Consensus Indicator Lite

CONSENSUS INDICATOR LITE

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
WHAT IS THIS INDICATOR?
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Most traders use multiple indicators to confirm trade signals, but doing this manually across 8 different tools is time-consuming and prone to inconsistency. Consensus Indicator Lite solves this by acting as a "judge" — it collects the directional opinion of each of the 8 indicators you enable, tallies the votes, and plots the result as a single, easy-to-read oscillator ranging from -100 to +100.

A reading of +100 means all active indicators agree: bullish.
A reading of -100 means all active indicators agree: bearish.
Anything in between reflects a mixed market with varying degrees of directional bias.

This is NOT a black-box signal generator. Every indicator underneath is transparent, configurable, and individually toggleable. You decide what goes into the consensus. The script simply counts and visualizes the agreement.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
⚙️ HOW THE VOTING SYSTEM WORKS
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Each enabled indicator submits one vote per bar:
• +1 → Bullish condition met
• -1 → Bearish condition met
• 0 → Neutral / no clear signal

The script counts how many indicators voted Buy vs Sell, then calculates:

Buy Probability = (Buy Votes / Total Active Indicators) × 100
Sell Probability = (Sell Votes / Total Active Indicators) × 100
Neutral % = 100 − Buy % − Sell %
Net Signal = Buy % − Sell % ← this is what gets plotted

The Net Signal line is colored:
• Bright Green → strongly bullish (above threshold)
• Faded Green → weakly bullish
• Bright Red → strongly bearish (below -threshold)
• Faded Red → weakly bearish
• Gray → perfectly neutral

A configurable threshold (default 70%) marks the zones of strong consensus. When the line crosses above +70, more than 70% of active indicators agree it is bullish. When it drops below -70, 70%+ agree it is bearish.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
THE 8 INDICATORS — WHAT EACH ONE DOES & HOW IT VOTES
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

── 1. EMA CROSSOVER (Trend) ──────────────────────────────────
Vote +1 (Bullish) → Fast EMA is above Slow EMA
Vote -1 (Bearish) → Fast EMA is below Slow EMA
Vote 0 (Neutral) → Both EMAs are equal

Settings: fast ema = 50 , slow ema= 200 (not standard, custom setting)

── 2. MACD (Trend / Momentum) ────────────────────────────────
Vote +1 (Bullish) → MACD Line is above Signal Line
Vote -1 (Bearish) → MACD Line is below Signal Line

Custom settings: Fast = 21, Slow = 55, Signal = 13 (custom settings). The MACD captures momentum by measuring the spread between two trend-following moving averages.

── 3. ADX — Average Directional Index (Trend Strength) ───────
The ADX measures trend *strength*, not direction. Therefore the vote is only cast when ADX > 25 (meaning the trend is strong enough to be meaningful):

Vote +1 (Bullish) → ADX > 25 AND DI+ > DI-
Vote -1 (Bearish) → ADX > 25 AND DI- > DI+
Vote 0 (Neutral) → ADX ≤ 25 (market is ranging, no trend)

Default length: 14 periods.

── 4. SUPERTREND ─────────────────
Vote +1 (Bullish) → Price is above the Supertrend line (uptrend)
Vote -1 (Bearish) → Price is below the Supertrend line (downtrend)

Custom length: ATR Length = 20, Factor = 4.0

── 5. RSI — Relative Strength Index (Momentum) ───────────────
The directional vote is based on the RSI midpoint (50):

Vote +1 (Bullish) → RSI > 50
Vote -1 (Bearish) → RSI < 50
Vote 0 (Neutral) → RSI = exactly 50

Default length: 14 periods.

── 6. STOCHASTIC OSCILLATOR (Momentum + Mean Reversion) ──────
Vote +1 (Bullish) → %K crosses above %D AND %K is below 80 (not overbought)
Vote -1 (Bearish) → %K crosses below %D AND %K is above 20 (not oversold)
Vote 0 (Neutral) → In overbought or oversold territory (signal unreliable)

Default: K Length = 14, D Smoothing = 3.

── 7. MFI — Money Flow Index (Volume-Weighted Momentum) ──────
Vote +1 (Bullish) → MFI > 50 (positive money flow dominant)
Vote -1 (Bearish) → MFI < 50 (negative money flow dominant)

Default length: 14 periods.

