Open/Close Delta

The Open/Close Delta displays the absolute difference between the open and close prices. A green bar is displayed if the close is higher than the open, otherwise the bar will be red. No user inputs are required for this indicator. This indicator’s definition is further expressed in the condensed code given in the calculation below.

How To Trade Using Open/Close Delta

No trading signals are calculated for this indicator.

How To Access in MotiveWave

Go to the top menu, choose Study>Custom>Open/Close Delta

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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Calculation

//index = current bar number

iopen = getOpen(index);
iclose =getClose(index);
setColor(iclose-iopen);
Plot: delta = Math.abs(iclose - iopen);