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Candle Strength Indicator for Amibroker (AFL)

Rating:
5 / 5 (Votes 1)
Tags:
amibroker, oscillator, histogram

This indicator allows you to visualize the strength of the current candlestick by comparing the OHLC values. Red histogram values represent bearish candlesticks whereas green histogram values represent bullish candlesticks.

Screenshots

Indicator / Formula

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Apply to a new chart pane with a black background.

value = 100*(Open-Low)/(High-Low)-50;

bullishCandleStrength = IIf(Close > Open, value, 0);
bearishCandleStrength = IIf(Close <= Open, value, 0);

Plot(bullishCandleStrength, "Bullish Candle Strength", colorGreen, styleHistogram | styleThick);
Plot(bearishCandleStrength, "Bearish Candle Strength", colorRed, styleHistogram | styleThick);

Plot(50, "", colorDarkYellow, styleDashed);
Plot(-50, "", colorDarkYellow, styleDashed);

2 comments

1. liquidice

Thank you for sharing this afl, I was curious whats the difference between a plus value green candle and negative value green candle, what does it tell us? Same goes for the red candle, what does positive value red candle and negative value red candle tells us?

Many thanks.

2. data

Green is bullish whereas red is bearish. Bellow zero means the candle strength is low whereas above zero means it is a strong candle signal. So for example, a red below zero mean it’s a weak bearish candle.

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