OPEN-SOURCE SCRIPT
J_TPO Velocity Variation
This one is a very random indicator but with an excellent concept. Unfortunately, I don't know much about the origin of this indicator or who made it. Still, the first appearance was around 2004 on a Meta Trader forum. There are a lot of variations of the J_TPO indicator. One of them is the J_TPO Velocity. The difference from the original version is that it uses the price range of the latest candles to change the magnitude of the indicator value, but the concept is the same.
More info here
In its original form, an oscillator between -1 and +1 is a nonparametric statistic quantifying how well the prices are ordered in consecutive ups (+1) or downs (-1), or intermediate cases. The velocity variation adds the price range, and this script variation adds a baseline as a filter for the indicator. This indicator will work as a confirmation indicator. Using it with the trend filter will work as an entry indicator.
Besides the columns representing the indicator's values, 2 more signals will be printed on the chart. One is the middle cross, the other the kicking middle cross. The first will print a signal when the J_TPO crosses the middle line (0) in favor of the trend. A diamond will be printed when the baseline is above 0, and the cross is upwards. The inverse for crosses downwards. The other signal is the Kicking middle cross which will appear when the cross comes after an opposite cross. This will give only one signal per cross in the same direction, which may help identify earlier the trend direction.
More info here
In its original form, an oscillator between -1 and +1 is a nonparametric statistic quantifying how well the prices are ordered in consecutive ups (+1) or downs (-1), or intermediate cases. The velocity variation adds the price range, and this script variation adds a baseline as a filter for the indicator. This indicator will work as a confirmation indicator. Using it with the trend filter will work as an entry indicator.
Besides the columns representing the indicator's values, 2 more signals will be printed on the chart. One is the middle cross, the other the kicking middle cross. The first will print a signal when the J_TPO crosses the middle line (0) in favor of the trend. A diamond will be printed when the baseline is above 0, and the cross is upwards. The inverse for crosses downwards. The other signal is the Kicking middle cross which will appear when the cross comes after an opposite cross. This will give only one signal per cross in the same direction, which may help identify earlier the trend direction.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.