Trading Paradise: Complete Guidebook
  • ☀️Start your journey here
    • 📘Introduction to our guidebook
    • 👨‍💻Our Commitment to Transparency and Compliance with TradingView's Rules
    • ❗Risk Disclosure and Disclaimer
  • 🛎️Kicking off
    • How to create a TradingView account
    • How to get access to a Full Suite Subscription
    • How to add an indicator to your chart
    • Link to TradingView helping center
  • 🚀 Easy Trade, Buy and Sell Strategy Indicator
    • How do Indicators and Strategies differ in TradingView?
    • Strategy Tester and components breakdown
    • Easy Trade Pro
    • Easy Trade Pro Strategy tests results (Intro)
    • Easy Trade Pro Strategy tests results - S&P500 Index
    • Copy of Easy Trade Pro Strategy tests results - Stocks
    • Easy Trade Pro Strategy tests results - US500
    • Easy Trade Pro Strategy tests results - Forex
    • Easy Trade Pro Strategy tests results - XAU USD
    • Easy Trade Pro Strategy tests results - Bitcoin
    • Easy Trade Pro Strategy tests results - Ethereum
    • Easy Trade Pro Strategy tests - Alt coins
    • Easy Trade Pro Strategy tests results - NIFTY BANK's INDEX FUTURES
  • 👑Premium Indicators
    • Custom Range Creator + Normalized (Obv, Rsi, Mfi, Volume), with Enhanced Wick Analysis
    • Liquidity Raids and Sweeps
    • Ultimate Moving Average Strategy Creator
    • Automated MSB OTE Fibs and Premium Discount
    • Volume CVD and Open Interest Heatmap
    • Accumulation Manipulation PO3 and MMXM
    • Support and Resistance Intensity Zones
    • Candle Wick Patterns Alerts & Liquidity Targets
  • 🔍FAQ
    • General FAQ
    • Plan Upgrade FAQ
    • Payment Methods FAQ
    • Technical Indicators features FAQ
  • 😄Engage with us
    • Twitter
    • Youtube
    • Tik Tok
    • Trading Paradise TradingView Account
Powered by GitBook
On this page
  1. Premium Indicators

Custom Range Creator + Normalized (Obv, Rsi, Mfi, Volume), with Enhanced Wick Analysis

Custom Range Creator, ideal for range traders and candlestick analysis enthusiasts!

PreviousEasy Trade Pro Strategy tests results - NIFTY BANK's INDEX FUTURESNextLiquidity Raids and Sweeps

Last updated 1 year ago

Hello Traders!

The evolved Custom Range Creator is a robust trading tool equipped with enhanced wick analysis, designed for range and candlestick analysis enthusiasts. Range Definition Options, you have two options to define a range:

  1. Dynamic Range: By setting a desired number of past candles, the indicator generates a range based on the highest and lowest points within the selected number of bars.

  2. Manual Input: Define a range by manually specifying your desired range low and range high prices.

Range Elements: In both cases, the Custom Range Creator enables you to customize the style, color, and width of the range lines and labels to suit your visual preferences. Additionally, you have the option to adjust the range's placement using the bar offset feature.

Normalized Oscillators: The Custom Range Creator now offers the added feature of normalizing trading indicators such as Volume, RSI, MFI, and OBV to a specific range. This standardizes these oscillators, enabling you to directly compare and interpret their relationship with price action and wick lengths.

Consider, for instance the picture below. Ethereum (ETH) 1D chart, where the price is at a Range Quarter with a higher high while the OBV shows a higher low. The bearish divergence between the OBV and price could indicate a potential shift in market dynamics, a valuable insight for informed decision-making.

The Custom Range Creator not only saves time but also enhances your analysis accuracy. With automatic calculations, customizable options, and normalization of oscillators and volume data, you can focus more on your strategy and be confident in your range analysis.

Here below a short video about the range creation selecting a number of candles in the past:

Wick Analysis: We've introduced the ability to set a custom percentage for both lower and upper wicks, and the system will highlight the candle bodies that match these criteria. Further, the mid-point (50% level) and the 100% level of each selected wick will be marked. These levels are deleted when they get filled. Additionally, these levels can be extended to the right, so when they are not filled, they give you an idea similar to order blocks.

The indicator detects the average percentage price change of candles over a lookback period. Since the wick analysis requires focusing on candles with a high percentage change, we introduced a multiplier option, allowing you to multiply the percentage price change to identify the top candles. After filtering the candles, you can proceed with the same concept that we introduced to decide what percentage will be the lower wick or the upper wick compared to the body of the candle. We have implemented three inputs, so you can decide on up to three different multipliers and three different wick sizes.

Enhanced and Customizable Moving Averages: The indicator allows you to select up to two moving averages to be viewed simultaneously. Options include SMA, EMA, WMA, HMA, RMA, SWMA, and VWMA. Each moving average can be customized according to your preference in terms of length, type, color, width, and style. This provides a more personalized and comprehensive visual representation of price trends and movements.

In conclusion, the Custom Range Creator offers an even more sophisticated and personalized approach to your trading analysis. The newly introduced enhancements including Wick Percentage Selector, Color Mid Wick only, and Customizable Moving Averages equip you with detailed control over how you interpret market trends. Whether you are investigating potential price reversal levels, tracking the intensity of price movements via wick lengths, or observing the dynamics of price trends with advanced moving averages, this indicator facilitates a precise and efficient trading analysis experience.

For more detailed information, please consult the PDF below:

Take action now for instant access!

👑
https://www.tradingparadise.io/pricing
556KB
Custom Range Creator + Normalized (Obv, Rsi, Mfi, Volume), with Enhanced Wick Analysis - Instruction Manual.pdf
pdf