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.
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//PRC_Price Action oscillator | indicator //01.09.2017 //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 r=50 g=205 b=50 else r=255 g=69 b=0 endif RETURN av coloured(100,100,100) style(dottedline),ma coloured(r,g,b) style(line,3) |
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ProRealTime ITF files and other attachments :
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Thanks for the indicator. Seems to indicate the start of the short term trend quite well, (short term trend reverse), but following it requires more indicators. It is also pretty bumpy in its movements, well at least when selecting 5 minutes bars. I prefer Wilders Average therefore in this indicator.
It seems also a good momentum indicator, maybe even better.
If the indicator remains at the zero line, (you see this for example quite often in the evening for the DAX), (minimal price action) and no momentum, not very likely a good moment for trading.