This script performs custom calculations for both bullish and bearish bars, providing a numerical result that can be used to gauge price movements and potential trading signals.
How It Works Bullish Bars:
Calculates the absolute difference between the open and low prices (BullOpenLow). Calculates the absolute difference between the high and close prices (BullHighClose). Compares BullOpenLow and BullHighClose: If BullOpenLow is greater, the difference is divided by BullOpenLow. If BullHighClose is greater, the difference is divided by BullHighClose. The result is normalized to a percentage and subtracted from 100 to produce a final value. Bearish Bars:
Calculates the absolute difference between the close and low prices (BearCloseLow). Calculates the absolute difference between the high and open prices (BearHighOpen). Compares BearCloseLow and BearHighOpen: If BearCloseLow is greater, the difference is divided by BearCloseLow. If BearHighOpen is greater, the difference is divided by BearHighOpen. The result is normalized to a percentage and subtracted from 100 to produce a final value. Key Features Bullish and Bearish Calculations: The script identifies bullish and bearish bars and applies separate calculations to each. Normalized Results: The calculations provide a normalized result that can be easily interpreted. Visual Representation: Results are plotted on the chart for quick visual reference.