Trend Intensity Index With SignalLine

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.

Nota Keluaran

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

Nota Keluaran

*added minor length as well for additional customisation

Nota Keluaran

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

Nota Keluaran

*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.

Nota Keluaran

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

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Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.

Skrip sumber terbuka

Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.

bennycjonesmusic