Leptokurtic Directional Bias: Free TradingView Indicator (Pine Script)

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

296 lines of Pine Script v5 from Leptokurtic Directional Bias.txt, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

Leptokurtic Directional Bias.txt

// This Pine Script® code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © notprofessorgreen

//@version=5
indicator("Leptokurtic Directional Bias", shorttitle="LDB", overlay=true)

// === GROUP DECLARATIONS ===
var g_KURTOSIS = "========= Kurtosis Settings =========="
var g_MA = "========= Moving Average Source Settings =========="
var g_ATR = "========= ATR Source Settings =========="
var g_VOLUME = "========= Volume Source Settings =========="
var g_CLOSE = "========= Close Source Settings =========="
var g_BB = "========= Bollinger Bands Trend Stop Settings =========="
var g_BIAS = "========= Bias Calculation Settings =========="
var g_SESS = "========= Trading Sessions =========="
var g_COLORS = "========= Display Colors =========="
var g_TABLES = "========= Tables =========="

// === KURTOSIS INPUTS ===
kurtosis_length = input.int(14, title="Kurtosis Length", minval=4, maxval=500, group=g_KURTOSIS)
source_type = input.string("atr", title="Source Type", options=["ma", "atr", "volume", "close", "bb_trend_stop"], group=g_KURTOSIS)

// === MOVING AVERAGE SOURCE INPUTS ===
ma_type = input.string("EMA", title="MA Type", options=["SMA", "EMA", "WMA", "RMA", "HMA", "DEMA", "TEMA", "VWMA", "ALMA"], group=g_MA)
ma_length = input.int(14, title="MA Length", minval=1, maxval=200, group=g_MA)

// === ATR SOURCE INPUTS ===
atr_length = input.int(14, title="ATR Length", minval=1, maxval=200, group=g_ATR)

// === VOLUME SOURCE INPUTS ===
volume_length = input.int(14, title="Volume SMA Length", minval=1, maxval=200, group=g_VOLUME)

// === CLOSE SOURCE INPUTS ===
close_length = input.int(14, title="Close SMA Length", minval=1, maxval=200, group=g_CLOSE)

// === BOLLINGER BANDS TREND STOP INPUTS ===
bb_tf = input.timeframe("", title="Resolution", group=g_BB)
bb_length = input.int(20, title="Period", minval=1, group=g_BB)
bb_deviation = input.int(2, title="Standard Deviation", minval=1, group=g_BB)
bb_money_risk = input.float(1.0, title="Money Risk", minval=0.1, step=0.1, group=g_BB)

// === BIAS CALCULATION INPUTS ===
bias_mode = input.string("mean_reversion", title="Bias Mode", options=["mean_reversion", "momentum", "volatility_only"], group=g_BIAS)
rsi_length = input.int(14, title="RSI Length (for Mean Reversion)", minval=2, maxval=100, group=g_BIAS)
trend_ema_length = input.int(20, title="Trend EMA Length (for Momentum)", minval=5, maxval=100, group=g_BIAS)

// === TRADING SESSIONS ===
ib_session = input.session("0830-0930", title="Initial Balance Period", group=g_SESS)
break_tracking_session = input.session("0930-1600", title="Break Tracking Session", group=g_SESS)

// === COLOR INPUTS ===
bullish_reversion_bg_color = input.color(color.new(color.green, 85), title="Bullish Reversion Background", group=g_COLORS)
bearish_reversion_bg_color = input.color(color.new(color.red, 85), title="Bearish Reversion Background", group=g_COLORS)
bullish_momentum_bg_color = input.color(color.new(color.lime, 80), title="Bullish Momentum Background", group=g_COLORS)
bearish_momentum_bg_color = input.color(color.new(color.orange, 80), title="Bearish Momentum Background", group=g_COLORS)
high_volatility_bg_color = input.color(color.new(color.yellow, 75), title="High Volatility Background", group=g_COLORS)
bullish_reversion_shape_color = input.color(color.green, title="Bullish Reversion Shape", group=g_COLORS)
bearish_reversion_shape_color = input.color(color.red, title="Bearish Reversion Shape", group=g_COLORS)
bullish_momentum_shape_color = input.color(color.lime, title="Bullish Momentum Shape", group=g_COLORS)
bearish_momentum_shape_color = input.color(color.orange, title="Bearish Momentum Shape", group=g_COLORS)
kurtosis_plot_color = input.color(color.blue, title="Kurtosis Plot", group=g_COLORS)
leptokurtic_threshold_color = input.color(color.red, title="Leptokurtic Threshold Line", group=g_COLORS)

