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Strength

Masculine Relative StrengthThis relative strength indicator compares the G8 currencies against each other in all 28 combinations. It uses the 200 period moving average as a scoring system. For example on eurusd if current price action is above the MA that is +1 for the eur and -1 for the dollar and the inverse is applied if current price is under the 200 ma. The higher the number the stronger the currency. The weaker the number the weaker the currency. Pair the strongest currency with the weakest. This indicator does not guarentee profits and past performance does not guarentee the same future results.
Pine Script™ indicator
by Ikaikai
Double RSI FilterI've seen several youtubers using 2 RSI's on top of one another to filter trades for their strategies. I figured I would just code it up as an all-in-one indicator for people who have the basic package. This way they have an extra slot for another indicator if they need one and also for convenience. Longs only when RSI 1 is above RSI 2 and shorts only when opposite. The arrows show where crosses of the RSI's occur. Let me know if there is something else like this where it would just be very convenient to have 2 indicators on one window or other such things and I'll see if I can do something for you guys in my spare time. I'm just an amateur coder, but learning as I do more of these for people. Thank you! Hope this helps someone! :)
Pine Script™ indicator
by Zen_Forex_
1
HLC True Strength Indicator (with Vix)HLC True Strength Indicator Volume Weighted with Vix Line by SpreadEagle71 This indicator is a True Strength Indicator with Close, High and Low used together, along with the TSI of the Vix. The white line is the close. The red line is the lows and the blue is the highs. These are also volume-weighted. How to Interpret: 1. zero line crosses. If SPY/SPX500 crosses the zero line, then its bullish. If the purple Vix line crosses up, watch out because this is bearish. 2. white/blue/red lines cross purple (Vix). If they cross upwards, this is bullish. If downward, this is bearish. Basically, SPX, ES1!, SPY or even DIA can be used. The security and the Vix should travel in opposite directions and cross the zero-line at the same time. But this is not always the case. 3. Black area infills. These are used between the close and the highs (blue) and the lows(red). Close should not be between these in order to have momentum. 4. Close (white line) leads. Close is the last price so it tends to show where the others (highs and lows) are going. If the close is sagging below a high where the blue lines are on top, this could mean that there is a reversal coming. Same holds true for a white line above a "valley" formed by the blue and red lines; it could mean a reversal to the upside soon. 5. The Black Infill areas as a squeeze or contraction/expansion area. The thinner the black infill areas, the more of a momentum "squeeze" could be present. Wide black infill areas mean increased volatility and what may come next is a reversion to the mean for volatility. See TTM Squeeze Indicator or the Squeeze Momentum Indicator (kudos LazyBear). Lastly, just remember indicators indicate; they are not magic. :) SpreadEagle71
Pine Script™ indicator
by SpreadEagle71
4
Relative slopeRelative slope metric Description: I was in need to create a simple, naive and elegant metric that was able to tell how strong is the trend in a given rolling window. While abstaining from using more complicated and arguably more precise approaches, I’ve decided to use Linearly Weighted Linear Regression slope for this goal. Outright values are useful, but the problem was that I wasn’t able to use it in comparative analysis, i.e between different assets & different resolutions & different window sizes, because obviously the outputs are scale-variant. Here is the asset-agnostic, resolution-agnostic and window size agnostic version of the metric. I made it asset agnostic & resolution agnostic by including spread information to the formula. In our case it's weighted stdev over differenced data (otherwise we contaminate the spread with the trend info). And I made it window size agnostic by adding a non-linear relation of length to the output, so finally it will be aprox in (-1, 1) interval, by taking square root of length, nothing fancy. All these / 2 and * 2 in unexpected places all around the formula help us to return the data to it’s natural scale while keeping the transformations in place. Peace TV
Pine Script™ indicator
by gorx1
5
Screener for 40+ instrumentsAs you probably know in TradingView there is a limit of 40 instruments in one custom screener. I created a script that will allow you to scan more symbols. The idea of it is pretty simple. You have to add a screener a few times on your screen with a different set of symbols. Then select column width (as % of your chart width) and # of the screener right to left. Script will plot #1 screener next to the right border. For #2 and all next tables, the script will compute the needed offset and will draw it on the left. This way it will look like one table and not a few separate indicators. I created a script with an RSI screener, but you can create more complicated examples with it. Off course, that's not a silver bullet solution but might work for some of you. Disclaimer Please remember that past performance may not be indicative of future results. Due to various factors, including changing market conditions, the strategy may no longer perform as well as in historical backtesting. This post and the script don’t provide any financial advice.
