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1315
Rating:
votes: 7
Published:
2018.07.09 11:05
Updated:
2018.09.17 10:57

The indicator is intended for roughly estimating the direction of the next candlestick, depending on exceeding the average candlestick range over a period of time.

If the range of the current candlestick exceeds at least double (to be defined in the parameters) of the average range of candlesticks over a period of time, the next candlestick can be in the same direction as the current one.

It has two parameters:

  • Period - period for calculating the average range
  • Multiplier - multiplier to calculate the threshold value

Calculation:

If SoT > AVG * Multiplier, then The next candlestick must have the same direction as the current one

where:

SoT = ((Close - Open) / Volume) * 1000000000

AVG = MA(SoT, Period)

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/20990

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