Forex Strength IndicatorThis indicator will display the strength of 8 currencies, EUR, AUD, NZD, JPY, USD, GBP, CHF, and CAD. Each line will represent each currency. Alongside that, Fibonacci levels will be plotted based on a standard deviation from linear regression, with customizable lengths.
For more steady Fibonacci levels, use higher lengths for both Standard Deviations and Linear Regression. All currency lines come from moving averages with options like EMA, SMA, WMA, RMA, HMA, SWMA, and Linear Regression.
When lines of the active pair are far from each other, it means higher divergence in those currency strengths among the other pairs. The closer the lines are, the lower the divergence.
You can use the Fibonacci levels as points for the reversal or end of the current trend. When the lines cross can be used as a parameter for a more accurate signal of the next movement.
All 28 pairs are loaded from the same time frame and will use the same moving average for all of them
Alerts from the line crossing are available.
Strength
RSI Pull-BackA pull-back occurs whenever the price or the value of an indicator breaks a line and comes back to test it before continuing in the prevailing trend.
The RSI has oversold and overbought levels such as 20 and 80 and whenever the market breaks them returns to normality, we can await a pull-back to them before the reversal continues.
This indicator shows the following signals:
* A bullish signal is generated whenever the RSI surpasses the chosen oversold level then directly shapes a pull-back to it without breaking it again.
* A bearish signal is generated whenever the RSI breaks the chosen overbought level then directly shapes a pull-back to it without surpassing it again.
RSI Candle Advanced V2RSI Advanced
As the period value is longer than 14, the RSI value sticks to the value of 50 and becomes useless.
Also, when the period value is less than 14, it moves excessively, so it is difficult for us to see the movement of the RSI .
So, using the period value and the RSI value as variables, I tried to make it easier to identify the RSI value through a new function expression.
This is how RSI Advanced was developed.
Period below 14 reduce the volatility of RSI , and period above 14 increase the volatility of RSI, allowing overbought and oversold zones to work properly and give you a better view of the trend.
By applying the custom algorithm so that the 'RSI Advanced' with period on a 5-minute timeframe has the same value as the 'original RSI' with period on a 60-minute timeframe.
As another example, an 'RSI Advanced' with a period in a 60-minute time frame has the same value as an 'original RSI' with a period in a 240-minute time frame.
Compare the difference in the RSI with a period value of 200 in the snapshot.
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RSI Candlestick
RSI derives its value using only the closing price as a variable.
I solved the RSI equation in reverse and tried to include the high and low prices of candlesticks in the equation.
As a result, 'if the high or low was the closing price, the value of RSI would be like this' was implemented.
Just like when a candle comes down after setting a high price, an upper tail is formed when RSI Candle goes down after setting a high price!!
In divergence, we had to look only at the relationship between closing prices, but if we use RSI candles, we can find divergences in highs and highs, and lows and lows.
Existing indicators could not express "gap", but Version 2 made it possible to express "gap"!!!!!!
RSI can be displayed as candlesticks, bars and lines
Then enjoy my RSI!
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RSI Advanced
기간값이 14보다 길어질수록 RSI값은 50값에 달라붙게 되어서 쓸모가 없어집니다.
또 기간값이 14보다 줄어들수록 과도하게 움직여서 우리는 RSI의 움직임을 보기가 힘듭니다.
그래서 기간 값과 RSI 값을 변수로 사용하여 새로운 함수 식을 통해 RSI 값을 식별하기 편하도록 해보았습니다.
이렇게 RSI Advanced가 개발되었습니다.
기간값이 14보다 낮으면 rsi의 변동폭이 줄어들고, 기간값이 14보다 크면 변동폭이 넓어져 과매수 및 과매도 영역이 제대로 작동하여 추세를 더 잘 볼 수 있습니다.
또한 저는 5분 타임프레임의 기간값이 168(=14*12)인 RSI가 주기 값이 14인 60분 타임프레임의 RSI와 동일한 값을 갖도록 적절한 함수 표현식을 적용하여 RSI를 변경했습니다.
다른 예로, 15분 시간 프레임에서 기간값이 56(=14*4)인 RSI는 60분 시간 프레임의 기간값이 14인 RSI와 동일한 값을 갖습니다.
기간값이 200인 RSI의 차이를 스냅샷에서 비교해보십시오.
