Analyzing Afternoon vs. Morning Ranges in Pine Script

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Want to learn Pine Script? Look no further. I have you covered!
This lesson explores a script I made to validate a hypothesis posed by a trader at SMB Capital.
The hypothesis is simple: if a stock has a larger price range in the afternoon session versus the morning session, there is a very low likelihood of that stock continuing its trend (ie. closing higher than the previous day's high).
Is this true? Find out with today's video.
With over 16 years of coding experience and 5+ years of profitable trading experience, I specialize in TradingView's Pine Script programming language and I'm here to pass on everything I've learned about both trading and coding.
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▼Timestamps▼
00:00 - Intro
#PineScript #TradingView #Trading

Опубликовано:

18 янв 2024

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Комментарии : 19

@TheArtOfTrading 5 месяцев назад

*SMB Capital Video:* instagram.com/smbcapital/reel/Cz9jfwRSyjy/ *Script Source Code:* courses.theartoftrading.com/pages/analyzing-afternoon-vs-morning-ranges

@stupidbitcoin 5 месяцев назад

Hello, would you be interested in a script that scalped vector candles? I dont know how to code, I am trying by best to learn. I was able to assign the PVSRA colors and make my own vector candles indicator with emas. But would you do a video on this topic. Mad love and respect from the bitcoin community. The code should take a number of pips profit from each vector candle. This should result in 70% win rate, because that is what I average. I think the code can react faster and better than I can.... these are single candle in and out trades on the 1 min. Cheers!

@mateoh327 5 месяцев назад

Matt, this is awesome code, thank you! Interestingly, I ran your code on 2 hour candles, which changes the afternoon session to 1:30 Eastern. For some reason, on SPY (RTH) it gave 325 Range Expansion days, 40% continuation chance. On SPX (no RTH/ETH option), 1247 range expansion days, 30.87% change of continuation and ES1! (RTH) 2166 Range Expansion days, 23.92% chance of continuation. I tried turning "adjust data for dividends" on and off on SPY, but it didn't make any difference. I have SPY 2 h bars back to Nov 2008, SPX back to 2000 and ES1! back to 2014 (even on RTH. I'm going to modify the code so the date filter works and see if it makes a difference. But using ES1! results appears to be a very high probability trade, even if trading SPX or SPY. Personally, I'm looking for end of trend or start of neutral ideas for selling SPX credit spreads.

@n7ekg 2 месяца назад

I noticed this a while back, and have divided my RTH chart into two pieces: 9:30-12:00, and 12:00 until 17:00. If you put your VWAP/moving averages/etc. on these two different time charts, I think you're going to notice something very interesting - each session has it's own trading style.

@kingmonk44 5 месяцев назад

thank you... my subconscious had already noticed such patterns. but i couldn't formulate the rule. thanks for the precise explanation. sharing knowledge is the highest art of life. and you are a master at it. good work

@dee4119 5 месяцев назад

Wow, I really like the way put the strategy into code. It seems so easy :) I always gete xcited about learning more pine when I see videos like this. Cudos to you and for giving out the script as well

@peterp7009 5 месяцев назад

Thanks for such a great video!!! it is so good to be able to validate trading strategies - well done mate!

@stupidbitcoin 5 месяцев назад

the EU brinx box and the NY brinx are amazing trade windows.

@cem2075 5 месяцев назад

Thanks The King of pinescript

@hu5116 5 месяцев назад

Fantastic find and code! You da man for Pine Script! I think I’ll try it and see about maybe optimizing it further ;-)

@KLiCuk1 5 месяцев назад

Great analysis 👍

@hu5116 Месяц назад

After thinking on this a bit, I just realized that this technique/algorithm is obvious! (everything is obvious in hind sight, isn't it). All this is is Mean Reversion! If the range is bigger in the afternoon, then there is more power/force/energy/momentum behind the eventual close of the day price. If afternoon range is large, then it means the stock has wandered in excess in the direction of the days close. When a stock is in excess, it will subsequently mean revert (come back to where it was before). So in principle, there is no mystery to this working. Of course the devil is in the details of actually figuring how to compute its effect optimally since market theory predicts the perfect market should present no arbitrage opportunities. But for big enough and fast enough swings, the market may not balance out instantly, and so this offers a mean reversion opportunity it would seem.

@calvinlm88 3 месяца назад

Hi, can you launch your Real Test course as soon as possible please? I can hardly wait!

@roxnroll8050 5 месяцев назад

That's funny - the same video came up on my feed! Now, by next day, do you mean 12AM PST? Or do you mean 6:30AM PST NY market open? BTW: Thanks for doing the work to see if their observation was legit!

@ASD.andreas 5 месяцев назад

Hi thanks for your great lessons in pinescript Maybe you can write a few lines or make a video about this point... I tried to write a strategy, where just 1 order runs (no pyamide) and when the market increase, the stoploss points will set higher and higher. Pulling up behind the market. With a already running order, I only could change the SL point everywhere below the first order level. But never above. Could you tell me if this is possible and how? thanks so much BR Andreas

@nejad2379 5 месяцев назад

How would you ideally make it check on the last bar of trading session instead of waiting for the first bar of new day to detect closing price?

@Lerxsty2112 4 месяца назад

So the time frame of the chart doesn't make any difference? If not, using a higher timeframe like 1H gets much more candles for backtesting. I'm also looking at this on some Forex charts and it looks like the theory is even more true there!