OPEN-SOURCE SCRIPT

Price Change Sentiment Index [tradeviZion]

150
Price Change Sentiment Index

A technical indicator that measures price changes relative to the day's range.

Indicator Overview
  • Normalizes price changes on a 0-100 scale
  • Uses a smoothing period for signal clarity
  • Shows potential overbought/oversold conditions


Inputs
  • Smoothing Period (default: 3)
  • Show Background Colors (on/off)
  • Overbought Level (default: 75)
  • Oversold Level (default: 25)


Reading the Indicator
  • Values above 75: Price change showing strong upward movement
  • Values below 25: Price change showing strong downward movement
  • Around 50: Neutral price movement


Technical Details
Pine Script®
// Core calculation changePct = (currClose - prevClose) / (high - low) normalized = 50 + (changePct * 50) smoothedNormalized = ta.sma(normalizedClamped, smoothingPeriod)


Usage Notes
  • Best used with other technical analysis tools
  • Adjustable smoothing period affects signal sensitivity
  • Background colors highlight extreme readings
  • Works on any timeframe


Settings Guide
  • Smoothing Period:
    - Lower values (1-3): More responsive
    - Higher values (5-10): Smoother output
  • Visual Settings: Toggle background colors
  • Levels: Adjust overbought/oversold thresholds


This indicator is a technical analysis tool. Please conduct your own research and testing before use.

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.