An indicator in a separate pane that combines RSI, a normalized WaveTrend oscillator and relative volume into a weighted conviction score, with user-set weights for each part.
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 trend filter reads the slope of a higher-timeframe EMA, five minutes by default, to suppress counter-trend signals. Volume is scaled by trading session in UTC, with lower weight at weekends. A corner panel and alerts are described in the README, which targets short-term crypto trading.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
RSI Length
int
14
lenRsi
WT Channel Len
int
10
lenWt
WT Average Len
int
21
lenAvg
Filter Counter-Trend Signals?
bool
true
useTrend
Trend Timeframe
timeframe
5
tfTrend
Trend EMA Length
int
50
lenTrend
Vol MA Len
int
20
lenVol
RVOL Threshold
float
1.25
rvolThresh
WT Weight (0-50)
float
40.0
wtWeight
RSI Weight (0-50)
float
30.0
rsiWeight
Vol Weight (0-50)
float
30.0
volWeight
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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