This is not only helpful for historical analysis over time, but this can also be a time saver if you are trying to calculate the measured distance of a move. Save clicks - no more needing to use the measuring tool.
The settings of the indicator on the chart above are:
- Measure Candle Body Only? - No
- Highlight Thresholds? - Yes
- Thresholds Based on Moving Averages? - Yes
- Low Percent Threshold - 3.0
- High Percent Threshold - 7.0
- Show Moving Average? - Yes
- Moving Average Length - 5
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 a publication is governed by House Rules. You can favorite it to use it on a chart.