Indicator Overbought / Oversold [IOO]

Descripton

Summary:
This heat study script generates values based on the overbought / oversold status of a single indicator.

Returns:
Overbought: - 1
Oversold : 1

Variables

Type	Identifier	Description
IntegerArray	_indicatorKeys	Use for holding all of the indicator keys duplicated from the specified indicator key and indexed by symbol index.
Number	_overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought. [Default 80]
Number	_oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold. [Default -80]

OnInitialize

Function Parameters
Type	Identifier	Description
Indicator	indicatorKey	Use for the indicator key.
Number	overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought. [Default 80]
Number	oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold. [Default -80]
Implementation
' Assign the script parameters to script variables. _overboughtValue = overboughtValue _oversoldValue = oversoldValue ' Use for holding indicator keys based on the specified indicator key, indexed by symbol index. Redefine _indicatorKeys(SymbolCount() - 1) ' Iterate over all of the symbols. For i As Integer = 0 To SymbolCount() - 1 ' Create an indicator for each symbol, based on the specified indicator. _indicatorKeys(i) = IndicatorCopy(indicatorKey, i) Next

OnValue

Function Parameters
Type	Identifier	Description
Integer	symbolIndex
Implementation
' Get the indicator value, indexed by bar index. Define value As Number = IndicatorValue(_indicatorKeys(symbolIndex)) ' Oversold. If (value < _oversoldValue) Then Return 1 ' Overbought. ElseIf (value > _overboughtValue) Then Return -1 End If Return 0