Liquidation/Doji CandlesLiquidation/Doji Candles
This indicator highlights candles with a body length smaller than 30% of the candle’s total range. These candles are displayed in orange, representing potential liquidation points or doji candles.
The idea behind this tool is to help traders spot moments of market indecision, where buying and selling pressure are in balance. Such conditions often hint at institutional liquidation events or possible retail-driven reversals.
You can fully customize the detection sensitivity by adjusting the percentage input. This allows you to tighten or loosen the condition depending on your trading style and market preference.
To support passive traders, the script also includes built-in alerts for:
• The formation of a new liquidation/doji candle.
• A close above its high (bullish engulfment).
• A close below its low (bearish engulfment).
These alerts make it easier to stay on top of potential market shifts without needing to constantly monitor the charts.
Cerca negli script per "candle"
Dump CandleThe "Dump Candle" indicator is a tool designed to help traders visualise potential "dump" candles on a altcoin's price chart. A dump candle is a transparent candle with pink outline and it shows where the price experiences a significant drop from its high to its close, indicating a potential sell-off or market weakness. These are usually caused by relatively smaller moves on BTC.
Features:
Customizable Percentage Drop: Traders can input the desired percentage drop threshold to define what constitutes a dump candle. This allows for flexibility in adapting the indicator to different market conditions and trading styles.
Historical Dump Candle Highlighting: Traders have the option to highlight historical dump candles on the chart, making it easier to spot past instances of significant price drops and analyze their impact on the market.
Average Dump Percentage: The indicator can calculate the average percentage drop of the five most recent dump candles, giving traders a sense of the typical magnitude of price drops in the current market environment.
Informative Label: A label is displayed next to the most recent dump candle, providing key information such as the percentage drop, the number of candles since the last dump, and the average dump percentage. This helps traders quickly assess the significance and context of the identified dump candle.
Usage:
Use the dump candle to find where to set your bids/buys for the moment when BTC drops to wipe out leveraged traders. This can be very lucrative, as your orders get wicked into, and price very quickly heads north again, meaning you are instantly in profit, and the overall market generally continues being bullish from that point, as people buy the dip. I place by bids at the 4H or 12H RMA14 moving average, in Fair Value Gaps, and at orderblocks. Obviously make sure to use a stop loss too
Katz Candle Momentum Reversal Indicator v4.1Katz Candle Momentum Reversal Indicator (CMRI) v4.1
Overview
The Katz CMRI is a comprehensive trading indicator designed to identify trend direction, momentum shifts, and potential market reversals. It combines several different concepts into a single, cohesive visual tool.
At its core, the indicator uses a custom Line Break chart calculation to filter out market noise and a Heikin-Ashi-style formula to smooth price action. This combination helps to more clearly define the underlying trend. The main output is a dynamic, multi-colored trend line accompanied by various signals that appear directly on your chart. It's designed to help traders stay with the trend while also spotting key moments of expansion, contraction, and potential reversal.
How to Interpret the Indicator
The indicator has several key visual components:
Main Trend Line: This is the thick, central line that changes color.
Green: Indicates a bullish (upward) trend.
Red: Indicates a bearish (downward) trend.
Faded/Light Colors: Suggest a potential loss of momentum or a pullback within the trend.
White: Signals a significant break in the trend structure.
Trend Cloud: The shaded area between the main trend line and the white midline (mid). A green cloud shows the trend is above the midpoint, while a red cloud shows it's below.
Upper/Lower Bands: The aqua (Trend Up) and yellow (Trend Down) lines represent the recent highs and lows of the established trend. When price is pushing against these bands, it signals trend strength.
Background Colors:
Gray: A "Contraction Zone." This indicates that the trend is losing momentum and consolidating, warning of potential chop or a reversal.
Blue: An "Expansion Event." This highlights a sudden increase in momentum in the direction of the trend.
Signal Shapes:
Diamonds: These are the primary entry signals. A green diamond below a candle signals a potential long entry, while a red diamond above a candle signals a potential short entry.
⬆️⬇️ Arrows: These are secondary momentum signals. They can be used as confirmation that the trend is continuing.
Trading Strategy & Rules
This strategy uses the primary diamond signals for entries and trend changes for exits.
Long Trade (Buy) Rules
Entry: Wait for a green diamond to appear below the price candles. For confirmation, the main trend line should turn solid green, and the price should ideally be above the white midline.
