OPEN-SOURCE SCRIPT
CandleCheck
This indicator is intended to evaluate the quality of the bullish candles (close > open).
It will calculate the average size of the bullish candles from the last 200 periods. I'm assuming that a bullish candle with a superior wick or shadow equal or less than 25% of the total size of the bar is a good disruption candle. You can adjust at your own taste.
Candles with a size above the average and a superior wick or shadow equal or less than 25% of the total size of the bar will be painted lime. These are "good" candles.
Candles with a superior wick or shadow equal or less than 25% of the total size of the bar but with a size below the average will be painted green. These are "OK" candles.
Candles with a size above the average but a superior wick or shadow above than 25% of the total size of the bar will be painted fuchsia. These are "bad" candles.
Candles with a size below the average and a superior wick or shadow above than 25% of the total size of the bar will be left alone. These are "worse" candles.
"bad" and "worse" candles will be marked with a lime cross at the exact spot where price should reach to turn these candles to "OK" or "good". That value will be indicated at the indicator header.
"OK" or "good" candles should have a volume above the average.
It will calculate the average size of the bullish candles from the last 200 periods. I'm assuming that a bullish candle with a superior wick or shadow equal or less than 25% of the total size of the bar is a good disruption candle. You can adjust at your own taste.
Candles with a size above the average and a superior wick or shadow equal or less than 25% of the total size of the bar will be painted lime. These are "good" candles.
Candles with a superior wick or shadow equal or less than 25% of the total size of the bar but with a size below the average will be painted green. These are "OK" candles.
Candles with a size above the average but a superior wick or shadow above than 25% of the total size of the bar will be painted fuchsia. These are "bad" candles.
Candles with a size below the average and a superior wick or shadow above than 25% of the total size of the bar will be left alone. These are "worse" candles.
"bad" and "worse" candles will be marked with a lime cross at the exact spot where price should reach to turn these candles to "OK" or "good". That value will be indicated at the indicator header.
"OK" or "good" candles should have a volume above the average.
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.