PRICE Vs MOVING AVERAGE

• 01/30/2023 at 9:20 PM #208784
  ivan66

  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

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  coincatcha

  

  ivan66

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

  Hi Ivan,

  Maybe this is a start…

  OBOS

  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"

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  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"

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  Nicolas, coincatcha, ivan66

  

  JS

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  02/01/2023 at 1:07 PM #208908
  coincatcha

  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!

   

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  JS

  

  coincatcha

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