PriceCounter — Indicator by WaveRiders

Price Counter
Use to identify Price Short Term Trend By

PC = Present Close - 4 Previous Close

PC > 0 Show Value in Green bar
PC 0
Dot = Present Close - 2 Previous High
If PC = 0 or < 0
Dot = Present Close - 2 Previous Low

Indicator will Show momentum of price. PC bar is long mean price move fast .
PC bars are the same color continuously , mean price in trend.
PC bars are often flip color and small bar , mean price sideway and weak momentum.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?

study(title="PriceCounter", shorttitle="PC")
len1 = input(4, minval=1, title="period1")
len2 = input(2, minval=1, title="period2")

src = input(close, title="Source")

count4 = (src - src[len1])*10
cl = close - low[len2]
ch = close - high[len2]
count2 = iff(count4>0,ch*10,cl*10)

plot(count4, color = count4<0 ? red : count4 >0 ? green : aqua , style=histogram, linewidth=3)
plot(count2, color = count2<0 ? orange : count2 >0 ? lime : blue , style=circles, linewidth=2)