FX:EURUSD   Euro / US-Dollar
87 2
This indicator graphically displays the results of simple coding which assigns a value to various simple patterns (close > previous bar close, close > open, higher high, reversal, doji , close at high of bar or at low of bar, 25% bull or bear tails, etc.). The intention behind it was to give an instant graphical representation of each bar one bar at a time to help in evaluating them during live trading. It is not designed as any sort of holy grail or even as an aid to generate signals per se, rather it shows information about each bar in a very easy-to-instantly-grock format, namely a simple histograph. Bullish bars plot positive value above the zero line; bearish bars plot negative values below the zero line. Some bars have both bull and bear counts. There is one trend value in there which goes against the philosophy somewhat, namely the vwap: above the vwap is one point, below is -1 point, so it just provides a small trend bias to each bar. If you don't like it, take it out!

This picture shows how the pattern index can serve as leading indicator.
CaperAsh CaperAsh
the latest downswing climaxed at the first real sell bar just above the moving average band. THen there was a big down bar with a close at the low, but that scored less so the trend (indicated by the fill area, blue) started rising even as the market just went down sharply, and then rose the next two bars going over the +2 level in the middle of the last bar which just had a higher close than open and a higher low and is above the vwap. Not to say it is correct, but this picture shows clearly how there is no lagging information here. I find it sort of neat, but will probably stop using it in a few days. All the information in the indicator is already in the bars. But the way the index swings a little, or remains solidly more bullish than bearish or vice versa based purely on a bar-by-bar analysis, well I must admit I find it sort of neat, albeit that trend perception is mainly derived from the fill areas, which use a 3-bar moving average of the histogram bars to smooth it out, so that is lagging a (very) little.
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