Median Proximity Percentile

Color-Coded Visuals

Easily interpret market trends with color-coded plots indicating bullish or bearish signals.

Flexibility

Customize the indicator with your preferred price source and lookback lengths to suit your trading strategy.

Advanced Alert System

Stay ahead with customizable alerts for key trend shifts and market conditions.

Deep Dive into the Code:

Choose your preferred price data source and define lookback lengths for median and EMA calculations. priceSource = input.source(close, "Source") and lookbackLength = input.int(21, minval = 1, title = "Lookback Length")

Calculate median value, price deviation, and normalized value to analyze market position relative to the median. medianValue = ta.median(priceSource, lookbackLength)

Determine upper and lower boundaries based on standard deviation and EMA. upperBoundary = ta.ema(positiveValues, lookbackLength) + ta.stdev(positiveValues, lookbackLength) * stdDevMultiplier

lowerBoundary = ta.ema(negativeValues, lookbackLength) - ta.stdev(negativeValues, lookbackLength) * stdDevMultiplier

Compute the percentile value to track market position within these boundaries. percentileValue = 100 * (normalizedValue - lowerBoundary)/(upperBoundary - lowerBoundary) - 50

Enhance your analysis with Hull Moving Average (HMA) for smoother trend identification. emaValue = ta.hma(percentileValue, emaLookbackLength)

Visualize trends with color-coded plots and characters for easy interpretation. plotColor = percentileValue > 0 ? colorUp : percentileValue < 0 ? colorDown : na

Set up advanced alerts to stay informed about significant market movements. // Alerts