OPEN-SOURCE SCRIPT
TZanalyser
TZanalyser (Trend Zone Monitor With Trend Strength, Volume Focus And -Events Markers)
Before I used TrendZones to manage my portfolio I used Fibonacci Zone Oscillator as my favorite in the sub panel, accompanied with another subpanel indicator which I never published called IncliValue and also REVE Cohorts.
TZanalyser inherits Ideas and code from all three of them: The visual and the idea of using a channel as the basis for an oscillator depicted as a histogram, is taken from the FibZone Oscillator. The idea of providing a number to evaluate the trend is taken from IncliValue. The idea to create a horizontal line which indicates high and low volume focus completed with markers for volume events, is taken from REVE-cohorts.
These ideas are combined in one sleek visual called TZanalyser. TZ stand for TrendZones, because the histogram is based on it.
The histogram.
Depicted is the distance of the price from COG as percent. The distance between Upper Curve and Lower Curve is used as 100%. The values may reach between 300 and -300. The colors indicate in which zone the candle lives, blue in the blue zone, green in the green zone etc. Despite the absence of a gray zone, there are gray bars. These depict candles that wrap around COG. Because hl2 is used as price, some gray bars point up and others down. The orange and red bars point down because the orange and red downtrend zones are below COG.
Use of the histogram.
Sometimes I need to create a list of stocks which are in uptrend in monthly, weekly and daily charts from the stocks I follow in my universe. This job is done fast and easy by looking at the last bar of the histogram. The histogram also gives a quick evaluation of how the stock fared in the past.
The number.
Suppose I need to allocate some money to another stock, selected a few, looked into news and gurus and they look equally good. Then it is nice to be able to find out which has the best charts. Which one has the strongest uptrend. For this purpose this number can be consulted, because it indicates somehow the strength of the trend. It is an integer between 20 and -20, the closer to 20 the stronger the uptrend, closer to -20 indicates a stronger downtrend. The color of the background is the same as the last column of the histogram.
Volume focus and events
The horizontal lines depict volume focus, the line below the focus that comes with the uptrend columns pointing up, the one above the focus for the downtrend columns pointing down. Thes line have tree colors: maroon for high volume focus, green for normal volume and gray for low volume situations. Between the lines and the histogram triangles appear at volume events, a green triangle when the candle comes with high volume, i.e. 120-200 percent of normal, maroon when extreme volume, i.e. more than 200 percent of normal.
The direction of these triangles is that of the histogram, i.e. when the price is higher, direction is up and vice versa.
Take care and have fun.
Before I used TrendZones to manage my portfolio I used Fibonacci Zone Oscillator as my favorite in the sub panel, accompanied with another subpanel indicator which I never published called IncliValue and also REVE Cohorts.
TZanalyser inherits Ideas and code from all three of them: The visual and the idea of using a channel as the basis for an oscillator depicted as a histogram, is taken from the FibZone Oscillator. The idea of providing a number to evaluate the trend is taken from IncliValue. The idea to create a horizontal line which indicates high and low volume focus completed with markers for volume events, is taken from REVE-cohorts.
These ideas are combined in one sleek visual called TZanalyser. TZ stand for TrendZones, because the histogram is based on it.
The histogram.
Depicted is the distance of the price from COG as percent. The distance between Upper Curve and Lower Curve is used as 100%. The values may reach between 300 and -300. The colors indicate in which zone the candle lives, blue in the blue zone, green in the green zone etc. Despite the absence of a gray zone, there are gray bars. These depict candles that wrap around COG. Because hl2 is used as price, some gray bars point up and others down. The orange and red bars point down because the orange and red downtrend zones are below COG.
Use of the histogram.
Sometimes I need to create a list of stocks which are in uptrend in monthly, weekly and daily charts from the stocks I follow in my universe. This job is done fast and easy by looking at the last bar of the histogram. The histogram also gives a quick evaluation of how the stock fared in the past.
The number.
Suppose I need to allocate some money to another stock, selected a few, looked into news and gurus and they look equally good. Then it is nice to be able to find out which has the best charts. Which one has the strongest uptrend. For this purpose this number can be consulted, because it indicates somehow the strength of the trend. It is an integer between 20 and -20, the closer to 20 the stronger the uptrend, closer to -20 indicates a stronger downtrend. The color of the background is the same as the last column of the histogram.
Volume focus and events
The horizontal lines depict volume focus, the line below the focus that comes with the uptrend columns pointing up, the one above the focus for the downtrend columns pointing down. Thes line have tree colors: maroon for high volume focus, green for normal volume and gray for low volume situations. Between the lines and the histogram triangles appear at volume events, a green triangle when the candle comes with high volume, i.e. 120-200 percent of normal, maroon when extreme volume, i.e. more than 200 percent of normal.
The direction of these triangles is that of the histogram, i.e. when the price is higher, direction is up and vice versa.
Take care and have fun.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.