OPEN-SOURCE SCRIPT
RVSI & MACD Confluence Background
This indicator colors the background in vertical (green/red) stripes to indicate if the current trend is possibly bull / bear
A region where the background is not colored indicates that the present trend can not be identified
The algo combines the RVSI (Relative Volume Strength Index {ref fract} ) and the MACD
The Relative Volume Strength Index has been adapted to include 2 moving averages, one fast and one slow
This same fast slow lookback length is applied to the MACD for simplicity
What's interesting is that there is a very strong confluence between the MACD and RVSI, as the MACD is obtained from 'price action only' and the RVSI from the 'volume only'
So a break in confluence of these two might suggest that the current trend is weakening in confidence or can not be clearly identified
Generally, a green background means consider going long ie price trend is rising
A red background means consider going short ie price trend is falling
An absent background color means - consider exiting current trade or wait to get into a new trade
Best Regards, MoonFlag - and a special thanks/mention to 'fract' for the RVSI algo this is derived from
A region where the background is not colored indicates that the present trend can not be identified
The algo combines the RVSI (Relative Volume Strength Index {ref fract} ) and the MACD
The Relative Volume Strength Index has been adapted to include 2 moving averages, one fast and one slow
This same fast slow lookback length is applied to the MACD for simplicity
What's interesting is that there is a very strong confluence between the MACD and RVSI, as the MACD is obtained from 'price action only' and the RVSI from the 'volume only'
So a break in confluence of these two might suggest that the current trend is weakening in confidence or can not be clearly identified
Generally, a green background means consider going long ie price trend is rising
A red background means consider going short ie price trend is falling
An absent background color means - consider exiting current trade or wait to get into a new trade
Best Regards, MoonFlag - and a special thanks/mention to 'fract' for the RVSI algo this is derived from
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.