LonesomeTheBlue

Sell / Buy Rates

This script finds sell / buy rates and adds its linear regression to the chart. its aim is finding buying and selling power, then you can try to find trend reversals. Also you can find divergences, it's very important signal for trend reversal.

Linear regression is a basic and commonly used type of predictive analysis.

if you choose lower periods then it will be more sensitive. I choose 34 as it's one of fibonnaci number.


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Release Notes: Shorter code and some improvements
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

Could you please say what do the colors mean
Green
Dark Green

Red
Dark Red
?
+18 Reply
Mate, you can simplify a life with:

tw = high - max(open, close)
bw = min(open, close) - low
body = abs(close - open)

_rate(cond) => 0.5 * (tw + bw + (cond ? 2 * body : 0)) / (tw + bw + body)

uprate = _rate(open <= close)
downrate = _rate(open >= close)

and add precision=0 to study() to avoid big numbers (see AAPL)
+13 Reply
@everget, thanks mate, OK I'm gonna make it shorter ;)
+5 Reply
Geekyavi everget
@everget, @lonesometheblue 2 pros who rule trading view.
+1 Reply
Le falta las flechas de compra y venta, me parece
+1 Reply
hi @dos32101, Pine script doesn't allow to add arrow on the chart when indicator is in another window. (overlay = false or true, can not be both).
+3 Reply
the graph not showing on my computer display
Reply
Can ı use this indikator?
Reply
This is: _rate(cond) => 0.5 * (tw + bw + (cond ? 2 * body : 0)) / (tw + bw + body)
Especially: (cond ? 2 * body : 0)

What is the basic functionale (mathematicaL) reason (purpose) here?
Reply
LOVE this! Thank you!
Reply