Free and Popular Indicators ⁽³⁷⁾

This technical indicator is a simple yet very effective tool for the interpretation of the RSI - Relative Strength Index. Based on past RSI values the indicator generates dynamic overbought and oversold levels which is advantageous over the static 70/30 or 80/20 range. Link to the Indicator: RSI Dynamic Levels Default overbought/oversold levels of RSI do not hold well for instruments that are trending well. It happens often that instruments keep trading in a single half of the range for a prolonged…

This is a supertrend with a slightly twisted concept which can be very beneficial in strong trending markets to reduce stop loss distance and exit slightly quicker. Link to the Indicator: Supertrend Ladder ATR When the instrument is trending up, regular ATR shows high values if there are big green candles. This affects the stop loss distance in regular supertrend which leads to wide stops or delayed lagging. When you are in a long trade, what matters for stop-loss is how much…

Extreme Trend Reversal Points based on Recursive Moving Averages is an indicator designed to estimate reversal points based on how well the instrument has trended. The highlight of this indicator is that the calculations of moving averages are done in a recursive manner. Link to the indicator: Extreme Trend Reversal Points Using moving average crossover for identifying the change in trend is very common. However, this method can give lots of false signals during the ranging markets. In this algorithm, we try…

Don't want to rely on a single oscillator or zigzag periods, this indicator provides a bird's view of combined divergence status for multiple zigzag levels and multiple oscillators. Link to the Indicator: Multi Zigzag and Multi Oscillator Divergence This table is intended to give you a snapshot of how prices and oscillators are moving along with zigzag pivots. This is done along the same lines as Zigzag-Trend-Divergence-Detector But, here are the differences The table contains the following data: The sentiment is calculated…

The question which comes up quite often is that - "What is the probability of divergence resulting in a change of trend?" This is a hard nut and it can be devastating to follow divergence signals without other confirmations. At best, divergences can act as good support and resistance levels. This indicator treats divergence as a support resistance level and plots them on the chart. Though we are the ones who coined this concept, it has become very popular and also earned…

Pullbacks are always the hardest part of the trade and when it happens, we struggle to make a decision on whether to continue the trade and wait for recovery or cut losses. Similarly, when an instrument is trending well, it is often a difficult decision to make if we want to take some profit off the table. This indicator is aimed to make these decisions easier by providing a combined opinion of sentiment based on trend and possible divergence. Link to the…

Another experiment with combining favourite concepts. In this algorithm, we build a trend-following method based on Bollinger Band/Keltner Channel/Donchian Channel-based Zigzags. Further experiments with strategy have shown us that this is a very promising method to explore further. Link to the Indicator: Zigzag Bands Trend Follower We defined a new method to derive a zigzag last month - which is called Channel-Based-Zigzag. This script is an example of one of the use cases of this method. Defining a trend-following method is simple.

Here is a very complex and detailed indicator that provides output in a simple and easy-to-understand way. The algorithm studies historical divergence outcomes and used them to project the next pivot. The script also won the Best Editor Picks of 2022 award Link to the Indicator: Next Pivot Projection Indicator Still experimental. Extending further on the divergence backtest results - in this script, we try to project the next 2 pivots (including one unconfirmed pivot) 1. Divergence-Backtester 2. Divergence-Backtester-V2 Hover over projection labels to…

Zigzags are the basic building blocks of any pattern recognition algorithm. The reason why Trendoscope spends most of its time researching on enhancing Zigzag algorithms. Here is one of our latest attempts where adding any oscillator or custom indicator to zigzag pivots becomes an easy option to calculate divergence. Link to the Indicator: Recursive Zigzag Indicator Here is another outcome of the Object Oriented Zigzag and Pattern Ecosystem of Libraries. We already have another implementation of recursive zigzag which makes use of an…

The indicator automatically draws pitchfork formations on a recursive zigzag. This algorithm is developed using the latest features of Pinescript of using methods and types. The script has the option to select different categories of pitchforks to be drawn. Popular types include Andrew's pitchfork, Schiff and Modified Schiff pitchforks. These can be further drawn as either regular or inside pitchforks. Link to the Indicator: Recursive Auto Pitchfork Indicator Say Hi to object-oriented programming with Pinescript using types and methods. This is the…

At Trendoscope, we specialise in designing and developing pattern recognition algorithms for technical trading. Our proprietary tools and algorithms provide traders and investors with the most accurate and reliable data possible, helping them make better decisions and achieve greater success in the markets. Link to the Indicator: Auto Trend Lines Indicator I started off with the intention of creating a script to identify Wolfe wave projection. But, soon ran into a problem with loops. Realized drawing a wedge is more difficult than…

Most sophisticated Chart Pattern Indicator you will ever find in the open source library of Tradingview. This indicator uses an advanced multi-zigzag algorithm to spot 5 or 6 pivot chart patterns. This is an earlier version of the Chart Patterns (Deep Search) Indicator Link to the Indicator: Multi Zigzag Wedge and Flag Finder Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming a wedge…

The Wolfe wave indicator is a very popular chart pattern used in options trading. The indicator spots the Wolfe formations and also suggests the rules of the Wolfe wave trading system. More details on the Wolfe Wave pattern is available on the tradingview page linked below. Link to the Indicator: Advanced Wolfe Wave Indicator Before getting into the script, I would like to explain a bit of the history of this project. Wolfe was in the back of my mind for some…

This algorithm tries to capture chart pattern by drawing trend line pairs for lower and higher pivots. The algorithm is so powerful that it can capture many well-known pattern such as converging and diverging triangles, rising and falling wedges, flags, trend and range channels etc. Link to the Indicator: Chart Pattern (Deep Search) After getting a good response on Wedge-and-Flag-Finder-Multi-zigzag, I thought I will build a little bit further into the script. Please note: The indicator has simple output where it only…