Bias Determinator

Category: Indicators By: Marcel van Vliet Created: October 25, 2017, 4:38 PM
October 25, 2017, 4:38 PM
Indicators
2 Comments

To identify your bias for a market at a glance, I have developed the Bias Determinator indicator. The indicator shows blue candles when the bias is bullish and red candles when the bias is bearish. When the bias is bullish, neutral candles (bearish candles in a bullish bias) are light gray. In opposit, when the bias is bearish, ( bullish candles  in a bearish bias) are also light gray. The indicator is based on Raghee Horner’s GRaB indicator. For this example (attachement) I have used the (visible) MA200 to identify the bias. You can tweak this yourself to invisible or another moving average.

//Bias Determinator indicator
//24-10-2017
//Marcel van Vliet

//--- parameters

// mmTYPE=1 (mm type)
// ---

MA=average[200]

bodyhigh = max(open,close)
bodylow = min(open,close)

if(open<=close and close > MA) then
 LongWickUp = high
 LongCandleUp = bodyHigh
 LongWickDown = low
 LongCandleDown = bodyLow
elsif(open>=close and close > MA) then
 LongWickUp = low
 LongCandleUp = bodyLow
 LongWickDown = high
 LongCandleDown = bodyHigh
elsif(open<=close and close < MA) then
 ShortWickUp = high
 ShortCandleUp = bodyHigh
 ShortWickDown = low
 ShortCandleDown = bodyLow
elsif(open>=close and close < MA) then
 ShortWickUp = low
 ShortCandleUp = bodyLow
 ShortWickDown = high
 ShortCandleDown = bodyHigh
endif

//bullish candlesticks
if close>MA then
 DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,0,102)
Endif

//Neutral candlesticks above the MA
If close>MA and close<open then
 DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(150,150,150)
Endif

//bearish candlesticks
if close<MA then
 DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0)
Endif

//Neutral candlesticks under the MA
If close<MA and close>open then
 DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(150,150,150)
Endif


RETURN

 

Download
Filename: Bias-determinator.itf
Downloads: 159
Marcel van Vliet Veteran
Currently debugging life, so my bio is on hold. Check back after the next commit for an update.
Author’s Profile

Comments

Logo Logo
Loading...