Exit:
Stop Loss: Place a stop loss below the recent swing low or below the candle where the green diamond appeared.
Take Profit: Consider exiting the trade when a red diamond appears above the candles, signaling a potential trend reversal. Alternatively, a trader might exit if the background turns gray (Contraction Zone), indicating the bullish momentum has faded.
Short Trade (Sell) Rules
Entry: Wait for a red diamond to appear above the price candles. For confirmation, the main trend line should turn solid red, and the price should ideally be below the white midline.
Exit:
Stop Loss: Place a stop loss above the recent swing high or above the candle where the red diamond appeared.
Take Profit: Consider exiting the trade when a green diamond appears below the candles. A gray "Contraction Zone" can also serve as an early warning to exit as bearish momentum wanes.
Indicator Filters Explained
The indicator includes a "Trend Filter Type" setting that allows you to adjust its sensitivity. This can help reduce false signals in choppy markets.
Raw: This is the most sensitive setting. It will generate a trend change signal as soon as the basic conditions are met. Use this for scalping or in strongly trending markets, but be aware that it may produce more false signals.
OutStep: This is the default, balanced setting. It adds an extra layer of confirmation by requiring the main trend line itself to be moving in the direction of the new trend. For example, a new green signal will only be confirmed if the trend line's value is higher than its previous value. This helps filter out weak signals.
FullStep: This is the most conservative and filtered setting. It includes the "OutStep" logic and adds further conditions related to the upper and lower trend bands. This setting will produce the fewest signals, but they are generally the highest quality, making it suitable for swing trading or avoiding choppy market conditions.
Disclaimer
This indicator is a tool for technical analysis and should not be considered financial advice. All trading involves substantial risk, including the possible loss of principal. Past performance is not indicative of future results. The signals generated by this indicator are for educational and informational purposes only. You are solely responsible for any trading decisions you make. Use this indicator at your own risk.
Same-Direction Candles (Two Symbols)Same-Direction Candles (Two Symbols)
What it does
Highlights bars on your chart when two symbols print the same candle direction on the chosen timeframe:
Both Bullish → one color
Both Bearish → another color
Great for spotting synchronous moves (e.g., NQ & ES, QQQ & SPY), or confirming risk-on/risk-off with an inverse asset (e.g., NQ vs DXY with inversion).
How it works
For each bar, the script checks whether close > open (bullish), close < open (bearish), or equal (doji) for:
The chart’s symbol
A second symbol pulled via request.security() (optionally on a different timeframe)
If both symbols are bullish, it paints Bull color; if both are bearish, it paints Bear color. Dojis can be ignored.
Inputs
Second symbol: Ticker to compare (e.g., CME_MINI:ES1!, NASDAQ:QQQ, TVC:DXY).
Second symbol timeframe: Leave blank to use the chart’s TF, or set a specific one (e.g., 5, 15, D).
Invert second symbol direction?: Flips the second symbol’s candle direction (useful for inversely related assets like DXY vs indices).
Ignore doji candles: Skip highlights when either candle is neutral (open == close).
Coloring options: Toggle bar coloring and/or background shading; pick colors; set background transparency.
Alerts
Three alert conditions:
Both Bullish
Both Bearish
Both Same Direction (bullish or bearish)
Create alerts from the Add Alert dialog after adding the script.
Use cases
Index confluence: NQ & ES moving in lockstep
ETF confirmation: QQQ & SPY agreement
FX/Index risk signals: Invert DXY against NQ/ES to see when equity strength aligns with dollar weakness
Tips
For mixed timeframes (e.g., chart on 1m, ES on 5m), set Second symbol timeframe to the higher TF to reduce noise.
Keep Ignore dojis on for cleaner signals.
Combine with your own entry rules (structure, FVGs, liquidity sweeps).
Notes
Works on any symbol/timeframe supported by TradingView.
Overlay script; no strategy/entries/exits are executed.
Past performance ≠ future results; for education only.
Version: 1.0 – initial release (bar/background highlights, doji filter, inversion, multi-TF support, alerts).
Wickless Candle IndicatorIt is designed to identify and visually highlight wickless candles on trading charts. A wickless candle is defined as a candle where the high equals either the open or close, and the low equals either the open or close, indicating no wicks.
Key features of the script include:
Customizable Line Width: Users can adjust the width of the lines drawn over wickless candles.
