by vedkanani123· code credited to Michael_Fx_Trader.
A separate-pane momentum indicator that combines fast and slow RSI, smoothed momentum, an ATR trend band and a memory of past similar setups to score each bar.
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
A weighted confidence and rank are built from similarity, momentum agreement, trend alignment, volatility health, persistence, regime and trend quality. Signals can be gated by eight switchable filters including trend, volatility percentile, chop, noise, confidence and rank. Weights, thresholds and lookbacks are adjustable.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Source
source
close
srcInput
RSI Length
int
14
rsiLen
Statistics Lookback
int
50
statLen
Fast RSI Length
int
8
fastRsiLen
Slow RSI Length
int
21
slowRsiLen
Momentum Smoothing
int
5
momSmoothLen
Outcome Horizon (bars)
int
10
horizon
Analog Memory Size
int
300
historySize
ATR Length
int
14
atrLen
Base Band Multiplier
float
2.0
baseMult
Confidence Threshold
float
60
confThreshold
Rank Threshold
float
60
rankThreshold
Show all 40 settings
Setting
Type
Default
Variable
Chop Threshold
float
55
chopThreshold
Min Volatility Percentile
float
15
volPercMin
Max Volatility Percentile
float
90
volPercMax
Trend Filter
bool
true
useTrendFilter
Volatility Filter
bool
true
useVolFilter
Chop Filter
bool
true
useChopFilter
Momentum Filter
bool
true
useMomFilter
Regime Filter
bool
true
useRegimeFilter
Noise Filter
bool
true
useNoiseFilter
Confidence Filter
bool
true
useConfFilter
Rank Filter
bool
true
useRankFilter
Weight: Historical Similarity
float
20
wSimilarity
Weight: Momentum Agreement
float
20
wMomentum
Weight: Trend Alignment
float
20
wTrend
Weight: Volatility Health
float
15
wVolC
Weight: Momentum Persistence
float
15
wPersist
Weight: Market Regime
float
10
wRegimeC
Weight: Trend Quality
float
20
wTrendQ
Weight: Momentum Alignment
float
20
wMomAlignR
Weight: Analog Similarity
float
20
wAnalogR
Weight: Historical Reliability
float
15
wReliability
Weight: Volatility
float
10
wVolR
Weight: Market Structure
float
10
wStruct
Weight: Noise Reduction
float
5
wNoiseR
Show Trend Cloud
bool
true
showCloud
Show Oscillator
bool
true
showOsc
Show Oscillator Bollinger Bands
bool
true
showBB
Show Long/Short Signals
bool
true
showSignals
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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