Pine Script™ indicator
by QuantNomad
66
StrengthA mathematically elegant, native & modern way how to measure velocity/ strength/ momentum. As you can see it looks like MACD, but !suddenly! has N times shorter code (disregard the functions), and only 1 parameter instead of 3. OMG HOW DID HE DO IT?!? MACD: "Let's take one filter (1 parameter), than another filter (2 parameters), then let's take dem difference, then let's place another filter over the difference (3rd parameter + introduction of a nested calculation), and let's write a whole book about it, make thousands of multi-hours YouTube videos about it, and let's never mention about the amount of uncertainty being introduced by multiple parameters & introduction of the nested calculation." Strength: "let's get real, let's drop a weighted linear regression & usual linear regression over the data of the same length, take dem slopes, then make the difference over these slopes, all good. And then share it with people w/o putting an ® sign". Fyi, regressions were introduced centuries ago, maybe decades idk, the point is long time ago, and computational power enough to calculate what I'm saying is slightly more than required for macd. Rationale. Linearly weighted linear regression has steeper slope (W) than the usual linear regression slope (S) due to the fact that the recent datapoints got more weight. This alone is enough of a metric to measure velocity. But still I've recalled macd and decided to make smth like it cuz I knew it'll might make you happy. I realized that S can be used instead of smoothing the W, thus eliminating the nested calculation and keeping entropy & info loss in place. And see, what we get is natural, simple, makes sense and brings flex. I also wanna remind you that by applying regression we maximize the info gain by using all the data in the window, instead of taking difference between the first and the last datapoints. This script is dedicated to my friend Fabien. Man, you were the light in the darkness in that company. You'll get your alien green Lambo if you'll really want it, no doubts on my side bout that. Good hunting
Pine Script™ indicator
by gorx1
14
Multi-Timeframe RSI GridThe relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. The RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator displays the current RSI levels at up to 6 timeframes (of your choosing) in a grid. If the RSI levels reach overbought (above 70) or oversold (below 30) conditions, it changes the color to help you see that RSI has reached extreme levels. Note that in TradingView, when the chart is on a higher timeframe, the lower timeframe RSI levels don't calculate properly. If those conditions are met, this indicator will hide those values in the grid. If none of your selected values are available, it hides the table completely. There are configuration options, like: Position the grid in any corner of the screen Style customization (color, size) Customize RSI length
Pine Script™ indicator
by jmosullivan
3
