The Radar Rider indicator is a powerful tool that combines multiple technical indicators into a single spider plot, providing traders with a comprehensive view of market conditions. This article will delve into the workings of each built-in indicator and their arrangement within the spider plot. To better understand the structure of the script, let's first examine some of the primary functions and how they are utilized in the script.

Normalize Function: normalize(close, len)
The normalize function takes the close price and a length as arguments and normalizes the price data by scaling it between 0 and 1, making it easier to compare different indicators.

Exponential Moving Average (EMA) Filter: bes(source, alpha)
The EMA filter is used to smooth out data using an exponential moving average, with the given alpha value defining the level of smoothing. This helps reduce noise and enhance the trend-following characteristics of the indicators.

Maximum and Minimum Functions: max(src) and min(src)
These functions find the maximum and minimum values of the input data over a certain period, respectively. These values are used in the normalization process and can help identify extreme conditions in the market.

Min-Max Function: min_max(src)
The min-max function scales the input data between 0 and 100 by dividing the difference between the data point and the minimum value by the range between the maximum and minimum values. This standardizes the data, making it easier to compare across different indicators.

Slope Function: slope(source, length, n_len, pre_smoothing = 0.15, post_smoothing = 0.7)
The slope function calculates the slope of a given data source over a specified length, and then normalizes it using the provided normalization length. Pre-smoothing and post-smoothing values can be adjusted to control the level of smoothing applied to the data before and after calculating the slope.

Percent Function: percent(x, y)
The percent function calculates the percentage difference between two values, x and y. This is useful for comparing the relative change in different indicators.

In the given code, there are multiple indicators included. Here, we will discuss each of them in detail.

EMA Diff:
The Exponential Moving Average (EMA) Diff is the difference between two EMA values of different lengths. The EMA is a type of moving average that gives more weight to recent data points. The EMA Diff helps traders identify trends and potential trend reversals. In the code, the EMA Diff is calculated using the ema_diff() function, which takes length, close, filter, and len_norm as parameters.

Percent Rank EMA Diff:
The Percent Rank EMA Diff is the percentage rank of the EMA Diff within a given range. It helps traders identify overbought or oversold conditions in the market. In the code, the Percent Rank EMA Diff is calculated using the percent_rank_ema_diff() function, which takes length, close, filter, and len_norm as parameters.

EMA Diff Longer:
The EMA Diff Longer is the difference between two EMA values of different lengths, similar to EMA Diff but with a longer period. In the code, the EMA Diff Longer is calculated using the ema_diff_longer() function, which takes length, close, filter, and len_norm as parameters.

RSI Filter:
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The RSI Filter is the RSI value passed through a filter to smooth out the data. In the code, the RSI Filter is calculated using the rsi_filter() function, which takes length, close, and filter as parameters.

RSI Diff Normalized:
The RSI Diff Normalized is the normalized value of the derivative of the RSI. It helps traders identify potential trend reversals in the market. In the code, the RSI Diff Normalized is calculated using the rsi_diff_normalized() function, which takes length, close, filter, len_mad, and len_norm as parameters.

Z Score:
The Z Score is a statistical measurement that describes a value's relationship to the mean of a group of values. In the context of the code, the Z Score is calculated for the closing price of a security. The z_score() function takes length, close, filter, and len_norm as parameters.

EMA Normalized:
The EMA Normalized is the normalized value of the EMA, which helps traders identify trends and potential trend reversals in the market. In the code, the EMA Normalized is calculated using the ema_normalized() function, which takes length, close, filter, and len_norm as parameters.

WMA Volume Normalized:
The Weighted Moving Average (WMA) Volume Normalized is the normalized value of the WMA of the volume. It helps traders identify volume trends and potential trend reversals in the market. In the code, the WMA Volume Normalized is calculated using the wma_volume_normalized() function, which takes length, volume, filter, and len_norm as parameters.

EMA Close Diff Normalized:
The EMA Close Diff Normalized is the normalized value of the derivative of the EMA of the closing price. It helps traders identify potential trend reversals in the market. In the code, the EMA Close Diff Normalized is calculated using the ema_close_diff_normalized() function, which takes length, close, filter, len_mad, and len_norm as parameters.

Momentum Normalized:
The Momentum Normalized is the normalized value of the momentum, which measures the rate of change of a security's price. It helps traders identify trends and potential trend reversals in the market. In the code, the Momentum Normalized is calculated using the momentum_normalized() function, which takes length, close, filter, and len_norm as parameters.

Slope Normalized:
The Slope Normalized is the normalized value of the slope, which measures the rate of change of a security's price over a specified period. It helps traders identify trends and potential trend reversals in the market. In the code, the Slope Normalized is calculated using the slope_normalized() function, which takes length, close, filter, and len_norm as parameters.

Trend Intensity:
Trend Intensity is a measure of the strength of a security's price trend. It is based on the difference between the average of price increases and the average of price decreases over a given period. The trend_intensity() function in the code calculates the Trend Intensity by taking length, close, filter, and len_norm as parameters.

Volatility Ratio:
The Volatility Ratio is a measure of the volatility of a security's price, calculated as the ratio of the True Range (TR) to the Exponential Moving Average (EMA) of the TR. The volatility_ratio() function in the code calculates the Volatility Ratio by taking length, high, low, close, and filter as parameters.

Commodity Channel Index (CCI):
The Commodity Channel Index (CCI) is a momentum-based oscillator used to help determine when an investment vehicle is reaching a condition of being overbought or oversold. The CCI is calculated as the difference between the mean price of a security and its moving average, divided by the mean absolute deviation (MAD) of the mean price. In the code, the CCI is calculated using the cci() function, which takes length, high, low, close, and filter as parameters.

These indicators are combined in the code to create a comprehensive trading strategy that considers multiple factors such as trend strength, momentum, volatility, and overbought/oversold conditions. The combined analysis provided by these indicators can help traders make informed decisions and improve their chances of success in the market.

The Radar Rider indicator is a powerful tool that combines multiple technical indicators into a single, easy-to-read visualization. By understanding the inner workings of each built-in indicator and their arrangement within the spider plot, traders can better interpret market conditions and make informed trading decisions.

Script open-source

Dans le véritable esprit de TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

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