[RS]PSI — Indicator by RicardoSantos

test

point system index, for test only

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.

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study(title="[RS]Point System Index", shorttitle="[RS]PSI")
range = 50
length1 = 6
length2 = 12
length3 = 24
pm = 2
pip = 0.0001 * close
margin = pip*pm

track =
//isUp
    close - open > margin * 10 ? 10 : 
    close - open > margin * 8 ? 8 :
    close - open > margin * 6 ? 6 :
    close - open > margin * 4 ? 4 :
    close - open > margin * 2 ? 2 :
    close - open > margin * 1 ? 1 :
//isDown
    open - close > margin * 10 ? -10 : 
    open - close > margin * 8 ? -8 :
    open - close > margin * 6 ? -6 :
    open - close > margin * 4 ? -4 :
    open - close > margin * 2 ? -2 :
    open - close > margin * 1 ? -1 : 0

track1 =
//weight size of wick down on up candles
    close > open and open - low > margin * 10 ? -5 : 
    close > open and open - low > margin * 8 ? -4 :
    close > open and open - low > margin * 6 ? -3 :
    close > open and open - low > margin * 4 ? -2 :
    close > open and open - low > margin * 2 ? -1 :
    close > open and open - low > margin * 1 ? -0 :
//weight size of wick up on down candles
    open < close and high - close > margin * 10 ? 5 : 
    open < close and high - close > margin * 8 ? 4 :
    open < close and high - close > margin * 6 ? 3 :
    open < close and high - close > margin * 4 ? 2 :
    open < close and high - close > margin * 2 ? 1 :
    open < close and high - close > margin * 1 ? 0 : 0

tr1 = round(sum(track+track1, range))
ma1 = wma(round(tr1), length1)
ma2 = wma(round(ma1), length2)
ma3 = wma(round(ma2), length3)

c1 = ma1 > tr1 ? red : green
c2 = ma2 > ma1 ? red : green
c3 = ma3 > ma2 ? red : green

plot(tr1, color=green)
plot(ma1, color=c1)
plot(ma2, color=c2)
plot(ma3, color=c3)
hline(0)