From 51af7ad7d2b6f834c6bbd6010c59de827a2ec5da Mon Sep 17 00:00:00 2001 From: moshferatu Date: Tue, 22 Oct 2024 06:10:11 -0700 Subject: [PATCH] Add description to IBS indicator documentation --- indicators/internal-bar-strength/README.md | 12 ++++++++++++ 1 file changed, 12 insertions(+) diff --git a/indicators/internal-bar-strength/README.md b/indicators/internal-bar-strength/README.md index bb3cc8b..d8cde14 100644 --- a/indicators/internal-bar-strength/README.md +++ b/indicators/internal-bar-strength/README.md @@ -1,3 +1,15 @@ # Internal Bar Strength +The **Internal Bar Strength (IBS)** indicator measures the relative strength of a bar's close compared to its range. + +The formula for calculating the IBS is as follows: + +``` +IBS = (Close - Low) / (High - Low) +``` + +The value of the IBS ranges between 0 and 1. + +If the close of the bar is at the low, the value will be 0, and if the close is at the high, it will be 1. + --- \ No newline at end of file