It is like an improved version of the deviation rate from the R-type (Radioyazi) moving average line used in stocks.
5RMA deviation rate is red and 25RMA deviation rate is blue. RMA is the average of the opening, high, low and closing prices. You can change it to SMA or close price in the settings. Pink is (5RMA+25RMA)/2. Each line is a band, the upper end is the high price, the lower end is the low price, and the middle line is the closing price. If you don't need the high/low price band, you can turn it off in the settings. The gray line is the difference between the red 5RMA deviation rate and the blue 25RMA deviation rate.
It draws the results on the daily chart even on the intraday chart.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. Bir grafikte kullanmak için favorilere ekleyebilirsiniz.
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