alexgrover

Function To Candles - Another way to see indicators

Introduction

There are different and better way's to see price data, a candlestick chart is one of the best way to see the price since you have access to the open/high/low/close information, this is really efficient and can allow for naked non parametric trading strategies ( candlesticks patterns). But what about making candles out of indicators ? There are tons of studies about candlesticks patterns in price data but none (?) about candlestick patterns using indicator data, therefore i made this script in order to show candles from various indicators, i also made an heikin-ashi mode.

Rsi To Candles

All the indicators are use the open/high/low/close price as input in order to return candles. length control the indicator period.


Stochastic To Candles

The stochastic oscillator is restrained in a range of 0/100, therefore when equal to 0 or 100 the candles can be flat.


Rate Of Change To Candles

The rate of change don't distort price as heavily as other indicators since its based on differencing.


Center Of Gravity To Candles

The center of gravity (cog) is defined from tradingview as "an indicator based on statistics and the Fibonacci golden ratio", its not an indicator i'am familiar with and i don't know if its the same proposed by Elhers. The candles are smooth, high length can flatten the candles heavily making them hard to see.


Correlation Oscillator

In a range of -1/1 this indicator is quite smooth and can also flatten candles.


Patterns And Heikin-Ashi

There are tons of patterns that can be generated from candlesticks , they can be applied to this indicator as well.

The indicator can show an heikin-ashi mode, heikin-ashi candlestick use averaging to plot candles, this is why they appear smoother, some signals generated from heikin-ashi candles are :

  • Bullish body with no lower shadows = Strong Uptrend
  • Bearish body with no higher shadows = Strong Downtrend
  • High range and small body = Indecision/Risk of reversal

Conclusion

I made an indicator able to draw candles from other indicators, those candles contain various information that can generate decision from patterns. I hope you find a use to it, if its the case share your findings with me, maybe that you will even be able find a new candlestick pattern :)

Thanks for reading !


Favori Komutlardan Çıkart Favori Komutlara Ekle
You can check my indicator papers here : https://figshare.com/authors/Alex_Pierrefeu/7339466
Very interesting way to see things. After looking at your charts, you can see new patterns emerging form the charts. This can be the start of the new super power indicator, with additional logic. Thanks for sharing idea. (VJ2Tech)
+1 Cevap Gönder
alexgrover ExpertiserTechnology_VJ2Tech
@ExpertiserTechnology_VJ2Tech, Thanks for your comment and support, i appreciate it
Cevap Gönder
I'm getting "can't compile" error. What I'm doing wrong?
+1 Cevap Gönder
@Seleme, I don't think you are doing something wrong, do you have more detail about this error ? Which market did you tried to apply the indicator ?
Cevap Gönder
looks sweet and spicy thanks Alex
+2 Cevap Gönder
@ernie76, Thats good to hear ^^, and you are welcome :)
Cevap Gönder
This Guy is a genius
+2 Cevap Gönder
@dpanday, Genius is a bit to much but i really appreciate the support :)
Cevap Gönder
Wah!
+2 Cevap Gönder
@LucF, Thx!
Cevap Gönder
Ana Sayfa Hisse Senedi Takipçisi Forex Takipçisi Kripto Takipçisi Ekonomik Takvim Nasıl Çalışır Grafik Özellikleri Ücretlendirme Kurallarımız Moderatörler Web Sitesi & Aracı Kurum Çözümleri Görsel Bileşenler(Widget) Grafik Çözümleri Destek Merkezi Yeni Özellik Talebi Blog ve Haberler SSS Viki Twitter
Profil Profil Ayarları Hesap ve Ödemeler TradingView Koinleri Destek Kayıtlarım Destek Merkezi Yayınlanmış Fikirler Takip Edenler Takip Ediliyor Özel Mesajlar Sohbet Çıkış