A new candle type that I think I prefer to use because it does a better job showing trends and potential reversals than regular candles. If nothing else its another tool to help other than the usual indicators I use. I am going to start posting more educational material. We can all get the same team and help each make more money.
The formula for these candles are:
Close 1/4 (Open + Close + Low + Close)
(Average Price of Current Bar)
Open 1/2 (Open of Previous Bar + Close of Previous Bar)
(Midpoint of the previous bar)
High = Max (High, Open, Close)
Low = Min (Low, Open, Close)
The formula for these candles are:
Close 1/4 (Open + Close + Low + Close)
(Average Price of Current Bar)
Open 1/2 (Open of Previous Bar + Close of Previous Bar)
(Midpoint of the previous bar)
High = Max (High, Open, Close)
Low = Min (Low, Open, Close)