OPEN-SOURCE SCRIPT
Shadow Increase Signal
This indicator Calculates the average upper shadow of the previous 200 candles for issuing SELL signals.
And calculates the average lower shadow of the previous 200 candles for issuing BUY signals.
If the upper shadow of the new candle is %1000 greater than the average upper shadow of the previous 200 candles, a SELL signal is issued and a red arrow appears above the candle.
If the lower shadow of the new candle is %1000 greater than the average lower shadow of the previous 200 candles, a BUY signal is issued and a green arrow appears below the candle.
And calculates the average lower shadow of the previous 200 candles for issuing BUY signals.
If the upper shadow of the new candle is %1000 greater than the average upper shadow of the previous 200 candles, a SELL signal is issued and a red arrow appears above the candle.
If the lower shadow of the new candle is %1000 greater than the average lower shadow of the previous 200 candles, a BUY signal is issued and a green arrow appears below the candle.
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.