The VOSTRO indicator is a trend indicator that automatically provides buying and selling signals. The indicator marks in a window the potential turning points. The indicator is recommended for scalping.
The Vostro indicator determines the overbought zones (value greater than +80) and the oversold zones (less than the -80 level)
Original source: https://www.prorealcode.com/prorealtime-indicators/vostro-vst/
- BUY signal: The Vostro curve moves below the -80 level and forms a trough – Turnaround of the upward trend
- SELL signal: The Vostro curve moves above the +80 level and forms a peak – Downward trend
thinkScript Code
Code:
# The Vostro
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/3XngolO2/
declare lower;
input period156 = 100;
input level = 8;
input over = 80;
input under = -80;
def gd120 = sum(hl2, 5);
def gd128 = gd120 * .2;
def gd121 = sum(high - low, 5);
def gd136 = gd121 * .2 * .2;
def ibuff116 = (low - gd128) / gd136;
def ibuff112 = (high - gd128) / gd136;
def ibuff108 = if(ibuff112 > level and high > wma(hl2, period156), 90, if(ibuff116< -level and low<wma(hl2, period156), -90, 0));
def ibuff109 =if((ibuff112>level and ibuff112[1]>level) or(ibuff116<-level and ibuff116[1]<-8),0,ibuff108);
plot vostro = ibuff109;
plot upper = over;
plot lower = under;
upper.SetDefaultColor(color.red);
lower.SetDefaultColor(color.green);
vostro.AssignValueColor(color.white);