Aggregate Signal (v.2) is an oscillator indicator that combines multiple technical factors into a single composite score. It scales OHLCV data using minimax normalization and evaluates indicators such as MACD, RSI, Stochastic, CCI, Momentum, On-Balance Volume,
Indicator · Pine Script v5 · Own pane
Long Term Alpha Indicator
The Long Term Alpha Indicator computes a weighted alpha from price change (close minus average of high low close) multiplied by volume and smoothed via simple moving average.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code31
Settings0inputs
LicenceGPL-3.0
Last update2 years ago22 May 2024
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
31 lines of Pine Script v5 from long-term-alpha.pine, published under GPL-3.0. 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/
// © jawauntb
//@version=5
indicator(title="Long Term Alpha Indicator", overlay=false)
// Define EMA lengths
length1 = 110
length2 = 30
length3 = 8
// Define the weighted alpha
price_change = close - ((high + low + close) / 3)
weighted_alpha = ta.sma(price_change * volume, length1)
// Calculate the EMA of the weighted alpha for the defined lengths
ema1 = ta.ema(weighted_alpha, length1)
ema2 = ta.ema(weighted_alpha, length2)
ema3 = ta.ema(weighted_alpha, length3)
// Normalize to start from 50 and go unbounded
normalized_ema1 = 50 + (ema1 / ta.highest(ema1, length1) * 50)
normalized_ema2 = 50 + (ema2 / ta.highest(ema2, length2) * 50)
normalized_ema3 = 50 + (ema3 / ta.highest(ema3, length3) * 50)
// Plot the results
plot(normalized_ema1, color=color.rgb(127, 8, 8), linewidth=5, title="EMA 110 of Weighted Alpha")
plot(normalized_ema2, color=color.rgb(7, 68, 119), linewidth=4, title="EMA 30 of Weighted Alpha")
plot(normalized_ema3, color=color.rgb(8, 98, 11), linewidth=3, title="EMA 8 of Weighted Alpha")
Overview
Long Term Alpha Indicator produces EMAs of this weighted alpha at fixed lengths of 110 30 and 8. Each EMA is normalized to begin at 50 and extend unbounded before plotting as thick colored lines in a separate pane. The script offers a visual momentum gauge over long periods without entry or exit signals.
- weighted alpha
- normalized ema
- price change volume
- momentum gauge
- separate pane
Details
Published by
jawauntb on GitHub
Type
Draws
Separate pane below the chart
Category
Markets
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.
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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