This is a simple price action indicator made for detecting sudden price movement for quick in and out trading (scalping).
You can select the way the signal line is calculated (CalcMethod = different type of moving averages) and on how many periods the price is analyzed (CalcPeriod = 50 periods by default).
Translated from a MT4 indicator.
//PRC_Price Action oscillator | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//translated from MT4 code (author:mladen)
// --- settings
//CalcPeriod = 50 // Calculation period
//CalcMethod = 2 // Moving Average type
trad// --- end of settings
Price = customclose // Price to use
av = average[CalcPeriod,CalcMethod](Price)
ma = Close+Open-2*av
av = Open-av
if ma>av then
RETURN av coloured(100,100,100) style(dottedline),ma coloured(r,g,b) style(line,3)
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :