OPEN-SOURCE SCRIPT
Percentile Nearest Rank Rainbow Overlay (PNRV)
Updated
The Percentile Nearest Rank Rainbow Overlay (PNRV) is an indicator for the TradingView platform that aims to visualize the ranking of a given source data within its own percentile range.
The PNRV indicator takes a single input, "src", which is the source data that the indicator will operate on. This input can be any series of data, such as stock prices, volume, or any other numerical data.
The indicator then maps the values of the src data onto a gradient of 60 colors, ranging from blue to green to yellow, with each color representing a percentile range. For example, values in the 0th percentile will be represented by a deep blue color, while values in the 50th percentile will be represented by a yellow color.
The PNRV indicator is designed to be overlaid on top of a chart, with the color of each data point representing its percentile ranking within the src data. This allows traders to easily identify trends and patterns within the data, as well as to compare the relative strength or weakness of different securities.
One potential use case for the PNRV indicator is in identifying potential overbought or oversold conditions in a stock or other security. For example, if the PNRV indicator shows that a stock's price is consistently ranking in the upper percentiles, this could be a sign that the stock is overbought and may be due for a correction. Conversely, if the PNRV indicator shows that a stock's price is consistently ranking in the lower percentiles, this could be a sign that the stock is undervalued and may be a good buying opportunity.
Overall, the PNRV indicator is a useful tool for traders looking to quickly and easily visualize the ranking of a given data series within its own percentile range.
The PNRV indicator takes a single input, "src", which is the source data that the indicator will operate on. This input can be any series of data, such as stock prices, volume, or any other numerical data.
The indicator then maps the values of the src data onto a gradient of 60 colors, ranging from blue to green to yellow, with each color representing a percentile range. For example, values in the 0th percentile will be represented by a deep blue color, while values in the 50th percentile will be represented by a yellow color.
The PNRV indicator is designed to be overlaid on top of a chart, with the color of each data point representing its percentile ranking within the src data. This allows traders to easily identify trends and patterns within the data, as well as to compare the relative strength or weakness of different securities.
One potential use case for the PNRV indicator is in identifying potential overbought or oversold conditions in a stock or other security. For example, if the PNRV indicator shows that a stock's price is consistently ranking in the upper percentiles, this could be a sign that the stock is overbought and may be due for a correction. Conversely, if the PNRV indicator shows that a stock's price is consistently ranking in the lower percentiles, this could be a sign that the stock is undervalued and may be a good buying opportunity.
Overall, the PNRV indicator is a useful tool for traders looking to quickly and easily visualize the ranking of a given data series within its own percentile range.
Release Notes
lol fixed default lengthRelease Notes
added sourceOpen-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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