OPEN-SOURCE SCRIPT
Premium/Discount Zone Buy/Sell Indicator JMJ
This indicator calculates whether the opening price is in a premium or discount zone, based on the specified premiumThreshold and discountThreshold values. A premium zone is defined as when the difference between the high price and the opening price divided by the opening price is greater than or equal to premiumThreshold. A discount zone is defined as when the difference between the opening price and the low price divided by the opening price is less than or equal to discountThreshold. The premium and discount signals are plotted as green and red triangles, respectively.
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