Good to compare top and bottom (get divergences), and oversold and overbought areas (like ).
If you liked, send me a small amout of bitcoin to 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf it will encorage me to create other indicators open source.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
study("Relative PEMA","R_PEMA") src = close ema2 = ema(src, input(100,"EMA 1")) ema1 = ema(src, input(200,"EMA 2")) dif = ema2- ema1 max = ema2 + 6*dif min = ema1 - 2*dif zero = min > max ? max : min cem = min > max ? min : max value = src < zero ? 0 : src > cem ? 100 : ((src - zero)/(cem-zero))*100 plot(value, color=navy) band1 = hline(70) band0 = hline(30) fill(band1, band0, color=navy, transp=90)