Have been looking at YouTube and found a few videos about Blended Candles. Couldn't find a script here so I decided to script something myself.
I have also added a couple of EMA's, saves having to put them in individually.
You can Look Back as far back as you want but I find that each time frame looks better if you keep it to multiple of the next
IE : 1 min - look back 5 (5 min) up to 15 (15 min) 5 min - look back 3 (15 min) up to 12 (1 hour) 15 min - look back 4 (1 hour) up to 16 ( 4 hours) 1 hour - look back 4 (4 hours) up to 8 (8 hours - 1 trading session) 4 hour - look back 2 (8 hours - 1 trading session) up to 6 ( 1 Day) 1 day - look back 5 ( 1 week)
Shooting stars, Hammers and Doji's are very easy to recognize Long wicks on top - Bearish Long wick on bottom - Bullish Support and Resistance is easier to spot as well :-)
Hope this helps someone - defiantly helps me time entries
Hello, rmireland63 Thank you very much for this superb blended candle indicator. I use it on every trade for confirmation of trend.
A_Traders_Edge
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I am finding surprisingly little about this in English and translations are sometimes difficult when describing these sorts of things....Any chace you can elaborate or link an elaboration on these "Somando" aka Blended Candles? My understanding of watching a video in another language is it being like looking at candles from a higher timeframe? But the examples i saw showed sometimes blending 2 candles and sometimes blending 3 candles. I am assuming this is what the lookback is. Please correct any incorrect assumptions Im spitting out.
Elungali
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@chasinalts, check out Aliakbar on youtube. He speaks very clear english and has a lot of helpful videos on candlesticks. Especially on blended candles.
A_Traders_Edge
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@Twoflower83, Thanks buddy.
rmireland63
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Forgot to mention. Has been coded for dark background. Just change the Wick and border color to Black for lighter charts. :-)
immanamukh
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WOW!!! why is this one so underrated???? this is a gem...it not only shows the market structure , support, resistance clearly.. it alsogives a very clear idea on what is happening in the markets. .. pls dont be disheartened by the last of reviews.. keep working on it.. have u had any new versions? is thr any trick u want to highlight that has worked very well for u.... i am going to use it for some time and will share if i find any..
ashraf9999
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Thanks for the script. I think you should change "oc = open[lb]" to "oc = open" to get the accurate shapes for blended candles
Elungali
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I'm back to make another comment. I discovered that today if you change the candle setting to heiken ashi the blended candled become heiken ashi as well. It works for Renko, Kagi, Point & Figure as well. I love this script. Thanks again rmireland63
Elungali
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Thank you very much for this blended candle indicator. It would be unstoppable if the resulting blended candle was identified. A very useful indicator! Thank you!
Elungali
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@Twoflower83, the blended candle indicator is underrated. A hidden gem for candle traders like me. This indicator has sped up my analysis so much, thank you sir.
Thank you very much for this superb blended candle indicator. I use it on every trade for confirmation of trend.