Weighted Price Action

Weighted Price Action

This indicator counts the number of times eight different price action events occur in the last p bars. It then gives more weight to recent price action events and less to earlier price action events.

The price action events it counts are:

  • close > open
  • high > previous high
  • low > previous low
  • close is in top half of candles range
  • close < open
  • high < previous high
  • low < previous low
  • close is in bottom half of candles range

Two lines are drawn. The green line represents weighted upward price action and the red line weighted downwards price action. The lines are drawn from a datum of whichever line has the lowest value so that is can easily be seen which type of price action has been most dominant recently.

Weighted average lines with a period of half p can also be drawn. These smooth out the indicator returns but also add some lag.

You can choose which of the two lines are displayed by ticking or un-ticking ‘Lines’ and ‘Averages’ in the indicator window.

It is also possible to remove any of the price action events from the calculation by ticking or not the relevant box.

If the green average line is rising from zero then it indicates an increase in recent long price action and bulls have been on top of bears. If it starts falling then the bulls are losing control.

If the red average line is rising from zero then it indicates an increase in recent short price action and bears have been on top of bulls. If it starts falling then the bears are losing control.

As with all my indicators I advise downloading and importing the ITF file to get full functionality.

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Risk disclosure:

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 : How to import ITF files into ProRealTime platform?

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  1. Wilko • 13 hours ago #

    Thanks for the idea!
    This type of scoring can really help in not only identifying regimes in isolation, but also to rank eg different stocks as to how bullish price action is. It is in relative comparisons that these types of ranking systems really show their value!

    Nice bit of code!

  2. Vonasi • 13 hours ago #

    Thanks for the compliments Wilko.

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