Basic Definition :-
The ( ) is a momentum technical indicator.
It measures the percentage change in price between the current price and the price a certain number of periods ago.
This indicator is plotted against zero, with the indicator moving upwards into positive territory if price changes are to the upside, and moving into negative territory if price changes are to the downside.
Customization of inbuilt ROC:- I have created of with 9 days and Coloring the plot of 9 of Green and RED. Green line indicates that Price change rate is positive in last 9 time period on selected resolution (time frame) and Red line indicated that negative price change rate.
I have identified the zone like +5 and -5 line area in study where some resistance or support is there for 9 line. and if 9 crosses those line then intensity of previous trend get increased.
I have drawn here breakout trendline from lower high candle with hand mark up and same time is above 5 marked with hand up. Similarly I have drawn hand mark down where breakdown trendline is drawn for higher low candle breakdown.
You can see clearly 9 is sync correctly with breakout and breakdown candle when 9
is above 5 and below 5.
I able to observed that 9 is helping in finding correct breakout and breakdown candles with proper trendline breakout and breakdown.
above all my observation is with daily time frame and 1 Hr time frame candles mostly. If you are changing time frame then see the difference and post same in comment so I can watch those changes as well,
You can modify this study and lets create better than this as well. As I think nothing is perfect in this world always there is scope of improvement.
This study to see how the price are getting changing and what is the .
This study doesn't give any buy and sell recommendation.
I have other indicator which is given in my signature below that you can check.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.
My YouTube channel: https://www.youtube.com/channel/UC537A
My Indicator details: