"In times of great uncertainty, indecision is often the wisest course of action."
Introduction:
The Indecision Indicator [CHE] is a custom script for use in Trading View. The script is designed to help traders determine potential reversal points in financial markets, by displaying different levels of indecision or rejection.
Glossary:
Indecision: Indicates a situation where the market is uncertain and can move in either direction. Rejection: Indicates a situation where the market has rejected a certain price level and is likely to move in the opposite direction. Totalwick: The total length of the upper and lower shadows on a candlestick chart. MACD: Moving Average Convergence Divergence, a popular momentum indicator. Inputs:
Rejection: Allows the user to choose between the different types of indecision to display, including Indecision, Rejection, Totalwick, All, and MACD. Indecision Length: The number of candles used to calculate the indecision level. Length: The length of the Moving Average used to smooth the indecision or rejection levels. Trigger Length: The number of candles used to calculate the trigger line, which is used to indicate potential reversal points. Output:
The script calculates the lower and upper rejection levels, as well as the indecision level, and displays them as lines on the chart. The lines are color-coded to indicate whether the market is in a state of indecision or rejection, and whether it is likely to move up or down.