Wickless Candle Detection: A function isWickless is used to determine whether a candle is wickless based on its open, close, high, and low values.
Line Drawing and Management: The script draws lines over wickless candles and extends these lines as long as consecutive wickless candles are detected. The lines are terminated when a candle with a wick is encountered or when the line extends beyond one bar.
Visual Indicators: Wickless candles are marked with a cross shape above them, and lines are colored black for clear visibility.
Efficient Line Handling: The script uses variables to store and update line information, ensuring efficient management of the drawn lines as new price data comes in.
This indicator is particularly useful for traders who consider wickless candles significant in their analysis, providing an automated and visually clear way to identify these candles on a chart.
Strong Candle Detector (Candles Close UP/DOWN)The Strong Candle Detector highlights candles that close decisively above or below the previous candle’s range, which means the resting liquidity of the previous candle has been entirely absorbed.
How it works:
A candle is considered Bullish (UP) when its close is higher than the previous candle’s high.
A candle is considered Bearish (DOWN) when its close is lower than the previous candle’s low.
This tool helps traders:
Spot strong breakouts or breakdowns.
Know when a liquidity sweep of a previous candle's extremes has failed
Quickly identify potential momentum continuation or reversal points.
Improve chart clarity by emphasizing only significant candles.
⚠️ Note: This indicator does not provide buy/sell signals. It is meant as a visual aid to support your trading strategy.
Highlight Large Candles// 🔍 Highlight Large Candles Indicator
// 🇬🇧 This indicator highlights candles where the full candle size (high - low) exceeds a user-defined percentage of the opening price (e.g., 1%).
// 🟠 When detected, the candle is colored orange and a label appears showing:
// - Body size
// - Upper wick size
// - Lower wick size
// - Open → Close distance (in price and %)
//
// 🔧 The minimum candle size threshold can be customized in the Settings.
// Ideal for identifying strong momentum or breakout candles.
Current Candle### Overview
The **Current Candle** indicator displays live information about the active bar. It shows the price change, percentage change, and candle range (high–low), conveniently placed to the right of the current candle.
### Features
• Shows absolute price change from the previous close
• Shows percentage change (%)
• Shows candle range (high–low)
• Customizable bull and bear colors (default TradingView candle colors: green = rgb(8,153,129), red = rgb(242,54,44))
• Toggle on/off Value, Percentage, and Range individually
• Always updates on the latest candle only, keeping charts clean
### How to Use
1. Add the indicator to your chart.
2. Adjust the “Right offset (bars)” to position the label.
3. Enable or disable Value, Percentage, or Range via checkboxes.
4. Customize bull/bear colors to match your chart theme if desired.
### Notes
• Label is plotted only on the latest candle (`barstate.islast`) to avoid clutter.
• Colors cannot be automatically synced to your TradingView chart theme — use the color inputs to match them manually.
• This script is designed for clarity and quick reference without altering your chart’s candles.
---
*Stay focused on the current candle — see change, percentage, and range at a glance.*
HTF Candle Display (Evolution FX)HTF Candle Display (Evolution FX)
WHAT IT DOES
This tool overlays a **higher timeframe candle** (like Daily or Weekly) directly on your current lower timeframe chart (like 5m, 15m, 1h). It visually anchors current price action within its broader market context, ideal for traders using multi-timeframe confluence, liquidity mapping, or High-Timeframe-Based decision-making.
KEY FEATURES
Timeframe selection : Choose any higher timeframe (HTF) to display (e.g., D, W, M).
Dynamic candle placement : Position the HTF candle overlay away from price action using distance presets: `Close`, `Near`, `Far`, `Very Far`.
Adjustable thickness : Choose candle body width via `Thin`, `Thick`, or `Thicker` styles.
Fully customisable visuals : Set custom colours for bullish and bearish candles, borders, wicks, and labels.
Highlight box (optional) : Display a semi-transparent box aligned to the HTF candle's real time span.
Label with live countdown : Optionally show a floating label with timeframe info and time remaining in the HTF candle.
Previous candle display : Toggle to show or hide the prior HTF candle for better comparison.
HOW TO USE IT
Select your HTF (e.g., Daily) from the input dropdown.
Use "Distance From Price Action" to shift the visual away from the candles for a cleaner layout.
Adjust "Candle Width" to visually match your preferences.
Optionally toggle:
- "Show Previous Candle"
- "Show Label"
- "Highlight Current Day Price Action Box"
Customise your **colour scheme** to match your charting setup.
