[blackcat] L1 Larry Williams VixFix Indicator

Level : L1

Larry Williams, had this idea to create a synthetic VIX for more than just the main stock indices. Check out the formula for Williams VixFix:

```
VIX Fix Formula = (Highest(Close, 22) – Low) / (Highest(Close, 22)) * 100
```

What does this even mean? In normal person terms, here's what it's all about:

1. Find the highest close over the last 22 days and subtract today's low (or the current bar).
2. Divide that by the highest close of the past 22 days.
3. Multiply the result by 100 to "normalize" the indicator.

Why 22 days, you ask? That's how long the normal month of trading days is.

So, you see, the formula is pretty chill. It's just a way to measure the price volatility of the last 22 trading days. It's a bit of a lagging indicator, but it gets the job done.

Here my version of this scriptcreates a custom technical indicator called "L1 Larry Williams VixFix" that measures the distance between the highest high and the lowest low of a security's price over a specified period.

The user can adjust the period length and source price used in the VixFix calculation. The period length is set to 22 by default, but can be modified by the user with the "Length" input parameter. The source price is set to "close" by default, meaning it will use the closing price of each bar to calculate the VixFix. However, the user can also choose a different type of price data, such as open, high, or low.

The VixFix is calculated as a percentage of the difference between the highest close and the lowest low over the specified period. This percentage is then multiplied by 100 to create a more readable value.

Finally, the code plots the VixFix line on the chart with a yellow color and a thickness of 2. This allows the user to easily visualize the VixFix value and incorporate it into their trading decisions.

Overall, this script provides a powerful tool for technical analysis that can help traders identify potential trend changes and market reversals.

Versionshinweise:

upgrade to v5

Versionshinweise:

upgrade to v5