samuelhei

Relative Projected Ema

I realized that I can use my PEMA indicator (https://www.tradingview.com/v/WuSuwa50/) as ocillator too, so I created this indicator.

Good to compare top and bottom (get divergences), and oversold and overbought areas (like RSI ).

If you liked, send me a small amout of bitcoin to 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf it will encorage me to create other indicators open source.
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study("Relative PEMA","R_PEMA")

src = close

ema2 = ema(src, input(100,"EMA 1"))
ema1 = ema(src, input(200,"EMA 2"))

dif = ema2- ema1
max = ema2 + 6*dif
min = ema1 - 2*dif

zero = min > max ? max : min
cem = min > max ? min : max

value = src < zero ? 0 : src > cem ? 100 : ((src - zero)/(cem-zero))*100


plot(value, color=navy)
band1 = hline(70)
band0 = hline(30)

fill(band1, band0, color=navy, transp=90)
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