Returns a dashboard showing the direction taken by 4 overlay indicators, SMA (simple moving average), TMA (triangular moving average), WMA (weighted moving average), and REG (linear regression), all using different length periods.
The user can select the minimum and maximum length of these indicators and introduce an increment.
1. Settings
Maximum Length: The end value of sequences of the indicator periods to analyze
Minimum Length: The starting value of sequences of the indicator periods to analyze
Step: Determines the spacing between each indicator periods values
Src: Data source for each of the 4 indicators
1.1 Style settings
Normalized Change Mode: Allows the user to access a different interpretation of the indicator by showing the normalized first differences of each indicator in the dashboard instead of their sign
Dashboard Location: Location of the dashboard on the chart
Dashboard Size: Size of the dashboard on the chart
Text/Frame Color: Determines the color of the frame grid as well as the text color
Bullish Cell Color: Determines the color of cell associated with a rising indicator direction
Bearish Cell Color: Determines the color of cell associated with a decreasing indicator direction
Cell Transparency: Transparency of each cell
2. Usage
Each of the indicators included in the dashboard aim to give an estimate of the underlying trend in the price. Knowing which direction they are taking can help us have a broader view regarding the direction of shorter/longer-term trends. We will later see that this is not the only kind of information that we can get from this indicator.
Rising indicators are represented by blue cells (or the color selected in the Bullish Cell Color setting) while decreasing indicators are represented by red cells (or the color selected in the Bearish Cell Color setting).
The percentage of bullish cells is given in the top-left cell of the dashboard.
2.1 Normalized change mode
Enabling the Normalized Change mode will display the normalized changes returned by the indicators over different length periods. This metric is within a range (0,1), with 1 indicating the highest change over the selected length periods, while 0 indicates the lowest one.
When enabling this mode the color of the cells makes use of a gradient with a color palette ranging from the color selected in the Bearish Cell setting to the color selected in the Bullish Cell setting.
2.1 Other Usage
The direction taken by certain indicators can give more information than one would think. Indeed, the sign of the change of one indicator can often be given by different indicators.
A positive change in a simple moving average indicates that the price is greater than the price p bars ago, where p is the period of the simple moving average.
A positive change in a triangular moving average indicates that a simple moving average of period p is above a simple moving average of period p × 2, where p is the period of the triangular moving average (note that we assume here that the TMA is given by cascading two SMAs of period p).
A positive change in a weighted moving average indicates that the price is above a simple moving average of period p+1, where p is the period of the WMA.
Finally, a positive change in a linear regression indicates that a weighted moving average is above a simple moving average of period p, where p is the period of the linear regression.
Great indicator! Thank you very much
I`ve seen lately that Pine possibilities become more and more powerful, I keep changing my main indicators , every day now! the rise of Trading view is exponential appears :)
foowaa
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wow, interesting!
thanks for sharing
WLFT
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Currently 100% on the QQQ daily?
Donallen1031
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Using your indicator, Very smart.
august2020
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yada yada Chinese
SPARROW1996
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can anyone help me to add alerts to my pine script indicator?
@Mahan_Mahmoudi, thanks alot for ur respone the problem is solved all i was trng to do is to add alerts manully but because i was so naive i did not know that u should select ur script name from the alert catagory.....thanks a lot anyway if u want the script just let me know it might be a little helpfull
Add me this indicator