Chandes Quick Stick (Qstick) - indicator for MetaTrader 5

Indicator was designed by scientist, inventor, author, and trader Tushar Chande in order to help identify market trends with the use of candlestick charts.

In case the Qstick indicator shows a reading below zero, this is indicative that the majority of candlesticks during the examined period are bearish, thus, the bias for the trading instrument is bearish.

In case the Qstick indicator shows a reading above zero, this is indicative that the majority of candlesticks during the examined period are bullish, thus, the bias for the trading instrument is bullish.

There are several ways, in which the Qstick can generate trading signals:

• Crossings over the zero line. If the indicator crosses above zero, this is a signal to buy. If the indicator crosses below zero, this is a signal to sell.
• Looking for extreme levels. If the Qstick indicator is at very low level and begin reversing up, this is a signal to buy. If the indicator is at very high level and begin reversing down, this is a signal to sell.
• Looking for divergences. If the market is forming lower lows and the Qstick is forming higher lows, this is a bullish divergence and a signal to buy. If the market is forming higher highs and the Qstick is forming lower highs, this is a bearish divergence and a signal to sell.