Market Meanness Index — Indicator by DasanC

This tool plots the expected condition of the market: either "Trending" or "Sideways"

When the white plot is in the Blue region, the market is considered "Trending"
In the Yellow region, the market is considered "Sideways" or mean reverting.

Release Notes:

Graphical Changes
Choose between two data sources - Price itself or the Change in Price

Release Notes:

Tweaked default color scheme

Release Notes:

Complete graphical change to more clearly indicate "Trending" vs "Sideways"
Ability to enable/disable fills
Tweaked some code

Need Indicators/Strategies for TradingView? -> t.me/pinescripters_jobs
General questions about Pinescript? -> t.me/pinescripters

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?