This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v4 · Own pane
Detrended Price Oscillator with Random Walk Index
This indicator plots a detrended price oscillator and a random walk index in a separate pane.
GitHub stars5on the repository
Pine versionv4older, still runs
Lines of code27
Settings3inputs
LicenceMIT
Last update5 years ago20 Apr 2021
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
27 lines of Pine Script v4 from Detrended Price Oscillator and Random Wallk Index.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=4
study(title="Detrended Price Oscillator with Random Walk Index", shorttitle="DPO/RWI", format=format.price, precision=2)
period_ = input(21, title="Detrended Lookback Period", minval=1)
length = input(9, title="Randowm Walk Length")
isCentered = input(false, title="Centered")
barsback = period_/2 + 1
ma = sma(close, period_)
dpo = isCentered ? close[barsback] - ma : close - ma[barsback]
hline(0, title="Zero Line", color = color.white, linestyle=hline.style_solid)
hline(1, title="One Line", color = color.white, linestyle=hline.style_dotted)
// p1 = plot(dpo*(0.0001/syminfo.mintick), offset = isCentered ? -barsback : 0, title="Detrended Price Oscillator", transp=60)
// fill(p1, plot(0), color=color.silver)
sessioncolor = dpo > 0 ? color.teal : color.red
bgcolor(sessioncolor, transp=80)
rwiHigh = hma((high - nz(low[length])) / (atr(length) * sqrt(length)), length)
rwiLow = hma((nz(high[length]) - low) / (atr(length) * sqrt(length)), length)
// rwiHighColor = rwiHigh > 1 ? color.teal : color.gray
// rwiLowColor = rwiLow > 1 ? color.orange : color.gray
plot(rwiHigh, title="High", linewidth=2, color=color.teal)
plot(rwiLow, title="Low", linewidth=2, color=color.orange)
Overview
Detrended Price Oscillator with Random Walk Index subtracts a simple moving average of close from price, either with the average lagged or with price shifted back when the centered option is on. The oscillator line itself is not drawn; its sign colors the pane background teal or red. Random walk index high and low series compare recent highs and lows with average true range, then smooth those ratios with a Hull moving average. The lookback period, walk length, and centering toggle change the calculations. Horizontal lines mark zero and one.
- Detrended price oscillator calculation
- Random walk index high and low
- Hull moving average smoothing
- Background color by oscillator sign
- Zero and one reference lines
Details
Published by
shyrwinsia on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Detrended Lookback Period | int | 21 | period_ |
| Randowm Walk Length | int | 9 | length |
| Centered | bool | false | isCentered |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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