Enhanced Index [LazyBear]

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.

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Open-source script

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.

Want to use this script on a chart?
// @author LazyBear 
// List of all my indicators:
study("Enhanced Index [LazyBear]", shorttitle="EIDX_LB")
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)
plot(closewr, color=green, linewidth=1)
plot(ema(closewr, lengthMA), color=red)
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thanks a lot !!! +10000000000000
+1 Svara
I m not a programmer but wondering ... how would u compare this to Ultimate Oscillator.. which one do u think is better in giving a more trust worthy signal to a trader..
Thank you very much. This indicator seems to be more exotic. Here is one source explaining it (behind a pay wall):
LazyBear ChartArt
Thanks. Note this is not exactly what you linked, this ignores volume.
ChartArt LazyBear
Oh. I didn't notice that difference.

Who is the original author of the EIDX? You?
LazyBear ChartArt
It is Robert Kinder (author of the article). His EI takes volume and prior close in to account, while this is just modified %R (current close).
Is Willier?
LazyBear grahvity
Willier than %R, you mean? Will let you decide :)