A repository containing open source projects that I put out on Tradingview's platform.
Goal is to use simple quantitative methods to systematically replicate the process of technical analysis (TA).
I still subscribe to the notion that randomness is an element that makes up price, at least in the short term in the grand scheme. If market is driven by human, and human-beings are considered to be irrational on the ground that emotions often override rationality, then TA must have no merits when it comes to speculating the future value of price.
But having a strategy is still important. Fundamentals cannot be solely relied on for day/swing trading purposes because market participants tend to emotionally react to current price rather than what putting efforts to understand what make up companies' intrinsic values. I argue that price based on the most recent ticks is what make investors tick (pun intended). From this perspective, TA does have merits for trading, just not for anticipating the future value of the underlying asset, rather it's for speculating market's emotional perception of price.
When it comes to TA, scripting helps because it eliminates cognitive bias that traders will have whenever presented with live charts. "Trade what you see, not what you think" a popular phrase originated from one of Larry Pesavento's books has somewhat now become a cliche. Professional traders with decades of experience can do this, but it is impossible for beginners, novices, or even the slight adept to perform.
End of rambling. PineScript is a great tool. Runtime takes place in TradingView’s servers, and access to market data is readily available.
Link to the rest of my projects at http://tradingview.kevinhhl.com