DYO: Normalized Candles example

Q:  I was thinking of a way that I would like to visualize the markets the other day and wondered if this was available through ensign by modifying one of your do it yourself studies.  Or, perhaps you have something like this already.   It would show price advance or decline per time period on an axis that was normalized to the open price. 

A:  The idea for candles to be normalized based on the open can be implemented with the Design Your Own study as shown here.

Template:  1342-NormalizedCandle

The Open price is subtracted from the four prices that make up a Candlestick.   The new normalized candle is plotted on its own scale in a sub-window.

This DYO example has been made into a training video.   Click this link:  Video