TripleScore Indicator
By DB1972
The TripleScore Indicator is a powerful tool designed to provide traders with a comprehensive view of market dynamics by combining three distinct scoring components: Rate of Change (RoC), Volume Price Pressure (VPP), and Linear Regression (Reg-Line). Each of these components is evaluated and combined to offer a holistic perspective on the market sentiment.
Features:
Rate of Change (RoC): The RoC component measures the rate of return for short, medium, and long-term periods and smooths them using regression curves. It helps assess the strength of price trends over various timeframes.
Volume Price Pressure (VPP): The VPP component calculates the Volume Price Pressure by evaluating buying and selling pressure based on price movements and volume. It also takes into account the flow of money in the market. This provides insights into the underlying forces influencing price changes.
Linear Regression (Reg-Line): The Reg-Line component utilizes linear regression to create a smooth signal that reflects market trends. It identifies when the current price is above or below the regression line, helping traders gauge market momentum.
How to Use:
The TripleScore Indicator allows traders to assess the market's current state by providing individual scores for each component and a combined TotalScore. The TotalScore reflects the overall market sentiment, with positive scores indicating bullish conditions and negative scores suggesting bearish sentiment.
Green histogram bars in the individual score sections signify positive sentiment.
Red histogram bars indicate negative sentiment.
The color of the TotalScore columns changes dynamically to reflect the overall sentiment (green for bullish and red for bearish).
Parameters:
Short, Medium, and Long Periods: Customize the evaluation timeframes to match your trading strategy.
Signal Smoothing & Linear Regression Length: Adjust the smoothing and regression parameters to fine-tune the indicator's responsiveness.
Usage:
The TripleScore Indicator is a versatile tool that can be used in various trading strategies, including trend following and market sentiment analysis. It empowers traders to make informed decisions by providing a comprehensive view of market conditions.
Disclaimer: Trading involves risk, and this indicator should be used in conjunction with other technical and fundamental analysis tools.
By DB1972
The TripleScore Indicator is a powerful tool designed to provide traders with a comprehensive view of market dynamics by combining three distinct scoring components: Rate of Change (RoC), Volume Price Pressure (VPP), and Linear Regression (Reg-Line). Each of these components is evaluated and combined to offer a holistic perspective on the market sentiment.
Features:
Rate of Change (RoC): The RoC component measures the rate of return for short, medium, and long-term periods and smooths them using regression curves. It helps assess the strength of price trends over various timeframes.
Volume Price Pressure (VPP): The VPP component calculates the Volume Price Pressure by evaluating buying and selling pressure based on price movements and volume. It also takes into account the flow of money in the market. This provides insights into the underlying forces influencing price changes.
Linear Regression (Reg-Line): The Reg-Line component utilizes linear regression to create a smooth signal that reflects market trends. It identifies when the current price is above or below the regression line, helping traders gauge market momentum.
How to Use:
The TripleScore Indicator allows traders to assess the market's current state by providing individual scores for each component and a combined TotalScore. The TotalScore reflects the overall market sentiment, with positive scores indicating bullish conditions and negative scores suggesting bearish sentiment.
Green histogram bars in the individual score sections signify positive sentiment.
Red histogram bars indicate negative sentiment.
The color of the TotalScore columns changes dynamically to reflect the overall sentiment (green for bullish and red for bearish).
Parameters:
Short, Medium, and Long Periods: Customize the evaluation timeframes to match your trading strategy.
Signal Smoothing & Linear Regression Length: Adjust the smoothing and regression parameters to fine-tune the indicator's responsiveness.
Usage:
The TripleScore Indicator is a versatile tool that can be used in various trading strategies, including trend following and market sentiment analysis. It empowers traders to make informed decisions by providing a comprehensive view of market conditions.
Disclaimer: Trading involves risk, and this indicator should be used in conjunction with other technical and fundamental analysis tools.