OPEN-SOURCE SCRIPT
True Range Osc
Aktualisiert
Hey fellow traders! I've just published a new indicator called the True Range Oscillator. It's designed to help you better understand price movements and volatility. The indicator calculates the average true range of the price data and uses a modified z-score-like approach to normalize it. The main difference is that it uses true range instead of standard deviation for normalization.
This oscillator identifies the highest and lowest values within a specified range, excluding any outliers based on standard deviations. It then scales the output between 0 and 100, so you can easily see how the current price action compares to its historical range. You can use the True Range Oscillator to spot potential trend reversals and overbought/oversold conditions.
Here are some features to explore:
Customize your price data source (open, high, low, or close).
Adjust the length and smoothing settings for the average true range calculation.
Find outliers with standard deviations, and tweak the outlier_level and dev_lookback options.
Visualize price action with plotted lines for the upper range (70), lower range (30), and center line (50), along with a shaded area between the upper and lower ranges for added clarity.
I hope you find this indicator useful in your trading journey!
This oscillator identifies the highest and lowest values within a specified range, excluding any outliers based on standard deviations. It then scales the output between 0 and 100, so you can easily see how the current price action compares to its historical range. You can use the True Range Oscillator to spot potential trend reversals and overbought/oversold conditions.
Here are some features to explore:
Customize your price data source (open, high, low, or close).
Adjust the length and smoothing settings for the average true range calculation.
Find outliers with standard deviations, and tweak the outlier_level and dev_lookback options.
Visualize price action with plotted lines for the upper range (70), lower range (30), and center line (50), along with a shaded area between the upper and lower ranges for added clarity.
I hope you find this indicator useful in your trading journey!
Versionshinweise
Fixed smoothingOpen-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Möchten Sie dieses Skript auf einem Chart verwenden?
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