 Here’s a handy Ease of Movement(EMV) Indicator. I tried to include detailed comments so that anyone that’s learning pine can follow along.

The Ease of Movement Indicator is a volume based oscillator that is designed to measure the ease (or movability) of price movement for a security. The EMV is a centered oscillator, meaning that values can fluctuate above and below zero.

To understand how to use and interpret the EMV Indicator, its crucial to first understand its two main calculations :
Distance Moved = ((high + low) / 2) - ((high + low) / 2)
-This is the difference between the current period’s midpoint and the previous period’s
midpoint.

Box Ratio = (volume / 100,000) / (high - low)
-When calculating the Box Ratio, it is common to divide the volume by 100,000 for a clearer visualization of the data. However, users can choose
to modify this value with the ‘volumeDiv’ input.

The Ease of Movement Value is then pretty simple to calculate:
EMV = (Distance Moved / Box Ratio)

The indicator then plots a SMA of the previous 24 EMV Values.

Looking at the formula, we know that combining low volume with a large {high, low} range will result in a relatively small box ratio value. Thus, we know that the EMV value for that period will be higher since EMV is found by dividing the Distance Moved by the Box Ratio.

Here’s a simple guide to interpreting the EMV:
- If (EMV > 0)
then price is increasing with relative ease.

-If (EMV < 0)
then price is decreasing with relative ease.

- If high-low range is large and volume is low
then ease of movement is high.

-If high-low range is small and volume is high
then ease of movement is low.

The Chart:
-The histogram represents the Simple Moving Average of EMV Values. The default length is 24, but users can adjust this value at the inputs menu(I've
found 24 works best).

-The teal and pink dotted lines represent the standard deviation of the SMA of EMV values multiplied by 2.5.

-The histogram turns dark green when the EMV SMA is greater than the top teal dotted standard deviations line.

-The histogram turns maroon when the EMV SMA falls below the bottom pink standard deviation line.

How To Use:
Enter a long position when the most recent EMV SMA value was below the lower pink stand. dev. line and the current EMV SMA value rises above that
same pink line. That means the previous bar was maroon and the current bar is not.

If the user enables the option to show entry points, a green dot will be plotted when it is time to enter a long position.

Exit the long position when the most recent EMV SMA value was above the upper green standard deviation line and the current EMV SMA value falls
below that same line. If this is true, then the previous bar will be dark green, and the current will be light green.

If the ‘showExits’ option is enabled, then a red dot will be plotted when it is time to exit the long position.

Input Options:
- 'volumeDiv' : Integer. Used in the calculation of Box Ratio.
- 'lenSMA' : Integer. The length of the Simple Moving Average of Ease of Movement Values.
- 'showStDev' : Bool. If true, dotted green and red lines will be shown at values equal to 2.5 * standard deviation of emvSMA and -2.5 * standard deviation of
emvSMA.
- 'showEntries' and 'showExits' : Bool. If true, a green circle will be plotted at long entry points and a red circle will be plotted at long exit points.
- 'changeBgColor': Bool. If true, the background color will change to green when it is time to enter a long position and red when it is time to exit.

- When it is time to enter a long position, an alert with the message "EMV Tracker - Enter Long" is sent.
- When it is time to exit a long position, an alert with the message "EMV Tracker - Exit Long" is sent.

NOTE:
- I usually use this indicator to confirm signals from other indicators rather than relying on it solely.
- Most accurate signals are generated on 30 minutes with the default input values I've set in the script.

Shoot me a message if you have any ideas for modifications or questions.