OPEN-SOURCE SCRIPT
Market Meanness Index
Updated
This tool plots the expected condition of the market: either "Trending" or "Sideways"
When the white plot is in the Blue region, the market is considered "Trending"
In the Yellow region, the market is considered "Sideways" or mean reverting.
When the white plot is in the Blue region, the market is considered "Trending"
In the Yellow region, the market is considered "Sideways" or mean reverting.
Release Notes
- Graphical Changes
- Choose between two data sources - Price itself or the Change in Price
Release Notes
Tweaked default color schemeRelease Notes
- Complete graphical change to more clearly indicate "Trending" vs "Sideways"
- Ability to enable/disable fills
- Tweaked some code
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.
Want to use this script on a chart?
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