OPEN-SOURCE SCRIPT
Trend Leadership Eligibility Weekly
Trend Leadership Eligibility Weekly
Overview
Trend Leadership Eligibility Weekly is a higher-timeframe structural classification tool designed to evaluate whether a symbol meets defined weekly trend and relative strength criteria.
The indicator operates on confirmed weekly data and classifies symbols into a binary structural state:
Eligible or Not Eligible
It is intended for screening, structural analysis, and research workflows.
It does not generate trading signals and does not execute orders.
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Methodology
Eligibility is determined using three independent weekly evaluations:
1. Relative Strength Trend
The ratio of symbol price to a user-defined benchmark is calculated and smoothed. Directional alignment is validated using moving average structure and slope conditions.
2. Volatility-Normalized Trend Smoothness
Weekly price variability (standard deviation of closes) is normalized by ATR to evaluate structural orderliness relative to volatility.
3. Weekly Range Structure Positioning
The current weekly range is assessed within its historical expansion–contraction distribution to evaluate structural tightness.
Classification requires simultaneous confirmation across all three components.
If any condition fails, the symbol is classified as Not Eligible.
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Design Characteristics
• Weekly timeframe evaluation
• Non-repainting (lookahead = barmerge.lookahead_off)
• Confirmed higher-timeframe data usage
• Overlay compatible for daily chart workflows
• Alert conditions available for eligibility state transitions
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Intended Use
This tool may be used for:
• Watchlist filtering
• Higher-timeframe structural gating
• Portfolio research
• Market context evaluation
It is not a trading system and does not provide entry or exit instructions.
________________________________________
Important Notice
This script is provided for informational and educational purposes only.
All trading involves risk. No methodology guarantees future performance.
Overview
Trend Leadership Eligibility Weekly is a higher-timeframe structural classification tool designed to evaluate whether a symbol meets defined weekly trend and relative strength criteria.
The indicator operates on confirmed weekly data and classifies symbols into a binary structural state:
Eligible or Not Eligible
It is intended for screening, structural analysis, and research workflows.
It does not generate trading signals and does not execute orders.
________________________________________
Methodology
Eligibility is determined using three independent weekly evaluations:
1. Relative Strength Trend
The ratio of symbol price to a user-defined benchmark is calculated and smoothed. Directional alignment is validated using moving average structure and slope conditions.
2. Volatility-Normalized Trend Smoothness
Weekly price variability (standard deviation of closes) is normalized by ATR to evaluate structural orderliness relative to volatility.
3. Weekly Range Structure Positioning
The current weekly range is assessed within its historical expansion–contraction distribution to evaluate structural tightness.
Classification requires simultaneous confirmation across all three components.
If any condition fails, the symbol is classified as Not Eligible.
________________________________________
Design Characteristics
• Weekly timeframe evaluation
• Non-repainting (lookahead = barmerge.lookahead_off)
• Confirmed higher-timeframe data usage
• Overlay compatible for daily chart workflows
• Alert conditions available for eligibility state transitions
________________________________________
Intended Use
This tool may be used for:
• Watchlist filtering
• Higher-timeframe structural gating
• Portfolio research
• Market context evaluation
It is not a trading system and does not provide entry or exit instructions.
________________________________________
Important Notice
This script is provided for informational and educational purposes only.
All trading involves risk. No methodology guarantees future performance.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.