OPEN-SOURCE SCRIPT
Updated Internal Bar Strength (ValueRay)
The IBS (Internal Bar Strength) as we know it, calculates only correctly on the long side. When the candle closes in loss, the original IBS still uses the upper wick.
This IBS checks first if its an up or down candle and then uses the top or bottom wick to calculate the IBS.
The yellow line is the corrected IBS, the blue line the original
This IBS checks first if its an up or down candle and then uses the top or bottom wick to calculate the IBS.
The yellow line is the corrected IBS, the blue line the original
Release Notes
- Better Colors
- Formatting Code
Release Notes
- removed link (house rules policy)
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.
ValueRay ➤ Stock Screener and Value Analyser in Hedge-Fond Quality
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.
ValueRay ➤ Stock Screener and Value Analyser in Hedge-Fond Quality
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.