- ago
In a competing software, I used a lot an indicator called "Internal Bar Strength":
https://www.forexmt4indicators.com/internal-bar-strength-ibs-indicator-for-metatrader-4/
(by the way, I just noticed that it was developed by Volker Knapp)


Is there something similar available in the current library?


Thank you!
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mjj38
- ago
#1
CODE:
public class IBR : IndicatorBase { public IBR() : base() { LibraryName = "Custom"; } public IBR(BarHistory source) : this() { Parameters[0].Value = source; Populate(); } public override string Name { get; } = "Inter Bar Rank"; public override string Abbreviation { get; } = "IBR"; public override string HelpDescription { get; } = "Internal Bar Rank (IBR) is an idea that has been around for some time. IBR is based on the position of the day's close in relation to the day's range: it takes a value of 0 if the closing price is the lowest price of the day, and 1 if the closing price is the highest price of the day."; public override string PaneTag { get; } = "IBRPane"; public override Color DefaultColor => Color.FromArgb(255, 0, 0, 255); public override PlotStyles DefaultPlotStyle => PlotStyles.Histogram; public static IBR Series(BarHistory source) { return new IBR(source); } protected override void GenerateParameters() { AddParameter("source", ParameterTypes.BarHistory, null); } public override void Populate() { var source = Parameters[0].AsBarHistory; DateTimes = source.Close.DateTimes; for (var n = 0; n < source.Close.Count; n++) Values[n] = (source.Close[n] - source.Low[n]) / (source.High[n] - source.Low[n]); } }
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Glitch8
 ( 10.88% )
- ago
#2
I much prefer your IBR abbreviation rather than IBS 🤢
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- ago
#3
Thank you very much for sharing the code, mjj3!
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- ago
#4
What I don't gather from the link (or other related links) is the concept of lookback period which doesn't seem to manifest itself anyhow in the code: "The period that is equal to five bars is usually used."
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mjj38
- ago
#5
I've only seen it used on the last closing bar. Generally, it is helpful in conjunction with another setup. See simple 3 bar down example (with and without IBR)



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- ago
#6
I have been playing a bit with the indicator and it is already interesting as it is. However, I did manage to find its alternative calculation described over a certain period (passed as input):

IBSI = ((L - C) / (H - L)) + ((L - C) / (H - L) of previous days (period)) / Period * 100
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