This indicator plots a Supertrend-based trend-following setup in a separate pane and skips conditions it treats as a sideways market. A volatility range is built from an ATR value, with RMA, SMA, EMA, or WMA smoothing, or from a fixed point distance. Optional
Indicator · Pine Script v5 · Own pane
Drift [DojiEmoji]
This indicator calculates market drift using logarithmic returns adjusted for variance over a configurable lookback period.
GitHub stars4on the repository
Pine versionv5runs as is
Lines of code24
Settings2inputs
LicenceNone statedfile: MPL-2.0
Last update3 years ago6 Oct 2023
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
24 lines of Pine Script v5 from Scripts/Drift.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © DojiEmoji
//@version=5
indicator("Drift [DojiEmoji]", overlay=false)
var int len_drift = input(14, title="Lookback")
var string _repaint_mode = input.string("Off", title="Repaint mode on/off", options=["On", "Off"])
var bool repaint_mode = _repaint_mode == "On"
// @function get_drift()
// @param int n : lookback period
// @returns float drift, a value that depicts trend with +/- signs signifying up/down (respectively)
get_drift(int n) =>
_pc = math.log(close / close[1])
return_drift = ta.sma(_pc, len_drift) - math.pow(ta.stdev(_pc, len_drift), 2) * 0.5
return_drift
float drift = get_drift(len_drift)
color _col = drift > 0 ? color.blue : color.red
plot(drift[repaint_mode?0:1], color=_col[repaint_mode?0:1], linewidth=2, offset=repaint_mode?0:-1)
plot(0, color=color.new(color.gray, 0)) // zeroline
Overview
Drift [DojiEmoji] measures underlying directional movement and plots a continuous line in a separate pane, colored blue when drift is positive and red when negative, alongside a zero reference line. An optional repaint setting toggles between real-time plotting on the active bar and a one-bar lag offset designed to display strictly confirmed values.
- Logarithmic return drift measurement
- Variance drag adjustment
- Configurable lookback period
- Toggle for confirmed-bar offset mode
- Color-coded line with zero baseline
Details
Published by
kevinhhl on GitHub
Code credit
DojiEmoji, as written in the script's header
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Trend, 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 |
|---|---|---|---|
| Lookback | int | 14 | len_drift |
| Repaint mode on/off | string | Off | _repaint_mode |
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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