QFL single TF v1.3
Jun 21, 2021
The QFL single TF indicator identifies potential mean-reversion trade opportunities by detecting price deviations from fractal-based support and resistance levels.
Usage
The Usage section describes how the script can be used to identify entry and exit points based on the "Quickfingers Luc" (QFL) methodology. The indicator identifies "bases" using high-volume fractals and triggers signals when the price stretches a specific percentage away from these levels.
- Long Entries: Triggered when the price drops below the current fractal support (base) by the user-defined "QFL percentage to buy".
- Short Entries: Triggered when the price rises above the current fractal resistance by the "QFL percentage to sell".
- Timeframe Selection: Users can set a specific timeframe for base calculation. For example, viewing 15-minute price action while using a 1-hour or 4-hour timeframe for base detection provides a more conservative, higher-timeframe perspective.
- Backtesting Compatibility: By enabling the "Backtesting compatible" mode, the indicator plots numerical values (1 for buys, 2 for sells) that can be easily referenced by external backtesting scripts.
Details
The script is built using Pine Script v6 and utilizes a security wrapper to handle multi-timeframe data while minimizing repainting issues. It identifies fractal bases by looking for specific price patterns (pivot highs/lows) accompanied by volume that exceeds a Simple Moving Average (SMA).
A "Max candle age" filter is included to ensure signals only trigger on relatively fresh bases. If a base has existed for more than the specified number of candles, it is considered stale, and signals are suppressed.
Settings
Core Parameters
- QFL timeframe: The timeframe used to calculate the fractal bases. It is recommended to use a timeframe equal to or higher than the current chart.
- QFL volume MA: The period for the Volume SMA used to validate fractal significance.
- QFL percentage to buy: The percentage distance below the base required to trigger a buy signal.
- QFL percentage to sell: The percentage distance above the base required to trigger a sell signal.
Logic & Compatibility
- Max candle age: Limits signals to bases formed within a certain number of bars. Set to 0 to disable.
- Backtesting compatible: Changes the output format to numerical values for use with external strategy scripts.
- Allow consecutive signals: If enabled, the indicator will trigger signals on every bar where conditions are met, rather than only the first occurrence.
Visuals
- plot signal: Toggles the visibility of "B" (Buy) and "S" (Sell) labels.
- plot bases: Toggles the visibility of the fractal support and resistance levels on the chart.
- Show base change long/short: Plots labels indicating when a new base has been established.
FAQ
How do I use this for automated trading?
You can use the built-in alerts ("QFL Buy" and "QFL Sell") to connect the indicator to third-party execution bots. Additionally, the backtesting compatibility mode allows you to verify the logic before going live.
Why are there no signals appearing on my chart?
Ensure your "QFL percentage" isn't set too high for the current asset's volatility, and check that the "QFL timeframe" is not lower than your current chart timeframe.
How do I access QFL single TF?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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