TDP 2Title: Enhanced Candlestick Pattern Identifier with Body Ratio Analysis
Description:
This Pine Script, titled "Enhanced Candlestick Pattern Identifier with Body Ratio Analysis," is designed to aid traders in visualizing key candlestick formations that have significant implications for trend reversals and continuations. It uses the body ratio of candles to identify strong directional movements, enhancing decision-making processes in trading strategies.
Key Features:
Body Ratio Calculation: The script calculates the body ratio of each candle, which is the proportion of the candle's body to its total range. This helps in distinguishing between candles that show decisive market movements versus those with indecision.
Bullish Candle Identification: Identifies bullish candles where the close is greater than the open and the body constitutes at least 55% of the total candle range, indicating strong buying pressure.
Bearish Candle Identification: Flags bearish candles where the open is above the close with a body ratio of 55% or more, highlighting strong selling pressure.
Comparative Analysis: The script not only identifies bearish candles but also categorizes them based on whether they close below the lowest point of the last qualifying bullish candle, offering insights into potential breakdowns or supports.
Visual Markers: Uses distinct shapes and colors to mark each type of candle directly on the chart, making it easy to spot these patterns in real-time trading scenarios.
Utility:
This tool is invaluable for traders who utilize technical analysis to make informed decisions. By providing clear visual cues about significant bullish and bearish candlestick formations, the script facilitates quick interpretations of potential market moves, helping traders to capitalize on trends or protect against losses from reversals.
How to Use:
Simply add this script to your chart, and it will automatically highlight the qualifying candles. Green labels indicate strong bullish candles, red labels signify bearish candles closing below the last bullish candle's low, and orange labels show bearish candles that do not close below the bullish low.
Ideal for use in various markets including forex, equities, and commodities, this script is a must-have tool for both novice and experienced traders aiming to enhance their trading strategy with detailed candlestick pattern analysis.
ค้นหาในสคริปต์สำหรับ "candle"
LLHC/HHLC - Simple ArrowsA simple script for analyzing two types of reversal candles. HHLC and LLHC reversal candles.
HHLC
If a candle has a higher high and a lower close than the previous candle, it is marked with a red HHLC downward pointing arrow.
LLHC
If a candle has a lower low and a higher close than the previous candle, it is marked with a green LLHC upward pointing arrow.
The script's first iteration helps identify candles that MIGHT be reversal candles.
Remember to check:
1. What market cycle the price action for a stock is in.
2. Which reversal you're looking for as a result of that market cycle.
I'm not a pro, so hopefully, the stuff to remember is correct. Please examine the candles to determine if they fit your parameters for a reversal candle.
Shout out to TJ for teaching about these reversal candles! He's a freaking boss!!
Inside Bars / Nested Bars (+ Gaps) [jenaparadies]📌 Features
Highlight inside bars
Highlight bars that remain within the range of a mother bar (called nested bars )
Highlight the mother bar (optional)
Highlight consecutive nested bars using a visual box (optional)
Enable no-gap candle logic (optional, see below)
Show no-gap candles on the chart (optional)
Fully customizable colors and appearance
📌 Method
An inside bar is any candle whose high is lower than or equal to the previous candle's high, and whose low is higher than or equal to the previous candle's low. In other words, the entire price action of the inside bar remains within the range of the previous candle without exceeding it. The preceding candle is referred to as the mother bar .
Occasionally, the candle following the inside bar may break above or below the inside bar's range, while still remaining fully within the high and low of the mother bar. These candles are referred to as nested bars and are highlighted in a different color.
Optionally, sequences of consecutive nested bars can be enclosed within a box to emphasize consolidation zones.
📌 No-Gap Candles (Optional)
This feature adjusts each candle’s opening price so that it matches the closing price of the previous candle. It is particularly useful for assets that frequently experience large gaps between candles.
By extending each candle's effective range to include the previous candle's close, the indicator maintains structural consistency over timeframes, especially when the open price deviates significantly from the prior close. Inside bars are then identified relative to the extended range of the mother bar.
Optionally, the adjusted no-gap candles can be visualized directly on the chart for better clarity.
🎁 Bonus
Activating the "Show No-Gap Candles" option transforms any line chart into a gap-free bar chart ‒ ideal for visualizing economic data such as inflation rates.
X OC StoryOverview
The "X OC Story" is a Pine Script indicator that visualizes the Open-Close range of a higher timeframe (HTF) candle on a lower timeframe chart. By plotting dynamic lines to represent the open and close prices of the previous HTF bar, this tool gives traders a clearer context of recent market sentiment and structural shifts. It includes color-coded visual fills to distinguish between bullish and bearish candles and offers the option to display only the most recent range.
