[RS]Temporal Open Diferential V0 — Indicator by RicardoSantos

EXPERIMENTAL: Diferencial from Opening "Timeframe" Price

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.

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Want to use this script on a chart?

study("[RS]Temporal Open Diferential V0")
otracker = input(title='Open Timeframe:', defval='M', type=string)
src = input(title='Source:', type=source, defval=hl2)
SHOW_MA = input(title='Show Slow Moving Average:', type=bool, defval=true)
smooth = input(2)
MA_length = input(8)
SHOW_HHL = input(title='Show Historic Extremes:', type=bool, defval=true)

newbar(res)=>change(time(res)) != 0

track = sma(src - security(tickerid, otracker, open), smooth)
ma = sma(track, MA_length)
track_color = track > 0 and rising(track, 1) ? green: track>0?olive : track < 0 and falling(track, 1) ? maroon : track < 0 ? orange : gray

hline(0, color=black)
plot(track, style=columns, color=track_color)
plot(not SHOW_MA ? na : ma, color=black)
plot(newbar(otracker)?0:na, style=cross, color=black, linewidth=3)

hh=not SHOW_HHL ? na : na(track)? 0 : track >= hh[1] ? track : hh[1]
ll=not SHOW_HHL ? na : na(track)? 0 : track <= ll[1] ? track : ll[1]

plot(not SHOW_HHL ? na : hh, color=hh == hh[1]?black:na)
plot(not SHOW_HHL ? na : ll, color=ll == ll[1]?black:na)