Relative Projected Ema
I realized that I can use my PEMA indicator (www.tradingview.com/v/WuSuwa50/) as ocillator too, so I created this indicator.
Good to compare top and bottom (get divergences), and oversold and overbought areas (like RSI).
If you liked, send me a small amout of bitcoin to 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf it will encorage me to create other indicators open source.
Good to compare top and bottom (get divergences), and oversold and overbought areas (like RSI).
If you liked, send me a small amout of bitcoin to 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf it will encorage me to create other indicators open source.
study("Relative PEMA","R_PEMA")
src = close
ema2 = ema(src, input(100,"EMA 1"))
ema1 = ema(src, input(200,"EMA 2"))
dif = ema2- ema1
max = ema2 + 6*dif
min = ema1 - 2*dif
zero = min > max ? max : min
cem = min > max ? min : max
value = src < zero ? 0 : src > cem ? 100 : ((src - zero)/(cem-zero))*100
plot(value, color=navy)
band1 = hline(70)
band0 = hline(30)
fill(band1, band0, color=navy, transp=90)