I'd prefer an overbought/oversold indior for candles.
As follows:
(5SMA_value 8LWMA_value 10LWMA_value 12LWMA_value 15LWMA_value)/5=average_of_mas
if price is over 15LWMA
take the gap of the High of the candle along with the average of MAs.
High_of_candle - average_of_mas=overbought_oversold_value
if price is under 15LWMA
take the gap of the Low the candle along with the average of MAs.
Low_of_candle - average_of_mas=overbought_oversold_value
I would enjoy the indior to draw bars in its own window.
The simple premise of the indior would be to reveal immediate overbought and oversold conditions in the market based on a area of Moving Averages. When the current price travels too far outside that area of MAs an condition is achieved price should return to that area of MAs before moving on to the state.
I know nothing about coding and would appreciate any help I could get.
Thanks!