This is an experimental study inspired by the Quantitative Qualitative Estimation indicator designed to identify trend and wave activity.

In this study, rather than using RSI for the calculation, the Dual Volume Divergence Index oscillator is utilized.
First, the DVDI oscillator is calculated by taking the difference between PVI and its EMA , and NVI and its EMA , then taking the difference between the two results.
Optional parameters for DVDI calculation are included within this script:
- An option to use tick volume rather than real volume for the volume source
- An option to use cumulative data, which sums the movements of the oscillator from the beginning to the end of TradingView's maximum window to give a more broad picture of market sentiment

Next, two trailing levels are calculated using the average true range of the oscillator. The levels are then used to determine wave direction.
Lastly, rather than using 0 as the center line, it is instead calculated by taking a cumulative average of the oscillator.

Custom bar colors are included.

Note: For charts that have no real volume component, use tick volume as the volume source.
Jan 13
發布通知: Updates:

Migrated from pine v2 to v3. Adjusted the equations accordingly.

Changed default smoothing period to 6.
從喜愛的腳本中移除 添加到喜愛的腳本
Being playing with it and really like it. Thanks
Very interesting, cool idea.
+1 回覆
really cool stuff man, going to have a play around with your code,
+1 回覆
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