The Vet [TFO]In collaboration with @mickey1984 , "The Vet" was created to showcase various statistical measures of price.
The first core measurement utilizes the Defining Range (DR) concept on a weekly basis. For example, we might track the session from 09:30-10:30 on Mondays to get the DR high, DR low, IDR high, and IDR low. The DR high and low are the highest high and lowest low of the session, respectively, whereas the IDR high and low would be the highest candle body level (open or close) and lowest candle body level, respectively, during this window of time.
From this data, we use the IDR range (from IDR high to IDR low) to extrapolate several, custom projections of this range from its high and low so that we can collect data on how often these levels are hit, from the close of one DR session to the open of the next one.
This information is displayed in the Range Projection Table with a few main columns of information:
- The leftmost column indicates each level that is projected from the IDR range, where (+) indicates a projection above the range high, and (-) indicates a projection below the range low
- The "First Touch" column indicates how often price has reached these levels in the past at any point until the next weekly DR session
- The "Other Side Touch" column indicates how often price has reached a given level, then reversed to hit the opposing level of the same magnitude. For example, the above chart shows that if price hit the +1 projection, ~33% of instances also hit the -1 projection before the next weekly DR session. For this reason, the probabilities will be the same for projection levels of the same but opposite magnitude (+1 would be the same as -1, +3 would be the same as -3, etc.)
- The "Next Level Touch" column provides insight into how often price reaches the next greatest projection level. For example, in the above chart, the red box in the projection table is highlighting that once price hits the -2 projection, ~86% of instances reached the -3 projection before the next weekly DR session
- The last columns, "Within ADR" and "Within AWR" show if any of the projection levels are within the current Average Daily Range, or Average Weekly Range, respectively, which can both be enabled from the Average Range section
The next section, Distributions, primarily measures and displays the average price movements from specified intraday time windows. The option to Show Distribution Boxes will overlay a box showing each respective session's average range, while adjusting itself to encapsulate the price action of that session until the average range is met/exceeded. Users can choose to display the range average by Day of Week, or the Total average from all days. Values for average ranges can either be shown as point or percent values. We can also show a table to display this information about price's average ranges for each given session, and show labels displaying the current range vs its average.
The final section, Average Range, simply offers the ability to plot the Average Daily Range (ADR) and Average Weekly Range (AWR) of a specified length. An ADR of 10 for example would take the average of the last 10 days, from high to low, while an AWR of 10 would take the average of the last 10 weeks (if the current chart provides enough data to support this). Similarly, we can also show the Average Range Table to indicate what these ADR/AWR values are, what our current range is and how it compares to those values, as well as some simple statistics on how often these levels are hit. As an example, "Hit +/- ADR: 40%/35%" in this table would indicate that price has hit the upper ADR limit 40% of the time, and the lower limit 35% of the time, for the amount of data available on the current chart.
AWR
[DisDev] Level by LevelThis indicator's main objective is to provide you with the ability to chose the levels you are interested in , with the added functions of:
Level-by-Level Chart Reducer – This allows you to choose how many levels are above and below the current closing price to display.
Level-by-Level Table – This allows you to display all the levels within a table onto the chart.
The basis of this indicator is to provide you with a toolbox of levels that you can add to your trading plans.
Psychological Levels
A weekly range established each Saturday evening that can be thought of as a weekly "IB" or initial balance.
Average Daily Range ("ADR") & Average Weekly Range ("AWR")
In Forex, the International Monetary Fund ("IMF") controls the allowable weekly swings of a currency's price. The "AWR" and "ADR" perform calculations and dynamically adjust until the range is exceeded, at which time the levels will lock into place for the remainder of the day or week. The accepted theory is that price (even in Stocks and Crypto) will adhere to and remain within these levels, and, if exceeded, will revert back to them.
Initial Balance ("IB")
In Crypto trading, it is generally accepted that the High and Low of the first hour of each day (00:00 - 01:00 UTC) is the Initial Balance . The IB generally thought of as a zone that sets the tone for the rest of the trading session. It is often a time of high volume and volatility, with Stop Hunts at the highs and lows of a range before price moves in one direction or the other. The IB is a Market Profile concept introduced by Peter Steidlmayer. There is plenty of information on the Internet to learn more about IB's and how to implement them -- please do your own research.
Daily Open
Since Crypto is traded 24 hours per day, the generally accepted open is 00:00 UTC, the Tokyo open. Please refer to Part 1 for more details on sessions, starting times, conversions, and Daylight Savings Time.
Volume Weighted Average Price (VWAP's)
VWAPs are important areas on a chart. Institutional traders generally do not want to move price too far as they enter large buy or sell orders. So they wait for price to reach a tight zone around the VWAP where the majority of transactions occur on the Daily, Weekly, or Monthly timeframes. In these areas, there will be plenty of supply and demand for the institutional trader to execute their trades.
