OPEN-SOURCE SCRIPT
Power Signal v6 by GRAWDAYTRADER
Power Signal v6 Description
Power Signal Indicator (PSI) is a market strength indicator that combines volume analysis and price proximity to daily highs to generate high-quality trading signals.
What the Indicator Does
The script calculates a "Power Index" based on two key components:
Proximity to High — measures how close the current price is to the previous day's high in percentage terms
Relative Volume — compares current volume to the average volume over a selected period (default 20 bars)
When price is within 1% of the daily high AND volume exceeds 150% of average, the indicator applies a 1.2 multiplier to the relative volume, creating the "Power Index". When this index crosses a defined threshold (default 150), it generates a PSI! signal with a visual marker on the chart and an audio alert.
Visualization
Main line displays in a separate pane below the chart
Line color: lime (when Power > 100) or gray
Horizontal levels: yellow (plot threshold) and red dotted line (signal threshold)
Information table in top-right corner shows current values of all components
Who Will Find It Useful
Day Traders and Scalpers:
Identifies moments of heightened market activity with strong volume
Helps catch momentum moves on breakouts
Generates clear entry signals with customizable alerts
Swing Traders:
Confirms trend strength through price and volume combination
Filters false breakouts — signals only occur with significant volume
Shows when price is near important levels with institutional interest
Volume Traders:
Visualizes abnormal volume activity in the context of price movement
Helps identify accumulation/distribution zones
Combines price action with volume analysis in one tool
Key Benefits:
Customizable thresholds for different timeframes and instruments
Automatic alerts (audio and visual)
Minimalist design with clear signals
Works on any market: stocks, crypto, forex, futures
The indicator is especially effective on volatile instruments with good liquidity, where volume plays a critical role in confirming price movements.
Power Signal Indicator (PSI) is a market strength indicator that combines volume analysis and price proximity to daily highs to generate high-quality trading signals.
What the Indicator Does
The script calculates a "Power Index" based on two key components:
Proximity to High — measures how close the current price is to the previous day's high in percentage terms
Relative Volume — compares current volume to the average volume over a selected period (default 20 bars)
When price is within 1% of the daily high AND volume exceeds 150% of average, the indicator applies a 1.2 multiplier to the relative volume, creating the "Power Index". When this index crosses a defined threshold (default 150), it generates a PSI! signal with a visual marker on the chart and an audio alert.
Visualization
Main line displays in a separate pane below the chart
Line color: lime (when Power > 100) or gray
Horizontal levels: yellow (plot threshold) and red dotted line (signal threshold)
Information table in top-right corner shows current values of all components
Who Will Find It Useful
Day Traders and Scalpers:
Identifies moments of heightened market activity with strong volume
Helps catch momentum moves on breakouts
Generates clear entry signals with customizable alerts
Swing Traders:
Confirms trend strength through price and volume combination
Filters false breakouts — signals only occur with significant volume
Shows when price is near important levels with institutional interest
Volume Traders:
Visualizes abnormal volume activity in the context of price movement
Helps identify accumulation/distribution zones
Combines price action with volume analysis in one tool
Key Benefits:
Customizable thresholds for different timeframes and instruments
Automatic alerts (audio and visual)
Minimalist design with clear signals
Works on any market: stocks, crypto, forex, futures
The indicator is especially effective on volatile instruments with good liquidity, where volume plays a critical role in confirming price movements.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Trading Education & Asset Management!
We are hiring successful traders to join our in-office team!
Telegram: @GRAWDAYTRADER
Join our chat to discuss investment ideas: t.me/invest_club
We are hiring successful traders to join our in-office team!
Telegram: @GRAWDAYTRADER
Join our chat to discuss investment ideas: t.me/invest_club
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Trading Education & Asset Management!
We are hiring successful traders to join our in-office team!
Telegram: @GRAWDAYTRADER
Join our chat to discuss investment ideas: t.me/invest_club
We are hiring successful traders to join our in-office team!
Telegram: @GRAWDAYTRADER
Join our chat to discuss investment ideas: t.me/invest_club
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.