This indicator plots trade entry and exit signals on the price chart by combining Bollinger Bands with optional filter conditions. It calculates standard Bollinger Bands along with RSI, Aroon, and moving average filters. Reversal signals trigger when price bre
Indicator · Pine Script v4 · On the chart
Fear + Greed Reversal Projection
Fear + Greed Reversal Projection measures market sentiment extremes by comparing price source values against historical highs and lows using standard deviation bands.
GitHub stars5on the repository
Pine versionv4older, still runs
Lines of code67
Settings5inputs
LicenceApache-2.0
Last update3 years ago12 May 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
67 lines of Pine Script v4 from Fear+Greed_Reversal/Fear+Greed_Reversal.txt, published under Apache-2.0. 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/
// © krosenfeld7
//@version=4
study("Fear + Greed Reversal Projection", overlay=true, shorttitle="Fear & Greed")
// Fear & Greed Section
lowPeriod = input(30, title="Low Period")
highPeriod = input(30, title="High Period")
stdev_period = input(50, title="Stdev Period")
src = input(ohlc4, title="Source")
WMA = input(false, title="Use WMA instead of SMA?")
// Condition One
greedZone1 = (lowest(src, lowPeriod) - src) / lowest(src, lowPeriod)
greedAvg1 = WMA ? wma(greedZone1, stdev_period) : sma(greedZone1, stdev_period)
greedZoneLimit1 = greedAvg1 - stdev(greedZone1, stdev_period)
fearZone1 = (highest(src, highPeriod) - src) / highest(src, highPeriod)
fearAvg1 = WMA ? wma(fearZone1, stdev_period) : sma(fearZone1, stdev_period)
fearZoneLimit1 = fearAvg1 + stdev(fearZone1, stdev_period)
// Condition Two
greedZone2 = WMA ? wma(src, lowPeriod) : sma(src, lowPeriod)
greedAvg2 = WMA ? wma(greedZone2, stdev_period) : sma(greedZone2, stdev_period)
greedZoneLimit2 = greedAvg2 + stdev(greedZone2, stdev_period)
fearZone2 = WMA ? wma(src, highPeriod) : sma(src, highPeriod)
fearAvg2 = WMA ? wma(fearZone2, stdev_period) : sma(fearZone2, stdev_period)
fearZoneLimit2 = fearAvg2 - stdev(fearZone2, stdev_period)
// GreedZone
inGreedZone = greedZone1 < greedZoneLimit1 and greedZone2 > greedZoneLimit2
greedZoneOpen = inGreedZone ? low - tr : na
greedZoneClose = inGreedZone ? low - 2 * tr : na
inFearZone = fearZone1 > fearZoneLimit1 and fearZone2 < fearZoneLimit2
fearZoneOpen = inFearZone ? low - tr : na
fearZoneClose = inFearZone ? low - 2 * tr : na
greedGap = inGreedZone ? greedZoneOpen - greedZoneClose : na
fearGap = inFearZone ? fearZoneOpen - fearZoneClose : na
// Fear / Greed Trend reversing
greedy = greedGap > 0
noLongerGreedy = (greedy[1] == true and greedy == false) ? 1 : 0
fearful = fearGap > 0
noLongerFearful = (fearful[1] == true and fearful == false) ? 1 : 0
// Extreme cases
extremeFear = (fearGap > fearZoneClose) ? 1 : 0
extremeGreed = (greedGap > greedZoneClose) ? 1 : 0
plot(greedGap, color=color.purple, style=plot.style_linebr)
plotcandle(greedZoneOpen, greedZoneOpen, greedZoneClose, greedZoneClose, color=color.red, bordercolor=color.white, title="Greedy Candlesticks")
plot(fearGap, color=color.aqua, style=plot.style_linebr)
plotcandle(fearZoneOpen, fearZoneOpen, fearZoneClose, fearZoneClose, color=color.blue, bordercolor=color.white, title="Fearful Candlesticks")
// Alerts
alertcondition(inGreedZone == true and inGreedZone[1] == false, title='Entering Greedy Zone', message='Entering Greedy Zone')
alertcondition(noLongerGreedy, title='Leaving Greedy Zone', message='Leaving Greedy Zone (Trend Reversal)')
alertcondition(extremeGreed, title='EXTREME GREED (Day Only)', message='EXTREME GREED')
alertcondition(inFearZone == true and inFearZone[1] == false, title='Entering Fear Zone', message='Entering Fear Zone')
alertcondition(noLongerFearful, title='Leaving Fear Zone', message='Leaving Fear Zone (Trend Reversal)')
alertcondition(extremeGreed, title='EXTREME FEAR (Day Only)', message='EXTREME FEAR')
Overview
Fear + Greed Reversal Projection calculates fear and greed zones through simple or weighted moving averages. When market conditions enter these predefined statistical boundaries, the indicator overlays custom colored candlesticks beneath price bars on the chart. Traders can adjust the calculation periods, price source, moving average type, and standard deviation multipliers. The script includes standard alert conditions for entering or exiting fear and greed zones.
- Fear and greed zone statistical calculation
- Option to switch between SMA and WMA smoothing
- Custom candlestick overlay plotted on the price chart
- Alert conditions for zone entries, exits, and extreme states
Details
Published by
krosenfeld7 on GitHub
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Volatility & bands, Mean reversion, Moving averages
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 |
|---|---|---|---|
| Low Period | int | 30 | lowPeriod |
| High Period | int | 30 | highPeriod |
| Stdev Period | int | 50 | stdev_period |
| Source | source | ohlc4 | src |
| Use WMA instead of SMA? | bool | false | WMA |
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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