The indicator counts the Up bars (Close-Open) and Down bars (Open-Close).
Calculation:
n = Up bars (Close>Open, first bar=1, last bar=n)
m = Down bars (Close<Open)
Oscillator indicator, my opinion – use it for filtering of entry, when UpDownBars is above 0 go only short and when UpDownBars is below 0 go only long.
Inputs:
- UpDown_Period = 20 // period for calculation UpDown bar indicator
- Average_Period = 10 // period for calculation Moving Average on indicator
- Average_Method = Simple // method of Moving Average
