This script is based on the Pro-Go indicator that Larry Williams came up with.
The formula is fairly simple.
He then averages out with a simple moving average (length of 14).
Credit: bharatTrader
The formula is fairly simple.
Close - Open = Professionals
Previous' Close - Open = Novices
He then averages out with a simple moving average (length of 14).
Code:
# Larry Williams Pro-Go
# Assembled by BenTen at UseThinkScript.com
# Converted from https://www.tradingview.com/script/R9iKLUAp-Public-Pro-Action/
declare lower;
input averageLength = 14;
input paintbar = no;
def public = close[1] - open;
def pro = close - open;
def avg_public = simpleMovingAvg(public, averageLength);
def avg_pro = simpleMovingAvg(pro, averageLength);
def res = avg_pro - avg_public;
def priceSMA = simpleMovingAvg(close, averageLength);
plot pu = avg_public;
plot pr = avg_pro;
pu.AssignValueColor(color.red);
pr.AssignValueColor(color.green);
def condition1 = pu > pr;
assignPriceColor(if paintbar and condition1 then color.red else if paintbar and !condition1 then color.green else color.current);
Credit: bharatTrader