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The Abacus Trading View Indicator

$187.95
The Abacus Trading View Indicator

The Abacus Trading View Indicator

$187.95
description

This is a fairly complex, but powerful indicator that combines 3 different indicators. 

1. Chaikin Money FlowCMF )- 
Oscillator that uses the sum of Money Flow Volume (MFV) values over n periods to determine and compare the amount of buying/selling pressure. We modified the CMF's scale so that values fluctuate between {-100, 100} for easier visualization. 

If ( CMF > 0) 
    then (buying pressure > selling pressure) 
If ( CMF < 0) 
     then (buying pressure < selling pressure) 

Thus, CMF can be a valuable tool for confirming both uptrends and downtrends, as well as identifying divergences as a negative CMF 
value in the midst of an uptrend indicates lack of strength. 

In addition, we set bounds for the CMF values to prevent whipsaws during periods of horizontal price movement. 

 

 

2. Choppiness Index
The Choppiness Index is another oscillator that works synergistically with the Chaikin Money Flow to prevent entries during choppy conditions (when there is no clear trend direction and movement is horizontal). Although it is blind to the actual direction of the 
price movement, we use it to distinguish periods of consolidation from "trendy" markets. Values fluctuate between {0, 100}, with 50 acting as the center-point. We've also set thresholds for chop values that are utilized to optimize entry and exit timing. The upper and lower bounds can also be chosen to increase/decrease signal sensitivity. All values such as lengths, bounds, etc. can be changed by users through the input options. 

 

3. Fast and Slow Stochastics
Lastly, we use a fast and a slow stochastic momentum oscillator. This is a fairly common approach, as it allows us to detect signals on a wider range of sensitivity.The slow stochastic confirms the high quantity of signals generated by the more hyper-sensitive fast stochastic . users can change that in the inputs to choose which ones to show on the graph(as shown in the bottom pane). The upper and lower bounds can also be chosen to increase/decrease signal sensitivity. All values such as lengths, bounds, etc. can be changed by users through the input options. 

 

The Chart-

The fast and slow K values are plotted as the solid green (slow) and teal (fast) lines. The fast and slow D values are plotted as the red(slow) and pink(fast) lines. The CMF is plotted as the pink and teal alternating histogram. When the CMF is greater than zero, its color is teal, while it is pink when below zero. The Choppiness Index is plotted as the blue line of circles.

Strategy Version-

When users purchase Profit Programmers scripts, they gain access to both the strategy and study versions. The purpose of the strategy is to help traders finetune the many input options and run backtests with these different settings to discover the optimal settings for achieving the best results for their specific intended purpose. Unfortunately, TradingView does not allow you to create alerts using a strategy script, so the best way to work around this is to spend time tweaking the various settings in the strategy script, compare the results and then implement those settings into your study through the study script’s input menu. This way, your alerts will still be delivered and you can be confident that those alerts are being generated based on the settings that you achieved the best backtesting results with. This is useful for both high frequency day traders and those implementing automated trading systems (‘bots’) which rely on alert messages to stay up to date; or execute trades automatically in the case of trading bots.

 

All strategies include input options which allow users to execute backtests with specific stop and limit percentages. These prices are then plotted on top of the price chart, with the red area symbolizing the stop loss and green area representing the limit.If users do not wish to use a limit or a stop, they can set those input values equal to 0.0 and the strategy will ignore those parameters when running its backtest.

 

Lastly, traders can adjust the date range on which the backtest is performed. This is great for gaining insight on how the indicator responds during various market conditions(ie: How should I tweak the settings when the market is in a long term bear/bull run? How did it respond during the sharp price increase in x month of y year?).

The Graph-

There is a set of conditionals for each of the three indicators to determine both entry and exit points. To simplify this, we decided to divide them into red circles for exit conditions and green circles for entry conditions. When all of the exit conditions are met, a thin, vertical red line is plotted, along with a red circle. When in between trades, we display the three entry conditions and their status through three green circles. When the conditions for the slow stochastics are met, a green circle is plotted at the top of the chart. Similarly, when the conditions for the fast stochastics are met, a green circle is plotted at the bottom of the chart. Finally, when the third and final condition concerning the CMF is met, a green circle is plotted in the middle. At this point, there will be three green circles plotted vertically, and a vertical green line will appear signaling that it is time to go long.

 Some Backtest Results - 

15 Minutes

5 Minutes

 

2 Hours

How to Install- 

Enter your TradingView user name into the forum on the product page when you purchase the indicator.

Within 24 hours our team will validate the username and purchase, which will let them send you our invite only scripts

Your indicator will be shown in the "invite only scripts" category under your "Indicator" panel in Trading View

 

*We have no affiliation with TradingView.com, we purely sell studies and strategies based off the proprietary pine script language used on Trading View