ChandeQStick – indicator MetaTrader 5

Real author:

TrendLaboratory Ltd

The QStick indicator is a simple n-period moving average of the price difference.

QStick can be used as a simple replacement of candlesticks. Positive values ​​of QStick indicate a prevalence of “white” candlesticks in the n-period interval, while negative values ​​indicate a prevalence of “black” candlesticks.

The indicator may use different averaging algorithms. It should be noted that Phase type parameters for different smoothing algorithms have completely different meaning. For JMA it is an external Phase variable changing from -100 to +100. For T3 it is a smoothing ratio multiplied by 100 for better visualization, for VIDYA it is a CMO oscillator period and for AMA it is a slow EMA period. In other algorithms these parameters do not affect averaging. For AMA the fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power for AMA is also fixed on 2.

The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.

 

This indicator was first implemented in MQL4 and published in Code Base on 20.02.2008.

Fig. 1. The ChandeQStick indicator