Phase Change Index script.
This indicator was developed and described by M. H. Pee (Stocks & Commodities V.22:5 (28-37): Phase Change Index).
Other indicators of M. H. Pee:
This study is an experimental variation of Peter Martin's Ulcer Index that calculates the risk measures in the long and short direction for comparison.
The index is a measure of volatility that can be used to locate low risk trading opportunities.