Relative StrengthRelative strength is a calculation of the price trend of a stock or a financial instrument in comparison to another instrument, stock, or industry. It shall be determined by taking the price of one commodity and dividing it by another. Relative strength is a strategy used for determining value stocks and is used in momentum investing as well. It involves investing in stocks that have done well, in relation to their index or benchmark. For example, a relative strength investor might pick technology companies that have outperformed the Nasdaq Composite Index or large-cap stocks that are lagging against the S&P 500 index(Adjustable in the settings). This indiator will give you a plot for relative strength between the current pair with another pair (adjustable in the settings), with a plotshape for RSNHBP & RSNH Features : 1. Relative Strength 2. Double EMA of Relative Strength 3. RSNHBP & RSNH How to use it : 1. Adjust All the settings parameter 2. For Alerting, Just use any alert function call, it will give you an alert of RSNHBP and RSNH
Pine Script™ indicator
by WebPro_Expert
Relative Strength Screener V2 - Top 100 volume leadersNew and improved strength heatmap for the top 100 volume leaders in the S&P. Coded in a workaround to the 40 request.security limitation that currently exists in Pine. Added the ability to input the number of columns (time frames) you wish to display. For 3 time frame analysis, add the indicator to your chart 3 times. Change the number of columns to 3 for each of these indicators. Specify the column and time frame for each one (example, 5 minute for column 1, 1 hour for column 2 and Daily chart for column 3). It will automatically resize the columns/tables to properly display the output. This provides a sort of "Strength Heatmap" for the top 100 stocks in the S&P. To achieve this, make a copy of the indicator and substitute lines 68-105 with the following premade watchlists : Make a copy 1 - FIrst 38 volume leaders in the S&P s01 = input.symbol('AAPL', group = 'Symbols', inline = 's01') s02 = input.symbol('ABBV', group = 'Symbols', inline = 's02') s03 = input.symbol('ABT', group = 'Symbols', inline = 's03') s04 = input.symbol('ACN', group = 'Symbols', inline = 's04') s05 = input.symbol('AEP', group = 'Symbols', inline = 's05') s06 = input.symbol('AIG', group = 'Symbols', inline = 's06') s07 = input.symbol('AMAT', group = 'Symbols', inline = 's07') s08 = input.symbol('AMD', group = 'Symbols', inline = 's08') s09 = input.symbol('APA', group = 'Symbols', inline = 's09') s10 = input.symbol('ATVI', group = 'Symbols', inline = 's10') s11 = input.symbol('AXP', group = 'Symbols', inline = 's11') s12 = input.symbol('BA', group = 'Symbols', inline = 's12') s13 = input.symbol('BBWI', group = 'Symbols', inline = 's13') s14 = input.symbol('BBY', group = 'Symbols', inline = 's14') s15 = input.symbol('BK', group = 'Symbols', inline = 's15') s16 = input.symbol('BMY', group = 'Symbols', inline = 's16') s17 = input.symbol('BRK.B', group = 'Symbols', inline = 's17') s18 = input.symbol('C', group = 'Symbols', inline = 's18') s19 = input.symbol('CAT', group = 'Symbols', inline = 's19') s20 = input.symbol('CCL', group = 'Symbols', inline = 's20') s21 = input.symbol('CFG', group = 'Symbols', inline = 's21') s22 = input.symbol('CL', group = 'Symbols', inline = 's22') s23 = input.symbol('CNC', group = 'Symbols', inline = 's23') s24 = input.symbol('COF', group = 'Symbols', inline = 's24') s25 = input.symbol('COP', group = 'Symbols', inline = 's25') s26 = input.symbol('COST', group = 'Symbols', inline = 's26') s27 = input.symbol('CRM', group = 'Symbols', inline = 's27') s28 = input.symbol('CVS', group = 'Symbols', inline = 's28') s29 = input.symbol('CVX', group = 'Symbols', inline = 's29') s30 = input.symbol('DAL', group = 'Symbols', inline = 's30') s31 = input.symbol('DIS', group = 'Symbols', inline = 's31') s32 = input.symbol('DISCA', group = 'Symbols', inline = 's32') s33 = input.symbol('DISCK', group = 