I need to create customized technical tool in Amibroker.
Though the concept is very simple, coder must know the Amibroker AFL language and basic knowledge of Stock Market Charts.
Here are the details of what needs to be done: -
a) We need to create a continuous "line" from candlesticks (Minute/hours/ Days candle) low/high point to next candlesticks low/high.
b) The conditions for the line are
1) On day zero (start point) no line
2) If the next candlestick has higher high than previous one, the line will shift from 1st days high to 2nd days high.
3) If the next candlestick has higher high than previous one, the line will be drawn from 2nd days high to 3 rd days high
4) This way the line will continue till we see a candlestick with lower low than previous low, as soon as this happens, the line will shift from previous days high to current candlesticks low.
5) Now if the next day, the candlestick has lower low than previous candle, the line will move from today's low point to next days low point.
6) The drawing of low of present candlestick to next candlestick will continue, till we find higher highs.
So basically, we need to draw a line from days high to next days high/low, continuously, irrespective of "time" frame of the chart (If the user is viewing 1 min chart, then the line will move from one min candlestick to next min candlestick. If the user is viewing daily chart, then the line will move from days high/low to current days high/low.
How the chart will look like?
Check attachment (BSESEN-1) with lines on Candlestick chart and (BSESEN-2) without candlestick charts (just line).