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Candle Strength Indicator for Amibroker (AFL)
Rating:
5 / 5 (Votes 1)
Tags:
amibroker, oscillator, histogram
This indicator allows you to visualize the strength of the current candlestick by comparing the OHLC values. Red histogram values represent bearish candlesticks whereas green histogram values represent bullish candlesticks.
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Indicator / Formula
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value = 100*(Open-Low)/(High-Low)-50; bullishCandleStrength = IIf(Close > Open, value, 0); bearishCandleStrength = IIf(Close <= Open, value, 0); Plot(bullishCandleStrength, "Bullish Candle Strength", colorGreen, styleHistogram | styleThick); Plot(bearishCandleStrength, "Bearish Candle Strength", colorRed, styleHistogram | styleThick); Plot(50, "", colorDarkYellow, styleDashed); Plot(-50, "", colorDarkYellow, styleDashed);
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Thank you for sharing this afl, I was curious whats the difference between a plus value green candle and negative value green candle, what does it tell us? Same goes for the red candle, what does positive value red candle and negative value red candle tells us?
Many thanks.
Green is bullish whereas red is bearish. Bellow zero means the candle strength is low whereas above zero means it is a strong candle signal. So for example, a red below zero mean it’s a weak bearish candle.