OPEN-SOURCE SCRIPT
מעודכן Chande Trend Meter Oscillator
This is an implementation of the Chande Trend Meter that I developed using ChatGPT. It is free for you to use.
The Chande Trend Meter (CTM) is a technical analysis indicator developed by Tushar Chande to assess the strength and direction of a security's trend. By consolidating various technical indicators across multiple timeframes into a single numerical score ranging from 0 to 100, the CTM simplifies trend evaluation.
CHARTSCHOOL.STOCKCHARTS.COM
Calculation Components:
The CTM incorporates several technical measures:
Bollinger Bands Positions: Evaluates the relative positions of the high, low, and close prices within Bollinger Bands over four distinct periods: 20-day, 50-day, 75-day, and 100-day.
Price Change Relative to Standard Deviation: Assesses price movements in relation to the standard deviation over the past 100 days.
14-day Relative Strength Index (RSI): Measures the speed and change of price movements to identify overbought or oversold conditions.
Short-term Price Channel Breakouts: Identifies any breakouts from short-term (2-day) price channels.
These components are combined and scaled to produce the CTM score.
CHARTSCHOOL.STOCKCHARTS.COM
Interpreting CTM Scores:
The CTM score indicates the strength of a security's trend:
90-100: Very strong uptrend
80-90: Strong uptrend
60-80: Weak uptrend
20-60: Flat or weak downtrend
0-20: Very strong downtrend
Traders often seek securities with CTM scores above 80, indicating robust upward momentum.
Advantages of the CTM:
One notable benefit of the CTM is its absolute scoring system, allowing for direct comparison across different securities without adjustments. This feature enables traders to evaluate and rank various assets uniformly, facilitating more informed decision-making.
By providing a consolidated view of multiple technical indicators, the CTM offers traders a streamlined tool to assess trend strength, aiding in the identification of potential trading opportunities.
The Chande Trend Meter (CTM) is a technical analysis indicator developed by Tushar Chande to assess the strength and direction of a security's trend. By consolidating various technical indicators across multiple timeframes into a single numerical score ranging from 0 to 100, the CTM simplifies trend evaluation.
CHARTSCHOOL.STOCKCHARTS.COM
Calculation Components:
The CTM incorporates several technical measures:
Bollinger Bands Positions: Evaluates the relative positions of the high, low, and close prices within Bollinger Bands over four distinct periods: 20-day, 50-day, 75-day, and 100-day.
Price Change Relative to Standard Deviation: Assesses price movements in relation to the standard deviation over the past 100 days.
14-day Relative Strength Index (RSI): Measures the speed and change of price movements to identify overbought or oversold conditions.
Short-term Price Channel Breakouts: Identifies any breakouts from short-term (2-day) price channels.
These components are combined and scaled to produce the CTM score.
CHARTSCHOOL.STOCKCHARTS.COM
Interpreting CTM Scores:
The CTM score indicates the strength of a security's trend:
90-100: Very strong uptrend
80-90: Strong uptrend
60-80: Weak uptrend
20-60: Flat or weak downtrend
0-20: Very strong downtrend
Traders often seek securities with CTM scores above 80, indicating robust upward momentum.
Advantages of the CTM:
One notable benefit of the CTM is its absolute scoring system, allowing for direct comparison across different securities without adjustments. This feature enables traders to evaluate and rank various assets uniformly, facilitating more informed decision-making.
By providing a consolidated view of multiple technical indicators, the CTM offers traders a streamlined tool to assess trend strength, aiding in the identification of potential trading opportunities.
הערות שחרור
Updated to fix a small syntax error
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.