OPEN-SOURCE SCRIPT
Updated Candle Theory
Description: The theory behind this script is that if within the last 10 candles, if the majority of them are green and the average length (wick to wick) of those majority green candles is greater than the average length of the minority red candles then it will signal that this is a bullish move within the market and signal you to buy. The opposite is true for bearish moves.
Inputs:
Inputs:
- Length - this allows you to decide how many candles to look back, default/recommended is 10
- Show First Signal In Series Only - using this indicator without this checked will show many more signals in a row. This allows you to just get a signal for the first candle that is the predicted bullish or bearish move
Release Notes
Adding in an alertcondition that allows you to set up one alert for short or long signals rather than having to set up two different alerts.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.