Concept
1. Multi-Timeframe Analysis (MTF)
At its core, this indicator utilizes multi-timeframe analysis by requesting open, high, low, and close values from a user-defined HTF (input.timeframe('60')) and applying them to a lower timeframe chart. This allows traders to incorporate higher timeframe information without switching chart intervals.
2. Timeframe Change Detection
The indicator detects when a new HTF candle begins which lets the script know when to capture and visualize a new set of HTF open-close values.
3. Encapsulation with Custom Type (candles)
The script defines a custom type candles to encapsulate OHLC values of the previous HTF candle. This improves code readability and structure by keeping all relevant HTF data in a single object.
4. Dynamic Line Drawing
When a new HTF candle is detected, two horizontal lines are drawn for Open and Close. These are updated dynamically on each bar to extend across the entire HTF candle range on the lower timeframe chart.
5. Visual Highlighting
a shaded area is drawn between the open and close lines which help highlight market structure without overwhelming the chart.
6. Selective Persistence of Drawings
Users can enable deleteOld to show only the most recent HTF open-close range. When enabled, previously drawn lines are tracked in an array and deleted upon creation of a new range, keeping the chart clean and focused.
How a Trader Might Use This Tool
Contextual Decision-Making
This indicator helps traders see where the market is trading relative to the previous HTF candle:
Trading above the HTF close may suggest bullish continuation
Trading below the HTF open may indicate a bearish reversal or breakdown
Confluence Zones
The open and close lines of HTF candles often act as support/resistance levels. A trader might:
Watch for rejections or breakouts at these levels
Use them in confluence with intraday setups or trend indicators
Scalping or Intraday Strategy Support
Since this visual is drawn on a lower timeframe (like 5m or 15m), it’s particularly useful for scalpers or day traders who want to factor in HTF sentiment without leaving their active chart.
Cleaner Charting
With the optional setting to display only the most recent range (deleteOld), traders avoid clutter and focus on the current actionable zone.
Summary
“X OC Story” is a clean, visual, and effective multi-timeframe utility that helps traders:
Identify HTF open-close context
Highlight possible support/resistance zones
Analyze sentiment and structure visually
It’s an excellent addition to any discretionary trader’s toolkit for improved context awareness and informed entries or exits.
BRT CHARTS MTFDescription of the Indicator
This indicator is designed to visualize and analyze price movements across multiple timeframes simultaneously. It displays candles from selected time intervals directly on the current chart, allowing traders to quickly assess market conditions without switching between different timeframes. This is particularly useful for traders who use multi-timeframe analysis to make trading decisions.
Key Features of the Indicator:
1. Displaying Candles from Multiple Timeframes:
- The indicator allows you to select three timeframes (e.g., 1 hour, 4 hours, and 1 day) and displays their candles on the current chart. This helps to see the overall market picture without switching between charts.
- Candles are displayed as vertical columns, each containing the body and wicks (shadows) of the candle. The colors of the candles (green for bullish and red for bearish) are customizable.
2. Dynamic Updates:
- The indicator automatically updates the candles as new data arrives, allowing you to track market changes in real time.
3. Customizable Number of Candles:
- The user can choose how many candles to display for each timeframe (default is 4 candles). This allows the indicator to be adapted to individual needs.
4. Range Display (High/Low):
- The indicator can show High and Low levels for each timeframe, helping to identify key support and resistance levels.
- It is also possible to display the Mid level (average between High and Low), which can be useful for identifying consolidation zones.
5. Data Table:
- The indicator supports displaying a table with key levels (High, Low, Mid) for each timeframe. The table can be placed in any corner of the chart, and its size and text/background colors are customizable.
6. Flexible Appearance Settings:
- The user can customize the colors of the candles, their wicks, High/Low/Mid levels, as well as the placement of the columns on the chart.
How the Indicator Helps in Trading:
- Multi-Timeframe Analysis: The indicator allows you to analyze multiple timeframes simultaneously, helping to better understand the overall trend and find entry points. For example, if the trend is bullish on the daily timeframe and there is a correction on the hourly timeframe, this could be a good opportunity to buy.
- Identifying Key Levels: Displaying High, Low, and Mid levels helps quickly identify support and resistance zones, which is useful for setting stop-loss and take-profit levels.
- Time-Saving: The indicator eliminates the need to switch between timeframes, speeding up the analysis and decision-making process.
