price analysis enables you to look deep into the market structure and grasp processes that move a price. This information can be used as a guide in your trading decisions. Experts have found that individuals who make informed trading decisions that include a thorough review of price tend to be more successful than traders who do not analyze this indicator.
L1 Price Inidcator was originally to be developped into higher level for long and short entries by price and volme information. However, it was not successfully achieved yet. The shining points of this script are various very good long entry types were disclosed.
The information about various long entries is a bit messy, and there is no time to sort out and classify them. However, useful long entry script fragments can be obtained from it.
Pros and Cons
1. disclose various long entry conditions
1. lack of lising multiple short entry types
2. not a systematic trading indicator
I will continue work on this script in later release.
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
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