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