OPEN-SOURCE SCRIPT

Trend Intensity Index With SignalLine

已更新

Hi guys,

This is my first public script on TV. I was just messing about with some simple ideas and I noticed that the difference between a signalLine and the TrendIntensity line was (potentially and theoretically) a good way of spotting a ranging market.

I was initially just going to release Evergets version of this with a histogram and a signal-line, but I decided I'd much rather put in the work and code it from scratch so I could practice my coding.

I am still relatively new to Pinescript, but I have compared this to Evergets version, and on the same settings it is 1 to 1.

How to use:

When TrendIntensity(aqua) is above SignalMa (maroon), it implies a bullish sentiment.

When SignalMa is above TrendIntensity, it implies a bearish sentiment.

The histogram is simply the absolute difference between the two. Green = bullish, Red = bearish, flat = potentially ranging.

Enjoy guys.

I would like to thank Everget for his Jurik moving average.

Feedback welcome, but be kind... this is free and open for you all to use as you please.

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*Indicator developed by M.H Pee. Many thanks to him.

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*added minor length as well for additional customisation

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*Just wanted to change the pic on the front so other indicators were not in ;)

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*Fixed confusing Histo colours.. was occasionally red when there was a strong uptrend, or green when there was a strong downtrend. This is because both lines hug the top or bottom when this happens, and the question of the TII being above or below the SignalLine in this case becomes unimportant.

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*Got rid of minor length, as I find it better without it personally.