OPEN-SOURCE SCRIPT
Trend Intensity Index TeyoV5
This indicator measures the strength and direction of a trend by analyzing the relationship between multiple smoothed price averages. It calculates an intensity index value, which ranges from 0 to 100, indicating the strength of the current trend.
Key Features:
Multiple Smoothing Methods: Users can select from various smoothing techniques (e.g., SMA, EMA, WMA) to customize the indicator's sensitivity.
Adjustable Smoothing Periods: Different smoothing periods can be applied to the price data to identify trends at various timeframes.
Intensity Index Calculation: The indicator computes the intensity index by comparing the values of the smoothed price averages. A higher positive value indicates a stronger uptrend, while a higher negative value suggests a stronger downtrend.
Visual Representation: The indicator is displayed as a line plot, with the intensity index values plotted against the price chart.
This indicator can be used to identify potential trend reversals, filter out false signals, and improve the timing of entry and exit points.
Key Features:
Multiple Smoothing Methods: Users can select from various smoothing techniques (e.g., SMA, EMA, WMA) to customize the indicator's sensitivity.
Adjustable Smoothing Periods: Different smoothing periods can be applied to the price data to identify trends at various timeframes.
Intensity Index Calculation: The indicator computes the intensity index by comparing the values of the smoothed price averages. A higher positive value indicates a stronger uptrend, while a higher negative value suggests a stronger downtrend.
Visual Representation: The indicator is displayed as a line plot, with the intensity index values plotted against the price chart.
This indicator can be used to identify potential trend reversals, filter out false signals, and improve the timing of entry and exit points.
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