Indecision Indicator [CHE]

13 Feb 2023

"In times of great uncertainty, indecision is often the wisest course of action."

Introduction:

The Indecision Indicator [CHE] is a custom script for use in Trading View. The script is designed to help traders determine potential reversal points in financial markets, by displaying different levels of indecision or rejection.

Glossary:

Indecision: Indicates a situation where the market is uncertain and can move in either direction.
Rejection: Indicates a situation where the market has rejected a certain price level and is likely to move in the opposite direction.
Totalwick: The total length of the upper and lower shadows on a candlestick chart.
MACD: Moving Average Convergence Divergence, a popular momentum indicator.
Inputs:

Rejection: Allows the user to choose between the different types of indecision to display, including Indecision, Rejection, Totalwick, All, and MACD.
Indecision Length: The number of candles used to calculate the indecision level.
Length: The length of the Moving Average used to smooth the indecision or rejection levels.
Trigger Length: The number of candles used to calculate the trigger line, which is used to indicate potential reversal points.
Output:

The script calculates the lower and upper rejection levels, as well as the indecision level, and displays them as lines on the chart. The lines are color-coded to indicate whether the market is in a state of indecision or rejection, and whether it is likely to move up or down.

Best regards

Chervolino