Directional Imbalance Index [BigBeluga]

🔵 OVERVIEW
The Directional Imbalance Index is designed to track market strength by counting how often price sets new highs or lows over a defined lookback period. Every time a bar forms a new extreme, the indicator records a +1 count for either bullish (highs) or bearish (lows). These counts are aggregated into a rolling calculation, allowing traders to see which side dominates and how directional imbalance evolves.

🔵 CONCEPTS

• Each new highest high → adds a bullish count (+1).
  
• Each new lowest low → adds a bearish count (+1).
  
• Counts are stored inside arrays over a user-defined Calculation Period.
  

  for i = 0 to period-1
      h = high
      l = low
  
      if h == upper
          countUp.push(1)
      if l == lower
          countDn.push(1)

• The balance between bullish and bearish counts highlights dominance and imbalance.
  
• Normalized percentages help compare both sides (e.g., 65% bullish vs 35% bearish).
  

🔵 FEATURES

• Counts new highs/lows over a chosen Highest/Lowest Length.
  
• Aggregates values over a rolling Calculation Period.
  
• Plots cumulative bullish vs bearish totals in the subchart.
  
• Displays % share of bulls vs bears from total counts.
  
• On-chart [+1] labels mark bars where a count was added.
  
• Plots reference lines of the current upper (high) and lower (low) ranges.
  
• Dynamic fill between bullish/bearish plots to visualize which side dominates.
  

🔵 HOW TO USE

• Look for persistent bullish imbalance (bull % > bear %) as confirmation of upward momentum.
  
• Look for persistent bearish imbalance (bear % > bull %) as confirmation of downward momentum.
  
• Watch for shifts in % dominance — often early signs of trend reversal or weakening strength.
  
• Use [+1] labels on the chart to visually confirm which bars contributed to directional bias.
  
• Combine with trend or volume tools to confirm whether imbalance aligns with market direction.
  

🔵 CONCLUSION
The Directional Imbalance Index [BigBeluga] offers a systematic way to measure directional pressure. By counting how often price pushes into new territory, the indicator reveals whether bulls or bears are taking control. This makes it a valuable tool for detecting early signs of trend continuation or exhaustion, helping traders align with the side most likely to dominate.