OPEN-SOURCE SCRIPT
[blackcat] L3 Market Sentiment Indicator
Level 3
Background
I've been thinking about trying out some technical indicators of market sentiment recently. Of course, this may not be limited to OHLC data, but requires more statistical data for analysis. However, I still wanted to try making a market sentiment indicator with OHLC. In this way, the difference between the two indicators can be compared later.
Function
This market sentiment indicator is functionally divided into two categories: the first is the sentiment line, which is a total of 3 lines. The first line is the yellow aggressive trader sentiment line, usually expressed as a 5-period moving average; the second line is the purple conservative trader interest line, which I used a slightly more complicated algorithm. The third line is the market sentiment line that takes the average of the first two. It is yellow when the market price is rising and purple when the price is falling.
The second type is the pressure line and the support line, a total of four, when they are support lines, the color is green; once they become resistance lines, the color will change from green to red, and show the current price of pressure or support.
Remarks
Feedbacks are appreciated.
Background
I've been thinking about trying out some technical indicators of market sentiment recently. Of course, this may not be limited to OHLC data, but requires more statistical data for analysis. However, I still wanted to try making a market sentiment indicator with OHLC. In this way, the difference between the two indicators can be compared later.
Function
This market sentiment indicator is functionally divided into two categories: the first is the sentiment line, which is a total of 3 lines. The first line is the yellow aggressive trader sentiment line, usually expressed as a 5-period moving average; the second line is the purple conservative trader interest line, which I used a slightly more complicated algorithm. The third line is the market sentiment line that takes the average of the first two. It is yellow when the market price is rising and purple when the price is falling.
The second type is the pressure line and the support line, a total of four, when they are support lines, the color is green; once they become resistance lines, the color will change from green to red, and show the current price of pressure or support.
Remarks
Feedbacks are appreciated.
Script de código aberto
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.
Avoid losing contact！Don't miss out! The first and most important thing to do is to join my Discord chat now! Click here to start your adventure: discord.com/invite/ZTGpQJq 防止失联，请立即行动，加入本猫聊天群: discord.com/invite/ZTGpQJq
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Script de código aberto
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.
Avoid losing contact！Don't miss out! The first and most important thing to do is to join my Discord chat now! Click here to start your adventure: discord.com/invite/ZTGpQJq 防止失联，请立即行动，加入本猫聊天群: discord.com/invite/ZTGpQJq
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.