New candlestick type as a variant of the classic Japanese (Candle RM)

v10.3
New candlestick type as a variant of the classic Japanese (Candle RM)

Candle RM is a technical indicator to be used in the technical analysis of financial markets. This proposed candle is a variant of the traditional Japanese candle, but also including color information about the variation from the previous CLOSURE (not included in the Japanese candle).

Rules:

a) The color of the body of the candle follows the classic open-close criteria of Japanese candle.

b) The color of the outline and wicks of the candle indicates the change in closure from its previous value, which is the price trend. The Candle RM was developed by R. Monterreal (December 2019)

The conventional Japanese candle has for me (if it can be called that) a slight deficiency: the color code, it does not “graphically” show the inter-day evolution of the price, but only the intra-day difference between opening and closing. Someone will say (and rightly so) that the relative position of a candle relative to the previous one already shows the trend followed by the price. However, in sails with close inter-day closings (or lateral movements) the conventional color coding can slightly disorient the trader, especially beginners. I attach a proposal for a graphic variant on the classic Japanese candle that solves this. It is applicable intraday and easy to program.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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