There are already several indicators who measure the time behavior relative to price, the most well know being the Aroon indicator published by Tushar Chande. I propose an alternative indicator TPI who tend to create less whipsaw's at the cost of small reactivity.
The TPI is in a range of 0.5/-0.5 and is no different than the Aroon...
The idea of the OHM is to plot different lookback periods (lengths) of an indicator in a heatmap style. The original idea was published in march 2012 in TAS (traders.com) by John F. Ehlers and Ric Way.
On the y-axis you see the different lookback periods (lengths). At every candle the value of the indicator is...
Three views of Aroon Indicator - original, binarized and smoothed.
More 'readable' variations of this indicator will help to appreciate its role and integrate into trading strategies more readily.
Note that the smoothed Aroon can be viewed as a channel indicator when normalized to price series.