OPEN-SOURCE SCRIPT
The Center
..some measure of “center” or average price is useful.
- Adam H. Grimes
This line off Adams blog inspired me to cook up a very simple indicator that just takes the High and Low of the time given (input in minutes), adds them together and divides it in half. This way we get a center based on the higher timeframe. Not only does it inform you of the dominating trend, but also works as a sort of momentum indicator if you measure the distance price is from the center.
Got the daily high/low calculations off tradingview.com/u/MikeWitts/
- Adam H. Grimes
This line off Adams blog inspired me to cook up a very simple indicator that just takes the High and Low of the time given (input in minutes), adds them together and divides it in half. This way we get a center based on the higher timeframe. Not only does it inform you of the dominating trend, but also works as a sort of momentum indicator if you measure the distance price is from the center.
Got the daily high/low calculations off tradingview.com/u/MikeWitts/
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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