The indicator represents two moving averages calculated based on the range of one-direction candlesticks.
One MA is for bullish range, the other one is for bearish candlesticks.
It has two configurable parameters:
- Period - calculation period (candlestick range)
- Applied price - calculation price
Calculations:
UP = SumUp / CountUp
DN = SumDn / CountDn
where:
SumUp = Sum of SMA(Applied price, 1) for all bullish candlesticks within the Period
SumDn = Sum of SMA(Applied price, 1) for all bearish candlesticks within the Period
CountUp - number of bullish candlesticks within the Period
CountDn - number of bearish candlesticks within the Period
