Retail Positioning

This script tries to estimate how inclined may retail traders be to open a position based on popular indicators RSI , Stochastic , Ichimoku , Bollinger Bands , MACD , and 200 EMA . Conditions are:

Plus values
RSI above 70
• %K above 70 or even
• Conversion line above baseline and price above the cloud
• High above the upper band
MACD above the signal line

Each condition gives 1 point if true or 2 points if it is also above 200 EMA

Minus values
RSI below 30
• %K below 30 or even
• Conversion line below baseline and price below the cloud
• Low below the upper band
MACD below the signal line

Each condition gives -1 point if true or -2 points if it is also below 200 EMA

I still consider the script as in development, so if you have some ideas on how it could be improved or traded, let me know.
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.

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