OPEN-SOURCE SCRIPT

Price Change Sentiment Index [tradeviZion]

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Price Change Sentiment Index

A technical indicator that measures price changes relative to the day's range.

Indicator Overview
  • Normalizes price changes on a 0-100 scale
  • Uses a smoothing period for signal clarity
  • Shows potential overbought/oversold conditions


Inputs
  • Smoothing Period (default: 3)
  • Show Background Colors (on/off)
  • Overbought Level (default: 75)
  • Oversold Level (default: 25)


Reading the Indicator
  • Values above 75: Price change showing strong upward movement
  • Values below 25: Price change showing strong downward movement
  • Around 50: Neutral price movement


Technical Details
Pine Script®
// Core calculation changePct = (currClose - prevClose) / (high - low) normalized = 50 + (changePct * 50) smoothedNormalized = ta.sma(normalizedClamped, smoothingPeriod)


Usage Notes
  • Best used with other technical analysis tools
  • Adjustable smoothing period affects signal sensitivity
  • Background colors highlight extreme readings
  • Works on any timeframe


Settings Guide
  • Smoothing Period:
    - Lower values (1-3): More responsive
    - Higher values (5-10): Smoother output
  • Visual Settings: Toggle background colors
  • Levels: Adjust overbought/oversold thresholds


This indicator is a technical analysis tool. Please conduct your own research and testing before use.

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.