pete363

Average Pip Movement

Average Price Movement inidcator displays the high/low for the period over time. On top of that an 8 period exponential moving avergae is attached
to get average movement over time. It provides, for eg. on a Daily chart , gives a day range and this can be used to book profits or place stop loss.
It is very simple indicator to provide price range over time.
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//@version=2

// Average Price Movement inidcator displays the high/low for the period over time. On top of that an 8 period exponential moving avergae is attached
// to get average movement over time. It provides, for eg. on a Daily chart, gives a day range and this can be used to book profits or place stop loss. 
// It is very simple indicator to provide price range over time.

study("Average Pip Movement")

highTimeFrame = input(title="Time Frame " , type=string,defval="D")
average = input(title="Average EMA", type=integer, defval=8)
data  = security(tickerid,highTimeFrame,high-low)
ema = ema(data,average)

plot(data,color=blue, linewidth=1)
plot(ema,color=red,linewidth=2)
Good tool. Can be used to highlight possible moves into Supply or Demand zones, reversal could be imminent on the large pip spikes. Thanks for sharing!
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