PRICE Vs MOVING AVERAGE

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01/30/2023 at 9:20 PM #208784 quote

ivan66
Participant

New

Hi Nicolas, I would ask if already exist or in case do not exist if is it possible to create an indicator that calculate for any candle, the distance between price and a pre-definite moving average (Exponential or simple). In this way we could have a new simple indication of overbought or oversold. Thanks for your help and regards, Ivan

coincatcha thanked this post

01/30/2023 at 11:25 PM #208787 quote
JS
Participant

Senior
Hi Ivan,

Maybe this is a start…
```
Period=14
Type=0 //0=SMA 1=EMA
MA=Average[Period,Type](Close)

For i=0 to Period-1
If Close[i]>MA[i] then
xUp=Close[i]-MA[i]
Else
xDown=MA[i]-Close[i]
EndIf
Next

AvgxUp=Average[Period](xUp)
AvgxDown=Average[Period](xDown)

DrawHLine(70)Coloured("Red")
DrawHLine(30)Coloured("Green")

OBOS=100-(100/(1+AvgxUp/AvgxDown))

Return OBOS as "OBOS"
```
ivan66, coincatcha and Nicolas thanked this post
02/01/2023 at 1:07 PM #208908 quote

coincatcha
Participant

New

I had wondered about this too, being new to code and all.

Managed to get this to work on a FTSE counter trend long scalp 5min. See where it goes.

Thanks!

JS thanked this post
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PRICE Vs MOVING AVERAGE

ProBuilder: Indicators & Custom Tools

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ivan66 @ivan66 Participant

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This topic contains 2 replies,
has 3 voices, and was last updated by coincatcha
3 years ago.

Topic Details

Forum:	ProBuilder: Indicators & Custom Tools
Language:	English
Started:	01/30/2023
Status:	Active
Attachments:	1 files

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