1. Market Structure
Functionality of the Multi-Indicator:
As we already know, the market structure is one of the most important things in trading. If we are able to identify the trend correctly, it takes away a huge burden. For this, I have used the to identify price trends. It plots points on the chart whenever the prices reverse by a larger percentage than a predetermined variable. The points are then connected by straight lines that will help you to identify the swing high and low.
This will help you to filter out any small price movements, making it easier to identify the trend, its direction, and its strength levels. You can change the period in consideration and the deviation by changing the deviation % and the depth.
Support and Resistance
The indicator provides the functionality to add levels. If you want more levels just change the timeframe it looks at in the settings. It will pull the SR levels off the timeframe specified in the settings.
You can select the timeframe for levels. The default time frame is “same as the chart”.
You can also extend lines to the right and change the width and colour of the lines. There is also an option to change the criteria to select the lines as valid support or resistance. You can extend the or use the horizontal lines to mark the level when there is a change in polarity.
( ) is used to measure the average price weighted by . is typically used with intraday charts as a way to determine the general direction of intraday prices. It's similar to a moving average in that when the price is above , prices are rising and when the price is below , prices are falling. is primarily used by technical analysts to identify market trend.
Simple Moving Average
A is an unweighted Moving Average. This means that each day in the data set has equal importance and is weighted equally. As each new day ends, the oldest data point is dropped and the newest one is added to the beginning.
The multi-indicator has the ability to provide 5 moving averages. This is particularly helpful if you want to use various time periods such as 20, 50, 100, and 200. Although this is just basic functionality, it comes in handy if you are using a free account.
Exponential Moving Average
An ( ) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. An exponentially reacts more significantly to recent price changes than a . The multi-indicator provides 5 exponential moving averages. This is particularly helpful if you want to use various time periods such as 20, 50, 100, and 200.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.