Kagi Charts - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
This indicator differs from the standard Kagi chart in that it is drawn within the considered time frame and therefore allows to accurately track the formation process of "positive" and "negative" lines. In fact, when drawing Kagi charts, no moving averages or periods are used, but only price movements over a certain distance and breakouts of previous local minimums/maximums. It is recommended that Kagi is not "another chart" but a good alternative that represents a different trend indicator.
Comparison of the KagiOnChart indicator (in the main window) with the standard chart indicator Kagi (in the subwindow). The analogy area of the indicator is marked in the figure, but the time of line formation is taken into account in the first case and not in the second case.
suggestion:
Attachment download
📎 kagiochart.mq5 (12.09 KB)
Source: MQL5 #1319
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