I’ve been seeing a lot of people want to ‘overlay’ different indicators, especially indicators that work best in their own chart space (like RSI, MACD, and other oscillators). The issue with overlaying indicators and especially oscillators is the scale of the indicators used. Typically the scale doesn’t match up well. But I realize some other platforms natively support this, so I went ahead and made an indicator who’s entire purpose is to be used as a wrapper around an input indicator. The indicator is called
toPercent and it transforms a set of data into a value between 0-100 using a standard statistical normalization function multiplied by 100.
Use it in a Worksheet, a period of 0 considers all loaded elements, while a period of anything greater than zero will consider that number of consecutive elements.
Or take another indicator’s output as input. First add the base indicator and indicator you want to convert to a percent value. Then add the
toPercent indicator from ‘Utility’ → ‘toPercent’. Under ‘Input’ choose one of the output values from the indicator you want to convert. Then under ‘Add as…’ choose ‘Area’ and select the base indicator. Here’s an example using the builtin indicators MACD and RSI:
Put RSI and MACD in the space:
macd normalized value is plotted over RSI:
You can make the base indicator a
toPercent chart to convert the indicator you want to overlay into a percent value as well. RSI already works on a 0-100 scale, but many oscillators do not.