OPEN-SOURCE SCRIPT
Large Shadow Detector V.1
Updated
Large Shadow Detector for TradingView
This Pine Script indicator highlights candles with shadows (wicks) exceeding a customizable threshold in points on the XAU/USD chart, specifically for the 1-hour timeframe.
Key Features:
Customizable Shadow Threshold: An input field allows users to set the threshold for detecting large shadows. The default is set to 3400 points.
Upper and Lower Shadows Calculation: The script calculates the upper and lower shadows of each candle.
Condition Checks: It checks if the shadows exceed the defined threshold.
Visual Indicators: Red triangles are plotted above candles with large upper shadows, and green triangles are plotted below candles with large lower shadows.
This Pine Script indicator highlights candles with shadows (wicks) exceeding a customizable threshold in points on the XAU/USD chart, specifically for the 1-hour timeframe.
Key Features:
Customizable Shadow Threshold: An input field allows users to set the threshold for detecting large shadows. The default is set to 3400 points.
Upper and Lower Shadows Calculation: The script calculates the upper and lower shadows of each candle.
Condition Checks: It checks if the shadows exceed the defined threshold.
Visual Indicators: Red triangles are plotted above candles with large upper shadows, and green triangles are plotted below candles with large lower shadows.
Release Notes
Update: Adjustable Shadow Threshold in PipsIn this version of the "Large Shadow Detector" indicator, we have added a new feature that allows you to set the shadow threshold directly in pips. With this update, you can set the default shadow threshold to 340 pips and adjust it in the settings to suit your specific needs.
Key Changes:
New Input Field: You can now set the shadow threshold based on pips instead of points.
Default Pip Value: The default value for pips is set to 340, allowing you to start using the indicator quickly.
This update helps users to more accurately identify large shadows and gain better insights into the market. We hope this enhancement improves your experience with the indicator.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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.