Weekly Open
The weekly open is Monday at 00:00 UTC.
Pivot Points (Support & Resistance)
This indicator calculates pivot levels based on a tested formula that calculates past and subsequent bars or candles. It displays the two closest to price pivot levels. The pivot formula takes a window of left bars and right bars, and then finds the highest or lowest value in that window. The window marches across the bar-set to discover the pivots.
We coded the script to label the levels and colors dynamically, either Support (Green) or Resistance (Red), depending on whether they are above or below price. The primary level line stays with the same color scheme:
Blue = Daily / Yellow = Weekly / Violet = Monthly
As price crosses the level:
1 - The label will switch from Support to Resistance and Resistance to Support
2 - The extender line will switch from Green to Red and Red to Green
3 - The same changes will take place in the Level-by-Level Coordinates Table
A Note on Levels and Data
Understanding How Data is Calculated and Presented
Calculating levels requires going back in time through a symbol or asset’s historical data. Time is measured by bars (candles), so depending on the chart's resolution (timeframe or TF) you are viewing, a different number of bars would be required to measure the same level.
For example, if we want to mark the Daily High and Low on the daily TF, we would be measuring 1 bar or candle. If we drop down to the 1-hour TF, we would need to measure 24 bars. For the 15-Minute TF it would be 96 bars (1hr/15min=4 bars per/hour and 4 x 24 = 96), and on the 1-Min TF, it requires 1,440 bars (1hr=60 Min and 6 x 24 = 1,440).
Hopefully, you get the idea and can see that the number of bars required increases exponentially as we move to weekly, monthly, and yearly levels.
TradingView Data
Please note this statement from TradingView's website:
"The length of historical data for any intraday interval (i.e. chart timeframe) is 5,000 bars/candles (for Pro and Pro+ account holders it is doubled to 10,000 bars/candles and for Premium holders it's quadrupled to 20,000) + additionally several bars/candles back to the beginning of the week, month or year (depending on the resolution). Unfortunately, this limit cannot be extended for now due to technical reasons. At lower resolutions (<30Min) Yearly and Monthly VWAPs may not show, but to overcome this issue the “Plot Save” function has been added to the settings to allow the user to manually input these levels. This concept is the same for Daily, Weekly, and Monthly pivots.
If you change the chart interval to daily or daily-based, you will see a longer date range. We display all available data for daily-based intervals."
How we Handled Data Limitations
The Plot Level Feature in the Level by Level Indicator
We have written this script to always show levels at the lowest time frame allowable by TradingView.
If you do not see specific Support or Resistance levels, switch to a higher time frame, enter the corresponding values in the provided fields on the input panel, and check the Plot box. This will hard code the level in and will print on any TF. Additionally, we coded it so that when the Plot feature is enacted, the calculated level will be disabled so that there are no overlaps of two levels being printed.
Legend
The logic behind the line styles:
Solid = Static or established
Dashed = Static but previous week or day
Dotted = Dynamic or still developing -- will turn solid once the values are locked in
*VWAPs would technically be a dotted line since they are fluid, however, TV does not handle the dots or dashes of a curved line well so we chose to keep this solid
Level-by-Level Table
We designed this table to provide the user with a view of the levels in the correct price sequence on the chart at all times since, depending on the resolution and zoom levels, it would typically not be possible. The levels are equidistant and do not align with the actual price.
The current price will move vertically through the table according to the actual price and its relative position to the other various levels. The levels will change price and line styles dynamically as well.
The current price rectangle and the border can be in sync with High Volume Candle colors to draw more attention to the chart during climatic volume events.
Settings & Options - Levels & Labels
Levels will show a faint line through price to the point of origin.
Labels will show a brighter line extended to the right of price.
The values (10, 20, 30) are the length of the extensions; they are staggered to avoid overlaps.
Settings & Options - Level Reducer
The Level Reducer gives you the ability to declutter your chart, but still have the indicator track all the selected levels.
With four Lines selected, for example, the indicator will give you the nearest four lines above price and the nearest four below price. The Table runs independently of the chart, so if you want to see eight levels as an example, the Table will show eight above and eight below price.
As the current price changes, the lines will dynamically change accordingly.
Current vs. Average price performance (daily and weekly)This indicator is to be used only by the values it gives back, don't use the lines .
In "current week days" choose number of days that already BEGAN this week (ex. on Wednesday type 3)
Green1 - Current Daily Range
Orange1 - Average Daily Range
Green2 - Current Weekly Range
Red1 - Average Weekly Range
Orange2 - Today's price movement compared to the average daily price movement (in percentage)
Red2 - This week price movement compared to the average weekly price movement (in percentage)
By these values you can check how price performed today and this week in comparison to the average daily and weekly values - you can check with some probability if the movement is already exhausted or price can do some more action.
