Description
DR.KHASHIX CandlePower Indicator
Description: The DR.KHASHIX CandlePower Indicator calculates the average power of candles and displays it on the chart. Candle power refers to the current candle's height relative to the average candle height over a specific period. This indicator can help you identify strengths and weaknesses in the market trend.
How to Use:
Candle Power: This indicator's value at each point on the chart indicates the strength of the current candle. Higher values indicate stronger candles, while lower values suggest weaker candles.
Label: Similar to Candle Power, this indicator is displayed as decimal numbers and can serve as a more precise gauge for analysis.
Applications:
- Order Block Breaks: The CandlePower Indicator can assist in predicting order block breaks and rsi ….
- Algorithmic Trading: Incorporate this indicator into the development of trading robots for enhanced decision-making.
Note:
- It is advisable to use this indicator in conjunction with other tools and indicators for a comprehensive market analysis.
- The effectiveness of this indicator depends on your experience and market analysis skills.
Best regards,
Dr. Khashix
using System;
using cAlgo.API;
using cAlgo.API.Internals;
namespace cAlgo
{
[Indicator(IsOverlay = false, AccessRights = AccessRights.None)]
public class DRKHASHIXCandlePower : Indicator
{
[Parameter("Period", DefaultValue = 100, MinValue = 1)]
public int Period { get; set; }
[Output("Candle Power", LineColor = "FF0070C0")]
public IndicatorDataSeries CandlePower { get; set; }
[Output("Label", Color = Colors.White, PlotType = PlotType.Points, Thickness = 1)]
public IndicatorDataSeries Label { get; set; }
protected override void Initialize()
{
// Initialize anything here if needed
}
public override void Calculate(int index)
{
if (index < Period)
return;
double sumCandleHeight = 0;
for (int i = 0; i < Period; i++)
sumCandleHeight += MarketSeries.High[index - i] - MarketSeries.Low[index - i];
double averageCandleHeight = sumCandleHeight / Period;
double currentCandleHeight = MarketSeries.High[index] - MarketSeries.Low[index];
double candlePower = currentCandleHeight / averageCandleHeight;
CandlePower[index] = candlePower;
Label[index] = candlePower;
ChartObjects.DrawText("Label", candlePower.ToString("F4"), index, CandlePower[index], VerticalAlignment.Top, HorizontalAlignment.Right, Colors.White);
}
}
}
drkhashix
Joined 12.02.2023
- Type: Free
- Language: C#
- Trading Platform: cTrader Automate
- Filename: DRKHASHIXCandlePower.algo
- Rating: 0
- Installs: 134
