OPEN-SOURCE SCRIPT
Penguintrend
The PenguinTrend is a momentum oscillator that identifies optimal buy and sell opportunities by detecting oversold and overbought market conditions. When the background turns green (oversold) it suggests a potential buying opportunity. When the background turns red (overbought) it signals a potential selling opportunity. The indicator automatically adjusts for market volatility and only generates signals when both extreme conditions are present and momentum is shifting, helping filter out false signals in ranging markets.
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.
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.
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.