^^ A mahEffortResultIndex V1.1 ^^

This is a conversion of the original EffortVsResultIndex indicator. The indicator measures a security's price normalized movement (Result) relative to its normalized volume change (Effort) over a given time span.
NOTES:

1. This version is only one interpretation of the original indicator. Some additional improvements include a potential breakout Balance Bar signal, to the original indicator.
2. The balance bars are usually a potential reversal/continuation breakout signal and needs conformation. The signal bar logic is price size, volume size, and volatility dependent and needs to be customized using the provided multiplier parameter to user’s liking how often balance bars are generated.
3. Also, the indicator plots on a scale of -100 to 100 the relative effort needed for the price movement below and above zero line, respectively.
4. The Indicator name is changed to simple mahEffortResultIndex for version clarity. Credit goes to Karthikmarar for the original indicator. See the author’s original interpretation of his indicator here:

https://www.youtube.com/watch?v=iyD3TZTaxmk

Cheers!​

Exported using: 8.0.27.1 64-bit