Bar Index

31 Mar 2017

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!