OPEN-SOURCE SCRIPT
EW Correction on choppiness with CB Composite index [yoxxx]
Sometimes it is more than convenient to differ fast from a genuine high or
a B in an expanded flat (a very impulsive counter within a correction, resulting in an higher high than the genuine.)
I tried to use the typical choppiness of Bs in general to indicate them (orange box in example).
Therefore i used a momentum of close, relative to the bar's heights (=vola).
I turned out, that it works like charme to show ALL correction phases in a trend cycle. (And hence the impulses as well.)
(Credit:The choppiness of the Bs is a hint of Constance Brown, which i adopted. Bow to her.)
Note1: I tested it on all Timeframes, but mainly on D; and only in bull markets.
Note 2: I added the composite index of Constance Brown which is faster than the rsi and - special skill -
can inidcate divergences to prices where rsi fails. Use it as a hint for choppiness changes to come.
Since its strength lies in being not normalized, sometimes you may adjust the composite for fitiing it to the EW bars.I inserted a line for that in the script.
Feedback welcome!
yoxxx
a B in an expanded flat (a very impulsive counter within a correction, resulting in an higher high than the genuine.)
I tried to use the typical choppiness of Bs in general to indicate them (orange box in example).
Therefore i used a momentum of close, relative to the bar's heights (=vola).
I turned out, that it works like charme to show ALL correction phases in a trend cycle. (And hence the impulses as well.)
(Credit:The choppiness of the Bs is a hint of Constance Brown, which i adopted. Bow to her.)
Note1: I tested it on all Timeframes, but mainly on D; and only in bull markets.
Note 2: I added the composite index of Constance Brown which is faster than the rsi and - special skill -
can inidcate divergences to prices where rsi fails. Use it as a hint for choppiness changes to come.
Since its strength lies in being not normalized, sometimes you may adjust the composite for fitiing it to the EW bars.I inserted a line for that in the script.
Feedback welcome!
yoxxx
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Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.