Indicator existence...
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I am looking for an indicator which I am sure will exist out there somewhere and maybe very common even.
Basically I want to be able to view the distance from a moving average of choice [variable, but something like ma20 probably] to the current bar high when ma20 is moving up and in the form of an oscillator or histogram , and the reverse when the ma20 is moving down, measuring the distance from the ma20 to the current bar low.
I am thinking this could be a good way to measure extensions oversold/overbought in a number of pips. You could use current extensions from ma20 and compare with historical extensions from the ma20.
Any ideas welcome.
et