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Indicator Name: Direction - Congestion Description

To identify the area of congestion , this helps to know when to take entry and when to avoid

Uploaded by

Amit Rane
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22 views3 pages

Indicator Name: Direction - Congestion Description

To identify the area of congestion , this helps to know when to take entry and when to avoid

Uploaded by

Amit Rane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Indicator Name: Direction_Congestion

Description:
This formula is based on an RSI study and identifies general direction and areas of congestion.

Formula Parameters:
Price Source: Default is "Close"
RSI Length: Default is 21.
LEN: Default is 9. This is a constant used by the formula calculation.
Upper_Dot_Color: Default is Cyan.
Lower_Dot_Color: Default is Maroon.

Notes:
1. Bars that have dots both above and below the bars represent the areas of congestion.
2. If the dots are only above the bars, the general direction is negative (bearish).
3. If the dots are only below the bars, the general direction is positive (bullish).
/*********************************
Provided By : eSignal. (c) Copyright 2003
*********************************/

function preMain() {
setPriceStudy(true);
setStudyTitle("Direction/Congestion ");
setShowCursorLabel(false);
setComputeOnClose(true);
setDefaultBarStyle(PS_SOLID, 0);
setDefaultBarStyle(PS_SOLID, 1);
setPlotType(PLOTTYPE_DOT, 0);
setPlotType(PLOTTYPE_DOT, 1);
setDefaultBarThickness(1, 0);
setDefaultBarThickness(1, 1);
setDefaultBarFgColor(Color.maroon, 0);
setDefaultBarFgColor(Color.maroon, 1);

var fp1 = new FunctionParameter("Price_Source", FunctionParameter.STRING);


fp1.setName("Price Source");
fp1.addOption("Open");
fp1.addOption("High");
fp1.addOption("Low");
fp1.addOption("Close");
fp1.addOption("HL/2");
fp1.addOption("HLC/3");
fp1.addOption("OHLC/4");
fp1.setDefault("Close");

var fp2 = new FunctionParameter("RSILength", FunctionParameter.NUMBER);


fp2.setName("RSILength");
fp2.setLowerLimit(1);
fp2.setUpperLimit(1000);
fp2.setDefault(21);

var fp3 = new FunctionParameter("LEN", FunctionParameter.NUMBER);


fp3.setName("LEN");
fp3.setLowerLimit(1);
fp3.setUpperLimit(1000);
fp3.setDefault(9);

var fp4 = new FunctionParameter("Upper_Dot_Color", FunctionParameter.COLOR);


fp4.setName("Upper_Dot_Color");
fp4.setDefault(Color.cyan);

var fp5 = new FunctionParameter("Lower_Dot_Color", FunctionParameter.COLOR);


fp5.setName("Lower_Dot_Color");
fp5.setDefault(Color.maroon);
}

var study = null;


var Center = 0;
var Upper = 0;
var Lower = 0;
var Avernge = 0;
var BarCntr = 0;
var Value3 = null; // Sell line
var Value4 = null; // Buy Line

function main(Price_Source, RSILength, LEN, Upper_Dot_Color, Lower_Dot_Color) {


RSILength = Math.abs(Math.round(RSILength));
LEN = Math.abs(Math.round(LEN));
if (study == null) study = new RSIStudy(RSILength, Price_Source);

var vRSI = study.getValue(RSIStudy.RSI);


if (vRSI == null) return;

var Constnt = 4;

if (getBarState() == BARSTATE_NEWBAR) {
BarCntr += 1;
}

Value3 = (Center + Upper)/2; // Sell line


Value4 = (Center + Lower)/2; // Buy Line
Center = (Center * (LEN-1) + close()) / LEN;
Avernge = (Avernge * (LEN-1) + high() - low()) / LEN;
Upper = Center + Avernge * Constnt;
Lower = Center - Avernge * Constnt;

setBarFgColor(Upper_Dot_Color, 0);
setBarFgColor(Lower_Dot_Color, 1);

if (BarCntr > 20) {


if (vRSI > 52) Value3 = null;
if (vRSI < 48) Value4 = null;
return new Array(Value3, Value4);
} else {
return;
}
}

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