LazyBear

Indicator: Vertical Horizontal Filter (VHF)

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VHF determines whether prices are in trending or congestion phase. Rising edge signifies a trend, falling edge signifies prices may be entering congestion phase.

Many use this as a contrarian indicator, which is my personal preference too.

I have added an option to plot EMA too, to see how strong the trend/no-trend values are.
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//
// @author LazyBear
// VHF determines whether prices are in trneding or congestion phase. 
// 
study(title = "Vertical Horizontal Filter [LazyBear]", shorttitle="VHF_LB")
src=close
length=input(28, title="VHF Period")
showEma=input(false, title="Show EMA?", type=bool)

hcp=highest(src, length)
lcp=lowest(src, length)
cdiff=abs(close-close[1])

N=abs(hcp-lcp)
D=sum(cdiff, length)
vhf=N/D

plot(vhf)
plot(showEma ? ema(vhf, length) : na, color=orange, linewidth=2)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

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