blackdog6621

Ease of Movement with Colors v1

133 0 9
A slightly enhanced Ease of Movement indicator:
  • Draws a line at 0
  • Colors the line based on ratio of current to the highest for the last 150 bars (changeable)
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study(title="blackdog6621s Ease of Movement with Colors v1", shorttitle="EOM Colors v1", precision=1)
div = input(10000, title="Divisor", minval=1)
length = input(14, minval=1)
colorLookback = input(150, minval=1)
eom = sma(div * change(hl2) * (high - low) / volume, length)

compareMax = eom >= 0 ? highest(eom, colorLookback) : -lowest(eom, colorLookback)
bottomThird = abs(eom) <= (compareMax * 0.4)
midThird = abs(eom) <= (compareMax * 0.8)
plot(eom, color=bottomThird ? red : midThird ? yellow : green)

hline(0, title="Midline", color=gray, linestyle=dashed)
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