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Amibroker AFL can be used to identify and analyze various candlestick patterns. Traders can develop customized formulas to detect specific candlestick formations and incorporate them into their trading strategies. Amibroker data provides the historical price information needed to backtest and validate the effectiveness of these candlestick-based strategies.

P = ParamField("Price field",-1);
PL = Param("Periods",20,4,45,1);

UpDay = Sum((P-Ref(P,-1))*(P>Ref(P,-1)),PL);
DownDay = Sum((Ref(P,-1)-P)*(P<Ref(P,-1)),PL);
ChMomOcs = 100 * ((UpDay-DownDay)/(UpDay+DownDay));

Plot(ChMomOcs,"CMO("+PL+")", ParamColor( "Color", colorCycle ), ParamStyle("Style") );
Plot(EMA( ChMomOcs,9),"", colorLightBlue);
PlotGrid(50, colorLightGrey);
PlotGrid(0, colorLightGrey);
PlotGrid(-50, colorLightGrey);

"Overbought/oversold Conditions:"; 
"As a general rule an overbought level is at +50 and the oversold level at -50. At +50, up-day momentum is three times the down-day momentum; At -50, down-day momentum is three times the up-Day momentum.";
"Higher CMO values correspond to betting trendiness while lower values of CMO indicate a possible trading range.";

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