OPEN-SOURCE SCRIPT
CMT's ProGo indicator
This is an experiment. I've never traded with it and won't tell you to. The nuances of how effective this is have yet to be seen.
Shoutout to BillionaireLau, who very recently posted Larry William's original ProGo indicator. I hypothesized that a few minor changes to values and operations would allow for greater utility and responsiveness. I believe this has been achieved. What we're looking at here appears to offer a new means of spotting divergences. Have fun. To quote BillionaireLau regarding the nature of this indicator:
"ProGo, created by Larry William, (earlier than 2002), is a 2 line graph using daily data.
1. Professional Line (color orange) is a professional Accumulation/Distribution line is constructed by using the change from today's open to today's close.
2. The Public Line (color blue) is done by creating a public accumulation/distribution line that shows the change from yesterdays close to today's open.
The graph is an index of the previous close to open +/- values (public) and then taking a 14 day average which is plotted against a 14 day average of the +/- values of the open to close(pro).
Background color:
Green colored area is where "pro" line crossover ["amateurs"] line, and the "pro" line is also positive."
Shoutout to BillionaireLau, who very recently posted Larry William's original ProGo indicator. I hypothesized that a few minor changes to values and operations would allow for greater utility and responsiveness. I believe this has been achieved. What we're looking at here appears to offer a new means of spotting divergences. Have fun. To quote BillionaireLau regarding the nature of this indicator:
"ProGo, created by Larry William, (earlier than 2002), is a 2 line graph using daily data.
1. Professional Line (color orange) is a professional Accumulation/Distribution line is constructed by using the change from today's open to today's close.
2. The Public Line (color blue) is done by creating a public accumulation/distribution line that shows the change from yesterdays close to today's open.
The graph is an index of the previous close to open +/- values (public) and then taking a 14 day average which is plotted against a 14 day average of the +/- values of the open to close(pro).
Background color:
Green colored area is where "pro" line crossover ["amateurs"] line, and the "pro" line is also positive."
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.