Percent Change of Day [ilovealgotrading]

31 mar 2023

• OVERVIEW:

This indicator aims to effectively show us the percentage change of the price within the time frame we have chosen.



What is the purpose of this indicator?
This indicator shows how the price changes for each bar at different time frames we have chosen. By examining the percentage change in different time periods, we can easily look at the change in the face of the market during the time interval. Also if the price is above or below the value of 0 during the specified time, the color of our percentage line changes.
https://www.tradingview.com/x/DUTagv56/

• IMPLEMENTATION DETAILS:

First of all, let's understand How to Calculate Percent Change?
The difference between the old and new value of a quantity given in percentages is known as a percent change. It's rather simple to calculate the % difference between two given quantities.
The formula is given by;
https://www.tradingview.com/x/n3TsSPX9/
Example
The price of a kilo of rice went from 10$ to12.5$, what is the percentage change?
Explanation
• The old value of sugar = $ 10
• New value = $12.5
• Now apply the percent change formula;
• Percentage change = [(New Value − Old Value)/ Old Value] ×100%
= [(12.5 -10)/10] x 100%
= (2.5/10) x 100%
= 25%
In this case, the percent change is positive and therefore, it is an increase.


How Is Percentage Change Used in Finance?
In the world of finance, percentage change is frequently used to analyze changes in the value of stocks or major market indexes over time.
Percentage change is used for many purposes in finance, most notably to track the price change of stocks market and crypto market.


What can we change from the settings panel ?
https://www.tradingview.com/x/0wupGckC/
We can set time frame setting of the percentage change from place number 1
We are able to adjust the changing color if the percentage change is above or below zero from place 2 and 3

• ALSO:

Please do not open trades without properly managing your risk and psychology!!!

If you have any ideas what to add to my work to add more sources or make calculations cooler, suggest in DM .