'Symbols', inline = 's33') s34 = input.symbol('DISH', group = 'Symbols', inline = 's34') s35 = input.symbol('DLTR', group = 'Symbols', inline = 's35') s36 = input.symbol('DOW', group = 'Symbols', inline = 's36') s37 = input.symbol('DVN', group = 'Symbols', inline = 's37') s38 = input.symbol('EBAY', group = 'Symbols', inline = 's38') Make a copy 2 - Tickers 39 to 76 s01 = input.symbol('EOG', group = 'Symbols', inline = 's01') s02 = input.symbol('F', group = 'Symbols', inline = 's02') s03 = input.symbol('FB', group = 'Symbols', inline = 's03') s04 = input.symbol('FCX', group = 'Symbols', inline = 's04') s05 = input.symbol('FIS', group = 'Symbols', inline = 's05') s06 = input.symbol('GE', group = 'Symbols', inline = 's06') s07 = input.symbol('GIS', group = 'Symbols', inline = 's07') s08 = input.symbol('GM', group = 'Symbols', inline = 's08') s09 = input.symbol('GS', group = 'Symbols', inline = 's09') s10 = input.symbol('HD', group = 'Symbols', inline = 's10') s11 = input.symbol('IBM', group = 'Symbols', inline = 's11') s12 = input.symbol('INTC', group = 'Symbols', inline = 's12') s13 = input.symbol('JNJ', group = 'Symbols', inline = 's13') s14 = input.symbol('JPM', group = 'Symbols', inline = 's14') s15 = input.symbol('KR', group = 'Symbols', inline = 's15') s16 = input.symbol('LUV', group = 'Symbols', inline = 's16') s17 = input.symbol('LVS', group = 'Symbols', inline = 's17') s18 = input.symbol('MA', group = 'Symbols', inline = 's18') s19 = input.symbol('MCD', group = 'Symbols', inline = 's19') s20 = input.symbol('MCHP', group = 'Symbols', inline = 's20') s21 = input.symbol('MDT', group = 'Symbols', inline = 's21') s22 = input.symbol('MET', group = 'Symbols', inline = 's22') s23 = input.symbol('MGM', group = 'Symbols', inline = 's23') s24 = input.symbol('MOS', group = 'Symbols', inline = 's24') s25 = input.symbol('MPC', group = 'Symbols', inline = 's25') s26 = input.symbol('MRK', group = 'Symbols', inline = 's26') s27 = input.symbol('MRNA', group = 'Symbols', inline = 's27') s28 = input.symbol('MS', group = 'Symbols', inline = 's28') s29 = input.symbol('MSFT', group = 'Symbols', inline = 's29') s30 = input.symbol('MU', group = 'Symbols', inline = 's30') s31 = input.symbol('NCLH', group = 'Symbols', inline = 's31') s32 = input.symbol('NEE', group = 'Symbols', inline = 's32') s33 = input.symbol('NEM', group = 'Symbols', inline = 's33') s34 = input.symbol('NFLX', group = 'Symbols', inline = 's34') s35 = input.symbol('NKE', group = 'Symbols', inline = 's35') s36 = input.symbol('NVDA', group = 'Symbols', inline = 's36') s37 = input.symbol('ORCL', group = 'Symbols', inline = 's37') s38 = input.symbol('OXY', group = 'Symbols', inline = 's38') Make a copy 3 - tickers 77 to 114 s01 = input.symbol('PENN', group = 'Symbols', inline = 's01') s02 = input.symbol('PEP', group = 'Symbols', inline = 's02') s03 = input.symbol('PFE', group = 'Symbols', inline = 's03') s04 = input.symbol('PG', group = 'Symbols', inline = 's04') s05 = input.symbol('PM', group = 'Symbols', inline = 's05') s06 = input.symbol('PYPL', group = 'Symbols', inline = 's06') s07 = input.symbol('QCOM', group = 'Symbols', inline = 's07') s08 = input.symbol('RTX', group = 'Symbols', inline = 's08') s09 = input.symbol('SBUX', group = 'Symbols', inline = 's09') s10 = input.symbol('SCHW', group = 'Symbols', inline = 's10') s11 = input.symbol('SLB', group = 'Symbols', inline = 's11') s12 = input.symbol('SYF', group = 'Symbols', inline = 's12') s13 = input.symbol('T', group = 'Symbols', inline = 's13') s14 = input.symbol('TFC', group = 'Symbols', inline = 's14') s15 = input.symbol('TGT', group = 'Symbols', inline = 's15') s16 = input.symbol('TJX', group = 'Symbols', inline = 's16') s17 = input.symbol('TMUS', group = 'Symbols', inline = 's17') s18 = input.symbol('TSLA', group = 'Symbols', inline = 's18') s19 = input.symbol('TWTR', group = 'Symbols', inline = 's19') s20 = input.symbol('TXN', group = 'Symbols', inline = 's20') s21 = input.symbol('UAL', group = 'Symbols', inline = 's21') s22 = input.symbol('UNH', group = 'Symbols', inline = 's22') s23 = input.symbol('V', group = 'Symbols', inline = 's23') s24 = input.symbol('VIAC', group = 'Symbols', inline = 's24') s25 = input.symbol('WBA', group = 'Symbols', inline = 's25') s26 = input.symbol('WFC', group = 'Symbols', inline = 's26') s27 = input.symbol('WMT', group = 'Symbols', inline = 's27') s28 = input.symbol('WYNN', group = 'Symbols', inline = 's28') s29 = input.symbol('XOM', group = 'Symbols', inline = 's29') s30 = input.symbol('SPY', group = 'Symbols', inline = 's30') s31 = input.symbol('SPY', group = 'Symbols', inline = 's31') s32 = input.symbol('SPY', group = 'Symbols', inline = 's32') s33 = input.symbol('SPY', group = 'Symbols', inline = 's33') s34 = input.symbol('SPY', group = 'Symbols', inline = 's34') s35 = input.symbol('SPY', group = 'Symbols', inline = 's35') s36 = input.symbol('SPY', group = 'Symbols', inline = 's36') s37 = input.symbol('SPY', group = 'Symbols', inline = 's37') s38 = input.symbol('SPY', group = 'Symbols', inline = 's38')
Pine Script™ indicator
by soosh_
4
Relative Strength Volume Adjusted Exponential Moving Avg [CC]The Relative Strength Volume Adjusted Exponential Moving Average was created by Vitali Apirine (Stocks and Commodities Feb 2022 pgs 14-18) and this is very similar of course to the last Relative Strength Exponential Moving Average . It works under the same concept with using overbought and oversold methods to adjust the moving average and with this particular version you will notice that sudden drops or increases won't follow super closely so this can be useful along with the other as a good complementary indicator to use with each other to determine the short and medium term trend and to give good entry and exit points. I have strong buy and sell signals in addition to normal ones so darker colors are strong and lighter colors are normal. Buy when the indicator line turns green and sell when it turns red. Let me know if there are any other indicators or scripts you would like to see me publish!
Pine Script™ indicator
by cheatcountry
4
Currency StrengthThis script measures the strength of the 6 major currencies USD, EUR, GBP, CAD, AUD and JPY. Simply, it averages the RSI values of a currency vs the 5 other currencies in the basket, and displays each average RSI value in a table with color coding to quickly identify the strongest and weakest currencies over the past 14 bars (or user defined length). The Dir. value looks at the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars. Using the average RSI allows us to get a sense of the currency strength vs an equally weighted basket of the other majors, as opposed to using Indexes which are heavily weighted to 1 or 2 currencies. The table doesn't load super fast as we are making 15 Security requests to get the values for each pair (where possible we reverse the values of the pair to reduce Security requests, e.g. we don't need to request EURUSD and USDEUR, we reverse the value to calculate the USD RSI).
