OPEN-SOURCE SCRIPT

Price Sextant

Zaktualizowano
The provided Pine Script™ code is for a technical analysis indicator called "Price Sextant." This indicator helps visualize the price position relative to its linear regression and standard deviation levels. Here's a brief description:


Price Sextant Indicator:

  • Purpose:
  • The Price Sextant indicator aims to show the current price's deviation from the linear regression line by dividing the price chart into different zones or sextants.

    Components:
  • Linear Regression: The script calculates a linear regression line based on the closing prices over a specified length (default is 50 bars).

  • Standard Deviation Sections: It then computes standard deviation levels from the linear regression, creating upper and lower sections around the regression line.
    snapshot
  • Scoring: Each section is assigned a numerical score, and labels with corresponding scores are displayed on the chart.
    snapshot
  • Arrow and Midline: An arrow is drawn to indicate the current price's position in relation to the regression line and standard deviation bands. It changes color based in what section it is:
    orange section shows a ranging price, below orange section -1 arrow turns red and show down trend and if arrow above +1 section it turns green and show strong up trend of price.
    A midline is plotted to mark the position of the linear regression line.
    snapshot


Sextant Description:
In navigation, a sextant is an instrument used to measure the angle between two visible objects.
In the context of this indicator, the term "Sextant" is likely used metaphorically to describe the division of the price chart into six sections or zones based on the linear regression and standard deviation bands.
snapshot

This indicator can help traders identify potential overbought or oversold conditions, as well as assess the strength and direction of the trend.
snapshot


Please note that the effectiveness of the indicator depends on various factors, and it's advisable to use it in conjunction with other analysis tools for a comprehensive trading strategy.
Informacje o Wersji
+ Bar Color
Informacje o Wersji
Update of chart
Informacje o Wersji
Visual Update

snapshot
Bands and ChannelseducationaleducationalideasextantTrend Analysistrendfollowingtrendlineanalysis

Skrypt open-source

W prawdziwym duchu TradingView autor tego skryptu opublikował go jako open source, aby inwestorzy mogli go zrozumieć i zweryfikować. Pozdrowienia dla autora! Możesz go używać bezpłatnie, ale ponowne użycie tego kodu w publikacji podlega Zasadom Regulaminu. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.

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