Often used with the Nasdaq Composite , Webby's is the percentage of the low versus the 21-day moving average. At the beginning of a bull market, the higher the value, the better. As an uptrend continues, the ideal range is between 0.5% and 2.0%.
You can customize the plot type as histogram, column, line or area. The moving average shown is over a 10 day period. The length and color of the moving average can also be configured.
The moving averages shown on the chart are:
21-day EMA: green
50-day SMA: red
200-day SMA: blue
Pine Script version of Webby's RSI:
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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.