Ups and Downs BARS INDICATOR
This indicator calculates and plots two lines on the basis of the number of bars which went Up and Down (aggregated value) during a period specified in bars. For example, if you take 100 bars, the last value of the indicator will tell you how many of the latest 100 bars are UP and how many of them are DOWN.
It works on all timeframes. If focuses only on the direction of the movement, distance of the movement is not taken into account. The underline logic is like a in a casino game, where the probability of UP/DOWN move is 50%/50%, as ups and downs converge in probability over the long term. Ups are the bars with close price > open price, and downs are the bars with close price < open price.