Bias And Sentiment Strength (BASS) Indicator is designed to be a quick visualization as to the market strength. Pair with Alligator, MACD, or Moving Average lines on your chart for good results.
How to use this indicator: Blue above 0 is positive sentiment, red below 0 is negative sentiment. If you have blue above and red below, be cautious! The Bass is telling you that we have a battle between the Bulls and the Bears! The purple bars are your volume bias. Volume bias can be positive or negative, despite the direction of the overall trend. Positive Volume Bias along with Bullish Blue Sentiment is a great sign! Go Long! If you have Bullish Sentiment and have a negative Volume Bias, be cautious! Price may not be moving with much conviction, and may be subject to reversal!
This is basically several different histograms overlaying one another, and they are blue above 0 and red below 0.
MACD Histogram - Standard MACD Histogram here. RSI Histogram - This is a standard RSI. It has been adjusted to "oscillate" above and below zero, which would be the 50 line on a normal RSI chart. Slow Stochastic Histogram - This is a slow stochastic with a 21 Period K, 14 Period D, and 14 Smoothing K. The "oscillator" histogram is formed by subtracting K from D. Awesome Oscillator - This is a standard Awesome Oscillator Alligator Oscillator - This is formed by adding (lips + teeth) + (teeth - jaw) Volume Bias - The Volume Bias is displayed as purple bars, and is calculated by a highly sophisticated and complex algorithmic function called subtraction. It's just the 30 Period Volume-Weighted Moving Average Minus the 30 Simple Moving Average.
Enjoy!
Note di rilascio
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Added scaling options and instructions on how to use them. Some securities severely distort the oscillators, such as FOREX currencies. Unfortunately, they may need to be adjusted for each individual currency. I haven't been able to test a broad range of securities, but this should provide the ability to customize the script for better visibility.
Note di rilascio
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Updated version and graphic for new scaling options.
Nice composition of indicators working together well to provide fast status report on the market.
Wondering: Have you experimented with entry/exit points to come up with a signal?
DooMSLayer_TR
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What settings should we change? Is only volume bias scaling enough?
mattzab
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@DooMSLayer_TR, Volume Bias Scaling is to basically help fit the graph to the current volume if it isn't being displayed correctly. Otherwise, the rest of the indicator uses default settings with a few exceptions- RSI is set for a baseline of 50 for example, so anything above will show blue and anything below will be red.
z28betz
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i have no coins)) but thank you for your sharing
araviind
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This is working like a charm! Thanks for this beautiful script!
yannylloyd
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This is excellent, thank you. Can someone tell me, is editing this with the addition of the QQE_Mod a fairly simple task after studying Pinescript for a short while?