HOT ZONE - RSI with IV Percentile: Buy Stock or Sell Put Options Signal

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petey150

New member
could you make a script exactly like this but with the Daily VWAP @chewie76 or @BenTen
(i dont need anything more complicated like some others ive seen)
 
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daytradeinvestor

New member
i got a question on this for the lower indicator. If i want to be alerted with an arrow but only if the next data point after the yellow dot is not a yellow dot, how do i code? For example

Monday - Red-dot
Tuesday - Yellow-dot
Wednesday - No dot
Thursday - Show arrow

* No need, i managed to code it *

@tutianlong, Could you please share your code for this alert? I was actually looking at setting up this alert as well. I'm not a programmer but I can kind of edit things to make it work.

What I was thinking was if the previous close was either the HotZone dot OR a HotZone Line dot, AND the current bar is NOT Hotzone dot or Hotzone line dot, then signal a buy alert.

If tutianlong doesn't reply, is anyone else able to help point me in the right direction?

Thank you Chewie for sharing this!
 
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tutianlong

New member
VIP
@tutianlong, Could you please share your code for this alert? I was actually looking at setting up this alert as well. I'm not a programmer but I can kind of edit things to make it work.

What I was thinking was if the previous close was either the HotZone dot OR a HotZone Line dot, AND the current bar is NOT Hotzone dot or Hotzone line dot, then signal a buy alert.

If tutianlong doesn't reply, is anyone else able to help point me in the right direction?

Thank you Chewie for sharing this!

the additional code is

plot RedYellowNone = if hotzone[2]<-60 and hotzone[1]<-45 and hotzone[1]>-60 and hotzone>-45 then high else Double.NaN;
RedYellowNone.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
RedYellowNone.SetDefaultColor(Color.UPTICK);
RedYellowNone.SetDefaultColor(Color.White);
 
Rango

Rango

New member
I love this indicator. So OUT THERE, like here stupid, pay attention!!! A lot of times there is so much noise in indicators, we after the fact notice, damn how did i miss this. That's me at least. Well, you can't miss with this one unless you're blind.
 
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TOSTrader2020

New member
Can anyone share the latest code or sharable link to import the indicator.
Thank you.
 
MayamanMarne

MayamanMarne

New member
VIP
Can anyone share the latest code or sharable link to import the indicator.
Thank you.
There is no latest code we use the original code but you should be aware that it will not works all the time but it very good this indictors in SPY and some good stocks as far as in my back test.
 
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TOSTrader2020

New member
There is no latest code we use the original code but you should be aware that it will not works all the time but it very good this indictors in SPY and some good stocks as far as in my back test.
Thank you @MayamanMarne
 
wtf_dude

wtf_dude

Active member
Is there a Hot Zone Scan?
 
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TOSTrader2020

New member
Hi All,
Referring to the initial post with the code. For CWH on a daily chart there is only one lower indicator. Can anyone tell me which one is it? because I added both HotZoneRSI and HotZoneLine which makes me watch both the indicators.

Sorry I am unable to upload images here. But just to re-iterate my question, from the image of CWH daily it looks like both RSI and IV are combined under one lower indicator( Correct me if wrong). How can we get that?

Thank you Team.

Edit: Nm, found the answer.
 
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lostmarxbro

New member
I will say that my selections usually plummet immediately after buying but the four samples I bought are maintaining pretty stable prices. I guess time will tell now. I also like using Ichimoku but there have been no coinciding stocks at this time. Thank you for the Indicator

It doesn't show up when you turn on Renko bars but it really clarifies the trend none the less.
 
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lostmarxbro

New member
I had to search this thread back down just to say I am now a firm believer and Thank you @chewie76. I am also using Ichimoku and prolific volume but the scan is where it's at.
 
BenTen

BenTen

Administrative
Staff
VIP
Here is the TradingView version of HotZone. Converted by @egshih

Code:
//#HOTZONE LINE UPPER: RSI-IV_percentile indicator
//#developed by Chewie76 with help from FateOwnzYou 10-1-2020
//modified for TradingView by egshih
//@version=4
study("HOTZONE LINE UPPER: RSI-IV_percentile indicator", overlay=true)

// Global Variables //
length = input(defval=14, title="Length")
price = close
NetChgAvg = rma( price - price[1], length)
TotChgAvg = rma(abs(price - price[1]), length)
ChgRatio = TotChgAvg != 0 ? NetChgAvg / TotChgAvg : 0
RSI = (50 * (ChgRatio + 1)) * -1
RSI1 = 50 * (ChgRatio + 1)
TakeProfit = 60
BUY = -60
//Implied Volatility Function Creation.
// Functions taken from https://www.tradingview.com/script/E8zeTYik-Implied-Volatility-Suite/ Used the VixFix
//Originally created by SegaReko @ TradingView.com
VIX_Upside(i) =>
    VIXUPClose=(stdev(close,252)*i)+close
    VIXUPLow=(stdev(low,252)*i)+low
    VixUP=(highest(VIXUPClose, 252) - VIXUPLow) / highest(VIXUPClose, 252) * 100
    
VIX_Downside(i) =>
    VIXDNClose=close-(stdev(close,252)*i)
    VIXDNLow=low-(stdev(low,252)*i)
    VixDN=(highest(VIXDNClose, 252) - VIXDNLow) / highest(VIXDNClose, 252) * 100
//VixFix Implied Vol.
VixFix=(VIX_Upside(0)+VIX_Downside(0))/2
pctileRank = percentrank(VixFix, 252)
data = pctileRank
hi = highest(data, 252)
lo = lowest(data, 252)
Percentile = ((data - lo) / (hi - lo) * 100) * -1
Percentile2 = (data - lo) / (hi - lo) * 100
lowend = Percentile < 25
highend = Percentile > 50
HotZone = Percentile - RSI
//HOTZone Line dots ### For Horiziontal Review Taken out since we are only using this for Upper Indicator
//CAUTION1 = HotZone < -45 and HotZone > -70
//plotshape(CAUTION1,title="Caution1", style=shape.circle,location=location.abovebar, color=color.yellow)
//HOT1 = HotZone <= -70
//plotshape(HOT1,title="Hotzone1", style=shape.circle,location=location.abovebar, color=color.red)

// HotZone dots ###
RSIIV1 = (Percentile2 - RSI1 >= 30 and RSI1 > 32 and RSI1 < 40)
plotshape(RSIIV1,title="Caution", style=shape.circle,location=location.abovebar, color=color.yellow)
RSIIV = Percentile2 - RSI1 >= 40 and RSI1 < 32
plotshape(RSIIV,title="Hot", style=shape.circle,location=location.abovebar, color=color.red)

//HZ Line Arrows#
UpSignal = crossover(HotZone, BUY)
plotshape(UpSignal,title="Buy", style=shape.arrowup,location=location.belowbar, color=color.green, text= "Buy HZ")
DownSignal = crossunder(HotZone, TakeProfit)
plotshape(DownSignal,title="Sell", style=shape.arrowdown,location=location.abovebar, color=color.red, text= "Sell HZ")
 

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