To identify your bias for a market at a glance, I have developed the Bias Determinator indicator. The indicator shows blue candles when the bias is bullish and red candles when the bias is bearish. When the bias is bullish, neutral candles (bearish candles in a bullish bias) are light gray. In opposit, when the bias is bearish, ( bullish candles in a bearish bias) are also light gray. The indicator is based on Raghee Horner’s GRaB indicator. For this example (attachement) I have used the (visible) MA200 to identify the bias. You can tweak this yourself to invisible or another moving average.
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//Bias Determinator indicator //24-10-2017 //Marcel van Vliet //--- parameters // mmTYPE=1 (mm type) // --- MA=average[200] bodyhigh = max(open,close) bodylow = min(open,close) if(open<=close and close > MA) then LongWickUp = high LongCandleUp = bodyHigh LongWickDown = low LongCandleDown = bodyLow elsif(open>=close and close > MA) then LongWickUp = low LongCandleUp = bodyLow LongWickDown = high LongCandleDown = bodyHigh elsif(open<=close and close < MA) then ShortWickUp = high ShortCandleUp = bodyHigh ShortWickDown = low ShortCandleDown = bodyLow elsif(open>=close and close < MA) then ShortWickUp = low ShortCandleUp = bodyLow ShortWickDown = high ShortCandleDown = bodyHigh endif //bullish candlesticks if close>MA then DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,0,102) Endif //Neutral candlesticks above the MA If close>MA and close<open then DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(150,150,150) Endif //bearish candlesticks if close<MA then DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0) Endif //Neutral candlesticks under the MA If close<MA and close>open then DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(150,150,150) Endif RETURN |
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Thank you for sharing, best regards