OPEN-SOURCE SCRIPT
ChikouTradeIndicator
ndicator Title: ChikouTradeIndicator
Short Title: CTI
Description:
The ChikouTradeIndicator (CTI) is designed to help traders identify potential trend reversals by analyzing short-term and long-term price ranges. It calculates the midpoint of the highest high and lowest low over two customizable lengths – the Turning Length (TL) and the Kumo Length (KL) – and determines market momentum by plotting the difference between these midpoints.
How It Works:
- Positive values (above the zero line) indicate bullish momentum, suggesting potential buying opportunities.
- Negative values (below the zero line) indicate bearish momentum, suggesting potential selling opportunities.
Features:
- Two customizable inputs:
- TL (Turning Length): Period used to calculate the short-term high/low midpoint.
- KL (Kumo Length): Period used to calculate the longer-term high/low midpoint.
Disclaimer:
This indicator is intended as a supportive tool to enhance trading analysis. It does not guarantee profitability and should be used with caution. Trading involves risk, and users should perform their own research before making any trading decisions. The developer is not responsible for any losses incurred through the use of this indicator.
Short Title: CTI
Description:
The ChikouTradeIndicator (CTI) is designed to help traders identify potential trend reversals by analyzing short-term and long-term price ranges. It calculates the midpoint of the highest high and lowest low over two customizable lengths – the Turning Length (TL) and the Kumo Length (KL) – and determines market momentum by plotting the difference between these midpoints.
How It Works:
- Positive values (above the zero line) indicate bullish momentum, suggesting potential buying opportunities.
- Negative values (below the zero line) indicate bearish momentum, suggesting potential selling opportunities.
Features:
- Two customizable inputs:
- TL (Turning Length): Period used to calculate the short-term high/low midpoint.
- KL (Kumo Length): Period used to calculate the longer-term high/low midpoint.
Disclaimer:
This indicator is intended as a supportive tool to enhance trading analysis. It does not guarantee profitability and should be used with caution. Trading involves risk, and users should perform their own research before making any trading decisions. The developer is not responsible for any losses incurred through the use of this indicator.
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