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Published:

2011.12.28 07:33

Updated:

2016.11.22 07:32

updownbars.mq4 (2.94 KB) view

Download as ZIP, How to download code from MetaEditor

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The indicator counts the Up bars (Close-Open) and Down bars (Open-Close).

Calculation:

n = Up bars (Close>Open, first bar=1, last bar=n)

m = Down bars (Close<Open)

Oscillator indicator, my opinion - use it for filtering of entry, when UpDownBars is above 0 go only short and when UpDownBars is below 0 go only long.

Inputs:

UpDown_Period = 20 // period for calculation UpDown bar indicator
Average_Period = 10 // period for calculation Moving Average on indicator
Average_Method = Simple // method of Moving Average

UpDownBars indicator MetaTrader 4

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UpDownBars - indicator for MetaTrader 4