OPEN-SOURCE SCRIPT
Time Divergence - TDV [SHK]
A truly time based indicator to check the strength of the asset based on "Time". The main idea came to my mind about 2 years ago, When i was counting the candles in an impulse move and comparing it to number of retracement candles.
So i got a period (13 for example) and checked the price change between the 13 candles, Then the space between those two points (the price!) is divided to 13 (the time!).
The result can be analyzed by checking the Divergence, or checking the Linear Regression, or bollinger band, or trend lines and channels, or ...
You can also test different periods.
I'm price action trader and i don't use indicators, But i publish my past works for other users.
Hope you find new usage methods and share them in comments.
So i got a period (13 for example) and checked the price change between the 13 candles, Then the space between those two points (the price!) is divided to 13 (the time!).
The result can be analyzed by checking the Divergence, or checking the Linear Regression, or bollinger band, or trend lines and channels, or ...
You can also test different periods.
I'm price action trader and i don't use indicators, But i publish my past works for other users.
Hope you find new usage methods and share them in comments.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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