RoyalPrince Indicator Pt.2: Comprehensive Market Trend and Support/Resistance Tool

Key Features of the Script:

1. SuperTrend-Based Buy/Sell Signals:
   • Uses an ATR-based SuperTrend algorithm to generate dynamic buy and sell signals.
   • Customizable sensitivity settings: Low, Medium, High for different trading styles.
2. Support and Resistance Levels:
   • Automatically identifies key support and resistance levels based on pivot highs and lows.
   • Provides visual cues for potential breakout or reversal points.
3. EMA Energy Bands:
   • Incorporates 16 EMAs (Exponential Moving Averages) to track market momentum.
   • Color-coded trend strength based on price relation to the EMA values.
4. Keltner Channel Integration:
   • Implements multiple Keltner Channels with different ATR multipliers for trend-following and volatility measurement.
   • Highlights upper and lower channel boundaries for breakout detection.
5. PSAR (Parabolic SAR) Integration:
   • Option to enable/disable the PSAR for additional trend confirmation.
   • Uses colored dots to signify trend direction and potential reversals.
6. Auto Trend Lines:
   • Dynamically draws trend lines using linear regression slope and ATR-based deviations.
   • Helps traders visualize potential breakout zones and trend reversals.
7. Pivot Highs/Lows Tracking:
   • Tracks recent market structure with adjustable lookback periods to identify swing highs and lows.
   • Useful for spotting market turning points.
8. Bar Coloring for Trend Confirmation:
   • Changes bar colors based on price action relative to SuperTrend and moving averages.
   • Provides easy visual interpretation of market sentiment.
9. Breakout Confirmation:
   • Detects breakouts above or below key pivot levels.
   • Plots breakout labels (“B”) on the chart for quick trade opportunities.
10. Custom Alerts and Notifications:

• Alerts for crossover and crossunder events of price vs. trend indicators.
• Enables traders to stay informed of potential trade setups in real time.

Recommended Usage:

1. Scalping:
   • Best suited for 5-minute to 15-minute charts.
   • Use EMA energy bands and Keltner channels for quick decision-making.
2. Swing Trading:
   • Effective on 1-hour to 4-hour charts.
   • Combine trend lines with SuperTrend for medium-term market trends.
3. Breakout Trading:
   • Track pivot levels and breakout confirmations on 30-minute to 1-hour charts.
   • Identify potential reversal points using PSAR and EMA crossovers.
4. Risk Management:
   • Use ATR-based Keltner Channel boundaries for setting stop-loss and take-profit levels.
   • Apply trend-based bar coloring to avoid entering choppy markets.

Script Evaluation:

• Functionality: 4.8/5
  The script combines a variety of trend-following and breakout indicators, offering great flexibility for traders.
• Ease of Use: 4.2/5
  While it provides extensive customization options, beginners may need time to adjust settings effectively.
• Accuracy: 4.7/5
  Reliable signals when used with appropriate market conditions and timeframes.
• Repainting Analysis:
  This script does not repaint.
  It generates signals based on confirmed bar data, ensuring accurate performance in live trading and backtesting.
• Optimal Timeframes:
  • Scalping: 5-minute to 15-minute charts.
  • Swing Trading: 1-hour to 4-hour charts.
  • Day Trading: 30-minute to 1-hour charts.
• Author and Development Quality:
  The script is developed under the alias RoyalPrince, showcasing strong programming and trading strategy expertise. Minor optimization may improve performance on high-frequency charts.
• Overall Score: 4.6/5
  A well-balanced tool offering trend analysis, risk management, and breakout detection, suitable for various trading styles.

//@version=5
indicator("RoyalPrince Indicator Pt.2]", overlay=true, precision=0, explicit_plot_zorder=true, max_labels_count=500)
 
