Psychology Index to see market sentiment

The index is counting bullish and bearish candles over a specified period on a given symbol and timeframe. For each bullish candle, it counts +1 and computes the index by the sum of updays diveded by the total period multiplied by 100 (for normalization). So the index is in the range of 0 to 100. 


Here is the code of the indicator:


#Param "LookBack",12 ' Number of lookback periods



If C > C[1] Then

UpDay=1
Else
UpDay=0
End If

PsychIndex = Sum(UpDay,LookBack) / LookBack * 100

SetScales(0,100)
Plot("Psychology Index",PsychIndex,blue)

Return PsychIndex