OPEN-SOURCE SCRIPT
SMART-V-Oscillator
The SMART-V-Oscillator integrates multiple powerful indicators into a single, cohesive tool, offering a comprehensive analysis of market conditions. Its standout features include built-in divergence detection for early trend reversal signals, an overall sentiment analysis for quick market insights, and customizable settings to fit your trading strategy.
Key Indicators:
- Strength (ADX): Measures the strength of a trend.
- Momentum (RSI, Stochastic RSI): Gauges the speed and change of price movements.
- Analysis (Overall): Provides an overall analysis by combining insights from all indicators.
- Range (Bollinger Bands): Shows volatility using bands around a moving average.
- Trend (MACD): Displays the relationship between two moving averages of a price.
- Volatility (Bollinger Bands): Indicates market volatility using standard deviation.
- Volume (CMF): Measures buying and selling pressure using volume.
Features:
- SMART-V Oscillator: Values range from 0 to 100, providing clear trading signals.
- Overbought/Oversold Levels: Default levels set at 70 and 30, customizable to your strategy.
- Normalization Period: Customizable lookback period for normalizing the indicators, allowing you to fine-tune the sensitivity.
- Overall Sentiment: Color-coded sentiment based on combined indicator strengths for quick reference.
- Customizable Colors: Adjust heatmap and table colors through input settings.
- Divergence Detection: Identifies potential reversal points by comparing price action with the oscillator’s movements.
How to Use:
- Add the Indicator: Apply the SMART-V-Oscillator to your chart.
- Interpret the Values: Use overbought and oversold levels to spot potential reversals.
- Check Overall Sentiment: Get a quick market overview from the sentiment table.
- Monitor Divergences: Look for divergence signals to identify potential reversal points.
Customization:
- Overbought/Oversold Levels: Tailor these levels to fit your trading strategy.
- Normalization Period: Adjust the lookback period to fine-tune the sensitivity of the normalization.
- Heatmap Colors: Personalize the colors for different strength levels.
Note:
Experiment with the indicator on various timeframes and assets to see how it performs and fine-tune it for your trading needs.
Happy Trading!
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Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.