High Low Rate Of Change — Indicator by dman103

trendanalysis highlowindex high-low highlow

An experimental indicator using Pine Script Arrays. The indicators measures the rate of change of the highest highs and lowest lows. I call it the "High Low Rate of Change".
The H/L Rate of Change indicator finds the delta between the current highest high and previous highest high and after some filtering places these values into an array.
Same goes for the lowest lows.
In the end Sum it all up into the Histogram with optional smoothing using Exponential moving average (EMA).

==Colors==
Green: Up Trending.
Light Green: Weakening up trend.
Red: Down Trending.
Light Red Weakening Down Trending.

==Notes==
Bar colors are disabled by default.
Supports EMA smoothing (enabled by default).
Like if you Like and Enjoy!
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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.

Disclaimer

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