The indicator scores whether a counter-move against the dominant structure is maturing and whether price has started turning back. It plots a composite score in a separate pane from weighted context, correction maturity, and exhaustion, scaled by trigger and a
Indicator · Pine Script v4 · Own pane
Forecast Oscillator & Point of Force
This indicator combines a scaled Forecast Oscillator with a Point of Force state detector.
Repaints
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code55
Settings2inputs
LicenceNone stated
Last update1 year ago7 Nov 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 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
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
The Forecast Oscillator calculates the percentage deviation of price from its linear regression curve and normalizes the output between 0 and 1, plotting a line in a separate pane colored by direction. The Point of Force evaluates multi-timeframe high and low prices to detect pivot levels and track market structure transitions, triggering background color changes when a directional shift occurs.
- Scaled Forecast Oscillator using linear regression
- Multi-timeframe pivot level tracking
- Background shading on state changes
Details
Published by
capissimo on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum, Support & resistance, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
- Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback Window | int | 55 | p |
| Time Frame for Point of Force | int | 1 | tf |
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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