OPEN-SOURCE SCRIPT
Updated TPI
You know who you are.
Use the "Plot" option one indicator at a time to verify that you have the correct time series for each indicator and that the bullish/bearish formula you enter is correct. Only one indicator can be plotted at a time and the best source of validation is the numerical value from the last candle that shows as a highlight in each indicator.
After you have verified that all indicators are correctly set up click on "Use in TPI" and make sure no "Plot" option is selected.
Set the Threshold to "1000" to define the +1/-1 TPI component value by comparing two time series data (usually on perpetual indicators) as opposed to the fixed value in Threshold (usually on oscillators).
Zero range specifies a band around which the difference between the two values will be considered zero. -1 disables it and outputs only +1/-1 values for each component.
Good luck!
Use the "Plot" option one indicator at a time to verify that you have the correct time series for each indicator and that the bullish/bearish formula you enter is correct. Only one indicator can be plotted at a time and the best source of validation is the numerical value from the last candle that shows as a highlight in each indicator.
After you have verified that all indicators are correctly set up click on "Use in TPI" and make sure no "Plot" option is selected.
Set the Threshold to "1000" to define the +1/-1 TPI component value by comparing two time series data (usually on perpetual indicators) as opposed to the fixed value in Threshold (usually on oscillators).
Zero range specifies a band around which the difference between the two values will be considered zero. -1 disables it and outputs only +1/-1 values for each component.
Good luck!
Release Notes
You know who you are.Use the "Plot" option one indicator at a time to verify that you have the correct time series for each indicator and that the bullish/bearish formula you enter is correct. Only one indicator can be plotted at a time and the best source of validation is the numerical value from the last candle that shows as a highlight in each indicator.
After you have verified that all indicators are correctly set up click on "Use in TPI" and make sure no "Plot" option is selected.
Set the Threshold to "1000" to define the +1/-1 TPI component value by comparing two time series data (usually on perpetual indicators) as opposed to the fixed value in Threshold (usually on oscillators).
Zero range specifies a band around which the difference between the two values will be considered zero. -1 disables it and outputs only +1/-1 values for each component.
Good luck!
Release Notes
Adding -1/+1 lines so that the scale remains the same irrespective of the period.Release Notes
Added rate of change and split TPI from signal to better support alert generationRelease Notes
Added number of bars the TPI has remained at +1 to be used as a strategy input.Release Notes
Added the option to have the day of the month on TPI transitions to help in indicator tunning.Release Notes
Add the ability to exports TPI transition dates to aid with indicator selection and optimization.Release Notes
Fixed error on exported day of the transition dateOpen-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.