OPEN-SOURCE SCRIPT
WillyCycle Oscillator&DoubleMa/ErkOzi/version 2
Updated
This oscillator can be customized by adjusting the length of the Willy period, the length of Willy's EMA, and the upper and lower bands. The upper and lower bands help traders identify overbought and oversold conditions.
The WillyCycle Oscillator is a technical analysis tool used to measure the momentum of an asset and identify overbought and oversold conditions based on the price range of a specific period and calculating the percentage of the closing price in that range. The WillyCycle Oscillator consists of two main components: Willy and Willy's EMA. The Willy component is the percentage calculation of the asset's price range, and Willy's EMA is the exponential moving average of the Willy component. Willy's EMA is used to smooth out the Willy component and make it easier to identify trends.
*** When the oscillator is above the 80 level, it indicates that the asset is overbought, and when it is below the 20 level, it indicates that the asset is oversold. Traders can use these levels as a guide for buying and selling signals.
***Traders can also use the WillyCycle Oscillator to identify trend reversals. When the oscillator rises above the 50 level, it signals a potential uptrend, and when it falls below the 50 level, it signals a potential downtrend.
***I have added a smoothed line option to the WillyCycle Oscillator, which allows traders to see a more smoothed version of the oscillator. This option can be enabled by setting the 'smoothed' input to true. The default value for the smoothed line is 15.
***We have also changed the value range of the WillyCycle Oscillator from -100 to 100 to 0 to 100. This change was made to make the oscillator more user-friendly and easier to read.
In conclusion, the WillyCycle Oscillator is a versatile tool that can help traders identify potential trading opportunities and trend reversals. Traders can customize the oscillator to fit their trading style and preferences. Adding a smoothed line and changing the value range can enhance the user experience and make the oscillator easier to use.
The WillyCycle Oscillator is a technical analysis tool used to measure the momentum of an asset and identify overbought and oversold conditions based on the price range of a specific period and calculating the percentage of the closing price in that range. The WillyCycle Oscillator consists of two main components: Willy and Willy's EMA. The Willy component is the percentage calculation of the asset's price range, and Willy's EMA is the exponential moving average of the Willy component. Willy's EMA is used to smooth out the Willy component and make it easier to identify trends.
*** When the oscillator is above the 80 level, it indicates that the asset is overbought, and when it is below the 20 level, it indicates that the asset is oversold. Traders can use these levels as a guide for buying and selling signals.
***Traders can also use the WillyCycle Oscillator to identify trend reversals. When the oscillator rises above the 50 level, it signals a potential uptrend, and when it falls below the 50 level, it signals a potential downtrend.
***I have added a smoothed line option to the WillyCycle Oscillator, which allows traders to see a more smoothed version of the oscillator. This option can be enabled by setting the 'smoothed' input to true. The default value for the smoothed line is 15.
***We have also changed the value range of the WillyCycle Oscillator from -100 to 100 to 0 to 100. This change was made to make the oscillator more user-friendly and easier to read.
In conclusion, the WillyCycle Oscillator is a versatile tool that can help traders identify potential trading opportunities and trend reversals. Traders can customize the oscillator to fit their trading style and preferences. Adding a smoothed line and changing the value range can enhance the user experience and make the oscillator easier to use.
Release Notes
Here are the detailed explanations of the updates made to the WillyCycle Oscillator & DoubleMa indicator:***ADX Added:
ADX is an indicator used to measure the strength of a trend.
An input variable named adxLen was defined for calculating ADX.
Another input variable named adxThreshold was defined for adjusting the ADX threshold value.
ADX values were calculated using the ta.dmi function and averaged over the specified period using the ta.sma function.
The ADX line was added to the chart using the plot function.
The hline function was used to display the ADX threshold value.
***Slow Stochastic Added:
Slow Stochastic is an oscillator used to identify overbought and oversold zones.
The parameters lengthK, lengthD, and smoothD were defined for the Slow Stochastic.
Slow Stochastic values were calculated using the ta.stoch function.
The Slow Stochastic lines were added to the chart using the plot function.
WillyCycle Line Smoothed:
A smoothed version of the WillyCycle Line was created.
An input variable named smoothed was defined to determine whether the WillyCycle Line should be smoothed or not.
The smooth_len input variable was defined for the smoothed WillyCycle Line.
The smoothed WillyCycle Line was calculated using the expression smoothed ? ta.ema(out, smooth_len) : out.
The smoothed WillyCycle Line was added to the chart using the plot function.
***Fibonacci Levels Added:
****New Fibonacci levels were added on top of the WillyCycle Line.
The new Fibonacci levels were defined as 0.618 and 0.382.
These levels were plotted using the hline function.
Fibonacci levels indicate potential support and resistance levels where the WillyCycle Line may retrace based on the trend.
With these updates, the WillyCycle Oscillator & DoubleMa indicator includes ADX, Slow Stochastic, smoothed WillyCycle Line, and Fibonacci levels. You can use these updates to conduct more detailed analysis and improve your trading strategies.
User comments, likes, and comments are important.
Hopefully, it will be beneficial to everyone!
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.
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