Candles Ratio - VertexFX Client Side Indicator

[edakad 10]

Candles Ratio is a Client Side VertexFX VTL indicator. Candles Ratio indicator plots the ratio of the candle body for the last 20 bars. The ratio is calculated by taking the open close relationship of candles. The up close candle body sizes are summed for the last 20 bars and also the down candle body sizes are summed for the last 20 bars. Then the sum of the body size of up candles is divided by the sum of the body size of down candles to get the candles ratio indicator. The indicator is plotted as line below the candle chart.

The Candles ratio indicator shows the underlying trend in the market. If the indicator is rising and above 1, most of the candles are closing above its open indicating an upward bias in price move. Lower values below 1 indicates most of the candles are closing below the open and down trend is in force. The indicator is very helpful in anticipating breakout from consolidation. If the indicator is above 1, an upward breakout is expected. If the indicator is below 1, a downward breakout from consolidation is expected. The candle ratio range (default 20) can be customized through the parameter “period CN”.

Candles_ratio_indicator.zip