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VACandlePower

This indicator allows to visually estimate the size of the candle body in points and to compare it with the average size of candle range within the specified period. The histogram shows the bullish candle body size (blue by default), and the bearish candle body size (red by default). The line (light blue by default) shows the average value of the candle range size within the specified period.

The indicator levels correspond to the candle sizes of 100, 300, 500, 1000 and 2000 pips for 5-digit quotes. For 4-digit quotes they are 10, 30, 50, 100 and 200 points, respectively. If the default levels are not enough, you can always add the missing ones.


Parameters

  • Average Period - period for calculating the average value of the currency pair volatility;
  • Alert - enable/disable output of alerts in case the candle body size exceeds the specified percentage (set by the An increase in average volatility parameter) of the average volatility;
  • An increase in average volatility - percentage. If the candle body is greater than volatility + the specified percentage, user will receive an alert, in case the Alert parameter is set to true.
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Version 1.1 - 2017.03.24
Added the ability to generate alerts in case the candle body size exceeds the averaged volatility value of the currency pair by the specified percentage value.