This indicator plots the Commodity Channel Index in a separate pane and surrounds it with a Donchian channel whose lookback length changes with volatility. It measures volatility as a ratio of short and long ATR values, then ranks that ratio and shortens or le
Indicator · Pine Script v5 · Own pane
LWTI-pro
LWTI-pro is a custom momentum oscillator plotted in a separate pane.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code83
Settings8inputs
LicenceNone stated
Last update2 years ago1 Mar 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
LWTI-pro computes a normalized line from the difference between current and per-bar-close prices divided by ATR then scaled to center at 50. Optional smoothing applies SMA EMA WMA or RMA to the line. The indicator colors bars green above the middle line and red below it. It plots crossover signals as triangles and optionally displays enhanced RSI with bands. Additional labels show normalized first and second derivatives of the main line.
- LWTI oscillator
- ATR normalization
- crossover signals
- optional RSI bands
- smoothing variants
Details
Published by
78i87 on GitHub
Type
Draws
Separate pane below the 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
Repository
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Period | int | 38 | per |
| Smooth LWPI? | bool | true | smthit |
| Smoothing Type | string | SMA | type |
| Smoothing Period | int | 20 | smthper |
| Color bars? | bool | false | colorbars |
| Show signals? | bool | false | showsignals |
| Show RSI and Bands | bool | true | showRSI |
| Slope Period | int | 3 | slopePeriod |
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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