indicator · own pane · open source
Trend Strength Oscillator
Running…
Loading chart…
About
Trend Strength Oscillator — multiplies ADX (raw trend) by the normalised distance of RSI from 50 and the normalised distance of Stoch from 50. High = strong, directional move; low = ranging.
- Use 0.3 as the threshold for 'trend active'.
Source code
//@version=5
indicator("Trend Strength Oscillator", overlay=false)
[plus, minus, adx] = ta.dmi(14, 14)
rsi = ta.rsi(close, 14)
score = adx * (math.abs(rsi - 50) / 50)
hline(25, "Active trend", color=color.gray)
p_Trend_Strength = plot(score, "Trend Strength", color=color.purple, linewidth=2)
alertcondition(ta.crossover(score, 25), "Trend active", "Trend strength above 25")
alertcondition(ta.crossunder(score, 25), "Trend fading", "Trend strength below 25")
No comments yet.
Sign in to comment.