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OPEN-SOURCE SCRIPT

Internal Bar Strength Indicator

By cheatcountry
Updated
The Internal Bar Strength Indicator is pretty basic but very intuitive. Most stocks that close near their high of the day tend to fall the next day and stocks that close near their low tend to rise the next day. This indicator has very similar buy and sell signals as the RSI. Buy when the indicator rises above its signal or if the indicator is in the red zone and rises up outside of the red zone. Sell when the indicator falls below its signal or if the indicator is in the green zone and falls down outside of the green zone.

Let me know if you would like to see other indicators from me!
Release Notes
added smoothing length and changed ob/os levels
Release Notes
fixed small typo
Release Notes
updated to make it consistent with my other indicators
Release Notes
included extra smoothing
Release Notes
fixed issue with default resolution
barstrengthCentered OscillatorsIBSinternalOscillatorsRelative Strength Index (RSI)signalsignalsstrength

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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cheatcountry
I created the largest stock indicator library:
github.com/ooples/

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