OPEN-SOURCE SCRIPT
TKE INDICATOR by KıvanÇ fr3762
Updated
TKE INDICATOR is created by Dr Yasar ERDINC (@yerdinc65 on twitter )
It's exactly the arithmetical mean of 7 most commonly used oscillators which are:
RSI
STOCHASTIC
ULTIMATE OSCILLATOR
MFI
WIILIAMS %R
MOMENTUM
CCI
the calculation is simple:
TKE=(RSI+STOCHASTIC+ULTIMATE OSCILLATOR+MFI+WIILIAMS %R+MOMENTUM+CCI)/7
Buy signal: when TKE crosses above 20 value
Oversold region: under 20 value
Overbought region: over 80 value
Another usage of TKE is with its EMA ,
You can add the EMA line of TKE in the settings menu by clicking the "Show EMA Line" button:
the default value is defined as 5 bars of EMA of the TKE line,
Go long: when TKE crosses above EMALine
Go short: when TKE crosses below EMALine
It's exactly the arithmetical mean of 7 most commonly used oscillators which are:
RSI
STOCHASTIC
ULTIMATE OSCILLATOR
MFI
WIILIAMS %R
MOMENTUM
CCI
the calculation is simple:
TKE=(RSI+STOCHASTIC+ULTIMATE OSCILLATOR+MFI+WIILIAMS %R+MOMENTUM+CCI)/7
Buy signal: when TKE crosses above 20 value
Oversold region: under 20 value
Overbought region: over 80 value
Another usage of TKE is with its EMA ,
You can add the EMA line of TKE in the settings menu by clicking the "Show EMA Line" button:
the default value is defined as 5 bars of EMA of the TKE line,
Go long: when TKE crosses above EMALine
Go short: when TKE crosses below EMALine
Release Notes
updated to version 4added Multiple Time Frame
Release Notes
TKE has MFI in its calculation. MFI (Money Flow Index) needs volume data.If your chart doesn't contain volume data, check the "Exclude Volume in Calculation" box in the settings tab.
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.
Telegram t.me/AlgoRhytm
YouTube (Turkish): youtube.com/c/kivancozbilgic
YouTube (English): youtube.com/c/AlgoWorld
YouTube (Turkish): youtube.com/c/kivancozbilgic
YouTube (English): youtube.com/c/AlgoWorld
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.