User Defined Momentum Change with Swing Visuals

26 Apr 2023This script is a groundbreaking, math-centric technical analysis tool that blends two well-established indicators, the Stochastic Oscillator and the Exponential Moving Average (EMA), to deliver a unique and visually engaging way of identifying momentum swings and stochastic indicators. Unlike mashups, this script is tailored to accommodate a wide range of trading strategies, providing traders with a distinctive perspective on market trends.

The innovation in this script lies in its mathematically-driven ability to effectively combine the Stochastic Oscillator and EMA, setting it apart from other available tools that simply offer a rehash of old ideas or slight modifications to popular indicators. The EMA is employed instead of a Simple Moving Average (SMA), enhancing the uniqueness of the calculations. This novel approach creates a new dimension for traders to evaluate potential momentum swings and visualize them on the chart, proving it to be more than just a mere mashup of existing indicators.

Central to the script's utility is its extensive customization options, which allow traders to adjust various inputs to suit their preferences and trading strategies. Users can modify the EMA length, swing range signal offsets, and smoothing factors for both the fast and slow components of the Stochastic Oscillator. Additionally, the script offers the ability to personalize the color thresholds, transparency, and line properties for the Stochastic Oscillator and swing range signal.

This script's visually dynamic representation of momentum swings empowers traders to make more informed trading decisions, particularly on the 6-hour timeframe. The swing range signal, represented by vertical lines on the chart, acts as a valuable visual aid for identifying potential entry or exit points. Furthermore, the Stochastic Oscillator provides insights into the strength and direction of momentum, which is beneficial for confirming potential trade signals.

To conclude, this script is not just another combination of MAs or a slightly modified version of a popular indicator. Instead, it offers traders a comprehensive, visually appealing, and customizable tool for technical analysis, which is both original and useful. By uniquely combining the EMA and the Stochastic Oscillator with a strong mathematical foundation, and allowing traders to adjust a variety of settings, this script adds value to the TradingView community and enhances the body of knowledge available for traders. It is designed to support traders in tailoring their analysis based on their own strategies and preferences, enabling them to make well-informed decisions in the financial markets.

24 Jul

Catatan Rilis

This script is a groundbreaking, math-centric technical analysis tool that blends two well-established indicators, the Stochastic Oscillator and the Exponential Moving Average (EMA), with an extended set of 21 color-coded stochastic oscillators to deliver a unique and visually engaging way of identifying momentum swings and stochastic indicators both on the chart and in the bar color scheme. Unlike mashups, this script is tailored to accommodate a wide range of trading strategies, providing traders with a distinctive perspective on market trends.

The innovation in this script lies in its mathematically-driven ability to effectively combine the Stochastic Oscillator and EMA, setting it apart from other available tools that simply offer a rehash of old ideas or slight modifications to popular indicators. The EMA is employed instead of a Simple Moving Average (SMA), enhancing the uniqueness of the calculations. This novel approach creates a new dimension for traders to evaluate potential momentum swings and visualize them on the chart, proving it to be more than just a mere mashup of existing indicators.

Central to the script's utility is its extensive customization options, which allow traders to adjust various inputs to suit their preferences and trading strategies. Users can modify the EMA length, swing range signal offsets, and smoothing factors for both the fast and slow components of the Stochastic Oscillator. Additionally, the script offers the ability to personalize the color thresholds, transparency, and line properties for the Stochastic Oscillator and swing range signal. With 21 color-coded levels for stochastic values, traders can now visually interpret different ranges of momentum more precisely.

A significant enhancement in this script is the bar coloring feature, where specific color thresholds are set by default to highlight extreme overbought, oversold, and neutral conditions. These defaults can be further customized, providing a highly tailored visual representation. The script uses a default set of colors: most oversold (red), fully yellow for a critical midpoint, 85% orange and 75% red for key momentum ranges, and fully white for the most overbought condition, with all other colors set to transparent by default.

This script's visually dynamic representation of momentum swings empowers traders to make more informed trading decisions, particularly on the 6-hour timeframe. The swing range signal, represented by vertical lines on the chart, acts as a valuable visual aid for identifying potential entry or exit points. Furthermore, the Stochastic Oscillator provides insights into the strength and direction of momentum, which is beneficial for confirming potential trade signals.

