Volume Strength Candles / Colored BarsIs Price Action Higher or Lower on STRONG or WEAK VOLUME from lookback
(Strong or Weak Bulls // Strong or Weak Bears)
Candles / Bars Indicate the Following (default 13 period lookback / Length)
MAROON Bear Candle with STRONG VOLUME more than 150% of the lookback / length (13 default), STRONG Bear Candle Confirmed With Volume
RED Bear Candle while VOLUME is BETWEEN 50% & 150% of the Lookback / Length (13 default), Neutral Bear Volume Neither strong or weak
ORANGE Bear Candle with WEAK VOLUME (Less than 50% of the Length / Lookback)
DARK GREEN Bull Candle with STRONG VOLUME MORE than 150% of lookback
GREEN Bull Candle with Neutral VOLUME BETWEEN 50% & 150% of the lookback / Length
AQUA Bull Candle with WEAK VOLUME less than 50% of the Lookback
Is price confirmed by volume?
Can Change the Lookback / Length from 13
Can Change the Colors and Transparency to easily see based off your chart background colors I recommend ZERO Transparency to easily identify volume strength (i use white background but many use black or other)
Strength
Strenght and MomentumThe scope of this script is to measure momentum and strenght of EURO and DOLLAR using their indexes.
Forza (line) above 0 means EURO is stonger than DOLLAR
Momento (histogram) above 0 means EURO has a positive momentum against DOLLAR
The added value to see MACD and RSI directly on EURUSD chart is that indexes consider also other pairs so their RSI and MACD has a larger view on forex markets.
Script has also an option for multi timeframes.
I think that could be used as filters for LONG or SHORT positions in lower time frames.
Range Action Verification Index (RAVI)Range Action Verification Index (RAVI) indicator script. This indicator was originally developed by Tushar Chande (see his book "Beyond Technical Analysis: How to Develop and Implement a Winning Trading System").
Momentum of Relative strength to Index Leaf_West styleMomentum of Relative Strength to index as used by Leaf_West. This is to be used with the companion Relative Strength to Index indicator Leaf_West Style. Make sure you use the same index for comparison. If you follow his methods be aware of the different moving averages for the different time periods. From Leaf_West: "on my weekly and monthly R/S charts, I include a 13 EMA of the R/S (brown dash line) and an 8 SMA of the 13 EMA (pink solid line). The indicator on the bottom of the weekly/monthly charts is an 8 period momentum indicator of the R/S line. The red horizontal line is drawn at the zero line.
For daily or 130-minute time periods (or shorter), my R/S charts are slightly different - the moving averages of the R/S line include a 20EMA (brown dash line), a 50 EMA (blue dash line) and an 8 SMA of the20 EMA (pink solid line). The momentum indicator is also slightly different from the weekly/monthly charts – here I use a 12 period calculation (vs 8 SMA period for the weekly/monthly charts)." Leaf's methods do evolve and so watch for any changes to the preferred MAs etc..
Trend Trigger FactorTrend Trigger Factor indicator script. This indicator was originally developed by M. H. Pee (Stocks & Commodities V.22:12 (28-36): Trend Trigger Factor).
Relative Spread StrengthRelative Spread Strength indicator script. This indicator was originally developed by Ian Copsey (Stocks & Commodities V. 24:10 (16-23): Forex Focus).
Rapid RSIRapid RSI indicator script. This indicator was originally developed by Ian Copsey (Stocks & Commodities V. 24:10 (16-23): Forex Focus).
Intraday Momentum IndexIntraday Momentum Index indicator script. This indicator was originally developed by Tushar Chande.
STAN WEINSTEIN RS INDEX WITH NIFTYThis is an indicator for Indian markets.
It shows the relative strength of particular stock to the underlying index.
The concept of this indicator is well described in Stan Weinstein's book.
AJCrows RSIRelative Strength Index with indicator lines at 20, 30, 50, 70 and 80 marks. Use settings to show/hide these lines, and to choose appropriate colors.
TRIX ribbon w/ Up/Down colours - squattter
Follow the momentum - 2/4/8hr or Daily, take your pick. Use 2 or more TFs together for greater chance of a winning trade.
