lejmer

BERLIN Candles

A problem with Heikin Ashi is that while it gives you a great overview of overall direction, it is rarely possible to use it as a replacement for normal japanese
candlesticks . The reason for this is that actual price data is lost, since the candles are more akin to a moving average than a different way to see price action. Also, with Heikin Ashi, most of the actual price action is lost, because the candles can be bigger than the high and low of the underlying japanese candlestick .

With BERLIN Candles I have tried to fix that problem. By using a smoothed out version of the previous Heikin Ashi candle close as the current BERLIN Candle open, the high and low of the actual japanese candlestick for the high and low of the BERLIN Candle, and the current Heikin Ashi close as the BERLIN Candle close, while setting hard limits for BERLIN Candle open and close values so that they can never exceed the high and low of the underlying japanese candlestick .

One problem still persists though. The actual current price data is lost. However, the BERLIN Candles have solved this by adding a fifth part to the candles. The close of the underlying japanese candlesticks are indicated with a plus-sign. This way, actual price data is never lost, while keeping all of the other benefits of this type of candles.

A few added bonuses:
  • The addition of the 14 period ATR at the latest candle
  • The baseline from Ichimoku is included as an option
  • The 14 period ATR value of each candle can be seen in the indicator data as
    the orange value
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I quite like this. Combines the best of normal candles with HA. Anyway to make the existing TV candles invisible though?
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lejmer arviman
@arviman, Yes. If you look at the top left on your chart you see the symbol name, timeframe, symbol ticker, etc. If you hover your mouse over that a few icons appear. One of them looks like an eye. If you click that, the normal candles will hide.
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Interesting idea!
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@Duyck, Thanks man!
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