This is my first contribution to the library.
I was inspired by the indicator of a very good trader Fabrizio (aka Forex Fabri Ferrero), but do not know his original code because it is protected, so I tried to code it myself.
I use it mainly for binary options with a 4-step scale for each entry into martingale.
The reversing signal from me to the overcoming of the value 25, then 50, then 75, then 100, and vice versa with negative values.
edit by admin: this technical indicator operates basically as a dynamic scale of the last-minute price (actual candlestick compared to the previous 60th one and weighted by the market speed within the ATR).
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//Alessandro Paolini indicator //n1=0 //n2=60 rendopen = (10000*LOG(open[n1]/close[n2]))/((AverageTrueRange[n2](close))*1000) rendhigh = (10000*LOG(high[n1]/close[n2]))/((AverageTrueRange[n2](close))*1000) rendlow = (10000*LOG(low[n1]/close[n2]))/((AverageTrueRange[n2](close))*1000) rendclose = (10000*LOG(close[n1]/close[n2]))/((AverageTrueRange[n2](close))*1000) IF rendopen <= rendclose THEN // Green candlestick DRAWCANDLE(rendopen,rendhigh,rendlow,rendclose) COLOURED(0,255,0) ELSE // Red candlestick DRAWCANDLE(rendopen,rendhigh,rendlow,rendclose) COLOURED(255,0,0) ENDIF DRAWHLINE(0)coloured(0,0,0) DRAWHLINE(100)coloured(200,0,0) DRAWHLINE(50)coloured(200,0,0) DRAWHLINE(25)coloured(200,0,0) DRAWHLINE(75)coloured(200,0,0) DRAWHLINE(-100)coloured(0,200,0) DRAWHLINE(-50)coloured(0,200,0) DRAWHLINE(-25)coloured(0,200,0) DRAWHLINE(-75)coloured(0,200,0) RETURN |
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