Mayer Multiple Histogram [AJ]
Mayer Multiple Histogram Indicator | Customized by AJ Robertson
@Version=2
I take no credit for the actual formula used to calculate the Mayer Multiple or the Mayer Multiple itself.
For use with Mayer Multiple Line Indicator
The histogram helps give a visual representation while the line indicator is used to set alerts
I've set an additional optimal buy color which is the Mayer Multiple at or below 0.7 as this is optimal accumulation threshold
Also set an optimal sell color (red) which is the Mayer Multiple at or above 3.5
Color Coding
Red (Hist) = Optimal Sell
Red (Line) = Backtesting threshold
Orange = Overvalued
Gray = Hold
Green (dark) = Undervalued
Lime (light green) = Optimal Accumulation Zone
@Version=2
I take no credit for the actual formula used to calculate the Mayer Multiple or the Mayer Multiple itself.
For use with Mayer Multiple Line Indicator
The histogram helps give a visual representation while the line indicator is used to set alerts
I've set an additional optimal buy color which is the Mayer Multiple at or below 0.7 as this is optimal accumulation threshold
Also set an optimal sell color (red) which is the Mayer Multiple at or above 3.5
Color Coding
Red (Hist) = Optimal Sell
Red (Line) = Backtesting threshold
Orange = Overvalued
Gray = Hold
Green (dark) = Undervalued
Lime (light green) = Optimal Accumulation Zone
Release Notes:
Refactored code to v5 Pine Script