OPEN-SOURCE SCRIPT

Market Forecast w/ Signals [QuantVue]

The Market Forecast With Signals Indicator is an upgraded version of the popular ThinkorSwim platforms Market Forecast. This upgraded version utilizes stochastic oscillators, moving averages, and momentum calculations to find potential buying and selling opportunities.

Stochastic Oscillator
The indicator calculates three variations of the Fast Stochastic Oscillator for different time periods:

🔹Intermediate: Calculated over a medium-term period (default 31 bars).
🔹Momentum: Calculated over a short-term period (default 5 bars).
🔹Near Term: Calculated over a very short-term period (default 3 bars).

These calculations involve finding the highest and lowest values within their respective periods and comparing the current close to this range.

Moving Average Smoothing
The results of the Fast Stochastic Oscillator for the Intermediate and Near Term are then smoothed using a Simple Moving Average (SMA):

🔹Intermediate: 5-period SMA of the Intermediate Stochastic Oscillator.
🔹Near Term: 2-period SMA of the Near Term Stochastic Oscillator.

Momentum Indicator
A custom momentum calculation is performed, using the recent high and low prices over four periods.

Display
The indicator plots the smoothed Intermediate, Near Term, and custom Momentum calculations as separate lines on the chart.

Trading Signals
While the original indicator plots the lines mentioned above, the Market Forecast w/ Signals goes a step further by identifying key moments when nuanced signals fire. The built in alerts and visual aids make spotting these trading opportunities a breeze.

Clusters - Bullish and Bearish clusters are identified based on the convergence of all three lines (Intermediate, Near, and Momentum) above 80 (Bearish) or below 20 (Bullish).
The background color of the chart changes to indicate these clusters, aiding in quick identification of market extremes.

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Trend Reversals - Marked with labels on the chart, this is based on the direction of the cluster (bullish or bearish) and the subsequent price movement crossing a threshold determined during the cluster formation.

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Divergences - Divergences between the Near Term line and price highs/lows are detected using pivot points. These divergences are then plotted as lines on the chart, highlighting potential discrepancies between price action and momentum, which can signal reversals.

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Indicator Features:
🔹Custom Colors
🔹Show/Hide Signals
🔹Alerts

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We hope you enjoy.

Cheers!
marketforecastMomentum OscillatorsOscillatorsquantvue

Script de código abierto

Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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