Price Oscillator Indicator (for Grid Stratagy)

What is this?
This indicator represents the range that the price travels from its lowest to its highest point within a single candlestick. It is calculated as follows: (Highest Price - Lowest Price) / Closing Price * 100.

What is its purpose?
The indicator is specifically designed for grid trading, allowing traders to evaluate the arbitrage efficiency of conducting grid trading on a particular asset.

How to use this indicator?
Add it to your TradingView chart and switch the chart to a 1-minute timeframe. You can adjust the 'slow sma length' parameter to calculate the price oscillator for a specific period (the default value is 4320, which equals 3 days). The higher the amplitude of an asset, the more efficient it may be to apply a grid trading strategy on that asset.

Please note, this indicator is solely for assessing the price fluctuation range of assets and should not be taken as investment advice.