length - This is the period used for the .
Smooth Length - This is the smoothing period of the used for the smoothing in Inverse .
Threshold Period - This is the period used for calculating the floating oversold and overbought thresholds.
Overbought - Configures the overbought threshold (80% default).
Oversold - Configures the oversold threshold (20% default).
T3 Smoothing - Enabling this applies T3MA smoothing to the .
T3 Length - This is the period used for the T3MA smoothing of the .
T3 Factor - This is the factor used for the T3MA smoothing of the .
line breaching the thresholds are clearly indicated by filled chart plots.
An inverse of is designed to enhance the extremes (overbought and oversold zones), in combination with floating thresholds this version allows faster and cleaner trend detection and identification. With additional smoothing, false signals can be avoided. As with any other indicator some experimenting with parameters is advised (in order to find optimal settings for symbol/time frame pair).
Happy trading folks!
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 a publication is governed by House Rules. You can favorite it to use it on a chart.