Bulls v Bears

1 thg 4, 2023

This script helps you identify the relative strength of bulls and bears in the market. It calculates the difference between the high and the moving average for bulls, and the difference between the moving average and the low for bears. Then it normalizes the values between -100 and 100 using the highest and lowest values of the last "bars back" periods. This allows you to compare the current strength of bulls and bears relative to their historical strength.

The output of the script is a colored column chart that represents the difference between the normalized bulls and bears values. If the chart is mostly green, it means the bulls are currently stronger than the bears, and vice versa for a mostly red chart. Additionally, the script provides bullish and bearish signals based on when the normalized bulls cross above or below the user-defined "Line Height" value.
You can use this script to help you identify potential trend changes in the market, as well as to confirm existing trends.

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Update Notes
Dual Calculation Modes:
Normalized Mode - Original v4 calculation (default, fully backward compatible, defval=120)
Raw Mode (NEW) - Dynamic thresholds that adapt to market volatility

Enhanced Options:
Added SMA and WMA alongside original EMA
NEW: "Bearish Zero Cross" alert (4 total alerts now)
Improved visualization and color customization
⚠️ EXISTING USERS
Nothing changes by default - all your current alerts and signals work exactly the same. The indicator defaults to Normalized mode (original v4 behavior).

🎯 UNDERSTANDING THE SIGNAL DOTS
The dots indicate EXTREME readings, not crossovers:
🟢 Bullish Dots = Bulls pressure exceeds threshold (default: 80)
Strong bullish momentum extreme
Can signal continuation in uptrends OR reversal warning in ranging markets

🟡 Bearish Dots = Bears pressure exceeds threshold (default: -80)
Strong bearish momentum extreme
Can signal continuation in downtrends OR reversal warning in ranging markets

Key Point: Don't use dots as standalone signals - combine with trend analysis and other confirmations.