OPEN-SOURCE SCRIPT
Trend Leadership Eligibility Weekly
Trend Leadership Eligibility Weekly
Overview
Trend Leadership Eligibility Weekly is a higher-timeframe structural classification tool designed to evaluate whether a symbol meets defined weekly trend and relative strength criteria.
The indicator operates on confirmed weekly data and classifies symbols into a binary structural state:
Eligible or Not Eligible
It is intended for screening, structural analysis, and research workflows.
It does not generate trading signals and does not execute orders.
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Methodology
Eligibility is determined using three independent weekly evaluations:
1. Relative Strength Trend
The ratio of symbol price to a user-defined benchmark is calculated and smoothed. Directional alignment is validated using moving average structure and slope conditions.
2. Volatility-Normalized Trend Smoothness
Weekly price variability (standard deviation of closes) is normalized by ATR to evaluate structural orderliness relative to volatility.
3. Weekly Range Structure Positioning
The current weekly range is assessed within its historical expansion–contraction distribution to evaluate structural tightness.
Classification requires simultaneous confirmation across all three components.
If any condition fails, the symbol is classified as Not Eligible.
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Design Characteristics
• Weekly timeframe evaluation
• Non-repainting (lookahead = barmerge.lookahead_off)
• Confirmed higher-timeframe data usage
• Overlay compatible for daily chart workflows
• Alert conditions available for eligibility state transitions
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Intended Use
This tool may be used for:
• Watchlist filtering
• Higher-timeframe structural gating
• Portfolio research
• Market context evaluation
It is not a trading system and does not provide entry or exit instructions.
________________________________________
Important Notice
This script is provided for informational and educational purposes only.
All trading involves risk. No methodology guarantees future performance.
Overview
Trend Leadership Eligibility Weekly is a higher-timeframe structural classification tool designed to evaluate whether a symbol meets defined weekly trend and relative strength criteria.
The indicator operates on confirmed weekly data and classifies symbols into a binary structural state:
Eligible or Not Eligible
It is intended for screening, structural analysis, and research workflows.
It does not generate trading signals and does not execute orders.
________________________________________
Methodology
Eligibility is determined using three independent weekly evaluations:
1. Relative Strength Trend
The ratio of symbol price to a user-defined benchmark is calculated and smoothed. Directional alignment is validated using moving average structure and slope conditions.
2. Volatility-Normalized Trend Smoothness
Weekly price variability (standard deviation of closes) is normalized by ATR to evaluate structural orderliness relative to volatility.
3. Weekly Range Structure Positioning
The current weekly range is assessed within its historical expansion–contraction distribution to evaluate structural tightness.
Classification requires simultaneous confirmation across all three components.
If any condition fails, the symbol is classified as Not Eligible.
________________________________________
Design Characteristics
• Weekly timeframe evaluation
• Non-repainting (lookahead = barmerge.lookahead_off)
• Confirmed higher-timeframe data usage
• Overlay compatible for daily chart workflows
• Alert conditions available for eligibility state transitions
________________________________________
Intended Use
This tool may be used for:
• Watchlist filtering
• Higher-timeframe structural gating
• Portfolio research
• Market context evaluation
It is not a trading system and does not provide entry or exit instructions.
________________________________________
Important Notice
This script is provided for informational and educational purposes only.
All trading involves risk. No methodology guarantees future performance.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.