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Chande's QStick

 

 

The Chande QStick was developed by Tushar Chande to help identify market trends. It is a moving average of the difference between the opening and closing prices.

 

 

 

Signals can be generated by identifying peaks and troughs, zero line crossings, and/or divergences between the QStick and the instrument's price.

 

 

The indicator is displayed as a bi-color histogram to make identifying peaks, troughs, and zero line crossings easier for the user. The moving average periods and type are user-definable.

 

 

1. Navigator Window>Tools>Indicator Builder>[New] button

 

2. In the Indicator Bookmark, type the following text for each field:

 

Name: Chande's QStick

Short Name: vt_ChandeQS

Label Mask: Chande's QStick (%periods%,%mat%) | Up: %CQS_Up%, Down: %CQS_Down%

Placement: New Frame

Inspect Alias: Chande's QStick

 

3. In the Input Bookmark, create the following variables:

 

[New] button...

Name: periods        

Display Name: QStick Periods

Type: integer

Default: 8

 

[New] button...

Name: mat        

Display Name: QStick Type

Type: MA Type

Default: Simple

 

4. In the Output Bookmark, create the following variables:

 

[New] button...

Var Name: CQS_Up

Name: (CQS-Up)

Line Color: green

Line Width: thin

Line Type: histogram

 

[New] button...

Var Name: CQS_Down

Name: (CQS-Down)

Line Color: red

Line Width: thin

Line Type: histogram

 

5. In the Horizontal Line Bookmark, create the following lines:

 

[New] button...

Value: +0.0000

Color: black

Width: thin

Type: dashed

 

6. In the Formula Bookmark, copy and paste the following formula:

 

CQS:= mov((C-O),periods,mat);

CQS_Up:= if(CQS>ref(CQS,-1),CQS,CQS);

CQS_Down:= if(CQS<ref(CQS,-1),CQS,null);

 

7. Click the "Save" icon to finish building Chande's QStick indicator.