Positive Volatility and Volume Gauge

Jun 14, 2023

This is my first published script. It is a real volatility gauge that allows the user to see the real volatility of a given candle on the 15-min time frame. It also has the SMA of real volatility and volume available.

It provides the user to identify high volatility points that can lead to reversals back to the mid-point of said high volatility.

You can change the threshold of the signal line. For the 15-min time frame, I suggest that the 1.5-2.5 threshold be used for the best view.

Good luck and let me know if you have any questions or suggestions. I'm always open to learning.

Thank you!

Nov 15, 2023

Release Notes

Hello, here is a new and improved version of this indicator....a summary of the changes made are below. Little updates were made to the volatility gauge, however, it still runs the same. I have added a true momentum oscillator, that really helps this indicator.

Added True Momentum Oscillator:

Introduced a True Momentum Oscillator using the ta.mom function based on the close prices with an adjustable length (mom_length).
Plotted the True Momentum Oscillator as a green line.
Adjusted Oversold and Overbought Levels:

Modified the input parameters for oversold and overbought levels (mom_oversold and mom_overbought) to be -1 and 1, respectively.
Changed Color Scheme:

Adjusted the color scheme for better visualization:
Positive Volatility: Blue
Upper Signal Line: Orange
Volume Gauge: Yellow
True Momentum Oscillator: Green
Oversold and Overbought Lines: Red and Green, respectively.
Improved Plot Labels:

Updated titles for better clarity and consistency.
These changes enhance the script by incorporating a True Momentum Oscillator, refining the color scheme, and improving the overall aesthetics and readability. If you have any specific questions or if you'd like further adjustments, feel free to let me know!