CHANGE BAR OPEN-CLOSE [DIGGERDOG]

23 sept.

CHANGE BAR OPEN-CLOSE [DIGGERDOG]

This Pine Script titled **"CHANGE BAR OPEN-CLOSE [DIGGERDOG]"** calculates and visualizes the difference between the opening and closing prices of each bar, either as a percentage or as a price difference. The script also includes a Rolling Moving Average (RMA) of the price change and plots it along with a histogram of the price changes.

Key Features of the Script:

1. **Input Parameters:**
- **Bar Width (`input_barwidth`)**: Allows the user to adjust the width of the histogram bars.
- **Price Change Type (`input_percentorprice`)**: Lets the user choose whether the price difference is shown as a percentage (`True`) or as a price difference (`False`).
- **SMA Length (`input_ma`)**: Defines the length of the Moving Average (SMA).

2. **Price Data:**
- `priceC`: Closing price of the current bar.
- `priceO`: Opening price of the current bar.

3. **Price Change Calculation:**
- The price change (`priceDiff`) is calculated based on the user’s selection.

4. **Bar Color Based on Price Change:**
- If the price change is negative, the bar is colored red.
- If the price change is positive, the bar is colored green.

5. **Simple Moving Average (SMA):**
- The SMA is calculated using the `ta.sma` function, based on the user-defined length (`input_ma`) applied to the price difference.

6. **Plotting:**
- **Histogram**: The price difference is plotted as a histogram. Positive values are green, and negative values are red.
- **SMA Line**: The smoothed RMA is plotted as a blue line.

7. **Horizontal Lines:**
- A solid blue line at **0** marks the zero level, separating positive and negative changes.
- Dashed green and red lines at **2** and **-2** indicate positive and negative threshold levels.

Usage:
- **Visualizing Price Change**: This script helps you visualize the difference between opening and closing prices as a histogram, allowing for an easy assessment of price momentum.
- **RMA as a Trend Indicator**: The RMA line shows the smoothed direction of price change, helping to identify underlying trends and potential reversals.
- **Threshold Lines**: The horizontal dashed lines can serve as threshold markers, signaling when price changes exceed normal ranges.

This script is a great tool for identifying price momentum and trend shifts based on the relationship between the open and close prices. If you need further customizations or have any questions, feel free to ask!