OPEN-SOURCE SCRIPT
PPO/ADX Pinch Strategy Coby
Tweak 2 This tool can help analyze the momentum and trend strength of an asset to identify:
Periods of Strong Trends: Indicated by a high ADX.
Potential Reversals or Breakouts: Highlighted during "pinch zones."
Momentum Shifts: Tracked using the PPO Line, Signal Line, and histogram.
The script uses the asset's closing price to calculate all indicators, providing actionable insights for both short-term and long-term trading strategies.\This Pine Script plots two technical indicators, the Percentage Price Oscillator (PPO) and the Average Directional Index (ADX), for the underlying asset (e.g., stock, forex pair, or cryptocurrency). It helps identify periods of trend strength and potential price "pinch" zones, which can signal consolidations or reversals.
Periods of Strong Trends: Indicated by a high ADX.
Potential Reversals or Breakouts: Highlighted during "pinch zones."
Momentum Shifts: Tracked using the PPO Line, Signal Line, and histogram.
The script uses the asset's closing price to calculate all indicators, providing actionable insights for both short-term and long-term trading strategies.\This Pine Script plots two technical indicators, the Percentage Price Oscillator (PPO) and the Average Directional Index (ADX), for the underlying asset (e.g., stock, forex pair, or cryptocurrency). It helps identify periods of trend strength and potential price "pinch" zones, which can signal consolidations or reversals.
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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