The TJ-Index is something I have been working on for quite a while and always was wanting to have on my charts, yet it took me longer than expected to finally finish it.
Now it is done and you can simply favourite this script and add it to your chart.
It is made out of 2 main parts.
15 Indicators and conditions like
-Raw Buy and Sell Domination,
-Volume Weighted ,
-Golden cross/Death Cross
The white line - the index itself.
So how this works is, you see 15 horizontal lines in green and red alternating, mentioned in that order above, if a condition islet the horizontal line turn green, if it is a condition, it is red.
The white index line, is basically depicting the number of conditions at the same time.
I have seen that it is extremely powerful for divergences and especially thinking to take any position, checking if the index is high or low at the time.
An extra feature is that if ALL or conditions are met, the background of the oscillator will color itself green or red.
You can also turn on and off the horizontal lines for the easier user of the TJ-Index.
For now, the code will remain hidden, since I still have some important parts of this Index in my main Invite Only Indicator.
I will be publishing an open version of the TJ-Index soy ou can incorporate it in your own indicators.
Should you be interested in my main indicator or scripting work, feel free to DM me.
Moreover, the default of the mentioned vertical barcolors have been reversed