This has to be tested on your own to knowhow it works wonders ( price magnet). Works on all timeframes . (credit : Bhushan Sir from TIG ) .These are the best buy areas.
Volatility Contraction :
It identifies specific price contraction pattern .
vc marked - used 4 candles - first candle is the mother bar ., 2,3 and 4th candles complete range ( high to low ) is within the range of mother candle.
lc marked -here the closing is considered not the wicks. used 8 candles., the 7 candles closing is within the range of motherbar. Crosses are plotted on the last candle
Table Display:
A table is displayed on the chart with data such as EMA values, relative volume (RVol), Average Daily Range (ADR), and volume ratios. This gives a comprehensive overview of current market conditions.(RVol) compared to the 50-period volume SMA, percentage volume change, and other metrics is also displayed.
Key Features:
Moving Averages: ( 4 - EMA) default settings 20 , 50 ,144 , 200 . Can be changed in settings.
Pivot Highs and Lows:
The script detects pivot highs and pivot lows using customizable left and right lengths and plots labels to mark these points on the chart.
TIG BAND : This is setting of 2 sma - with the high and low of 90 day average which forms like a band . Its a very strong indicator of trend . Buying is suggestable above this .This has to be tested on your own to knowhow it works wonders ( price magnet). Works on all timeframes . (credit : Bhushan Sir from TIG ) .These are the best buy areas.
Volatility Contraction :
It identifies specific price contraction pattern .
vc marked - used 4 candles - first candle is the mother bar ., 2,3 and 4th candles complete range ( high to low ) is within the range of mother candle.
lc marked -here the closing is considered not the wicks. used 8 candles., the 7 candles closing is within the range of motherbar. Crosses are plotted on the last candle
Table Display:
A table is displayed on the chart with data such as EMA values, relative volume (RVol), Average Daily Range (ADR), and volume ratios. This gives a comprehensive overview of current market conditions.(RVol) compared to the 50-period volume SMA, percentage volume change, and other metrics is also displayed.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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