Custom Price Chart

The alternative representation of a price chart (a time series) on the screen.

Strictly speaking, this is not an indicator but an alternative way of visual interpretation of prices along with conventional ones - bars, candlesticks and lines.

Currently, I use only this representation of prices on charts in my analysis and trading activity.

In this visual mode, we can clearly see the weighted average price value (time interval's "gravity center") and up/down dispersion range. A point stands for (Open + High + Low + Close ) / 4, the upper dashed line is High, the lower one is Low.

We can clearly see price acceleration/deceleration, steady increase/decrease, various spikes reaching stop levels, chaotic movements, as well as range/flat areas. All this can also be seen when using candlesticks but I think that the offered representation is more comprehensible.

The following values are displayed:

• Weighted average price - as a point.
• High price value - as a dashed line above the point.
• Low price value - as a dashed line below the point.
• "Round" price levels - as dashed lines.

External parameters:

• Points Size - point size (small/large).
• Show Time Scale - show/hide the time scale on the current chart (Fig. 2).
• Show Price Scale - show/hide price scale on the current chart (Fig. 2).
• Show Round Levels - show/hide "round" price levels.
• Round Levels Step in Points - distance between adjacent "round" levels in points - it is usually set as multiple of 500.
• Up & Down Round Levels Number - number of displayed "round" price levels above and below the current price. If set to 4, the levels closest to price (4 below and 4 above) are displayed.
• Chart Color Schema - indicator's color scheme. The following schemes are available: light/dark/black on white/white on black.