This script performs custom calculations for both bullish and bearish bars, providing a numerical result that can be used to gauge price movements and potential trading signals.
How It Works Bullish Bars:
Calculates the absolute difference between the open and low prices (BullOpenLow). Calculates the absolute difference between the high and close prices (BullHighClose). Compares BullOpenLow and BullHighClose: If BullOpenLow is greater, the difference is divided by BullOpenLow. If BullHighClose is greater, the difference is divided by BullHighClose. The result is normalized to a percentage and subtracted from 100 to produce a final value. Bearish Bars:
Calculates the absolute difference between the close and low prices (BearCloseLow). Calculates the absolute difference between the high and open prices (BearHighOpen). Compares BearCloseLow and BearHighOpen: If BearCloseLow is greater, the difference is divided by BearCloseLow. If BearHighOpen is greater, the difference is divided by BearHighOpen. The result is normalized to a percentage and subtracted from 100 to produce a final value. Key Features Bullish and Bearish Calculations: The script identifies bullish and bearish bars and applies separate calculations to each. Normalized Results: The calculations provide a normalized result that can be easily interpreted. Visual Representation: Results are plotted on the chart for quick visual reference.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. يمكنك جعله مفضلاً لاستخدامه على الرسم البياني.
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