OPEN-SOURCE SCRIPT
Larry Williams Proxy Index (LWPI) [Loxx]
Larry Williams Proxy Index (LWPI) [Loxx] is an indicatory by Larry Williams as explained in his book "Trade Stocks and Commodities with the Insiders: Secrets of the COT Report", pages 129-135. This is an INVERSE indicator, so follow the signals and colors to understand what it's doing. I've added optional smoothing if you wish to smooth the output.
What is the Larry Williams Proxy Index (LWPI)?
The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:
MovingAvg(Open-Close, bars used in average)/MovingAvg(Range, bars used in average)*50+50
Included
What is the Larry Williams Proxy Index (LWPI)?
The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:
MovingAvg(Open-Close, bars used in average)/MovingAvg(Range, bars used in average)*50+50
Included
- Bar coloring
- Signals
- Alerts
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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