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RSI Candlestick
RSI는 종가만을 변수로 사용하여 값을 도출해냅니다.
저는 RSI 식을 역으로 풀어내어서 캔들스틱의 고가와 저가, 시가를 식에 포함시켜보았습니다.
결과적으로, '만약 고가나 저가가 종가였다면 RSI의 값이 이럴것이다'를 구현해내었습니다.
캔들이 고가를 찍고 내려오면 윗꼬리가 생기듯 RSI Candle에서도 고가를 찍고 내려오면 윗꼬리가 생기는겁니다!!
다이버전스 또한 원래는 종가끼리의 관계만 봐야했지만 RSI 캔들을 이용한다면 고가와 고가, 저가와 저가에서도 다이버전스를 발견할 수 있습니다.
기존의 지표는 "갭"을 표현하지 못했지만 Version 2 에서는 "갭"을 표현할 수 있게 만들었습니다!!!!!!
그럼 잘 사용해주십시오!!!
Artharjan Relative StrengthHi Guys,
I have created Artharjan Relative Strength indicator which shows the comparison of a Stock (script) either with Benchmark Index or with its respective sectoral index.
If the Relative Strength value is more than Zero (Above Zero Line) then it means the Stock is outperforming the index and vise-a-versa
A moving average is also added to smooth out data series.
Traders can chose from the Benchmark/Sectoral indices as well as Moving Average Lookback period and moving average type for extra convenience.
If the Relative Strength is strong then trader can look forward to taking bullish trade and Investor can think of investing in that particular script for a long term period (Or as long as Relative Strength line does not cross below zero line)
The Default Lookback period selected is 55 (Fib number) as it covers considerable /sufficient amount of range to find out relative strength of the stock.
The Relative Strength depends on the timeframe you chose... so feel free to adjust the Lookback period from 55 to any other number depending upon your trading/investment timeframe.
Hope you guys would find this indicator useful.
Regards
Rahul Desai
@Artharjan
Relative Strength/Weakness ArrowsHello everyone,
This Script is designed to show relative strength or relative weakness. It takes the stock your looking at and compares it to the sector it is in and to SPY. It evaluates strength or weakness on every candle. In this specific script it is only designed for the communications sector(XLC), so all the names I have inputted into the script fall within XLC. It works for all timeframes. It really helps me stay in trades longer as even though stock might be consolidating it can still be weak, making me more confident in holding. Each green arrow shows that the stock is relatively strong compared to SPY and its SECTOR, in this case, XLC. Each red arrow means that the stock is relatively weak to the market and its sector. When there are no arrows on the candles, then the stock is following the market and its sector. Tell me what yall think.
Just add it to your chart, go to any of the stocks within XLC and it will populate arrows based on relative strength and relative weakness. The weakness and strength is based on movement of price using ATR. So if the price of the stock is moving up and so is the sector it will only populate based on how large the move is. So if SPY had ATR of 1 and it moved up .50c that means the stock you're looking at would need to move more than .50c in the same candle if it also had an ATR or 1.
You can add or delete tickers in the code by going to the list of symbols and adding or removing them. Just remember that if you add a stock that doesn't fall within XLC then the arrows wont represent strength/weakness properly.
[TTI] Combined Absolute Relative Strength - ARS toolHISTORY AND CREDITS–––––––––––––––––––––––––––––––––––––––––––––––––––––––
I got inspired to build this based on some public lectures I have seen of Matt Caruso. Matt says he has taken 10 years to build similar tool. The idea of a 'better' Relative Strength hit home and I cracked open the textbooks to see which technique would serve best. I think I have made a very close (my estimate about 90%) script to the original. Examples of side by side in comments.
WHAT IT DOES––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
💡A significant advancement in relative strength analysis is Combined Adaptive Relative Strength (ARS tool).
The ARS tool makes it quick and easy to determine whether an asset exhibits Relative Strength and is therefore subject to institutional accumulation.
ARS is not restricted to equities and may be used to find RS on any traded security like crypto, forex, bonds or ETFs. By design, ARS adjusts to a security's volatility to discover RS in a slower-moving, dividend-paying investment just as easily as in a one with strong velocity. Due to this feature, investors are able to use RS analysis on any security type that fits their objectives and risk tolerance.
