A normalized true range by Larry Williams. The formula for the calculation:
ATR_Normalize=100 * MovingAvg (Close - Low, fast period) / (MovingAvg (True Range , slow period)
This is an indication of that it can be firmly and clearly defined when the price reaches peaks an falls to bottoms.
When the indicator is in the high zone, it usually portends that the security price will fall, and when it is in the lower area - says that prices will rise.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
The original indicator was developed in the MQL4 language and published in the CodeBase on 13.01.2013.
Figure 1. The ATR_Normalize indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/11336
The indicator colors candlesticks based on the highs and lows of previous bars.BnB
The indicator shows the power of bulls and bears.