EMA Difference
This is a custom script initially invented by Thomas Bierovic. It is a difference between opening and closing prices and it gives a good understanding of trend strength.
study(title="EMA Difference", shorttitle="EMAD") closing = input(9, minval=1, title="Closing") opening = input(9, minval=1, title="Opening") hi = input(9, minval=1, title="High") lo = input(9, minval=1, title="Low") CEMA = ema(close, closing) OEMA = ema(open, opening) HEMA = ema(high, hi) LEMA = ema(low, lo) CO = CEMA - OEMA HL = HEMA - LEMA plot(CO, color=blue, style=histogram) h1=hline(0.005) h2=hline(-0.005) fill(h1,h2,color=blue) //Created by Ali Mamedov