This new indicator is originally based on Dukascopy`s HeikinAshi indicator code but heavily modified(do not confuse it with HLBox bar indicator I made before). It does not work as Heikin anymore. What this indicator do is to over-paint standard bars or candles with simple rectangular bars that only show highs and lows and nothing else. Advantage over other chart types is that full bar will have a same width, unlike candles that paint small wicks and unlike bars that paint single pixel rods:
Advantage this can bring are then for example like this:
^All I did was to add Linear Regression moving average set to lowest period 2 and "close". It exactly match line chart of same setting. If you do this with candles or bars it will not be very clear picture. Also, this type of chart lets you focus purely on price action, supply & demand or support & resistance without complicating picture when "open/close" would be involved. It also give better visual thanks to full width bars.
Source code included(new updated version in 3rd post below).
| Attachments: |
HLBar.zip [8.14 KiB]
Downloaded 196 times |
|
Chart_XAU_USD_15 Mins_snapshot2.png [23.12 KiB]
Downloaded 727 times |
|
Chart_XAU_USD_15 Mins_snapshot.png [13.93 KiB]
Downloaded 660 times |