The non-signal version of the absolute strength indicator from http://fxcodebase.com/code/viewtopic.php... requested by ernie76 . This indicator originally from mt4 aim to estimate the / force of the market by using various methods.
Two lines are plotted, a bull line (blue) representing the /buying force and a bear one (red) representing the /selling force, when the bull line is greater than the bear line the market is considered to be strongly , else strongly .
The indicator use various method, , , . The method is the one by default.
The method is less reactive but smoother
The method is way different, while the other two methods make the bull and bear lines somewhat uncorrelated, the method focus more on the overall market strength than individual buyer/seller strength.
The smoothing method use 3 different filters, , and , is more reactive than the two previous one while is just more computer efficient.
It is possible to use price data of different time frames for the calculation of the indicator.
method with 4 hour price close as source.
A classic indicator who can be derived into a lot of ways using a more adaptive architecture or recursion. Hope you find it a use :)
A big thanks to ernie76 for the request and the support/testing of the indicator
Feel free to pm me for any request.
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You can also check out some of the indicators I made for luxalgo : https://www.tradingview.com/u/LuxAlgo/#published-scripts
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.