Pine Script™ indicator
by HayeTrading
6
ROC PercentileRate Of Change Percentile calculates the current ROC (user defined length) as a percentile rank. We use 2 separate arrays, one for all positive ROC values and one for all negative values within a defined lookback period. Then the current ROC value is compared to those arrays to find it's percentile ranking. For example, a ranking of 75 means the ROC is in the 75th percentile of all POSITIVE ROC values over the lookback period. A ranking of -80 is in the 80th percentile of all NEGATIVE ROC values over the lookback period. Most ROC scripts use raw ROC values (or smoothed or otherwise altered), or have stochastic formula applied to them, I've not seen one that displays ROC as percentile ranking of previous positive/negative values. What is the advantage? Raw ROC data only gives half the picture. What we want to do is compare the ROC to previous ROC values, to give a sense of scale. Raw ROC values don't give you that context and you can only compare visually, usually limited to the number of bars you can see on your screen. Using a percentile ranking gives us the context of current Rate of Change relative to the previous Rate of Change over a large lookback period, and not just visually but mathematically. Why not using a long stochastic ROC? The problem with stochastics in general is that an outlier data point can ruin the data for the rest of the lookback period. For example, imagine a huge outlier 8% ROC. The 2nd largest ROC is 4% and the 3rd largest is 2%, with all other values below this. In this example, a stochastic ROC would display the 8% outlier as 100, the 4% as 50, the 2% as 25 and all other data would be squeezed down between 0-25. Additionally, a value of 60 may have vastly different meaning depending on whether the lookback period contains a large outlier or not. With a percentile ranking, that 8% outlier would still have a value of 100. But the 4% and 2% would be 99 and 98 respectively (this assumes 100 data points in the series, in reality values will usually be decimals). This effectively flattens the curve and gives a more consistent and dependable experience, allowing you to more accurately assess the relative importance of the current ROC. The line of circles is set at the 50 and -50 values for quick comparison. Values > 50 represent ROC greater than 50% of previous positive ROC values. Values < -50 represent ROC greater than 50% of previous negative ROC values.
Pine Script™ indicator
by HayeTrading
5
RSI Levels, Multi-TimeframeThe relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator takes the RSI and plots the 30 & 70 levels onto the price chart so you can see when price is going to meet the 30 or 70 levels. The reason the 30 & 70 levels are important is because many traders (and bots) use those as signals to buy (at 30 RSI) or sell (at 70 RSI). Additionally, this indicator allows you to display not just the RSI levels of your currently viewed timeframe on the chart, but also shows the RSI levels of up to 6 different timeframes on the same chart. This allows you to quickly see if multiple RSI levels are aligning across different timelines, which is an even stronger indication that price is going to change direction when it meets those levels on the chart. There are a lot of nice configuration options, like: Style customization (color, thickness, size) Labels on the chart so you can tell which plots are the RSI levels Optionally display the plot as a horizontal line if all you care about is the RSI level right now Toggle overbought (RSI 70) or oversold (RSI 30) on/off completely
Pine Script™ indicator
by jmosullivan
3
Adaptive Relative Strength (ARS by Premal Parekh)Dear All, This is my first public script modified to adapt the concept of Mr. Premal Parekh on Adaptive Relative Strength - ARS) The original Script is developed by modhelius. I have proved the version as per my requirement and included concept of ARS. This script will remove the manual calculation task which is required on daily basis to calculate number of sessions from ARS Date. Hope this script will be helpful. If yes, do hit like button and share with your friends. Ashish Kesarkar India
Pine Script™ indicator
by ashxos
9
Relative Strength ComparisonThis script plots the ratio between a ticker and the selected index. Currently, I have US equities indexes listed + BTC. It's a great way to check for relative strength, determine if absolute highs relative to the ratio are being made, etc. Additionally, optional comparison of the RSI is included. I was just testing something out but figured I'd leave in here because why not. If you use this, enable the 1.0 line. Script is a bit slow, will try to optimize eventually.