- Visual Clarity: Visualizing candles from different timeframes on a single chart makes analysis more convenient and intuitive.
Example Use Cases:
1. Trend Trading: If a clear uptrend is visible on the daily timeframe and a correction is occurring on the hourly timeframe, you can look for buy opportunities near support levels.
2. Range Trading: If the price is moving sideways across all timeframes, you can use High and Low levels to trade from the boundaries of the range.
3. Identifying Reversal Points: If the price approaches a key resistance level on the higher timeframe and a bearish candle forms on the lower timeframe, this could be a signal to sell.
Conclusion:
This indicator is a powerful tool for traders who use multi-timeframe analysis. It helps quickly assess market conditions, identify key levels, and make informed trading decisions. Thanks to its flexible settings, the indicator can be adapted to any trading style and visualization preferences.
Open Lines (Daily/W/M/Q/Yearly)Overview
This script draws horizontal lines based on the opening prices of daily, weekly, monthly, quarterly, and yearly candles. A unique feature of this script is the ability to overlay lines from previous periods onto the current period. For example, it can draw the opening price line of the current month as well as the line from the previous month. This allows you to observe not only the battle between bullish and bearish candles of the current period but also the battle over whether the current candle engulfs the previous candle.
Settings
1. Common Settings for Daily to Yearly
On: Toggles the line drawing ON/OFF.
Line: Sets how many periods back the line should be drawn from the current period.
Extend: Sets how many periods into the future the lines from past candles should be extended.
Typically, an Extend value of 1 is sufficient, but you can increase this value if you want to observe engulfing patterns spanning multiple periods.
2. Style Settings
To differentiate between the current and past lines, the following settings are available:
Current session line style: Sets the style for the line representing the opening price of the current candle.
Next session line style: Sets the style for the line representing the opening price of past candles.
Available styles are as follows:
sol: solid line
dsh: dashed line
dot: dotted line
3. Other Settings
Allow overlapping of different session lines: By default, this setting prevents overlapping lines when candles from different periods open at the same time. Enabling this option allows lines from different periods, such as quarterly and monthly, to be drawn simultaneously if they overlap. By default, only the lines from the higher time frame are drawn.
Objective Doji Highlight (Range-Relative)This indicator highlights Doji candles using an objective, mathematics-based rule: a bar is Doji when the absolute difference between its open and close is less than or equal to a user-defined fraction (x) of that bar’s high–low range.
How it works:
Compute body size as the absolute difference between open and close.
Compute the bar’s range as high minus low.
Classify as Doji when body size ≤ x × range.
Only Doji candles are colored; non-Doji bars remain unchanged.
Inputs
Doji threshold (x of range): tolerance (0–1) controlling how small the body must be relative to the range.
Doji Candle Color: visual color for detected Doji candles.
Example:
If x = 0.10 and a candle has high = 100 and low = 90 (range = 10), the maximum allowed body is 1.
If the difference between open and close is ≤ 1, the candle is marked as Doji.
Why it can be useful
Doji candles are often studied as signs of market indecision. This tool provides a clear, parameter-based way to identify them consistently across any timeframe, without discretionary interpretation.
Notes & limitations
Works with standard candlesticks (not Heikin Ashi, Renko, or other synthetic bar types).
Visualization and research only: it does not produce buy/sell signals and makes no performance claims.
No repainting from future data; the logic uses only the current bar’s prices.
Swing High/Low with Liquidity Sweeps🧠 Overview
This indicator identifies swing highs and swing lows based on user-defined candle lengths and checks for liquidity sweeps—situations where the price breaks a previous swing level but then closes back inside, indicating a potential false breakout or stop hunt. It also supports visual labeling and alerts for these events.
⚙️ Inputs
Swing Length (must be odd number ≥ 3):
Determines how many candles are used to identify swing highs/lows. The central candle must be higher or lower than all neighbors within the range.
Example: If swingLength = 5, the central candle must be higher/lower than the 2 candles on both sides.
Sweep Lookback (bars):
Defines how many bars to look back for possible liquidity sweeps.
Show Swing Labels (checkbox):
Optionally display labels on the chart when a swing high or low is detected.
Show Sweep Labels (checkbox):
Optionally display labels on the chart when a liquidity sweep occurs.
🕯️ Swing Detection Logic
A Swing High is detected when the high of the central candle is greater than the highs of all candles around it (as per the defined length).
A Swing Low is detected when the low of the central candle is lower than the lows of surrounding candles.
