Body Percentage of Range (Colored)

Short Description:

This indicator measures the dominance of the candle's body relative to its total range (High - Low), providing a visual gauge of intra-candle strength versus indecision. Columns are colored based on whether the body constitutes more or less than a defined percentage (default 50%) of the candle's total height.

Detailed Description:

What it Does:
The "Body Percentage of Range" indicator calculates, for each candle, what percentage of the total price range (High minus Low) is occupied by the candle's body (absolute difference between Open and Close).

A value of 100% means the candle has no wicks (a Marubozu), indicating strong conviction during that period.

A value of 0% means the candle has no body (a Doji), indicating perfect indecision.

Values in between show the relative balance between the directional move (body) and the price exploration/rejection (wicks).

How to Interpret:

The indicator plots this percentage as columns:

Column Height: Represents the percentage of the body relative to the total range. Higher columns indicate a larger body dominance.

Column Color:

Green Columns: Appear when the body percentage is above the user-defined threshold (default 50%). This suggests that the directional move within the candle was stronger than the indecision (wicks). Often seen during trending moves or strong momentum candles.

Red Columns: Appear when the body percentage is at or below the user-defined threshold (default 50%). This suggests that wicks dominate the candle (body is 50% or less of the range), indicating significant indecision, struggle between buyers and sellers, or potential reversals. These are common in choppy, consolidating, or reversal market conditions.

Orange Line (Optional MA): A Simple Moving Average (SMA) of the body percentages is plotted to help smooth the readings and identify broader periods where candle structure indicates more trending (high MA) vs. ranging/indecisive (low MA) characteristics.

Potential Use Cases:

Identifying Choppy vs. Trending Markets: Sustained periods of low, predominantly red columns (and often a low/declining MA) can signal a choppy, range-bound market where trend-following strategies might underperform. Conversely, periods with frequent high, green columns suggest a more trending environment.

Confirming Breakouts/Momentum: High green columns appearing alongside increased volume during a breakout can add conviction to the move's strength.

Spotting Potential Exhaustion/Reversals: A very tall green column after a strong trend, followed immediately by a low red column (like a Doji or Spinning Top pattern appearing on the price chart), might signal potential exhaustion or a pending reversal, indicating indecision has suddenly entered the market.

Filtering Entries: Traders might avoid taking entries (especially trend-following ones) when the indicator shows a consistent pattern of low red columns, suggesting high market indecision.

Settings:

Color Threshold %: Allows you to set the percentage level above which columns turn green (default is 50%).

Smoothing MA Length: Adjusts the lookback period for the Simple Moving Average.

Disclaimer:
This indicator is a tool for technical analysis and should be used in conjunction with other methods (like price action, volume analysis, other indicators) and robust risk management. It does not provide direct buy/sell signals and past performance is not indicative of future results.