OPEN-SOURCE SCRIPT
Percentile Momentum Indicator
Input Parameters:
lengthPercentile: Defines the period used to calculate the percentile values (default: 30).
lengthMomentum: Defines the period for calculating the Rate of Change (ROC) momentum (default: 10).
Core Logic:
Rate of Change (ROC): The script calculates the ROC of the closing price over the specified period (lengthMomentum).
Percentile Calculations: The script calculates two key percentiles:
percentile_upper (80th percentile of the high prices)
percentile_lower (20th percentile of the low prices)
Percentile Average: An average of the upper and lower percentiles is calculated (avg_percentile).
Trade Signals:
Buy Signal: Triggered when the ROC is positive, the close is above the percentile_lower, and the close is above the avg_percentile.
Sell Signal: Triggered when the ROC is negative, the close is below the percentile_upper, and the close is below the avg_percentile.
Trade State Management:
The script uses a binary state: 1 for long (buy) and -1 for short (sell).
The trade state is updated based on buy or sell signals.
Bar Coloring:
Bars are colored dynamically based on the trade state:
Green for long (buy signal).
Red for short (sell signal).
The same color is applied to the percentile and average percentile lines for visual consistency.
lengthPercentile: Defines the period used to calculate the percentile values (default: 30).
lengthMomentum: Defines the period for calculating the Rate of Change (ROC) momentum (default: 10).
Core Logic:
Rate of Change (ROC): The script calculates the ROC of the closing price over the specified period (lengthMomentum).
Percentile Calculations: The script calculates two key percentiles:
percentile_upper (80th percentile of the high prices)
percentile_lower (20th percentile of the low prices)
Percentile Average: An average of the upper and lower percentiles is calculated (avg_percentile).
Trade Signals:
Buy Signal: Triggered when the ROC is positive, the close is above the percentile_lower, and the close is above the avg_percentile.
Sell Signal: Triggered when the ROC is negative, the close is below the percentile_upper, and the close is below the avg_percentile.
Trade State Management:
The script uses a binary state: 1 for long (buy) and -1 for short (sell).
The trade state is updated based on buy or sell signals.
Bar Coloring:
Bars are colored dynamically based on the trade state:
Green for long (buy signal).
Red for short (sell signal).
The same color is applied to the percentile and average percentile lines for visual consistency.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.