Graph Reader Pro 3.0Graph Reader Pro 3.0 for TradingView gives you abilities to see the stories hiding in the graphs of the stock, forex, and crypto currency markets. It counts CC59 and creates respectable support and resistance levels as well as marks and reminds you about important parameters that are happening in the graph so that you will not forget to consider them before placing orders. These parameters include:
Automatic CC59 counting that compares the close of the right price bar to that of left price bar in a group of 5 consecutive bars (ignoring 3 bars in the middle). If the right bar closed higher, the count positive number would be printed above the bar. If the right bar closed lower, the count negative number would be printed below the bar. Nine consecutive series of up counts will define the lowest price as CC59 support line and nine consecutive series of down counts will define the highest price as CC59 resistance line. The counted numbers, support and resistance lines are automatically printed on the graph if enabled.
Draw the high and low levels of the previous day, if enabled. The Previous Day's High and Low are often used as reversal levels in the few future days.
Draw the price range of each day based on Average Daily Range (ADR) value.
Draw the price range of each week based on Average Weekly Range (AWR) value.
Paint the background areas with active Forex trading of Asian, London, and New York sessions, if enabled.
Draw simple moving average lines such as SMA3, with ability to change the line color based on increasing or decreasing MACD value.
Draw simple moving average lines such as SMA50 with ability to change the line color based on increasing or decreasing prices. A set of other simple moving average lines such as SMA13, SMA200, SMA800 can be drawn if enabled.
Draw a ribbon of simple moving average lines consisting of SMA3, SMA4, SMA5, SMA6 and SMA7, if enabled. Twisting of the SMA ribbon gives a visual signal for price reversal.
Locate the price gaps in the graphs of stocks and indexes. The opened gaps are often closed later on. Hence, they are milestones for the price to come back and close them up.
Locate the pin bars having the body portion less than a specific percent of the range. The pin bars show hestitation for the price to continue the current trend. When a pin bar is covered or engulfed by the next larger bar, a trend reversal offen follows.
Automatic printing of the events happening in the graph to remind the readers of parameters under considerations (if enabled) including:
- Print "C>SMA3" and "C13" and "SMA5<13" for SMA(5) crossed above and below SMA(13).
- Print "Max" and "Min" for local maximum and local minimum bars.
- Print "RSI>70" and "RSI<70" for RSI(14) that crossed above 70 % and below 70 %.
- Print "RSI<30" and "RSI>30" for RSI(14) that crossed below 30 % and above 30 %.
- Print "RSI>50" and "RSI<50" for RSI(14) that crossed above 50 % and below 50 %.
- Print "RSI<50" and "RSI>50" for RSI(14) that crossed below 50 % and above 50 %.
- Print "MACD>0" and "MACD<0" for MACD(12,26,9) that crossed above and below zero.
- Print "MACD>Sig" and "MACD<Sig" for MACD(12,26,9) that crossed above and below their own SMA9.
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The source code of Graph Reader Pro 3.0 custom indicator is protected.
Only invited TradingView members can apply this indicator to their forex, crypto currency and stock price graphs.
Lifetime invitation is for 100 USD with free future upgrades and online supports.
Rental invitation is for 10 USD/month with free future upgrades and online supports.
Paypal, Bank transfer and Bitcoin payments are welcome.
For more informaton please contact the author (DrGraph or Nimit Chomnawang, PhD) via TradingView private chat
or in the comment field below.
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How to install the script:
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For normal install, follow these steps:
*Go to the bottom of this page and click on "Add to Favorite Scripts".
*Open a new chart at and click on the "Indicators" tab.
*Click on the "Favorites" tab and choose "Graph Reader Pro 3.0".
*Right click anywhere on the graph, choose "Settings".
*In "Style" tab, choose the Dark Theme.
*In "Scales" tab, select Decimal Places = 1/100000.
*In "Background" tab, uncheck "Indicator Arguments" and "Indicator Values".
*In "Timezone/Sessions" tab, choose Time Zone = Your local time.
*At the bottom of settings window, click on "Template", "Save As...", then name this theme of graph setting for future call up such as "Graph Reader Pro".
*Click OK.
For free TradingView plan, you can add two more indicators to the chart. That means you may add RSI and MACD indicators with same parameters as those setup in Graph Reader Pro to your graph. DrGraph regularly publishes his educational ideas on using features provided in Graph Reader Pro for profitable investments. You can follow him for how to use the tools in trading stocks, forex, and binary options.
