This indicator find market tops and bottoms with the use of the percentile rank of a derivated Laguerre oscillator. The market tops and bottoms are spotted with unique colors (green for bottoms and red for tops), when the oscillator cross over the extreme percentile rank (90%). The mid threshold lines could also act as warning that the price has reached a top or a bottom.

Fits well on a daily basis as ranking an oscillator value by its percentile rank is a good idea that can be explore in many other ways. Here is another path to follow for future research!

// parameters :
// Short = 0.4
// Long = 0.8
// lkb = 200 (Look back period)
// pctile = 90 (Extreme threshold lines)
// midpctile = 70 (Warning threshold lines)

if(barindex>lkb) then

  hl2 = (high+low)/2

  //laguerre short
  Ls0 = (1 - Short)*hl2+Short*(Ls0[1])
  Ls1 = -Short*Ls0+(Ls0[1])+Short*(Ls1[1])
  Ls2 = -Short*Ls1+(Ls1[1])+Short*(Ls2[1])
  Ls3 = -Short*Ls2+(Ls2[1])+Short*(Ls3[1])
  lmas = (Ls0 + 2*Ls1 + 2*Ls2 + Ls3)/6

  //laguerre long
  Ll0 = (1 - Long)*hl2+Long*(Ll0[1])
  Ll1 = -Long*Ll0+(Ll0[1])+Long*(Ll1[1])
  Ll2 = -Long*Ll1+(Ll1[1])+Long*(Ll2[1])
  Ll3 = -Long*Ll2+(Ll2[1])+Long*(Ll3[1])
  lmal = (Ll0 + 2*Ll1 + 2*Ll2 + Ll3)/6

  pctileB = pctile * -1

  //PPO Plot
  ppoT = (lmas-lmal)/lmal*100
  ppoB = (lmal-lmas)/lmal*100

  //PercentRank of PPO
  // percent rank = nb of value less than our value / (nb of values less than our value + nb of values greater than our value)
  topvalueMinus = 0
  topvaluePlus = 0
  bottomvalueMinus = 0
  bottomvaluePlus = 0

  for i = 0 to lkb do
   if ppoT[i]<ppoT then
    topvalueMinus = topvalueMinus+1
   else
    topvaluePlus = topvaluePlus+1
   endif
   if ppoB[i]<ppoB then
    bottomvalueMinus = bottomvalueMinus+1
   else
    bottomvaluePlus = bottomvaluePlus+1
   endif
  next

  pctRankT = topvalueMinus / (topvalueMinus+topvaluePlus)
  pctRankB = (bottomvalueMinus / (bottomvalueMinus+bottomvaluePlus)) *-1

  //coloring histogram
  if pctRankT>=pctile/100 then
   TopColor = 1
  else
   TopColor = -1
  endif

  if pctRankB>=pctileB/100 then
   BottomColor = 1
  else
   BottomColor = -1
  endif
endif

RETURN pctRankT coloured by TopColor as "Top", pctRankB coloured by BottomColor as "Bottom", 0 as "zero line", pctile/100 as "Top Percentile Threshold", pctileB/100 as "Bottom Percentile Threshold",  midpctile/100 as "Warning Top Percentile Threshold", (midpctile*-1)/100 as "Warning Bottom Percentile Threshold"

This code is adapted from pinescript one by Chris Moody.