OPEN-SOURCE SCRIPT
Infiten's Adjusted Bull-Bear Power Oscillator
An extension of TradingView's new ADR and bull-bear power indicators, this indicator is helpful for spotting abnormal bullish and bearish activity to get good contrarian entry points.
How to interpret the indicator
When the white columns cross over the red line, it's a bearish indicator since the asset has been overbought.
When the white columns cross under the green line, it's a bullish indicator since the asset has been oversold.
How it's calculated
The adjusted bull-bear power oscillator is calculated by multiplying the bull-bear power indicator by my NDO indicator, to adjust the bull-bear power for volume. The upper green line and lower red line are calculated as the product of a multiplier input and the average daily range indicator.
How to interpret the indicator
When the white columns cross over the red line, it's a bearish indicator since the asset has been overbought.
When the white columns cross under the green line, it's a bullish indicator since the asset has been oversold.
How it's calculated
The adjusted bull-bear power oscillator is calculated by multiplying the bull-bear power indicator by my NDO indicator, to adjust the bull-bear power for volume. The upper green line and lower red line are calculated as the product of a multiplier input and the average daily range indicator.
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.
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.
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.
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.