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How to use the Quick stick indicator with open code & chart examples.

Background of the Quick stick designer Tushar Chande

The Quick stick Indicator was designed by Tushar Chande. He designed the Quick stick indicator to quanitify candlestick charts in a single indicator.

Mr Chande is a scientist, inventor, author, trader, has a Ph.D in engineering and holds nine U.S. patents.

Chande and Stanley Kroll co-authored the widely acclaimed book The New Technical Trader, he also wrote Beyond Technical Analysis.

He is a regular contributer to Stocks and Commodities magazine and has also published numerous papers in engineering journals and is widely recognized for his expertise in designing

 innovative trading systems.

The Quickstick indicator is a simple to use indicator, popular for day trading. Below are some open code examples of the Quick stick formula in Easy Language code and chart examples.

Interpretation of the Quick stick indicator

The Quick stick indicator has two names "Quickstick indicator" and "Qstick indicator" for short. Type = Oscillator

The distance between the open and close prices lies at the heart of candlestick charting. For those unfamiliar with candlestick charting, the body of a candlestick is black if today's close is less

than the open; it is white if today's close is greater than the open. A majority of white candlesticks over a specified range is considered bullish. Whereas a majority of black candlesticks over a

specified range is considered bearish.

Quick stick values below zero indicate a majority of black candlesticks (over the time periods specified) and therefore a bearish bias for the security.

Quick stick values above zero indicate a majority of white candlesticks (over the time periods specified) and therefore a bullish bias for the security.

The Quickstick indicator can identify overbought and oversold conditions.

There are several ways to trade the Quick stick indicator:

The crossing of zero indicates a new down trend.

The chart below shows the Quickstick indicator clearly crossing below zero on the right of the screen which is said to signal the start of a new downtrend:

qstick stick in action

In the image the crossing of zero indicates a top is forming...

Again in the below image the Quick stick crosses below zero and this is market with a red arrow on the chart:

Qstick crossing below zero

 

In the image below two divergences are seen in the Quick stick indicator

The first of the divergences in the Quick stick indicator is a bearish indication which signals weakness: The second one is a bullish divergence indicating strength:

The quick stick indicator can be used effectively in day trading systems

 

Qstick top divergence

In the image below the Quick stick indicator operates as a short term oscillator

Quick stick below shows an approximate resistance level at +1 and an approximate support level at -1. This is subjective and its best to view historical data to see these levels.

Qstick as a short term indicator

The Quick stick indicator formula is shown below in EasyLanguage code which can be used for MultiCharts or Tradestation

The formula for Quick stick is very simple and elegant: The code below "XAverage" refers to an exponential average of close-open over a length of 30 bars, this is smoothed

again by another exponential average of period 4 shown as "Smooth (4)" in the code below.

 

Qstick formula

The Quick stick formula is used below to create a simple trading system in EasyLanguage code....

The formula for Quick stick is used below to create a simple long and short trading strategy in EasyLanguage code for Tradestation or MultiCharts:

This code example uses a single Quick stick indicator to make trades: Length 12 and smoothing 5:

 

Qstick indicator used in a trading system

The Quick stick indicator formula is used below to create a double variable for a more complex trading signal....

When using a double confluence method often more robust results can be attained with the Quick stick indicator.

In the open code shown below the Quick stick indicator (fast) is using length 12 and smoothing 5 and the Quickstick indicator slow is using length 20 and smoothing 7

This means that both types of the Qstick indicator have to be above zero for a long trade to be entered and when the fast Quick stick indicator crosses zero an exit is given.

This is the reverse for entering a short trade.

 

Qstick indicator used in a trading system

This is how the two Quick stick indicators look when comprised into a home trading system....

This method of using Quick stick usually does quite well with markets that have a nice ebb and flow behaviour.

 

Qstick in a signal

 

Another example of an oscillator class indicator is the Precision Index Oscillator which is a complex consensus indicator

Pi-Osc is designed to pick tops and bottoms with pinpoint accuracy and is made of a whole plethora of indicators.

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About

Precision Trading Systems was founded in 2006 providing high quality indicators and trading systems for a wide range of markets and levels of experience.

Supporting TradingView, NinjaTrader, Tradestation, MetaTrader 4 and 5 and MultiCharts.

 

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Page updated - May 30th-2023 New responsive page GA4 added canonical this. 5/5 html baloon quick stick all