20 Pips Candle Finder for XAUUSD

20 Pips Candle Finder for XAUUSD

This custom Pine Script indicator is specifically designed for XAUUSD (Gold) price action analysis. It identifies and visually marks candles with a body size of 20 pips or more, which can be important for traders focusing on strong momentum or significant price movement.

Key Features:
Dynamic Detection:

The script dynamically identifies candles whose body size exceeds 20 pips.
Calculations are based on XAUUSD's pip size of 0.1.
Visual Markers:

Candles meeting the 20-pip threshold are labeled with a green marker above the candle for quick identification.
Background Highlighting:

The candles meeting the condition are also visually highlighted with a transparent green background, making them easier to spot on the chart.
Debugging Tools:

The indicator plots:
A blue line showing the size of the candle bodies over time for better visibility.
A red dotted horizontal line showing the 20-pip threshold for quick reference.
Ideal Use Case:
This indicator is particularly useful for:

Traders focusing on momentum-based strategies.
Spotting candles with significant price movement.
Assessing market volatility during key trading hours or events.
By visually spotting these candles, traders can identify entry and exit opportunities, support/resistance breakouts, or potential reversals.

Inputs & Customization:
Currently, the indicator is set for XAUUSD's standard pip value (0.1) but can be adjusted if you plan to use it on other symbols. You can fine-tune the 20 pips threshold or other parameters to align with your trading strategy.