A Candle Count Indicator for Directional Price Movement

Summary

The document describes a simple trend indicator that compares the number of rising and falling closing-price candles over a chosen period. It subtracts the count of declining candles from the count of advancing candles, then scales the difference by the period length and 100. The resulting reading is therefore based on the balance of candle direction rather than the size of each price change.

The description identifies the indicator as an MQL4 tool first published in 2008, but gives no chart example, trading rules, performance evidence, or recommended parameter values. Because it counts up and down candles without weighting their magnitude, a small advance and a large advance contribute equally; the same applies to declines. The reading can summarize recent directional persistence, but the document does not establish that it predicts future prices or explain how to handle unchanged closes or missing data.

Key ideas

• The indicator counts rising and falling closing-price candles within a selected period.
• It subtracts falling-candle count from rising-candle count and scales the net count by the period length.
• Each candle contributes by direction, regardless of the magnitude of its price change.
• The document identifies the indicator as an MQL4 tool published in 2008 but provides no trading evaluation.
• The calculation summarizes recent directional balance without demonstrating predictive power.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.