Recommended to use on charts like `15m`, `1h`, or `4h` for best visual clarity.
USE CASES
HTF liquidity hunting
Bias framing via daily/weekly structure
Institutional-style trading models
Scalping with macro trend context
Strong Engulfing Candlestick (With Alerts)Detect only Strong Bullish and Strong Bearish Engulfing candle patterns and provide visual signals along with alerts.
Key Features
Bullish Engulfing Detection:
Conditions:
Current candle's close > open (bullish).
Previous candle's close < open (bearish).
Current candle's high ≥ Previous candle's high (includes wicks).
Current candle's low ≤ Previous candle's low (includes wicks).
The body of the current bullish candle is stronger than the previous bearish candle.
Signal: Plots a green upward arrow below the bar when conditions are met.
Bearish Engulfing Detection:
Conditions:
Current candle's close < open (bearish).
Previous candle's close > open (bullish).
Current candle's high ≥ Previous candle's high (includes wicks).
Current candle's low ≤ Previous candle's low (includes wicks).
The body of the current bearish candle is stronger than the previous bullish candle.
Signal: Plots a red downward arrow above the bar when conditions are met.
Alerts:
Custom alerts are included for both bullish and bearish engulfing patterns:
Bullish Alert Message: "Strong Bullish Engulfing detected!"
Bearish Alert Message: "Strong Bearish Engulfing detected!"
ROBO STB Custom Weekly Candle (Fri-Thu)Description:
This indicator creates custom weekly candles that start on Friday and end on Thursday, instead of the standard Monday–Friday weekly structure in TradingView. It aggregates the open, high, low, and close (OHLC) values from Friday to Thursday and displays them as candlesticks on the chart.
Features:
✅ Custom weekly candles from Friday to Thursday
✅ Dynamic calculation of open, high, low, and close
✅ Works on any timeframe
✅ Helps traders analyze market structure differently
How It Works:
Identifies the custom weekly session based on Friday's start and Thursday's end.
Aggregates OHLC values within this time range.
Resets the values when a new custom week begins.
Plots the calculated weekly candles on the chart.
Use Case:
This indicator is useful for traders who prefer to analyze weekly price movements based on a non-standard start and end day, especially those focusing on forex, crypto, or commodities where trading hours differ.
Notes:
This script does not modify existing candles but overlays new custom weekly candles on the chart.
It does not repaint and updates in real-time.
If you find this useful, like and share! 🚀
Astro-CandlesThis script is just for fun.
It generates a Planet and a Zodiac Sign at the close of each candle.
The candle is "sliced" into 7 sections, one for each Planet and the close lands in one of those sections.
The candle is "sliced" into 12 sections, one for each Zodiac and the open lands in one of those sections.
You could use it to generate a quick "answer" to a question.
You could use to contemplate your day if you use the daily candle.
You could even try to use it to trade and make some money, somehow.
Every combination should be possible, Moon in Aries, Mars in Capricorn, whatever.
Since it's based on candle structure, it might yield some interesting information.
Or not!
Enjoy!
Price action: candlestick trend painter This script paints bars in different colors based on whether they are trending up or down.
It shows you if a candle is bearish or bullish based on the high and low of the previous candle.
Bull candles form higher highs (HH) and higher lows (HL) from the previous candle and are painted green.
Bear candles form lower highs (LH) and lower lows (LL) from the previous candle and are painted red.
Disclaimer
Copyright by Drbondsbody.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
Proper CandlesadjustedOpen = close
The candle’s open is set to the previous candle’s close, rather than the actual open.
This creates a continuous price flow from one candle to the next, visually eliminating gaps.
adjustedHigh = math.max(high , close )
The high of the candle is adjusted to be the maximum between the actual high of the current candle and the previous close.
This ensures that the high fully encompasses any price movement from the previous close to the current high.
adjustedLow = math.min(low , close )
The low is set as the minimum between the current low and the previous close, again ensuring continuity in the visual range of the candle.
These adjustments are primarily aimed at eliminating price gaps and creating a more consistent visual representation of price action.
Double Inside Body Candles with Box & Alert + 5-Bar LinesThis indicator identifies Double Inside Body Candle patterns, where:
Candle 1 is completely inside Candle 2,
Candle 2 is completely inside Candle 3 (the parent candle),
Candle 3 has a real body (not a doji or negligible body size).