// Get user input
sensitivity = input.string("Low", "Sensitivity", ["Low", "Medium", "High"])
suppRes     = input.bool(true, "Support & Resistance")
breaks      = input.bool(false, "Breaks")
usePsar     = input.bool(false, "PSAR")
emaEnergy   = input.bool(true, "EMA Energy")
channelBal  = input.bool(true, "Channel Balance")
autoTL      = input.bool(true, "Auto Trend Lines")
// Functions
supertrend(_src, factor, atrLen) =>
	atr = ta.atr(atrLen)
	upperBand = _src + factor * atr
	lowerBand = _src - factor * atr
	prevLowerBand = nz(lowerBand[1])
	prevUpperBand = nz(upperBand[1])
	lowerBand := lowerBand > prevLowerBand or close[1] < prevLowerBand ? lowerBand : prevLowerBand
	upperBand := upperBand < prevUpperBand or close[1] > prevUpperBand ? upperBand : prevUpperBand
	int direction = na
	float superTrend = na
	prevSuperTrend = superTrend[1]
	if na(atr[1])
		direction := 1
	else if prevSuperTrend == prevUpperBand
		direction := close > upperBand ? -1 : 1
	else
		direction := close < lowerBand ? 1 : -1
	superTrend := direction == -1 ? lowerBand : upperBand
	[superTrend, direction]
lr_slope(_src, _len) =>
    x = 0.0, y = 0.0, x2 = 0.0, xy = 0.0
    for i = 0 to _len - 1
        val = _src[i]
        per = i + 1
        x += per
        y += val
        x2 += per * per
        xy += val * per
    _slp = (_len * xy - x * y) / (_len * x2 - x * x)
    _avg = y / _len
    _int = _avg - _slp * x / _len + _slp
    [_slp, _avg, _int]
lr_dev(_src, _len, _slp, _avg, _int) =>
    upDev = 0.0, dnDev = 0.0
    val = _int
    for j = 0 to _len - 1
        price = high[j] - val
        if price > upDev
            upDev := price
        price := val - low[j]
        if price > dnDev
            dnDev := price
        price := _src[j]
        val += _slp
    [upDev, dnDev]
// Get Components
ocAvg       = math.avg(open, close)
sma1        = ta.sma(close, 5)
sma2        = ta.sma(close, 6)
sma3        = ta.sma(close, 7)
sma4        = ta.sma(close, 8)
sma5        = ta.sma(close, 9)
sma6        = ta.sma(close, 10)
sma7        = ta.sma(close, 11)
sma8        = ta.sma(close, 12)
sma9        = ta.sma(close, 13)
sma10       = ta.sma(close, 14)
sma11       = ta.sma(close, 15)
sma12       = ta.sma(close, 16)
sma13       = ta.sma(close, 17)
sma14       = ta.sma(close, 18)
sma15       = ta.sma(close, 19)
sma16       = ta.sma(close, 20)
psar        = ta.sar(0.02, 0.02, 0.2)
[middleKC1, upperKC1, lowerKC1] = ta.kc(close, 80, 10.5)
[middleKC2, upperKC2, lowerKC2] = ta.kc(close, 80, 9.5)
[middleKC3, upperKC3, lowerKC3] = ta.kc(close, 80, 8)
[middleKC4, upperKC4, lowerKC4] = ta.kc(close, 80, 3)
[supertrend, direction] = supertrend(close, sensitivity == "Low" ? 5 : sensitivity == "Medium" ? 2.5 : 2, 11)
barsL       = 10
barsR       = 10
pivotHigh = fixnan(ta.pivothigh(barsL, barsR)[1])
pivotLow = fixnan(ta.pivotlow(barsL, barsR)[1])
source = close, period = 150
[s, a, i] = lr_slope(source, period)
[upDev, dnDev] = lr_dev(source, period, s, a, i)
// Colors
green       = #2BBC4D, green2   = #00DD00
red         = #C51D0B, red2     = #DD0000
emaEnergyColor(ma) => emaEnergy ? (close >= ma ? green : red) : na
// Plots
k1 = plot(ta.ema(upperKC1, 50), "", na, editable=false)
k2 = plot(ta.ema(upperKC2, 50), "", na, editable=false)
k3 = plot(ta.ema(upperKC3, 50), "", na, editable=false)
k4 = plot(ta.ema(upperKC4, 50), "", na, editable=false)
k5 = plot(ta.ema(lowerKC4, 50), "", na, editable=false)
k6 = plot(ta.ema(lowerKC3, 50), "", na, editable=false)
k7 = plot(ta.ema(lowerKC2, 50), "", na, editable=false)
k8 = plot(ta.ema(lowerKC1, 50), "", na, editable=false)
fill(k1, k2, channelBal ? color.new(red2, 40) : na, editable=false)
fill(k2, k3, channelBal ? color.new(red2, 65) : na, editable=false)
fill(k3, k4, channelBal ? color.new(red2, 90) : na, editable=false)
fill(k5, k6, channelBal ? color.new(green2, 90) : na, editable=false)