When the indicator calculates a favourable, strong relative strength in the ticker it paints the background of the chart to the chosen color.
🎁 Unlike the original indicator, I have left a few customisable settings for those who wish to toggle the sensitivity:
✅. You can choose which index you compare Relative Strength against (perfect for anyone trading international)
✅. You can choose how manyDays Lookback the ticker uses to make calculations
✅. You can chooses what Timeperiod in number of bars the ticker uses to calculate Relative Strength
✅. I have made all calculations adaptable for larger and smaller timeframes (so wether you are daytrader or investor this will adapt to the way you have customised your chart).
HOW TO USE IT–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The tool highlights the periods of time when the ticker has the highest probability of attracting institutional investors and hence result in price appreciation. The blue color appears in stages of the indicator where significant upward moves are probable.
You can use the indicator as part of the longer term trend analysis of your research.
Relative Strength Index (RSI) + Realtime DivergencesRelative Strength Index (RSI) + Realtime Divergences
This version of the RSI indicator includes the following features:
- Optional divergence lines drawn directly onto the oscillator in realtime.
- Configurable alerts to notify you when divergences occur.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes.
- Background colouring option to indicate when the RSI oscillator has crossed above or below its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.
- Fadeout oscillator feature will fade out all but the most recent history, leaving your chart free of visual noise.
- Flip oscillator feature can be used with the Tradingview 'Flip chart' feature (Alt+i) in order to flip both the chart and the oscillator, too. This feature is to help traders manually spot divergences that may have a strong natural bias in one direction.
- Optional centerline and range bands.
- Various optional moving average types, bollinger bands etc.
This indicator adds additional features onto the standard RSI whose core calculations remain unchanged. Namely, the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur in realtime. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the RSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
What is the Relative Strength Index ( RSI )?
Investopedia describes the Relative Strength Index as follows:
“The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100. The indicator was developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, New Concepts in Technical Trading Systems.
The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.”
The RSI is also commonly used to spot divergences.
You can read more about the RSI and its calculations here
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable pivot periods.
You can adjust the default pivot periods to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
Disclaimer: This script includes code from the stock RSI by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue.
MTM - Momentum IndicatorMTM - Momentum
Description
The Momentum indicator is a speed of movement indicator that is designed to identify the speed (or strength) of price movement. This indicator compares the current close price to the close price N bars ago and also displays a moving average of this difference.
Category
Momentum Indicators
Parameters
N ( Default: 6 Min: 1 Max: 100 )
N1 ( Default: 6 Min: 1 Max: 100 )
Chart Script
MTM : CLOSE-REF(CLOSE,N);
MTMMA : MA(MTM,N1)
www.edgerater.com
Directional Slope Strength IndexThe most basic of trend indicators is the price change over some period of time. Rate of change is the most common indicator to use which calculates the current price minus the price n bars back. I've written this indicator to solve several problems the default value of ROC.
1. We're interested in the magnitude or strength of the slope of change.
2. We need a number that we can make decisions from between 0 and something close to a peak of 10.
3. We need the ability to define a threshold where a directional change might be taking place.
The Directional Slope Strength Index solves these problems by taking 1000 samples of your given Rate of Change input and calculating a standard score (or z-score) which represents the number of standard deviations by which the current rate of change is above or below the historical average. A higher number represents a stronger move up and a lower (negative) number represents a stronger move down. A value closer to 0 would represent a sideways trend or the slowing of a current trend.
A potential threshold could be 2 or -2 which is two standard deviations from the mean ROC.
The inputs can be modified to control the sensitivity.
1. A lower ROC length would provide a more sensitive measure, but still measure how that sensitive input changes over 1000 samples.
2. I recommend keeping the sample rate at 1000 as that provides enough historical data to give a more accurate distribution and therefore a more accurate DSSI (z-score).
A number of decisions can be made from the indicator:
1. When the DSSI crosses above 2, it could be a sign of a strong move upward. When below -2 it could be a sign of a strong downward move.
2. When the DSSI persists in a positive or negative channel between 0 and 2 or 0 and -2 this could indicate the formation of the next trend.
3. Values outside 2 and -2 standard deviations should be interpreted as high volatility environments.
4. For convenience, a highest and lowest DSSI have been plotted to provide references to the historical extremes.
I'm open to any questions and feedback as this is a first, original indicator for me.
