OPEN-SOURCE SCRIPT
Indicator: Weight Of Middle [xQT5]
This is my original indicator that was inspired by "Mayer Multiple" and "Chande Forecast Oscillator" (CFO).
I decided to search truth of trend power with SMA and LinReg and found it in a somewhere of the middle. Also, I added a limit area, where you need to keep a more attention, because it can show a potential reversal.
You can change parametrs with a your own look.
One more signal for indicator:
- If "WOM" is above "1" - it's a bullish direction;
- If "WOM" is below "1" - it's a bearish direction.
Enjoy it!
I decided to search truth of trend power with SMA and LinReg and found it in a somewhere of the middle. Also, I added a limit area, where you need to keep a more attention, because it can show a potential reversal.
You can change parametrs with a your own look.
One more signal for indicator:
- If "WOM" is above "1" - it's a bullish direction;
- If "WOM" is below "1" - it's a bearish direction.
Enjoy it!
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.