Well, guess what? A new indicator is here! Again it's a coincidence, as I experiment with my formula. So far it's less noisy than Autoregressive Covariance Oscillator, so possibly this one is better. The formula is much simpler, care me to explain. ___________________________________________________________________________________________________ Yt = close - previous average
Val = Yt/close ___________________________________________________________________________________________________
Welp that's the formula lol. Funny thing is that it's so simple, but it's good! What matters is the use of it haha.
So how to use this Oscillator? If the value is above 0, we expect a bullish response, if the value is below 0 we expect a bearish response. That simple. Ciao.
(Any questions and suggestions? feel free to comment!)
Информация о релизе
⋅
Now you can change either manual or auto ticker. Thanks for the suggestion!
Информация о релизе
⋅
I re-updated the indicator again as I forgot to set up the precision scale.
Can you add auto ticker, so that we don't have to add it manually
Tenozen
⋅
@MRStoxks, Hey thanks for the suggestion, now you can choose either manual or auto ticker!
MRStoxks
⋅
@Tenozen, thanks for the update really appreciate it ✌️
Yelian
⋅
Same as my previous comment or question...I'm a bit confused with the tickers input. Does it take the input from whatever ticker you're looking at or from the ticker inside the indicator settings? Thank you again!
Tenozen
⋅
@Yelian, Hey thanks for the question, I did this on purpose as I use this indicator as a pairs trading strategy (Example: XAUUSD vs DXY). As it's kinda annoying sometimes if I change back and forth between tickers, so that's why I prefer to input the ticker manually. (Meaning it takes the input from the ticker inside the indicator settings)
@Tenozen, Sorry to bother you again I was just getting to devoting some time to this indicator and saw the update. I just PLEASE need to be absolutely sure of what I'm looking at before I start dedicating some serious time to this thing.
Please clarify: Without clicking on Manual Tickers, this shows the Momentum (positive and negative) in the AUTO Covariance of the Source? Auto = relative the time series OWN history
Clicking on Manual Tickers = now shows the momentum (positive and negative) in the CROSS SECTIONAL or RELATIVE Covariance between those two manual tickers?
Thank you!!! Sorry I sound silly, but I'd rather take 2 mins to sound silly than not know 100% what I'm looking at
Tenozen
⋅
@Yelian, Hey sorry to get you confused. If you don't turned on the manual ticker, that means you gonna use the current ticker as the value for the momentum. If you turned on the manual ticker, first you should choose your ticker you're trading with, and the second ticker, the ticker that has a negative correlation with your ticker you're trading with. So for example, USDCNH vs US500, if the momentum of US500 is above USDCNH in a given length, that means currently US500's momentum is stronger.
Just to clear it up, this indicator being created on my naive days where I start exploring by myself in this trading world as I'm still young. The more I learn, the more I see that most of the indicators that I created are a joke. These simple indicators wouldn't be enough to explain the markets lol, so please don't dedicate much time on this indicator; fr I just updated it cause I'm bored and it turns out kinda useful. But tbh, I don't use this indicator myself, as there is a better indicator that I'm currently using rn.
Try using RSI 14, and stack a VWAP above the RSI and change the source of the VWAP to the RSI value. That would be a better indicator, as it shows the relative strength of the overall market volume on a given length or anchor.
Just for an update, I'm currently doing my own project on reversing the VWAP value on the RSI to become a close price. It seems impossible but it's not. Currently I can't see of how to calculate it on tradingview, but I could calculated it on excel. That's all, hope you find this answer helpful. Feel free to share some of your thoughts by DM. Peace.
Yelian
⋅
@Tenozen, Thank you kindly!!! Being a profitable speculative trader is always a work in progress. Feel free to hit me up anytime, happy to help however I can.