Rate of Change Machine

RWCS_LTD Updated   
Rate of Change Machine

Author: RWCS_LTD

Disclaimer: This script is provided for informational purposes only and should not be considered financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.

The Rate of Change Machine is a script designed to assist traders in analyzing multiple cryptocurrency trading pairs simultaneously. This comprehensive indicator offers a holistic view of the rate of change and related metrics, aiding traders in making informed decisions.

Asset Selection:
The script enables users to select up to nine different cryptocurrency trading pairs for in-depth analysis.

Volume Calculation:
Volume plays a crucial role in the analysis, with customizable parameters for volume weighting and length.

Relative Strength Calculation:
Relative Strength is determined through two Exponential Moving Averages (EMA) with user-defined lengths.

Timeframe Weightings:
Different timeframes (1D, AVG 3D, AVG 5D, AVG 7D, AVG 14D, AVG 30D) are assigned weightings to calculate a comprehensive trend score.

Weighted Average and Individual Rate of Change (RoC) Calculation:
The getWeightedAvgAndIndividualROC function calculates the RoC for each selected trading pair based on the given timeframes and weights.

Table Setup:
A table is created to display the results for each trading pair, including relative strength, volume trend, RoC for different timeframes, and a weighted trend score.

Table Formatting:
The table is formatted with different colors indicating positive or negative values for easier interpretation.

Table Position and Size:
Users can customize the position and size of the table on the chart.

Data Retrieval:
The script retrieves the calculated values for each trading pair using the function.

The final output is a table on the chart, showing relevant information for the selected trading pairs, aiding traders in making informed decisions based on the rate of change and other factors. This indicator provides a comprehensive view of the rate of change and related metrics for multiple trading pairs, assisting traders in identifying potential trends and making informed trading decisions.
Release Notes:
Updated so 3D AVG is from days' 3 -5. 7D AVG is from day's 5-7. 14D AVG is from day's 8-14. 30D AVG is from day's 15-30. Each RoC cell is a different window of time, which is averaged together and plotted as the Trend Score.

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.


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.

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