Swing labels are placed slightly above (for highs) or below (for lows) the candle.
💧 Liquidity Sweep Logic
A Sweep High is triggered if:
The current high breaks above a previously detected swing high,
And then the candle closes below that swing high,
Within the configured lookback window.
A Sweep Low is triggered if:
The current low breaks below a previous swing low,
And then closes above it,
Within the lookback window.
These are often seen as stop hunts or fake breakouts.
🔔 Alerts
Sweep High Alert: Triggered when a sweep above a swing high occurs.
Sweep Low Alert: Triggered when a sweep below a swing low occurs.
You can use these to set up TradingView alerts to notify you of potential liquidity grabs.
📊 Use Cases
Identifying market structure shifts.
Spotting fake breakouts and potential reversals.
Assisting in smart money concepts and liquidity-based trading.
Supporting entry timing in trend continuation or reversal strategies.
Heiken Ashi with RSI Colors📜 Description:
This indicator blends Heiken Ashi candlesticks with RSI-based color filters to help traders quickly assess both trend structure and momentum extremes in a single glance.
✅ Heiken Ashi Mode: Smooths out price action to highlight clearer trends and suppress noise
✅ RSI Coloring: Applies candle color changes based on whether RSI is overbought, oversold, or neutral
It allows traders to visually spot potential exhaustion zones, continuation trends, or early reversal areas with enhanced clarity.
🔧 Settings:
Use Heiken Ashi Candles: Toggle between standard candles and Heiken Ashi smoothed values
RSI Length: Controls the lookback for RSI calculation (default 14)
Overbought/Oversold Levels: Customize your thresholds for extreme conditions (default: 70/30)
🎨 Candle Color Logic:
Green (Lime): RSI is overbought → price may be overextended upward
Red: RSI is oversold → price may be overextended downward
Gray: RSI is between extremes → neutral momentum
💡 Use Cases:
Confirm trend momentum with Heiken Ashi structure
Spot potential reversal points using RSI extremes
Enhance entry/exit decisions by combining price action and momentum in a single visual
CandleInsightsLibrary "CandleInsights"
CandleInsights provides a set of utility functions to facilitate identifying certain types of individual candles and candle patterns.
isBullish()
Returns true if candle is bullish.
Returns: bool
isBearish()
Returns true if candle is bearish.
Returns: bool
isHammer()
Returns true if candle is a hammer. TODO: Allow params
Returns: bool
isShootingStar()
Returns true if candle is a shooting star. TODO: Allow params
Returns: bool
isBearishToppingTail()
Returns true if candle is bearish with a top wick over half the range of the candle. TODO: Allow params
Returns: bool
isHanging()
Returns true if candle is considering a hanging candle (aka hanging man). TODO: Allow params
Returns: bool
isLongBullish(pctChg)
Parameters:
pctChg (float)
isBullishEngulfing()
Wick Percentages TableThis script is designed to calculate and display the percentage representation of wick lengths in relation to the total candle range for the last 100 candles on a trading chart. Here's a breakdown of its functionality:
Indicator Initialization: It sets up an indicator named "Wick Percentages Table" (WPT) that overlays on the trading chart.
Variables Initialization: The script initializes variables to store the total lengths of top wicks, bottom wicks, and the total ranges for the last 100 candles.
Wick and Range Calculations: For the past 100 candles, it calculates:
The length of the top wick (the distance between the high and the higher of the open or close).
The length of the bottom wick (the distance between the low and the lower of the open or close).
The total range of each candle (the distance between the high and the low).
Percentage Calculations: It computes the top and bottom wick lengths as percentages of the total candle range across the last 100 candles.
Table Display: It creates or updates a table displayed on the top right of the chart showing these percentages. The table has two rows: one for the "Top Wick %" and another for the "Bottom Wick %", with the corresponding percentages calculated and displayed.
Visibility Maintenance: It plots a dummy variable to ensure the indicator's visibility on the chart.
The purpose of this script is to provide traders with a visual representation of the wick lengths as percentages, offering insights into market behavior and potential price movements based on recent candlestick patterns. It aids in assessing market volatility and trader sentiment through the analysis of wick lengths relative to the total candle sizes.
...
Any improvements to this code would be more then welcome.
I was getting an error in line 30, the only thing I could find was to comment it out.
