The Multi Trend Oscillator is a tool that combines the ratings of several indicators to facilitate the search for profitable trades. I was inspired by the excellent indicator "Technical Ratings" from Team TradingView to create an alternative with a technically new approach. Therefore, it is not a modified copy of the original, but newly conceived and implemented.
The recommendations of the indicator are based on the calculated ratings from the different indicators included in it. The special thing here is that all settings for the individual indicators can be changed according to your own needs and displayed as a histogram and MA line. This provides an excellent visual control of your own settings. Alarms are also triggered.
Criteria for determining the rating
Relative Strength Index (RSI)
Buy - Crossover oversold level and indicator < oversold level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Relative Strength Index (RSI) Laguerre
Buy - Crossover Oversold Level and Indicator < Oversold Level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Noise free Relative Strength Index (RSX)
Buy - Crossover Oversold Level and Indicator < Oversold Level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Money Flow Index (MFI)
Buy - Crossover Oversold Level and Indicator < Oversold Level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Commodity Channel Index (CCI)
Buy - Crossover Oversold Level and Indicator < Oversold Level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Moving Average Convergence/Divergence (MACD)
Buy - values of the main line > values of the signal line and rising
Sell - values of the main line < values of the signal line and falling
Neutral - neither Buy nor Sell
Klinger
Buy - indicator >= 0 and rising
Sell - indicator < 0 and falling
Neutral - neither Buy nor Sell
Average Directional Index (ADX)
Buy - indicator > 20 and +DI line crosses over the -DI line and rising
Sell - indicator > 20 and +DI line crosses below the -DI line and falling
Neutral - neither Buy nor Sell
Awesome Oscillator
Buy - Crossover 0 and values are greater than 0, or exceed the zero line
Sell - Crossunder 0 and values are lower than 0, or fall below the zero line
Neutral - neither Buy nor Sell
Ultimate Oscillator
Buy - Crossover oversold level and indicator < oversold level and rising
Sell - Crossunder oversold level and indicator >= oversold level and falling
Neutral - neither Buy nor Sell
Williams Percent Range
Buy - Crossover Oversold Level and Indicator < Oversold Level and rising
Sell - Crossunder Oversold Level and Indicator >= Oversold Level and falling
Neutral - neither Buy nor Sell
Momentum
Buy - Crossover 0 and indicator levels rising
Sell - Crossunder 0 and indicator values falling
Neutral - neither Buy nor Sell
Total Ratings The numerical value of the rating "Sell" is 0, "Neutral" is 0 and "Buy" is 1. The total rating is calculated as the average of the ratings of the individual indicators and are determined according to the following criteria:
MaxCount = 12 (depending on whether other oscillators are added). CompareSellStrong = MaxCount * 0.3 CompareMid = MaxCount * 0.5 CompareBuyStrong = MaxCount * 0.7
value <= CompareSellStrong - Strong Sell
value < CompareMid and value > CompareSellStrong - Sell
value == 6 - Neutral
value > CompareMid and value < CompareBuyStrong - Buy
value >= CompareBuyStrong - Strong Buy
Understanding the results The Multi Trend Oscillator is designed so that its values fluctuate between 0 and currently 12 (maximum number of integrated indicators). Its values are displayed as a histogram with green, red and gray bars. The bars are gray when the value of the indicator is at half of the number of indicators used, currently 12. Increasingly saturated green bars indicate increasing values above 6, and increasingly saturated red bars indicate increasingly decreasing values below 6.
The table at the end of the histogram shows details (can be activated in the settings) about the overall rating and the individual indicators. Its color is determined by the rating value: gray for neutral, green for buy or strong buy, red for sell or strong sell.
The following alarms are triggered:
Multi Trend Oscillator: Sell
Multi Trend Oscillator: Strong Sell
Multi Trend Oscillator: Buy
Multi Trend Oscillator: Strong Buy
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New option "RATING TRESHOLD" for individual setting of thresholds for "Sell Strong", "Neutral", "Buy Strong" available
Fixed incorrect display (colors opposite to the actual status) of the total rating
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more indicators added: "Volume Regression Trend", "Chande Momentum Oscillator"
a maximum of 14 points are now calculated for the Total Rating
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more indicators added: "Detrended Price Oscillator (DPO)", "Chaikin Oscillator (CO)"
a maximum of 16 points are now calculated for the Total Rating
Detrended Price Oscillator (DPO) The Detrended Price Oscillator (DPO) is used to identify and isolate short-term cycles. The DPO looks at the difference between current price and the simple moving average shifted by (time frame / 2) + 1 candle. Unlike the Stochastic Oscillator, this indicator shows short-term trend changes (short-term price changes within the long-term trend).
Chaikin Oscillator (CO) The Chaikin Oscillator takes the accumulation/distribution (ADL) and applies two exponential moving averages of different lengths to the line. The Chaikin Oscillator value is then derived by subtracting the longer-term EMA of the ADL from the shorter-term EMA of the ADL. Ultimately, this serves as a way to measure the momentum of the ADL by drawing a line that fluctuates between positive and negative values.
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add Alerting für Status "Neutral"
Added new feature to check for past Total Rating. It will be issued "Strong Buy - Downtrend Warning" if the previous one already has the status "Strong Buy". This may indicate a downtrend in the near future.
Important note: In some cases, the new version of the indicator is displayed only by removing and adding it back to the chart.
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add Moving Average Line for Total Rating. Can be disabled and the Type of moving average, time period can be set.
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Added new interesting possibility to adjust the weighting of individual indicators for better trend prediction
The following indicators have a weighting of 3
Relative Strength Index (RSI), Moving Average Convergence/Divergence (MACD), Average Directional Index (ADX), Awesome Oscillator, Volume Regression Trend (VRT)
Important note: In some cases, the new version of the indicator is displayed only by removing and adding it back to the chart.
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Arrangement of the form element for weighting moved for better overview
Further explanation of the adjustable weighting: Currently there are 16 integrated indicator types. In addition, a weighting of 0 to 3 can be set for each indicator, which is added to the maximum possible total number of points and to the currently calculated rating.
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Two moving averages "Primary" and "Secondary" added. Adjustable options are: smoothing type, period, deactivation
The neutral range can now be controlled more flexibly via "Neutral: Start" and "Neutral: End"
Important note: In some cases, the new version of the indicator is displayed only by removing and adding it back to the chart.
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Changed Label: "Buy" to "Uptrend"
Changed Label: "Strong Buy" to "Strong Uptrend"
Changed Label: "Sell" to "Downtrend"
Changed Label: "Strong Sell" to "Strong Downtrend"
Changed Label: "Downtrend Warning" to "But Downtrend coming"
Important note: In some cases, the new version of the indicator is displayed only by removing and adding it back to the chart.