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Signal is continuously scanning in background selected instruments (up to 5 per one indicator occurence on chart) and looking for signals from MFI, Stochastic divergence, Volume spikes, and potential Reversal Zones.
Script is scanning selected instruments in the timeframe of the chart to which scanner was added. For example if you want to scan Daily timeframe, please switch chart to "D" timeframe.
Script can take few seconds before load and after each change of Input settings as multiple operations and equations are calculated in the background.
In case of indicator timeout, please modify input settings of the scanner what will force script to refresh or remove&add indicator to chart again.
- K, D, Smooth - standard parameters of Stochastic calculations
- Oversold, Overbought - settings defining range of extreme zones (overbought and oversold)
- MA Type for Stochastic - type of Moving Average used in Stochastic
- MFI Length - defines period for calculation of Money Flow Index
- Period for Low - defines minimum period for calculation of reversal zones
- Period for High - defines maximum period for calculation of reversal zones
- Standard Deviation Period - sensitivity setting for identifying potential places for reversal zones, higher setting catches longer and more significant reversal places, but also less frequent signals occur
- Type of Moving Average - Moving Average type used for calculation in potential reversal zones
- MA Volume Length - period for calculating average volume
- Ratios - proportion value (deviation) of average volume, user for classification volume into different levels
Set up of symbols for automatic analysis to be performed by scanner.
New Highs and Lows identified on oscillator are used for finding divergences -
- Pivot Lookback Right - setting defining period/bars required for confirmation new high/low on oscillator; it also defines delay of identifying divergence (higher the period, later signal will appear)
- Pivot Lookback Left - sensitivity setting used for identifying new highs/lows made by oscillator, higher value is catching more significant (longer) tops & bottoms but also generates fewer signals
- Lookback Range - period defining range of length/period for divergence
Indicator is allowing to scan simultanously up to 5 instruments (due to PineScript and performance limitations). In order to scan more instruments, I recommend use template of multiple charts in TradingView and on each of chart maximise Scanner with different instruments.
Blue horizontal lines are dividing instruments from each other.
Each instrument consist of 4 different types of signals, reading from top to bottom:
- Volume spikes - in case of Volume exceeds high ratio deviance in comparison to average volume, yellow dot appears
- Greed/Fear Zones - when Greed or Fear Reversal Zone is identified on instrument, appear colored dot - green in case of Fear (potential Long signal) and red in case of Greed Zone (potential Short signal)
- Stoch divergence - in case of appear Bullish Divergence, green dot is displayed; in case of Bearish Divergence - red dot
- MFI - signal Long (green dot) or Short (red dot) appear when Money Flow Index exits Overbought/Oversold zone and are potential opportunities to entry new position