The Qstick indicator was developed by Tushar Chande for using with the candlestick chart as an additional method of measuring buy or sell strength in the market. The indicator is plotted on the chart as a histogram with a zero line, similar in appearance to the Moving Average Convergence Divergence (MACD) indicator, to provide easy visual identification of peaks (high or low) and zero line crossings. The Qstick indicator is built by calculating the moving average of the difference between the open and close prices over a certain period. For example, the Qstick 10-period moving average on an hourly chart reflects the moving average of the difference between the open and close prices from the most recent 10 hourly candles. A positive Qstick value indicates buy strength and shows a net price upward movement over the specified time period; a negative value indicates that there is sell pressure and a net price downward movement during the period.
The indicator view in the chart.
The indicator has the following parameters:
Period - setting of the indicator calculation period.
Source - setting of the indicator calculation parameters:
Panel/Moving average period - selection of the indicator location in the chart:
- New panel
Show value - display of the indicator value on the price scale on the left.
Scale/Auto-scaling - if this option is on, the scale will be automatically calculated, based on the minimum and maximum indicator values, so that the indicator would fit in the chart.
Color - color setting of the indicator.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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