The indicator shows buy or sell signal using specific criteria. I use it on 4-hour timeframe and 1-day timeframe only for Bitcoin and other volatile instruments.
On lower timeframes (less than 4 hours), it gives poor to mixed results.
TD Sequential is indicated by coloured bars. Overbought signals from TD indicator is shown as red or variation of red. The oversold signal from TD indicator is shown with a green-shaded bar or contrast of green.
I am always displaying the Kumo cloud of . If you wish not to view this cloud, change the transparency from settings.
I have added abilities to add alerts as well as show several indicators - Tenkan, Kijun, Leledec Exhaustion, Rahum Mohindar Oscillator, Kaufman AMA, Trend Magic, Flow indicator.
From the settings, you may turn on the dynamic support (S) and resistance (R) lines. Sometimes, when the price moves past and closes above the middle point, it tends to go to R2. Sometimes, when the price moves and closes below the middle point, the price tends to reach the S2. As these lines are dynamic, hence, the values change with each bar.
Sometimes, the price also has a tendency to come to the middle point once S2 or R2 have rejected it. It tends to repeat these several times until the middle point is breached from either direction. Sometimes, when the price reaches BB- COG or BB+ COG, it moves in the opposite direction very violently. Some people might call it scam wick. Now, this does not always hold. Hence, take this with a grain of salt.
The black cross marks are the squeeze. Once it appears, it can continue for a while. Once the squeeze is released, the price can move violently in either direction. Hence, these squeeze act as a caution.
This indicator is not 100% accurate.
Do realize and please use this with caution. Please read the disclaimer at the bottom.
Q: Does this indicator repaint?
Answer: Most, if not all, indicators will repaint to some extent until the current bar is closed. On bar close, whatever it said will NOT repaint.
During the bar, it is continually getting live data and making a decision. Hence, either the Buy/Sell signal on currently running bar may show up and disappear. One way to get around it is to trade only on bar close. However, that means, one may lose the potential safer and useful point of entry. I won't fix this unless someone can find a better solution.
Q: What other potential issues are there?
Answer: Check the bug tracking on the Bitbucket as linked through the telegram channel. The link to the channel can be found from my profile.
Q: Do you use this for your auto-algo robot?
Answer: I use this as a base for my auto-alogo robot. However, I do not take all the signals. And the algo robot has further criteria that are not in here. You can always follow me on telegram channel to get free signals that get generated by this indicator on 4 hours and 1 day. Many have said that they found the signals beneficial.
Q: What happened to your old script?
Answer: Somehow it got flagged to Trading view. I had my contact email address in there. This is apparently not allowed. Hence, I remove my contact address and the address to bitbucket where the code also stays. Since I had no intention to make money out of this, I thought I can keep it at both bitbucket and Trading View. Apparently, I am not allowed to put the link to bitbucket or my email. So, it got blocked. I had to republish it again as a new script. There is no difference except those information has been removed.
Please read the following Disclaimer
No Investment Advice Provided
Any opinions, chats, messages, news, research, analyses, prices, or other information contained here are provided as general information for educational and entertainment purposes only and do not constitute investment advice. My bullshit statements should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
I do not recommend the use of or any analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. I have no clue about PAST PERFORMANCE or any INDICATIVE FUTURE RESULTS.
THE script and its associated services ARE PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE, WEBSITE, SCRIPT, SIGNALS.
Version 7 is on the way. I will release when ready. I am working on it.
For now, I hope this end release of version 6.1 is helpful
- Added options to allow change of the underlying settings
- Ensured the Kumo cloud is not shown always-on display but can be turned on from the settings
- Updated version 7.0 will be released as a new indicator in the future. It is still under development. There is no ETA. My family life, work and other responsibilities holding this up. Hence, this is released as a final version for now.
- Please leave your comment below.
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.