OPEN-SOURCE SCRIPT
3 new Indicators - PGO / RAVI / TII
My "to-publish" list is getting too big, so decided to push out 3 indicators in the same chart
Feel free to "make mine" and use :) Leave a comment on what you think.
Pretty Good Oscillator [PGO]
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This indicator, by Mark Johnson, measures the distance of the current close from its N-day simple moving average, expressed in terms of an average true range (see Average True Range) over a similar period. So for instance a PGO value of +2.5 would mean the current close is 2.5 average days' range above the SMA.
Johnson's approach was to use it as a breakout system for longer term trades. If the PGO rises above 3.0 then go long, or below -3.0 then go short, and in both cases exit on returning to zero (which is a close back at the SMA). Indicator marks all these areas (3/-3/0)
Rapid Adaptive Variance Indicator [RAVI]
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RAVI is a simple indicator, by Tushar Chande, to show whether a stock is trending or not. Unlike ADX, RAVI measures only the trend intensity, it doesn't distinguish which way the trend is going. Rising RAVI shows the beginning of a trend or an increase in trend intensity, a decreasing slope signifies decreasing intensity. Also, RAVI often reacts more quickly and exhibits a more pronounced curve than ADX.
The standard values for daily charts are 7 and 65. For hourly charts, the most common averaging periods are 12 and 72 or 24 and 120.
The signal lines suggested are from +/- 0.3% to +/-1%. I haven't added any markings as these signals are instrument-specific. I suggest doing some back testing and adding these accordingly.
Trend Intensity Index [TII]
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TII, by M. H. Pee, measures the strength of a trend, by looking at what proportion of the past "n" days prices have been above or below the level of today's "x"-day simple moving average. You can configure "n" via options page. "x" is calculated as "2 times n".
TII moves between 0 and 100. A strong uptrend is indicated when TII is above 80. A strong downtrend is indicated when TII is below 20.
Pee recommended entering trades when levels of 80 on the upside or 20 on the downside are reached. Indicator marks these lines for easy reference.
Feel free to "make mine" and use :) Leave a comment on what you think.
Pretty Good Oscillator [PGO]
----------------------------------------
This indicator, by Mark Johnson, measures the distance of the current close from its N-day simple moving average, expressed in terms of an average true range (see Average True Range) over a similar period. So for instance a PGO value of +2.5 would mean the current close is 2.5 average days' range above the SMA.
Johnson's approach was to use it as a breakout system for longer term trades. If the PGO rises above 3.0 then go long, or below -3.0 then go short, and in both cases exit on returning to zero (which is a close back at the SMA). Indicator marks all these areas (3/-3/0)
Rapid Adaptive Variance Indicator [RAVI]
---------------------------------------------------------
RAVI is a simple indicator, by Tushar Chande, to show whether a stock is trending or not. Unlike ADX, RAVI measures only the trend intensity, it doesn't distinguish which way the trend is going. Rising RAVI shows the beginning of a trend or an increase in trend intensity, a decreasing slope signifies decreasing intensity. Also, RAVI often reacts more quickly and exhibits a more pronounced curve than ADX.
The standard values for daily charts are 7 and 65. For hourly charts, the most common averaging periods are 12 and 72 or 24 and 120.
The signal lines suggested are from +/- 0.3% to +/-1%. I haven't added any markings as these signals are instrument-specific. I suggest doing some back testing and adding these accordingly.
Trend Intensity Index [TII]
--------------------------------------
TII, by M. H. Pee, measures the strength of a trend, by looking at what proportion of the past "n" days prices have been above or below the level of today's "x"-day simple moving average. You can configure "n" via options page. "x" is calculated as "2 times n".
TII moves between 0 and 100. A strong uptrend is indicated when TII is above 80. A strong downtrend is indicated when TII is below 20.
Pee recommended entering trades when levels of 80 on the upside or 20 on the downside are reached. Indicator marks these lines for easy reference.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart
Inggin menggunakan skrip ini pada chart?
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
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