BodyMassIndicator.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © FxCloudTrader

//@version=5
indicator("Body Mass Indicator", "BMI", overlay = true)
enableBodyMass      = input.bool(true, "5.1 Enable Body Mass Indicator")
enableBodyATRMass   = input.bool(false, "5.2 Enable Body Mass ATR Indicator")
lookbackperiod = input.int(26, "Look back periods")
noOfAtr = input.int(1, "Number of ATRs vs body mass")

BodyRange() =>
	math.abs(close - open) 

// Get the highest body range of the past number of bars
highestBodyRange = ta.highest(BodyRange(), lookbackperiod)

if highestBodyRange==BodyRange() and enableBodyMass
	if close > open
    	label.new(bar_index, na, "▲\n" + str.tostring(highestBodyRange, format.mintick), yloc = yloc.belowbar, style = label.style_none, textcolor = color.black, size = size.normal)
	else if close < open
		label.new(bar_index, na, str.tostring(highestBodyRange, format.mintick) + "\n▼", yloc = yloc.abovebar, style = label.style_none, textcolor = color.black, size = size.normal)

if BodyRange()> ta.atr(lookbackperiod) * noOfAtr and enableBodyATRMass
	if close > open
    	label.new(bar_index, na, "▲\n" + str.tostring(BodyRange(), format.mintick), yloc = yloc.belowbar, style = label.style_none, textcolor = color.black, size = size.normal)
	else if close < open
		label.new(bar_index, na, str.tostring(BodyRange(), format.mintick) + "\n▼", yloc = yloc.abovebar, style = label.style_none, textcolor = color.black, size = size.normal)

//Display every candlestick range for testing environment
// label.new(bar_index[0], na, str.tostring(BodyRange(), format.mintick) + "", yloc = yloc.belowbar, style = label.style_none, textcolor = color.black, size = size.normal)

// plotshape(highestBodyRange==BodyRange()?highestBodyRange:na,   title = 'Body Mass',  style=shape.flag, location=location.bottom, offset=0, color=color.new(color.yellow, 50), size=size.small, display = enableBodyMass?display.all:display.data_window)