OPEN-SOURCE SCRIPT
Updated Median Mean BULLISH/BEARISH Candle Oscillator-👹
Indicator Name: Median Mean BULLISH/BEARISH Candle Oscillator - 👹
Short Description:
The Median Mean Bullish/Bearish Candle Oscillator (M-BB-C-O) is a trend-following oscillator designed to capture market momentum by analyzing volume-weighted bullish and bearish candle patterns over a specified period. By smoothing these candle counts with an exponential moving average (EMA) and comparing them to a median threshold, the oscillator helps identify the dominant market trend (bullish or bearish) and potential trend reversals.
Key Features:
Potential use:
And yes, i used chat-GPT for this description :D
Short Description:
The Median Mean Bullish/Bearish Candle Oscillator (M-BB-C-O) is a trend-following oscillator designed to capture market momentum by analyzing volume-weighted bullish and bearish candle patterns over a specified period. By smoothing these candle counts with an exponential moving average (EMA) and comparing them to a median threshold, the oscillator helps identify the dominant market trend (bullish or bearish) and potential trend reversals.
Key Features:
- Trend-Following Logic: The indicator tracks the trend by calculating the volume-weighted count of bullish and bearish candles over a user-defined period (lengthOsc), highlighting prevailing market direction.
- Smoothing with EMA: It applies a Dual Exponential Moving Average (DEMA) to the candle count (emaoscilatorCandle), reducing noise and making the trends more prominent.
- Mean Line Benchmark: The oscillator's value is compared against a median line (oscilatorMean), helping to confirm whether the market is trending or consolidating.
- Dynamic Color Coding: The oscillator's color changes dynamically to signal trend direction: blue for uptrends and purple for downtrends, customizable by the user.
Potential use:
- Following market trends by analyzing candle patterns in combination with volume.
- Spotting trend reversals when the oscillator crosses the median line, signaling potential shifts in market direction.
- Confirming trend strength by observing how far the oscillator deviates from its mean.
And yes, i used chat-GPT for this description :D
Release Notes
minor fixesOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.