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.
There are a number of indicators out there, but it's difficult to find calculations that take the entire week into account. This helps with analyzing longer-term trends on daily and intraday charts. As with all indicators, this one is also more sensitive to price starting at the open of trading at the beginning of the week.
Want to use this script on a chart?