OPEN-SOURCE SCRIPT
Percentage Change strategy w/BG color
The Percentage Change Method has historically been very effectively used by analysts on very long time horizons and very extreme percentage changes, for example a -6% or more drop in any index doesn't happen very often but it has very large implications and that much selling pressure typically leads to more selling at least for a while as a consequence of it. Similarly this can be applied to shorter time horizons. This indicator is ideal for 1min, 3min and 5min time horizons. Where I found it to be particularly helpful and one of the reasons I created it is for the market opening. If you trade the Mini Nasdaq for example and put it on a 1min setting then you can catch the changes that often happen in the first hour pretty well.
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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