New Breed of Technical Indicators — Indigo
Discussing a New Technical Indicator and Coding it in TradingView
This article discusses one of the indicators of a set called the Rainbow Indicators which are structured and unique combinations of price-derived techniques aimed to help the trader predict reversals or to confirm the on-going trend. The indicator discussed is called the Indigo indicator, a contrarian method based on the concept of slopes.
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Creating the Indigo Indicator
One of the pillars of descriptive statistics is the normal distribution curve. It describes how random variables are distributed and centered around a central value. It often resembles a bell.
