Brief: This oscillator style indicator takes another indicator as its source and measures the change over time (the slope). It then isolates the positive slope values from the negative slope values to determine a 'normal' slope value for each. ** A 'normal' value of 1.0 is determined by the average slope plus the standard deviation of that slope.
The Scale This indicator is not perfectly linear. The values are interpolated differently from 0.0 - 1.0 than values greater than 1.0.
From values 0.0 to 1.0 (positive or negative): it means that the value of the slope is less than 'normal' **.
Any value above 1.0 means the current slope is greater than 'normal' **.
A value of 2.0 means the value is the average plus 2x the standard deviation.
A value of 3.0 means the value is the average plus 3x the standard deviation.
A value greater than 4.0 means the value is greater than the average plus 4x the standard deviation.
Because the slope value is normalized, the meaning of these values can remain generally the same for different symbols.
Potential Usage Examples/b] Using this in conjunction with an SMA or WMA may indicate a change in trend, or a change in trend-strength.
Any values greater than 4 indicate a very strong (and unusual) trend that may not likely be sustainable.
Any values cycling between +1.0 and -1.0 may mean indecision.
A value that is decreasing below 0.5 may predict a change in trend (slope may soon invert).
Super sweet! Exactly what I was looking for! Thanks so very much!!!
MarkLefevre
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I was never as frustrated with TradingView as I was today trying to find a versatile nth derivative vehicle. I attempted to create my own, but my coding abilities rest on being able to build on someone else's foundation and the many different versions of Pinescript thwarted me. Your script saved my sanity and on top of being exactly what was needed, and exactly what I couldn't find, its beautiful! Thank you for publishing this, its awesome!
Electrified
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@MarkLefevre, Wow! You're welcome! This was simply a fun experiment really. I always wanted an objective way to understand the relative strength of a move without relying on RSI and it still translate well to other stocks.
powerfulHead62992
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what is the best setting for this?
kaigouthro
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what's uh... what's with the WMA there? i... uh.. it.. so, is that special? it looks special.. but. is it, like.. special? =) seems speeecial...