OPEN-SOURCE SCRIPT
Trend Oscillator
I would like to present the Trend Oscillator to your attention.
It works on the principle of difference (distance) between sma and price. When the price is high above the SMA, it means a strong trend and the distance between the SMA and the price is quite large.
The same when the down trend, but sma is above the price. This difference or distance was used in the indicator and normalized to the range of 1 and -1 by normalized function, thus resulting in a Trend Oscillator.
How to read indicator:
https://www.tradingview.com/x/saIXSwCa/
When Oscillator is above zero line it is an UpTrend and back ground change color like Oscillator by itself, the same for down trend. Big gaps between up trend and down trend background colors can be indentify like a ranging market without big changes in price.
Because it was designed for 1D time frame and back tested on it, I recommend use it only on 1D.
It has been backtested on different BTС exchanges and the result is the same as the screenshot below, so feel free to use it on any BTC exchange what you wish.
Also you can personalize it to your taste
https://www.tradingview.com/x/G3yRlcUE/
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.