// === TABLE INPUTS ===
table_position = input.string("top_right", title="Table Position", options=["top_right", "top_left", "bottom_right", "bottom_left", "middle_right", "middle_left"], group=g_TABLES)
table_text_size = input.string("small", title="Table Text Size", options=["tiny", "small", "normal"], group=g_TABLES)
table_header_bg_color = input.color(color.new(color.black, 20), title="Header Background Color", group=g_TABLES)
table_header_text_color = input.color(color.white, title="Header Text Color", group=g_TABLES)
table_cell_bg_color = input.color(color.white, title="Cell Background Color", group=g_TABLES)
table_cell_text_color = input.color(color.new(color.black, 20), title="Cell Text Color", group=g_TABLES)

// === MOVING AVERAGE CALCULATION ===
ma(type, src, len) =>
    float result = na
    if type == "SMA"
        result := ta.sma(src, len)
    else if type == "EMA"
        result := ta.ema(src, len)
    else if type == "WMA"
        result := ta.wma(src, len)
    else if type == "RMA"
        result := ta.rma(src, len)
    else if type == "HMA"
        result := ta.hma(src, len)
    else if type == "DEMA"
        e = ta.ema(src, len)
        result := 2 * e - ta.ema(e, len)
    else if type == "TEMA"
        e = ta.ema(src, len)
        result := 3 * (e - ta.ema(e, len)) + ta.ema(ta.ema(e, len), len)
    else if type == "VWMA"
        result := ta.vwma(src, len)
    else if type == "ALMA"
        result := ta.alma(src, len, 6, 0.85)
    result

// === BOLLINGER BANDS TREND STOP CALCULATION ===
htf_close = request.security(syminfo.tickerid, bb_tf, close)
htf_high = request.security(syminfo.tickerid, bb_tf, high)
htf_low = request.security(syminfo.tickerid, bb_tf, low)
htf_avg = request.security(syminfo.tickerid, bb_tf, ta.sma(close, bb_length))
htf_dev = request.security(syminfo.tickerid, bb_tf, ta.stdev(close, bb_length)) * bb_deviation
htf_smax = htf_avg + htf_dev
htf_smin = htf_avg - htf_dev

var trend = 0
if (htf_close > htf_smax[1])
    trend := 1
else if (htf_close < htf_smin[1])
    trend := -1

if (trend > 0 and htf_smin < htf_smin[1])
    htf_smin := htf_smin[1]
if (trend < 0 and htf_smax > htf_smax[1])
    htf_smax := htf_smax[1]

htf_bsmax = htf_smax + 0.5 * (bb_money_risk - 1) * (htf_smax - htf_smin)
htf_bsmin = htf_smin - 0.5 * (bb_money_risk - 1) * (htf_smax - htf_smin)

if (trend > 0 and htf_bsmin < htf_bsmin[1])
    htf_bsmin := htf_bsmin[1]
if (trend < 0 and htf_bsmax > htf_bsmax[1])
    htf_bsmax := htf_bsmax[1]

var float bb_trend_stop = na
if (trend > 0)
    bb_trend_stop := htf_bsmin
if (trend < 0)
    bb_trend_stop := htf_bsmax

// === SOURCE CALCULATION ===
source_data = switch source_type
    "ma" => ma(ma_type, close, ma_length)
    "atr" => ta.atr(atr_length)
    "volume" => ta.sma(volume, volume_length)
    "close" => ta.sma(close, close_length)
    "bb_trend_stop" => bb_trend_stop
    => close

// === KURTOSIS CALCULATION ===
kurtosis(src, len) =>
    mean = ta.sma(src, len)
    variance = ta.sma(math.pow(src - mean, 2), len)
    fourth_moment = ta.sma(math.pow(src - mean, 4), len)
    kurt = variance != 0 ? fourth_moment / math.pow(variance, 2) : na
    kurt

kurtosis_value = kurtosis(source_data, kurtosis_length)
is_leptokurtic = kurtosis_value > 3

// === DIRECTIONAL BIAS LOGIC ===
rsi = ta.rsi(close, rsi_length)
trend_ema = ta.ema(close, trend_ema_length)
price_above_trend = close > trend_ema
recent_momentum = ta.change(close, 3)

