This is an indicator I cannot live without that I coded for Ctrader.
The algorithm calculates two magnitudes for the instrument of the current chart:
The algorithm calculates two magnitudes for the instrument of the current chart:
- Symbol Daily Strength: The change in percentage between the open price on the selected time (UTC 0:00 hours, NY session open and other markets open time) and the current close price. The formula used is: (Current price - Open Price) divided by Open Price, thus the change is relative to the open price of the first bar of the selected period. This magnitude does not depend on the chart's timeframe setting.
- Active Timeframe Lot Trade Value: Heuristic magnitude to reflect the potential profitability of trading the active symbol on the active timeframe of the chart. If the timeframe of the chart is canged, the value will be updated accordingly. The highest the value, the more interesting by potential profits the instrument if traded correctly.
This indicator shows the rolling median of the price range within the current chart and the value in the account currency of that range. It represents the typical value of trading a lot across a complete bar of the instrument for the timeframe of the chart. The instruments that usually provide higher returns when traded will display a higher magnitude.
For instance, if EURUSD usually returns 10 dollars per bar (thus the indicator shows a value of 10) and AUDUSD usually returns 4 dollars per bar (showing a value of 4) on the same timeframe, the indicators is suggesting that under the same circumstances the effect of commission would be lower when trading EURUSD and that the potential profits could be higher too.
Another two values are displayed next to the Active Timeframe Lot Trade Value between square brackets, corresponding to the upper and lower extremes of the magnitude according to the standard deviation found in the selected bars.
Parameters
- Smoothing periods: number of bars to get the rolling median and standard deviation.
- Open time reference: Initial time to calculate the daily candle strength. Options are 00:00 UTC time and different markets opening hours:
- New York (NY)
- London (UK)
- Frankfurt (GE)
- Sidney (AU)
- Tokyo (JP)
- Label color: The color of the text of the indicator.
Layout
- Symbol strength magnitude.
- Reference hour for symbol strength.
- Median estimated value.
- Lower estimated value.
- Higher estimated value.
The Statistics extension code is basically taken from Stack Overflow comments, the indicator is 100% mine.
Enjoy.
Attached File(s)
Daily Candle Strength.zip
2 KB
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359 downloads