OPEN-SOURCE SCRIPT
Sideways + Buy + Sell Detection
Sure! Here's the plain-language description of your script without using any code.
---
### 📘 **Script Purpose**
This script is designed to detect three different types of market conditions:
1. **Sideways (range-bound) market** — useful for non-directional strategies like strangles or straddles.
2. **Bullish trend** — provides a signal to consider buying.
3. **Bearish trend** — provides a signal to consider selling.
---
### 🔧 **Indicators Used**
* **RSI (Relative Strength Index)**: Measures market momentum. It's used to determine whether the market is in a bullish, bearish, or neutral zone.
* **ADX (Average Directional Index)** along with **DI+ and DI-**: Measures the strength and direction of a trend.
* **MACD (Moving Average Convergence Divergence)**: Confirms momentum and trend direction based on moving averages.
---
### 🟪 **Sideways Market Signal**
A sideways (non-trending) signal is shown when:
* RSI indicates the market is neither overbought nor oversold (in the middle range).
* ADX shows weak trend strength.
* The ADX value is lower than both DI+ and DI-, suggesting indecision or lack of clear trend.
A purple label appears below the bar when this condition is met.
---
### 🟩 **Buy Signal**
A buy signal is generated when:
* RSI shows strong upward momentum.
* ADX confirms there is a strong trend.
* MACD confirms bullish conditions with both the MACD and signal lines above zero and in the correct crossover direction.
A green label appears below the bar when these bullish conditions align.
---
### 🟥 **Sell Signal**
A sell signal appears when:
* RSI shows strong downward momentum.
* ADX confirms a strong trend.
* MACD confirms bearish conditions, with both MACD and signal lines below zero and in the correct crossover direction.
A red label appears — currently also plotted below the bar (which you may want to move above the bar for better clarity).
---
### ✅ **Use Case**
This script is suitable for:
* Deciding when to deploy **strangle/straddle** strategies in sideways markets.
* Identifying strong **bullish or bearish trends** for directional trades.
* Filtering out weak or indecisive conditions.
---
### 📘 **Script Purpose**
This script is designed to detect three different types of market conditions:
1. **Sideways (range-bound) market** — useful for non-directional strategies like strangles or straddles.
2. **Bullish trend** — provides a signal to consider buying.
3. **Bearish trend** — provides a signal to consider selling.
---
### 🔧 **Indicators Used**
* **RSI (Relative Strength Index)**: Measures market momentum. It's used to determine whether the market is in a bullish, bearish, or neutral zone.
* **ADX (Average Directional Index)** along with **DI+ and DI-**: Measures the strength and direction of a trend.
* **MACD (Moving Average Convergence Divergence)**: Confirms momentum and trend direction based on moving averages.
---
### 🟪 **Sideways Market Signal**
A sideways (non-trending) signal is shown when:
* RSI indicates the market is neither overbought nor oversold (in the middle range).
* ADX shows weak trend strength.
* The ADX value is lower than both DI+ and DI-, suggesting indecision or lack of clear trend.
A purple label appears below the bar when this condition is met.
---
### 🟩 **Buy Signal**
A buy signal is generated when:
* RSI shows strong upward momentum.
* ADX confirms there is a strong trend.
* MACD confirms bullish conditions with both the MACD and signal lines above zero and in the correct crossover direction.
A green label appears below the bar when these bullish conditions align.
---
### 🟥 **Sell Signal**
A sell signal appears when:
* RSI shows strong downward momentum.
* ADX confirms a strong trend.
* MACD confirms bearish conditions, with both MACD and signal lines below zero and in the correct crossover direction.
A red label appears — currently also plotted below the bar (which you may want to move above the bar for better clarity).
---
### ✅ **Use Case**
This script is suitable for:
* Deciding when to deploy **strangle/straddle** strategies in sideways markets.
* Identifying strong **bullish or bearish trends** for directional trades.
* Filtering out weak or indecisive conditions.
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。