Larry Williams Proxy Index (LWPI) [Loxx]

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Larry Williams Proxy Index (LWPI) [Loxx] is an indicatory by Larry Williams as explained in his book "Trade Stocks and Commodities with the Insiders: Secrets of the COT Report", pages 129-135. This is an INVERSE indicator, so follow the signals and colors to understand what it's doing. I've added optional smoothing if you wish to smooth the output.

What is the Larry Williams Proxy Index (LWPI)?
The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:

MovingAvg(Open-Close, bars used in average)/MovingAvg(Range, bars used in average)*50+50

Included

• Bar coloring
  
• Signals
  
• Alerts