Bull And Bear Balance Indicator

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Hi
Let me introduce my Bull And Bear Balance Indicator script.
This new indicator analyzes the balance between bullish and
bearish sentiment.
One can cay that it is an improved analogue of Elder Ray indicator.
To get more information please see "Bull And Bear Balance Indicator"
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 14/04/2014
//    This new indicator analyzes the balance between bullish and
//    bearish sentiment.
//    One can cay that it is an improved analogue of Elder Ray indicator.
//    To get more information please see "Bull And Bear Balance Indicator"
//    by Vadim Gimelfarb.
////////////////////////////////////////////////////////////

study(title = "Bull And Bear Balance Indicator")
value = iff (close < open , //then
iff (close[1] > open ,  max(close - open, high - low), high - low), // else
iff (close > open, //then
iff(close[1] > open, max(close[1] - low, high - close), max(open - low, high - close)), //else
iff(high - close > close - low, //then
iff (close[1] > open, max(close[1] - open, high - low), high - low), //else
iff (high - close < close - low, //then
iff(close > open, max(close - low, high - close),open - low), //else
iff (close > open, max(close[1] - open, high - close),//else
iff(close[1] < open, max(open - low, high - close), high - low))))))

value2 = iff (close < open , //then
iff (close[1] < open ,  max(high - close[1], close - low), max(high - open, close - low)), // else
iff (close > open, //then
iff(close[1] > open,  high - low, max(open - close[1], high - low)), //else
iff(high - close > close - low, //then
iff (close[1] < open, max(high - close[1], close - low), high - open), //else
iff (high - close < close - low, //then
iff(close[1] > open,  high - low, max(open - close, high - low)), //else
iff (close[1] > open, max(high - open, close - low),//else
iff(close[1] < open, max(open - close, high - low), high - low))))))

nBBB = value2 - value
nBBBc = nBBB < 0 ? red : blue
plot(nBBB, style=line, linewidth=1, color=nBBBc)
plot(nBBB, style=histogram, linewidth=1, color=gray)
DONATE/TIP

BTC: 3FKWwtaYrf5NHZzaCi1fyAfQj7XSgtyCqe
How did this work out for you? interesting, but somewhat confusing

@dividendaddy, You can see it here:

Looks very interesting - I need to take some time to get my head around it
Thanks for the opportunity

patontheback
@patontheback, You are welcome.

Is there a script for this?

pcmourao
click make it mine and then open code from the chart and click Save. Then this script will be in your Indicators -> Customs Scripts.

HPotter
Thks