LazyBear

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.

List of my other indicators:
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: 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)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Kommentarer

thanks a lot !!! +10000000000000
+1 Svara
:)
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..
Svara
Thank you very much. This indicator seems to be more exotic. Here is one source explaining it (behind a pay wall):

http://technical.traders.com/archive/combo/display5.asp?author=Robert%2520J%2520Kinder%2520Jr
Svara
LazyBear ChartArt
Thanks. Note this is not exactly what you linked, this ignores volume.
Svara
ChartArt LazyBear
Oh. I didn't notice that difference.

Who is the original author of the EIDX? You?
Svara
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).
Svara
Is Willier?
Svara
LazyBear grahvity
Willier than %R, you mean? Will let you decide :)
Svara