Rebound Strength Indicator 2.0 with Tango Line - MetaTrader 4 Script - MT4/MT5 Resources

The Bounce Strength Index (BSI) shows the strength of the rebound. It now works within the trend and is calculated using tango lines .

There's no difference in the basic concept , but I tried to recreate it from a different perspective.

I use the width of the range as a metric (just like a classic oscillator). This version does not use the width of the range. It uses the deviation from the centerline instead. The center line is the moving average of the tango line.

 Double ratio = 0 ; //--- Bar spread
 Double sp=(high[k]-low[k]); //--- not the lower column
 if (!(off[k- 1 ]-sp* 0.2 >off[k]))
  {
    Ratio=- 1 *(low[k]/TangoMaBuffer[k])+ 2 ;
    sumpos+=(closing[k]-low[k])*ratio;
  } //--- not UpBar
 if (!(off[k- 1 ]+sp* 0.2 <off[k]))
  {
    Ratio=- 1 *(High[k]/TangoMaBuffer[k])+ 2 ;
    sumneg+=(highest price[k]-closing price[k])*ratio;
  }

exhibit:

 //--- input parameters
Input integer InpRangePeriod= 20 ; // range period
Input integer Inp slow down = 3 ; // slow down
Input integer InpAvgPeriod= 14 ; // Average period
Input boolean input use volume weight = true ; // use TickVolume
Input double InpReversalNoiseFilter= 5 ; // Noise filter
Input colorInpSigColor =DarkSlateBlue; //Signal color
Input color InpSlowColor=navy blue; // slow color 

Attachment download

📎 bouncestrengthindicator_v2.0.mq4 (22.78 KB)

📎 tangoline_v1.1.mq4 (14.22 KB)

Source: MQL5 #13474