Strength of Divergence Across Multiple IndicatorsOverview:
One-stop shop for all your divergence needs, including:
(1) A single metric for divergence strength across multiple indicators.
(2) Labels that make it easy to spot where the truly strong divergence is by showing the overall divergence strength value along with the number of divergent indicators. Hovering over the label shows a breakdown of each divergent indicator and its individual divergence strength value.
(3) Fully customizable, including inputs for pivot lengths, divergence types, and weights for every component of the divergence strength calculation. This allows you to quickly and easily optimize the output for any chart. Don't worry, the default settings will have you covered if you're not interested in what's going on under the hood.
The Divergence Strength Calculation:
The total divergence strength value is the sum of the divergence strengths of all indicators for which divergence was detected at a given bar. Each indicator's individual divergence strength is comprised of two basic components: (1) |ΔPrice| - the magnitude of the change in price over the divergence period (pivot-to-pivot), and (2) |ΔIndicator| - the magnitude of the change in indicator value over the divergence period.
Because different indicators' scales and volatility can vary greatly, the Δ values are expressed in terms of standard deviation to ensure that the values are meaningful and equitable across all indicators and assets/instruments/currency pairs, etc:
|ΔIndicator| = |indicator_value_1 - indicator_value_2| / 2 * StDev(indicator_series,100)
Calculation Weights:
All components of the calculation are weighted and can be modified on the Inputs page in settings (weights are simply multipliers). For example, if you think hidden divergence should carry less weight than regular divergence, you can assign it a lesser weight. Or if you think RSI divergence is worth more than OBV divergence, you can adjust their weights accordingly. List of weights:
Regular divergence weight - default = 1
Hidden divergence weight - default = 1
ΔPrice weight - default = 0.5 (multiplied by the ΔPrice component)
ΔIndicator weight - default = 1.5 (multiplied by the ΔIndicator component)
RSI weight - default = 1.1
OBV weight - default = 0.8
MACD weight - default = 0.9
STOCH weight - default = 0.9
Development for additional indicators is ongoing, as is research into the optimal weight configuration(s).
Other Inputs:
Pivot lengths - specify the number of bars before and after each pivot high/low to consider it a valid candidate for divergence.
Lookback bars and Lookback pivots - specify the number of bars or the number of pivots to look back across.
Price sources - specify separate price sources for bullish and bearish divergence
Display settings - specify how lines and labels should display, including which divergence strength values should show the largest labels. Include/exclude specific divergence types and indicators.
Please report any bugs, or let me know if you have any enhancement suggestions or requests for additional indicators.
@reees
True Strength Indicator + Realtime DivergencesTrue Strength Indicator (TSI) + Realtime Divergences + Alerts + Lookback periods.
This version of the True Strength Indicator adds the following 5 additional features to the stock TSI by Tradingview:
- Optional divergence lines drawn directly onto the oscillator in realtime.
- Configurable alerts to notify you when divergences occur, as well as when the TSI and lagline bands crossover one another, when the oscillator begins heading up, or heading down.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes.
- Background colouring option to indicate when the two TSI bands, the TSI line and the TSI lagline, have crossed one another, either moving upwards or downwards, or optionally when the two TSI bands have crossed upwards and an external oscillator, which can be linked via the settings, has crossed above its centerline, and the TSI bands have crossed downwards and the external oscillator has crossed below its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.
This indicator adds additional features onto the stock TSI by Tradingview, whose core calculations remain unchanged, although this version has different settings as default to suit a shorter time period (it uses 6, 13, 4 by default, whereas the stock TSI typically ships with higher values, e.g. 25, 13, 13). Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur in realtime. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
The True Strength Indicator
Tradingview describes the True Strength Indicator as follows:
“The True Strength Index (TSI) is a momentum oscillator that ranges between limits of -100 and +100 and has a base value of 0. Momentum is positive when the oscillator is positive (pointing to a bullish market bias) and vice versa. It was developed by William Blau and consists of 2 lines: the index line and an exponential moving average of the TSI, called the signal line. Traders may look for any of the following 5 types of conditions: overbought, oversold, centerline crossover, divergence and signal line crossover. The indicator is often used in combination with other signals..”
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable lookback values.
