The Enhanced Index (EIDX) is a modified William %R that behaves much like the original, to indicate overbought and oversold market conditions.
EIDX has the advantage of
- Reacting more quickly to changes in buying power.
- Predicting market turning points better than other oscillators. Divergences are more pronounced.
List of my other indicators:
EIDX has the advantage of
- Reacting more quickly to changes in buying power.
- Predicting market turning points better than other oscillators. Divergences are more pronounced.
List of my other indicators:
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
//
// @author LazyBear
// List of all my indicators: https://www.tradingview.com/v/4IneGo8h/
//
study("Enhanced Index [LazyBear]", shorttitle="EIDX_LB")
src=close
length=input(14)
lengthMA=input(8)
dnm=(highest(src, length) - lowest(src, length))
closewr=2*(src-sma(src, round(length/2)))/dnm
ul=hline(1, color=red), ll=hline(-1, color=green), hline(0)
fill(ul,ll)
plot(closewr, color=green, linewidth=1)
plot(ema(closewr, lengthMA), color=red)