Candlestick Index Blau_CSI - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Author: Andrei N. Bolkonsky

The Candlestick Index (CSI, the Candlestick-based Momentum Indicator ) was described by William Blau in the book "Momentum, Direction, and Divergence: Applying the Latest Momentum Indicators to Technical Analysis" .

The values ​​of the Candlestick Index are normalized (price range) and mapped to the interval [–100,+100]. A positive value of CSI corresponds to an overbought state of the market, and a negative value corresponds to an oversold state of the market.

Candlestick Index by Wiliam Blau

The formula for calculating the Candlestick Index is as follows:

100 * EMA(EMA(EMA( cmtm(price 1, price 2, q), r), s), u) 100 * CMtm (price 1, price 2, q, r, s, u)
CSI ( price1,price2,q,r,s,u) = – ––– ––– ––– –––––––––––––––––––––––––––––––––––––– =–– ––– ––––––––––––––––––––––––––––––––––
EMA(EMA(EMA( HH(q)-LL(q) ,r),s),u) EMA(EMA(EMA( HH(q)-LL(q) ,r),s),u)

If EMA(EMA(EMA(HH(q)-LL(q),r),s),u)=0, then CSI(price1,price2,q,r,s,u)=0

Attachment download

📎 blau_csi.mq5 (10.57 KB)

📎 williamblau.mqh (4.52 KB)

Source: MQL5 #379