Impulsive Candle Detector - Prof Michael G

22 thg 7, 2024

Determining an impulsive candle can be systematic rather than discretionary. This indicator defines an impulsive candle using the following criteria:

1. Candle Size Relative to Recent Candles
Relative Size: An impulsive candle is one that is significantly larger than the recent average candle size. For example, if a candle’s range (high-low) is greater than 150% of the average range of the last 10 candles, it can be considered impulsive.

2. Volume Confirmation
High Volume: An impulsive candle is often accompanied by higher than average volume. You can define an impulsive candle if its volume is greater than 150% of the average volume over the last 10 candles.

3. Body-to-Wick Ratio
Body vs. Wick: A candle with a large body and small wicks can indicate strong momentum. You can define an impulsive candle if the body of the candle is greater than 70% of the total range (high-low).

These settings are also customisable to your own desired settings.

Credit: GreatestUsername for the coding & implementation.

13 thg 8, 2024

Phát hành các Ghi chú

added alert function

13 thg 8, 2024

Phát hành các Ghi chú

fix

25 thg 6

Phát hành các Ghi chú

Determining an impulsive candle can be systematic rather than discretionary. This indicator defines an impulsive candle using the following criteria:

1. Candle Size Relative to Recent Candles
Relative Size: An impulsive candle is one that is significantly larger than the recent average candle size. For example, if a candle’s range (high-low) is greater than 150% of the average range of the last 10 candles, it can be considered impulsive.

2. Volume Confirmation
High Volume: An impulsive candle is often accompanied by higher than average volume. You can define an impulsive candle if its volume is greater than 150% of the average volume over the last 10 candles.

3. Body-to-Wick Ratio
Body vs. Wick: A candle with a large body and small wicks can indicate strong momentum. You can define an impulsive candle if the body of the candle is greater than 70% of the total range (high-low).

These settings are also customisable to your own desired settings.

Credit: GreatestUsername for the coding & implementation.