// Determine bias
bias_signal = switch bias_mode
    "mean_reversion" => 
        if is_leptokurtic and rsi > 70
            "bearish_reversion"
        else if is_leptokurtic and rsi < 30
            "bullish_reversion"
        else
            "neutral"
    "momentum" => 
        if is_leptokurtic and price_above_trend and recent_momentum > 0
            "bullish_momentum"
        else if is_leptokurtic and not price_above_trend and recent_momentum < 0
            "bearish_momentum"
        else
            "neutral"
    "volatility_only" => 
        if is_leptokurtic
            "high_volatility"
        else
            "normal"
    => "neutral"

// === VISUAL ELEMENTS ===
// Background colors
bg_color = switch bias_signal
    "bullish_reversion" => bullish_reversion_bg_color
    "bearish_reversion" => bearish_reversion_bg_color
    "bullish_momentum" => bullish_momentum_bg_color
    "bearish_momentum" => bearish_momentum_bg_color
    "high_volatility" => high_volatility_bg_color
    => na

bgcolor(bg_color, title="Bias Background")

// Shape signals
plotshape(bias_signal == "bullish_reversion", title="Bullish Reversion", 
         location=location.belowbar, style=shape.triangleup, color=bullish_reversion_shape_color, size=size.normal)
plotshape(bias_signal == "bearish_reversion", title="Bearish Reversion", 
         location=location.abovebar, style=shape.triangledown, color=bearish_reversion_shape_color, size=size.normal)
plotshape(bias_signal == "bullish_momentum", title="Bullish Momentum", 
         location=location.belowbar, style=shape.arrowup, color=bullish_momentum_shape_color, size=size.normal)
plotshape(bias_signal == "bearish_momentum", title="Bearish Momentum", 
         location=location.abovebar, style=shape.arrowdown, color=bearish_momentum_shape_color, size=size.normal)

// Kurtosis plot in separate pane
plot(kurtosis_value, title="Kurtosis", color=kurtosis_plot_color, linewidth=2)
hline(3, title="Leptokurtic Threshold", color=leptokurtic_threshold_color, linestyle=hline.style_dashed)

// === INFO TABLE ===
if barstate.islast
    // Convert user-selected text size to Pine Script size
    text_size = switch table_text_size
        "tiny" => size.tiny
        "small" => size.small
        "normal" => size.normal
        => size.small

    // Convert user-selected position to Pine Script position
    table_pos = switch table_position
        "top_right" => position.top_right
        "top_left" => position.top_left
        "bottom_right" => position.bottom_right
        "bottom_left" => position.bottom_left
        "middle_right" => position.middle_right
        "middle_left" => position.middle_left
        => position.top_right

    // Create table with 3 columns (Label, Value, Status) and 8 rows
    var table info_table = table.new(table_pos, 3, 8, bgcolor=table_cell_bg_color, border_width=1)
    
    // Header row
    table.cell(info_table, 0, 0, "LDB", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 0, "", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 0, "", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Kurtosis row
    table.cell(info_table, 0, 1, "Kurtosis", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 1, str.tostring(kurtosis_value, "#.##"), text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 1, is_leptokurtic ? "LEPTO" : "NORMAL", 
               text_color=is_leptokurtic ? leptokurtic_threshold_color : bullish_reversion_shape_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Mode row
    table.cell(info_table, 0, 2, "Mode", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 2, bias_mode, text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 2, "", text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Signal row
    table.cell(info_table, 0, 3, "Signal", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 3, bias_signal, text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    signal_color = switch bias_signal
        "bullish_reversion" => bullish_reversion_shape_color
        "bullish_momentum" => bullish_momentum_shape_color
        "bearish_reversion" => bearish_reversion_shape_color
        "bearish_momentum" => bearish_momentum_shape_color
        "high_volatility" => high_volatility_bg_color
        => color.rgb(172, 172, 172)
    table.cell(info_table, 2, 3, "", bgcolor=signal_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Source row
    table.cell(info_table, 0, 4, "Source", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 4, source_type, text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 4, "", text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Source Parameter row
    source_param_label = switch source_type
        "ma" => "MA Type"
        "bb_trend_stop" => "BB Timeframe"
        => ""
    source_param_value = switch source_type
        "ma" => ma_type
        "bb_trend_stop" => bb_tf == "" ? "Current" : bb_tf
        => ""
    table.cell(info_table, 0, 5, source_param_label, text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 5, source_param_value, text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 5, "", text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // Source Length row
    source_length_label = switch source_type
        "ma" => "MA Length"
        "atr" => "ATR Length"
        "volume" => "Vol Length"
        "close" => "Close Length"
        "bb_trend_stop" => "BB Period"
        => ""
    source_length_value = switch source_type
        "ma" => str.tostring(ma_length)
        "atr" => str.tostring(atr_length)
        "volume" => str.tostring(volume_length)
        "close" => str.tostring(close_length)
        "bb_trend_stop" => str.tostring(bb_length)
        => ""
    table.cell(info_table, 0, 6, source_length_label, text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 6, source_length_value, text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 6, "", text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    
    // RSI Length row
    table.cell(info_table, 0, 7, "RSI Length", text_color=table_header_text_color, bgcolor=table_header_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 1, 7, str.tostring(rsi_length), text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)
    table.cell(info_table, 2, 7, "", text_color=table_cell_text_color, bgcolor=table_cell_bg_color, text_size=text_size, text_font_family=font.family_monospace)

