OPEN-SOURCE SCRIPT
ETI Indicator
The Ensemble Technical Indicator (ETI) seeks to combine numerous technical indicators into a single figure that reflects whether a stock is bullish or bearish. Specifically the ETI consists of the following indicators:
These indicators are converted to either -1 or +1, depending on whether the indicator's value suggests a bullish trend, or bearish trend. These values are then added up and summed across 20 timeframes to derive a single figure.
It is suggested that stocks -40 and below are oversold, while those that are +50 and above are overbought.
- SMA 10
- WMA 10
- RSI
- Stochastic Oscillator K%
- Stochastic Oscillator D%
- MACD
- Williams R%
- A/D Oscillator
- Commodity Channel Index (CCI)
These indicators are converted to either -1 or +1, depending on whether the indicator's value suggests a bullish trend, or bearish trend. These values are then added up and summed across 20 timeframes to derive a single figure.
It is suggested that stocks -40 and below are oversold, while those that are +50 and above are overbought.
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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