Larry Williams Proxy Index (LWPI) [Loxx] is an indicatory by Larry Williams as explained in his book "Trade Stocks and Commodities with the Insiders: Secrets of the COT Report", pages 129-135. This is an INVERSE indicator, so follow the signals and colors to understand what it's doing. I've added optional smoothing if you wish to smooth the output.
What is the Larry Williams Proxy Index (LWPI)? The original concept was specifically based on Trader (or Market) Sentiment and predicting market reversals. It's calculated as follows:
MovingAvg(Open-Close, bars used in average)/MovingAvg(Range, bars used in average)*50+50
Good afternoon. Great job)) One small note, if possible. LW has different period settings, both daily and weekly
flap18028
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That is very usefull Thing man, thanks for your job!
TraderX-
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hi. why is display of red and green inverted? better would be green up and red down... can you maybe add an option to invert it or sth? otherwise it's quite confusing. thanks!