Once the pattern is detected:
A label appears below the current candle.
A highlight box is drawn around Candle 3 (the parent candle) body range.
Horizontal lines are drawn from the top and bottom of Candle 3’s body and extend forward for exactly 5 bars to visualize potential breakout levels.
The script also detects and highlights breakouts:
🔼 Bullish breakout: if price closes above Candle 3's body high.
🔽 Bearish breakout: if price closes below Candle 3's body low.
Alerts are available for:
Double Inside Body pattern detection
Bullish breakout
Bearish breakout
Traders can use this script to identify consolidation periods (double inside bars), then monitor for breakout opportunities in either direction, using the 5-bar lines as short-term breakout levels.
Wick to Candle Ratio with Multiple ColorsThe display in question likely provides visual representations or data related to the concept of the dot-based wick-to-body ratio. This ratio is a term often used in financial markets, particularly in the context of candlestick charts.
In candlestick charts, each candlestick represents a specific time period (such as a minute, hour, day, etc.) and provides four pieces of price data: the opening price, closing price, highest price, and lowest price of an asset within that timeframe. The "body" of the candlestick is the area between the opening and closing prices, while the "wicks" (or shadows) are the lines extending from the body, representing the highest and lowest prices during the period.
The dot-based wick-to-body ratio refers to a method of quantifying the relative lengths of the wicks compared to the body using dots or points. In this context, a display illustrating this ratio might show different candlesticks with highlighted dots representing the ratio between the length of the wick and the body. A higher ratio could indicate more volatility in price movements during that timeframe, while a lower ratio might suggest comparatively stable price action.
Single Candle Entry with Multi-Timeframe [Wang Indicators]
Single candle entry
Overview : The "Single Candle Entry Model" indicator is designed to help traders through a simple yet effective trading strategy. This indicator automatically detects candles that encompass both the high and low of the previous candle, creating key price zones for potential market entries.
- This indicator was developed with the help of @DaveTeaches -
How does it works ?
Detects when a candle trade above the high and below the low of the previous candle
When it occur, the indicator write "SCE" on the candle
The text will be in different color if its bearish or bullish (customizable by user)
Higher Timeframes
Users can enable up to 3 HTF SCE detection to enhance multi timeframe analysis.
Users can select which timeframe he want to use
Boxes will be displayed around High time frame SCE to highlight the HTF candle.
As regular SCE, the indicator will write "SCE" above or under the box
How does it helps users ?
Once the SCE is created, it can be used as a zone.
Levels (30, 50 and 70%) are displayed
Users can customize their apparence as they see fit
The 30 - 50 - 70 levels are support/resistance that the price tend to bounce of off
You might find some success looking for an entry inside the zone at a level if price gives further confirmations such as a lower time frame flip or using other indicators
Alert can be setup on any timeframe
Opening candle indicator
The indicator only works in the US and Saudi markets. Its idea is to draw a line for the highest and lowest prices of the first opening candle on a five-minute frame. A break of the highest price of the candle means a buy, while a break of the lowest price of the candle means a sell. Three lines are drawn as price targets calculated at twice the length of the opening candle... The lines in the previous trading session disappear when the current session begins.
Exponential moving averages can be used to help decide whether to stay in the trade or sell.
When using the indicator, you must go to the indicator settings and change the market.
يعمل هذا المؤشر فقط في السوقين الأمريكي والسعودي. وتتمثل فكرته في رسم خط لأعلى وأدنى سعرين للشمعة الافتتاحية الأولى على إطار زمني مدته خمس دقائق. كسر أعلى سعر للشمعة يعني الشراء، بينما كسر أدنى سعر للشمعة يعني البيع. تُرسم ثلاثة خطوط كأهداف سعرية محسوبة بضعف طول الشمعة الافتتاحية... تختفي خطوط جلسة التداول السابقة عند بدء الجلسة الحالية.
يمكن استخدام المتوسطات المتحركة الأسية للمساعدة في تحديد ما إذا كان ينبغي الاستمرار في التداول أم البيع. عند الرغبة في استخدامه يجب الذهاب لإعدادت المؤشر وتحديد السوق إما الأمريكي أو السعودي.
Period Counter CandleDescription:
The Period Candle Counter is a Pine Script v6 indicator designed to track and display candle statistics within a user-defined time range. This tool provides valuable insights into market movement by counting green (bullish) and red (bearish) candles within the selected period, along with their respective percentages.
