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Nasan Fusion Candles
Nasan Fusion Candles tries to give information about, volume dynamics, price movement dynamics, volatility, sentiment in one snapshot.
The color of the candle is filled using a gradient coloring ranging from green (bullish) to red (bearish) by considering how the price has closed in relation to the past "n" bar accounting short term price variability. The color gradient is based on past 200 candles and max value based on the 95th percentile and min value based on the 5th percentile. ---- Can be interpreted as Momentum based fills.
The border color of the candle is based of volume intensity. It compares the volume of the current candle is in relation to historical volume to create a volume confidence factor. It has three color conditions, (1) Red border color when volume confidence factor (VCF) is below 1 and the delta from a recent short-term average is less the noise (variability) of that period - Volume not strongly supporting price moves. (2) White border color when VCF is greater than one but the delta from a recent short-term average is not more than the noise (variability) of that period - Some degree of Volume support to the price move . (3) Blue border color is when the VCF is not greater than 1 but there is a shift which is greater than typical noise - Indicates a potential shift in interest or beginning,
Short term sentiment based labels. When a blue circle is placed above the candle it means from a short term perspective the market reached a neutral point. If the price of the next candle close above the high of the candle with a blue label, can expect the price to move upwards in short term (say next 5 - 10 candles) conversely, if the price of the next candle closes below the low of the candle with a blue label, can expect the price to move downwards in short term (say next 5 - 10 candles).
A green label on top of the candle indicates overbought condition in short term can expect short downward corrections and similarly when a red label is created on bottom of the candle it indicates a short-term oversold condition and can expect an upward correction.
This is an indictor I intend to complement plain price action with some augmentation.
The color of the candle is filled using a gradient coloring ranging from green (bullish) to red (bearish) by considering how the price has closed in relation to the past "n" bar accounting short term price variability. The color gradient is based on past 200 candles and max value based on the 95th percentile and min value based on the 5th percentile. ---- Can be interpreted as Momentum based fills.
The border color of the candle is based of volume intensity. It compares the volume of the current candle is in relation to historical volume to create a volume confidence factor. It has three color conditions, (1) Red border color when volume confidence factor (VCF) is below 1 and the delta from a recent short-term average is less the noise (variability) of that period - Volume not strongly supporting price moves. (2) White border color when VCF is greater than one but the delta from a recent short-term average is not more than the noise (variability) of that period - Some degree of Volume support to the price move . (3) Blue border color is when the VCF is not greater than 1 but there is a shift which is greater than typical noise - Indicates a potential shift in interest or beginning,
Short term sentiment based labels. When a blue circle is placed above the candle it means from a short term perspective the market reached a neutral point. If the price of the next candle close above the high of the candle with a blue label, can expect the price to move upwards in short term (say next 5 - 10 candles) conversely, if the price of the next candle closes below the low of the candle with a blue label, can expect the price to move downwards in short term (say next 5 - 10 candles).
A green label on top of the candle indicates overbought condition in short term can expect short downward corrections and similarly when a red label is created on bottom of the candle it indicates a short-term oversold condition and can expect an upward correction.
This is an indictor I intend to complement plain price action with some augmentation.
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