Effort v Reward

I made this indicator to make it easier to compare volume and price movement. This is similar in concept to the Market Facilitation Index by Bill Williams, although hopefully this can make that analysis easier to see at a glance (similar to the way some bar overlays/recolors work but with more detail and in its own pane). The primary use for this indicator would be paying attention to the red EMA, which shows the difference between price movement and volume, normalized within the normalization lookback period (adjustable, defaults to 30 bars). When the red ema moves up, it means there is less effort required to move price more, which means the trend (if there is one) is probably stronger or has had resistance removed/shaken out already; if the red ema moves down into the negative, it means there is a lot of effort for very little price movement, meaning a large battle between the bears and the bulls currently (squat). Enjoy, let me know if you want adjustments, and safe and successful trading!

Sürüm Notları:

Update the line color to indicate when values are negative or over 1. I may need to adjust this to some other value rather than a static 1, we'll see.

Sürüm Notları:

Updated the highlighting to use a BB instead of static <0, >1 values. The StdDev is adjustable as an input.