Multi-Timeframe Candle Analysis [by Oberlunar]

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Multi-Timeframe Candle Analysis
[by Oberlunar]

Scalping often requires traders to make rapid decisions based on price movements within a short timeframe. However, a key challenge is understanding the broader trend and market pressure across higher timeframes without cluttering the workspace with multiple charts. This can lead to a lack of clarity, missed opportunities, or poorly timed trades.

The Multi-Timeframe Candle Analysis script addresses this challenge by providing a consolidated view of essential information across multiple timeframes in a single interface. This script calculates and displays the volatility, strength, and type (bullish or bearish) of candles for up to six customizable timeframes. With this data presented in a neat table, traders can quickly assess market conditions without the need to open multiple charts.

How It Works
The script analyzes six user-defined timeframes, ranging from intraday intervals (e.g., 15 or 30 minutes) to daily or even weekly periods. It extracts critical data such as open, high, low, and close prices for the current and previous candles. From this data, the script computes:

• Candle Type: Identifies whether the candle is bullish or bearish based on the close relative to the open.
  
• Volatility Percentage Change: Measures the percentage change in candle volatility compared to the previous candle.
  
• Candle Strength: Evaluates the strength of price movements within the candle relative to the previous one.
  

These metrics are organized into an easy-to-read table that updates dynamically as the market moves. The table color codes bullish and bearish candles for quick visual recognition, enhancing decision-making speed.

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small bug fix