V. 19:10 (34-38, 106-107): Flexible Candlesticks by Viktor Likhovidov
Flexible Candlesticks by Viktor Likhovidov
In the November 1999 STOCKS & COMMODITIES, Viktor Likhovidov introduced a method by which candlesticks, a subjective charting technique, could be used to develop objective, quantitative values — values that could be used in software for trading. In this latest offering, Likhovidov adds flexibility to his basic method, known as CandleCodes, and in this way garners market sentiment results for different types of markets.
CandleCodes, which I introduced in an article for STOCKS & COMMODITIES in 1999, are intended to make objective the popular but very subjective candlestick technique. There are several versions of CandleCodes that could be useful for chart analysis and construction of trading systems. The general form of such indexes is obtained by assigning variable coefficients (weights) to the elements of the candlestick (body and shadows).
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