I had the idea to make this indicator thanks to @dpanday with the support of @Coppermine and @Reika. is a non parametric indicator based on used by lot of traders and institutions, its non parametric particularity makes it great because it don't need to go through parameter optimization. Today i present a similar indicator called Ratio OCHL Averager based on exponential averaging by using the ratio of open-close to high-low range by using monthly high/low.
The indicator can more recursive by checking the "recursive" option, this allow to use the indicator output instead of the open price for the calculation of the ratio of open-close to high-low range. The result is a more reactive estimation,
The indicator reactivity change based on the time frame you are in, using higher time frame result in a more reactive indicator, however it is way less reactive than the , this is a personal choice since i wanted this indicator to be smooth even with high time frames, if you want to change that you use another resolution for H and L in line 5,6.
I presented an alternative to based on the Ratio OCHL indicator. I hope you like it and thanks for reading !
Thanks to Coppermine and Reika for the support during the creation of the indicator