OPEN-SOURCE SCRIPT
Relative Body Indicator by Vts
RBI:
The EMA of the relative body (RB) of Japanese candles is evaluated.
The RB of a candle (my definition) is simply the ratio of the body with respect to its full length
and taken positive for bull candles and negative for bear candles:
e.g. a bull "marubozo" has RB=1 a bear "marubozo" has RB=-1;
a "doji" has RB=0.
This simple indicator grasps the essence of the market by filtering out a great deal of noise.
A flag can be selected to calculate its very basic binary version, where a bull candle counts as a one
and a bear candle counts as a minus one.
Enter (or exit) the market when the signal line crosses the base line.
When the market is choppy we have a kind of alternating bear and bull candles so that
RBI is FLAT and usually close to zero.
Therefore avoid entering the market when RBI is FLAT and INSIDE the Exclusion level.
The exclusion level is to be set by hand: go back in history and check when market was choppy; a good
way to set it is to frame the oscillations of RBI whe price was choppy.
RBI is more effective when an EMA of price is used as filtering. I found EMA(13) to be
a decent filter: go long when base crosses signal upwards AND closing price is above EMA(13);
same concept for going short.
As any other indicator, use it with responsibility: THERE CAN'T BE A SINGLE MAGIC INDICATOR winning
all trades.
Above all, have fun.
Vitelot/Yanez/Vts March 31, 2019
Note: I'm not aware of any indicator like this. My apologies to whoever had this idea before me.
The EMA of the relative body (RB) of Japanese candles is evaluated.
The RB of a candle (my definition) is simply the ratio of the body with respect to its full length
and taken positive for bull candles and negative for bear candles:
e.g. a bull "marubozo" has RB=1 a bear "marubozo" has RB=-1;
a "doji" has RB=0.
This simple indicator grasps the essence of the market by filtering out a great deal of noise.
A flag can be selected to calculate its very basic binary version, where a bull candle counts as a one
and a bear candle counts as a minus one.
Enter (or exit) the market when the signal line crosses the base line.
When the market is choppy we have a kind of alternating bear and bull candles so that
RBI is FLAT and usually close to zero.
Therefore avoid entering the market when RBI is FLAT and INSIDE the Exclusion level.
The exclusion level is to be set by hand: go back in history and check when market was choppy; a good
way to set it is to frame the oscillations of RBI whe price was choppy.
RBI is more effective when an EMA of price is used as filtering. I found EMA(13) to be
a decent filter: go long when base crosses signal upwards AND closing price is above EMA(13);
same concept for going short.
As any other indicator, use it with responsibility: THERE CAN'T BE A SINGLE MAGIC INDICATOR winning
all trades.
Above all, have fun.
Vitelot/Yanez/Vts March 31, 2019
Note: I'm not aware of any indicator like this. My apologies to whoever had this idea before me.
オープンソーススクリプト
TradingViewの精神に則り、このスクリプトの作者は、トレーダーが理解し検証できるようにオープンソースで公開しています。作者に敬意を表します！無料で使用することができますが、このコードを投稿で再利用するには、ハウスルールに準拠する必要があります。 お気に入りに登録してチャート上でご利用頂けます。
チャートでこのスクリプトを利用したいですか？
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。