OPEN-SOURCE SCRIPT
Truly Bullish & Bearish Candle
Updated
This Pine Script indicator identifies and highlights truly bullish and bearish candles on your chart. Truly bullish candles are characterized by a strong bullish close significantly above the specific percentage, suggesting strong buying pressure. Conversely, truly bearish candles exhibit a strong bearish close significantly below the specific percentage, indicating strong selling pressure. By identifying these candles, traders can gain insights into potential shifts in market sentiment and make more informed trading decisions.
Key Features:
Usage Instructions:
Disclaimer: This indicator is provided for informational and educational purposes only. It is not intended as financial advice or trading recommendations. Trading involves risks, and it's essential to conduct thorough research and practice proper risk management techniques.
Key Features:
- Identifies truly bullish and bearish candles based on strong open/close differentials.
- Highlights these candles on the chart for easy visualization.
- Helps traders identify potential reversals or continuations in market trends.
- Customizable parameters for fine-tuning to suit individual trading strategies.
- Compatible with various timeframes and trading instruments.
Usage Instructions:
- Apply the indicator to your chart.
- Configure the settings according to your preferences.
- Look for highlighted truly bullish and bearish candles as potential entry or exit signals.
- Consider additional analysis and risk management strategies to confirm trading decisions.
Disclaimer: This indicator is provided for informational and educational purposes only. It is not intended as financial advice or trading recommendations. Trading involves risks, and it's essential to conduct thorough research and practice proper risk management techniques.
Release Notes
Updated label nameRelease Notes
Updated default percentageOpen-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.