Median Mean BULLISH/BEARISH Candle Oscillator-👹

3 באוק׳ 2024

Indicator Name: Median Mean BULLISH/BEARISH Candle Oscillator - 👹

Short Description:

The Median Mean Bullish/Bearish Candle Oscillator (M-BB-C-O) is a trend-following oscillator designed to capture market momentum by analyzing volume-weighted bullish and bearish candle patterns over a specified period. By smoothing these candle counts with an exponential moving average (EMA) and comparing them to a median threshold, the oscillator helps identify the dominant market trend (bullish or bearish) and potential trend reversals.

Key Features:

• Trend-Following Logic: The indicator tracks the trend by calculating the volume-weighted count of bullish and bearish candles over a user-defined period (lengthOsc), highlighting prevailing market direction.
  
  
• Smoothing with EMA: It applies a Dual Exponential Moving Average (DEMA) to the candle count (emaoscilatorCandle), reducing noise and making the trends more prominent.
  
  
• Mean Line Benchmark: The oscillator's value is compared against a median line (oscilatorMean), helping to confirm whether the market is trending or consolidating.
  
  
• Dynamic Color Coding: The oscillator's color changes dynamically to signal trend direction: blue for uptrends and purple for downtrends, customizable by the user.
  

Potential use:

• Following market trends by analyzing candle patterns in combination with volume.
  
  
• Spotting trend reversals when the oscillator crosses the median line, signaling potential shifts in market direction.
  
  
• Confirming trend strength by observing how far the oscillator deviates from its mean.
  

And yes, i used chat-GPT for this description :D

3 באוק׳ 2024

הערות שחרור

minor fixes