Crypto Coin Strength by News Crypto

3 May 2023

This indicator calculates the strength score of a cryptocurrency and categorizes it into four categories - Very Weak, Weak, Strong, and Very Strong. The strength score is determined by calculating the RSI of the cryptocurrency's price, multiplied by the trend direction based on the fast and slow moving averages.

Long description: This indicator is designed to help cryptocurrency traders determine the strength of a particular cryptocurrency. It calculates a strength score based on the RSI of the cryptocurrency's price, multiplied by the trend direction based on the fast and slow moving averages. The strength score is then categorized into four categories - Very Weak, Weak, Strong, and Very Strong. Traders can use this indicator to make informed decisions about when to enter or exit trades based on the strength of the cryptocurrency.

Inputs:

Fast MA Period: The period used for the fast moving average (default 10).
Slow MA Period: The period used for the slow moving average (default 30).
Strength Threshold: The threshold for the strength score to be considered strong (default 50.0).

Usage: To use this indicator, simply add it to your TradingView chart and adjust the input parameters as desired. The strength score and threshold line will be plotted on the chart, and a label will display the strength category at the last point of the indicator. Traders can use the strength score and category to make informed trading decisions based on the strength of the cryptocurrency.