Additionally, it calculates the total duration of the selected candles based on the current chart timeframe. This allows traders to understand how much actual market time has passed during the analyzed period.
Features & Functionality:
✅ Custom Time Selection:
Users can define a start and end time for the analysis.
The indicator automatically identifies and tracks candles within this period.
✅ Candle Count & Percentages:
Total Candles in the selected period.
Green Candle Count & Percentage (bullish candles).
Red Candle Count & Percentage (bearish candles).
✅ Time Calculation:
Multiplies the number of candles by the chart timeframe.
Converts the total time into hours and minutes (e.g., "2h 30m").
✅ User-Friendly Display:
Data is neatly organized in a panel positioned in the top-right corner of the chart.
Background highlighting is applied during the selected period for easy visualization.
Use Cases:
📊 Trend Analysis – Helps traders identify whether a session was bullish or bearish.
⏳ Market Session Timing – Understand how long a specific trend or movement lasted.
📉 Backtesting Strategy Support – Evaluate historical periods efficiently.
Three Candle Breakout Marker**Title: Three Candle Breakout Marker**
**Description:**
The **Three Candle Breakout Marker** is a powerful trading indicator designed for traders who want to identify significant price movements based on recent price action. This script marks candles that break above the highest high or below the lowest low of the previous three candles, providing clear visual signals for potential trading opportunities.
### Key Features:
- **Visual Indicators**: The indicator uses upward blue triangles to signify when a candle closes above the highest high of the last three candles, indicating a bullish breakout. Conversely, it uses downward orange triangles to mark when a candle closes below the lowest low of the last three candles, signaling a bearish breakout.
- **Customizable Alerts**: Traders can easily customize this indicator to suit their trading strategies by adjusting colors and sizes for better visibility on their charts.
- **Enhanced Chart Analysis**: With optional horizontal lines drawn at the breakout levels, traders can quickly assess key support and resistance areas, enhancing their decision-making process.
### How to Use:
1. **Add to Chart**: Simply add the indicator to your TradingView chart for any asset or timeframe you are analyzing.
2. **Identify Breakouts**: Look for blue triangles above candles for bullish breakout signals and orange triangles below candles for bearish breakout signals.
3. **Combine with Other Tools**: Use this indicator in conjunction with other technical analysis tools and indicators to confirm signals and improve your trading strategy.
### Conclusion:
The **Three Candle Breakout Marker** is an essential tool for traders looking to capitalize on momentum shifts in the market. By clearly marking breakout points, it helps traders make informed decisions and enhances their ability to react swiftly to changing market conditions.
Feel free to explore and customize this indicator to fit your trading style! Happy trading!
Bullish Candlestick with No or Small Bottom Wickthis indicator highlights bullish candles with no lower wick of with a very small lower wick. the idea is that when this occurs, price will sooner or later get back to this area. you could use it for a strategy that sets up shorts just below the bullish candle.
Average Candle Range [UkutaLabs]█ OVERVIEW
The Average Candle Range is a powerful indicator that compares the size of the current bar to past bars. This comparison can be used in a wide variety of trading strategies, allowing traders to understand at a glance the relative size of each candle.
█ USAGE
As each candlestick forms, two bars will be plotted on the indicator. The grey bar represents the total range of the candle from the high to the low, and the second bar represents the body of the bar from the open to the close. Depending on whether the bar is bullish or bearish, the second bar will be colored green or red respectively.
Two averages will also be drawn over these bars that represent the average size of the two bar types over a period that is specified by the user. These averages can be toggled in the indicator settings.
█ SETTINGS
Configuration
• Period: Determines how many bars to use in the calculation of the averages.
• Show Bar Average: Determines whether or not the average for the full bar size is displayed.
• Show Body Average: Determines whether or not the average for the body is displayed.
Open Equals Low/High Candles
This Indicator basically helps us to get the candles where Open = Low & Open =High.
Significance:
1) Open = Low Candles
----> Such candles are very powerful, as the Open = Low marks that there aren't any sellers left below the price on that day. Denoting BULLS power and aggression.
2) Open = High Candles
----> Open = High Candles signify that as soon as the markets opened, Bears were very strong, and no buyers left above the opening price for that candle. Denoting Strong BEARISH sentiment and aggression.
PS: This indicator can be used across all timeframes and indices. As it is purely based on Price-Action study.
