Momentum Candles by @PipsandProfitFX

The High Momentum Candles indicator highlights price bars with exceptional price movement and strong volume. It identifies candles with significantly long bodies relative to their shadows, indicating rapid price changes. Additionally, the indicator filters for candles with above-average volume to confirm the strength of the price movement.

Dark red: bearish momentum
Orange: bullish momentum
(You can easily change the momentum candles to whatever color you want in the indicator settings.)

By visually emphasizing these high momentum candles, traders can potentially identify potential trend reversals or continuations, as well as potential entry and exit points.

Key Features:

Identifies candles with large bodies relative to their shadows
Filters candles based on volume to confirm strength
Highlights high momentum candles with a distinct color

Let me know if you'd like to see any updates on this indicator.

Note: This indicator is a visual tool and should be used in conjunction with other technical analysis techniques for making informed trading decisions.

Note di rilascio

version 6

Change: The default body size percentage for identifying momentum candles has been increased from 70% to 80%. This adjustment will result in:

Fewer candles being identified as momentum candles: As the required body size relative to the true range increases, the indicator will become more selective in identifying significant price movements.

Potentially higher signal quality: By filtering out smaller price moves, the indicator may generate fewer signals, but those signals could have a higher probability of leading to profitable trades.

Note: This is a subjective change, and the optimal body size percentage may vary depending on trading style, market conditions, and individual preferences. Traders may experiment with different values to find what works best for them. Just click the indicator settings button to adjust body size, momentum candle colors, etc.

Script open-source

Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.

PipsandProfitFX

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Script open-source

PipsandProfitFX