I am going to start taking requests to open source my indicators and this is the first one I decided to do. They will also be updated to Version 4 of Pinescript.
I went through and added notes on what each area of the code is, and in this particular case I added color schemes as a way to improve upon the original code.
Link to original:
Original Description:
"Let me start by saying I know that the name is goofy lol
This is an oscillator that that looks at price action vs. standard deviation in order to illustrate the trend. This thing looks like an Awesome Oscillator but the math behind this and the Awesome Oscillator are totally different (which is pretty interesting, given they look a lot alike). I included the Awesome Oscillator on the chart here so you can look at them and see where they are different.
So the Tip-and Dip Oscillator is meant to help you pinpoint tops and bottoms. I even added arrows where the top and bottom signals are given.
The oscillator itself has 3 colors, an up, down, and neutral color that come as green, red, and yellow. Since the readings given by the oscillator can greatly vary depending on the chart resolution, I included an option to edit the range to fit your chart.
Also - I have 4 different smoothing options that you can use depending on what your preference is. The default setting is the most sensitive so it will identify tops and bottoms more frequently, but it is the most accurate when pinpointing the correct reversal candle. As you smooth it out, the arrows will appear less, but my be slightly delayed and give a later reading. I personally prefer the default, but going up to the second setting in smoothing works nicely as well.
Enjoy!"
릴리즈 노트
Per request: added alerts and now allowing custom colorization.
진정한 TradingView 정신에 따라, 이 스크립트의 저자는 트레이더들이 이해하고 검증할 수 있도록 오픈 소스로 공개했습니다. 저자에게 박수를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 출판물에서 이 코드를 재사용하는 것은 하우스 룰에 의해 관리됩니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.