ROCCS is a standardized rate of change oscillator with "error bars". Rate of change helps traders gauge momentum in a market by comparing the current price with the price "n" periods ago. What makes this special is you get to see the momentum of the momentum via the candle view. The candle transformation utilizes a moving average to smooth the signal however this is only used for the close price. The high and low prices are not smoothed. The moving average has an adjustable period, and so does the standardization.
I hope you can find great use in this upgraded roc indicator.
Is there anyway to standardize, rate of change to scale between 0 to 100 value ? Thanks for your wonderful script I am finding it really useful in my setup.
peacefulLizard50262
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@Ski5iS, would you like me to take the absolute min max and have 50 represent no change?
Ski5iS
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@peacefulLizard50262, Yes exactly, my point. If you can add absolute min (0) and max (100) with 50 being mean, it will help a lot to eliminate noise and understand where we are in the cycle. Really appreciate, if you can add this change. I am still relatively new to pinescript coding so trying to recode ROC for the same purpose. Thanks once again for replying back!
Thanks for your wonderful script I am finding it really useful in my setup.