fill(k6, k7, channelBal ? color.new(green2, 65) : na, editable=false)
fill(k7, k8, channelBal ? color.new(green2, 40) : na, editable=false)
plot(sma1, "", emaEnergyColor(sma1), editable=false)
plot(sma2, "", emaEnergyColor(sma2), editable=false)
plot(sma3, "", emaEnergyColor(sma3), editable=false)
plot(sma4, "", emaEnergyColor(sma4), editable=false)
plot(sma5, "", emaEnergyColor(sma5), editable=false)
plot(sma6, "", emaEnergyColor(sma6), editable=false)
plot(sma7, "", emaEnergyColor(sma7), editable=false)
plot(sma8, "", emaEnergyColor(sma8), editable=false)
plot(sma9, "", emaEnergyColor(sma9), editable=false)
plot(sma10, "", emaEnergyColor(sma10), editable=false)
plot(sma11, "", emaEnergyColor(sma11), editable=false)
plot(sma12, "", emaEnergyColor(sma12), editable=false)
plot(sma13, "", emaEnergyColor(sma13), editable=false)
plot(sma14, "", emaEnergyColor(sma14), editable=false)
plot(sma15, "", emaEnergyColor(sma15), editable=false)
plot(sma16, "", emaEnergyColor(sma16), editable=false)
barcolor(close > supertrend ? #2BE300 : red2)
p3 = plot(ocAvg, "", na, editable=false)
p4 = plot(psar, "PSAR", usePsar ? (close > psar ? green : red) : na, 1, plot.style_circles, editable=false)
fill(p3, p4, usePsar ? (close > psar ? color.new(green, 90) : color.new(red, 90)) : na, editable=false)
y1 = low - (ta.atr(30) * 2), y1B = low - ta.atr(30)
y2 = high + (ta.atr(30) * 2), y2B = high + ta.atr(30)
bull = ta.crossover(close, supertrend) and close >= sma9
bear = ta.crossunder(close, supertrend) and close <= sma9
plot(pivotHigh, "Resistance", not suppRes or ta.change(pivotHigh) ? na : red, 2, offset=-(barsR + 1), editable=false)
plot(pivotLow, "Support", not suppRes or ta.change(pivotLow) ? na : green, 2, offset=-(barsR + 1), editable=false)
upB = breaks and ta.crossover(close, pivotHigh) ? label.new(bar_index, y1B, "B", xloc.bar_index, yloc.price, green, label.style_label_up, color.white, size.small) : na
dnB = breaks and ta.crossunder(close, pivotLow) ? label.new(bar_index, y2B, "B", xloc.bar_index, yloc.price, red, label.style_label_down, color.white, size.small) : na
x1 = bar_index - period + 1, _y1 = i + s * (period - 1), x2 = bar_index, _y2 = i
upperTL = autoTL ? line.new(x1, _y1 + upDev, x2, _y2 + upDev, xloc.bar_index, extend.none, red) : na
line.delete(upperTL[1])
middleTL = autoTL ? line.new(x1, _y1, x2, _y2, xloc.bar_index, extend.none, color.white) : na
line.delete(middleTL[1])
lowerTL = autoTL ? line.new(x1, _y1 - dnDev, x2, _y2 - dnDev, xloc.bar_index, extend.none, green) : na
line.delete(lowerTL[1])

How to Apply Pine Script in TradingView:

1. Open TradingView and log in.
2. Navigate to the Pine Script Editor at the bottom of the screen.
3. Copy and paste the provided script code.
4. Click Save, then name the script (e.g., “RoyalPrince Indicator Pt.2”).
5. Click Add to Chart to apply it.
6. Customize the settings to fit your trading strategy.

Additional Trading Tips:

• Combine with Volume Indicators:
  Use volume-based indicators like OBV or VWAP alongside this script for enhanced trade confirmation.
• Use on Higher Timeframes for Accuracy:
  While it works on lower timeframes, the best results are often seen on 1-hour or higher charts, where signals are more reliable.
• Backtest Before Live Trading:
  Always backtest the script under various market conditions to optimize parameters and maximize its effectiveness.

Final Thoughts:

The RoyalPrince Indicator Pt.2 is a powerful and versatile trading tool that combines multiple indicators to provide a complete market analysis system. Its non-repainting nature ensures reliable signals, making it ideal for traders focusing on trend-following and breakout strategies. Whether you’re scalping or swing trading, this script offers the insights needed to stay ahead of the market.