This indicator aims to compare between two charts if trader isn't sure which one is more active and powerful, it does NOT show entries or help your chart analysis directly.


The main features of this indicator is to show vitality and range of any given chart.

Volatility: it calculates the average profit of every swing in the range and the final result will be the chart volatility , which indicate how profitable this chart is.
Range: it calculates the profit of the whole range compared to the total price. (E.g. range bottom is 0.1 and range top is 0.2 the range will be 100%)
Extra: indicator shows the total direction of the chart in term of (STRONG UPTREND, UPTREND, SIDEWAYS, DOWNTREND, STRONG DOWNTREND), if you got (Somthing_wrong) please contact me.


How to use: apply the indicator on different charts that you have chosen and the higher ( volatility & range) the more profitable the chart is.


inputs:
  • Lookback length: how long the range is (how many candles are included).
  • How intense should the Swing be: how many candles should be counted as a confirmation complete swing.
  • Show counted Swings: if checked as true, will show the swings counted in the volatility calculation.




For any notes on the indicator to be edited, or for another indicator ideas please comment.
Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?