Pine Script™ indicator
by imbes2
RedK Bar Strength Inspector / Bar Strength Index (BSI)Summary ========= The Bar Strength Inspector / Bar Strength Index (BSI) is an indicator that evaluates each price bar against a user-selectable set of "strength categories" - BSI then calculates a combined score from these categories and provides an index - plotted as a centered oscillator - roughly similar to the way Relative Strength Index (RSI) works, which can be used to evaluate the strength of price move and the possibilities of trend continuation or reversal. Background ============= BSI is like a Swiss-army knife with many components - so apologies upfront if this guide gets long - and i know i will still miss few pieces that needs explaining. please alert me if something is not clear. BSI is an advanced / re-built version of my Ultimate Trader Oscillator (UTO) I continue to believe that one of the best trading tools that i can use, is a tool that can automate the visual inspection of the price chart - a tool that simulates (and quantifies in numbers/score) the way we visually look at a certain price bar, and make a judgement that "this is a strong bar, so I expect the trend down to possibly reverse" - BSI is a an attempt to achieve that. An attempt to answer a simple question (in a quantifiable manner): how strong / weak is this price bar - how does it compare to previous bars ? what is the average of that strength (or weakness) for the last few bars ?(based on the trader's preferred timeframe) How does BSI work ==================== * BSI will inspect and evaluate each bar against various (selectable) strength categories. * BSI will give a -100/+100 score against each "strength category", then combine these scores into an index and create an average of that index * the average index (also called BSI) will be calculated for both a short and long lengths * the short length represents "local / short-term" strength - plotted as a blue/orange line (with an additional signal line to make easier to "read") * the long-term reflects the broader bias (sentiment) - plotted as green/red area (or mountain) How is BSI different from UTO ============================= - I wrote BSI from the ground up to validate each scoring calculation and the resulting outcomes - so i would consider BSI to be more accurate than UTO - i wrote BSI in a way to make it a lot more flexible. BSI allows me to choose which category to include in the "inspection" - the strength categories are streamlined to reflect single bar strength, strength from bar-to-bar, and relative strength (range and volume) - they have also been chosen in a way that map to commonly used Technical Analysis concepts, to increase the value of BSI and the ability to compare with other common indicators (for example, BoP, Stochastic, Relative Volume and RSI) - added the table view - which i use mainly to track the action within the current bar - and to learn more about how to evaluate strength vs weakness with various chart patterns - UTO still represents the foundation of this work - but i will not update UTO any longer so all changes will be applied to the BSI- i have been using both UTO and BSI to guide my trading for the past few months. - couple of other features in BSI: - support for instruments with no volume data (even if the user chooses volume) - number of inspection categories will show as "7" in that case - ability to plot the individual category scores, and the total weighted score (for the selected categories) - these plots are hidden by default - ability to see the total score for all 8 (or 7 in case no volume data) categories regardless of how many are active - but only in the table view - ability to be used as both a lower (independent) and a top indicator (on the price chart) -- see below examples. Structure of the BSI Strength Categories ===================================== The first 3 inspected strength categories focus on "single bar strength", they evaluate how the bar closes compared to the low, the Balance of Power (BoP) and the relative BoP The next 3 categories focus on evaluating the bar-to-bar strength: how the bar closes compared to the low of the 2-bar range, how the bar closes compared to prior close - and the relative "shift" The last 2 "strength" categories evaluate the relative range of bar compared to recent average range and the relative volume. Understanding the bar inspection & scoring approach ================================== During inspection for each category, a score is calculated with a value between 0 to 100, then it will be made "directional" - which means that +100 represents highest possible strength score and a value of -100 is the highest possible "weakness" score Note that a 0 score doesn't mean "weak" - but rather "neutral" - this can be a bit confusing until we get used to the way BSI scoring works. Example: in relative volume, a bar associated with the lowest volume observed during the lookback length, will have a 0 relative volume score -- while a bar associated with the highest volume observed will have either a +100 or a -100 score (depending on whether it's an up or down bar) - same thing for relative range.. and so on Here are the 8 strength categories evaluated by the BSI 1 Bar closing score 2 Body : Spread (BoP) ratio 3 Relative BoP 4 2-bar Closing Score 5 2-bar Shift Ratio (Shift : 2R) 6 Relative Shift 7 Relative