Ratio OCHL Averager - An Alternative to VWAP


I had the idea to make this indicator thanks to @dpanday with the support of @Coppermine and @Reika. Vwap is a non parametric indicator based on volume used by lot of traders and institutions, its non parametric particularity makes it great because it don't need to go through parameter optimization. Today i present a similar indicator called Ratio OCHL Averager based on exponential averaging by using the ratio of open-close to high-low range by using monthly high/low.

The Indicator

The indicator can more recursive by checking the "recursive" option, this allow to use the indicator output instead of the open price for the calculation of the ratio of open-close to high-low range. The result is a more reactive estimation,

The indicator reactivity change based on the time frame you are in, using higher time frame result in a more reactive indicator, however it is way less reactive than the vwap , this is a personal choice since i wanted this indicator to be smooth even with high time frames, if you want to change that you use another resolution for H and L in line 5,6.


I presented an alternative to vwap based on the Ratio OCHL indicator. I hope you like it and thanks for reading !

Thanks to Coppermine and Reika for the support during the creation of the indicator
Hilangkan dari Skrip-Skrip Favorit Tambahkan ke Skrip-Skrip Favorit
You can check my indicator papers here :
Nice work. This looks promising on forex since MVWAP is unavailable without volume information
+1 Jawab
alexgrover jaggedsoft
@jaggedsoft, Thanks for your comment and support, i hope to see more indicators using the ohlc ratio in the future :) (you sure like adding colors to my stuff)
Congratulations man !!! Excellent work
+1 Jawab
@renan_br, Thank you :)
Great indicator.
I have created a small strategy out of that, I hope it's ok for you.
+1 Jawab
Another new intrepid idea indicator; you're great Alex; thank you for your efforts so far =D
+1 Jawab
@ICEKI, Thanks for the support, i hope it to work well :)
this is great, thanks!
+1 Jawab
@wroclai, Glad you like it :)
+1 Jawab
Thank you for this!
+3 Jawab
Beranda Penyaring Saham Penyaring Forex Penyaring Crypto Kalender Ekonomi Bagaimana Cara Kerjanya Fitur-Fitur Chart Harga Akun Tata Tertib Moderator Solusi Website & Broker Widget-Widget Solusi Charting Pusat Bantuan Permintaan Fitur Blog & Berita Yang Sering di Tanyakan Wiki Twitter
Profil Pengaturan Profil Akun dan Penagihan Coin TradingView Tiket Dukungan Saya Pusat Bantuan Ide Terpublikasikan Pengikut Telah Mengikuti Pesan Pribadi Obrolan Keluar