close-hl2 Price action
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
//@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)