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OPEN-SOURCE SCRIPT

Public & Pro Action

By bharatTrader
Updated
Based on Larry Williams Pro-Go logic for public and pro actions. This indicator works on all timeframes.

The public action is previous close to today's open.
The pro action is today's close to today's open.

The series is smoothened with a simple moving average.

It works best after the candle is formed.
Release Notes
  • Introducing advanced mode to interpret data

Explanation of Advanced Mode
Bars above zero line mean Pro average is higher than Public average
Bars below zero line mean Public average is higher than Pro average
Green Bar: Close price on that bar is higher than the simple moving average of close of average
Red Bar: Close price on that bar is lower than the simple moving average of close of average
Grey Bar otherwise

I can see that when ever a "switch-over" is happening the bars start to turn grey. This can be a good indication of an upcoming move or trend reversal.
Release Notes
  • Added title
Release Notes
  • Added a new "Bar" mode

Bar mode, is a crude plot of just saying if Pro is more active (Teal) or Pub is more active (Maroon). No trend analysis and no levels. This mode is useful when you need to just understand is it "ON" or "OFF" with the big players and don't want to bother yourselves with the trend or the turns.
Simple Moving Average (SMA)

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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bharatTrader
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