Ease of Movement with Colors v1 — Indicator by blackdog6621

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)

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

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.

Want to use this script on a chart?

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)