RicardoSantos

[RS]Average Expansion Dynamic Oscillator V0

EXPERIMENTAL:
Oscillator Version.
calculation of extremes and price range for averaging movement.
while price is above market is rising, when bellow market is falling. also can discern strength from the gap of the averages.

Open-source script

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.

Disclaimer

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Want to use this script on a chart?
study(title='[RS]Average Expansion Dynamic Oscillator V0', overlay=false)
window = input(title='Interval Window:', type=integer, minval=1, defval=5)
multiplier = input(title='Average Multiplier:', type=float, minval=0.01, maxval=0.99, defval=0.5)

h = valuewhen(high >= highest(window), high, 0)
l = valuewhen(low <= lowest(window), low, 0)

rising_falloff = l + ((highest(window)-l)*multiplier)
falling_falloff = h - ((h-lowest(window))*multiplier)

//plot(title='High Extreme', series=h, color=h!=h[1]?na:black)
//plot(title='Low Extreme', series=l, color=l!=l[1]?na:black)

//plot(title='+ Decay', series=rising_falloff, color=rising(rising_falloff, window)?green:silver)
//plot(title='- Decay', series=falling_falloff, color=falling(falling_falloff, window)?maroon:silver)

buy = max(close, falling_falloff)-falling_falloff
sel = min(close, rising_falloff) - rising_falloff

plot(title='+ Decay', series=buy, style=line, color=green, linewidth=1)
plot(title='- Decay', series=sel, style=line, color=maroon, linewidth=1)
plot(title='+ Decay', series=buy, style=histogram, color=green, linewidth=2)
plot(title='- Decay', series=sel, style=histogram, color=maroon, linewidth=2)