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Indicator · Pine Script v5 · Own pane
Mid Term Alpha Indicator
This indicator plots three normalized rate-of-change lines of a volume-weighted price deviation in a separate pane.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code34
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
34 lines of Pine Script v5 from med-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="Mid Term Alpha Indicator", overlay=false)
// Define EMA lengths
length1 = 50
length2 = 20
length3 = 5
// 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)
// Calculate the rate of change of the EMAs
roc1 = ema1 - ema1[1]
roc2 = ema2 - ema2[1]
roc3 = ema3 - ema3[1]
// Normalize to start from 50 and go unbounded
normalized_ema1 = 50 + (roc1 / ta.highest(roc1, length1) * 50)
normalized_ema2 = 50 + (roc2 / ta.highest(roc2, length2) * 50)
normalized_ema3 = 50 + (roc3 / ta.highest(roc3, length3) * 50)
// Plot the results
plot(normalized_ema1, color=color.rgb(201, 85, 85),title="ROC EMA 50 of Weighted Alpha", linewidth = 5)
plot(normalized_ema2, color=color.rgb(117, 166, 207), title="ROC EMA 20 of Weighted Alpha", linewidth = 4)
plot(normalized_ema3, color=color.rgb(92, 127, 94), title="ROC EMA 5 of Weighted Alpha", linewidth = 3)
Overview
Mid Term Alpha Indicator measures the close against the typical price, multiplies that difference by volume, and smooths the result with a simple moving average of length 50. Exponential moving averages of lengths 5, 20, and 50 are differenced bar to bar and scaled so each series is centered near 50. The lengths are fixed in the code, and it does not generate entries, exits, or alerts.
- Volume-weighted close versus typical price
- Simple moving average of length 50
- Exponential moving averages of lengths 5, 20, and 50
- Bar-to-bar rate of change
- Three normalized lines in a separate pane
Details
Published by
jawauntb on GitHub
Type
Draws
Separate pane below the chart
Category
Markets
Any symbol
Timeframes
H4 and above
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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