OPEN-SOURCE SCRIPT
Candle Strength
Candle Strength Indicator
Candle Strength Indicator helps traders identify strong bullish or bearish candles based on their body-to-range ratio and volume conditions. The indicator calculates the strength of each candle using the formula:
Candle Strength = (Close – Open) / (High – Low)
A value close to +1 indicates strong buying pressure.
A value close to –1 indicates strong selling pressure.
A value near 0 suggests indecision or weak movement.
To improve signal quality, the indicator filters candles by volume — only highlighting those with volume greater than the moving average.
When a strong candle is detected:
Upward green arrows appear for strong bullish candles.
Downward red arrows appear for strong bearish candles.
You can customize:
Timeframe of candle data.
Volume lookback period.
Strength threshold for signal display.
Candle Strength Indicator helps traders identify strong bullish or bearish candles based on their body-to-range ratio and volume conditions. The indicator calculates the strength of each candle using the formula:
Candle Strength = (Close – Open) / (High – Low)
A value close to +1 indicates strong buying pressure.
A value close to –1 indicates strong selling pressure.
A value near 0 suggests indecision or weak movement.
To improve signal quality, the indicator filters candles by volume — only highlighting those with volume greater than the moving average.
When a strong candle is detected:
Upward green arrows appear for strong bullish candles.
Downward red arrows appear for strong bearish candles.
You can customize:
Timeframe of candle data.
Volume lookback period.
Strength threshold for signal display.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.