OPEN-SOURCE SCRIPT
Current Market Strength
The **CMS** allows people to understand the current market strength by looking at the last candles and creating an analysis alongside the RSI (Relative Strength Index).
It works by looking at x amount of candles. Default 10.
Then checks how high the current open candle is in comparison to the last candles. Checking through all those candles. Creating a placement.
Once the placement has been found then this indicator will get the RSI / 10, and add that onto the placement.
The end result will look similar to the RSI, just more volatile to detect more precise scalping points.
Feel free to change the value of 'x' stated in above in the setting menu.
It works by looking at x amount of candles. Default 10.
Then checks how high the current open candle is in comparison to the last candles. Checking through all those candles. Creating a placement.
Once the placement has been found then this indicator will get the RSI / 10, and add that onto the placement.
The end result will look similar to the RSI, just more volatile to detect more precise scalping points.
Feel free to change the value of 'x' stated in above in the setting menu.
Release Notes
Added SMAOpen-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.