AII - Average indicator of indicators

This Pine Script for TradingView is a technical analysis tool that visualizes the average of several popular indicators in the trading world. The indicators included are the RSI (Relative Strength Index), RVI (Relative Vigor Index), Stochastic RSI, Williams %R, relative MACD (ranging from 0 to 100), and Bollinger Bands price distance from 0 to 100. The script uses the "input" function to customize the length of the indicators and the "plot" function to display the results on the chart. In addition, options are included to turn off certain indicators and change the line colors if the user desires. All indicators can also be activated independently, allowing the user to see only the indicators they want. It is also mentioned that the script will be improved in the future to offer a better user experience. The calculated values are calculated with the default EMA of 14. Overall, this script is an excellent option for those looking for a combined view of several important indicators for making trading decisions.

Release Notes:

- RSI is now plotted by default
- RSI Colors bassed on EMA50 and Average Indicator Value
- Changed Average Indicator Colors

Release Notes:

- Changed Average EMA settings text
- Changed default values: RSI Mean Difference = 0, RSI Mean EMA = 14
- Fixed color bug

Release Notes:

- Changed some settings names
- Changed default RSI-Mean difference to 5
- Now mean indicator fill with 50 line to provide more visual information about the trend (Similar to MACD indicator)

Release Notes:

- Updated some settings texts
- Added Fear and greed indicator to mean
- Added Aroon indicator difference to mean
- This 2 indicators can be shown individually
- Added 40 and 60 reference lines and changed some colors

Release Notes:

Update to Pine Script V5

Release Notes:

Big update:
- Introduced a dynamic weighting system for indicators, allowing users to assign importance levels from 0 to 100 for each indicator used in the mean calculation.
- Added an option to choose between EMA, SMA, or no smoothing for the mean indicator, enhancing customization and analysis flexibility.
- Implemented a function to adjust the mean calculation based on the assigned weights, ensuring a more representative and customized average.
- Updated the MACD histogram plotting logic to utilize a dynamic color scheme based on the indicator's position relative to defined band levels and its directional movement, improving visual analysis and interpretation.
- Reorganized the plot order to prioritize the display of more significant indicators as determined by their assigned weights, ensuring that key data is more prominently featured.
- Enhanced the color palette with the GruvBox scheme, offering a visually appealing and coherent aesthetic across the script's graphical elements.
- Fine-tuned the user interface and settings descriptions for clarity and ease of use, ensuring a better user experience.
- Included additional indicators such as the Aroon Indicator Difference and Fear and Greed Index, expanding the script's analytical capabilities.
- Adjusted default weight values based on indicator significance, providing a more effective starting point for new users.
- Optimized code for better performance and efficiency, ensuring smoother operation on various chart types and timeframes.

Release Notes:

• Increased Smoothing Length: The smoothing length for the mean indicator calculation has been adjusted from 14 to 24, enhancing the smoothing effect on the calculated mean indicator value.
  
• Adjusted Indicator Weights: Significant changes have been made to the weighting of various indicators, most notably:
  
• The weight for the RSI (Relative Strength Index) has been increased from 20 to 50, emphasizing its impact on the mean calculation.
  
• Introduced a new weight setting for the Squeeze Momentum Indicator (SQZMOMRel) with a value of 12, incorporating this indicator into the mean calculation for the first time.
  Squeeze Momentum Indicator Settings: New settings have been added for the Squeeze Momentum Indicator, including:
  
  1. Length settings for both Bollinger Bands and Keltner Channels within the Squeeze Momentum Indicator.
     
  2. Multipliers for both Bollinger Bands and Keltner Channels, alongside an option to use True Range in the calculation.
     
  Transparency Adjustments: A separate transparency setting (

  macd_transparency

  ) has been introduced for the MACD histogram color coding, replacing the previously unified

  transparency

  setting.
  Dynamic Color Coding: The logic for color coding the MACD histogram and the Squeeze Momentum Indicator has been refined, including:
  
  1. Adjustments to the color assignment based on the histogram's and indicator's value relative to defined band levels and its previous value.
     
  New Calculation for Squeeze Momentum Indicator: Detailed calculations for the Squeeze Momentum Indicator have been added, including its basis, deviation, upper and lower bounds for Bollinger Bands and Keltner Channels, and its relative value calculation.
  Plotting Enhancements:
  
  1. The Squeeze Momentum Indicator is now plotted with a cross style and a specific color coding based on its calculated value.
     
  2. The MACD Histogram Relative Value plot style has been changed from cross to step line, reflecting a more distinct visualization.
     
  Mean Indicator Color Logic: The logic for determining the mean indicator's color has been updated to use a new function that dynamically assigns color based on its value relative to the upper and lower band hard values.
  Mean Indicator Plot Fill Transparency: The transparency of the fill for the mean indicator plot has been standardized to 75, modifying the visual representation of the indicator's direction and intensity.