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Hello, I am looking to have an indicator designed that can take the pip count for a candlestick and divide it buy the count of the RSI candle stick. Below is an screen shot of the attached indicators. You can see that the pip count is already calculated, even tho i wold like mines to also include the candle stick wicks in the pip count also.
The bottom is an RSI Candle indicator. I would like the count of each candle for that as well just like the pip count. So for example if the fixed min and maximum is 0 and 100 for the RSI inputs, lets say the last red RSI candle started at 55 and is now at 46.The value of that candle is 9(55-46=9). On the flip side the Green RSI Candle right nest to the last lets say started at 45 and went up to 55. The value of that candle would be -10(45-55=-10)
So what our indicator will do is develop a bar chart that will display the average of the pip count / rsi count. Using the example RSI numbers above the last pip count on the chart is 304. So we will take the 304/9=33.7 and the pip count next to last is 244/-10=-24.4. So the 33.7 and the -24.4 will be the figures used to create out bar chart indicator.
Both of the attached indicators below allow you to select the number of candles you want to display information for. i would like to get data line above or below our custom bar chart that displays the average of the BAR CHART figures (please convert the negative numbers into positive numbers just for this average).
So for example, if I used the value of 2 for both the Pip count indicator and the RSI candle indicator we would have the number from above on our bar chart to calculate. To get the average would be calculated as: ( next to last bar chart number(converted Positive) 24.4 + the last bar chart number 33.7) / Number of imputed candles to display information for which is 2 for this example, gives us (24.4+33.7)/2=29.05. So the line item on our custom indicator would display that the "Average RSI" is 29.05 or 29 if we don't select to use decimals.
So to sum it all up: This RSI Momentum Indicator will do as follow:
1. Display the number of pips in each candle plus the wick unlike the attached indicator does.
2. display the RSI as candles with the positive or negative count displayed above and below like the pip count figures.
3. Display our custom "Bar Chart" with the Pip count and RSI averages.( will have positive and negative number.
4. Display somewhere on the chart the average of the "Bar Chart" figures from indicator 3 above, converting all negative number to positive before doing the average.
Inputs:
RSI common fixed minimum: default = 0
RSI common fixed maximum: default = 100
Include all the inputs from the Attached RSI Candle indicator
For the "MT7_bodyPointsIN" indicator attached, input "Max Look Back Bars" can be combined with the "Bars To Calculate" input from the "RSI Candle" indicator attached.
Our custom Bar Chart inputs can just be color preference for positive and negative values.
Decimal space input: default 0
If you have any questions please feel free to let me know. If you can think of any cool inputs or features I might be missing please advise.
Look forward to working with you.
DaJuan