OPEN-SOURCE SCRIPT
Trend Indicator AO (weighted RSI, ADX, ROC)
Updated
Analyze market trends with a customizable tool that combines RSI, ADX, ROC, and Stochastic indicators.
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🌟 Features:
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⚙️ Customizable Settings:
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🔔 Alerts:
Receive alerts when:
- Strong Buy: The trend shows significant bullish momentum.
- Strong Sell: The trend shows significant bearish momentum.
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🌟 Features:
- Dynamic AO Coloring: The Awesome Oscillator (AO) changes color based on the calculated trend direction.
- Customizable Weights: Adjust the importance of each indicator (RSI, ADX, ROC, Stochastic) to match your trading style.
- Overbought/Oversold Levels: Easily spot market extremes using adjustable RSI and Stochastic thresholds.
- Alerts: Get notified when strong bullish or bearish conditions occur.
- Grouped Settings: All settings are neatly organized for easy configuration.
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⚙️ Customizable Settings:
- RSI Settings: Change the RSI source, period, and overbought/oversold levels.
- ADX Settings: Set the ADX period and trend strength threshold.
- ROC Settings: Adjust the ROC calculation period.
- Stochastic Settings: Customize the %K and %D periods.
- Weights: Fine-tune the impact of each indicator on the overall trend calculation.
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🔔 Alerts:
Receive alerts when:
- Strong Buy: The trend shows significant bullish momentum.
- Strong Sell: The trend shows significant bearish momentum.
Release Notes
* Corrected Awesome Oscillator (AO) Calculation* Updated Alert Mechanism
* Added Visualization for Normalized Global Bias
* Dynamic Coloring for Awesome Oscillator (AO)
* Global Bias Calculation and Normalization
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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