It seems that excessive closes often indicate very short term reverses.
Comments, observations and improvements are appreciated.
The problem with this chart is the candle scale is on the right side of the chart, and the dot scale is on the left side.
The lower the tick the more the difference in scales.
It's confusing so I changed the settings.
Here's another version which puts the candles with the dots thanks to help from Spielchekr.
Also, here is an attempt to clone Mark Cook's tick indicator using a 5 day SMA. (It's not the same as Mark's but close.)
"Mark developed the Cook Cumulative TickSM indicator and gained acclaim by winning the 1992 U.S. Investment Championship with an astounding 563.8% return."
Edited by Rogerdodger, 11 September 2008 - 06:45 PM.