OPEN-SOURCE SCRIPT

Log Distance From MA + Ribbon

Updated
Taken inspiration from dkncrypto from his "Percentage Distance from MA" indicator.
Percentage Distance From Moving Average


I did a couple of very simple modifications.
I added exotic calculations so that it works properly in charts that reach the zero value (like the yield curve).
I also added a ribbon. It is now clearer when price is under resistance when compared to the deviation of it's trend.

The standard price ribbon describes support/resistance levels based on absolute vertical price distance.
The ribbon on the indicator I built describes support/resistance levels based around the trend of the price.

One could couple it with the KST-Based MACD indicator I built.
KST-Based MACD


In my future analyses, I will consider skipping the standard price ribbon and consult the Distance-From-MA ribbon.

Tread lightly, for this is hallowed ground.
-Father Grigori
Release Notes
Added copyright.
Moving Averages

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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