── 8. ATR MOMENTUM (Volatility-Driven Price Action) ──────────
Vote +1 (Bullish) → Price moved up AND ATR is above its EMA (expanding volatility upward)
Vote -1 (Bearish) → Price moved down AND ATR is above its EMA (expanding volatility downward)
Vote 0 (Neutral) → ATR is contracting (low volatility, no conviction)

Default length: 14 periods.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📋 THE INFORMATION TABLE
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

A compact table appears in the top-right corner of the pane on the last bar, showing:

Metric | Value
────────────────────|──────────
Buy Probability | X.X% ← % of indicators voting bullish
Sell Probability | X.X% ← % of indicators voting bearish
Neutral | X.X% ← % of indicators with no signal
Active Indicators | N ← how many indicators are currently enabled

This lets you see at a glance not just whether conditions are bullish/bearish, but by exactly how much — and how many tools are contributing to that reading.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📈 VISUAL ELEMENTS EXPLAINED
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

🟢 Net Signal Line (Bright Green) → Strong bullish consensus (above threshold)
🟢 Net Signal Line (Faded Green) → Weak bullish lean
🔴 Net Signal Line (Bright Red) → Strong bearish consensus (below -threshold)
🔴 Net Signal Line (Faded Red) → Weak bearish lean
─── Zero Line (Gray dotted) → Equilibrium, equal buy/sell pressure
─── Upper Threshold (Green dashed) → Strong Buy zone boundary
─── Lower Threshold (Red dashed) → Strong Sell zone boundary
🟩 Green background shading → Net signal exceeds upper threshold
🟥 Red background shading → Net signal exceeds lower (negative) threshold


━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
🔔 ALERTS
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

Two alert conditions are built in:

✅ Strong Buy Signal → Fires when the Net Signal crosses ABOVE the threshold
✅ Strong Sell Signal → Fires when the Net Signal crosses BELOW -threshold

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
🛠️ SETTINGS REFERENCE
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

📌 General
• Strong Signal Threshold (%) — Default 70. Raise it (e.g. 85) for stricter, rarer signals. Lower it (e.g. 55) for more frequent, less filtered signals.

📌 Trend Indicators
• Use EMA Cross ON/OFF | Fast Length | Slow Length
• Use MACD ON/OFF | Fast | Slow | Signal lengths
• Use ADX ON/OFF | Length
• Use Supertrend ON/OFF | ATR Length | Factor

📌 Momentum Indicators
• Use RSI ON/OFF | Length
• Use Stochastic ON/OFF | K Length | D Smoothing

📌 Volume Indicators
• Use MFI ON/OFF | Length

📌 Volatility Indicators
• Use ATR Momentum ON/OFF | Length

You can run this indicator with as few as 1 or as many as 8 indicators active. The consensus percentage automatically recalibrates to however many are enabled — so disabling indicators does not distort the output.

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
💡 TIPS FOR BEST USE
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

• Use on higher timeframes (1H, 4H, Daily) for more reliable consensus readings. Lower timeframes produce more noise.

• Combine with a price-action overlay on your main chart. Consensus above +70 combined with a key support hold = high-conviction long setup.

• Watch for divergences: price making new highs while Consensus falls = internal weakness, a possible early warning of reversal.

• The ADX component only votes when trend strength is sufficient (ADX > 25). In ranging markets, ADX becomes neutral and the indicator effectively weighs the remaining momentum/volume tools more heavily — which is intentional.

• If you trade volatile assets like crypto, consider raising the Supertrend Factor slightly (e.g. 3.5–4.0) to reduce noise in its signal.

• Use the Stochastic's overbought/oversold filter to your advantage: when RSI and MFI both vote bullish but Stochastic is silent because it's overbought, that divergence is worth noting.


━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
⚠️ DISCLAIMER
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

This indicator is published for educational and analytical purposes only. It does not constitute financial or investment advice of any kind. Past signal patterns and historical indicator readings do not guarantee future price performance. Always perform your own analysis and apply proper risk management before making any trading decisions. Trading involves substantial risk of loss.