What is this Indicator?
The TJ-Index is something I have been working on for quite a while and always was wanting to have on my charts, yet it took me longer than expected to finally finish it.
Now it is done and you can simply favourite this script and add it to your chart.
What makes this Indicator Special?
It is made out of 2 main parts.
15 Indicators and conditions like
-Delta MACD ,
-Raw Buy and Sell Volume Domination,
-Volume Weighted MACD ,
-Golden cross/Death Cross
The white line – the index itself.
So how this works is, you see 15 horizontal lines in green and red alternating, mentioned in that order above, if a bullish condition islet the horizontal line turn green, if it is a bearish condition, it is red.
The white index line, is basically depicting the number of bullish conditions at the same time.
I have seen that it is extremely powerful for divergences and especially thinking to take any position, checking if the index is high or low at the time. Use it as an oversold or overbought value. Especially when leaving total bullishness or total bearishness.
An extra feature is that if ALL bullish or bearish conditions are met, the background of the oscillator will color itself green or red.
You can also turn on and off the horizontal lines for the easier user of the TJ-Index.
For now, the code will remain hidden, since I still have some important parts of this Index in my main Invite Only Indicator.
I will be publishing an open version of the TJ-Index soy ou can incorporate it in your own indicators.
How can I access TJ-Index?
Simply follow THIS LINK and “add it to favourites”.