Rally Base Drop Signals: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.

Overview

Rally Base Drop Signals checks four patterns: rally-base-drop, rally-base-rally, drop-base-drop and drop-base-rally. Settings define the averaging length, the size of big and small body candles relative to that average, the maximum number of base candles, the number of closes that invalidate a zone, and how many zones are kept per side. It marks areas only and has no trade management.

Rally, base and drop pattern zones
Big and small body thresholds from an average
Zone invalidation by close count
Limit on zones per side

Details

Published by

mikeyhu70 on GitHub

Code credit

LuxAlgo, as written in the script's header

Type

Indicator, Pine Script v6

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

Supply and Demand/Rally Base Drop-1.txt

Repository

github.com/mikeyhu70/Tradingview. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Rally \| Base \| Drop	`bool`	`true`	`rbdTog`
Rally \| Base \| Rally	`bool`	`true`	`rbrTog`
Drop \| Base \| Drop	`bool`	`true`	`dbdTog`
Drop \| Base \| Rally	`bool`	`true`	`dbrTog`
Average Length	`int`	`20`	`avgLen`
Big Body Candle Size %	`float`	`100`	`bigBodyPct`
Small Body Candle Size %	`float`	`40`	`smallBodyPct`
Max Base Candles	`int`	`4`	`maxBaseBars`
Invalidation Count	`int`	`2`	`invalidateCloses`
Invalidation Trigger	`string`	`Close`	`invalidateTrigger`
Max Zones Per Side	`int`	`4`	`maxZones`
Bar Color Logic	`string`	`Full Color`	`bcType`

Show all 19 settings

Setting	Type	Default	Variable
Rally Color	`color`	`#089981c0`	`rallyCol`
Base Color	`color`	`#00000000`	`baseCol`
Drop Color	`color`	`#f23645c0`	`dropCol`
Supply Zone Color	`color`	`color.new(#f23645, 80)`	`supplyCol`
Demand Zone Color	`color`	`color.new(#089981, 80)`	`demandCol`
Label Color	`color`	`color.gray`	`txtCol`
Label Size	`string`	`Small`	`Label Size`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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