This script helps you identify the relative strength of bulls and bears in the market. It calculates the difference between the high and the moving average for bulls, and the difference between the moving average and the low for bears. Then it normalizes the values between -100 and 100 using the highest and lowest values of the last "bars back" periods. This...
The purpose of this indicator is to give a quick snapshot of the balance between buyers and sellers. I've identified a few patterns which accurately indicate the market faze. If anyone identifies patterns or alternate uses, please share.
Based on BullBearPower indicator, this is a heavily modified version with colored candles to show when bulls or bears are buying or bailing. Includes Fibonacci Levels based on Highest/Lowest value in variable length, along with optional second timeframe and alternative calculation for candles and linear regression curves for increased versatility. Green = bullish...
