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Normalized Price ComparisonNormalized Price Comparison Indicator Description The "Normalized Price Comparison" indicator is designed to provide traders with a visual tool for comparing the price movements of up to three different financial instruments on a common scale, despite their potentially different price ranges. Here's how it works: Features: Normalization: This indicator normalizes the closing prices of each symbol to a scale between 0 and 1 over a user-defined period. This normalization process allows for the comparison of price trends regardless of the absolute price levels, making it easier to spot relative movements and trends. Crossing Alert: It features an alert functionality that triggers when the normalized price lines of the first two symbols (Symbol 1 and Symbol 2) cross each other. This can be particularly useful for identifying potential trading opportunities when one asset's relative performance changes against another. Customization: Users can input up to three symbols for analysis. The normalization period can be adjusted, allowing flexibility in how historical data is considered for the scaling process. This period determines how many past bars are used to calculate the minimum and maximum prices for normalization. Visual Representation: The indicator plots these normalized prices in a separate pane below the main chart. Each symbol's normalized price is represented by a distinct colored line: Symbol 1: Blue line Symbol 2: Red line Symbol 3: Green line Use Cases: Relative Performance Analysis: Ideal for investors or traders who want to compare how different assets are performing relative to each other over time, without the distraction of absolute price differences. Divergence Detection: Useful for spotting divergences where one asset might be outperforming or underperforming compared to others, potentially signaling changes in market trends or investment opportunities. Crossing Strategy: The alert for when Symbol 1 and Symbol 2's normalized lines cross can be used as a part of a trading strategy, signaling potential entry or exit points based on relative price movements. Limitations: Static Alert Messages: Due to Pine Script's constraints, the alert messages cannot dynamically include the names of the symbols being compared. The alert will always mention "Symbol 1" and "Symbol 2" crossing. Performance: Depending on the timeframe and the number of symbols, performance might be affected, especially on lower timeframes with high data frequency. This indicator is particularly beneficial for those interested in multi-asset analysis, offering a streamlined way to observe and react to relative price movements in a visually coherent manner. It's a powerful tool for enhancing your trading or investment analysis by focusing on trends and relationships rather than raw price data.
Pine Script™ indicator
by Provenzano77
Bitcoin: Mayer MultipleMayer Multiple Indicator The Mayer Multiple is a powerful tool designed to help traders assess market conditions and identify optimal buying or selling opportunities. It calculates the ratio between the current price and its 200-day simple moving average (SMA), visualizing key thresholds that indicate value zones, caution areas, and overheated markets. Key Features: Dynamic Market Zones: Clearly marked levels like "Smash Buy," "Boost DCA," and "Extreme Euphoria" to guide your trading decisions. Customizable Input: Adjust the SMA length to fit your strategy. Color-Coded Signals: Intuitive visualization of market sentiment for quick analysis. Comprehensive Thresholds: Historical insights into price behavior with plotted reference levels based on probabilities. This indicator is ideal for traders aiming to enhance their long-term strategies and improve decision-making in volatile markets. Use it to gain an edge in identifying potential turning points and managing risk effectively.
Pine Script™ indicator
by sito4713
Ignition Band Angles are Bollinger Bands with numeric angleI developed Bollinger Bands that provide a numeric value indicating their strength. To achieve this, I used the degree of the angle of attack and color-coded the numbers. The top band displays the number in the upper corner of the chart, the bottom band in the bottom corner, and the Basis is in the left middle. These numbers quantify the slope of the bands, which can be difficult to discern on a chart because stretching out the x and y axis can flatten or exaggerate a slope. With my Bollinger Bands, you get a constant reading that provides an accurate measurement of the angle and strength of a trend. I hope this helps.
Pine Script™ indicator
by mybrainhertz
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