WA-%Chg with Background

Description
The WA-%Chg with Background indicator measures the percentage change in a selected price source over a user-defined period. It allows traders to visually and quickly assess bullish and bearish momentum through dynamic color coding and background shading.

Percentage Change Calculation – Uses ta.roc to determine the rate of change over the chosen length.

Customizable Alerts – Set upper (HiAlert) and lower (LoAlert) thresholds to get notified when momentum crosses bullish or bearish trigger levels.

Dynamic Line Coloring – Blue when above the bullish threshold, red when below the bearish threshold, and gray when in neutral territory.

Background Highlighting – Light blue shading for bullish zones, light red shading for bearish zones.

User Customization – Modify calculation length, colors, and alert thresholds to suit your trading style.

This tool is useful for identifying breakout conditions, momentum shifts, and potential reversals at a glance. Traders can combine it with other indicators for confirmation.

Disclaimer
This indicator is provided for educational purposes only and should not be considered financial advice. Past performance of any indicator or strategy is not indicative of future results. Trading in financial markets involves significant risk, including the risk of losing capital. Always perform your own analysis and consult with a qualified financial advisor before making any investment decisions. The author assumes no liability for any losses incurred from the use of this tool.