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:
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.
// // @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)