OPEN-SOURCE SCRIPT
Median Proximity Percentile [AlgoAlpha]
Updated
📊🚀 Introducing the "Median Proximity Percentile" by AlgoAlpha, a dynamic and sophisticated trading indicator designed to enhance your market analysis! This tool efficiently tracks median price proximity over a specified lookback period and finds it's percentile between 2 dynamic standard deviation bands, offering valuable insights for traders looking to make informed decisions.
🌟 Key Features:
🔍 Deep Dive into the Code:
🚨 Remember, the "Median Proximity Percentile [AlgoAlpha]" is a tool to aid your analysis. It’s essential to combine it with other analysis techniques and market understanding for best results. Happy trading! 📈📉
🌟 Key Features:
- Color-Coded Visuals: Easily interpret market trends with color-coded plots indicating bullish or bearish signals.
- Flexibility: Customize the indicator with your preferred price source and lookback lengths to suit your trading strategy.
- Advanced Alert System: Stay ahead with customizable alerts for key trend shifts and market conditions.
🔍 Deep Dive into the Code:
- Choose your preferred price data source and define lookback lengths for median and EMA calculations. and
- Calculate median value, price deviation, and normalized value to analyze market position relative to the median.
- Determine upper and lower boundaries based on standard deviation and EMA.
- Compute the percentile value to track market position within these boundaries.
- Enhance your analysis with Hull Moving Average (HMA) for smoother trend identification.
- Visualize trends with color-coded plots and characters for easy interpretation.
- Set up advanced alerts to stay informed about significant market movements.
🚨 Remember, the "Median Proximity Percentile [AlgoAlpha]" is a tool to aid your analysis. It’s essential to combine it with other analysis techniques and market understanding for best results. Happy trading! 📈📉
Release Notes
Replaces "EMA" with "HMA" in the inputs.Release Notes
Added Alerts for trend swingsAdded the option to turn on/off the noise scatterplot
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.
🔶15% OFF CODE FOR VIP BUNDLE: 'ALPH4' 🔶(ends soon.)
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
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.