This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
Pseudo-Entropy Oscillator with Standard Deviation
This indicator computes standard deviation as a proxy for entropy and plots three smoothed, normalized oscillator lines in a separate pane.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code27
Settings3inputs
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
27 lines of Pine Script v5 from entropy-oscillator.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title="Pseudo-Entropy Oscillator with Standard Deviation", shorttitle="PEO_SD", overlay=false)
entropyPeriod = input(3, title="Entropy Period")
fastPeriod = input(13, title="Fast Period")
slowPeriod = input(33, title="Slow Period")
// Calculate pseudo-entropy using standard deviation
pseudoEntropy = ta.stdev(close, entropyPeriod)
// Calculate fast, medium and slow SMAs of pseudo-entropy
fastSMA = ta.sma(pseudoEntropy, fastPeriod)
mediumSMA = ta.sma(pseudoEntropy, entropyPeriod)
slowSMA = ta.sma(pseudoEntropy, slowPeriod)
// Normalize the values to an unbounded oscillator using Z-score normalization
fastSMA_norm = 50 + ((fastSMA - ta.sma(fastSMA, fastPeriod)) / ta.stdev(fastSMA, fastPeriod)) * 10
mediumSMA_norm = 50 + ((mediumSMA - ta.sma(mediumSMA, entropyPeriod)) / ta.stdev(mediumSMA, entropyPeriod)) * 10
slowSMA_norm = 50 + ((slowSMA - ta.sma(slowSMA, slowPeriod)) / ta.stdev(slowSMA, slowPeriod)) * 10
// Plot pseudo-entropy oscillator
plot(fastSMA_norm, title="Fast Pseudo-Entropy", color=color.red)
plot(mediumSMA_norm, title="Medium Pseudo-Entropy", color=color.orange)
plot(slowSMA_norm, title="Slow Pseudo-Entropy", color=color.blue)
hline(50, title="Mid Line", color=color.gray)
hline(20, title="Lower Bound", color=color.gray)
hline(80, title="Upper Bound", color=color.gray)
Overview
Pseudo-Entropy Oscillator with Standard Deviation calculates fast, medium, and slow simple moving averages of price dispersion, then normalizes each using a Z-score scaled around a baseline of 50. Configurable settings adjust the base entropy lookback as well as the fast and slow moving average periods. Reference horizontal lines are placed at 20, 50, and 80. The script contains no built-in trade alerts or execution logic.
- Standard deviation based pseudo-entropy calculation
- Z-score normalized oscillator lines
- Multi-period moving average smoothing
- Configurable baseline and threshold horizontal lines
Details
Published by
jawauntb on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Volatility & bands, Oscillators & momentum
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Entropy Period | int | 3 | entropyPeriod |
| Fast Period | int | 13 | fastPeriod |
| Slow Period | int | 33 | slowPeriod |
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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