OPEN-SOURCE SCRIPT

Daily Ratio OCHL Averager by Munif Shaikh

The "Daily Ratio OCHL Averager" indicator, is designed for use in financial charts. It calculates an average value based on the daily open, close, high, and low prices, and visualizes this average on the chart.

Ratio Calculation:
The script calculates a ratio representing the normalized difference as a percentage. This ratio helps determine if the current price is above or below the calculated average.

Plotting the Average Line:
The average value (dDaily) is plotted on the chart with a dynamic color indicating whether the current price is above (green) or below (red) the average.

Traders can use this indicator to visually analyze how the current price compares to the daily average. The color-coded average line helps quickly identify bullish or bearish conditions. The ratio percentage provides an additional quantitative measure of this relationship.

This indicator can be particularly useful in identifying trends and potential reversal points by showing how prices behave relative to their daily average, aiding in making informed trading decisions.