OPEN-SOURCE SCRIPT
Updated Open_close AND HIGH_LOW_diff
Average of Absolute (Open - Close) Indicator
This indicator calculates the average of the absolute difference between the open and close prices of the last n candles and plots the result in a separate panel.
Key Features:
Customizable Period: Users can set the number of candles (n) to include in the average calculation.
Absolute Value Calculation: The script computes the absolute difference (|Open - Close|) for each candle, ensuring only positive values are averaged.
Separate Panel Visualization: The indicator is displayed in a separate panel below the main chart for clear and uncluttered analysis.
Red Plot: The average value is plotted with a bold red line for easy identification.
Use Cases:
Analyze the average volatility of price movements over a specified period.
Identify periods of consistent price differences between open and close levels.
Complement other volatility or trend-based indicators.
This tool is ideal for traders who want to monitor the consistency of price fluctuations and integrate it into their decision-making process.
How to Use:
Add the script to your TradingView chart.
Adjust the "Number of Candles" input to match your preferred look-back period.
Observe the red line in the separate panel to analyze the average absolute difference over time.
Feel free to reach out with suggestions or feedback to enhance the functionality of this script!
This indicator calculates the average of the absolute difference between the open and close prices of the last n candles and plots the result in a separate panel.
Key Features:
Customizable Period: Users can set the number of candles (n) to include in the average calculation.
Absolute Value Calculation: The script computes the absolute difference (|Open - Close|) for each candle, ensuring only positive values are averaged.
Separate Panel Visualization: The indicator is displayed in a separate panel below the main chart for clear and uncluttered analysis.
Red Plot: The average value is plotted with a bold red line for easy identification.
Use Cases:
Analyze the average volatility of price movements over a specified period.
Identify periods of consistent price differences between open and close levels.
Complement other volatility or trend-based indicators.
This tool is ideal for traders who want to monitor the consistency of price fluctuations and integrate it into their decision-making process.
How to Use:
Add the script to your TradingView chart.
Adjust the "Number of Candles" input to match your preferred look-back period.
Observe the red line in the separate panel to analyze the average absolute difference over time.
Feel free to reach out with suggestions or feedback to enhance the functionality of this script!
Release Notes
Plotted as average of individual candle 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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.