The logic is based on calculation of (ER):
ER = Direction /
Direction = ABS (Close – Close)
= n ∑(ABS(Close – Close))
n = The efficiency ratio period.
This version features and filter and custom performance module.
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.