racer8

Exertion Meter

Hello traders, today I wanted to present you something special. I present you the Exertion Meter!

Created from scratch, this idea is based on a theory of mine called "Exertion".

Exertion occurs when price moves beyond the previous bar's range thus it has "exerted itself".

The idea is that when price moves a lot, it exerts a lot of energy which eventually leads to calmer motion, usually in the direction price has exerted itself.

Now, when price has exerted itself a lot in a particular direction, it's telling you that it will likely continue in that direction.

Once this happens, it will gradually calm down until price begins the cycle again, exerting itself in either the same or opposite direction.

This theory is similar to the theory of expansion & contraction phases.

This indicator attempts to show you where price has exerted itself by giving you a two lines cross signal.

The default settings are recommended, but experimentation is encouraged to fit your own personal system.

Both settings control the standard deviation line ( aka . Upper Bollinger Band ).

Enjoy, and hit the follow button to get easy access to all my indicators and to follow my latest publications!
Release Notes: Changed colors of standard deviation line (red > blue)
Release Notes: Added a third parameter: (Line 1 Length)
Release Notes: Added background colors to show when signal occurs :)
Release Notes: changed background color.red to na.
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?

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