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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.

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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);

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