OPEN-SOURCE SCRIPT
Ratio To Average - The Quant Science
Ratio To Average - The Quant Science is a quantitative indicator that calculates the percentage ratio of the market price in relation to a reference average. The indicator allows the calculation of the ratio using four different types of averages: SMA, EMA, WMA, and HMA. The ratio is represented by a series of histograms that highlight periods when the ratio is positive (in green) and periods when the ratio is negative (in red).
https://www.tradingview.com/x/2frlVNR0/
What is the Ratio to Average?
The Ratio to Average is a measure that tracks the price movements with one of its averages, calculating how much the price is above or below its own average, in percentage terms.
https://www.tradingview.com/x/CeOvky77/
USER INTERFACE
Lenght: it adjusts the number of bars to include in the calculation of the average.
https://www.tradingview.com/x/oVPR1tT9/
Moving Average: it allows you to choose the type of average to use.
https://www.tradingview.com/x/ihiuj30K/
Color Up/Color Down: it allows you to choose the color of the indicator for positive and negative ratios.
https://www.tradingview.com/x/37b2zPAV/
https://www.tradingview.com/x/2frlVNR0/
What is the Ratio to Average?
The Ratio to Average is a measure that tracks the price movements with one of its averages, calculating how much the price is above or below its own average, in percentage terms.
https://www.tradingview.com/x/CeOvky77/
USER INTERFACE
Lenght: it adjusts the number of bars to include in the calculation of the average.
https://www.tradingview.com/x/oVPR1tT9/
Moving Average: it allows you to choose the type of average to use.
https://www.tradingview.com/x/ihiuj30K/
Color Up/Color Down: it allows you to choose the color of the indicator for positive and negative ratios.
https://www.tradingview.com/x/37b2zPAV/
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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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