Pine has a new tool for technical analysis — Technical Ratings. This indicator combines the ratings of multiple different technical indicators to make it easier for traders and investors to find profitable trades.
To use the new indicator, open the Indicators tab and select Technical Ratings.
The recommendations given by the indicator are based on the ratings calculated for the various indicators included in its composition.
The overall rating of the indicator includes two large groups of indicators. The first consists of SMAs and EMAs with different lengths (MA lengths are 10, 20, 30, 50, 100 and 200), the Ichimoku Cloud, VWMA and HullMA. The second is calculated based on oscillators such as RSI, Stochastic, CCI, ADX, AO, Momentum, MACD, Stochastic RSI, Williams %R, Bulls and Bears Strength and UO. For each group, the rating is calculated separately, so you can select the group in the indicator settings and its respective rating calculation will be displayed on the chart. To do this, open Settings and select the one of indicator groups in Rating Is Based On.
The group and overall rating is calculated as the average of the ratings of individual indicators in their composition. The principle of calculation is based on the ratings of the screener. You can read more about the ratings calculation for each of the included indicators and its recommendations in the Help Center.
Along with the indicator, we have added a new strategy called Technical Ratings Strategy. The strategy relies on the recommendations of the indicator to Strong Buy or Strong Sell to determine the direction of entry into long or short positions, respectively.
Important: TradingView does not recommend that anyone buy or sell any financial instrument based solely on the recommendations of the Technical Ratings indicator. Recommendations merely indicate the fulfillment of certain conditions of a set of individual indicators that may help the user to spot potentially favorable conditions for a transaction, if this is consistent with his/her strategy.