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Adam,
Chande's quaking body revisited as we repeel his banana -
Qstick Indicator
The Qstick indicator was developed by Tushar Chande. Qstick provides a
way to quantify candlesticks. The distance between the open and close
prices lies at the heart of candlestick charting. For those unfamiliar
with candlestick charting, the body of a candlestick is black if today’s
close is less than the open; it is white if today’s close is greater
than the open. A majority of white candlesticks over a specified range
is considered bullish. Whereas a majority of black candlesticks over a
specified range is considered bearish.
The Qstick indicator is simply a moving average of the difference
between open and close prices.
For more information on the Qstick indicator, refer to the book The New
Technical Trader by Tushar Chande and Stanley Kroll.
Craig
> VonHef wrote:
>
> I was reading in Perry Kaufman's latest book and he described a
> little oscillator he called "Body Momentum". This simply
> calculates the momentum of the Closes above the opens
> versus the closes below the opens. The theory is that as prices
> move up, closing prices will be higher than opening prices and
> vice-versa for down. If this oscillator is above 70 then the whites
> (Candle-sticks) dominate and below 30 the blacks are dominant.
>
> I also added a 3 day moving average to the calculation (for
> smoothing).
>
> Here is the code:
>
> Lb:=Input("Look-Back Period?",3,60,14);
> B:=CLOSE - OPEN;
> Bup:= Sum(B > 0, Lb);
> Bdn:= Sum(B < 0, Lb);
> BM:=(Bup/(Bup+Bdn))*100;
> Mov(Bm,3,S)
>
>
> Best wishes,
> Adam Hefner.
> VonHef@xxxxxxxxxxxxx
>
> ---------------------------------------
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