The True Emotion Oscillator is a combination of multiple signals such as stochRSI, Macd, Fisher, etc to gauge the emotion of the market based on a -100-+100 scale. I wanted to incorporate a visual style that would appeal to people while keeping it simple. This indicator also has divergence detection built in, but I think it lags behind based on the filter settings. Ideally I would remake this part of the script to be realtime detection.
How to use: Buy when the signal is below 0 and starts to turn around. Sell when above 0 and turns back down. Utilize divergence theory to find better entries.
Settings: Change your chart background color to a solid #171a27 if you want to match my colors. Signal smoothing - smooths the signal line to reduce noise. Divergence Filter - How many bars back to start looking for divergences. Show Hidden Divergence - Shows hidden divergences Show Pivots - Turns on/off dots
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Added visual super smoothing for the signal line for a more appealing design. Can be turned off for accuracy.
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Adjusted default filter value to 2 so the signals confirm quicker.
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added custom background swatch for people to add and use in their own chart appearance settings.
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changed the title to be consistent with my new theme
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adjusted some defaults
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added ability to adjust super smooth strength and calculate divergences based on super smoothing instead of true value
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added a trend wave.
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quick fix
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added another signal to average for the final value
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Updated visuals to show ALL pivots when above or below the 0 line. This can be turned off in the settings. But, could be useful for major uptrends
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There was an issue with the signals being drawn before the curve was confirmed. This has been fixed and now gives more realistic entries (even if they may seem worse since they show up after the peaks now)
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Reduced the code a bit to fix some issues
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The script functionality has been reduced since we plan on releasing a more completed version in the future with alerts and more accurate functionality. To anyone that has already download this before 3/4/21 you will receive lifetime access to the new indicator we plan to sell in the coming months. You TV user names have been added to our list.