Enhanced Index [LazyBear] — Indicator by LazyBear

The Enhanced Index (EIDX) is a modified William %R that behaves much like the original, to indicate overbought and oversold market conditions.

EIDX has the advantage of
- Reacting more quickly to changes in buying power.
- Predicting market turning points better than other oscillators. Divergences are more pronounced.

List of my other indicators:

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear 
// List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
//
study("Enhanced Index [LazyBear]", shorttitle="EIDX_LB")
src=close
length=input(14)
lengthMA=input(8)
dnm=(highest(src, length) - lowest(src, length))
closewr=2*(src-sma(src, round(length/2)))/dnm
ul=hline(1, color=red), ll=hline(-1, color=green), hline(0)
fill(ul,ll)
plot(closewr, color=green, linewidth=1)
plot(ema(closewr, lengthMA), color=red)