PROTECTED SOURCE SCRIPT
Market Balance
Updated
This indicator simply tracks the balance of the supply/demand and will always revert to the mean.
If the market is over bought it will move above the mean, hit a limit and come back toward the mean. Opposite for oversold.
The difference between this and MFI or RSI is that a market can move up or down in an organized fashion and stay close to the mean. It is impulsive moves up or down that will correct.
So a trader might be able to gauge whether an given stock has the likelihood to pullback or bounce based on this indicator.
The color indicator attempts to predict the color of the next bar.
Works well with Heiken Ashi style candles as well.
If the market is over bought it will move above the mean, hit a limit and come back toward the mean. Opposite for oversold.
The difference between this and MFI or RSI is that a market can move up or down in an organized fashion and stay close to the mean. It is impulsive moves up or down that will correct.
So a trader might be able to gauge whether an given stock has the likelihood to pullback or bounce based on this indicator.
The color indicator attempts to predict the color of the next bar.
Works well with Heiken Ashi style candles as well.
Release Notes
Added .. balance zoneRelease Notes
Some small aesthetics.Note, the color indicator on the moving average is a prediction of the next bar color.
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