This indicator plots a Supertrend-based trend-following setup in a separate pane and skips conditions it treats as a sideways market. A volatility range is built from an ATR value, with RMA, SMA, EMA, or WMA smoothing, or from a fixed point distance. Optional
Indicator · Pine Script v4 · Own pane
Ulcer Index
Calculates the Ulcer Index indicator to measure downside risk and price drawdowns over a specified lookback period.
GitHub stars948on the repository
Pine versionv4older, still runs
Lines of code36
Settings9inputs
LicenceGPL-3.0
Last update10 days ago18 Oct 2026
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
36 lines of Pine Script v4 from volatility/ulcer_index.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
// Copyright (c) 2018-present, Alex Orekhov (everget)
// Ulcer Index script may be freely distributed under the terms of GPL-3.0 license.
study("Ulcer Index")
length = input(title="Length", type=input.integer, defval=14)
smoothLength = input(title="Smoothing Length", type=input.integer, defval=14)
breakout = input(title="Breakout Level", type=input.float, step=0.1, defval=1.5)
signalType = input(title="Signal Smoothing Type", defval="SMA", options=["EMA", "SMA"])
signalLength = input(title="Signal Smoothing Length", type=input.integer, defval=52)
src = input(title="Source", type=input.source, defval=close)
showSignal = input(title="Show Signal ?", type=input.bool, defval=true)
highlightCrossovers = input(title="Highlight Signal Crossovers ?", type=input.bool, defval=true)
applyRibbonFilling = input(title="Apply Ribbon Filling ?", type=input.bool, defval=true)
highest = highest(src, length)
drawdown = 100 * (src - highest) / highest
ulcer = sqrt(sma(pow(drawdown, 2), smoothLength))
signal = signalType == "SMA" ? sma(ulcer, signalLength) : ema(ulcer, signalLength)
trendColor = ulcer > signal ? #0ebb23 : color.red
ulcerColor = applyRibbonFilling ? trendColor : (ulcer >= ulcer[1] ? #0ebb23 : color.red)
signalColor = applyRibbonFilling ? trendColor : #1155cc
ulcerPlot = plot(ulcer, title="Ulcer", linewidth=2, color=ulcerColor, transp=0)
signalPlot = plot(showSignal ? signal : na, title="Signal", color=signalColor, transp=0)
ribbonFillColor = applyRibbonFilling ? trendColor : na
fill(ulcerPlot, signalPlot, title="Ribbon", color=ribbonFillColor, transp=70)
plotshape(crossover(ulcer, signal) and highlightCrossovers ? signal : na, title="Crossover", location=location.absolute, style=shape.circle, size=size.tiny, color=color.green, transp=0)
plotshape(crossunder(ulcer, signal) and highlightCrossovers ? signal : na, title="Crossunder", location=location.absolute, style=shape.circle, size=size.tiny, color=color.red, transp=0)
hline(breakout, title="Breakout Level", linestyle=hline.style_dotted, linewidth=2)
breakoutFillColor = ulcer > breakout ? #ff9800 : na
bgcolor(breakoutFillColor, transp=90)
Overview
Ulcer Index computes percentage drawdowns relative to the highest price, averages their squares, and takes the square root. An adjustable signal line using SMA or EMA tracks trend changes in volatility, with options to fill the ribbon between lines, highlight signal crossovers with shapes, and shade the background when the index exceeds a custom breakout threshold. Drawn in a separate pane.
- Ulcer Index calculation measuring downside risk and drawdowns
- Customizable signal smoothing line using SMA or EMA
- Visual ribbon filling between Ulcer line and signal line
- Crossover markers and custom breakout level highlighting
Details
Published by
everget on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Volatility & bands
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.
Repository
Topics
pinepinescripttechnical-indicatorsindicatorsoscillatorbandsaveragetradingviewindicatormoving-average
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Length | int | 14 | length |
| Smoothing Length | int | 14 | smoothLength |
| Breakout Level | float | 1.5 | breakout |
| Signal Smoothing Type | string | SMA | signalType |
| Signal Smoothing Length | int | 52 | signalLength |
| Source | source | close | src |
| Show Signal ? | bool | true | showSignal |
| Highlight Signal Crossovers ? | bool | true | highlightCrossovers |
| Apply Ribbon Filling ? | bool | true | applyRibbonFilling |
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.
Similar Pine Scripts
This indicator plots candle range and open-to-close movement as percentages in a separate pane. Range is the high-low difference divided by the low, and change is the close-open difference divided by the open. Both series draw as columns. Teal columns show ran
The Mojito v3 Strategy indicator evaluates volatility term structure by calculating the ratio between front-month and second-month VIX futures contracts. It smooths this ratio using a configurable median filter and compares the result against user-defined uppe
Calculates dynamic modeling values by applying a mathematical logistic differential equation to price change over a specified lookback length. It measures price momentum relative to the recent high-low price range. The script plots positive and negative logist
MACD-V is a volatility-normalized momentum indicator based on research by Alex Spiroglou. It calculates the standard MACD histogram and normalizes it by dividing by the Average True Range (ATR). Plotted in a separate pane as a colored histogram, it includes us
This indicator detects a Bollinger Band squeeze when the bands sit inside Keltner Channels, marking low volatility. It plots red dots during a squeeze and green dots when the bands are outside, in a separate pane. An optional histogram shows momentum as the cl
Trade Your Charts With a Regulated Broker
Compare brokers that connect to TradingView, with spreads, minimum deposits and leverage side by side.
Compare brokers