Normalized bars
March 20, 2020, 9:30 AM
Indicators
2 Comments
This candlestick standardization (normalized bars) indicator fixes Japanese candlesticks on a constant scale. The scale is created from the size of the candlesticks in points: Close-Open (range).
Thresholds based on standard deviations are then added, these are calculated on the basis of the last “p” candlesticks (value to be varied at will). This helps to identify abnormal candle sizes (high volatility) that can lead to a return to the mean.
// --- settings
p = 900
s = 2
// --- end of settings
myRange = close - open
myStd = std[p](myRange)*s
dynO = 0
dynH = high - open
dynL = low - open
dynC = close - open
if dync > 0 then
R = 0
G = 125
B = 255
else
R = 255
G = 125
B = 0
endif
DRAWBARCHART(dynO,dynH,dynL,dynC) coloured(r,g,b)
return myStd as "+std", -myStd as "-std", 0 as "0"
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Filename:
Normalized-bars.itf
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myindicator-1584565436l8c4p.png
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