DonovanWall

DVDIQQE [DW]

This is an experimental study inspired by the Quantitative Qualitative Estimation indicator designed to identify trend and wave activity.

In this study, rather than using RSI for the calculation, the Dual Volume Divergence Index oscillator is utilized.
First, the DVDI oscillator is calculated by taking the difference between PVI and its EMA , and NVI and its EMA , then taking the difference between the two results.
Optional parameters for DVDI calculation are included within this script:
- An option to use tick volume rather than real volume for the volume source
- An option to use cumulative data, which sums the movements of the oscillator from the beginning to the end of TradingView's maximum window to give a more broad picture of market sentiment

Next, two trailing levels are calculated using the average true range of the oscillator. The levels are then used to determine wave direction.
Lastly, rather than using 0 as the center line, it is instead calculated by taking a cumulative average of the oscillator.

Custom bar colors are included.

Note: For charts that have no real volume component, use tick volume as the volume source.
Release Notes: Updates:

Migrated from pine v2 to v3. Adjusted the equations accordingly.

Changed default smoothing period to 6.
Release Notes: Updates:

-> Migrated to v4.
-> Updated DVDI function.
-> Corrected NaN values to stabilize initial conditions.
-> Added the option to choose between a static or dynamic center line. When the line is static, its value is 0.
-> Reorganized script structure.
-> Revamped color scheme.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
For my full list of premium tools, check the blog:
https://wallanalytics.com/

Reach out on Telegram:
https://t.me/DonovanWall

Kommentarer

really cool stuff man, going to have a play around with your code,
+2 Svara
Thank you for your hard work. I really like your indicator and find it useful in my trading.
+1 Svara
Being playing with it and really like it. Thanks
+1 Svara
Very interesting, cool idea.
+1 Svara
Fantastic work, best adaptation I have seen.
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how do use this indicator ?
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I love this indicator :) Nice work... Entry/exit symbols would be nice if your bored some time :D
Svara
I'm really liking this so far. What do you use the ribbon for? seems to be good for exits.
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dw you are awesome
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I'm not sure that cmean(x) works as expected in the last version
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