Hi
Let me introduce my Bull And Bear Balance Indicator script.
This new indicator analyzes the balance between bullish and
bearish sentiment.
One can cay that it is an improved analogue of Elder Ray indicator.
To get more information please see "Bull And Bear Balance Indicator"
by Vadim Gimelfarb
Let me introduce my Bull And Bear Balance Indicator script.
This new indicator analyzes the balance between bullish and
bearish sentiment.
One can cay that it is an improved analogue of Elder Ray indicator.
To get more information please see "Bull And Bear Balance Indicator"
by Vadim Gimelfarb
////////////////////////////////////////////////////////////
// Copyright by HPotter v1.0 14/04/2014
// This new indicator analyzes the balance between bullish and
// bearish sentiment.
// One can cay that it is an improved analogue of Elder Ray indicator.
// To get more information please see "Bull And Bear Balance Indicator"
// by Vadim Gimelfarb.
////////////////////////////////////////////////////////////
study(title = "Bull And Bear Balance Indicator")
value = iff (close < open , //then
iff (close[1] > open , max(close - open, high - low), high - low), // else
iff (close > open, //then
iff(close[1] > open, max(close[1] - low, high - close), max(open - low, high - close)), //else
iff(high - close > close - low, //then
iff (close[1] > open, max(close[1] - open, high - low), high - low), //else
iff (high - close < close - low, //then
iff(close > open, max(close - low, high - close),open - low), //else
iff (close > open, max(close[1] - open, high - close),//else
iff(close[1] < open, max(open - low, high - close), high - low))))))
value2 = iff (close < open , //then
iff (close[1] < open , max(high - close[1], close - low), max(high - open, close - low)), // else
iff (close > open, //then
iff(close[1] > open, high - low, max(open - close[1], high - low)), //else
iff(high - close > close - low, //then
iff (close[1] < open, max(high - close[1], close - low), high - open), //else
iff (high - close < close - low, //then
iff(close[1] > open, high - low, max(open - close, high - low)), //else
iff (close[1] > open, max(high - open, close - low),//else
iff(close[1] < open, max(open - close, high - low), high - low))))))
nBBB = value2 - value
nBBBc = nBBB < 0 ? red : blue
plot(nBBB, style=line, linewidth=1, color=nBBBc)
plot(nBBB, style=histogram, linewidth=1, color=gray)