Range 8 Relative Volume Specific meaning of keywords / concepts (within BSI context): ====================================================== Relative : compared to recently observed values (= within Lookback # bars) Shift : the change in closing value vs prior bar Bar Spread : high - low Range : True Range ..... as in the tr() Pine function, so not to be confused with "spread" More detailed notes about scoring and calculations for each strength category are included within the code BSI Settings: ============= Here is a chart showing the main sections in the BSI Settings box and how to configure it to your preference Using the BSI: ================ - I use BSI for 2 main scenarios (1) Guiding my Day-to-day trading: the usage here is roughly similar to a volume-weighted dual-period RSI .. with a lot more options - picking and choosing between the 8 strength categories in BSI allows for 255 variations of "strength evaluations" - a trader can choose to focus only on "single bar strength" score categories, so only picks the top 3 in the settings - another trader wants to track only the strength reflected by the relative range and relative volume, so picks the lower 2 categories. another trader wants to use BSI as a volume weighted Balance of Power.. and so on. Many combinations are possible. i have added couple of charts that explain some of the "signals" we can expect from BSI (below chart) - note that i use the "Green/Red mountain plot" as the "prevailing sentiment" - as it confirms the longer term strength (or weakness). the BSI line plot reflects the short term strength and not necessarily tied directly to how the price is moving (see example in the chart - and also compare to how RSI works) - 2 important points here if you plan to use BSI in trading: set BSI up on a 1-min or 5-min chart and watch how it works to learn how it evaluates each bar - and always use BSI in combination with other indicators that you are familiar with to validate and confirm any signals (Important note: do not react to the values in the table as they change in real time - i found that to be very tempting - rather look at the broader context and the flow of the BSI / sentiment) - you can also test BSI with Paper Trading in TV - it's like a new car that you need some time to get used to :) (2) Use BSI to help learn chart / pattern analysis - watch BSI print scores against the various categories in real time to hone your chart (pattern) reading skills and how to evaluate strength of various bar shapes - for example, a bar that closes at the high but does not reach the mid point of the prior bar - strong or weak ? how about a doji or a hammer ? ...etc Chart showing main usage scenarios Example BSI in real time: ====================== I hope this work helps few fellow traders hone their trading skills, or help inspire other ideas - please let me know if you have feedback or suggestions.
Pine Script™ indicator
by RedKTrader
24
Burgerized MTF BB + Reverse Engineering RSI (RERSI) + Hidden S&RThis is a mod of a script by informanerd that has helped me immensely with my trading setup. HUGE HUGE HUGE credit to him! Check him out! He gave me permission to publish this and so here I am, sharing it with you. I hope you all like it! This version is functionally essentially the same - the difference is in visualization choices and automation. Instead of selecting different timeframes, and thus having to change not one but 4 timeframes manually every time you look at a different time frame on the main chart, I found (with help from the kind community in the Pine Script chat right here on Tradingview!) a method to choose multiples so that you can have consistent results no matter what timeframe you are looking at. Default is set to multiples of 2, 4 and 8 which is the system I found works best for myself personally. I also changed visualization - crossovers are now highlighted in the background of the respective bands. By default I have chosen different transparency levels for crossovers then sitting inside the bands. This destroyed the ability to modify colors the old school way in Style tab, but I have added inputs for all the relative settings so you can modify the visual aspect to your hearts content, as I know my colors make most people barf (something I did when I was younger maybe?). Hope the nice barfs of color help you quickly see trends and reversals - I know they help me! Happy trading, no matter your timeframe! xD
Pine Script™ indicator
by burgercrisis
8
Relative Strength 3D Indicator [CC]This is a custom indicator of mine loosely based on the work by James Garofallou (Stocks and Commodities Sep 2020 pg 14) and this is meant for medium to long term trend confirmations. The idea behind this indicator is to capture 3 different dimensions of trend strength. The first dimension captures the overall strength of the underlying stock vs the market (in this case the S&P 500). The second dimension captures the overall trend strength by assigning a scoring system so when all faster moving averages are stronger than slower moving averages then it gets the max points. The final dimension is the strength of the overall strength of everything so far. Buy when the indicator line turns green and sell when it turns red. Let me know if there are any other indicators or scripts you would like to see me publish!
Pine Script™ indicator
by cheatcountry
2