This indicator is a normalized price representation made with candlesticks. The dynamic scale between 0 and 100% is calculated upon the last X periods (50 periods in the code, you can change it at will). It can be used to detect price exhaustion in a trend of continuation if the candlesticks remains above the 50% level.
Another utility is the use of the different levels that could be changed to Fibonacci levels for examples (23.6% 38.2% etc.) and detect rebounds of breakout of these levels.
PRT 10.3 compatible only because of the use of the DRAWCANDLE function.
Coded by request on the French forum (french video that explain the development process of the normalized candlesticks).
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//PRC_CandlesticksStochastic | indicator //25.10.2016 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge period = 50 //lastest highhest high and lowest low over "period" hh = highest[period](high) ll = lowest[period](low) scale = hh-ll //dynamic OHLC (percentile rank) dynO = ((open-ll)/scale)*100 dynH = ((high-ll)/scale)*100 dynL = ((low-ll)/scale)*100 dynC = ((close-ll)/scale)*100 //candle color if open>close then r = 255 g = 0 else r = 0 g = 255 endif //draw candlesticks DRAWCANDLE(dynO,dynH,dynL,dynC) coloured(r,g,0)// BORDERCOLOR(0,0,0) return 20 as "20% level", 50 as "50% level", 80 as "80% level" |
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ProRealTime ITF files and other attachments :
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Bonjour Nicolas
Je souhaiterais faire colorier le fond du graphique supérieur en vert lorsque le close est inférieur a 20 et le
faire colorier en rouge lorsque le close est supérieur à 80 ,j’ai essayé mais sans succès peux tu m’aider??
Merci d’ouvrir un sujet dans le forum approprié.
Hello Mr Nicolas..
Please how can I set this up as an indicator to work on mt5. Your guidance is much needed. Thanks