sal wrote: Mon Jul 10, 2017 4:34 pm experts,
Any idea about this indicator?. Do have similiar like this!!. please share.
here i have code , but not sure it is in MT4..

//parameters :
//ExtDepth = 5
//Overbought = 8
//SlightlyOverbought = 6
//Oversold = -8
//SlightlyOversold = -6

if barindex>ExtDepth then
sumHigh = summation[ExtDepth](high)
sumLow = summation[ExtDepth](low)

floatingaxis = 0.1 * (sumHigh+sumLow)
volatilityunit = 0.04 * (sumHigh-sumLow)

vcOpen = ((open-floatingaxis) / volatilityunit)
vcClose =((close-floatingaxis) / volatilityunit)
vcHigh = ((high-floatingaxis) / volatilityunit)
vcLow = ((low-floatingaxis) / volatilityunit)

if vcClose>vcOpen then
DRAWCANDLE(vcOpen,vcHigh,vcLow,vcClose)coloured(10,240,10) bordercolor(0,200,0)
else
DRAWCANDLE(vcOpen,vcHigh,vcLow,vcClose)coloured(240,10,10) bordercolor(200,0,0)
endif

if vcLow<Oversold and vcClose>SlightlyOversold then
DRAWARROWUP(barindex,vcLow-0.5)coloured(10,255,10)
endif

if vcHigh>Overbought and vcClose<SlightlyOverbought then
DRAWARROWDOWN(barindex,vcHigh+0.5)coloured(255,10,10)
endif
endif

RETURN Overbought COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "overbought area", SlightlyOverbought COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "slightly overbought area", Oversold COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "oversold area", SlightlyOversold COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "slightly oversold area"