Name
Tom-DeMark-Sequential-Heat-Map
Author
ChaoZhang
Strategy Description
This indicator uses Tom DeMark’s TD Sequential counting from 1 to 13. Number 9 and 13 usually identify an exhausted trend and mark a trend reversal. The important numbers get displayed as labels (7-13), where 9 and 13 are both highlighted as "Long" or "Short".
Besides the numbers the price candles are colored based upon the sequence. Bullish colors are starting from bright yellow ( TD 1 = start of trend) to dark red ( TD 13 = trend exhausted) Bearish colors are starting from bright blue ( TD 1 = start of trend) to dark blue ( TD 13 = trend exhausted)
DeMark recommends to be used for short term price reversals only but as you can see in the chart, it also works for LUNA 1D chart. Also works very well with Heikin Ashi candles.
Use it in combination with for example the "Tom DeMark Pressure Ratio" to find tops and bottoms. You can change the timeframes, disable labels/barcolor and customise colors to your liking.
If you have any idea on how to optimise the code, please feel free to share
backtest
Strategy Arguments
| Argument | Default | Description |
|---|---|---|
| v_input_1 | true | Paint Bars |
| v_input_2 | true | Show labels |
| v_input_3 | #32CD32 | buy_col |
| v_input_4 | #F44336 | sell_col |
| v_input_5 | #FFFFFF | text_col |
Source (PineScript)
////////////////////////////////////////// Tom DeMark heatmap © by Indicator-Jones /////////////////////////////////////////
//
// This indicator uses Tom DeMark’s TD Sequential counting from 1 to 13.
// Number 9 and 13 usually identify an exhausted trend and mark trend reversal.
// The important numbers get displayed as labels (7-13), where 9 and 13 are both highlighted as "Long" or "Short".
// Besides the numbers the price candles are colored based upon the sequence.
// Bullish colors are starting from bright yellow (TD 1 = start of trend) to dark red (TD 13 = trend exhausted)
// Bearish colors are starting from bright blue (TD 1 = start of trend) to dark blue (TD 13 = trend exhausted)
//
// DeMark recommends to be used for short term price reversals only but as you can see in the chart, it also works for LUNA 1D chart.
// Also works very well with Heikin Ashi candles.
// Use it in combination with for example the "Tom DeMark Pressure Ratio" to find tops and bottoms.
// You can change the timeframes, disable lables/barcolor and customise colors to your liking.
//
// If you have any idea on how to optimise the code, please feel free to share :)
//
// Inspired by "Stochastic Heat Map" from @Violent
//
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
//@version=5
indicator(title='Tom DeMark Sequential Heat Map', shorttitle='TD heatmap', overlay=true, timeframe='')
//A heat map for TD counts. If you find this useful or yank the code, please consider a donation :)
// -------- Inputs --------
paintBars = input(title='Paint Bars', defval=true)
showLabels = input(title='Show labels', defval=true)
buy_col = input(#32CD32,0,'Colors',inline='col')
sell_col = input(#F44336,0,'',inline='col')
text_col = input(#FFFFFF,0,'',inline='col')
// -------- Bearish trend (blue) color selection --------
getBuyColor(count) =>
if count == 1
color.new(#11e7f2,0)
else
if count == 2
color.new(#11d9f2,0)
else
if count == 3
color.new(#11cbf2,0)
else
if count == 4
color.new(#11aff2,0)
else
if count == 5
color.new(#1193f2,0)
else
if count == 6
color.new(#1176f2,0)
else
if count == 7
color.new(#105df4,0)
else
if count == 8
color.new(#1051f5,0)
else
if count == 9
color.new(#0f44f5,0)
else
if count == 10
color.new(#0c3de0,0)
else
if count == 11
color.new(#0935ca,0)
else
if count == 12
color.new(#062eb4,0)
else
if count == 13
color.new(#02269e,0)
// -------- Bullish trend (blue) color selection --------
getSellColor(count) =>
if count == 1
color.new(#eef211,0)
else
if count == 2
color.new(#efdc11,0)
else
if count == 3
color.new(#f0c511,0)
else
if count == 4
color.new(#f1af11,0)
else
if count == 5
color.new(#f29811,0)
else
if count == 6
color.new(#f28811,0)
else
if count == 7
color.new(#f27811,0)
else
if count == 8
color.new(#f26811,0)
else
if count == 9
color.new(#f25811,0)
else
if count == 10
color.new(#ea420d,0)
else
if count == 11
color.new(#e12c09,0)
else
if count == 12
color.new(#d81605,0)
else
if count == 13
color.new(#cf0000,0)
// -------- Calculate bearish trend sequence --------
buySetup = 0
buySetup := close < close[4] ? buySetup[1] == 13 ? 1 : buySetup[1] + 1 : 0
// -------- Calculate bullish trend sequence --------
sellSetup = 0
sellSetup := close > close[4] ? sellSetup[1] == 13 ? 1 : sellSetup[1] + 1 : 0
// -------- Paint bars --------
barColour = buySetup >= 1 ? getBuyColor(buySetup) : sellSetup >= 1 ? getSellColor(sellSetup) : na
//barcolor(paintBars ? barColour : na, title='Bar colors (heatmap)')
if buySetup == 13
strategy.entry("Enter Long", strategy.long)
else if sellSetup == 13
strategy.entry("Enter Short", strategy.short)
Detail
https://www.fmz.com/strategy/361847
Last Modified
2022-05-08 17:29:16