You can adjust the default lookback values to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer: This script includes code from the stock TSI by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue
[GTH] Relative Strength, SectorsDisplays the Relative Strength (RS) of a symbol in relation to some common sector ETFs, SPX and NDX (select from drop-down list). This is done by dividing the symbol's price by the chosen sector ETF's price.
You can also select a symbol of your choice to compare against.
Interpretation:
RS line ascending: symbol performs stronger than the sector ETF.
RS line decending: symbol performs weaker than the sector ETF.
In case of error reports: please be specfic. Thanks.
Relative Strength
Compare the percentage change of the current symbol with the benchmark in last 5 periods.
By default the benchmark is SPY, you can change it from Indicator Settings.
Volume with forceThis indicator shows the classic stock volume chart with a plottable 20 periods SMA line. Along with this, it shows to the top right of the pane a percent, showing the current "volume force".
This force is calculated as the SMA of the last 3 volume candles excluded the current candle (only counts finished candles) and then compare it with the standard 20 periods volume SMA.
Some examples for a better understanding:
A value of 200% means that the SMA of last 3 candles is equals to 2 times of the 20 periods volume SMA
A value of 100% means that the SMA of last 3 candles is equals to the 20 periods volume SMA
A value of 50% means that the SMA of last 3 candles is equals to 1/2 of the 20 periods volume SMA
A value of 25% means that the SMA of last 3 candles is equals to 1/4 of the 20 periods volume SMA
If the value is above 100%, the background will be green, red otherwise. A green value means that the symbol is having a nice volume income.
Customizable settings
Timeframe: the main TF to plot volume and calculate force
MA Length: the length of the standard volume SMA to plot (and to compare for the force calculation)
Diff force length: the length of the last candles (excluded the current candle) to compare with the standard volume SMA
Show moving average: if checked, plots the standard SMA
Show volume force: if checked, shows to the top right the volume force
TSI + DivergencesTrue Strength Indicator (TSI) + Divergences + Alerts + Lookback periods.
This version of the True Strength Indicator adds the following 3 additional features to the stock TSI by Tradingview:
- Optional divergence lines drawn directly onto the oscillator.
- Configurable alerts to notify you when divergences occur.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes.
This indicator adds additional features onto the stock TSI by Tradingview, whose core calculations remain unchanged. Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur, with minimal delay. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
The True Strength Indicator
Tradingview describes the True Strength Indicator as follows:
“The True Strength Index (TSI) is a momentum oscillator that ranges between limits of -100 and +100 and has a base value of 0. Momentum is positive when the oscillator is positive (pointing to a bullish market bias) and vice versa. It was developed by William Blau and consists of 2 lines: the index line and an exponential moving average of the TSI, called the signal line. Traders may look for any of the following 5 types of conditions: overbought, oversold, centerline crossover, divergence and signal line crossover. The indicator is often used in combination with other signals..”
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable lookback values.
You can adjust the default lookback values to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis, meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level. A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer : This script includes code from the stock TSI by Tradingview as well as the RSI divergence indicator.
Candle StrengthIt is hard to know which party plays a vital role in the candle. Sometimes we see a red candle/ Seller's candle very weak, but still, the market continues. Here, I tried to figure out how much strength buyers/sellers possess in their respective candles.
The idea is simply to measure the area between high and low and then calculate the opposite party's oppression by calculating the wick's area.
This script is more like a tool, and hence I do not suggest using this as an independent strategy. However, combining it with other analyses and strategies will surely bear fruitful results.
I, in the future, will come up with strategies and more tools like this.
So, follow me to keep getting updates.
Thanks.
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.
Masculine Relative Strength - an FX strength comparison ind.This Relative Strength Indicator compares all majors and all possible crosses against each other. (eur,usd,nzd,gbp,cad,aud,jpy, and chf ). The higher the currency ranks the stronger it is. The lower a currency ranks the weaker it is. It is calculated by taking a 200 period moving average and scoring the pair as strong or weak depending on the position of the moving average in comparison to current price action. For example if we are on the eurusd chart and current price action is above the 200 that equals to plus 1 for the euro and minus 1 for the dollar. This same scoring system is then applied to all other pairs giving you the ability to potentially pair the strongest currency with the weakest.I warrant that this information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors. This does NOT guarentee profits. Past performance is no guarantee of future results
SR StrengthThis indicator measures the strength of support and resistance. Purple bars show SR is increasing. Blue bars show SR strength is decreasing. White bars show the peak of SR strength. The threshold of the white bars can be adjusted in the settings. These extremes happen before a boom. This indicator is also very useful for picking up reversals. Sensitivity can be adjusted to 20 or 50 to find smaller booms and pushed all the way to 1000 or more to find stronger booms.
