OPEN-SOURCE SCRIPT
Heikin Ashi Price Detection
This script performs custom calculations for both bullish and bearish bars, providing a numerical result that can be used to gauge price movements and potential trading signals.
How It Works
Bullish Bars:
Calculates the absolute difference between the open and low prices (BullOpenLow).
Calculates the absolute difference between the high and close prices (BullHighClose).
Compares BullOpenLow and BullHighClose:
If BullOpenLow is greater, the difference is divided by BullOpenLow.
If BullHighClose is greater, the difference is divided by BullHighClose.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Bearish Bars:
Calculates the absolute difference between the close and low prices (BearCloseLow).
Calculates the absolute difference between the high and open prices (BearHighOpen).
Compares BearCloseLow and BearHighOpen:
If BearCloseLow is greater, the difference is divided by BearCloseLow.
If BearHighOpen is greater, the difference is divided by BearHighOpen.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Key Features
Bullish and Bearish Calculations: The script identifies bullish and bearish bars and applies separate calculations to each.
Normalized Results: The calculations provide a normalized result that can be easily interpreted.
Visual Representation: Results are plotted on the chart for quick visual reference.
How It Works
Bullish Bars:
Calculates the absolute difference between the open and low prices (BullOpenLow).
Calculates the absolute difference between the high and close prices (BullHighClose).
Compares BullOpenLow and BullHighClose:
If BullOpenLow is greater, the difference is divided by BullOpenLow.
If BullHighClose is greater, the difference is divided by BullHighClose.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Bearish Bars:
Calculates the absolute difference between the close and low prices (BearCloseLow).
Calculates the absolute difference between the high and open prices (BearHighOpen).
Compares BearCloseLow and BearHighOpen:
If BearCloseLow is greater, the difference is divided by BearCloseLow.
If BearHighOpen is greater, the difference is divided by BearHighOpen.
The result is normalized to a percentage and subtracted from 100 to produce a final value.
Key Features
Bullish and Bearish Calculations: The script identifies bullish and bearish bars and applies separate calculations to each.
Normalized Results: The calculations provide a normalized result that can be easily interpreted.
Visual Representation: Results are plotted on the chart for quick visual reference.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.