Candle strenght indicator

[mdenriet]

Hello,

i'm a newbie to Forex trading....

I really like candlesticks, and am looking for a way to create an indicator which gives a strong signal when a DOJI/Gravstone/hammer apears.

In excel the calculation goes:

((ABS((1-(Open/Close))/(1-(High/Low))))-1)*-100

ABS is an absolute function to turn the result into a positive, before the last of the formula "-1)*-100" is calculated.

The result is in a range to max 100, where 100 would give the strongest signal.

Is it possible to turn this calculation into a indicator window?

greetings

Marcel

[Mladen Rakic]

mdenriet

Here you go

mdenriet:
Hello,

i'm a newbie to Forex trading....

I really like candlesticks, and am looking for a way to create an indicator which gives a strong signal when a DOJI/Gravstone/hammer apears.

In excel the calculation goes:

((ABS((1-(Open/Close))/(1-(High/Low))))-1)*-100

ABS is an absolute function to turn the result into a positive, before the last of the formula "-1)*-100" is calculated.

The result is in a range to max 100, where 100 would give the strongest signal.

Is it possible to turn this calculation into a indicator window?

greetings

Marcel

[mdenriet]

Great work Mladen.

With a fixed minimum of 85 and a line on level 90 it looks pretty decent.

This is just the first part of the puzzle I guess.

Thanks a Lot.

[mdenriet]

Is it also possible to make this a Bar graph instead of the line graph it is now?

I think it could be very usefull in combination with the Volume indicator, to use for VSA trading strategy.

[Mladen Rakic]

Like this ?

mdenriet:
Is it also possible to make this a Bar graph instead of the line graph it is now? I think it could be very usefull in combination with the Volume indicator, to use for VSA trading strategy.

[mdenriet]

Great work

,

thanks again.