OPEN-SOURCE SCRIPT
Average Percentage Change
This indicator computes the average percentage change between Simple Moving Averages (SMAs) of high and low prices over a specified lookback length.
The 'length' input determines the period for calculating the SMAs.
The resulting line, represented by 'AVG', displays the percentage change, indicating potential shifts or trends in price momentum.
Traders can use this indicator to identify periods of potential volatility or significant price movements.
Note for Traders:
- Adjust the 'length' input for different analysis periods.
- Watch for crossovers or divergences between the AVG line and price action for potential trading signals.
- Combine with other indicators or analysis techniques for comprehensive market insights.
Originality and Usefulness:
This script provides a unique perspective by evaluating the average percentage change, derived from SMAs of high and low prices, offering traders insights into potential price momentum shifts.
The 'length' input determines the period for calculating the SMAs.
The resulting line, represented by 'AVG', displays the percentage change, indicating potential shifts or trends in price momentum.
Traders can use this indicator to identify periods of potential volatility or significant price movements.
Note for Traders:
- Adjust the 'length' input for different analysis periods.
- Watch for crossovers or divergences between the AVG line and price action for potential trading signals.
- Combine with other indicators or analysis techniques for comprehensive market insights.
Originality and Usefulness:
This script provides a unique perspective by evaluating the average percentage change, derived from SMAs of high and low prices, offering traders insights into potential price momentum shifts.
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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