OPEN-SOURCE SCRIPT
SubCandles-V2
Further development on the sub-candle concept defined in the earlier script. SubCandle
This time instead of concentrating only on the last part, we are dividing the main candle into three parts.
Thickness of the sub-candle is based on relatively how much time each sub-candle took to complete within the main candle. Few interpretation can be:
Also adding the screen shot reference below.
https://tradingview.sweetlogin.com/x/N4v2vtiN/
Note: This can repaint within bar. Use it as part of bar replay. Will try to add more option to select a particular candle without bar reply soon
Let me know what you think?
This time instead of concentrating only on the last part, we are dividing the main candle into three parts.
- First Sub-Candle - Covers the candle movement from open to first of highest/lowest point. First sub-candle tells how fast/slow the initial movement took place and which direction it went.
- Second Sub-Candle - Is always a full bodied candle. Most important think here is the thickness of the sub-candle which tells how quickly or slowly the price went from one side of the peak to other.
- Third Sub-Candle - Similar to first sub-candle but covers the last part. This part is similar to what we are depicting in the earlier version of Sub-Candle script.
Thickness of the sub-candle is based on relatively how much time each sub-candle took to complete within the main candle. Few interpretation can be:
- If the first or third sub-candle are the thicker ones and if the thicker sub-candle has long wick, then it may mean strong rejection.
- If the first or third sub-candle are thicker ones and if the thicker sub-candle has full body, it may mean higher volatility within the sub-candle.
- If the second sub-candle is thicker than the rest - it can mean strong bias towards the direction of second sub-candle
- Thinner second sub-candle may mean a dump/pump. May need to check third sub-candle to see if the dump/pump are followed by pump/dump
Also adding the screen shot reference below.
https://tradingview.sweetlogin.com/x/N4v2vtiN/
Note: This can repaint within bar. Use it as part of bar replay. Will try to add more option to select a particular candle without bar reply soon
Let me know what you think?
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.
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
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.
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
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.