Normalized Oscillators Spider Chart

June 28, 2021

Today's new indicator a spider chart overlaid on the user’s current chart allowing the visualization of information given by various normalized oscillators.

Displays a spider chart overlaid on the user’s current chart allowing the visualization of information given by various normalized oscillators. It is possible to hide certain oscillators from the spider chart. This will remove their corresponding spokes from the chart.

Users can control the length settings of each oscillator individually or use a global length setting that applies to every oscillator. An additional meter element is displayed and aims to give the overall sentiment returned by the oscillators. This can also be used to gauge whether the market is trending or ranging.

This is a relatively simple application of a spider chart but can prove to be useful to some users.

Settings

  • RSI : Display the Relative Strength Index spoke on the spider chart, includes the length setting on the right of the toggle.
  • %K : Display the Stochastic Oscillator "%K" spoke on the spider chart, includes the length setting on the right of the toggle.
  • COR : Display the Correlation Oscillator spoke on the spider chart, includes the length setting on the right of the toggle.
  • MFI : Display the Money Flow Index oscillator spoke on the spider chart, includes the length setting on the right of the toggle.
  • WPR : Display the Williams Percent Rank oscillator spoke on the spider chart, includes the length setting on the right of the toggle.
  • %UP : Display the percentage of upward variations spoke on the spider chart, includes the length setting on the right of the toggle.
  • CMO : Display the Chande Momentum Oscillator spoke on the spider chart, includes the length setting on the right of the toggle.
  • AOS : Display the Aroon oscillator spoke on the spider chart, includes the length setting on the right of the toggle.
  • Global Oscillators Length : Determines whether all oscillators should use the same length settings, determined by the setting on the right of the toggle.

‍
Style Settings

  • Spider Chart Length : Determines the horizontal width of the spider chart.
  • Spider Chart Offset : Offset between the most recent bar and the left extremity of the spider chart.

‍

Usage

A spider chart can be a very useful visualization tool when it comes to seeing the individual characteristics of various variables at the same time.

Here, the tool can get a general sentiment on the direction of the trend without adding each indicator to your chart. It is also possible to determine when an oscillator is considered overbought or oversold.

snapshot
The dashed line represents the central value for each oscillator.


Disabling any of the oscillators from the settings will return a spider chart using fewer spokes.

snapshot


The script also displays a meter that can be used to determine the overall sentiment given by all oscillators. This metric is based on the average value between each oscillator. An overall sentiment closer to 50 would indicate a ranging market.

‍

The indicator is available here

Other Stories

Technical Indicators — What’s Useful & What Isn’t | Lux Algo

8/2/2021
New Feature
Indicator
Educational

Many technical indicators are available to traders, but one question remains: "which are useful and which aren't"? In this post we try to answer this question.

HOW-TO: Automatic Pattern Detection in TradingView

10/22/2021
New Feature
Indicator
Educational

Chart patterns are governed by precise identification guidelines and it is important to effectively recognize the presence of a specific pattern. Since this recognition process can be subjective, we designed a robust and efficient algorithm for the detection of traditional chart patterns, saving users valuable time.