This is a momentum, trend, as well as a divergence indicator. It is similar to CCI, though it is based on a slow and fast EMA in connection to ATR, which allows to interprete it easily. Both EMAs and ATR have customisable period. Further explanation and basic usage can be found in the comment section inside the script.
Informacje o Wersji
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Changed the arbitrary OS/OB levels in a dynamical and self consistent way involving the standard deviation of VCI itself, which is also more statistically sound. No tuning required anymore apart the usual lookback periods.
Nice work! I'll start testing this. Appreciate your effort...
raysdigitalfootprint
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Hey this looks very similar to the wolfpack id. Do you think its similar?
vitelot
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@raysdigitalfootprint, no it's not. Here you also get oversold-overbought signals. Whereas wpi is also a protected script, so it's hard to say.
dpanday
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This is very good!
vitelot
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This indicator is also similar to MACD. In fact, it can be seen as a MACD divided ATR.
The advantage with respect to MACD is that the oversold and overbought conditions can be properly defined.
FXPDM
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@vitelot, really like it. Been testing it a lot, but I think it repaints. Have you seen this? Or is suppose to repaint?
vitelot
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@FXPDM, well, it's not supposed to repaint since all quantities are calculated on past bars and in the same timeframe. If it does then we ought to report it urgently to the tradingview staff since most of the indicators on this platform are based on the same concept as this one. Can you be more explicit with the anomalies you experiment and show evidence with screenshots, please?
FXPDM
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@vitelot, I been paying close attention and measuring it in different time frames and pair, good news is that apparently my initial worry about repainting was just a drawing or TV app error, that make it look like a repainting. I have pics showing it doesn’t repaint but can’t find a way to paste them in the chat. I will figure it out ones I’m off my travels and back to a desk computer. I’m afraid the tablet in not up to the task. I’m very glad because I absolutely love this indicator and think is brilliant the way you use the channels with ATR’s. This indicator is now in my top 5. Thanks for the great work.
vitelot
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@FXPDM, Thanks! Just a curiosity, are you also using the OS/OB bands? Do they work well?
FXPDM
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@vitelot, Absolutely yes, I actually use them as a trend indication confirmation, ones the signal crosses the band is a go (long or Short) when the signal revers and crosses the zero line is an exit (I use the REX as an exit, normally it will take me out before) if the signal is inside the bands I take it as consolidation os sideways movement, so no trade yet.