close-hl2 Price action — Indicator by MarcoValente

Still not tested, but looks very good ; it is the difference between EMA median price and EMA close in different time frame, I used 240, 60, and the current Time frame ,plus one more customed period ; can forcast the price movement , but it s not in scale, so it can not show how much higher or lower the price can goes but just the next direction. I think intraday on 5 ,15 ,60 better then high frame.If you need to try on Daily frame have to change the period to higher then Daily

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?

//@version=2
//by Marco
study(title="close-hl2")
re=input(defval="15",type=resolution,title="custom period")
len=input(20)
dd=ema(hl2,len)
cc=ema(close,len)
er=(cc-dd)
er1 = security(tickerid, '240', er)
er5 = security(tickerid, re, er)
er60 = security(tickerid, '60', er)
plot(er1,color=blue,linewidth=1,style=line,transp=0,title="240m")
plot(er5,color=blue,style=area,transp=70,title="Custom Resolution")
plot(er60,color=green,transp=0,title="60m")
plot(er,color=red,style=columns,transp=60,title="timaframe")
hline(0)