There are already several indicators who measure the time behavior relative to price, the most well know being the indicator published by Tushar Chande. I propose an alternative indicator TPI who tend to create less whipsaw's at the cost of small reactivity.
The TPI is in a range of 0.5/-0.5 and is no different than the indicator when it come to signal generation, when the upper line (in blue) crossover the lower line (in orange) the indicator generate a buy signal, when the lower line cross under the upper line a sell signal is generated.
The indicator tend to use more information which involve more reactivity but more uncertainty as well.
and TPI with both length = 50. White lines represent signals where the and my proposed indicator react at the same time, the red line show a whipsaw and the green line show a signal generated faster by the .
Here is a more pertinent exemple
reacted to price range which at the end involved many whipsaw, the TPI however stayed on a sell signal and did not reacted to this price range. The cost to avoid so many whipsaw was a reactivity of 7 bars back when the sell signal of the TPI was generated.
A statistic of the signal numbers generated by both indicator is shown below
The blue line show the number of signals generated by the indicator and in orange the number generated by the TPI with both length = 14. generated 410 while the TPI generated 288 signals.
The indicator and TPI can both generate a signal at the same time or with a small period deviation with the ability of the TPI to avoid some whipsaw.
Custom calculation for rising and falling
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You can also check out some of the indicators I made for luxalgo : https://www.tradingview.com/u/LuxAlgo/#published-scripts
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.