Overview

The source can be a moving average, ATR, volume, close, or a Bollinger-band trend stop. Bias mode switches among RSI mean reversion, trend-EMA momentum, and volatility only. Session inputs define an initial-balance window and a later break-tracking window. Colored backgrounds, shapes, a kurtosis line, a threshold, and a table show the state. The calculation body is not included here, so exact signal rules are not shown.

Selectable kurtosis source
Mean-reversion, momentum, and volatility-only modes
Bollinger trend-stop source settings
Initial balance and break-tracking sessions
Bias backgrounds, shapes, and status table

Details

Published by

TamaraKGreen on GitHub

Code credit

notprofessorgreen, as written in the script's header

Type

Indicator, Pine Script v5

Draws

On the price chart

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.

File

Leptokurtic Directional Bias.txt

Repository

github.com/TamaraKGreen/Pinescript-indicators-. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Kurtosis Length	`int`	`14`	`kurtosis_length`
Source Type	`string`	`atr`	`source_type`
MA Type	`string`	`EMA`	`ma_type`
MA Length	`int`	`14`	`ma_length`
ATR Length	`int`	`14`	`atr_length`
Volume SMA Length	`int`	`14`	`volume_length`
Close SMA Length	`int`	`14`	`close_length`
Resolution	`timeframe`		`bb_tf`
Period	`int`	`20`	`bb_length`
Standard Deviation	`int`	`2`	`bb_deviation`
Money Risk	`float`	`1.0`	`bb_money_risk`
Bias Mode	`string`	`mean_reversion`	`bias_mode`

Show all 33 settings

Setting	Type	Default	Variable
RSI Length (for Mean Reversion)	`int`	`14`	`rsi_length`
Trend EMA Length (for Momentum)	`int`	`20`	`trend_ema_length`
Initial Balance Period	`session`	`0830-0930`	`ib_session`
Break Tracking Session	`session`	`0930-1600`	`break_tracking_session`
Bullish Reversion Background	`color`	`color.new(color.green, 85)`	`bullish_reversion_bg_color`
Bearish Reversion Background	`color`	`color.new(color.red, 85)`	`bearish_reversion_bg_color`
Bullish Momentum Background	`color`	`color.new(color.lime, 80)`	`bullish_momentum_bg_color`
Bearish Momentum Background	`color`	`color.new(color.orange, 80)`	`bearish_momentum_bg_color`
High Volatility Background	`color`	`color.new(color.yellow, 75)`	`high_volatility_bg_color`
Bullish Reversion Shape	`color`	`color.green`	`bullish_reversion_shape_color`
Bearish Reversion Shape	`color`	`color.red`	`bearish_reversion_shape_color`
Bullish Momentum Shape	`color`	`color.lime`	`bullish_momentum_shape_color`
Bearish Momentum Shape	`color`	`color.orange`	`bearish_momentum_shape_color`
Kurtosis Plot	`color`	`color.blue`	`kurtosis_plot_color`
Leptokurtic Threshold Line	`color`	`color.red`	`leptokurtic_threshold_color`
Table Position	`string`	`top_right`	`table_position`
Table Text Size	`string`	`small`	`table_text_size`
Header Background Color	`color`	`color.new(color.black, 20)`	`table_header_bg_color`
Header Text Color	`color`	`color.white`	`table_header_text_color`
Cell Background Color	`color`	`color.white`	`table_cell_bg_color`
Cell Text Color	`color`	`color.new(color.black, 20)`	`table_cell_text_color`

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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