Based on <<The Wyckoff Method>> (Richard D. Wyckoff)
Noted Indicators: ▪ Optimism Pessimism Index ◄ ▪ Force Index ▪ Technometer ▪ Momentum
Main Features: ▪ Multi Timeframe is available ▪ Volume based indicators ▪ Can be used on pairs that have volume data ────────────────────────────
Highlights
> Optimism Pessimism Index or OP The value of the OP is not important. The action of the OP is important. The action of the index must be compared to its previous action or to the price index over the same period of time.
> Technometer or TEC The purpose of the Technometer is to provide a mathematical indication of the degree to which the market is overbought or oversold. The value of the Technometer could be as high as 100 or as low as 0. The other possible values would represent degrees of overbought or oversold.
How to read the Technometer:
| Overbought means vulnerable to a reaction | 100 - completely overbought market. ── 60 - actual overbought extreme. ──── 50 or higher is considered to be clearly over bought. ────── lower than 50 - relatively overbought. ──────── Everything in between clearly overbought and clearly oversold is neutral. ────────── A reading of 44.4 is absolute neutrality. ──────── Everything in between clearly overbought and clearly oversold is neutral. ────── higher than 38 - relatively oversold. ──── 38 or lower is considered to be clearly over sold. ── 28 - actual oversold extreme. 0 - completely oversold market. | Oversold means vulnerable to a rally |
> Force The purpose of the Force Index is to provide an indication of the pressure being applied to push the market lower or the pull being applied to the market to pull it higher.
> Momentum The purpose of the Momentum is to provide a measure of the speculative interest in the market.
Release Notes
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Bug fixes and improvements, added alert functionality (Divergences, Bollinger Bands) A Market Screener using this indicator is available on this page: Market Screener
Hey KryptoNight, can I get access to this please?
How can I use this for other tickers with volume?
monstapiece
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Hey KryptoNight thanks for developing these indicators. It's a shame Tradingview doesn't have these already. I would like to have access as well if you don't mind.
Baljinder1
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Hey @KryptoNight , can I please get access to this ?
cellofried
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Hi KryptoNight, can I have access please?
venomnert
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Hey KryptoNight,
Would I be able to get access to this indicator? Thank you in advance!
breathingsuccess12
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Hey I would like access to this dear friend.
csknight25
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Can i access your indy pls.
Ali-Mani
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Hello KryptoNight, could I please have access to this script? Thank you
OMerican7807
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Heya KryptoNight, any chance I could get access? I don't have a discord unfortunately.
DeepValueFishing
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Been wyckoff Golden gate university WTC student from 2016. keen on using wyckoff indicators. Could I get access to indicators please. Thank you
How can I use this for other tickers with volume?