To conclude, this script is not just another combination of MAs or a slightly modified version of a popular indicator. Instead, it offers traders a comprehensive, visually appealing, and customizable tool for technical analysis, which is both original and useful. By uniquely combining the EMA and the Stochastic Oscillator with a strong mathematical foundation and allowing traders to adjust a variety of settings, this script adds value to the TradingView community and enhances the body of knowledge available for traders. It is designed to support traders in tailoring their analysis based on their own strategies and preferences, enabling them to make well-informed decisions in the financial markets.

24 Jul

Catatan Rilis

update 07.24.2024: verticle lines representing potential momentum changes are dependent on user settings, but in low time frames are distracting by default so I got rid of them. You can turn them on as you like in settings and styles tabs.

27 Jul

Catatan Rilis

7.27.24 Version 2.0 out now!:

This updated script builds upon the technical analysis tool introduced in version 1.0. It continues to blend the Stochastic Oscillator and the Exponential Moving Average (EMA) with a refined set of color-coded stochastic oscillators. The enhancements in version 2.0 make it an even more effective and visually engaging way of identifying momentum swings and stochastic indicators, catering to a broad range of trading strategies.

Key Enhancements in Version 2.0:

1. Simplified and Enhanced Color Coding:
The original 21 color-coded levels have been optimized to 10 distinct colors. This change streamlines the visualization process, making it easier for traders to interpret momentum swings without losing critical information. The new color scheme focuses on key momentum ranges, with transparency levels that improve the visual clarity of the chart.

2. Transparent Color Adjustments:
Transparency settings are now directly embedded within the color definitions, eliminating the need for a separate transparency input. This enhancement simplifies the customization process and ensures that the color-coded bars are visually cohesive and less cluttered.

3. Improved Vertical Line Calculation:
The vertical line calculation has been optimized by calculating the highest and lowest values outside the loop, improving the script's performance and accuracy. This change ensures that the visual representation of swing range signals is precise and less resource-intensive.

4. User-Friendly Vertical Line Options:
While the vertical lines indicating potential momentum changes remain optional, their display has been fine-tuned for better usability. The lines are now calculated more efficiently, reducing potential distractions, especially on lower timeframes. Users can still enable or disable these lines based on their preference through the settings and styles tabs.

5. Refined Bar Coloring Function:
A new function, getColour(a), has been introduced to determine bar colors based on stochastic values. This function simplifies the color determination process and ensures that the bar colors accurately reflect the current momentum conditions.

Why Version 2.0 is Better:

1. Simplified Visualization:
The reduction from 21 to 10 colors makes the chart less cluttered and easier to interpret. This change enhances the user's ability to quickly identify key momentum changes without overwhelming visual information.

2. Enhanced Performance:
Optimizing the vertical line calculation and embedding transparency within color definitions improves the script's performance. Traders will experience faster and more responsive chart updates, which is crucial for making timely trading decisions.

3. Improved Customization:
While maintaining extensive customization options, the script now offers a more intuitive setup process. Users can easily adjust settings to match their trading strategies without dealing with redundant inputs.

4. Better Usability on Multiple Timeframes:
The updated script addresses the issue of visual clutter on lower timeframes by refining how vertical lines and colors are displayed. This improvement ensures that the script remains useful and non-distracting across different timeframes.

Conclusion:

Version 2.0 of the User Defined Momentum Change with Swing Visuals script builds on the strong foundation of version 1.0 by introducing key enhancements that simplify visualization, improve performance, and maintain extensive customization options. This update provides traders with an even more powerful tool for technical analysis, helping them to make informed trading decisions with greater ease and accuracy. By refining the color coding, optimizing performance, and enhancing usability, version 2.0 sets a new standard for visually dynamic momentum analysis on TradingView.

please note: The vertical lines representing potential momentum changes have been optimized for better performance and visual clarity. These lines are turned off by default on lower timeframes to reduce distractions but can be easily enabled in the settings and styles tabs.

28 Jul

Catatan Rilis

07.27.2024 update of chart and default coloring so one can see what a user defined chart design looks like when one uses the full details of this indicator to their preferences. The simplified coloring matches the various oscillators they're influenced by, creating an aesthetic approach to the technical tools built into this indicator. Enjoy!