Sunil 2 Bar Breakout StrategyDetailed Explanation of the Sunil 2 Bar Breakout Strategy
Introduction
The Sunil 2 Bar Breakout Strategy is a simple yet effective price-action-based approach designed to identify breakout opportunities in financial markets. This strategy analyzes the movement of the last three candles to detect momentum and initiates trades in the direction of the breakout. It is equipped with a built-in stop-loss mechanism to protect capital, making it suitable for traders looking for a structured and disciplined trading system.
The strategy works well across different timeframes and asset classes, including indices, stocks, forex, and cryptocurrencies. Its versatility makes it ideal for both intraday and swing trading.
Core Concept
The strategy revolves around two primary conditions: breakout identification and risk management.
Breakout Identification:
Long Trade Setup: The strategy identifies bullish breakouts when:
The current candle's closing price is higher than the previous candle's closing price.
The high of the previous candle is greater than the highs of the two candles before it.
Short Trade Setup: The strategy identifies bearish breakouts when:
The current candle's closing price is lower than the previous candle's closing price.
The low of the previous candle is lower than the lows of the two candles before it.
Risk Management:
Stop-Loss: For each trade, a stop-loss is automatically set:
For long trades, the stop-loss is set to the low of the previous candle.
For short trades, the stop-loss is set to the high of the previous candle.
This ensures that losses are minimized if the breakout fails.
Exit Logic:
The trade is closed automatically when the stop-loss is hit.
This approach maintains discipline and prevents emotional trading.
Strategy Workflow
Entry Criteria:
Long Entry: A long trade is triggered when:
The current close is greater than the previous close.
The high of the previous candle exceeds the highs of the two candles before it.
Short Entry: A short trade is triggered when:
The current close is less than the previous close.
The low of the previous candle is below the lows of the two candles before it.
Stop-Loss Placement:
For long trades, the stop-loss is set at the low of the previous candle.
For short trades, the stop-loss is set at the high of the previous candle.
Trade Management:
Trades are exited automatically if the stop-loss level is hit.
The strategy avoids re-entering trades until new breakout conditions are met.
Default Settings
Position Sizing:
The default position size is set to 1% of the account equity. This ensures proper risk management and prevents overexposure to the market.
Stop-Loss:
Stop-loss levels are automatically calculated based on the previous candle’s high or low.
Timeframes:
The strategy is versatile and works across multiple timeframes. However, it is recommended to test it on 15-minute, 1-hour, and daily charts for optimal performance.
Key Features
Automated Trade Execution:
The strategy handles both trade entry and exit automatically based on pre-defined conditions.
Built-In Risk Management:
The automatic stop-loss placement ensures losses are minimized on failed breakouts.
Works Across Markets:
The strategy is compatible with a wide range of instruments, including indices, stocks, forex, and cryptocurrencies.
Clear Signals:
Entry and exit points are straightforward and based on objective conditions, reducing ambiguity.
Versatility:
Can be used for both day trading and swing trading, depending on the chosen timeframe.
Best Practices for Using This Strategy
Backtesting:
Test the strategy on your chosen instrument and timeframe using TradingView's Strategy Tester to evaluate its performance.
Market Conditions:
The strategy performs best in trending markets or during periods of high volatility. Avoid using it in range-bound or choppy markets.
Position Sizing:
Use the default position size (1% of equity) or adjust based on your risk tolerance and account size.
Instrument Selection:
Focus on instruments with good liquidity and volatility, such as indices (e.g., NIFTY, BANKNIFTY), forex pairs, or major cryptocurrencies (e.g., Bitcoin, Ethereum).
Potential Enhancements
To make the strategy even more robust, consider adding the following optional features:
Stop-Loss Multiplier:
Allow users to customize the stop-loss distance as a multiple of the default level (e.g., 1.5x the low or high of the previous candle).
Take-Profit Levels:
Add user-defined take-profit levels, such as a fixed risk-reward ratio (e.g., 1:2).
Time Filter:
Include an option to restrict trading to specific market hours (e.g., avoid low-liquidity times).
Conclusion
The Sunil 2 Bar Breakout Strategy is an excellent tool for traders looking to capitalize on breakout opportunities while maintaining disciplined risk management. Its simplicity, combined with its effectiveness, makes it suitable for traders of all experience levels. By adhering to the clearly defined rules, traders can achieve consistent results while avoiding emotional trading decisions.
This strategy is a reliable addition to any trader’s toolbox and is designed to work seamlessly across different market conditions and instruments.
Marubozu SignalsThis Pine Script code is designed to identify and plot Marubozu candlestick patterns on a trading chart. Marubozu candles are characterized by having very small or non-existent wicks (shadows) and a large body, indicating strong buying or selling pressure.
