Madrid

Madrid Bull Bear Sentiment

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This indicator displays the distance in percentage between the highest and lowest points in a given period of time, compares them and determines which side has more dominance.
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// Madrid : 24/Apr/2015 : 00:07 : Bull Bear Sentiment : 2.0
// This measures the difference in PCT from the last Lowest/Highest Point
// to determine the overall sentiment
//
study("Madrid Bull Bear Sentiment", shorttitle="MSentiment", precision=0)
src=close
len = input(18)

OB=76.4, OS=23.6
smooth = input(true, title="Smooth")

lowerBand = 5
PI= 3.14159265358979
ssFilter( price, lowerBand ) =>
    angle = sqrt(2)*PI/lowerBand
    a1= exp(-angle)
    b1 = 2*a1*cos(angle)
    c2 = b1
    c3 = -a1*a1
    c1 = 1 - c2 -c3
    filt = c1*(price + nz(price[1]))/2 + c2*nz(filt[1]) + c3*nz(filt[2])

sentiment(len) =>
    lowest = lowest(src,len)
    highest = highest(src,len)
    diffBull = (src-lowest)*100/lowest
    diffBear = (highest-src)*100/highest
    bbs = diffBull*100/(diffBear + diffBull)
    bbSentiment = smooth?ssFilter(bbs,lowerBand):bbs

bbSentiment = sentiment(len)

// Output
hline(OB, color=white, linestyle=dotted)
hline(50, color=white, linestyle=dotted)
hline(OS, color=white, linestyle=dotted)

plot(100, color=red, style=area, transp=0)
plot(bbSentiment, color=green, style=area, transp=0)
plot(bbSentiment, color=change(bbSentiment)>=0?lime:maroon, linewidth=1)

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