Internal Candle Strength [LuxAlgo]

The Internal Candle Strength tool allows traders to divide each chart bar into multiple rows of custom size and inspect the strength of the lower timeframes trends located within each row.

This tool effectively helps traders in identifying the power dynamic between bulls and bears within multiple areas within each bar, providing the ability to conduct LTF analysis.

🔶 USAGE



The strength displayed within each row ranges from 0% to 100%, with 0% being the most bearish and 100% being the most bullish.

Traders should be aware of the extreme probabilities located at the higher/lower end of the bars, as this can signal a change in strength and price direction.



Traders can select the lower timeframe to pull the data from or the row size in the scale of the chart. Selecting a lower timeframe will provide more data to evaluate an area's strength.

Do note that only a timeframe lower than the chart timeframe should be selected.

🔹 Row Size



Selecting a smaller row size will increase the number of rows per bar, allowing for a more detailed analysis. A lower value will also generally mean that less data will be considered when calculating the strength of a specific area.

As we can see on the chart above (all BTCUSD 30m), by selecting a different row size, traders can control how many rows are displayed per bar.

🔶 SETTINGS

• Timeframe: Lower timeframe used to calculate the candle strength.
  
• Row Size: Size of each row on the chart scale, expressed as a fraction of the candle range.