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Coding Candlesticks (II) by Viktor Likhovidov
In my article in this issue, "Coding Candlesticks (II)," I continue with a discussion
of my method for quantitatively analyzingcandlestick charts, a discussion I began in the November 1999 issue of STOCKS& COMMODITIES with my original article, "Coding Candlesticks."

My approach is to assign values to each candlestick, so that candlestickcharting will lend itself better to analysis withindicators, pattern recognition,and trading systems.

Here is the code for the CandleWeight indicator I discuss in this month's article.

CandleWeight Indicator

If(CLOSE=OPEN,1,0) * If(Fml("ushd") >= Fml("lshd"),64,-64) +
If(CLOSE=OPEN,0,1) * If(CLOSE>OPEN,1,-1) *
(If(Fml("body") <= Fml("ThBot_b"),80,0) +
If(Fml("body") > Fml("ThBot_b") AND
Fml("body") <= Fml("ThTop_b"),96,0) +
If(Fml("body") > Fml("ThTop_b"),112,0)) +
If(CLOSE>=OPEN,-4,4) * (If(Fml("lshd")= 0,3,0) +
If(Fml("lshd") < Fml("ThBot_l") AND
Fml("lshd") > 0,2,0) +
If(Fml("lshd") > Fml("ThBot_l") AND
Fml("lshd") <=
Fml("ThTop_l") AND Fml("lshd")>0,1,0)) +
If(CLOSE>=OPEN,1,-1) * (If(Fml("ushd")> 0 AND
Fml("ushd")<= Fml("ThBot_u"),4,0) +
If( Fml("ushd")> Fml("ThBot_u") AND
Fml("ushd")<= Fml("ThTop_u"),8,0) +
If(Fml("ushd")> Fml("ThTop_u"),12,0))

-- Viktor Likhovidov

Additional formulas here: CandlCode & ICS

Source / From: TOP