We’ve recently added the ability to create your own custom/derived indicators using existing indicators.
For example, you may have your logic of HLC3 as is “high + low + close / 3” & would want to use this across multiple filters in different/same scans/widgets. Until now, you’d need to copy/write the logic whereever it would required.
With “custom indicators”, you can simply define its logic as:
HLC = ( current candle high + current candle low + current candle close ) / 3
Here’s the custom indicator for the above logic: https://chartink.com/indicator/hlc3
The above created indicator can then be used to create new scans/widgets: https://chartink.com/screener/close-above-hlc3 (notice the HLC indicator selection)
These are similar to having a value saved in a variable/temp working space and then using it across in multiple scans. Note, while using it across scans, you can select the timeframe for its calcuation, eg: Daily/Weekly/Monthly or Intraday candles giving you further flexibility.
To access a previous candle for a given timeframe, you can select “1/2.. candles ago”.
Below is another example from one of our users:
EOM – CUSTOM INDICATOR LOGIC
- Distance = ((High + Low) / 2) – ((Previous High + Previous Low) / 2) -> Custom indicator link
- Box Ratio = (Volume / 10000) / (High – Low) -> Custom indicator link
- EOM= Distance / Box Ratio -> Custom indicator link
Scan using SMA on EOM(custom indicator): https://chartink.com/