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AbsoluteStrengthV1 -Free Add-On NT8
How it Works: At its core, the AbsoluteStrengthV1 indicator distinguishes between bullish and bearish market forces by measuring their absolute strength. Traders can select between two calculation methods: the RSI Method, which reflects the traditional Relative Strength Index, and the Stoch Method, inspired by Stochastic calculations.
Adaptability and Customization: Adaptability is one of the standout features of AbsoluteStrengthV1 The indicator allows users to choose from six different types of moving averages, including Simple (SMA), Exponential (EMA), and more specialized ones like Hull (HMA) and Zero-Lag Exponential (ZLEMA). This level of customization ensures that traders can tailor the indicator to fit their unique trading strategies and market conditions.
Visual Advantage: The power of AbsoluteStrengthV1 lies in its visual cues. By shading the areas where the bulls or bears dominate, it provides an intuitive grasp of market sentiment. This shading, combined with user-defined colors and opacity levels, creates a clear and actionable charting landscape.
Indicator Plots: Two main plots, ‘BullsPlot’ and ‘BearsPlot’, represent the calculated strength of buying and selling forces. These are plotted in contrasting colors allowing for immediate recognition of market trends.
