The “XO” indicator is counting the price movement calculated by box sizes of 2 different sizes.
The histogram of the indicator display a count of how many boxes of “BoxSize1” the price has moved, while the lines display the price movement of “BoxSize2”. It is almost similar to count how many renko bricks has been created upside or downside.
So you have a view of a “long term” trend and the short one in the same indicator.
Indicator converted from a request in the English indicator forum.
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//PRC_XO | indicator //16.10.2017 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from MT4 version (original author mladen) // --- settings //BoxSize1 = 6.5 // First box size //BoxSize2 = 30.0 // Second box size // --- end of settings BoxPrice = customclose // Price to use for box calculation cur=BoxPrice once hi1=cur once hi2=cur once lo1=cur once lo2=cur if (cur > (hi1+BoxSize1*Pointsize)) then hi1 = cur lo1 = cur-BoxSize1*Pointsize kr1 = kr1+1 no1 = 0 endif if (cur < (lo1-BoxSize1*Pointsize)) then lo1 = cur hi1 = cur+BoxSize1*pointsize no1 = no1-1 kr1 = 0 endif if (cur > (hi2+BoxSize2*pointsize)) then hi2 = cur lo2 = cur-BoxSize1*pointsize kr2 = kr2+1 no2 = 0 endif if (cur < (lo2-BoxSize2*pointsize)) then lo2 = cur hi2 = cur+BoxSize1*pointsize no2 = no2-1 kr2 = 0 endif return kr1 coloured(0,191,255) style(histogram),no1 coloured(219,112,147) style(histogram), 0 coloured(219,112,147) style(dottedline), 1 coloured(219,112,147) style(line), -1 coloured(219,112,147) style(line), kr2 coloured(255,215,0) style(line,3),no2 coloured(128,128,128) style(line,3) |
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