# New Candle,s Equivalent

#### MJ2008

##### Platinum Member
VIP Member
New Candle,s Equivalent to find the price Direction

Data needed :
(Bid) price
(High) candle
(Low) candle
(Range) candle Length = ( Highest price - Lowest price )

The equation :
sell percentage % = Bid - Low / Range * 100

Condition :
If the buy Percentage is greater than the sell percentage
EX (
buy Percentage % = 75% At least ) and ( sell
percentage % = 25%
At most ) here we inter long
And vice versa in the case of a short
Example :
Bid = 1.6239
High = 1.6319
Low = 1.6237
buy Percentage % = 1.6319 - 1.6246 / 1.6319 -1.6237 * 100= 73/82*100
=89%
sell percentage % = 2.4%
then in this case we inter long

END .

we need tester for any time frame you want , and i think it well work great with EA .

Best Regards
MJ

#### StaticX

##### Member
Hi Mj,

This looks very interesting.

Lets say that an indicator was created for this. Would it then display in the top right corner of a chart the Buy % and Sell %.

Entries would be taken any time the indicator displayed the appropriate percentages.
Long:
Sell % <= 25%

Short
Sell % >= 75%

Is there a "sweet" spot that you could consider a good entry / exit?

Cheers
StaticX

#### MJ2008

##### Platinum Member
VIP Member
thankx , yes exactly in the next candle

#### stovedude

##### Active member
I already made this EA for somebody, and it didn't do well. Perhaps MJ can see if it follows the rules.

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##### Member
Tried using this on Hourly candles on GU. Was taking the open as the open of the next candle. Didnt succeed... can you post your success rate.

#### maximo

##### Member

The equation :
sell percentage % = Bid - Low / Range * 100

Hi Majjed,

Wouldn't it be... Low - Bid / Range * 100 for buy Percentage %
since the bar would be coming up from the Low to measure a buy% ?
and... High - Ask / Range * 100 for sell Percentage %

This appears quite near to the Rate Of Change (ROC) indicator set on period=1 which measures the combined difference% from bar Close to Close.
Instead this formula measures from the Low and the High change% and has the positive% (buy) seperate to the negative% (sell) changes.

I think there are many statistical studies for trading that can be done in this area that can provide trading possibilities after testing and this indicator would be useful for that. For example going with the trend would have a statistical edge for EURUSD though it might have a negative one with GBPUSD which is a much more mean reverting pair.

#### MJ2008

##### Platinum Member
VIP Member

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Regards
MJ

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#### maximo

##### Member
Oh I see Maj,

It is a counter trend measurement for buy & sell %'s not trend following, but opposite to the bars direction?

Going from your earlier calculation this bar is 9 pips from the low of the range, which gives an 89% buy reading.

buy Percentage % = 1.6319 - 1.6246 / 1.6319 -1.6237 * 100= 73/82*100

#### stovedude

##### Active member
I tried optimizing for E/U m15 by changing the parameters from 60% to 85%, and not a single pass produced profit.

#### xard777

##### Member

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Regards
MJ
Hi majjed,

OOPs I see now....

Xard777

#### altoronto

##### New member
Any forward test on this one?

#### scwon

##### Member

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Regards
MJ
Are you sure this indicator is not reversed? All the charts I try it on (15min to 4 hr) show trending opposite the signal.

#### scwon

##### Member
I reversed the UP and DOWN signal and it works perfectly.

#### fskliris

##### New member
[lang=el]cAN YOU SEAR THE CORRECT INDICATOR ?[/lang]

#### zakir1970

##### New member
Can please post the correct indicator which you fixed. Thanks

#### bnbb2004

##### Member
Can someone share their recent results with this indicator?