OPEN-SOURCE SCRIPT
Elephant Bar Detector by McAi
Elephant Bar Detector ๐
Overview:
The Elephant Bar Detector identifies significant bullish and bearish bars (candlesticks) based on size and volume criteria. It also detects follow-through patterns, helping traders confirm strong price movements.
Features:
โ Elephant Bar Detection:
Bullish Elephant Bar ๐: A large bullish candle with high volume.
Bearish Elephant Bar ๐: A large bearish candle with high volume.
โ Follow-Through Confirmation:
Checks if price continues in the same direction after the Elephant Bar.
Requires at least 80% follow-through over the next few bars.
โ Visual Markers & Alerts:
Yellow Elephant ๐ (Bottom) โ Bullish signal
Pink Elephant ๐ (Top) โ Bearish signal
Background Highlight: Indicates confirmed follow-through
Alerts: Get notified when an Elephant Bar or follow-through occurs.
How It Works:
Calculates the average candle size over a user-defined period.
Sets a volume threshold (average volume ร multiplier).
Identifies Elephant Bars when price movement & volume exceed thresholds.
Confirms follow-through by checking if 80% of the next few bars continue in the same direction.
Customizable Settings:
Length for Average Candle Size (Default: 200)
Volume Multiplier (Default: 1.5)
Number of Follow-Through Bars (Default: 3)
This indicator helps traders spot strong price moves early and confirm trends before entering trades. ๐๐ฅ
Overview:
The Elephant Bar Detector identifies significant bullish and bearish bars (candlesticks) based on size and volume criteria. It also detects follow-through patterns, helping traders confirm strong price movements.
Features:
โ Elephant Bar Detection:
Bullish Elephant Bar ๐: A large bullish candle with high volume.
Bearish Elephant Bar ๐: A large bearish candle with high volume.
โ Follow-Through Confirmation:
Checks if price continues in the same direction after the Elephant Bar.
Requires at least 80% follow-through over the next few bars.
โ Visual Markers & Alerts:
Yellow Elephant ๐ (Bottom) โ Bullish signal
Pink Elephant ๐ (Top) โ Bearish signal
Background Highlight: Indicates confirmed follow-through
Alerts: Get notified when an Elephant Bar or follow-through occurs.
How It Works:
Calculates the average candle size over a user-defined period.
Sets a volume threshold (average volume ร multiplier).
Identifies Elephant Bars when price movement & volume exceed thresholds.
Confirms follow-through by checking if 80% of the next few bars continue in the same direction.
Customizable Settings:
Length for Average Candle Size (Default: 200)
Volume Multiplier (Default: 1.5)
Number of Follow-Through Bars (Default: 3)
This indicator helps traders spot strong price moves early and confirm trends before entering trades. ๐๐ฅ
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.