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12 to 1 Indicator
Source: https://fxcodebase.com/code/viewtopic.php?f=17&t=73078
Forum: 17 · Topic 73078 · 1 post(s)
12 to 1 Indicator
Apprentice · Mon Dec 26, 2022 6:34 am
Based on source https://www.prorealcode.com/prorealtime … indicator/
The original intention is for it to be a longer term trend indicator on monthly charts to get an idea of overall market sentiment but there is no reason why it cannot be used on shorter time frames and with different ratios.
https://blog.thinknewfound.com/2018/03/ … following/
The indicator consists of taking the gain or loss over the last 12 month period and subtracting the gain or loss from the last months period. If the result is above zero then the sentiment is bullish and if below it is bearish.
You can change the ratio in the indicator by changing Period and Period2 from 12 and 1 to any other ratio such as 24:3 for example.