OPEN-SOURCE SCRIPT
Updated Overbought/Oversold Indicator
Aggregates multiple overbought and oversold signals into 1 score.
The indicator uses:
Relative Strength Index
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100.
Stochastic
The Stochastic Oscillator, developed by George C. Lane is a two-line indicator that fluctuates between 0 and 100. The indicator shows how the current price compares to the highest and lowest price over the lookback period.
Williams %R
Williams %R, developed by Larry Williams, is a momentum indicator that shows how the current price compares to the highest price over the lookback period. The Williams %R oscillates from 0 to -100.
Bollinger Bands
Bollinger Bands, developed by John Bollinger, consist of a middle band with two outer bands. The middle band is a simple moving average. The outer bands are 2 standard deviations above and below the middle band The closer the price is above the upper band, the more overbought the market. The more the price moves below the lower band, the more oversold the market.
Keltner Channel
Keltner Channels, developed by Chester Keltner, are volatility-based bands set above and below an exponential moving average. This indicator is similar to Bollinger Bands, but instead of using standard deviation (SD), Keltner Channels use the Average True Range (ATR).
The indicator uses:
Relative Strength Index
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100.
Stochastic
The Stochastic Oscillator, developed by George C. Lane is a two-line indicator that fluctuates between 0 and 100. The indicator shows how the current price compares to the highest and lowest price over the lookback period.
Williams %R
Williams %R, developed by Larry Williams, is a momentum indicator that shows how the current price compares to the highest price over the lookback period. The Williams %R oscillates from 0 to -100.
Bollinger Bands
Bollinger Bands, developed by John Bollinger, consist of a middle band with two outer bands. The middle band is a simple moving average. The outer bands are 2 standard deviations above and below the middle band The closer the price is above the upper band, the more overbought the market. The more the price moves below the lower band, the more oversold the market.
Keltner Channel
Keltner Channels, developed by Chester Keltner, are volatility-based bands set above and below an exponential moving average. This indicator is similar to Bollinger Bands, but instead of using standard deviation (SD), Keltner Channels use the Average True Range (ATR).
Release Notes
Final TouchesOpen-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.