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cowen risk index

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This is my attempt at remaking the cowen risk index. It's definitely not correct, but should give a rough estimate of where his indicator is at. I am taking the price divided by the 400sma to get an oscillator, then we need to account for diminishing returns so I just made an exponentially increasing variable and mutliplying that by the oscillator value. Then I normalized the data as best as I could. Not sure exactly how to do that so if anyone has any suggestions, please let me know.

This only works on the daily and weekly timeframe. You will need to edit the code if you want to have it work for other timeframes.
Release Notes
Added some custom bools for normalizing and adjust the exponential factor.
Release Notes
small adjustments to the default factors
Release Notes
Figured out how to automatically draw risk levels. No more normalize needed. Simplified the code quite a bit.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

OrionAlgo
bencowenbenjamincowenDCAindexMoving AveragesOscillatorsriskTrend Analysis

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
bencowenbenjamincowenDCAindexMoving AveragesOscillatorsriskTrend Analysis

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

OrionAlgo

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.