Market First - Relative Strength/Weakness (the ZenBot strategy)This market-first trading strategy gives BUY, SHORT, and CLOSE signals based on volume, trend, and relative strength or weakness to the market (SPY by default, can be customized). This indicator is useful for signaling day-trade entries and exits for tickers that are strong (or weak) against the market.
Stocks that are showing relative strength (or weakness) to the market, are trending, and have decent movement generate a buy (or short) signal. When the trend runs out, a CLOSE signal is fired.
Potential profit (based on ATR) and actual profit is calculated, predicting the type of move expected
Unique 'stay in trade' logic helps prevent unnecessary CLOSE signals if a trend is likely to continue
A colored plot indicates the strength of the current trend and turns orange/red when the strength is weakened.
Crypto traders can uncheck 'Trade during market hours' for 24-hour trading, and should change the comparison ticker from SPY to BTCUSD or something similar for their market.
Enjoy!
KEY CONCEPTS
The three- and five-minute timeframes are used to establish and verify trend ( ADX /DI with custom logic)
Entries and exits are based on Parabolic SAR and confirmed on multiple timeframes, trend, and relative volume
Relative strength /weakness to the market compares ticker to SPY
Chop is avoided at all costs. I've experimented with choppiness indicator below 38, but found that the ADX DI+/- readings work even better.
Trend is established using ADX DI+/- readings over 20, confirmed by EMA 5/13 crossover and EMA5 slope
Signals will fire only if the average volume for the current 5-min bar is above normal
Only tickers with a five-bar / 13 period ATR of 1% the ticker's price generate signal.
Only longs above daily-anchored VWAP , shorts below daily-anchored VWAP
Signals fire on bar close to prevent repainting / look-ahead bias
Indicator labels and alerts generated
SIGNALS
BUY: up-trending tickers showing relative strength are bought on the three-minute PSAR
SELL: when the close price falls below the 1, 3, and 5-minute PSAR, or the ADX DI- falls below 20
SHORT: down-trending tickers with relative weakness are shorted on the three-minute PSAR
COVER: when the close price moves above the 1, 3, and 5-minute PSAR, or the ADX DI- falls below 20
ALERTS
Alerts are generated on BUY, SELL, SHORT, and COVER signals, as well as optional LOST RELATIVE STRENGTH and LOST RELATIVE WEAKNESS
INPUTS
Use relative strength /weakness comparison with the market : trigger trades based on the ticker's strength or weakness to the selected comparison ticker (usually SPY for equities or BTCUSD for crypto)
[* ]Comparison Ticker for relative strength /weakness : Ticker to compare against for relative strength /weakness
Trade during market hours only : Take buy/sells during specified hours. Disable this for crypto trading.
[* ]Market hours (market time) : Customize market hours - defaults to 9:30 to 16:00 EST
[* ]"Only trade very strong trends" : take trades only if an established trend is very strong ( ADX over 40 ) (DEFAULT = ON)
"Limit trade direction to VWAP" : Long trades only above VWAP , shorts below (DEFAULT = ON)
"Limit trade direction to Market direction" : Long trades only if SPY (or selected comparison ticker) is up, shorts if the market is down. (DEFAULT= ON)
"Limit trades based on a ticker's green/red status for the day" : Long trades if the ticker is green for the day, shorts if red. (DEFAULT = ON)
Market First Signals - Relative Strength/WeaknessThis market-first trading strategy gives BUY, SHORT, and CLOSE signals based on volume, trend, and relative strength or weakness to the market (SPY by default, can be customized). This indicator is useful for signaling day-trade entries and exits for tickers that are strong (or weak) against the market.
Stocks that are showing relative strength (or weakness) to the market, are trending, and have decent movement generate a buy (or short) signal. When the trend runs out, a CLOSE signal is fired.
