- This indicator takes the differences in the previous 4 period OHLC inputs, and compares them to the previously closed candle input. The difference is then placed into an oscillator that when all four inputs are scrolled back on, shows an EKG appearing oscillator / measure for traders to use on indexes, tickers and markets that do not allow typical based indicators.
Named for its similar appearance to an EKG medical chart, this script takes the difference in relative averages of previous periods in a trend , and compares it to the most recent period input. This can be used as a price based measure, useful in markets that may be limited by no valume measures or other indexes where is useful to meeasure but will not allow initializations.
- Taking Previous Period OHLC
- Taking Previous 3 Periods OHLC Avgs
- Difference Between #1 & #2 (Comparing most recent confirmation to relative trend
- Plot Results
This Script is intended for public use and can be shared / implemented as needed
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Use this script and its calculations as needed! No permission required.
Founder, MarketGod Trading & Data Analyst