OPEN-SOURCE SCRIPT
Unified Composite Index [UCI] [KuraiBlu] [LazyBear]
Updated
The purpose of this indicator is to combine the four basic types of indicators (Trend, Volatility, Momentum and Volume) to create a singular, composite index in order to provide a more holistic means of observing potential changes within the market, known as the Unified Composite Index [UCI]. The indicators used in this index are as follows:
Trend - Trend Composite Index [TCI] [LazyBear]
Volatility - Bollinger Bands %b [BB %b]
Momentum - Relative Strength Index [RSI]
Volume - Money Flow Index [MFI]
The average price source can’t be altered as I’ve made it an average between ((open + close) / 2) and ((high + low) / 2).
The best way to use this is by observing several of the indicators at once in conjunction with the average, rather than simply using the average produced to determine the right moment to enter, or exit a trade by itself. I've found when one indicator goes way out of bounds relative to the other three (and subsequently, the average array), then it presents a good buying, or selling opportunity.
Some adjustments were made to several of the indicators in order to standardize them on a scale of 1-100 so that they could better accommodate the average array that was finally produced. Thanks to LazyBear for letting me strip down the WaveTrend Oscillator.
Trend - Trend Composite Index [TCI] [LazyBear]
Volatility - Bollinger Bands %b [BB %b]
Momentum - Relative Strength Index [RSI]
Volume - Money Flow Index [MFI]
The average price source can’t be altered as I’ve made it an average between ((open + close) / 2) and ((high + low) / 2).
The best way to use this is by observing several of the indicators at once in conjunction with the average, rather than simply using the average produced to determine the right moment to enter, or exit a trade by itself. I've found when one indicator goes way out of bounds relative to the other three (and subsequently, the average array), then it presents a good buying, or selling opportunity.
Some adjustments were made to several of the indicators in order to standardize them on a scale of 1-100 so that they could better accommodate the average array that was finally produced. Thanks to LazyBear for letting me strip down the WaveTrend Oscillator.
Release Notes
Update: Changed the Array Average and SMA to a color that doesn't resemble the BB %bRelease Notes
Image UpdateRelease Notes
Image UpdateRelease Notes
I removed the custom source since it's just OHLC4 anyway. It's now an input that, hopefully, anyone can plug an indicator of their choosing into in addition to the built-in TradingView sources.Release Notes
Fixed the SMA Length Input. 'Quality of Life' updates.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.
Disclaimer
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