Potential profit (based on ATR) and actual profit is calculated, predicting the type of move expected
Unique 'stay in trade' logic helps prevent unnecessary CLOSE signals if a trend is likely to continue
A colored plot indicates the strength of the current trend and turns orange/red when the strength is weakened.
Crypto traders can uncheck 'Trade during market hours' for 24-hour trading, and should change the comparison ticker from SPY to BTCUSD or something similar for their market.
Enjoy!
KEY CONCEPTS
The three- and five-minute timeframes are used to establish and verify trend (ADX/DI with custom logic)
Entries and exits are based on Parabolic SAR and confirmed on multiple timeframes, trend, and relative volume
Relative strength /weakness to the market compares ticker to SPY
Chop is avoided at all costs. I've experimented with choppiness indicator below 38, but found that the ADX DI+/- readings work even better.
Trend is established using ADX DI+/- readings over 20, confirmed by EMA 5/13 crossover and EMA5 slope
Signals will fire only if the average volume for the current 5-min bar is above normal
Only tickers with a five-bar / 13 period ATR of 1% the ticker's price generate signal.
Only longs above daily-anchored VWAP, shorts below daily-anchored VWAP
Signals fire on bar close to prevent repainting / look-ahead bias
Indicator labels and alerts generated
SIGNALS
BUY: up-trending tickers showing relative strength are bought on the three-minute PSAR
SELL: when the close price falls below the 1, 3, and 5-minute PSAR, or the ADX DI- falls below 20
SHORT: down-trending tickers with relative weakness are shorted on the three-minute PSAR
COVER: when the close price moves above the 1, 3, and 5-minute PSAR, or the ADX DI- falls below 20
ALERTS
Alerts are generated on BUY, SELL, SHORT, and COVER signals, as well as optional LOST RELATIVE STRENGTH and LOST RELATIVE WEAKNESS
INPUTS
Use relative strength/weakness comparison with the market : trigger trades based on the ticker's strength or weakness to the selected comparison ticker (usually SPY for equities or BTCUSD for crypto)
Comparison Ticker for relative strength/weakness : Ticker to compare against for relative strength/weakness
Trade during market hours only : Take buy/sells during specified hours. Disable this for crypto trading.
Market hours (market time) : Customize market hours - defaults to 9:30 to 16:00 EST
"Only trade very strong trends" : take trades only if an established trend is very strong (ADX over 40) (DEFAULT = OFF)
"Limit trade direction to VWAP" : Long trades only above VWAP, shorts below (DEFAULT = ON)
"Limit trade direction to Market direction" : Long trades only if SPY (or selected comparison ticker) is up, shorts if the market is down. (DEFAULT= OFF)
"Limit trades based on a ticker's green/red status for the day" : Long trades if the ticker is green for the day, shorts if red. (DEFAULT = OFF)
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! :)
Shinohara Intensity Ratio (SIR)Shinohara Intensity Ratio (SIR) - the indicator
This indicator is used to make clear the intensity of the trend. It shows the possible trend of the price. If the price is in an uptrend or in a downtrend, the indicator shows when you can buy or sell or get out. A good example can be seen in the chart with natural gas, a few days earlier it was already seen that a trend reversal was imminent. Shinohara indicator has already indicated it a few days before.
SIR preset
Period: last 26 periods
Strong ratio: green line "GL"
Weak ratio: red line "RL"
What shows you SIR indicator
It has two lines. The strong ratio line is colored in green and the weak ratio line in red.
When the "GL" is above the "RL", this is the indication of price is an uptrend. When the "RL" is above the "GL", it indicates the price in the downtrend.
The increasing of ratio is the sign of trend intensity is increasing. In the high value of the SIR indicator trend reversal may soon.
SIR indicator line is around 100, this indicating the intensity of the price is average.
SIR line is above 120, the intensity of starting a strong trend
SIR line is above 200 or more this indication of the extreme intensity of the trend
Using Strategy
Buy Signal: "GL" is rising above the 120 and the "RL" is below the 100 level
Sell Signal: "RL" is rising above the 120 level and the "GL" is below 100 level
When the "GL" & "RL" (both lines) are rising above 120 or more then you should avoid taking any position
You can take profit or close your position, if the indicator line moving above the 200 level, then you should alert. If the price trend starts reversing, then you can close your position.
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
