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OPEN-SOURCE SCRIPT

Price Change Sentiment Index [tradeviZion]

657
Price Change Sentiment Index

A technical indicator that measures price changes relative to the day's range.

Indicator Overview
  • Normalizes price changes on a 0-100 scale
  • Uses a smoothing period for signal clarity
  • Shows potential overbought/oversold conditions


Inputs
  • Smoothing Period (default: 3)
  • Show Background Colors (on/off)
  • Overbought Level (default: 75)
  • Oversold Level (default: 25)


Reading the Indicator
  • Values above 75: Price change showing strong upward movement
  • Values below 25: Price change showing strong downward movement
  • Around 50: Neutral price movement


Technical Details
Pine Script®
// Core calculation changePct = (currClose - prevClose) / (high - low) normalized = 50 + (changePct * 50) smoothedNormalized = ta.sma(normalizedClamped, smoothingPeriod)


Usage Notes
  • Best used with other technical analysis tools
  • Adjustable smoothing period affects signal sensitivity
  • Background colors highlight extreme readings
  • Works on any timeframe


Settings Guide
  • Smoothing Period:
    - Lower values (1-3): More responsive
    - Higher values (5-10): Smoother output
  • Visual Settings: Toggle background colors
  • Levels: Adjust overbought/oversold thresholds


This indicator is a technical analysis tool. Please conduct your own research and testing before 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.

TradeVizion
TradeVizion™

For our premium indicators! whop.com/tradevizion/
Also on:
larrywilliansMoving AveragesoverboughtoversoldsentimentsentimentindextradevizionVolatility

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.
larrywilliansMoving AveragesoverboughtoversoldsentimentsentimentindextradevizionVolatility

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.

TradeVizion
TradeVizion™

For our premium indicators! whop.com/tradevizion/
Also on:

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.