If some one could help/show code this in efs, it may be a good way to see how candles bars are being bullish or bearish trend.
Bullish or Bearish Candle Patterns Average
Definition : Measure the Range between open and close of a bar, if close is less than open ( black candle ) then range is negative, if the close is greater than the open ( white candle) then range is positive.
If close > open then
Range = Close – Open
Else if Open > Close) then
Range = (Close –Open)-*-1
Else (ie Close = open)
Range = 0
End if
Result = Average(Range, Period)
Period would equal 5-10 bars. This function may tell whether a consolidation is turning bull break out or bear break out.
Indicator should be shown like an oscillator, I guess you could normalise that data between 100 and 1, but I have no idea how to do that.
Bullish or Bearish Candle Patterns Average
Definition : Measure the Range between open and close of a bar, if close is less than open ( black candle ) then range is negative, if the close is greater than the open ( white candle) then range is positive.
If close > open then
Range = Close – Open
Else if Open > Close) then
Range = (Close –Open)-*-1
Else (ie Close = open)
Range = 0
End if
Result = Average(Range, Period)
Period would equal 5-10 bars. This function may tell whether a consolidation is turning bull break out or bear break out.
Indicator should be shown like an oscillator, I guess you could normalise that data between 100 and 1, but I have no idea how to do that.
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