OPEN-SOURCE SCRIPT
Helly Efficiency Ratio
It is a variation of the Grimes Efficiency Ratio by Adam H. Grimes explained here:
adamhgrimes.com/a-new-tool-to-measure-trend-strength-the-grimes-efficiency-ratio/
Instead of calculating and then averaging the Donchian Channel Position I use the Keltner channel position, i.e. the HER gives you the average Keltner channel position over the last x days (Keltner channels +/-2.3 ATR20 on EMA20)
adamhgrimes.com/a-new-tool-to-measure-trend-strength-the-grimes-efficiency-ratio/
Instead of calculating and then averaging the Donchian Channel Position I use the Keltner channel position, i.e. the HER gives you the average Keltner channel position over the last x days (Keltner channels +/-2.3 ATR20 on EMA20)
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.
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.
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.