This indicator calculates key support and resistance levels by analyzing the first and second momentum derivatives of a Double Exponential Moving Average (DEMA). When the second derivative (momentum of momentum) crosses zero, it identifies local turning points
Indicator · Pine Script v4 · On the chart
WE-Indicator
WE-Indicator is an overlay study that plots Tom DeMark buy and sell counts, optional counts from 1 to 8, and TD trend lines on the price chart.
GitHub stars10on the repository
Pine versionv4older, still runs
Lines of code439
Settings11inputs
LicenceNone stated
Last update5 years ago13 Jul 2021
Add It to Your TradingView Chart
- 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
WE-Indicator also draws logarithmic growth curves and projection curves whose intercepts and slopes are user inputs. A vertical heatmap, hidden by default, colors conditions from an RSI whose length and overbought and oversold bands change by timeframe, using a MACD-style comparison of fast and slow exponential moving averages of the high. It does not place trades or define stops.
- Tom DeMark buy and sell counts
- Optional TD trend lines
- Log growth and projection curves
- Timeframe-dependent RSI vertical heatmap
- EMA-based MACD overextension check
Details
Published by
davro on GitHub
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Oscillators & momentum, Support & resistance, Trend
Markets
Crypto, Stocks
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 |
|---|---|---|---|
| TD Sell | bool | true | showSellTDs |
| TD Buy | bool | true | showBuyTDs |
| TD 1-8 | bool | true | show1to8TDs |
| TD Trend Lines | bool | true | showTDTrendlines |
| Log Growth Curves | bool | true | showLogGrowthCurves |
| Log Growth Projection Curves | bool | true | showLogGrowthProjectionCurves |
| Vertical Heatmap - Show/Hide | bool | false | showVerticalHeatmap |
| Top Curve Intercept | float | 1.06930947 | highIntercept |
| Top Curve Slope | float | 0.00076 | highSlope |
| Bottom Curve Intercept | float | -3.0269716 | lowIntercept |
| Bottom Curve Slope | float | 0.001329 | lowSlope |
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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