Kagi On Chart - indicator for MetaTrader 5

This indicator differs from the standard Kagi chart as it is drawn on a considering timeframe, so the process of forming of "yang" and "yin" lines is exactly traced. In fact, no Moving Averages or periods, and only price movement on a certain distance and breakthrough of the previous local minimums/maximums are used in drawing the Kagi charts. Suggested that the Kagi is not "one more kind of chart", but represents a good alternative to different trend indicators.

Comparison of the KagiOnChart indicator (in the main window) with a standard chart-indicator Kagi (in the subwindow). The analogical area of the indicators is marked in the figure, but in the first case consider time of lines formation, in the second case don't consider it.

Recommendations:

• The very simple principle is to buy when "yang" (blue line), to sell when "yin" (red line).
• After reversal wait for the confirmation in the form of a second vertical line of the same color in direction to a new trend.
• A more detailed description of the Kagi charts and their use can be find in the book by Steve Nison "Beyond Candlesticks".