The script first calculates the body size and wick size for both red (bearish) and green (bullish) Marubozu candles. It then defines thresholds for both body and wick sizes based on a percentage of the body size. For example, a red Marubozu candle is identified if its body size is at least 90% of the calculated threshold, and both upper and lower wick sizes are smaller than 5% of the body size.
Similarly, green Marubozu candles are identified using the same logic. If a Marubozu candle of either color is detected, a corresponding label is plotted on the chart indicating the occurrence of the pattern. A "Sell" label is placed above the candle for red Marubozu patterns, while a "Buy" label is placed below the candle for green Marubozu patterns.
This script provides visual cues to traders, helping them quickly identify potential buying or selling opportunities based on Marubozu candlestick patterns. Traders can use these signals as part of their technical analysis to make informed trading decisions.
Engulfing DetectorThis script detects classic candlestick reversal patterns known as Engulfing formations:
Bullish Engulfing: A green candle fully engulfs the previous red candle.
Bearish Engulfing: A red candle fully engulfs the previous green candle.
🔎 Features:
Works on any time frame or instrument.
Optional filter to ignore overly large or irregular candles.
Visual signals on the chart (BE/SE labels).
Built-in alerts for automation or notification.
✅ Recommended usage:
For intraday trading, this indicator performs best on the 5-minute chart of the Nasdaq (NQ) between 9:45 AM and 1:00 PM ET (15:45–19:00 CET).
💡 Suggested trading approach:
Optimized for scalping with short-term trades and small take-profits around +0.10%.
Heiken Ashi Lower PaneNot one of my more challenging scripts, never the less I was requested to publish this open source indicator.
Heiken Ashi (HA) candles indicate strength usually when the candles have wicks in the direction of the movement, ie. top wicks on green candles w/NO wicks on bottom and vice versa for bearish behavior (bottom wicks on red candles). Weakness in the movement CAN be spotted by watching for wicks opposite the movement appearing.
This indicator can be used in a lower pane to show heiken ashi candles concurrently with above main chart regular candles.
Nothing special about it other than displaying bull/bear ha candles with a twist of third color candle (orange default) which is shown when HA candle gets a wick in opposite direction of movement which usually indicates potential directional weakness.
It also provides various moving average line types based upon the HA high, low, close, open values (HLC4) that can used if you are into watching for a cross over of the HA candle to a MA line.
Note: You can also display this over the main chart as an overlay just by selecting the three dots on the indicator and "Move to" option. Be advised doing so will probably cause too much overlapping onto the regular candles.
Ruptura + EMAs + VWAP + Vela Impulsiva Indicator: Breakout + EMAs + VWAP + Impulsive Candle + TP/SL
This indicator is designed to identify breakout trading opportunities by combining price action, moving averages, volume-weighted price, and impulsive candles, with clearly defined Take Profit (TP) and Stop Loss (SL) levels.
⏱️ Timeframe Logic:
The 15-minute chart is used to define the price range.
Entries are made on the 2-minute chart when breakout conditions align with momentum confirmation.
📌 Key Components:
Range Definition:
Calculates a price range based on a customizable number of candles (rangeBars), typically from the 15-minute timeframe.
Displays a shaded box highlighting this range.
Trend Filters:
Uses a fast EMA (9) and a slow EMA (21) to determine short-term and medium-term trends.
Includes VWAP as a dynamic support/resistance and directional filter.
Only allows trades when both EMAs and price confirm alignment above (for long) or below (for short) the VWAP.
Impulsive Candle Detection:
Confirms breakouts using large-bodied candles that engulf the previous candle's range.
The candle must exceed a certain multiple of the average range (minRangeMult) to qualify.
Breakout Entry Conditions:
Long Setup: Price breaks above the range high, with EMAs and VWAP confirming bullish alignment, and confirmed by an impulsive candle.
Short Setup: Price breaks below the range low, with EMAs and VWAP aligned bearishly, confirmed by an impulsive candle.
Trade Management:
Automatically plots Take Profit and Stop Loss levels based on the size of the entry candle and a customizable TP multiplier.
Visual dashed lines indicate TP (green) and SL (red) zones.
Session Filter:
Entry signals are limited to a specific time window (e.g., 9:00 to 10:00 AM New York time), typically during the NY session open.
Visual Aids:
Background color highlights potential entry zones (green for long, red for short).
Icons mark confirmed impulsive candles and entry signals.
Range box is updated periodically to reflect the active breakout zone.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
