OPEN-SOURCE SCRIPT
IU Ocean Oscillator
IU Ocean Oscillator is a momentum-based oscillator designed to identify trend exhaustion and potential reversals. This indicator is calculated using:
- Acceleration Factor (AF): Measures the rate of change in price momentum.
- Volatility Expansion (VE): Captures market volatility over a given period.
- Trend Exhaustion Index (TEI): Normalized ratio of AF and VE, scaled between 0 and 100.
- Signal Line: A smoothed moving average of the TEI for better trend clarity.
User Inputs
- Lookback Period: Defines the number of bars used for calculations.
- Overbought Level: Sets the threshold for overbought conditions (default: 85).
- Oversold Level: Sets the threshold for oversold conditions (default: 15).
- Show Acceleration Factor: Option to display the raw TEI values.
Key Features:
- Overbought and oversold levels to identify potential reversal zones.
- Gradient-colored signal line to visualize trend strength.
- Optional display of the Acceleration Factor for advanced analysis.
- Unique oceanic theme with dynamic elements like coral, bubbles, and blowfish.
This oscillator helps traders gauge trend strength, exhaustion, and possible reversals, making it useful for various trading strategies.
- Acceleration Factor (AF): Measures the rate of change in price momentum.
- Volatility Expansion (VE): Captures market volatility over a given period.
- Trend Exhaustion Index (TEI): Normalized ratio of AF and VE, scaled between 0 and 100.
- Signal Line: A smoothed moving average of the TEI for better trend clarity.
User Inputs
- Lookback Period: Defines the number of bars used for calculations.
- Overbought Level: Sets the threshold for overbought conditions (default: 85).
- Oversold Level: Sets the threshold for oversold conditions (default: 15).
- Show Acceleration Factor: Option to display the raw TEI values.
Key Features:
- Overbought and oversold levels to identify potential reversal zones.
- Gradient-colored signal line to visualize trend strength.
- Optional display of the Acceleration Factor for advanced analysis.
- Unique oceanic theme with dynamic elements like coral, bubbles, and blowfish.
This oscillator helps traders gauge trend strength, exhaustion, and possible reversals, making it useful for various trading strategies.
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 publications is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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