Also brilliant for spotting divergence.
This one is my favorite indicator.
Currency StrengthRepublished: The original script violated house rules by including an external link to Backtest Rookies.
Background
The currency strength indicator takes up to 4 forex pairs and calculates the average strength across all pairs. The indicator uses the pair's daily percentage change to calculate the overall strength. For flexibility, it can accept any instrument as an input. This means you can use multiple instances to track various currency strengths. It was designed with the major pairs in mind but there is no reason why it cannot be used for other FX pairs.
Note: The indicator defaults to GBP. When setting it up for other currencies, be sure to flag whether the currency is a counter currency or not.
The code is provided free and open source. Please modify it as you see fit.
Screenshots
Defaults with Annotation
Yen strength beating pound strength
Opposing Trends
Trend Strength IndicatorThis indicator uses Heiken Ashi candle data to plot trend strength signals to your chart.
Bright Green: Heiken Ashi candle data is still putting in higher lows and higher highs, and the price closed above the previous low.
Dark Green: Heiken Ashi candle closed green, but had a lower low or lower high (trend weakening).
Bright Red: Heiken Ashi candle data is still putting in lower lows and lower highs, and the price closed below the previous high.
Dark Red: Heiken Ashi candle closed red, but had a higher low or higher high (trend weakening).
Optional: I included a setting for allowing high RSI values to overrule Heiken Ashi values (disabled by default).
This kind of indicator is best used for managing open positions rather than entering trades. It works on all timeframes and instruments.
Feel free to contact me if you have any questions :)
Regards,
- Matt
PS. Here's a snapshot of it against a Heiken Ashi chart for reference:
Pair Strength BasketAgain thanks to LazyBear for bringing over the wavetrend indicator and glaz for the idea of the basket of currencies. This is a power index based on the wavetrend indicator, I cut it down to 5 securities per currency since the limit of securities I could call was 40. I like to use to see which pair is the most OB/OS as it likely presents the best profit potential.
AUD = Yellow
CAD = Gray
CHF = Maroon
EUR = Blue
GBP = Red
JPY = Purple
NZD = Lime
USD = Green
ADX Color Easy [Dravya]Script #1
So,
here is my first script.
This is the normal 14 period ADX,
but with a color twist, to make it extremely easy on eyes.
and then,
easily spot the strength.
ADX, as you know, shows the strength of the trend.
As short term traders, we need price movement and a strong trend.
How to use this script ?
1. We don't trade when ADX is in the red zone (0-20)
2. We get ready for trading when it enters the blue zone (20-30)
3. We trade when the ADX enters the green zone (>30)
Simple, right !
Now, in the green zone,
in which direction you should trade?
Here are a few links, to help you use ADX as a strategy ,
www.tradingsetupsreview.com
www.babypips.com
Other than this, you can combine this with your own strategies.
Personally, I like to use it on stocks on 1H timeframe.
Thanks.
Would love to hear from you.
Please like it to support the project,
and help spread it.
Currency Strength IndicatorSimple but effective don't pay $300 for an MT4 indicator when you can use this for free. Feel free to make it your own!
Strength SPX500 EURUSD XAUUSD USOILStrength of SPX500, EURUSD, XAUUSD and US OIL.
Buy or sell on extreme of strength into the overbought or the oversell.
Sectors Relative Strength Normal DistributionI wrote this indicator as an attempt to see the Relative Strengths of different sectors in the same scale, but there is also other ways to do that.
This indicator plots the normal distribution for the 10 sectors of the SPY for the last X bars of the selected resolution, based on the selected comparative security. It shows which sectors are outperforming and underperforming the SPY (or any other security) relatively to each other by the given deviation.
Relative Strength Index on TranquilizersSome weeks ago, I had a patient in my practice who suffered from internal stability disorders.
Certainly not a case of disordered thinking or schizophrenic behaviour, because his general sense of direction wasn’t the problem.
He just couldn’t find the right overall balance, an ailment he struggled with for years.
Straight away I could diagnose that surgery wasn’t an option, so I gave him a medicine he would clearly benefit from.
I never heard from him again…. He must be doing just fine.
Cheers, Indicat...
